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AMEX SIGNIFICANTLY INCREASES DENISE ZONE WITH DRILL INTERCEPTS UP TO 1.07 G/T AU OVER 189.40 METRES AT PERRON

MONTREAL, QC / ACCESSWIRE / September 16, 2020 / Amex Exploration Inc. (“Amex or the Company”) (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is pleased to report the discovery of the westward and surface expression of the Denise Zone, a major gold bearing system, immediately south of the High Grade Zone (HGZ), of the Perron property in northwestern Quebec, Canada. The Company is reporting substantial gold mineralization in multiple drill hole intersections from the Denise Zone. Highlights below and a list of results in Table 1. See Figures 1 and 2 Plan Map of the HGZ and Denise Zone.

Highlight results from the Denise Zone Include: (Figures 3, 4, 5 and 6 Cross Sections)

  • Hole PE-20-181 intersected 115.60 metres of 1.39 g/t Au at a vertical depth of approximately 260 metres
  • Hole PE-20-188 intersected 189.40 metres of 1.07 g/t Au at a vertical depth of approximately 300 metres
  • Hole PE-20-54EXT intersected 50.0 metres of 2.12 g/t Au at a vertical depth of approximately 130 metres
  • Hole PE-20-56EXT intersected 100.00 metres of 1.01 g/t Au at a vertical depth of approximately 120 metres

Interpretation of the Denise Zone now suggests:

  • Gold mineralization has been traced over 325 metres along strike, from the surface to 550 metres vertically and up to 100 metres of width with higher grade intervals contained within. (Denise Zone is open in all directions.)

Jacques Trottier, PhD Executive Chairman of Amex said, “The discovery of a major gold bearing system at the surface has excellent implications for the future mining at Perron. With these results, as well as the pending holes from Denise, we believe the Denise Zone has the potential to add significant gold ounces to the overall Perron property as well significantly add to the ounces per vertical meter when considering it in conjunction with the HGZ. We now recognize the Denise Zone as a stand-alone gold zone. Previously, we had contemplated underground mining to extract the very high grade gold mineralization of the HGZ. Having the Denise Zone located immediately south of the HGZ enables us to envision a starter pit followed by further underground mining. This fundamentally changes the possible economics of mining this area.”

At the Eastern Gold Zone, Amex clearly has two different orogenic Archean gold mineralization types adjacent to each other – the High Grade Zone (HGZ) and the Denise Zone. The Denise Zone is located roughly 50 m to a 100 m to the South of the HGZ and is a shear zone type gold mineralization which consists mainly of a wide (from 5 m to more than 100 m of width) sub vertical deformation zone of highly sheared and highly silicified, sericitized and pyritized altered rhyolite. The Denise zone also has a distinctive feature consisting of heavily deformed, pinched and swells transposed quartz veins and veinlets containing various sulfide minerals, such as pyrite, sphalerite, galena, and pyrrhotite also frequently fine grain of native free gold. The occurrence of scattered fine free native gold in the Denise Zone could explain the higher gold content of this mineralized shear zone (for example hole PE-19-83 that returned 23.91 g/t Au over 9.30 m). The HGZ is a typical bonanza vein which is characterized by very high grade gold content (up to 393.33 g/t Au over 1.70 m in hole PE-19-22) usually consisting of two parallel continuous quartz veins containing multiple native coarse free gold grains located at the contact on both sides of a linear vertical mafic foliated intrusive cross cutting a massive rhyolitic host unit.

Figure 1: Geology of Perron project and gold zones

Figure 2: Plan map of the Denise and HGZ with location of drill sections

Figure 3: Drill section 614425

Figure 4: Drill section 614465

Figure 5: Drill section 614505

Figure 6: Drill section 614565

Table 1: Assay Results from the Denise Zone at EGZ

Hole IDFrom (m)To (m)Length (m)Au (g/t)Zone
PE-20-181264.90380.50115.601.39Denise
Including264.90265.400.509.48Denise
Including356.05356.550.50239.57Denise
Including379.00380.501.506.85Denise
PE-20-181434.30448.8014.500.54Denise
Including239.90240.400.506.54Denise
PE-20-18273.0073.500.501.05Denise
PE-20-182123.05129.005.951.2Denise
PE-20-182227.50241.7014.200.59Denise
Including239.90240.400.506.54Denise
PE-20-188287.50476.90189.401.07Denise
Including287.50316.0028.501.65Denise
Including291.50292.000.5013.90Denise
Including313.00316.003.009.40Denise
Including381.00402.3021.305.31Denise
Including386.00386.500.5026.97Denise
Including392.95393.500.55161.87Denise
Including401.30402.301.004.49Denise
Including439.00476.9037.901.01Denise
Including474.50476.902.407.67Denise
PE-20-54EXT196.00246.0050.002.12Denise
Including197.40211.0013.605.31Denise
Including245.50246.000.5048.96Denise
PE-20-55EXT127.00131.504.500.45Denise
PE-20-55EXT203.50219.7016.200.30Denise
PE-20-56EXT145.00245.00100.001.01Denise
Including145.00152.507.502.53Denise
Including166.50170.053.5510.52Denise
Including168.25169.551.3027.40Denise
Including233.50245.0011.502.99Denise
Including243.95245.001.0524.63Denise
      

* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be ~75% in Denise.

Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling were completed by Laurentia Exploration.

The Qualified Persons have not completed sufficient work to verify the historic information on the Property, particularly in regards to historical drill results. However, the Qualified Persons believe that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

About Amex

Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold projects in the mining-friendly jurisdiction of Quebec. Amex is focused on its 100% owned Perron gold project located 110 kilometres north of Rouyn Noranda, Quebec, consisting of 116 contiguous claims covering 4,518 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of three other properties focused on gold and base metals in the Abitibi region of Quebec and else where in the province.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: 514-866-8209

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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

SOURCE: Amex Exploration Inc.

GOLDEN LAKE RETAINS CONTRACTOR FOR EXPLORATION ON NEWLY ACQUIRED COPPERVIEW PROJECT ADJACENT TO KODIAK COPPER CORP.’S MPD PROPERTY

Vancouver, British Columbia – September 16th, 2020 – Golden Lake Exploration Inc.  (CSE: GLM) (“GLM” or the “Company”) is pleased to announce that it has retained Exploration Facilitation Unlimited Inc. (“EFU”), a geological consulting company, to initiate a reconnaissance exploration program on the “Copperview Project” bordering Kodiak Copper Corp.’s (“Kodiak”) (TSX-V: KDK) “MPD Property” in south-central British Columbia.

The Copperview project is situated on the same regional geologic trend as Kodiak’s MPD Property which recently reported an intercept in drill hole MPD-20-004 of 282 meters averaging 0.70 percent copper and 0.49 grams gold per tonne (PR Kodiak September 3, 2020). More recently (PR Kodiak September 14, 2020) Kodiak has announced a CAD $12.5 million dollar financing with Canadian major Teck Resources Ltd. subscribing to $10.5 million of the placement.  

EFU will mobilize a four-man crew to the Copperview Project within a week. Field activities will include prospecting, rock and soil sampling, and geological mapping with an initial focus on nine (9) known Minfile (BC government designation) mineral showings or occurrences. In addition, on claims located approximately 4 kilometers northwest of Kodiak’s drill hole MPD-20-004, the exploration crews will prospect for extensions of, and parallel zones to, the Conglin Creek copper showing located near the eastern claim boundary. An extensive network of logging and ranching roads allows year-round access to most target areas over the project area.

The Copperview Project comprises 17 claim blocks totaling over 204 square kilometers (20,437 hectares) over a large area measuring 40 kilometers in an east-west direction, by 30 kilometers in a north-south direction.

Much of the Copperview Project has seen only limited exploration activity and only a few shallow drill holes. Historic exploration focused largely on exposed surface mineral showings and several large untested copper-in-soil and gold-in-soil anomalies are known and can quickly be advanced to new near-term drill targets. With some exploration activity dating to the 1960-1970s, many historical copper intervals were not assayed for gold, representing underexplored gold potential. Company management will provide further information on pending exploration plans on the Copperview Project following a detailed review and compilation of Minfile and assessment reports and a site visit.

Figure 1. Location map of the Copperview Project

Figure 1. Location map of the Copperview Project

Mike England, CEO & President of Golden Lake, said: “Following the recent acquisition of the expansive Copperview Project, we are pleased to be mobilizing an experienced exploration crew that we have worked with before, to investigate mineral showings and complete a reconnaissance assessment.”

About Golden Lake Exploration Inc.

Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property. The Jewel Ridge property is located on the south end of Nevada’s prolific Battle Mountain – Eureka trend, along strike and contiguous to Barrick Gold’s Archimedes/Ruby Hill gold mine to the north and Timberline Resources’ advanced-stage Lookout Mountain project to the south.

Qualified Person

Golden Lake Exploration’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.

