Category Archives: Metals Update

Metals Update 14/04/2021

Euro Sun Mining files Colnic, Rovina study on SEDAR

Euro Sun Mining Inc. has filed the National Instrument 43-101-compliant technical report supporting the definitive feasibility study (DFS) on the Colnic and Rovina open pits — the initial phase of development of its Rovina Valley gold and copper project in Romania. Included in the Technical Report is an updated mineral resource estimate and the maiden mineral reserve statement for the open pit deposits, namely Colnic and Rovina, incorporating feasibility level operating parameters and metal price update for the resources. All amounts are in US dollars unless otherwise indicated.

The Technical Report titled NI 43-101 TECHNICAL REPORT ON THE ROVINA VALLEY PROJECT IN ROMANIA dated April 14, 2021 was prepared by Nicholas Dempers, Principal Process Engineer, New SENET Pty; David Thompson, Principal Mining Engineer DRA Projects (PTY) Ltd; Sivanesan Subramani, B.Sc. Geo, Caracle Creek International Consulting MINRES; Robert Cross, P.Eng., P.Geo. Geological Engineer Klohn Crippen Berger (KCB) (Canada); Carlos Diaz, MASc, B.Eng., KCB Canada; Andrew Hovey, BSc Earth Sciences, RPGEO, KCB, Brisbane; Richard Lawrence B.Sc, Phd, Lawrence Consulting Ltd; Kevin Leahy, BSc (Hons), PhD, CGeol, SiLC Technical Director, Environmental Resource Management Ltd.

The Rovina Valley Project consists of two open pit gold-copper deposits, Colnic and Rovina, and the underground Ciresata gold-copper deposit. The DFS is focused on the exploitation of the two open pit operations. The Ciresata underground deposit is expected to be phased in following the completion of the Colnic and Rovina pits.


Average annual gold equivalent production of 146,000 ounces in year 1-10, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum

Average AISC of $790/gold equivalent ounces in years 1-10

Initial capex is expected to be $399 million (including $12.7 million in pre-strip)

Pre-Tax NPV5% of $447 million with an IRR of 21.3% and Post-Tax NPV5% of $359 million with an IRR of 19.2% at $1,550/oz gold and $3.30/lb copper

Processing 21,000 tonnes per day incorporating simple flotation and dry stack tailings

Phase 1 production of over 1.3 million ounces of gold and 400 million lbs of copper (185k tonnes) over 16.8 years

Scott Moore, Euro Sun’s CEO states, “With the filing of the NI 43-101 compliant study, Euro Sun can now begin detailed project finance discussions with international banks and credit funds as well as off-take agreements with smelters to optimize the funding package for our initial phase of development at the Rovina Valley Project. We have initiated our Strategic Environmental Assessment this month and look forward to providing ongoing updates on the advancement in permitting relating to all associated approvals required to begin construction.”

Table 1: Definitive Feasibility Highlights
 DFS Phase 1 Highlights                          Life of Mine   First 10 Years
Gold price                                             $1550/oz              
Copper price                                           $3.30/lb              
Processing Rate                                 21,000 tonnes per day        
Mine Life                                        16.8 Years                  
Average annual gold equivalent production     132,000 ounces   146,000 ounces
Average annual gold production                 81,000 ounces   106,000 ounces
Average annual copper production         24.3 million pounds19 million pounds
All-in sustaining costs                        $813/oz Au eq    $790/oz Au eq
Pre-strip Capital                              $12.7 million                 
Initial Capital                               $386.6 million                 
Total Initial Capital                         $399.2 million                 
Sustaining Capital                             $47.7 million                 
Pre-Tax NPV (5% discount rate)                  $447 million                 
Pre-Tax IRR                                           21.3 %                 
Post-Tax NPV (5% discount rate)               $359.3 million                 
Post-Tax IRR                                          19.2 %                 

The Technical Report can be found on the Company’s website at and under the Company’s profile on SEDAR at

In connection with the filing of the Technical Report, the Company has also filed an amended and restated annual information form dated April 14, 2021, which now references the Technical Report and updates certain non-material information found under the heading “Mineral Projects Environmental” and includes an updated risk factor under the heading “Environmental and other Regulatory Requirements”.

Tinka drills 12 m of 3.05% Sn at Ayawilca

Tinka Resources Ltd. has released tin assays from the 7,600-metre, 21-hole, 2020/2021 drill program recently completed at the Ayawilca project in central Peru.

