Metals Update 29/03/2021

Kincora Copper to start trading on ASX March 30

Mr. Sam Spring reports

KINCORA TO START TRADING ON THE ASX ON TUESDAY FOLLOWING A$10M IPO

Kincora Copper Ltd. has raised $10-million (Australian) (approximately $9.62-million), before costs, via an initial public offering (IPO) ahead of commencement of trading and dual listing on the Australian Securities Exchange.

Trading on the ASX in Kincora’s securities under the ticker code KCC is scheduled to commence at 11 a.m. Australian Eastern Daylight Time on Tuesday, March 30, 2021.

The successful conclusion of the IPO is pursuant to the offer under the prospectus dated March 1, 2021, by the issuance of 50 million shares (settled on the ASX in the form of CHESS depositary interests (CDIs)) at an issue price of 20 Australian cents per CDI. The CDIs are issued at a ratio of one CDI for one share.

Kincora’s chairman, Cameron McRae, commented: “We are delighted with the extremely strong response from investors which clearly underscores the rerating potential of Kincora to become the leading pure play explorer in what is Australia’s foremost copper porphyry belt.

“The transaction was very well supported by a number of our existing shareholders and we welcome new institutional, high-net-worth and retail investors to this heavily oversubscribed dual listing. With the right corporate foundations and a strong balance sheet, the team is very focused and excited about the extensive amount of drilling and other potential value add catalysts ahead of us.”

Sam Spring, president and chief executive officer, stated: “I would like to thank the ASX, Morgans and Bridge Street Capital, who have done a great job as joint lead managers, Ernst & Young as our Australian legal adviser and the Kincora team for hitting the originally stated targeted date for listing and the hard work to have achieved such a successful IPO.

“The high demand from and quality of investors in the IPO reiterates the board’s view that the ASX is the natural stock exchange for the company, with Kincora’s primary focus and value drivers now related to our Lachlan Fold belt (LFB) assets in New South Wales, Australia, where two drill rigs are currently active at our brownfield Trundle project. Preparations are well advanced for our initial drilling programs at both the Nyngan and Fairholme projects with over 17,000 metres of drilling expected within the next 12 months.”

The primary use of IPO funds is to accelerate continuing drilling and exploration activities at the key Trundle Park and Mordialloc targets in the Trundle project, while advancing other Trundle project areas that have complementary but insufficiently tested geochemistry and geophysical targets with the aim to find and expand near-surface copper-gold skarn mineralization overlying or adjacent to underlying copper-gold porphyry systems.

Other proposed uses of funds include:

  1. A strategy to test for Cowal-style intrusion-related mineralization at the Fairholme project north of Evolution Mining’s 9.6-million-ounce Cowal gold mine in an area previously not substantively tested for this mineralization style despite analogous geochemistry, geophysics and interpreted structural setting;
  2. Progression of exploration on other projects in the Macquarie arc, project generation activities (including the binding term sheet with Resilience Mining Mongolia relating to the company’s Mongolian asset portfolio and strategy), costs of the offer and general working capital.

The company notes that exploration of its Nyngan project in the Macquarie arc is supported by a grant of up to $120,000 (Australian) by the Department of Regional NSW to co-finance exploration drilling at the Nyngan project in the interpreted northern extension of the Junee-Narromine belt.

The company’s capital structure at the date of admission to the ASX will be as follows:

  • Shares/CDIs: 120,712,026 (70.7 million shares on the TSX Venture Exchange/50 million CDIs on the ASX);
  • Options: 6,672,153 (December, 2020, weighted average life 1.22 years with 56-cent-per-share strike price);
  • Warrants: 38,602,283 (December, 2020, weighted average life 1.02 years with 75-cent-per-share strike price).

Blue Lagoon completes 20,000 m of drilling at Dome Mtn

Blue Lagoon Resources Inc. has provided the following drilling update on its Dome Mountain gold project, an all-year accessible property located a short 50-minute drive from Smithers, B.C., which holds both an environmental management act permit (EMA) and a mining permit providing for up to 75,000 tonnes production annually.

The first phase of the company’s 20,000-metre planned 2021 drilling program has now been completed at Dome Mountain, with a total of 7,176.5 metres drilled to date. Holes drilled during this phase targeted zones within the mine lease and mine permit held as part of the Dome Mountain property and were designed to test the mineralization at depth as well as the eastern end of the Boulder vein. Both were successful in 2020, with hole DM-20-139 drilled vertically to a depth of 595.88 metres that intercepted the Boulder vein at 338 metres (the deepest to date) and hit 3.13 metres running 17.69 grams per tonne Au and 70.40 g/t silver (including 0.65 metre running 48.4 g/t Au and 95 g/t Ag); and hole DM-20-114 that intercepted 107 g/t Au and 278.5 g/t Ag over 1.42 metres including 165.3 g/t Au and 398 g/t Ag over 0.71 metre (see news release dated Jan. 7, 2020).

Additionally, the company recently announced the results from another hole from the eastern end of the Boulder vein — DM-21-160 — which cut a significantly thick intercept from 88.0 to 91.0 m that ran 24.07 g/t Au and 127.92 g/t Ag over 3.0 metres. Included in this interval were three 0.5-metre intervals containing 34.5 g/t Au, 18.5 g/t Au and 67.1 g/t Au (which also contained visible gold). These intercepts provide for the farthest east intercepts in the Boulder vein system to date.

Forks structure

The last three holes of the first phase of the 2021 drill program targeted the mineralized Forks structure, which was originally tested in 1985 by Noranda. Hole DM-21-154 hit this Forks structure at a depth of 90 metres. The intercept consisted of 11.7 metres of sheared and altered hornblende crystal tuff with pervasive epidote-chlorite alteration. Throughout this zone, multiple mineralized and planar quartz-carbonate veins were intercepted, which contain 10 per cent pyrite, 1 per cent sphalerite, and a trace of galena and chalcopyrite. Hole 154 hit this zone at a high angle and true width is 11.7 metres.

Assay results are pending for these drill holes and will be released pending appropriate geological and quality assurance/quality control review.

Further work on the Forks structure will include more drilling this year to focus on the potential for resource development along strike and down dip.

The Forks area (located 500 metres south of the Boulder vein) has been a focus of exploration and development since the 1920s when a shaft was installed to a depth of 32 metres and a crosscut was developed to a vein on the 30-metre level and “several hundred feet” of drifting was carried out (B.C. Minefile No. 093L 023; George Cross Newsletter 1985, No. 240; assessment report 28891). The assessment report highlights that 23 drill holes were completed at Forks from 1985 to 1987 and outlined a 20,000-tonne gold resource at 23.6 grams per tonne gold.

The Forks structure is a flat-lying, extremely sheared and altered quartz breccia vein structure with a thickness of up to 12 metres. The highly altered vein structure is open along strike and at depth.

The Forks resource mentioned above is a historical resource and is non-National Instrument 43-101-compliant and is only being used to give a historical perspective to the mineralization as a target. The company is not treating this historical estimate as a current mineral resource.

The scientific and technical data contained in this news release were approved by William Cronk, PGeo, a qualified person as defined in NI 43-101 and a consultant to the company.

Superior Gold drills 8.3 m of 2.18 g/t Au at Plutonic

Superior Gold Inc. has released additional positive drill results from its continuing underground diamond drill program, which commenced in December, 2020, at its 100-per-cent-owned Plutonic gold mine in Western Australia. Plutonic is a world-class Archean lode-style gold mineralized system that has produced close to six million ounces of gold to date and encompasses a Measured and Indicted Mineral Resource of 1.89 million ounces together with an Inferred Mineral Resource of 3.07 million ounces. A continuous exploration effort underpins a commitment to resource growth.

Results are provided for 37 underground exploration drill holes for a total of 3,562 metres of drilling. Drilling during January 2021 and February 2021 was focused on the Baltic Gap zone which has yet to be fully drill tested.