ON BEHALF OF THE BOARD
Mike England”
M
ike England, CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone:      1-604-683-3995
Toll Free:         1-888-945-4770

Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

CORNISH METALS
CORNISH METALS REPORTS FURTHER HIGH-GRADE TIN MINERALISATION FROM SOUTH CROFTY 2020 DRILL PROGRAMME

Vancouver, September 15, 2020
Cornish Metals Inc. (TSX-V: CUSN) (“Cornish Metals” or the “Company”) is pleased to report the second set of results from its diamond drilling programme at the South Crofty Mine, Cornwall, UK.

HIGHLIGHTS

SDD20-001 was drilled to test multiple tin-bearing vein-like structures (“lodes”) in the central section of South Crofty Mine.
With these results, three lodes have now been intersected, two of which were reported earlier this month.
This intercept is a “step out” from Intermediate Lode and is not included in the current resource. This intersect is 110m below any historic mining on this lode.
A summary of results received to date from SDD20-001 are tabulated below:

Hole ID Lode Name From
(m) To
(m) Width
(m) True
Width (m) Grade
(Sn %) Grade
(Cu %) Sn Eq
%*
SDD20-001 Tincroft South 376.55 378.77 2.22 1.15 0.77 2.69 1.73
(including) 378.04 378.77 0.73 0.38 1.58 5.16 3.43
Tincroft 470.35 472.52 2.17 1.66 1.34
(including) 471.79 472.52 0.73 0.56 2.50
Intermediate 620.60 623.26 2.66 1.85 2.19
For context, the Renison Bell underground tin mine in Tasmania mined an average grade of 1.32% tin in 2019.
Additional lode structures with visible tin mineralisation have been intersected deeper in hole SDD20-001, the results for which will be released as assays are received and tabulated.

Richard Williams, CEO, stated “The Intermediate Lode structure was predicted by our geological team to be in this area but such a high-grade intersection so far beneath the old mine workings was not anticipated, it does reinforce the exploration potential at South Crofty and our ability to find economic structures within areas of the mine that have been previously overlooked.”

THE DRILL PROGRAMME

This diamond drilling programme commenced in June 2020 (see Company news release dated June 23, 2020). The programme is designed to test drill targets beneath mineralised veins or “lodes” that were being mined up until the closure of South Crofty mine in 1998. Additionally, the programme is designed to test the suitability of directional drilling combined with “wedges” to produce multiple intersections of

vein structures from a single surface or underground drill hole as a means to undertake resource definition drilling and a path to completion of a feasibility study. This initial programme comprises up to 2,000 metres of diamond core drilling from a single surface parent hole and up to three daughter holes that will be wedged-off the parent hole. In addition to the parent hole, the first daughter hole has been completed, and a second daughter hole is currently being drilled.

COVID-19 UPDATE

The Company is extremely pleased with the teamwork and dedication shown by our staff and the drill crew to successfully undertake this uninterrupted drill programme in the midst of the COVID-19 pandemic without any adverse setbacks. The success of this programme will form the basis for our operating procedures for future drilling at South Crofty and the nearby United Downs copper – tin project.

GEOLOGY AND MINERALISATION

The historic South Crofty mine was a high-grade copper producer from the late 16th century up until the mid-19th century, when it transitioned to being a high-grade tin producer, with more than 100,000 tonnes of tin metal produced between 1906 and 1998. The project benefits from an active 50 year mine permit, planning permission to build new surface processing facilities, environmental permits to dewater the mine, and very strong local and national support to see the mine reopened.

In simple terms, the geology at South Crofty can be divided into two main rock types; metasediments (locally called “killas”), which overlie an intrusive granite body. The vast majority of copper has been mined from the killas, while nearly all tin produced at South Crofty has been mined from the underlying granite, although tin mineralisation is often associated with the killas-hosted copper mineralisation.

SDD20-001, drilled at an angle of -60o to the north, passed from killas into the underlying granite at a downhole depth of 260m. The drillhole intersected a mineralised structure between 620.6m and 623.26m down hole depth, which correlates with Intermediate Lode, previously mined at shallower depths to the 245 fathom level (440m below shaft collar). The geology consists of a quartz mica mass with strong haematite alteration, with a strong stockwork of dark tourmaline veining intensifying to a breccia at the base of the interval. Fine patches of cassiterite occur within the quartz zones of the structure.

The following information is for reference purposes only and does not imply that South Crofty will generate similar resources. For comparison, underground tin mines with similar geology to South Crofty include San Rafael in Peru, and Renison Bell in Tasmania. San Rafael, operated by Minsur, reports Measured & Indicated mineral resources of 9.4 Mt grading 2.13% Sn (source: Minsur Annual Report dated March 2019). Renison Bell, operated by Metals X (ASX: MLX), reports Measured & Indicated mineral resources of 15.88Mt grading 1.6% Sn (source: Metals X Corporate Presentation, June 2020). In its 2019 Annual Report, Metals X reported production of approximately 7,000 tonnes of tin metal from 800,000 tonnes of ore at an average head grade of 1.32% Sn, with recoveries of 72.36% Sn. This represents about 2% of global annual demand for tin.

The annual global demand for tin is approximately 370,000 tonnes of refined metal with the primary use being for solder in high-tech industries such as consumer and industrial electronics, computing, IT networks, power generation and power supply, essential for the transition to a low-carbon economy. It is also a vital component of Indium-Tin Oxide touch screen technologies, solar PV cells, and increasingly as advanced anodes in various types of lithium ion batteries. More traditional industrial uses include the

stabilising of PVC plastics, glass floating, tin plating of steel and the manufacture of important industrial alloys including bronze and white metals. A useful source of general information about the tin world can be found here.

ABOUT CORNISH METALS

Cornish Metals (formerly Strongbow Exploration Inc) completed the acquisition of the South Crofty tin project plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

The South Crofty project covers the former producing South Crofty tin mine located in Pool, Cornwall. South Crofty mine closed in 1998 following over 400 years of continuous production. Since acquiring the project in 2016, Cornish Metals has completed and published maiden NI 43-101 mineral resources for South Crofty using the vast archive of historical production data and more recent drilling completed between 2007 and 2013. In 2017, Cornish Metals completed a Preliminary Economic Assessment that demonstrated the economic viability of re-opening the mine. Additionally, Cornish Metals has undertaken extensive pilot-scale water treatment trials and successfully applied for and received the necessary environmental permits to abstract, treat and discharge mine water in order to dewater the mine. Planning permissions for the operation of the mine and re-development of the surface facilities have been secured and construction of the water treatment plant foundations commenced. The dewatering pumps, variable speed drives and new high-voltage power supply have been delivered to site.

TECHNICAL INFORMATION

SDD20-001 was drilled by Priority Drilling Company Ltd using an Epiroc Christensen CT20 Diamond Drill rig. The part of the hole in which these intersections were encountered is drilled in HQ (96mm diameter) to recover a 63.5mm diameter drillcore. Core recovery was greater than 95%. The core was logged, split and sampled by Cornish Metals personnel. The samples, comprising half core, were sent for assay at ALS Minerals, Loughrea, Ireland. Sample preparation involved crushing to 70% less than 2mm, riffle split and pulverised to 85% less than 75 microns. The analytical method used was X-ray florescence (XRF) following a lithium borate fusion. Samples were assayed for with this technique include Cu, Sn, W, Zn and As. A multi-element 4 Acid Digestion ICP-AES analysis was also carried out to further characterise the mineralisation and alteration assemblages. A comprehensive Quality Assurance / Quality Control programme using standards, duplicates and blanks was included within the sampling programme.

The technical information in this news release has been compiled by Mr. Owen Mihalop. Mr. Mihalop has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

For additional information please contact: Irene Dorsman at (604) 210 8752 or by e-mail at irene@cornishmetals.com or Sherman Dahl of Pretium Communications at (250) 558 8340.

Blytheweigh (Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com

ON BEHALF OF THE BOARD OF DIRECTORS

“Richard D. Williams”
Richard D. Williams, P.Geo

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.

Caution regarding forward looking statements

This news release contains “forward-looking statements”.

Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations.

Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

KORE Mining Announces Results From PEA – US$ 263M NPV 5% With IRR of 40% Using US $1,600 Gold at Long Valley Gold Deposit

SHALLOW, OPEN PIT, HEAP LEACH OPERATION WITH NEARBY INFRASTRUCTURE

MODELS AS LOW COST ~100,000 PER ANNUM GOLD PRODUCTION

DOWNLOAD PDF OF THIS NEWS RELEASE

Vancouver, BC September 15, 2020 – KORE Mining Ltd. (TSXV: KORE | OTCQX: KOREF) (“KORE” or the “Company”) is pleased to announce a positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Long Valley Gold Deposit (“Long Valley” or “Project”), located in California, USA. The PEA demonstrates Long Valley’s potential to generate strong economic returns while being in full compliance with California’s stringent operating and reclamation standards.  Long Valley has clear upside potential from targets on-strike and lateral to the current modelled oxide mineralization and KORE intends to aggressively explore this untapped potential. 