While the focus of the 2020-2021 drill program was on resource definition of zinc-silver mineralization, significant tin mineralization was also intercepted in several of the drill holes. Of note, Tinka has discovered a new zone of high-grade tin mineralization at South Ayawilca, immediately adjacent to the highest grade zinc resource. This is the first time that tin mineralization of such high grade has been discovered at South Ayawilca. Tin mineralization was intersected in eight adjacent drill holes, including seven of the recent holes, in zones that typically contain very minor or no zinc mineralization. The tin mineralization is believed to be hosted by multiple, flat-dipping lenses with each lens up to 12 metres in thickness and with horizontal dimensions of approximately 200 metres, remaining open to the north. Tin mineralization in hole A21-187 (12 metres grading 3.1% tin) occurs 40 metres above zinc mineralization in the same hole (4.1 metres grading 17.7% zinc) (link to news release). Tin occurs as cassiterite (SnO2), the most common ore-forming mineral of tin. Refer to maps in Figures 1 and 2 for the location of the tin mineralization.

Tin is traditionally used as a solder and for tin plating of other metals but it also is a key metal in new applications such as autonomous and electric vehicles, renewable energy, energy storage, and advanced computing. Tin has the highest value of the major base metals and is currently trading at around US$27,000 per tonne or 3 times the value of copper and 9 times the value of zinc (source).

Drill Highlights:

Tin results – South Area:

Hole A21-18712.0 metres @ 3.05% tin from 262.0 metres depth, including2.0 metres @ 5.43% tin from 266.0 metres depth.

Hole A21-1852.0 metres @ 1.25% tin from 332.0 metres depth; and7.0 metres @ 0.78% tin from 373.0 metres depth;

Hole A21-1844.5 metres @ 0.54% tin from 286.4 metres depth;

Hole A20-1772.2 metres @ 0.63% tin from 317.0 metres depth;

Hole A20-1764.0 metres @ 0.66% tin from 300.0 metres depth;

Hole A20-1744.0 metres @ 1.03% tin from 348.0 metres depth;

Hole A20-1733.9 metres @ 0.96% tin from 253.1 metres depth;

Hole A17-063*11.0 metres @ 1.81% tin from 275.0 metres depth.

Zinc results – South Area:

Hole A21-18416.6 metres @ 5.0% zinc & 12 g/t silver from 281.8 metres depth.

True thicknesses of the tin and zinc intersections above are estimated to be at least 90% of the downhole thicknesses. Tin intervals are calculated at a 0.5% Sn cut-off. *Result was partially announced in an earlier drill program.

President and CEO of Tinka, Dr. Graham Carman, stated: "While Ayawilca is best known for its large and high-grade Zinc Zone resource, the property also hosts a Tin Zone resource which is mostly located at deeper levels along a northeastern trend away from the highest grade zinc deposit at South Ayawilca. The new discovery of tin at South Ayawilca is potentially very important as a complement to the zinc deposit, as it is the first time we have encountered such high grades of tin immediately adjacent to one of the best zones of zinc at the property, an area which would likely be prioritized in the early years of a future mining operation. This new style of tin mineralization appears to be different to that observed previously in the deeper part of the Tin Zone at Central Ayawilca – the new style contains what appears to be ‘clots’ of coarse-grained cassiterite mineral grains (see photographs of the tin mineralization in Figure 3). The Company is immediately prioritizing mineralogical test work of this exciting new discovery, including gravitational separation of the cassiterite which has a very high density compared with most other minerals including sulphides."

"All significant intersections of zinc-silver and tin in the 2020-2021 program have now been reported. Two holes followed up on a high-grade shallow zinc-silver intersection at 100 metres depth in A20-177 (holes A21-188 and 189) hosted by sandstone overlying the main carbonate host rock. Only narrow mineralized structures were encountered. Tinka geologists interpret that the high-grade zinc-silver veins hosted in the sandstone have variable thicknesses and may have different orientations which require tighter drill spacing to be adequately tested."

"Now that the drill results are fully reported, the Company is advancing Ayawilca towards a resource update and an updated Preliminary Economic Assessment by early Q3 2021."

Tin Mineralization in Drill hole A21-187

Tin mineralization in hole A21-187 is 12 metres in downhole thickness (which approximates true width) and hosted by massive sulphides consisting of pyrrhotite (magnetic iron sulphide) and lesser pyrite with minor quartz, carbonates and other silicates. Tin minerals occur as clots and disseminations of cassiterite (SnO2) within the pyrrhotite matrix and are commonly associated with carbonate infillings. See photos of the tin mineralized drill core in Figure 3.

Tables 1 and 2 highlight the details of the recent drill results for tin, and zinc-silver-lead intersections, respectively.

Table 3 presents a summary of all drill hole collars in the 2020-2021 program.