HIGHLIGHTS

  • Drill hole UDD23880 intersected 21.8 g/t gold over 8.3 metres and 13.4 g/t gold over 5.0 metres
  • Drill hole UDD23820 intersected 20.7 g/t gold over 2.1 metres
  • Identification of a potential new mining front with mineralization extending up to 165 metres outside of the current Mineral Resource envelope
  • The new Baltic Gap mining front is within 50 metres of existing underground infrastructure
  • Positive exploration results in 2021 support the Company’s strategy of opening new mining fronts at both the Western Mining Front and the Baltic Gap at Plutonic underground

The location of this drilling is shown in Figures 1-4 below. The key intersections are shown in Table 1 below and all intersections are provided in Table 2. Reported intersections are over a minimum downhole length of 0.30 metres (0.20 metres true width).

Tamara Brown, Interim CEO of Superior Gold stated: “We have once again demonstrated that Plutonic has significant exploration upside beyond current Mineral Reserves and Resources. We are very pleased to release these Baltic Gap drill results which we believe demonstrate that mineralization extends north of the Baltic zone, opening a new mining front in the Baltic Gap. This area has never been fully drill tested and remains open down dip and along strike. Similar to the results released last year, which were highlighted by 40.4 g/t gold over 6.5 metres (drill hole UDD22310, refer to the Press Release dated June 24, 2020), these latest intercepts are outside of existing Mineral Resources, but are within only 50 metres of our existing underground infrastructure.

The extension of existing Mineral Resources are key components of our current strategy to expand into new mining fronts and improve our mining grades and productivity. With the completion of the drill program at the Baltic Gap, we have mobilized our dedicated exploration drill rig to the Indian zone to focus on expanding mineralization at the Western Mining Front which includes following up on some of the best drill results that we have ever encountered at Plutonic including hole UDD22011 which intersected 56.3 g/t gold over 15.1 metres (refer to the Press Release dated June 17, 2020).”

NEW BALTIC GAP MINING FRONT

Superior Gold’s mine exploration program is designed to open new mining fronts by targeting extensions of high-grade mineralization that are close to existing infrastructure but outside of the current Mineral Resources. Numerous significant historical high-grade intercepts, both throughout and peripheral to the large mineralized Plutonic system, have yet to be followed up. The immediate focus is on expanding two key areas to open new mining fronts, these being: 1) The Western Mining Front (along the Caspian, Indian and Baltic zones); and 2) The Baltic Gap as shown in Figure 5.

The Baltic Gap Mining Front extends approximately 700 metres along the northern edge of the Baltic zone of the Plutonic underground mine and remains open, with several historic high-grade intercepts indicating continuity of mineralization outside of Mineral Resource envelope (Figure 5).

Drilling in 2020 identified significant high-grade mineralization in the north of the Baltic zone, including 40.4 g/t gold over 6.5 metres (hole UDD22310) (refer to the News Release dated June 24, 2020). The Company believes that the new drill results confirm that high-grade zones of mineralization extend at least 165m northwards into the Baltic Gap zone (Figure 2).

A key implication is that the data suggest the development of new high-grade zone comprising stacked lode mineralization measuring approximately 350 metres by 250 metres in area. Multiple downhole intercepts confirm typical Plutonic mineralization which typically comprises a high-grade stacked lode system. These results are in close proximity to existing infrastructure (i.e. starting within 50 metres) which translates to minimal capital expenditures required to infill drill and develop the area.

The Company has also recently commenced a drill program to follow up on previous intercepts along the Western Mining Front including in the Indian zone in the vicinity of hole UDD22011 which intersected 56.3 g/t gold over 15.1 metres, as previously indicated.

Highlights of Expansion Drill Results from Baltic Gap 
             End of            Downhole              Downhole       Downhole                          Est True
Drill Hole hole depth                From              To         Intersection            Au uncut     Thickness
No.               (m)                (m)               (m)             (m)                 (gpt)            (m)

UDD23820      189                    135.7             136.8           1.2                       4.1            0.8
                                     171.2             174.9           3.8                       2.7            2.6
                                     180.9             182.9           2.1                       20.7           1.4
                                     182.4             182.9           0.6                       52.2           0.4
UDD23821      216                    43.5              44.1            0.6                       12.7           0.4
                                     73.2              74.7            1.5                       2.8            1.1
                                     134.4             135.9           1.6                       15.6           1.1
                                     135.1             135.6           0.5                       47.7           0.3
                                     146.3             147.3           1.0                       3.5            0.7
                                     156.7             158.7           2.0                       4.3            1.4
                                     169.2             172.7           3.5                       3.7            2.5
UDD23880      162                    81.2              86.2            5.0                       13.4           3.5
                                     85.0              85.5            0.5                       52.9           0.4
                                     85.5              86.2            0.8                       42.9           0.5
                                     110.6             118.9           8.3                       21.8           5.8
                                     110.6             116.3           5.7                       30.8           4.0
                                     111.6             112.6           1.0                       143.0          0.7
                                     117.9             118.9           1.0                       4.2            0.7
                                     151.4             152.4           1.0                       5.3            0.7
UDD23999      110                    55.1              55.8            0.7                       53.4           0.5
UDD24001      75                     9.6               10.9            1.3                       5.1            0.9
                                     13.9              15.8            1.9                       7.0            1.3
                                     26.3              29.1            2.8                       3.4            1.9
UDD24002      67                     0.0               2.9             2.9                       2.5            2.0
                                     15.0              17.4            2.4                       3.0            1.7
                                     30.0              32.3            2.3                       8.9            1.6
                                     48.3              49.4            1.1                       4.9            0.8
UDD24017      87                     44.6              45.6            1.0                       12.5           0.7
UDD24019      78                     31.7              33.2            1.5                       4.9            1.1
                                     36.2              38.0            1.8                       5.2            1.2
                                     48.6              52.2            3.6                       3.4            2.5
UDD24023      117                    44.4              46.1            2.6                       2.5            1.8
                                     49.6              51.6            2.0                       6.7            1.4
UDD24032      89                     32.1              33.8            2.0                       2.4            1.4
                                     67.0              70              2.0                       5.2            1.4


Complete Expansion Drill Results from Baltic Gap
              End of           Downhole         Downhole       Downhole                            Est True
Drill Hole  hole depth             From                To   Intersection                Au uncut      Thickness
No.          (m)                  (m)               (m)             (m)                (gpt)           (m)