LONG VALLEY PROJECT PEA HIGHLIGHTS:

·       Robust economics: US$ 263 million NPV5% post-tax with 40% IRR at US$ 1,600 per ounce gold 

·       100,000 ounces gold per year over 7 years at AISC of US$ 732 per ounce

·       Technically simple: shallow open pit, heap leach with nearby infrastructure

·       Significant leverage to gold: US$ 396 million NPV5% at recent spot US$ 1,900 per ounce gold

·       Unmodelled silver potential from metallurgical test-work

·       Shallow oxide and sulphide feeder exploration potential to further enhance project

Watch a video (50 seconds) of Scott Trebilcock, KORE’s CEO, summarizing the highlights of the Long Valley PEA – click here. Refer to the Long Valley PEA Summary infographic in Figure 1

KORE’s CEO Scott Trebilcock stated: “The Long Valley PEA generated an NPV5% of US$ 396 million at US$ 1,900 per ounce gold.  In addition, KORE has a preliminary economic assessment on its Imperial Project, published on May 19, 2020, which generated an NPV5% of US$ 660 million at US$ 1,900 per ounce gold.  KORE has the unique advantage of having two simple, low-cost heap leach development projects in one Company and can manage capital needs for growth, permitting and construction to maximize shareholder value.”

Mr. Trebilcock continued, “ The Long Valley PEA is a key milestone towards KORE’s becoming a significant North American producer envisioning production of 250,000 ounces of gold a year from our US projects.”

KORE’s COO Marc Leduc added: “The mine plan at Long Valley complies with California’s stringent reclamation and environmental laws while delivering skilled jobs and long-term regional economic development. KORE’s next step is to grow Long Valley by drilling oxide and sulphide targets while further defining silver potential.”

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.  There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

PEA SUMMARY

The PEA was prepared in accordance with National Instrument 43-101 (“NI 43-101”) by Global Resource Engineering (Denver) (“GRE”) – Terre Lane, RMSME MMSAQP, Todd Harvey, PhD, RMSME in conjunction with a revised resource estimate prepared by Mine Development Associates and authored by Neil Prenn, PE.  The team was led by Marc Leduc, P.Eng. the COO of KORE Mining. The Company plans to file the PEA on SEDAR at www.sedar.com within 45 days in accordance with NI 43-101.

This news release contains information from a preliminary economic assessment, which is a conceptual study, and other forward-looking information about potential future results and events. Please refer to the cautionary statements in the footnotes below and the Cautionary Statements located at the end of this news release, which include associated assumptions, risks, uncertainties and other factors.

Unless otherwise stated, all dollar figures are in United States dollars (“$”) and masses are in short tons.

Economics Pre-TaxPost-Tax
Net present value (NPV 5%) at 0.75C$/US$C$ millions$479$351
Net present value (NPV 5%)US$ millions$359$263
Internal rate of return (IRR)%48%40%
Payback (undiscounted)Years2.02.3
LOM avg. annual cash flow after tax & capitalUS$ millions$95$78
LOM cumulative cash flow (undiscounted)US$ millions$503$384
Gold price assumptionper ounce$1,600
Mine life Years7
Average annual mining rate million tons/yr18.7
Average annual gold productionthousand ounces/yr100
Total LOM recovered goldthousand ounces717
Initial capital costsUS$ millions$158

Life-of-mine (“LOM”) calculation and “Mine Life” is defined as the duration of mining operations, 7 years.  There are additional years of site work for residual leaching, washing, back-filling and reclamation modelled.

GOLD PRICE SENSITIVITIES

The following table demonstrates the post-tax sensitivities of NPV and IRR to gold price per ounce. The base case, highlighted in the table below, assumes US$1,600 per ounce of gold:

Economic Sensitivities to Gold Prices(post-tax)
Per ounce of goldNPV (5%) millionsIRR%
$1,200US$ 8619%
$1,400US$ 17430%
$1,600US$ 26340%
$1,800US$ 35149%
$2,000US$ 44057%
$2,200US$ 52765%

OPPORTUNITIES

The PEA outlined a number of initiatives that may enhance the Project including:

·       Assaying silver in all future drill programs to add silver into the resources;

·       Conducting metallurgical tests to establish optimal crush size and cement addition;

·       Performing test work on very low-grade samples to determine viability of run-of-mine leaching;

·       Reviewing contract mining to reduce initial capital; and

·       Drilling for more oxide resources and deep sulfides to look for high-grade feeder zones.

NEXT STEPS

This PEA demonstrates the robust nature of the current Long Valley mineralization.  However, there is a clear opportunity to grow shallow oxide mineralization as the mineralization remains open in all directions and on a separate parallel structure. Additional mineralization could extend mine life, reduce capital intensity and generate higher project economic returns.  A summary of oxide expansion targets is included in Figure 2.

Additionally, as a fully intact epithermal deposit with a large at surface footprint, Long Valley has the potential for high-grade sulphides in the underlying feeder structures.  Discovering high-grade sulphides would open up additional development pathways for the Project, such as underground mining and milling of mineralization.  A summary of sulphide expansion targets is included in Figure 3.

KORE plans to drill-test the highest priority oxide and sulphide targets.  KORE is currently permitting drill pads with our regulator the US Forest Service (“USFS”).  Drilling is planned for H1 2021, subject to USFS permitting timelines.

Details of the Long Valley exploration targets are in KORE news releases dated January 30, 2020 and March 24, 2020

LONG VALLEY PEA DETAILS

GRE notes that the Long Valley Project has an abundance of drill data as a result of the exploration completed in the 1980s and 1990s.  The Project also has metallurgical sampling and testing from previous owners, reviewed by GRE, to support the initial engineering design.  This data will act as an important background and aid in the design of future work on the project.

MINING & PROCESSING

The PEA presents an open-pit, heap leach scenario where oxide, transition and sulphide ore is stacked on the leach pads by conveyors after two stages of crushing and agglomeration.   The conveyor system is also used at the end of the mine life to backfill the final pits and reclaim the site to California’s stringent standards. In the design process, the engineering team also looked at several other scenarios:

  • Silver production; a Merrill- Crowe precious metal recovery circuit is included in the project design to recover both gold and silver.  Silver is NOT quantified in the resource or PEA as it was not assayed regularly in historic drilling but was seen in all of the previous metallurgical test work.
  • Smaller, oxide only mine plan that had lower stripping ratio, lower capital and operating costs but yielded less ounces.  KORE ultimately selected the mine plan with the most ounces recovered as those ounces would likely be mined at current metal prices.
Mining Plan and Processing Summary
Mine lifeyears7
Mining rateaverage tons per day50,600
Strip ratiowaste: mineralization1.4
Total tonnage minedmillion tons130.7
Total mineralized material minedmillion tons54.2
Heap leach stacking rateaverage tons per day21,100
Average LOM gradegram per metric tonne0.671
Average LOM recovery%68%

A detailed mine plan by year is included in Table 1 at the end of this news release.

OPERATING COSTS

Mining costs for owner operated mining, processing and other costs were developed from a mix of first-principle engineering and benchmarked to the many ROM heap leach operations in California and nearby Nevada.  The Long Valley Project is located near a large skilled labour pool and has local access to road and power infrastructure. The Project has several options for water locally with potential surface and ground water sources.

Operating Costs (LOM average) (1)
Mining costs (per ton mined)US$/st mined$1.78
Mining costsUS$/st processed$4.29
Processing costsUS$/st processed$2.64
G&A costsUS$/st processed$0.69
Total site operating costsUS$/st processed$7.62
Cash Costs*
Cash costs (LOM)*US$/oz$612

(1)    Not including post-production reclamation and backfilling.  See LOM description above.

The assumed truck diesel fuel price in the PEA is US$ 2.00 per US gallon.  About 11% of the mining cost is fuel so lower fuel prices would decrease mining costs moderately.

INITIAL PRE-PRODUCTION AND SUSTAINING CAPITAL COSTS

Initial capital costs in the PEA are US$ 158 million including a 25% contingency of US$ 31.6 million. Infrastructure costs are low due to the proximity of road, water and power infrastructure. Initial capital also assumes KORE is the owner-operator of all equipment. Further enhancements may be possible with contract mining. Sustaining capital is mainly for heap leach pad expansion and additional mining equipment.

Pre-Production and Sustaining Capital Costs (US$ millions)
Mining and mine infrastructure$40.6
Heap leach pads and plant$55.5
Infrastructure and G&A$16.8
Working capital$4.4
Contingency (25%)$27.1
Pre-production mining$13.7
Total Pre-Production Cost$158.0
LOM sustaining capital$18.4
Closure incl. backfill (1)$67.5

(1)    Closure cost includes final backfilling of the open pit and site reclamation to California’s stringent standards.  The cost includes US$38.7 million in mining cost, US$13.5 million in site operating G&A during back-filling of the final pit, in addition to US$15.3 million in other site closure costs.  Backfill will return the site to plus 25 feet of original topography while re-establishing drainages.  The balance of the closure cost is for normal non-backfill site closure costs to remediate disturbances, remove structures, etc. 