About Ayawilca: The Zinc Zone contains an estimated 1.8 billion pounds of zinc and 5.8 million ounces silver in Indicated Mineral Resources, and 5.6 billion pounds zinc and 25.2 million ounces silver in Inferred Mineral Resources, while the Tin Zone contains an estimated 200 million pounds of tin in Inferred Mineral Resources (see news release dated November 26, 2018). The Colquipucro Silver Zone contains an estimated 14.3 million ounces silver in the Indicated category and 13.2 million ounces silver in the Inferred category as potentially open-pittable resources (see Technical Report dated July 2, 2019).

Summary of significant tin results from the 2020-2021 drill program at Ayawilca
Drill HoleFrom mTo m  Interval mSn %Cu %Ag ppmZn % 
A20-173   252.10256.003.90      0.960.0312    4.10 
A20-174   288.00290.002.00      1.000.063     0.10 
and       348.00352.004.00      1.030.2017    0.23 
A20-176   300.00304.004.00      0.660.058     <0.01
A20-177   317.00319.202.20      0.630.066     2.10 
A21-184   286.40290.904.50      0.540.0415    8.39 
A21-185   332.00334.002.00      1.250.057     0.56 
and       373.00380.007.00      0.780.2531    0.33 
A21-187   262.00274.0012.00     3.050.055     0.05 
incl      266.00268.002.00      5.430.047     0.02 
A17-063*  275.00286.0011.00     1.810.046     0.01 
and       327.40332.004.60      3.080.5253    19.08
and       369.00374.505.50      1.220.2216    0.05 

* Drill hole results were partially released November 3rd, 2017.

All intersections are &amp;#8216;manto&#39; style and true thicknesses are estimated to be at least 90% of downhole thicknesses.

Summary of significant new zinc results from the 2020-2021 drill program at Ayawilca
Drill HoleFrom mTo (m)Interval mZn % Pb %Ag ppmIn ppm
A21-184   174.10174.400.30      48.450.1649    422   
and       178.00182.704.70      7.36 0.2032    64    
and       281.80298.4016.60     5.03 0.0212    96    
A21-186   132.70133.901.20      33.620.50938   35    
A21-188   118.20119.501.30      4.51 0.0717    15    
A21-189   NSR                                        

Fiore Gold produces 10,915 oz of Au in fiscal Q2

Fiore Gold Ltd. has released preliminary production results for the company’s fiscal second quarter of 2021 (quarter ending March 31, 2021) from its Pan open-pit mine in White Pine county, Nevada. All dollar figures are in United States dollars unless otherwise noted.


  • Q2 gold production of 10,915 ounces, a 19% increase compared to Q1 2021 as heap leach pH levels improved during the quarter
  • Gold loaded to carbon, which is reflective of gold production, trended upward through the quarter with monthly figures of 3,294 ounces in January, 3,483 ounces in February and 4,155 ounces in March
  • Gold sales of 10,884 ounces at an average realized price of $1,770 per ounce
  • Mined ore production in Q2 of 12,351 tons per day with the stripping ratio of 1.6:1.0 and grade of 0.013 ounces/ton (“opt”) or 0.45 grams per tonne (“g/t”)
  • The Pan heap leach pad expansion project is progressing well with first ore expected to be placed on the new portion of the pad in fiscal Q3
  • Following the completion of the Gold Rock Preliminary Economic Assessment, we are conducting a program of resource expansion, metallurgical, geotechnical and condemnation drilling in support of a Gold Rock Feasibility Study. Drill results announced during the quarter were headlined by 45.7 metres of 2.01 g/t gold (150 ft at 0.059 opt) and 42.7 metres of 1.17 g/t gold (140 ft at 0.034 opt).
  • Closing cash balance of $17.5 million at March 31, 2021, a reduction in cash from December 31, 2020 as we continue to invest in the expansion of the Pan heap leach pad to accommodate added mine life, and in on-going drilling and Feasibility Study activities to advance Gold Rock.
  • 81,542 man-hours worked in Q2 with no lost time injuries and no reportable environmental incidents.

Tim Warman, Fiore’s CEO commented, “We advanced on a range of fronts in Q2 and were particularly pleased to see normal gold production levels resuming as Q2 progressed. Our team responded well to the leach pad issues we experienced in Q1 with the application of additional lime, bringing the leach solution pH back towards optimal levels for effective gold leaching. Through the quarter, we have also made good progress on Pan’s leach pad expansion and look forward to the positive impact on gold recovery when we place first ore on the new pad in fiscal Q3. And finally, we are very excited by the continued exploration success from drilling at Gold Rock. The progress continues to support our key goal of operating Pan and Gold Rock in unison, doubling our production organically in Nevada.”