UDD23820     189                   135.7            136.8          1.15                     4.1           0.8
                                   171.2            174.9          3.8                      2.7           2.6
                                   180.9            182.9          2.1                      20.7          1.4
                                   182.4            182.9          0.6                      52.2          0.4
UDD23821     216                   43.5             44.1           0.6                      12.7          0.4
                                   73.2             74.7           1.5                      2.8           1.1
                                   134.4            135.9          1.6                      15.6          1.1
                                   135.1            135.6          0.5                      47.7          0.3
                                   146.3            147.3          1.0                      3.5           0.7
                                   156.7            158.7          2.0                      4.3           1.4
                                   169.2            172.7          3.5                      3.7           2.5
UDD23822     168                   No Significant Intercept
UDD23823     15                    Hole Abandoned in Ultramafic
UDD23824     183                   28.3             29.3           1.0                      9.4           0.7
UDD23825     199                   No Significant Intercept
UDD23827     188                   No Significant Intercept
UDD23878     51                    No Significant Intercept
UDD23879     73                    49.5             50.4           0.9                      4.1           0.6
UDD23880     162                   81.2             86.2           5.0                      13.4          3.5
                                   85.0             85.5           0.5                      52.9          0.4
                                   85.5             86.2           0.8                      42.9          0.5
                                   110.6            118.9          8.3                      21.8          5.8
                                   110.6            116.3          5.7                      30.8          4.0
                                   111.6            112.6          1.0                      143.0         0.7
                                   117.9            118.9          1.0                      4.2           0.7
                                   151.4            152.4          1.0                      5.3           0.7
UDD23881     90                    No Significant Intercept
UDD23882     36                    No Significant Intercept
UDD23883     56                    No Significant Intercept
UDD23884     63                    27.7             29.2           1.50                     5.5           1.1
                                   40.6             41.6           1.00                     4.2           0.7
UDD23999     110                   55.1             55.8           0.70                     53.4          0.5
UDD24001     75                    9.6              10.9           1.30                     5.1           0.9
                                   13.9             15.8           1.85                     7.0           1.3
                                   26.3             29.1           2.75                     3.4           1.9
UDD24002     67                    0                2.9            2.9                      2.5           2.0
                                   15               17.4           2.4                      3.0           1.7
                                   30               32.3           2.3                      8.9           1.6
                                   48.3             49.4           1.1                      4.9           0.8
UDD24004     81                    54.4             55.2           0.8                      4.2           0.5
                                   58.1             59.7           1.6                      5.9           1.1
UDD24006     60                    37.9             39.2           1.3                      2.8           0.9
UDD24007     108                   27.8             29.8           2.0                      2.2           1.4
UDD24009     96                    No Significant Intercept
UDD24011     78                    No significant Intercept
UDD24013     62                    23.1             25.9           2.8                      2.2           2.0
UDD24014     42                    29.1             31             1.9                      3.5           1.3
UDD24017     87                    44.6             45.6           1.0                      12.5          0.7
UDD24018     48                    No Significant Intercept
UDD24019     78                    31.7             33.2           1.5                      4.9           1.1
                                   36.2             38.0           1.8                      5.2           1.2
                                   48.6             52.2           3.6                      3.4           2.5
UDD24020     84                    No Significant Intercept
UDD24022     108                   41.7             44.3           2.6                      3.6           1.8
UDD24023     117                   44.4             46.1           2.6                      2.5           1.8
                                   49.6             51.6           2.0                      6.7           1.4
UDD24024     90                    39.6             41.6           2.0                      2.7           1.4
UDD24025     62                    14.0             16.0           2.0                      2.2           1.4
UDD24026     123                   No Significant Intercept
UDD24029     30                    No Significant Intercept
UDD24030     90                    No Significant Intercept
UDD24031     86                    69.2             72.2           2.0                      2.4           1.4
UDD24032     89                    32.1             33.8           2.0                      2.4           1.4
                                   67.0             70.0           2.0                      5.2           1.4


  

Mineral Resource and Technical Report

The updated Mineral Resource estimate and Preliminary Economic Assessment were completed under the supervision of Stephen Hyland, FAusIMM who is a “qualified person” as defined by NI 43-101 and is independent of the Company. Mr. Hyland is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a member of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and a “qualified person” within the meaning of NI 43-101. Mr. Hyland is employed by Hyland Geological and Mining Consultants (HGMC) and has been engaged on the basis of professional association between client and independent consultant.

The technical report is entitled, “2020 Mineral Resource and Reserve Estimate for the Plutonic Gold Operations Including Main Open Cut Pit Area”, is dated December 30, 2020, is effective December 31, 2019 and is available under Superior Gold’s profile on SEDAR at http://www.sedar.com and on the Company’s website at http://www.superior-gold.com.

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Keith Boyle, P.Eng., Chief Operating Officer of the Company, who is a “qualified person” as defined by National Instrument 43-101 (NI 43-101).

Quality Control Protocols

Drilling is completed with NQ2 core diameter (50.7 mm) and samples are completed with combination of whole core and half core. Gold results were determined by ALS Minerals (Perth) and/or Plutonic laboratory using fire assay fusion. Standards, blanks and duplicates are included in approximately every 20 samples for Quality Assurance/Quality Control purposes by the Company as well as the laboratory.

Tinka upgrades to OTCQB Venture

Tinka Resources Ltd. has upgraded its listing on the OTC from the OTC Pink Open Market to the OTCQB Venture Market. As a result, effective March 29, 2021, the Company’s common shares will start trading on OTCQB under the same ticker symbol "TKRFF". Tinka's common shares will continue to trade on the TSX Venture Exchange and on the Lima Stock Exchange under the symbol "TK".

OTCQB is a U.S. trading platform that is operated by the OTC Markets Group in New York. Trading on the OTCQB is expected to enhance the Company's accessibility to U.S. investors and to increase liquidity and visibility in the United States. By listing on the OTCQB, Tinka's current and new U.S. investors now have greater access, ease of trading, current financial disclosures and Real-Time Level 2 quotes on the Company at http://www.otcmarkets.com.On behalf of the Board,”Graham Carman”Dr. Graham Carman, President & CEO+Investor Information: http://www.tinkaresources.comRob Bruggeman 1.416.884.3556rbruggeman@tinkaresources.comCompany Contact:Mariana Bermudez 1.604.699.0202info@tinkaresources.com

Evergold grants options to buy 4.01M shares

Pursuant to Evergold Corp.’s stock option plan, a total of 4.01 million stock options have been granted to the directors, officers and consultants of the company. The options are each exercisable into one common share of the company at a price of 26.5 cents for a period of five years from the date of grant and are subject to vesting conditions.

Almaden files year-end 2020 Form 20-F with SEC

Almaden Minerals Ltd.’s annual report on Form 20-F for the fiscal year ended Dec. 31, 2020, has been filed with the U.S. Securities and Exchange Commission. The Form 20-F and the company’s audited consolidated financial statements for the years ended Dec. 31, 2020, 2019 and 2018 are available on the company’s website.

Shareholders of the company may also request a hard copy of the company’s audited financial statements and Form 20-F free of charge by contacting 604-689-7644 or by e-mail to info@almadenminerals.com.

Eloro Resources drills 26 holes at Iska Iska

Eloro Resources Ltd. has provided an update on its Iska Iska silver-tin polymetallic project in Potosi department, southern Bolivia. To date, the Company has completed 26 diamond drill holes totalling 9,427 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (SBBP) and Central Breccia Pipe (CBP) targets. Results have been released for 18 of these holes (see press releases November 18, 2020 (DHK-01 to DHK-05), January 26, 2021 (DHK-06 to DHK-15) and February 23, 2021 (DHK-16, DHK-17 and DSB-01) with results pending for holes completed on SBBP (DSB-2 to DSB-08) and CBP (DCN-01).

Santa Barbara Breccia Pipe (SBBP)

On the SBBP, eight (8) surface drill holes (DSB-01 to DSB-08) totalling 4,753 metres have been completed in a radial pattern from the centre of the pipe; the ninth hole DSB-09, is in progress (Figure 1 and Table 1). Drilling has confirmed the surface diameter of the SBBP to be approximately 400m with the pipe bulging deeper to a diameter of approximately 500m. Substantial widths of mineralized breccia have been intersected in all drill holes in the SBBP; deep hole DSB-06 drilled at -80 degrees to the south intersected approximately 400 metres of silicified and mineralized breccia to a depth of 725 metres.

Central Breccia Pipe (CBP)

At CBP, one hole, DCN-01, 590 metres long, drilled at -60 degrees to the northeast has been completed in the northern radial setup (Figure 1 and Table 1). This hole intersected 380 metres of silicified and mineralized breccia; assays are pending. A second hole, DCN-02, drilled at -60 degrees southwest is in progress to complete an initial northeast-southwest section across the CBP (Figure 2). This will be followed by a deep hole DCN-03 at -80 degrees to the south to test for a potential tin porphyry at depth. Additional first pass planned holes on 90-degree quadrants in CBP are shown in Figure 2.

Porco (South) Breccia Pipe Target

The Porco (South) target is a potential breccia pipe target approximately 600m in diameter located in the southern part of the Iska Iska caldera structure as shown in Figure 2. Channel sampling by Dr. Osvaldo Arce, P.Geo. in the 2019 due diligence program returned significant values in the Porco adit about 200m south of the potential pipe as shown in Figure 3. The average grade of this channel sampling over a strike length of 50m along the vein structure for an average sample width of 2.49m was 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn. Mineralization in the Porco adit occurs within an east-west striking vein structure cutting Ordovician quartz sandstones. Within this structure, there is a massive sulphide vein that ranges from 30cm to 1m wide surrounded by veinlets and disseminations of sulphide in the sandstone. It is likely that this mineralization is related to the potential Porco (South) breccia pipe in the same way that the high-grade veins in the Huayra Kasa underground workings occur within the mineralized envelope around the Santa Barbara and Huayra Kasa breccia pipes. All of the mineralization at Iska Iska is related to a major silver-tin polymetallic porphyry-epithermal complex that is associated with the 1.8km diameter Iska Iska caldera structure which extends for at least 1km vertically.