ALL-IN-SUSTAINING-COST*

All-in-sustaining costs (“AISC”)* are competitive with peer projects and in the second quartile when compared to the World Gold Council AISC cost metric.  Long Valley’s AISC* is built up as follows:

AISC* per ounce (US$ millions)
Operating cost (1)$580
Royalties (2)$32
Sustaining capital$26
Closure$94
Total AISC*$732

(1)    Operating costs includes US$5 per ounce offsite refining.  

(2)    Royalties consist of: (a) 1% NSR royalty to Royal Gold; and (b) 1% NSR royalty to Vista Gold.  


UPDATED MINERAL RESOURCE ESTIMATE

Long Valley is well drilled with a total of 896 holes, the majority being completed by reverse circulation with lesser core, rotary and air track from 1988-1996.  The mineral resource model, as presented within KORE’s December 18, 2019 Technical Report, has been updated using a more detailed geologic model which has allowed for the assigning of lithology-specific density values. In addition, the reported resource estimate has been updated using revised optimization parameters for the constraining pit shell. The updated estimate, effective September 15, 2020, was prepared by Mine Development Associates and the resource block model derived by Mine Development Associates was used in the development of this PEA.  The current Mineral Resources are shown in Imperial and Metric units in the tables below.  The revised pit-shell parameters, including the use of a higher gold price, US$ 1,800 per ounce, are within the table footnotes.

Long Valley Mineral Resource Estimate – Imperial Units (as at September 15, 2020)

ClassificationCut-Off (oz / ton)Quantity (‘000 tons)Grade Gold (oz / ton)Contained Gold (‘000 oz)
Indicated
Oxide0.00535,2760.018623
Transition and Sulphide0.00634,9400.017580
Total Indicated 70,2160.0171,204
Inferred
Oxide0.0058,9970.02180
Transition and Sulphide0.00615,3100.018276
Total Inferred 24,3070.019456

Long Valley Mineral Resource Estimate – Metric Units (as at September 15, 2020)

ClassificationCut-Off (g / tonne)Quantity (‘000 tonnes)Grade Gold (g / tonne)Contained Gold (‘000 oz)
Indicated
Oxide0.1732,0020.62635
Transition0.213,6530.4856
Sulphide0.2128,0450.58526
Total Indicated 63,6990.581,217
Inferred
Oxide0.178,1620.69180
Transition0.211,1590.5520
Sulphide0.2112,7310.62253
Total Inferred 22,0520.65456
  • Numbers may not add or multiply accurately due to rounding.
  • Mineral Resources do not have demonstrated economic viability. 
  • CIM Definition and Standards were followed for the Mineral Resource estimates. 
  • The Mineral Resource estimate was prepared by Neil Prenn P.E., who is an independent consultant and Qualified Person for the purpose of NI 43-101.
  • Mineral Resources are reported at a 0.005oz Au/ton cut-off grade for oxide material to be processed using heap leach methods and 0.006oz Au/ton cut-off grade for transition and sulfide material to be processed by milling methods. 
  • Mineral Resources are contained within a US$1,800 per ounce optimized pit.  Other pit optimization parameters are:
    • Pit Slope: 45 degrees
    • Mining: US$1.80 / ton mined 
    • Crushing: US$1.40 / ton processed
    • Heap Leach: US$1.80 / ton processed
    • Sulfide Mill: US$10.0 / ton processed
    • G&A: US$0.70 / ton processed
    • Refining: US$5 / oz Au produced
    • Recovery (Oxide): 80% heap recovery
    • Recovery (Transition): 90% mill recovery

QUALIFIED PERSONS/QUALITY ASSURANCE

The Preliminary Economic Assessment was prepared by GRE with Terre Lane, PE being the Qualified Person in charge of its preparation and who is independent of KORE.  The mineral resource portion of the PEA was prepared by Neil Prenn, P.E. of Mine Development Associates and who is independent of KORE.  With regards to technical matters in this press release Marc Leduc, P.Eng. is the Qualified Person within the meaning of NI 43-101 and has reviewed and validated that the information in this press release is consistent with that provided by the Qualified Persons responsible for the PEA. 

Further information about the PEA referenced in this news release, including information in respect of data verification, key assumptions, parameters, risks and other factors, can be found in the NI 43-101 technical report for the Long Valley Gold Deposit that the Company intends to file on SEDAR (www.sedar.com) under KORE’s profile and on the Company’s website (www.koremining.com) within the next 45 days from the date of this news release.

ALTERNATIVE PERFORMANCE MEASURES (NON-IFRS MEASURES)

Items marked with a * in this news release are alternative performance measures. Alternative performance measures are furnished to provide additional information. These non-IFRS performance measures are included in this news release because the Company believes these statistics are key performance measures that provide investors, analysts and other stakeholders with additional information to understand the costs associated with the Project. These performance measures do not have a standard meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

“Cash Costs ” and “Cash Costs (LOM)” are a non-IFRS measure reported by KORE on an ounces of gold sold basis.  Cash costs include mining, processing, refining, general and administration costs and royalties but excludes depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine, defined above as 7 years.

“All-In-Sustaining-Costs” (“ASIC”) is a non-IFRS measure reported by KORE on a per ounce of gold sold basis that includes all cash costs noted above (mining, processing refining, general and administration and royalties), as well as sustaining capital and closure costs, but excludes depreciation, capital costs and income taxes.

ABOUT LONG VALLEY GOLD DEPOSIT

Long Valley is 100% owned epithermal gold project located in Mono County California. The Long Valley deposit is an intact epithermal gold deposit with a large 2.5 by 2 kilometer oxide gold footprint.  

The Long Valley deposit is an intact low sulphidation epithermal gold/silver deposit, hosted within a melange of fine to coarse volcanogenic sedimentary lithologies.  Mineralization at Long Valley has developed due to a combination of deep-rooted fault structures and a resurgence of rhyolite within an active caldera.  The Hilton Creek Fault structure transects and served as a fluid conduit for interaction with the underlying hydrothermal system, while the rhyolite resurgence caused brittle fracturing of sediments and created voids or traps for mineralization and gold deposition.  The combination of these factors yields strongly altered kaolin and quartz-hematite zones that are the primary host for gold mineralization. 

The Hilton Creek Fault remains underexplored on-strike north and south and several parallel structures have been defined using geophysics, the eastern one hosting some of the current mineral resource and the western one being unexplored.  Long Valley is therefore open to new oxide discoveries in all directions.  More details on the deposit geology and exploration potential can be found in KORE’s January 30, 2020 and March 24, 2020 news releases.  

ABOUT KORE

KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia.  KORE is supported by strategic investor Eric Sprott who recently invested $7.0 million, bringing his total ownership to 26%. KORE management and Board are aligned with shareholders,  owning and additional 38% of the basic shares outstanding.  KORE is actively developing its Imperial Gold project and is aggressively exploring across its portfolio of assets.

Further information on the Long Valley project and KORE can be found on the Company’s website at www.koremining.com or by contacting us as info@koremining.com or by telephone at (888) 407-5450. 

On behalf of KORE Mining Ltd

”Scott Trebilcock”
Chief Executive Officer
(888) 407-5450

Investor Relations

Arlen Hansen, KIN Communications
1-888-684-6730
kore@kincommunications.com

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.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”, “intends”, “indicates” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements.  Forward-looking statements in this news release include, but are not limited to, statements with respect to: the results of the PEA, including future Project opportunities, future operating and capital costs, closure costs,  AISC, the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Long Valley Project, the technical viability of the Long Valley Project, the market and future price of and demand for gold, the environmental impact of the Long Valley Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Such forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.  

Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks related to the stage of the Company’s development, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance;  exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest.  

In addition to the above summary, additional risks and uncertainties are described in the “Risks” section of the Company’s management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company’s issuer profile on http://www.sedar.com.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.  

There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Cautionary Note Regarding Mineral Resource Estimates: Information regarding mineral resource estimates has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States Securities and Exchange Commission (“SEC”) Industry Guide 7. In October 2018, the SEC approved final rules requiring comprehensive and detailed disclosure requirements for issuers with material mining operations. The provisions in Industry Guide 7 and Item 102 of Regulation S-K, have been replaced with a new subpart 1300 of Regulation S-K under the United States Securities Act and will become mandatory for SEC registrants after January 1, 2021. The changes adopted are intended to align the SEC’s disclosure requirements more closely with global standards as embodied by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), including Canada’s NI 43-101 and CIM Definition Standards. Under the new SEC rules, SEC registrants will be permitted to disclose “mineral resources” even though they reflect a lower level of certainty than mineral reserves. Additionally, under the New Rules, mineral resources must be classified as “measured”, “indicated”, or “inferred”, terms which are defined in and required to be disclosed by NI 43-101 for Canadian issuers and are not recognized under SEC Industry Guide 7.  An “Inferred Mineral Resource” has a lower level of confidence than that applying to an “Indicated Mineral Resource” and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of “Inferred Mineral Resources” could be upgraded to “Indicated Mineral Resources” with continued exploration. Accordingly, the mineral resource estimates and related information may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal laws and the rules and regulations thereunder, including SEC Industry Guide 7. 