Metals Update 13/04/2021

Eloro drills 73.9 m of 155.15 g/t AgEq at Iska Iska

Eloro Resources Ltd. has provide an update on its Iska Iska silver-tin polymetallic project in Potosi department, southern Bolivia. To date, the company has completed 28 diamond drill holes totalling 10,677 metres to test the Huayra Kasa mine area, Santa Barbara breccia pipe (SBBP) and Central breccia pipe (CBP) targets. This press release reports further drilling results from five additional holes (DSB-02 to DSB-06) on SBBP and detailed continuous channel sampling in the Santa Barbara adit. Two new holes (DCN-01 and DCN-02) have been completed on the CBP with results pending. An image on the company’s website is a geological plan map showing locations of the drill holes and updated geological interpretation. Another image on the company’s website is a geological cross-section along the axis of the SBBP showing location of the main mineralized zone. Another image on the company’s website is a north-south cross-section through the SBBP. Another image on the company’s website is a map of the continuous channel sampling at the Santa Barbara adit. The associated table gives significant drilling results, another table gives complete continuous channel sampling results for the Santa Barbara adit and another table lists holes completed with assays pending. Highlights are as follows:


  • 442 grams per tonne silver equivalent (165 g/t Ag, 3.46 per cent lead and 0.46 per cent tin) over 166 m including 1,092 g/t AgEq (including 446 g/t Ag, 9.03 per cent Pb and 1.16 per cent Sn) over 56.19 m in continuous channel sampling of the Santa Barbara adit. This high-grade interval includes two exceptional sections with 2,445.88 g/t AgEq (1,024 g/t Ag, 25.0 per cent Pb and 1.16 per cent Sn) over 8.11 m and 1.941 g/t AgEq (870 g/t Ag, 7.58 per cent Pb and 2.43 per cent Sn) over 12.3 m;
  • 155.15 g/t AgEq including notably high Sn, 0.43 per cent Sn over 73.29 m in drill hole DSB-06;
  • 115.76 g/t AgEq over 84.0 m and 66.44 g/t AgEq over 217.9 m in hole DSB-03;
  • 96.71 g/t AgEq over 29.4 m and 120.03 g/t AgEq over 13.57 m in hole DSB-05;
  • 65.72 g/t AgEq over 83.3 m including 120.91 g/t AgEq over 25.0 m in hole DSB-02.

Major mineralized zone delineated at Santa Barbara breccia pipe

As shown in the geological cross-section along the longitudinal axis of the SBBP and the updated north-south geological cross-section on the company’s website, first pass drilling has outlined a major mineralized zone that extends for at least 800 m across the full long axis of the SBBP and is at least 400 m wide with thickness ranging from approximately 200 m to 400 m. Recent drilling has doubled the extent of the breccia pipe from 400 m to at least 800 m in a northwest direction. The grade and intensity of mineralization appear to be increasing to the east, with the Santa Barbara adit returning the highest grades yet discovered at Iska Iska. The mineralized zone appears to be controlled by a major structure that dips shallowly westward and that cuts across both the breccia pipe and the surrounding fractured and altered dacitic dome. The higher-grade mineralization, which is more prevalent in the eastern half of the SBBP including discovery hole DHK-15, which returned 129.6 g/t AgEq over 257.5 m (see press release dated Jan. 26, 2021), appears to be related to structural overprinting of an earlier epithermal stage of mineralization. Additional drilling under the adit and to the east is planned to further test this highly prospective area.

Drilling Central breccia pipe

Drill hole DSB-02 drilled at minus 60 degrees south from the radial set-up at SBBP, intersected 332 m of mineralized breccia in the northeast corner of the CBP as previously reported (see press release dated Feb. 23, 2021). This hole returned a number of significant intersections including 65.72 g/t AgEq over 83.3 m including 120.03 g/t AgEq over 25.0 m. The host rocks at CBP are primarily granodioritic intrusion breccias, in contrast to the SBBP, which is dominated by dacitic fragments. Notably, the chemistry of the CBP is different with mineralization dominantly Sn and Ag with low values of Pb and Zn in contrast to the adjacent SBBP. This indicates that the CBP was probably originally formed at a deeper level. Two additional holes (DCN-01 and DCN-02) from the northern radial set-up have been completed as shown in an image on the company’s website with a third hole (DCN-03) in progress. Results for these holes are pending.