Geophysical, Metallurgical and Mineralogical Studies

Other work in progress at Iska Iska includes a detailed ground magnetic survey over the entire property, preliminary metallurgical tests, mineralogical and petrographic studies and synchrotron mineralogical studies. Induced polarization/resistivity (IP/Res) surveys, both downhole and along traverses at surface, are planned to commence in early May. Physical property measurements completed on core samples indicate that the mineralization at Iska Iska will respond very well to the IP/Res surveys.

Tom Larsen, Chairman and CEO of Eloro, commented: “I am extremely pleased on behalf of the shareholders and the Eloro team that the Company completed the bought deal financing for aggregate gross proceeds of Cdn $25,012,500 on March 26, 2021. Eloro recognizes and appreciates the confidence and support shown by the underwriting team of Haywood Securities Inc. and Cantor Fitzgerald Canada Corp. as co-underwriters and joint bookrunners; and Cormark Securities Inc as co-lead underwriter. Eloro is now well positioned financially to move forward with the 50,000 metre diamond drilling program that is currently underway. This is an exciting time for Eloro as it moves towards unlocking the full value of the extensive potential world-class silver-tin polymetallic porphyry-epithermal complex at Iska Iska.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are continuing to aggressively explore the major targets at Iska Iska with drilling progressing well on both the SBBP and CBP. A third drill will be brought to site in early May to begin testing the Porco (South) target which has excellent potential. We have also expanded our geological team and are in the process of upgrading our facilities and infrastructure to handle the expanded drilling program.”

Table 1: Summary of Diamond Drill Holes at Iska Iska from the February 23, 2021 press release, with assays pending.

  
 
 Hole No.TypeCollar EastingCollar Northing Elev Azimuth Angle  Hole Length m
     Santa Barbara Breccia Pipe - Surface Radial Drilling from Centre      
 DSB-02  S     205118.9      7656205.7   4356.0  180    -60       632.5    
 DSB-03  S     205118.9      7656205.7   4356.0  90     -60       515.3    
 DSB-04  S     205118.9      7656205.7   4356.0   0     -60       536.4    
 DSB-05  S     205118.9      7656205.7   4356.0  270    -60       611.2    
 DSB-06  S     205118.9      7656205.7   4356.0  210    -80       818.5    
 DSB-07  S     205118.9      7656205.7   4356.0  135    -60       683.4    
 DSB-08  S     205118.9      7656205.7   4356.0  45     -60       614.4    
                                                      Subtotal   4,752.7   
 DSB-09  S     205118.9      7656205.7   4356.0  315    -60    In progress 
     Central Breccia Pipe {ᯈ –} Surface Radial Drill Program {ᯰ –} North Setup     
 DCN-01  S     204902.0      7655860.0   4420.0  45     -60       590.5    
                                                      Subtotal    590.5    
 DCN-02  S     204902.0      7655860.0   4420.0  225    -60    In progress 
                                                       TOTAL     5,343.2   


S = Surface; collar coordinates in metres; azimuth and dip in degrees

Total drilling completed since the start of the program on September 13, 2020 is 9,147 m in 12 underground holes and 14 surface holes with two surface holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., Manager of Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program in consultation with Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited.

Drill and channel samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the press release of February 23, 2021, Eloro has changed the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. The property can be classified as a silver-tin polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver-tin polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. Highlights are as follows:

129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In, 0.0064%Bi and 0.0083%Cd) from 0.0m to 257.5m in hole DHK-15, the deepest of the three holes reported within the SBBP;

79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK-14 within the SBBP;

74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is within the approximately 100m wide mineralized envelope that surrounds the breccia pipe.

Silver-tin polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

Maple Gold Intersects High-Grade Gold at 531 Zone and Provides Exploration Update for the Douay Project

Vancouver, British Columbia–(Newsfile Corp. – March 29, 2021) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to report additional drill results from its Fall 2020 campaign and an update on exploration work currently underway at the Douay Gold Project. Located in Quebec, Canada, the project is held by a 50/50 Joint Venture (the “JV”) between Maple Gold and Agnico Eagle Mines Limited.

Fall 2020 Drill Program Results

The Company has received and interpreted assay results from an additional five holes that were drilled as part of its Fall 2020 drill campaign. These holes were drilled with the aim of expanding resources in and around the existing Douay mineral resource near the Main Zone and at the 531 and Porphyry Zones (see Figure 1).

A highlight was hole DO-20-288 which was drilled at the 531 Zone and encountered multiple higher-grade intercepts. These include:

  • 6.95 g/t Au over 1.2 m from 334 m downhole;
  • 5.1 g/t Au over 2.0 m from 459 m downhole, including 9.87 g/t Au over 1.0 m; and
  • 3.34 g/t Au over 3.0 m from 465 m downhole, including 8.98 g/t Au over 1.0 m.

Fred Speidel, Maple Gold’s VP Exploration and General Manager of the JV, commented: “Results from the Fall 2020 program support the continuity of mineralization in several areas of the Douay mineralized resource that were previously widely drilled. We are particularly encouraged by results from the 531 Zone, where we had previously seen some of the broadest higher-grade intercepts on the property, notably those from the Winter 2019 drill program (see news from June 5, 2019). Our current interpretation is that multiple sub-parallel mineralized zones thicken eastward at the 531 Zone, and this interpretation is currently being tested as part of the JV’s winter 2021 drill campaign. At least four new holes will be drilled on the southeast extension of the 531 zone which we hope will allow for additional expansion of resources in this area beyond the significant additions already recorded in the 2019 RPA Technical Report.”

“Several mineralized zones in the 531 Zone are associated with distinctive pyritic siliceous interflow sedimentary horizons, which reflect temporary interruption of basaltic volcanism responsible for the dominantly basaltic sequence in this area. Such interflow horizons represent important targets for gold and/or base metal mineralization at Douay as well as at other significant gold deposits in the Abitibi Belt,” concluded Mr. Speidel.

In addition to the 531 Zone hole results, results were received for three Porphyry Zone holes and a Main Zone step-out hole (see Table 1 for full results).

Hole DO-20-292 was a step-out hole located in the central part of the Porphyry Zone and cut several narrow intercepts of 1+ g/t Au, including a broader intercept of 0.60 g/t Au over 11 m. Two other drill holes were collared in the eastern part of the Porphyry Zone in areas that have been sparsely drilled and are more structurally complex than the western half of the zone where more continuous and broader envelopes of mineralization have been intersected in recent and historical drilling. Hole DO-20-286 targeted an area with limited drilling but known higher grade from past drill campaigns. Results included 3.08 g/t Au over 1 m followed by 0.5 g/t Au over 28 m, including several additional narrow intervals grading over 1 g/t Au.

The Main Zone extension drill hole was an aggressive 800-metre step-out exploration hole to the west of the zone to test an IP anomaly along trend from the mineralization forming part of the conceptual pit at the Main Zone. No significant results were obtained and no follow up is planned at this time.

Winter 2021 Drill Program

The Winter 2021 drill program was designed to both expand the existing Douay mineral resource by step-out and discovery drilling as well as upgrade resources with several infill holes, notably at the Porphyry Zone. Drill holes are widely distributed with approximately 50% being focused on step-out drilling, 30% focused on regional exploration targets and the remaining 20% being infill holes. This distribution is based on the JV’s strategy of continuing to better define areas within the resource area that have had limited drilling, while also continuing to expand the resource by both step-out drilling and discovery drilling further afield.

Given the encouraging results from recent drill campaigns, at least four additional holes will be drilled at the 531 Zone; a further two to four holes are expected to be drilled on Discovery Targets, including at the Northeast IP Target (see news from February 10, 2021) and at the P8 Target.