TABLE 1 – DETAILED LONG VALLEY PEA MINE PLAN

Years
 LOM Total-11234567
Ore (ton)54,155,978118,4796,380,7508,030,0008,042,9698,030,0008,028,3788,108,0247,417,377
Waste Tons (ton)76,500,8181,168,14311,596,3825,561,17611,838,7157,236,13014,762,72014,052,04610,285,506
Stripping Ratio1.41.80.71.50.91.81.71.4
Mined Ore Grade (g/t)0.6710.60.660.670.670.660.710.810.5
Contained Gold (troy oz)1,059,8502,070122,226156,679157,822154,993167,045191,328107,688

FIGURE 1: LONG VALLEY PEA INFOGRAPHIC SUMMARY

Long Valley PEA Infographic FINAL.jpg

FIGURE 2: LONG VALLEY OXIDE EXPLORATION TARGETS

FIGURE 3: LONG VALLEY – SULPHIDE EXPLORATION POTENTIAL

fig3.png

enCore Energy Applauds the Announcement by the U.S. Department of Commerce on an Amendment to the Russian Suspension Agreement

September 15th, 2020 – Vancouver, B.C. – enCore Energy Corp. (TSXV:EU; OTCQB:ENCUF) (the “Company”) applauds the announcement on September 12th, 2020 by the Commerce Department that the U.S. Department of Commerce (“Commerce”) and the State Atomic Energy Corporation Rosatom (“Rosatom”), on behalf of the Government of the Russian Federation, initialed a draft amendment to the Agreement Suspending the Antidumping Investigation on Uranium from the Russian Federation (“Agreement”), which was originally signed in 1992. This amendment, if finalized, will extend the Agreement to 2040 and reduce U.S. reliance on uranium from Russia during that time period. The details of the draft amendment can be found at https://access.trade.gov (Reference case number A-821-802), and it will also be published in the Federal Register.
“The draft amendment is a significant benefit to the uranium industry in the U.S.” as enCore Energy’s Chief Executive Officer, Dennis Stover, stated. “It provides for tangible reductions in the quantity of Russian uranium products, including enrichment, over the life of the amended Agreement, and it places strict limits on the quantity of natural uranium feed, which competes directly with U.S. produced uranium. There are stronger controls on how return feed is managed by the Russians to prevent potential circumvention, and it provides an incentive to use U.S. mined uranium as that natural uranium return feed.”
William M. Sheriff, Executive Chairman of enCore Energy stated “This announcement, and assuming that the agreement is finalized with the current terms, fits perfectly with our recently announced transformational acquisition of Westwater Resources uranium assets and our strategy to become the newest domestic uranium producer. This supportive measure should help underpin the market price for uranium over the next 18 months before making a significant impact beginning in 2022-23 as domestic fuel buyers generally contract their needs well in advance. This calm before the coming price rise will allow us the needed time to build enCore and position it to take full advantage of the next uranium cycle. This agreement fits very well into enCore’s growth plan and it strengthens America’s national security.”
Paul Goranson, enCore’s incoming Chief Executive Officer and immediate past President of the Uranium Producers of America stated, “The Commerce Department has responded to the President’s Nuclear Fuel Working Group direction to reduce America’s reliance on Russian uranium products. It establishes unprecedented protections for U.S. uranium miners. I have been involved as a stakeholder in the process, and I want to commend the team at the Commerce Department at negotiating a draft amendment that is supportive of America’s nuclear fuel supply chain.”
About enCore Energy Corp.

enCore Energy Corp. is focused on working towards becoming a domestic United States uranium producer. With significant existing resources in the southwest United States and a binding letter of intent to acquire production facilities in Texas along with additional uranium resources in New Mexico, enCore will, upon completion of the Westwater transaction, hold the largest uranium position in the Grants Mineral Belt and licensed processing facilities in Texas.
For additional information: William M. Sheriff Executive Chairman
972-333-2214
info@encoreenergycorp.com http://www.encoreenergycorp.com

Neither 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.
Cautionary Note Regarding Forward-Looking Statements

This news release includes certain forward-looking statements within the meaning of applicable securities law including the anticipated completion of the transaction and acquisition of the Marquez, Nose Rock and other properties, and the potential advancement thereof. Forward- looking statements are statements that relate to future, not past, events. In this context, forward – looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. Estimates of mineral resources and reserves are also forward looking statements because they constitute projections regarding the amount of minerals that may be encountered in the future. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

Discovery Reports 402 m of 134 g/t AgEq including 112 m of 247 g/t AgEq in the South Corridor at Cordero

September 14, 2020, Toronto, Ontario – Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to announce results from four diamond drill holes targeting bulk-tonnage mineralization in the South Corridor at its flagship Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. The South Corridor has seen significantly less drilling than the North Corridor and will be a key area of focus for the remainder of the 55,000-metre (“m”) Phase 1 drill program. The goal of this drill program is to define a large-scale, high-margin project with excellent leverage to rising silver prices.

The highlight hole in this release is C20-343. Intercepts include:

  • 401.7 m averaging 134 grams per tonne silver equivalent (“g/t AgEq1”) from 66.9 m (49 g/t Ag, 0.07 g/t gold (“Au”), 1.0% lead (“Pb”) and 1.1% zinc (“Zn”)) including: 
    • 30.3 m averaging 182 g/t AgEq1 (57 g/t Ag, 0.10 g/t Au, 0.8% Pb, 2.2% Zn) from 181.2 m
    • 112.3 m averaging 247 g/t AgEq1 (96 g/t Ag, 0.08 g/t Au, 2.0% Pb, 1.8% Zn) from 243.5 m
    • 44.2 m averaging 241 g/t AgEq1 (84 g/t Ag, 0.10 g/t Au, 1.8% Pb, 2.0% Zn) from 413.7 m

Taj Singh, President and CEO, states: “Hole C20-343 returned one of the best-ever intercepts at Cordero. The fact that it came from the South Corridor, an area of the deposit that has seen significantly less drilling, is even more encouraging. The remarkably long intercept begins at shallow depth and includes multiple zones of high-grade mineralization, including an interval of 112.3 m averaging 247 g/t AgEq1.

“Initial drilling in our Phase 1 program has been successful in defining a higher-grade bulk-tonnage domain in the North Corridor with a strike extent of over 1.5 km. While this domain remains open along strike and at depth, the focus of our drill targeting for additional bulk-tonnage mineralization has now shifted to the South Corridor. The drills are now targeting areas of the deposit where there are significant gaps in previous drilling in order to efficiently grow the pit-constrained higher-grade resource at Cordero. Our initial results show tremendous promise and we look forward to follow-up drilling in the South Corridor.” 

DRILL RESULTS:

The four holes in this release were drilled in the South Corridor and were designed to in-fill significant gaps in previous drilling. Hole C20-343 returned a consistent high-grade intercept over a 401.7 m interval near-surface that averaged 134 g/t AgEq1. The down-hole drill trace was approximately 100 m west of C20-337 (refer to press release dated July 20, 2020). C20-337 returned 258.9 m averaging 77 g/t AgEq1 (28 g/t Ag, 0.06 g/t Au, 0.4% Pb and 0.8% Zn) from 61.0 m including 44.8 m averaging 139 g/t AgEq1 (35 g/t Ag, 0.10 g/t Au, 0.7% Pb and 1.7% Zn) and 23.6 m averaging 186 g/t AgEq1 (82 g/t Ag, 0.09 g/t Au, 0.8% Pb and 1.7% Zn). Mineralization in C20-343 consisted of galena and sphalerite in disseminations, veinlets and stockworks hosted in dacite, sedimentary rock and breccias. Higher-grade mineralization was hosted in southwest-striking breccias and veins that dip steeply to the northwest.  

The remaining holes were drilled between 120 m and 250 m to the northeast of C20-343. All holes returned broad intercepts of mineralization consisting of dacite, calcareous sediment and breccia-hosted sulphide veins, stockworks and disseminations. Drill hole locations for all holes are shown in Figure 1 (see links below). Detailed drill highlights are provided in the table below.