Tom Larsen, chairman and chief executive officer, commented: “These new drilling and continuous channel sampling results are demonstrating some very high metal values, especially silver and tin, within this immense mineralized system at Iska Iska. We continue to encounter mineralization in every drill hole to date, showing potential for a world-class bulk minable deposit, blending higher-grade metal values within the lower-grade widespread mineralization at Iska Iska. We are well financed to continue pursuing an aggressive exploration program.”

Mr. Larsen continued: “The technical team will shortly be commencing geophysical surveys, utilizing magnetic surveys to outline potential structures/breccia pipes and downhole induced polarization (IP) that will assist in pinpointing higher-grade metal sections of the Iska Iska polymetallic-epithermal mineralized complex. The Santa Barbara breccia pipe has almost doubled in potential size from our radial drilling program demonstrating large-tonnage potential. The company believes along with the Santa Barbara and Central breccia pipes so far outlined, that the Porco (South) target has similar size potential and that there could be other comparable-size breccia pipes obscured by cover within the Iska Iska caldera complex.”

Dr. Bill Pearson, PGeo, Eloro’s executive vice-president, exploration, commented: “We continue to intersect widespread silver-tin polymetallic mineralization in all our holes and have now doubled the extent of the SBBP. Our understanding of this remarkable mineralizing system continues to advance; however, we are still at a very early stage in the exploration. Following completion of our first pass drilling on SBBP, we will move the drill to test below the Santa Barbara adit and complete a section of holes to test east of the breccia pipe into the centre of the caldera complex. We will be working with Micon International to design further follow-up drilling on SBBP in order to define a National Instrument 43-101 mineral resource. Drilling will continue to test the CBP from both the north and south set-ups. As previously announced, we will be bringing in a third drill in early May to begin testing the very prospective Porco (South) target (see press release Feb. 29, 2021).”

Dr. Osvaldo Arce, PGeo, general manager of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and an expert on Bolivian geology, stated: “The polymetallic mineralization at Iska Iska likely formed in three stages: an early high-temperature tin mineralization stage that is overprinted by a second-stage lower-temperature epithermal silver-, zinc-, lead- and gold-mineralizing event; and finally, a third stage of redeposition and remobilization/upgrading during Andean tectonism.”

Dr. Arce further commented: “The first stage of mineralization comprising principally tin appears to be related to intrusion breccias such as those seen in the CBP. This style of mineralization is comparable to other known tin deposits such as Chorolque 25 km to the northwest, which is hosted in an intrusion breccia. The second-stage epithermal mineralization is hosted in phreatomagmatic and phreatic breccia pipes in volcanic and sedimentary rocks. The brecciation of all rocks during this phase generated veins, veinlets, disseminations and multidirectional stockworks, generally enriched in several metals. All the rocks were also commonly pervasively silicified, sericitized, argillized and propylitized during this time. The remarkable tin and/or silver-polymetallic-enriched zones such as in the Santa Barbara adit likely formed in the third phase due to faulting and fracturing during major Andean deformation, which led to development of favourable sites for redeposition and remobilization/upgrading of the pre-existing tin and silver polymetallic mineralization. This last stage was likely a prolonged multistage event with considerable telescoping of mineralization.”


True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, is estimated that true width ranges between 70 per cent and 90 per cent of the downhole interval length but this will be confirmed by further drilling.

Metal prices and conversion factors used for calculation of g/t AgEq (grams Ag per grams times metal) are shown in the associated table.

Element            Price (per kg)              Ratio to Ag

Ag                        $875.00                  1.00000
Sn                         $28.00                  0.03200
Zn                          $2.80                  0.00320
Pb                          $2.10                  0.00240
Au                     $57,400.00                 65.60000
Cu                          $8.80                  0.01006
Bi                         $12.76                  0.01458
In                        $305.00                  0.34857
Cd                          $5.50                  0.00629

In calculating the intersections reported in this press release a sample cut-off of 30 g/t AgEq was used with generally a maximum dilution of three continuous samples below cut-off included within a mineralized section unless more dilution is justified geologically.

Total drilling completed since the start of the program on Sept. 13, 2020, is 10,677 m in 12 underground holes and 16 surface holes with two surface holes in progress.

Qualified person

Dr. Osvaldo Arce, PGeo, manager of Minera Tupiza SRL and a qualified person in the context of National Instrument 43-101 (NI 43-101), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, PGeo, executive vice-president of exploration for Eloro, who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program in consultation with Dr. Quinton Hennigh, PGeo, senior technical adviser to Eloro and independent technical adviser, Charley Murahwi, PGeo, FAusIMM, of Micon International Ltd.