To date, over 6,500 metres have been drilled out of a planned 10,000-metre program. However, due to unseasonably mild weather which has impacted ground conditions over the NW zone where drilling was planned, the program is now expected to total approximately 8,000 metres in about 20 holes with two drill rigs currently active on site. Subject to weather conditions, the program is expected to conclude in April. Assays for this program are pending.



Figure 1: Completed Fall 2020 holes and planned Winter 2021 drill hole locations on LiDAR base.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3077/78749_40226c8114555994_001full.jpg

Table 1: Additional Fall 2020 Drill Program Highlights
(Holes DO-20-286, -287, -288, -289, -292)



To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/3077/78749_figure1.jpg

* All lengths are downhole, true widths approximately 70-90% of downhole widths.

Canada Silver Cobalt Works to Webcast Live at VirtualInvestorConferences.com at 2:30 pm ET Tuesday March 30th

Company invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.com

COQUITLAM, BC, March 29, 2021 /PRNewswire/ — Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”), a green extractive technology leader and highly successful silver explorer, today announced that Frank Basa, Chairman and CEO, and Matt Halliday, President, COO and VP Exploration, will present live at VirtualInvestorConferences.com on Tuesday March 30, 2021 about the Company’s innovative Re-2Ox hydrometallurgical extraction process for battery metals including recycling and its recent extraordinary high-grade silver-cobalt discovery in Canada’s Silver-Cobalt Heartland.

DATE: March 30, 2021
TIME: 2:30 pm EDT
LINK: https://bit.ly/2O4IcXP

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Regulus Provides Update on the AntaKori Project

VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) — Regulus Resources Inc. (“Regulus” or the “Company”, TSX-V: REG, OTCQX: RGLSF) would like to provide an update on exploration activities at the AntaKori copper gold project. Following the temporary suspension of drilling on the Anta Norte target area of the project, the Company has been executing a work program to advance the AntaKori project that includes metallurgical test work, incorporation of new drilling into updated geologic and resource models, and field programs to complete geological mapping and sampling. The Company is also working with the neighbouring Tantahuatay Mine to plan the re-initiation of drilling on the principal portion of the AntaKori project, utilizing the mine’s drill permits where the Company has access due to collaborative agreements in place (See May 18, 2016 press release). Peru is currently experiencing a strong second surge in COVID-19 cases and the commencement of this drilling will be dependent on improvement of this situation so that work can be completed within safety protocols and with minimal risk to all parties concerned.

The drill program on the Anta Norte targets to the north of the principal portion of the AntaKori project (where the Company utilizes its own drill permits, rather than those of the neighbouring mine) was suspended in late 2020 due to some concerns from local communities regarding discoloration and potential contamination of the Aguas Coloradas Reservoir (Coloured Waters Reservoir). Regulus can confidently state that the drilling at Anta Norte has not affected the Aguas Coloradas Reservoir, as this body of water is located well to the east of where the drilling was occurring and is at a higher elevation and in a completely different drainage basin. A water sampling program completed by the Government Agencies responsible for water management in Peru (ANA – Autoridad Nacional de Agua and ALA – Administracion Local de Agua – Cajamarca), with local community participation, have determined that any turbidity or discoloration in the Aguas Coloradas Reservoir was not related to mining activity. As requested by the local community of Tranque de Pujupe, an independent consulting firm specializing in water and environmental matters has reviewed the occurrence of discoloration of the waters in the Aguas Coloradas Reservoir and reported that the water quality meets standards for agricultural use (the purpose for the reservoir), that temporary discoloration and turbidity of the water is likely due to iron-oxide rich soils and natural rock outcrops along the margins of the reservoir, and that it is not possible that the drilling activity on the Anta Norte targets is affecting the water of the reservoir for the same reasons previously stated by the Company. The results of these investigations have been and will continue to be widely communicated to local and regional stakeholders.

The Company re-emphasizes that it recognizes the importance of good environmental stewardship and ready access to clean water for local communities. The Company is committed to improve access to clean water for local communities and has completed several water-related projects within the region close to the AntaKori project, with additional projects underway and planned for the near future. As part of this commitment the Company has also completed remediation of historical mine sites (unrelated to activity of the Company) and continues to employ local community members to monitor these sites. The Company believes the best pathway for sustainable access to clean water in the region is via economic growth through responsible exploration and mining. The capacity of the Company to continue to fund and execute these projects is much greater when it can complete concurrent exploration activities.

The Company believes that it has support from the majority of local residents who are eager for drilling to resume at AntaKori, in particular on the Anta Norte targets, however, the area where the Anta Norte targets are situated has been targeted by some anti-mining political activists who are using the project as a staging ground to convey their anti-mining agenda during the current election period in Peru. To ensure the safety of all people involved, the Company has decided to maintain the drilling suspension until further notice. The Company will issue an update after it has had a chance to re-assess the situation following the first round of Peruvian Presidential and Congressional elections on April 11th.

AbraSilver Reports Continued Drilling Success at Diablillos with High-Grade Intercepts Including 52.8 Metres at 286 g/t AgEq & 15 Metres at 711 g/t AgEq

Toronto – TheNewswire – March 29, 2021 – AbraSilver Resource Corp. (TSXV:ABRA ) ; ( OTC:ABBRF) (“AbraSilver” or the “Company”) is pleased to announce that it continues to intersect significant high grade silver and gold mineralization from infill and step out surface drilling on the Oculto deposit, demonstrating the continuity and overall robustness of the large-scale, high-grade Diablillos project.

The drill results continue to successfully achieve all three of the Company’s key exploration objectives:

  • – Expanding the resources in the deeper gold zone (Hole DDH-21-002);- Expanding the resource base to the northeast beyond the current Whittle Pit (Holes 20-028 and 20-030); and- Outlining shallow gold resources (various holes).

Table 1 – Drill Result Highlights:

 -------------------------------------------------------------------------------------
 |Drill     |         |From |To   |Type     |Interval|Ag     |Au   |AgEq1g/t|AuEq1g/t|
 |Hole      |         |(m)  |(m)  |         |(m)     | g/t   |g/t  |        |        |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |70   |81   |Oxides   |11.0    |89.2   |1.17 |176.9   |2.36    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |115  |119  |Oxides   |4.0     |44.0   |2.18 |207.5   |2.77    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |129  |132  |Oxides   |3.0     |28.2   |1.28 |124.2   |1.66    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |139  |142  |Oxides   |3.0     |37.4   |5.52 |451.4   |6.02    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|Including|141  |142  |Oxides   |1.0     |65.8   |12.80|1,025.8 |13.68   |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |173  |179  |Oxides   |6.0     |21.1   |1.22 |112.6   |1.50    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |182  |189.5|Oxides   |7.5     |24.7   |1.86 |164.2   |2.19    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-028|         |206  |216.5|Oxides   |10.5    |17.3   |1.23 |109.5   |1.46    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-030|         |178  |181  |Oxides   |3.0     |34.0   |1.18 |122.5   |1.63    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-030|         |189  |192  |Oxides   |3.0     |18.5   |1.82 |155.0   |2.07    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-030|         |205.5|218  |Oxides   |12.5    |32.9   |4.68 |383.9   |5.12    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-030|         |232.5|234.5|Oxides   |2.0     |8.6    |1.29 |105.4   |1.40    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-030|         |260  |264.5|Sulphides|4.5     |11.4   |3.19 |270.2   |3.60    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-032|         |56   |73   |Oxides   |17.0    |8.2    |1.63 |130.5   |1.74    |
 |-----------------------------------------------------------------------------------|
 |DDH-20-032|         |75   |89   |Oxides   |14.0    |69.8   |-    |69.84   |0.93    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-001|         |33   |79   |Oxides   |46.0    |69.8   |0.84 |132.8   |1.77    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-001|Including|33   |38.5 |Oxides   |5.5     |87.6   |2.45 |271.4   |3.62    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-001|         |122  |131.5|Oxides   |9.5     |72.0   |0.19 |86.3    |1.15    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-001|         |169  |174.5|Oxides   |5.5     |91.0   |0.12 |100.0   |1.33    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|         |71   |74   |Oxides   |3.0     |5.9    |1.60 |125.9   |1.68    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|         |76.5 |81   |Oxides   |4.5     |85.6   |2.68 |286.6   |3.82    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|         |132  |147  |Oxides   |15.0    |700.9  |0.14 |711.4   |9.49    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|Including|132  |142  |Oxides   |10.0    |1,004.4|0.17 |1,017.2 |13.56   |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|Including|132  |134  |Oxides   |2.0     |1,955.0|0.27 |1,975.3 |26.34   |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|         |193  |197  |Oxides   |4.0     |404.3  |0.13 |414.0   |5.52    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|         |219  |271.8|Oxides   |52.8    |126.6  |2.13 |286.4   |3.82    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|Including|219  |254  |Oxides   |35.0    |153.8  |1.96 |300.8   |4.01    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|Including|226  |246  |Oxides   |20.0    |184.6  |3.19 |423.8   |5.65    |
 |-----------------------------------------------------------------------------------|
 |DDH-21-002|Including|264.5|271.8|Oxides   |7.3     |135.3  |5.92 |579.3   |7.72    |
 -------------------------------------------------------------------------------------

Note:  All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths. True widths are estimated to be approximately 80% of the interval widths.