HOLE IDFROM
(M)
TO
(M)
WIDTH
(M)
AG
(G/T)
AU
(G/T)
PB
(%)
ZN
(%)
AGEQ1
(G/T)
C20-34155.081.026.0500.180.30.598
and119.0162.343.3200.110.30.977
and337.0371.734.7200.080.60.776
and398.2473.575.3220.030.50.873
and486.6523.737.1220.040.40.664
and531.7587.255.6300.070.40.675
         
C20-34366.9468.6401.7490.071.01.1134
including181.2211.530.3570.100.82.2182
& including205.0211.56.41940.212.58.1637
including243.5355.7112.3960.082.01.8247
& including266.5281.214.74200.098.14.3888
including413.7457.944.2840.101.82.0241
         
C20-3460.082.382.3310.080.10.250
and263.3264.81.62680.163.28.7754
and357.6362.75.12310.212.02.6427
         
C20-350127.0167.140.1200.100.20.557
and273.3294.220.9300.080.41.5111
and352.7449.697.0330.030.560.5378
including352.7368.415.71110.061.70.2186

1All results in this news release are rounded. Assays are uncut and undiluted. Widths are drilled widths, not true widths, as a full interpretation of the actual orientation of mineralization is not complete. Intervals for this release were chosen based on a 10 g/t AgEq cutoff up to a maximum of 20 m of internal dilution. Sub-intervals were chosen based on a 25 g/t AgEq cutoff with no more than 5 m of dilution in any sub-interval. AgEq calculations are used as the basis for total metal content calculations given Ag is the dominant metal constituent as a percentage of AgEq value in approximately 70% of the Company’s mineralized intercepts.AgEq calculations for reported drill results are based on USD $16.50/oz Ag, $1,350/oz Au, $0.85/lb Pb, $1.00/lb Zn. 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 completed on Cordero.

PHASE 1 DRILL PROGRAM UPDATE:

The Company has completed 27,800 m (67 holes) as part of its expanded 50,000-55,000 m Phase 1 drill program.  Assays from 15 holes are pending. Two drill rigs were added to the project during the third week of August and there are now four drill rigs on site. Additional drill rigs may be added when the Company is confident that the health and safety risks related to COVID-19 can be managed effectively.  

Drilling is focused on two key concepts: (1) targeting of bulk-tonnage mineralization within and to the east and northeast of both mineralized corridors; and (2) testing of the width, grade and continuity of extensive high-grade vein systems identified in and adjacent to historical artisanal underground workings at the Project. 

Supporting maps and sections, drill hole locations and full assay results can be found at the following link: https://dsvmetals.com/site/assets/files/5399/20200914_appendix.pdf

A copy of this release with supporting maps and sections included as appendices can be found at the following link: https://dsvmetals.com/site/assets/files/5399/20200914_news.pdf

About the Cordero Project
Cordero is located on the eastern edge of the Sierra Madre Occidental mountains in the northern part of the Central Mexican Silver Belt, Mexico’s premier porphyry and carbonate replacement deposit district. Mineralization at Cordero is similar in nature to well-known nearby bulk tonnage precious metals mines and projects (e.g. Newmont Corporation’s Peñasquito Mine and Orla Mining Ltd.’s Camino Rojo project). In addition to bulk tonnage mineralization there are also multiple high-grade silver-zinc-lead-gold sulphide vein trends as evidenced by more than 40 historical shallow, vertical shafts and associated underground workings.

Sample analysis and QA/QC Program
True widths of reported drill intercepts have not been determined. Assays are uncut except where indicated. All core assays are from HQ drill core unless stated otherwise. Drill core is logged and sampled in a secure core storage facility located at the project site 40km north of the city of Parral. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to ALS Geochemistry-Mexico for preparation in Chihuahua City, Mexico, and subsequently pulps are sent to ALS Vancouver, Canada, which is an accredited mineral analysis laboratory, for analysis. All samples are prepared using a method whereby the entire sample is crushed to 70% passing -2mm, a split of 250g is taken and pulverized to better than 85% passing 75 microns. Samples are analyzed for gold using standard Fire Assay-AAS techniques (Au-AA24) from a 50g pulp.  Over limits are analyzed by fire assay and gravimetric finish. Samples are also analyzed using thirty three-element inductively coupled plasma method (“ME-ICP61”). Over limit sample values are re-assayed for: (1) values of zinc > 1%; (2) values of lead > 1%; and (3) values of silver > 100 g/t. Samples are re-assayed using the ME-OG62 (high-grade material ICP-AES) analytical package. For values of silver greater than 1,500 g/t, samples are re-assayed using the Ag-CON01 analytical method, a standard 30 g fire assay with gravimetric finish. Certified standards and blanks are routinely inserted into all sample shipments to ensure integrity of the assay process. Selected samples are chosen for duplicate assay from the coarse reject and pulps of the original sample. No QAQC issues were noted with the results reported herein.

Qualified Person
Gernot Wober, P.Geo, VP Exploration, Discovery Metals Corp., 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 (“NI 43-101”) and has reviewed and validated that the information contained in this news release is accurate.

On Behalf of the Board of Directors,

Taj Singh, M.Eng, P.Eng, CPA, 
President, Chief Executive Officer and Director

About Discovery
Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) is a Canadian exploration and development company headquartered in Toronto, Canada, and focused on historic mining districts in Mexico. Discovery’s flagship is its 100%-owned Cordero silver project in Chihuahua State, Mexico. The 35,000-hectare property covers a large district that hosts the announced resource as well as numerous exploration targets for bulk tonnage diatreme-hosted, porphyry-style, and carbonate replacement deposits. 

For further information contact: 

Forbes Gemmell, CFA
VP Corporate Development & Investor Relations
forbes.gemmell@dsvmetals.com

TECHNICAL NOTES & FORWARD-LOOKING STATEMENTS:
The most recent technical report for the Cordero Project is the 2018 Preliminary Economic Assessment (PEA) authored by M3 Engineering and Technology Corp and includes the most recent resource estimate, completed by Independent Mining Consultants, Inc. It is available on Discovery’s website and on SEDAR under Levon Resources Ltd, a wholly owned subsidiary of Discovery. The PEA assumes metallurgical recoveries of 89% for Ag, 84% for Pb, 72% for Zn and 40% for Au.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

This news release is not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. There can be no assurance that the Private Placement will close on the announced terms. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws.

AMEX INCREASES TO TEN DRILLS AT PERRON AND UPSIZES DRILL PROGRAM TO 300,000 METRES

MONTREAL, CANADA / ACCESSWIRE / September 14, 2020 / Amex Exploration Inc. (“Amex or the Company”) (TSXV:AMX)(FRA:MX0)(OTCQX:AMXEF) is very pleased to announce its intention to add four more diamond drill rigs to the Perron property, bringing the total drills on site to 10 rigs. Following the $11.7 million financing which closed on September 10, 2020, Amex is increasing its fully-funded and planned drill program from 200,000 metres to 300,000 metres. The additional 4 drills will be delivered to site by the end of 2020, with 2 expected to arrive by mid-October.

Of the 10 drills, the Company intends to assign 6 drill rigs to the Eastern Gold Zone (EGZ), of which 4 drill rigs will continue to define the depth extension of the High Grade Zone (HGZ), targeting mineralization down to depths of 1.5 km vertically, while 2 drill rigs are allocated to the Denise Zone, which is a wide shear-zone hosted system located approximately 50 to 100 m south of the HGZ. The Denise drilling will be targeting mineralization near surface with a goal of defining a bulk tonnage gold deposit. These drill rigs will also test the Denise Zone at depth to define the extent of the gold-bearing mineralized envelope as well as continuing to identify high-grade lenses within the overall Denise system. In addition, 2 drill rigs will be dedicated to the Grey Cat and Gratien Gold Zones to continue to define near-surface mineralization identified to date. Finally, 2 drill rigs will be dedicated to exploration, of which 1 will be conducting regional wildcat drilling, while the other will test areas within the Perron Gold Corridor to identify additional lenses within the 3+ km system already identified. Drilling will take place year-round with small breaks in the spring and fall seasons for the winter break-up and Quebec hunting season.

Kelly Malcolm, VP Exploration at Amex, commented, “The Company is very well capitalized and staffed to expand and manage one of the largest drill programs currently running in Canada by a junior exploration company. Our core logging and processing facilities are very large and can easily accommodate a drill program of this size. Our goal is to define the known gold zones at Perron (Eastern Gold Zone, Grey Cat and Gratien Gold Zone) while at the same time drill in between these zones along strike in the 3+ kilometre Perron gold corridor. Every hole that we have drilled into the Perron gold corridor has reported gold mineralization from anomalous (>0.1 g/t Au) to multiple ounces per tonne gold over variable widths. Drilling on this corridor will aim to connect the known gold zones as well as continue to expand it along strike. Finally, our regional exploration program has intersected some notable results and structures and we will be following up on that as well as testing newly generated targets which have yet to see a drill bit along the +15 km of combined Normetal and Perron faults on the property.”

Current exploration will target:

  1. Continued expansion and definition of the Eastern Gold Zone, with a focus on exploration and expansion at depth of the High Grade Zone to the East of a cross-cutting late diabase dyke, as well as expanding the southern Denise zone towards surface.
     
  2. Exploration along strike of the known 3+ km Perron gold corridor, as well as between known zones of mineralization, with the objective of linking up these known gold zones and generating a bulk tonnage target coupled with the high-grade underground-type targets like the Eastern Gold Zone and potentially the Grey Cat Zone.
     
  3. Continued expansion and definition of the Grey Cat and Gratien Gold Zones, with a focus on defining the near-surface portion of mineralization as well as exploring for high-grade mineralization at depth.
     