Drill and channel samples are prepared in ALS Bolivia Ltda.’s preparation facility in Oruro, Bolivia, with pulps sent to the main ALS laboratory in Lima for analysis. As announced in the press release of Feb. 26, 2021, Eloro has changed the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite, which is insoluble in acid digestion and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry-standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

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

About Iska Iska

The Iska Iska silver polymetallic project is a road-accessible, royalty-free property, wholly controlled by the title holder, Empresa Minera Villegas SRL, and is located 48 km north of Tupiza city, in the Sud Chichas province of the Department of Potosi. The property can be classified as a silver polymetallic (silver, zinc, lead, gold, copper, bismuth, tin, indium) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South mineral belt of Bolivia.

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

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

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

On Jan. 26, 2021, Eloro announced significant results from drilling at the Santa Barbara breccia pipe. Highlights are as follows:

  • 129.60 g/t AgEq over 257.5 m (29.53 g/t Ag, 0.078 g/t Au, 1.45 per cent Zn, 0.59 per cent Pb, 0.080 per cent Cu, 0.056 per cent Sn, 0.0022 per cent indium, 0.0064 per cent bismuth and 0.0083 per cent cadmium) from 0.0 m to 257.5 m in hole DHK-15, the deepest of the three holes reported within the SBBP;
  • 79.00 g/t AgEq over 121.33 m (21.77 g/t Ag, 0.034 g/t Au, 0.35 per cent Zn, 0.23 per cent Pb, 0.18 per cent Cu, 0.056 per cent Sn, 0.0011 per cent In, 0.004 per cent Bi and 0.0055 per cent Cd) from 0.0 m to 121.33 m in hole DHK-14 within the SBBP;
  • 74.16 g/t AgEq over 40.88 m (33.43 g/t Ag, 0.032 g/t Au, 0.04 per cent Zn, 0.33 per cent Pb, 0.13 per cent Cu, 0.045 per cent Sn, 0.0010 per cent In and 0.0012 per cent Bi) from 30.40 m to 71.28 m in hole DHK-13 which is within the approximately 100 m wide mineralized envelope that surrounds the breccia pipe.

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

Highgold drills 7.9 m of 2.9% CuEq at Johnson Tract

Highgold Mining Inc. has released final assay results for an additional nine holes and recap the highlights of the company’s first full season of exploration drilling at its flagship 750,000-ounce 10.9-gram-per-tonne-gold-equivalent (AuEq) Johnson Tract polymetallic gold project in south-central Alaska. The 2020 drill program totalled 16,418 metres in 32 completed drill holes and all assays have been received. The Au-Cu-Zn-Ag-Pb (gold-copper-zinc-silver-lead) mineralization associated with the JT deposit has now been expanded to a total strike length of 500 metres (from 325 metres, based on previous stepout holes) and a down-plunge distance of 575 metres and remains open along strike to the northeast and southwest and at depth.

The company also announces that it will be mobilizing in mid-May to conduct the fully financed 2021 JT drill program.

Key JT deposit 2020 exploration highlights:

  • JT deposit mineralization extended 180 m down plunge and on strike of earlier reported stepout intersections with 7.9 m at 2.0 per cent copper, 1.7 per cent zinc and 18 grams per tonne silver (2.9 per cent copper equivalent) in hole JT20-111B.
  • The 2020 drill program successfully doubled the footprint of mineralization surrounding the JT deposit mineral resource.
  • Exceptional results in previously reported stepouts on the margins of the JT deposit mineral resource yielded 74.1 m at 23.8 g/t gold equivalent and 43.5 m at 9.9 g/t AuEq in holes JT20-092 and JT20-093 (see press release dated Sept. 9, 2020, for details).
  • The company sees the emergence of the Footwall copper zone, a new zone of copper-silver-rich mineralization that has now been intersected in seven drill holes.
  • Mineralization expanded in multiple directions and remains open for expansion along strike to the northeast and southwest and at depth — this is a breakthrough as the JT deposit was previously thought to be constrained by a fault.
  • VMS (volcanogenic massive sulphide) mineralization identified 600 m northeast and on trend from the JT deposit (7.8 m at 9.8 per cent zinc equivalent in hole JT20-114) is opening up a new style of mineralization and exploration potential at JT.
  • New advancements made in the understanding of Johnson Tract geology, including a revised fault offset target, have, as yet, been subject to little to no drill testing.
  • The discovery of strongly mineralized Cu-Au-Zn boulders, 200 m up valley from the JT deposit, highlights the potential to discover JT mineralization along newly defined mineralized corridor.