1 AgEq & AuEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices. Refer to Technical Notes below for metallurgical recoveries assumed in the 2018 PEA study on Diablillos.

John Miniotis, President and CEO, commented, “It’s quite remarkable that we’re encountering high-grade silver and gold intercepts in practically every hole we drill at Oculto.  Once again, we’re extremely pleased with the new drill results, which continue to augment the grade of the existing silver resource, expand the deeper gold zone, and demonstrate the potential for a substantial expansion of the Whittle Pit towards the northeast.

These consistent high-grade results over significant widths should help considerably increase the contained ounces in our updated Mineral Resource statement expected later this year.”

Figure 1 – Drill Hole Location Map and Proposed Drill Holes in the Oculto Zone and Satellite Areas


Click Image To View Full Size

Discussion of Drill Hole Results

Hole DDH 21-002 intersected 10 meters grading 1,004 g/t silver in the upper silver zone, as well as a separate interval of 52 meters at 127 g/t silver and 2.13 g/t gold (including 20 meters at 184 g/t silver and 3.19g/t gold) in the lower oxide gold zone. This hole augments the grade of the silver resource and expands the size of the deeper gold zone.

Holes DDH 20-028 and DDH 20-030 were both drilled on section 8450 to explore the area northeast of the Whittle Pit boundary. These holes intersected numerous zones of oxide gold and silver mineralisation that substantially expand the potential resource base, including:

Hole DDH-20-028

  • – 11.0 m @ 89.15 g/t silver and 1.17 g/t gold (from 70 – 81 metres down hole)- 3.0 m @ 37.4 g/t silver and 5.52 g/t gold (from 139 – 142 metres)

        including: 1.0 m @ 65.8 g/t silver and 12.80 g/t gold (from 141 – 142 metres)

Hole DDH-20-030

  • – 12.5 m @ 32.94 g/t silver and 4.68 g/t gold (from 205.5 – 218 metres)- 4.5 m @ 11.37 g/t silver and 3.19 g/t gold, in underlying sulphide mineralisation

These intercepts demonstrate the potential for additional gold and silver mineralisation in the northeast zone. A program of follow-up drilling is planned in this mineralised zone which extends for more than 500 meters beyond the Whittle Pit boundary.

Shallow Intercepts

Several holes in this announcement were also aimed at expanding the shallow mineralised zone that was previously classified as waste rock. These intercepts are expected to form part of a shallow resource that could considerably further improve the economics of an open pit. Notable intercepts include:

  • – Hole DDH-20-028: 11m @ 89.15 g/t silver with 1.17 g/t gold (from 70 – 81 metres)- Hole DDH 20-032: 17m @ 8.21 g/t silver with 1.63 g/t gold (from 56 – 73 metres), and 14.0m @ 69.84 g/t silver (from 75 to 89 metres)- Hole DDH 21-001: 46m @ 69.80 g/t silver with 0.84 g/t gold (from 33 to 79 metres), including 5.5m @ 87.60g/t silver with 2.45g/t gold (33 to 38.5 metres)- Hole DDH 21-002: 10m @ 41.6g/t silver with 1.76g/t gold (from 71 to 81 metres)

Figure 2 – Cross Section 8450 (Looking East) with Highlighted intercepts in Holes DDH 20-028 & 20-030


Click Image To View Full Size

Figure 3 – Cross Section 8225 (Looking East) Highlighted Intercepts in Hole DDH 20-032


Click Image To View Full Size

Figure 4 – Cross Section 8125 (Looking East) Highlighted Intercepts in Hole DDH 21-001


Click Image To View Full Size

Figure 5 – Cross Section 8300 (Looking East) Highlighted Intercepts in Hole DDH 21-002


Click Image To View Full Size

Exploration Program Update

To date the company has reported results from a total of 34 diamond drill holes, with results from an additional 13 holes currently pending from the assay laboratory.  The results from all drill holes will be incorporated into an updated Mineral Resource estimate which remains on-track to be announced in mid-2021.

About Diablillos

The 80 km 2 Diablillos property is located in the Argentine Puna region – the southern extension of the Altiplano of southern Peru, Bolivia, and northern Chile – and was acquired from SSR Mining Inc. by the Company in 2016.  There are several known mineral zones on the Diablillos property, with the Oculto zone being the most advanced with approximately 90,000 metres drilled to date.  Oculto is a high-sulphidation epithermal silver-gold deposit derived from remnant hot springs activity following Tertiarty-age local magmatic and volcanic activity. Comparatively nearby examples of high sulphidation epithermal deposits include: El Indio, Chile; Veladero, Argentina; and Pascua Lama, on the Chile-Argentine border.

Table 2 – 2018 Mineral Resource Estimate for the Oculto Deposit, Diablillos Project

 ---------------------------------------------------------
 |Category |Tonnage|Ag   |Au   |Contained Ag|Contained Au|
 |         |(000 t)|(g/t)|(g/t)|(000 oz Ag) |(000 oz Au) |
 |-------------------------------------------------------|
 |Indicated|26,900 |93.0 |0.85 |80,300      |732         |
 |-------------------------------------------------------|
 |Inferred |1,000  |46.8 |0.89 |1,505       |29          |
 ---------------------------------------------------------

Effective August 31, 2017. The resource estimate and supporting technical report are N.I. 43-101 compliant. Full details of the Mineral Resources are available in a Company news release dated March 2, 2018.  For additional information please see Technical Report on the Diablillos Project, Salta Province, Argentina, dated April 16, 2018, completed by Roscoe Postle Associates Inc, and available on www.SEDAR.com .  

QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company’s geologists in accordance with industry practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals; these include blanks and certified reference materials as well as duplicate core samples which are collected in order to measure sample representivity. Groups of samples are then placed in large bags which are sealed with numbered tags in order to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the SGS offices in Salta who then dispatch the samples to the SGS preparation facility in San Juan. From there, the prepared samples are sent to the SGS laboratory in Lima, Peru where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are reanalyzed using four acid digestion with an ore grade AAS finish.

Qualified Persons

David O’Connor P.Geo., Chief Geologist for AbraSilver, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information in this news release.

Technical Notes

All results in this news release are rounded. Assays are uncut and undiluted. Intervals are drilled widths, not true widths. AgEq calculations for reported drill results are based on USD $20.00/oz Ag, $1,500/oz Au and $3.00/lb Cu. The calculations assume 100% metallurgical recovery and are indicative of gross in-situ metal value at the indicated metal prices.  The most recent technical report for the Diablillos Project is the 2018 Preliminary Economic Assessment (PEA) authored by Roscoe Postle Associates Inc.  The PEA assumes average metallurgical recoveries of 82% Ag and 86% Au.  No metallurgical testwork has yet been completed on the recovery of copper.