  4. Regional exploration with a focus on gold mineralization within the Beaupre Rhyolite block as well as gold-rich VMS exploration within the southern andesitic volcanic domain.

Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert during the analytical process. Gold values are estimated by fire assay with finish by atomic absorption and values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold. Core logging and sampling were completed by Laurentia Exploration.

About Amex

Amex Exploration Inc. is a junior mining exploration company, the primary objective of which is to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdiction of Quebec. Amex is focused on its 100% owned Perron gold project located 110 kilometers north of Rouyn Noranda, Quebec, consisting of 117 contiguous claims covering 4,560 hectares. A number of significant gold discoveries have been made at Perron, including the Eastern Gold Zone, the Gratien Gold Zone, the Grey Cat Zone, and the Central Polymetallic Zone. High-grade gold has been identified in each of the zones. A significant portion of the project remains underexplored. In addition to the Perron project, the company holds a portfolio of other properties focused on gold and base metals in Quebec.

For further information please contact:

Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209

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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and LGZ, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

enCore Energy Signs Binding Agreement to
Acquire Westwater Resources’ Uranium Production & Resource Assets

September 9th, 2020 – Vancouver, B.C. – enCore Energy Corp. (TSXV:EU; OTCQB:ENCUF) (the “Company”) is pleased to announce that effective September 1, 2020 it has entered into a binding letter of intent (“Agreement”) with Westwater Resources Inc. (Nasdaq: WWR) (“Westwater”) to acquire all of Westwater’s United States uranium assets. These assets include two licensed Texas-based uranium production facilities, mineral exploration leases in Texas, and more than 270 square miles (180,000 acres) of patented mineral rights in New Mexico with four projects containing significant historical mineral estimates. This acquisition will more than double the Company’s current mineral rights and holdings with historical mineral estimates, and add two already licensed uranium production facilities.
William M. Sheriff, Executive Chairman of enCore Energy stated “This transformational acquisition will on completion be the first significant step building enCore into a domestic uranium producer. Our experienced and accomplished management team believes that a major change is coming in the uranium market in the next 12 to 24 months. In addition to the key acquisition of licensed production facilities in Texas, enCore will hold the leading land position in New Mexico, consolidating the large Santa Fe and Frisco railroad “checkerboard” mineral rights land grant running through most of the Grants mineral belt.
“As market conditions continue to improve, we look forward to updating the Rosita, Texas processing facilities and restarting uranium production in one of the most favorable uranium districts in the United States. It is not a coincidence that modern commercial in-situ recovery (ISR) operations originated in South Texas,” added enCore Energy’s Chief Executive Officer, Dennis Stover. “While active exploration in the district has long been curtailed by market conditions, south Texas remains underexplored and one of the most prospective in the country for further uranium discoveries. This coupled with geologic characteristics well suited to ISR creates exceptional opportunities for enCore Energy Corp.”
Christopher M. Jones, President and Chief Executive Officer of Westwater said “We are happy to place these uranium assets in the hands of a company like enCore where they can be developed further as part of a larger, consolidated land position, while we devote our full focus and attention on advancing our battery-grade graphite product business and our Coosa Graphite Project in Alabama. We are excited to continue our participation in the uranium sector as a significant shareholder of enCore and royalty holder, while transferring responsibility for remaining reclamation to them. We believe that the enCore organization has a strong foundation of highly experienced former operators of uranium mines and processing facilities, and we are putting this business in good hands.”
To view maps of the property acquisitions please visit: https://www.encoreenergycorp.com/_resources/images/EU%20NR20-08%20Maps.pdf

The Texas Production Assets
Two licensed Texas uranium production facilities are being acquired, the Kingsville plant in Kleberg County, Texas and the Rosita plant in Duval County, Texas. Both facilities were established to process Ion Exchange resin from multiple satellite facilities. Each facility has an operating capacity of 800,000 pounds U3O8 per year. The package also includes several key mineralized leaseholds with excellent exploration potential and deposits on which historic mineral estimates exist, an extensive Texas database, and key equipment including PFN logging trucks, resin transfer trucks and remote ion exchange facilities.

New Mexico Assets
The Westwater acquisition, combined with enCore’s already existing large New Mexico holdings, will on closing make the company the dominant holder of high-quality uranium properties in New Mexico. The

New Mexico assets in the transaction include more than 175,000 acres of deeded mineral estate (formerly the Santa Fe railroad “checkerboard” land grant), 4200 acres of surface and/or mineral leases and 1200 acres of mining claims, encompassing much of the uranium-rich Grants mineral belt shown on the attached map, as well as an extensive and comprehensive database. Properties being acquired with significant in place historic uranium mineral estimates include the Nose Rock, West Largo and Ambrosia Lake projects in McKinley County and the Juan Tafoya project in Cibola, McKinley and Sandoval Counties.
A summary of the significant historic mineral estimates follows:

To view historic mineral estimates please visit: http://www.encoreenergycorp.com/_resources/images/WWR%20Historic%20Resources.png
Historic estimates on (a) Ambrosia Lake used circle tangent method and cut-off grades ranging from 0.03% to 0.10% over variable intervals and on a per section basis; (b) Juan de Foya used polygonal method and a cut-off grade of 0.05% over a six foot interval; (c) West Largo did not include a cutoff grade and used a general outline method described by the US Atomic Energy Commission; and (d) Nose Rock used polygonal method and a cutoff grade of 0.07% over a six foot interval. Although the historical estimates above are believed to have been calculated and completed to industry standards at the time of their publication, and are considered reliable based on such standards, a qualified person has not done sufficient work to classify any of the historic estimates listed above as current mineral resource estimates. Current definitions of measured, indicated and inferred resources have changed since the date of the report and the impact of those changes on historical estimates has not been assessed by the Company. Additional work, including review of existing exploration data and additional drilling is required to update the historical estimate to a current mineral resource. The Company does not treat these historical estimates as current mineral resource estimates.

Located in New Mexico, the Grants mineral belt is an approximately 100-mile-long northwesterly trending belt of sandstone-hosted uranium deposits that have been the largest source of uranium production in the United States. During the period of mining activity in the Grants mineral belt, between the early 1950s and the mid-2000s, more than eighty underground and open pit mines were developed and operated. At various times during the past productive life of the belt, as many as six uranium processing mills were built and operated by Anaconda Company, Homestake Mining Company, Kerr- McGee, Phillips Petroleum, Sohio, Western Nuclear and United Nuclear. For perspective, the Grants mineral belt has previously produced approximately 340 million pounds of uranium oxide, being more uranium than any other district in the U.S.A and ranking in the top ten world-wide. Additional exploration is warranted throughout the district as it remains amongst the most prospective in the United States.

Terms of the Transaction
Pursuant to the Agreement, the Company would acquire seven Westwater subsidiaries, holding all of Westwater’s United States uranium assets, in exchange for (i) the issuance of US$1,450,000 of enCore shares at a price per share to be determined on the closing date of the transaction, (ii) the grant of a 2% net smelter return royalty on mineral rights held by the subsidiaries in the State of New Mexico, excluding the Juan Tafoya and Cebolleta projects; and (iii) the grant of a 2.5% net profits interest on the Juan Tafoya and Cebolleta projects.

In addition, the Company and Westwater will work to reduce and replace existing reclamation bonds on Westwater’s uranium projects totaling approximately US$9.25 million. Upon replacement of the reclamation bonds, Westwater will pay enCore US$3 million in cash. The amount of the reclamation bonds may be reduced by Westwater prior to closing through completion of reclamation work, in which event the Company will issue additional consideration shares priced as at the closing date, as follows: US$500,000 in Company shares upon Westwater completing scheduled 2020 Texas reclamation activities; and an additional US$250,000 in Company shares for every US$1,000,000 reduction of the current required bond amount.

The final Agreement is expected to be completed by year end 2020 and is dependent on final due diligence completion.

Completion of the transaction is subject to a number of conditions, including, but not limited to receipt of TSXV approval, satisfactory arrangements being in place for the replacement of the reclamation bonds, and completion of due diligence on the mineral projects and the Uranium Subsidiaries by the Company.

Dr. Douglas H. Underhill, CPG, a Qualified Person as defined by National Instrument 43-101 and Chief Geologist for the Company, has reviewed, verified, and approved disclosure of the technical information contained in this news release.

About enCore Energy Corp.
enCore Energy Corp., with assets entirely in the United States, has a 100% interest, free of holding costs, in 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. These deposits contain an estimated Indicated Mineral Resource of
26.6 million pounds of U3O8 at an average grade of 0.105% e U3O86. A portion of these resources are under NRC license. The Company also holds the Marquez project in New Mexico as well as a dominant land position in Arizona with additional properties in Utah and Wyoming. The Company owns or has access to an extensive collection of proprietary North American and global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, and Rancher’s Exploration databases in addition to a leading collection of geophysical data for the high-grade Northern Arizona Breccia Pipe District.