“We are very pleased to see that the extent of the JT mineralized system is growing as we continue to step out northeast and down plunge of the deposit,” commented president and chief executive officer Darwin Green. “Focus will now turn to the upcoming 2021 field season in which we will be targeting both larger stepouts to the northeast and down plunge with wide-spaced drilling for additional zones of high-grade gold and continued expansion of the JT deposit. I am particularly encouraged by the new mineralization documented, 200 metres up valley from the main JT deposit, in what we call our Gap target. Outside of the JT deposit, we are set to drill the highly prospective DC target and rank a series of large areas of gold and silver mineralization (rock and soil geochemistry) that are prime targets for follow-up. There is much to be excited about as the 2021 drill season approaches.”

Discussion of current JT deposit expansion results

Results reported today include intersections from expansion drilling at the JT deposit (seven holes) and the Northeast Offset target (two holes). A complete list of significant assay intersections is presented in the associated table with locations shown on a longitudinal section in an image on the company’s website and plan map in another image on the company’s website.

The company completed a cross-section of three drill holes (JT20-109, JT20-111B and JT20-117), 180 metres northeast and down plunge of previously reported drill hole JT20-120, which returned 11 metres at 5.9 g/t AuEq (see press release dated Jan. 21, 2021). Holes JT20-109 and 111B returned 7.9- to 11-metre widths of encouraging copper-zinc-gold-silver mineralization, including 7.9 metres at 4.2 g/t AuEq (2.9 per cent CuEq). Combined with a lone historic drill intersection of three metres at 7.6 g/t gold (JR84-020) 80 metres updip of JT20-111B, these results extend mineralization approximately 250 metres beyond the northeast edge of the JT deposit resource and highlight potential for additional resource growth. The mineralized zone expansion defined by the 2020 drill program remains open along strike to the northeast and southwest and down plunge from the JT deposit.

Hole JT20-117, which was drilled above the projected plunge of the JT deposit at depth, returned no significant values. Hole JT20-111 was redrilled as JT20-111B after it was lost at 344 m before reaching target depth and the two holes are grouped herein as one.

The company also reports the results from stepout drill holes around the margins of the JT deposit. Four drill holes (JT20-113B, JT20-115, JT20-118B and JT20-122) were completed as 25- to 30-metre stepouts and returned up to 56.1 metres at 2.0 per cent zinc, 0.42 g/t gold, 0.3 per cent lead (3.1 per cent ZnEq), including 1.5 metres at 6.5 g/t Au, 4.2 per cent Zn, 0.4 per cent Cu (9.6 g/t AuEq or 15.8 per centt ZnEq), in hole JT20-115. Hole JT20-122 was drilled near surface at the southwest end of the JT deposit and returned a long 24.0-metre interval of 2.8 per cent Zn, including 11.5 metres at 3.8 per cent Zn, 0.23 g/t Au (4.7 per cent ZnEq) that is considered fringe mineralization.

Surface prospecting and sampling 200 metres northeast and upslope from the JT deposit discovered a strongly clay-altered zone within a drainage system where a grab sample of a potential near-source mineralized boulder returned 26 g/t Au, 4.1 per cent Cu and 4 per cent Zn. The mineralized boulder has a distinct quartz vein stockwork and appears to be the same dacitic lithic tuff that hosts the JT deposit. Further mapping and sampling in this exciting new area will be carried out in 2021. Grab samples, by their nature, are selective and not necessarily representative of the mineralization hosted on the property.

Discussion of final Northeast Offset results

Results have been received from the final two drill holes at the Northeast Offset target. Holes JT20-116 and 119 were drilled on the southernmost of three drill cross-sections completed at Northeast Offset but returned only weakly anomalous values over narrow widths. However, the geological information garnered from these holes supports the new defined structural corridor that runs from JT to NEO.

Significant new advancements have made in the understanding of Johnson Tract geology based on the 2020 drill program. This includes an updated and revised model for the offset target, which has, as yet, been subject to little to no drill testing. In addition, the discovery of VMS-style mineralization in previously reported NEO drill hole JT20-114 (7.8 m at 9.8 per cent ZnEq) highlights the opportunity for other deposit types and further enhances the overall exploration potential for the project.

Current initiatives and 2021 program

The company continues to refine the geology and alteration 3-D model for Johnson Tract. Focus for the 2021 drill program, in the main JT deposit area, will include systematic stepouts along strike and down plunge from the current modeled resource testing the 600-metre-long Gap target, the sparsely drilled northeast-trending prospective corridor between the JT deposit and the original NEO target. The company’s updated exploration model identifies key areas east and south of the 2020 NEO drilling for the potential fault-displaced extensions of the JT deposit. Among the targets outside of the JT deposit area, the DC target will be a key focus. The program and budget will be announced in detail in late April.