Collar Data

 ----------------------------------------------------------
 |Hole Number|UTM Coordinates |Elevation|Azimuth|Dip|Depth|
 |--------------------------------------------------------|
 |DDH 20-028 |E720425|N7199751|4,275    |180    |-70|300  |
 |--------------------------------------------------------|
 |DDH 20-029 |E720118|N7199321|4,256    |0      |-60|50   |
 |--------------------------------------------------------|
 |DDH 20-030 |E720425|N7199751|4,275    |0      |-60|300  |
 |--------------------------------------------------------|
 |DDH 20-031 |E720277|N7199321|4,256    |180    |-60|50   |
 |--------------------------------------------------------|
 |DDH 20-032 |E720194|N7199385|4,278    |0      |-60|100  |
 |--------------------------------------------------------|
 |DDH 21-001 |E720097|N7199401|4,251    |0      |-60|200  |
 |--------------------------------------------------------|
 |DDH 21-002 |E720277|N7199393|4,308    |0      |-60|271  |
 ----------------------------------------------------------

Prime Mining Reports Operating and Financial Results for Q3 2021

VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime”, or the “Company”) (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the third quarter of fiscal year 2021, ended January 31, 2021. Unless otherwise stated, all amounts are presented in Canadian dollars (“C$”).

Prime is focused on the exploration and development of its wholly owned Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

Corporate Highlights During The Quarter

On January 11th, Prime paid US$ 1.1 million to Vista Gold Corp. (“Vista”) in accordance with the terms of Los Reyes project acquisition agreement. The Payment resulted in Prime extinguishing certain royalty and back-in rights on underground mining operations (see July 20, 2020 news release). In light of recent bonanza-grade discoveries at depth in Guadalupe East and other areas northeast, at and toward Mina 20/21 (see March 18, 2021 news release), cancellation of the back-in right was timely and of good value. A final payment of US$ 1.0 million is due in July 2021.

Exploration During The Quarter

On November 24, a 15,000 metre (m) Phase 1 diamond drilling program commenced at Los Reyes with two drills. Initially, drilling targeted the Zapote North and Zapote South-Tahonitas deposits, two of the largest of eight known gold and silver deposits at Los Reyes. After initial delays, the Phase 1 drill program was well underway by the end of the quarter and 5 drill holes totaling 1,053 m were completed.

Subsequent to the end of the quarter, two more drills were mobilized to Los Reyes. There are now five diamond drills operating, a fifth drill having been mobilized to the property in late February. The principal objectives of the Phase 1 drill program are:

  • Expand the known in-pit resources along strike and down dip;
  • Infill drill areas of potential mineralization to increase measured and indicated category resources;
  • Provide silver assay data in areas of the resource, where data is missing in the results of reverse circulation (“RC”) drilling completed by prior operators;
  • Target deeper sections at Guadalupe East and other extensions of the historic Guadalupe mine to the east, and at depth, for high grade resources; and
  • Target undrilled mineralized structures such as Fresnillo, Las Primas, Orito and newly identified structures proximal to Guadalupe (Mina 20/21). These structures offer both open pit and significant underground opportunities for resource expansion and discovery.

The current re-interpretation of the controlling structures for the mineralization at Guadalupe East, in particular, the bonanza grade Estaca Vein, suggests that the majority of historic drilling failed to consistently reach the interpreted mineralized vein contact. As a result, it is believed that a significant opportunity exists to develop underground resource potential, with the Estaca Vein being virtually untested at depth or along strike at depth.

Complementing current drilling, crews continue the on-going program of re-logging 89 historic diamond drill holes completed by prior operators, as part of Prime’s efforts to unlock the geology and structural setting of this large epithermal system.

Prime’s “boots and hammer” field crews continued the program of surface prospecting, mapping, sampling and trenching. Significant new exploration targets identified by this program include El Orito, Orito Sur, Mina 20/21. Additionally, new infill trench results from Zapote North continued to identify high-grade mineralization including 34.5 m of 2.12 gpt gold (“Au”) and 18.8 gpt silver (“Ag”).

Figure 1. Principal Deposits and Exploration Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ecd1088-de24-44ad-9068-7b3f7c49648a

Other continuing themes and activities that are critical to progress and the overall success of the Project include:

Maintaining health and safety protocols. To-date, the efforts of the Company’s employees, contractors and suppliers have been largely successful in minimizing the impact of Covid-19 on operations, however Covid-19 remains a potential threat to the estimated project timelines.

Continuing our community engagement programs. In particular, managing scarce water resources during the dry season, to provide for community livestock water requirements while servicing water used in drilling operations.

Following best practices in environmental stewardship. Providing access to new drill sites by re-habilitating existing access roads and trails.

3rd Quarter Financial Highlights

 Q3 2021Q3 2020
Loss and comprehensive loss($1,053,542)($851,653)
 January 31, 2021April 30, 2020
Cash$5,840,853$1,020,820
Total assets$22,318,122$10,360,210
Total current liabilities$674,037$1,799,678
Total liabilities$1,630,559$1,863,982
Total shareholders’ equity$20,687,563$8,496,228

During the quarter, $ 1.1 million was spent on exploration. The other major expense incurred was the US$ 1.1 million payment to Vista in satisfaction of agreements covering Prime’s purchase of Los Reyes and the formerly retained royalty and project participation back-in rights in favour of Vista. No other significant costs or expenditures were incurred during the quarter, outside of general and administrative expenses.

Exercise of outstanding share purchase warrants and some employee stock options resulted in $ 0.9 million being added to Prime’s cash position. At quarter end, Prime was well-financed with $ 5.8 million in cash.

Subsequent Events

An update on exploration activities that included the first release of assay data from the Phase 1 program (see news release March 18, 2021). Prime highlighted:

  • Assay results from diamond drill hole 21GE-01 which intersected gold and silver mineralization at the Guadalupe East deposit in the bonanza grade Estaca vein, 40 m below the known historic workings and 150 m below the deepest recorded historic drill hole. 21GE-01 intersected 20.1 m at 3.25 g/t Au and 380.0 gpt Ag, including 6.5 m at 6.51 gpt Au and 587.5 gpt Ag. At 320 m below surface, this vein intercept is the deepest exploration drilling ever at Los Reyes. For a complete description of 21GE-01 and historic deep drilling at Guadalupe East (refer to March 18, 2021 news release).
  • Mapping and prospecting results from previously unidentified historic adits located 1.3 kilometres northeast of the Guadalupe East deposit that contained high-grade mineralization. One area, referred to as Mina 20/21, has evidence of small-scale mining and gold-silver extraction. Surface and underground sampling in this area returned 42 chip sample assay results ranging 0.015 to 29.8 gpt Au and 0.5 to 1,132 gpt Ag. The best chip assay result returned 2.3 m grading 29.8 gpt Au and 1,132 gpt Ag.
  • Filing an application for mineral rights increasing the Los Reyes land package to over 13,800 hectares.

To date, drill crews have completed 4,896 m of drilling in 23 diamond drill holes. Upon completion of the Phase 1 program, the rainy season drilling break will be used to complete an updated geological model incorporating the historic data collected by prior operators, the results of the Phase 1 drill program and the results of the surface mapping and prospecting program. This updated geological model will be the first model that looks at the property-wide potential of the low sulphidation epithermal system at Los Reyes.

Additional planning is underway on an expanded Phase 2 program of resource expansion and exploration drilling to determine the full potential of Los Reyes. Phase 2 drilling will start after the rainy season in November 2021.

Kerry Sparkes, P.Geo., Executive Vice President of Exploration, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.

About the Los Reyes Gold and Silver Project

Los Reyes is a district scale low sulphidation epithermal gold-silver project located in a prolific mining region of Mexico. Over $ 20 million in exploration, engineering and prefeasibility studies have been spent on the project over 2 1/2 decades by previous operators with development plans being held back due to declining gold prices. Historic data coupled with an existing and recently updated resource estimate has provided sufficient understanding to fast-track the project to production. However, there is substantial resource expansion upside based on open extensions of known deposits, multiple untested high priority exploration targets, and only 40% of the known structures systematically explored leaving 10 kilometres of untested strike length. Potential for significant growth of the resource remains strong.