For additional information: William M. Sheriff Executive Chairman
972-333-2214
info@encoreenergycorp.com http://www.encoreenergycorp.com

⦁ Behre Dolbear & Company (USA) Inc., 2010, Technical Report on the Ambrosia Lake Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG and Bernard J. Guarnera, RPG, CPG.

⦁ Behre Dolbear & Company (USA) Inc., 2011, Technical Report on the West Largo Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG.
⦁ Behre Dolbear & Company (USA) Inc., 2011, Technical Report on the Nose Rock Project of Uranium Resources Inc., prepared by Robert D. Maxwell, CPG.
⦁ Broad Oak Associates, 2014, NI 43-101 Technical Report on Mineral Resources: Juan Tafoya Uranium Project, Cibola, McKinley, and Sandoval Counties, New Mexico, USA, reported and effective May 15, 2014, prepared for Uranium Resources Inc. by Geoffrey S. Carter, P.Eng.
⦁ Wilton, Dean T., CPG, PG, MAIG, Chief Geologist Westwater Resources, 2018, Technical Report on the Ambrosia Lake Uranium Project, McKinley County, USA
⦁ Technical Report, titled, “Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report, McKinley County, New Mexico, USA, Mineral Resource Technical Report – National Instrument 43-101,” dated May 14, 2012, and authored by Douglas L. Beahm, PEng, PGeo. Note: There have been no material changes to the technical and scientific information relating to the foregoing projects since the date of the report, the Company considers the report to be complete and current.
⦁ McLemore, Virginia T., Prin. Senior Economic Geologist, “Uranium Resources in New Mexico”, New Mexico Bureau of Geology & Mineral Resources” which incorporates a table entitled: Estimated uranium resources in New Mexico, 2017 (updated from McLemore, et al., 2011, 2013
⦁ M. Mihalsky and S Hall, “Assessment of Undiscovered Sandstone-Hosted Uranium Resources in the Texas Coastal Plain, 2015” U.S. Department of the Interior, U.S. Geological Survey, ISSN 2327-6916 (print), Fact Sheet 2015-3069, November 2015.

Neither 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.
Cautionary Note Regarding Forward-Looking Statements

This news release includes certain forward-looking statements within the meaning of applicable securities law including the anticipated completion of the transaction and acquisition of the Marquez, Nose Rock and other properties, and the potential advancement thereof. Forward- looking statements are statements that relate to future, not past, events. In this context, forward – looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. Estimates of mineral resources and reserves are also forward looking statements because they constitute projections regarding the amount of minerals that may be encountered in the future. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

BTU METALS OBTAINS DTC & CNS ELIGIBILTY FOR ITS COMMON SHARES ENHANCING US INVESTOR ACCESS

– Geological leadership team on site to prep for drill program –

September 10, 2020, Vancouver, BC, Canada – BTU METALS CORP. (“BTU” or the “Company”) (BTU-TSX:V and BTUMF-OTC) today announced it has obtained eligibility with The Depository Trust Company (DTC) and Continuous Net Settlement (CNS) in the United States, increasing access for U.S. investors for its common shares. 

DTC is a subsidiary of the Depository Trust & Clearing Corp., a U.S. company that manages the electronic clearing and settlement of publicly traded companies. DTC eligibility permits BTU’s shares to be distributed, settled and serviced through DTC’s automated processes, leveraging efficiencies created through electronic clearing and settlement of securities. DTC services may provide benefits for investors and brokers trading Canadian securities in the United States.  CNS is an automated book-entry accounting system, which centralizes the settlement of security transactions and maintains an orderly flow of security and money balances between market participants.

“As we lead up to this exciting imminent drill program to test high priority drill targets in Red Lake, we expect the DTC eligibility of our common shares in the U.S. will improve access for investors and brokerage houses to trade our shares”, stated Paul Wood, CEO of BTU Metals.

BTU is pursuing both high-grade gold targets and copper-dominant massive sulfide targets on its 200 square kilometre property that shares a 35 kilometre border with Great Bear Resources Ltd (“Great Bear”). The property is 25 kilometres southeast of Red Lake, Ontario in an area with excellent access and infrastructure. To date roughly one-third of the property area has been analyzed using Windfall Geotek’s (WIN-TSX:V) proprietary Artificial Intelligence approach to target potential gold mineralized areas, from which 35 high priority targets have been identified at a high correlation rate with known gold mineralization. The BTU team is on site, including VP Exploration, Bruce Durham as BTU prepares for the imminent drill program.

The Company’s exploration work at its Red Lake, Ontario projects remains largely on schedule with no major disruption due to the COVID-19 government guidelines. The Company continues to monitor this situation, continues to be careful to conduct all work in compliance with COVID-19 guidelines and will adjust its activities and timelines as deemed appropriate.

Bruce Durham, P. Geo., a qualified person as defined by National Instrument 43-101 has reviewed and approved the technical information in this press release.

ON BEHALF OF THE BOARD
Paul Wood
Paul Wood, CEO, Director
pwood@btumetals.com

FOR FURTHER INFORMATION, PLEASE CONTACT:

Andreas Curkovic, Investor Relations
+1 416-577-9927

BTU Metals Corp.
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

ANGKOR WELCOMES NEW INDEPENDENT BOARD MEMBERS

TORONTO, ON, (September 9th, 2020): Angkor Resources Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) is pleased to announce that Messrs. Russ Tynan, Scott W. Smith and Steve Cochrane have agreed to join the Board of Directors of Angkor.

Stephen Burega, Chief Executive Officer of Angkor, states: “We are extremely pleased that these three gentlemen, with their extensive background and track record of accomplishments in government, business and mining, have agreed to join the Board of Directors for Angkor. Their combined public and private sector expertise will be an asset as the Company moves forward on its vision to be one of the leading companies in the mining and energy sectors in Cambodia.”

Mr. Russ Tynan has 35 years of Executive Leadership experience and is a trusted advisor and business leader as well as an innovative and creative problem solver. Russ has designed operations and logistics and capitalized on the opportunities for corporations, governments and various volunteer organizations. He has worked with and provided advice through four Olympic Winter Games and served as the Executive Director, Olympic and Paralympics Secretariat for the Government of Alberta.

Noted for his successes in transitioning companies and organizations through new opportunities or difficult challenges including his role as President and CEO of the Alberta Tourism Partnership Corporation. Russ works with executive teams at the strategic stage, and through implementation.

Mr. Steve Cochrane has 36 years of investment industry experience during which he has participated in raising millions of dollars for a variety of “small cap” public companies in various businesses and industry sectors including mining.

In addition to having been associated with numerous domestic transactions, Mr. Cochrane has also been involved with many international opportunities in Chile, Cambodia and China. Currently, Steve is the CEO of Lithium Chile. His extensive experience both as former Vice President and Investment Advisor at Richardson GMP (and its predecessors) and his successful 18 year career with National Bank Financial will be a great asset as Angkor grows its projects and engages with shareholders.

Mr. Cochrane also brings a unique skill set to Angkor that recognizes the need to balance both the company’s opportunities with the expectations of its shareholders.

Mr. Scott W. Smith, P.Geol. has over 30 years of experience in mine production, mine start up, advanced projects and exploration at world class operating mines, brownfields and greenfield situations. Since February 2015, he has been Chief Geologist for Taseko Mines Ltd’s Gibraltar Mine, the second largest open pit copper mine in Canada.

From 2012 to 2014 he was the Exploration Manager Chile/Argentina for Teck Resources. From 2004 to 2012 he was with Newmont Mining at their Yanacocha Mine in Peru, the largest gold mine in South America, where he held roles of increasing responsibility in both production and exploration including Geology Mine Manager and District Geology Exploration Manager. For 5 years (1999 to 2004) he worked at the Antamina Mine in Peru, one of the largest copper/zinc mines in the world. Prior to working in South America, he worked for over 10 years in Canada on exploration and production on numerous deposit types including porphyry copper and epithermal gold in Canada and Alaska.

His deep geological knowledge and experience will be extremely valuable as Angkor continues to explore for gold deposits in Cambodia.

In connection with these appointments, the Company announces that it will issue the listed Directors 1,200,000 options pursuant to the terms of it option plan. The options shall be exercisable at a price of $0.11 for a period of 5 years.

The Company further wishes to announce the resignation of Mr. Jiancheng Peng from the Board of Directors, and is pleased to announce that he will continue to serve Angkor as a member of its Advisory Committee.

ABOUT ANGKOR RESOURCES CORP.

Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading mineral explorer in Cambodia with a large land package. In 2019, the company received approval to negotiate Production Sharing Contract (PSC) terms for Block VIII, a 7,300 square kilometre oil and gas license in Cambodia.

CONTACT:

Stephen Burega, CEO

Telephone: +1 (647) 515-3734

Email: sb@angkorgold.ca

Website: http://www.angkorgold.ca  or follow us on Twitter @AngkorGold

Neither 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.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Angkor Resources Corp’s (“Angkor” or the “Company”) current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Angkor to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Angkor has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Angkor does not undertake to update any forward-looking information, except in accordance with applicable securities laws.