Current Measured and Indicated category, pit-constrained oxide mineral resources include 19.8 million tonnes (“Mt”) containing 633,000 ounces of gold at 1.0 g/t and 16,604,000 ounces of silver at 26.2 g/t, plus an additional 7.1 Mt Inferred category resources containing 179,000 ounces gold at 0.78 g/t and 6,831,000 ounces silver at 30 g/t.

Southern Intersects High-grade Copper-Silver-Gold at the Bocona Target with 6.3 Metres Averaging 134g/t Ag, 0.5g/t Au, 2.3% Cu (461g/t AgEq) including 1.1 Metres Averaging 567g/t Ag, 2.3g/t Au 11.2% Cu (2,106g/t AgEq)

Vancouver, British Columbia–(Newsfile Corp. – March 29, 2021) – Southern Silver Exploration Corp. (TSXV: SSV) (OTCQB: SSVFF) (Santiago: SSVCL) reported today that it has identified high-grade copper-gold-silver mineralization in a down-dip step-out from previously reported bonanza grade silver mineralization in the Mina La Bocona target area at the Cerro Las Minitas project, Durango Mexico.

Polymetallic sulphide intercepts from the Mina La Bocona target area include:

  • a 12.1 metre down hole interval (6.3 metre est. TT) averaging 134g/t Ag, 0.5g/t Au 2.3% Cu (461g/t AgEq) including a 2.1 metre down hole interval (1.1 metre est. TT) averaging 567g/t Ag, 2.3g/t Au, 11.2% Cu (2,106g/t AgEq) from drill hole 21CLM-135 in the Bocona Chimney; and
  • a 5.4 metre down hole interval (3.8 metre est. TT) averaging 217g/t Ag, 0.3g/t Au, 3.3% Pb and 0.7% Zn (377g/t AgEq) from drill hole 21CLM-136 in the Muralla Chimney.

The mineralization identified in drill hole 21CLM-135 is an extension of the second, thick polymetallic sulphide lens identified in the Mina La Bocona target area on the eastern side of the Cerro and is an approximate 50 metre down-dip step-out from previously reported bonanza-grade silver in drill hole 20CLM-131 (8.0m est. TT averaging 1,072g/t Ag, 18.8% Pb and 7.5% Zn or 2040g/t AgEq; see NR-02-21). The mineralization is relatively shallow (<350 metres below surface) andremains open to depth for further testing in the remaining drill program.

Bocona Oxide-Gold Target

The Company also reports that it has identified additional gold-enriched intercepts within the near-surface oxide-gold zone, identified earlier in the 2020-21 drill program, which sits above and out-board of the main sulphide targets at Mina La Bocona. Drilling returned:

  • a 6.0 metre down hole interval (4.2 metres est. TT) averaging 241g/t Ag, 1.4g/t Au, 7.3% Pb and 2.5% Zn (686g/t AgEq) including a 1.8 metre down hole interval (1.3 metres est. TT) averaging 525g/t Ag, 3.5g/t Au 15.1% Pb and 2.4% Zn (1370g/t AgEq) from drill hole 21CLM-136 starting at 170.3 metres down hole;

and several narrower, higher grade intervals including:

  • a 0.8 metre interval (0.4 metre est. TT) averaging 153g/t Ag, 5.7g/t Au (658g/t AgEq) from drill hole 21CLM-135 starting at 166.2 metres down hole; and
  • a 0.5 metre interval (0.4 metre est. TT) averaging 44g/t Ag, 7.8g/t Au (808g/t AgEq) from drill hole 21CLM-136 starting at 104.8 metres down hole.

Drilling on the oxide-gold target continues to extend the lateral projection of this shallow mineralized zone which remains a compelling target for further drill testing. Additional drill step-outs have been completed, with assay results pending, which will provide better resolution of both the target type and resource potential.

Rob Macdonald, Vice President Exploration, stated: “Drilling in the Mina La Bocona target area continues to extend the two polymetallic sulphide zones and the near surface gold mineralization identified earlier in the 2020-21 drilling. The drill program, which was recently expanded from an initial 10,000 metre program to a 20,000 metre program, will continue to focus on the development of these targets and the systematic investigation of further mineralization located to the northwest along the east side of the Cerro.”

Cannot view this image? Visit: https://i0.wp.com/orders.newsfilecorp.com/files/5344/78748_42babc41143c2aef_002.jpg?w=474&ssl=1

Figure 1: Plan Map of the Area of the Cerro showing the distribution of the CLM deposits and the location for new drill targeting, at the Mina La Bocona, South Skarn and Las Victorias targets.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5344/78748_42babc41143c2aef_002full.jpg

Exploration on the property continues with two drills targeting the east side of the Cerro and has now completed 33 core holes totaling 13,745 metres since restarting drilling in September 2020. Assay results from 11 drill holes are pending and are anticipated over the coming weeks.

The CLM Project remains one of the largest undeveloped silver-lead-zinc projects in the World and is wholly owned, unburdened by royalties, fully financed and fully permitted.

Table 1: Select Assay intervals from Mina La Bocona and South Skarn target area.

Hole #FromToIntervalEst. Tr. Thck.AgAuCuPbZnAgEqZnEqNotes
 (m)(m)(m)(m)(g/t)(g/t)(%)(%)(%)(g/t)(%) 
21CLM-13592.494.52.11.11412.80.02.72.153913.7Oxide
21CLM-135328.8329.60.80.41535.70.10.70.365816.7Oxide
21CLM-135384.0396.112.16.31340.52.30.30.646111.7Bocona Chimney
inc.385.9388.02.11.15672.311.20.62.0210653.4 
21CLM-136104.8105.30.50.4447.80.01.51.880820.5Oxide
21CLM-136157.1157.50.40.32262.60.18.712.5120530.6Oxide
21CLM-136170.3176.36.04.22411.40.17.32.568617.4Oxide
inc.174.5176.31.81.35253.50.015.12.4137034.7 
21CLM-136291.0296.55.43.82170.30.13.30.73779.6Muralla Chimney
21CLM-136303.85306.42.51.8930.20.01.80.41804.6Muralla Chimney
21CLM-13737.141.54.42.5101.60.00.90.21814.6Oxide
inc.37.638.71.20.794.60.00.90.342910.9 
21CLM-13875.377.01.81.071.70.00.20.21634.1Oxide
21CLM-13950.353.12.81.4311.10.01.20.71884.8Oxide
inc.50.351.61.30.7532.20.02.10.53208.1 

Analyzed by FA/AA for gold and ICP-AES by ALS Laboratories, North Vancouver, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP analysis, High silver overlimits (>1500g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. High Pb (>20%) and Zn (>30%) overlimits assayed by titration. AgEq and ZnEq were calculated using average metal prices of: US$20/oz silver, US$1650/oz gold, US$3.25/lbs copper and US$0.9/lbs lead and US$1.15/lbs zinc. AgEq and ZnEq calculations did not account for relative metallurgical recoveries of the metals. Ore-grade composites are calculated using a 80g/t AgEq cut-off in sulphide and 0.5g/t AuEq in the oxide gold zone Composites have <20% internal dilution, except where noted; anomalous intercepts are calculated using a 10g/t AgEq cut-off.

Cerro Las Minitas Project

The Cerro Las Minitas project is an advanced exploration stage polymetallic Ag-Pb-Zn-Cu Skarn/CRD project located in southern Durango, Mexico.

The Cerro Las Minitas project as of May 9th, 2019 contains a Mineral Resource Estimate, at a 175g/t AgEq cut-off, of(1)

  • Indicated – 134Moz AgEq: 37.5Moz Ag, 40Mlb Cu, 303Mlb Pb and 897Mlb Zn
  • Inferred – 138Moz AgEq: 45.7Moz Ag, 76Mlb Cu, 253Mlb Pb and 796Mlb Zn

A total of 150 drill holes for 67,375metres have been completed on the CLM Project with exploration expenditures of approximately US$27.0 million equating to exploration discovery costs of approximately C$0.09 per AgEq ounce to the end of 2020.

Leave a Reply