Drill hole           From      To    Length    Zn      Cu      Pb       Au       Ag    ZnEq    AuEq
                      (m)     (m)       (m)   (%)     (%)     (%)    (g/t)    (g/t)     (%)   (g/t)
JT deposit -- 
JT20-109           292.10  301.10      9.00  1.58    0.14    0.49     0.63      2.0    3.39     2.1
including          292.10  293.10      1.00  4.07    0.49    0.11     2.89      3.2    4.78     6.2
JT20-111/111B      283.90  285.90      2.00  6.79    0.35    0.55     0.02      2.9    4.97     5.0
including          283.90  284.90      1.00  8.97    0.30    0.08     0.02      1.7    5.98     6.0
and                434.40  442.30      7.90  1.65    1.97    0.23     0.05     18.0    6.86     4.2
including          435.40  436.50      1.10  4.74    5.11    0.22     0.06     48.1   17.88    10.9
JT20-113B          217.10  221.40      4.30  0.04    0.56    0.02     1.18     19.6    3.67     2.2
and                279.20  288.20      9.00  0.09    1.33    0.01     0.12     18.7    3.75     2.3
and                353.70  360.00      6.30  0.27    0.46    0.00     0.97      8.5    3.10     1.9
JT20-115           181.00  237.10     56.10  1.97    0.06    0.32     0.42      1.5    3.08     1.9
including          183.90  190.50      6.60  2.82    0.05    0.93     0.43      5.1    4.53     2.8
and incl.          196.50  201.80      5.30  2.91    0.02    0.73     0.08      1.1    3.72     2.3
and incl.          210.00  211.50      1.50  4.19    0.38    0.01     6.50      1.9   15.78     9.6
and incl.          220.10  237.10     17.00  2.56    0.07    0.40     0.40      1.3    3.75     2.3
and                260.30  266.30      6.00  2.53    0.06    0.00     0.40      0.5    3.34     2.0
JT20-117                                                                      no significant assays
JT20-118B          201.60  204.60      3.00  5.84    0.13    1.68     0.06     13.3    7.89     4.8
and                220.60  221.20      0.60  5.80    0.08    0.01     0.28      1.5    6.49     4.0
JT20-122           137.80  144.00      6.20  3.75    0.06    0.77     0.04      3.5    4.66     2.8
including          141.70  144.00      2.30  6.58    0.13    1.59     0.04      5.9    8.39     5.1
and                154.20  178.20     24.00  2.81    0.06    0.19     0.14      5.3    3.44     2.1
including          163.50  175.00     11.50  3.84    0.10    0.15     0.23      8.4    4.73     2.9
NE Offset target
JT20-116                                                                      no significant assays
JT20-119                                                                      no significant assays

Estimated true thickness is from 60 per cent to 90 per cent of drilled length. Length-weighted 
intervals are uncapped and calculated based on a two g/t gold equivalent cut-off. Gold equivalent 
(AuEq), zinc equivalent (ZnEq) and copper equivalent (CuEq) are calculated by the same formula 
and assumptions used to report the JT deposit National Instrument 43-101 resource (effective date 
April 29, 2020) with metal prices of $1,350/ounce gold, $16/ounce silver, $2.80/pound copper, 
$1.20/lb zinc and $1/lb lead and do not consider metal recoveries.

Tristar Gold drills 23 m of 0.5 g/t Au at Castelo

Tristar Gold Inc. has released the results from closely spaced drilling at the Castelo de Sonhos gold project in Para state, Brazil. The results have confirmed that the reefs identified by 50m spaced drilling are continuous in 10m spaced drill holes. This is the first step towards a test grade control program and possible bulk sample analysis.

“This short-range continuity test is just one example of the many areas in which Castelo de Sonhos is now advancing towards the prefeasibility and permitting,” says Nick Appleyard, TriStar’s President and CEO. “As the infill drilling has now finished the drill rigs will be focused on exploration and looking to grow our resource base in parallel with aggressively moving forward towards completing the PFS.”

Figure 1 below shows a north-south cross section through the long-axis a cross of holes drilled 10m apart in an area of low-to-moderate grade in Esperanca South. In addition to the 10m spaced RC drill holes, twin holes (within 5m of the original hole) were drilled to directly compare the performance of RC drilling versus core drilling. The results from these drill holes are not yet complete, although the partial data currently available appears consistent between the two drilling techniques. The significant intersections from the holes drilled in this program are shown in Table 1 below. Results are in line with expectations, in terms of grade, depth or thickness, given what has been seen in previous drill holes surrounding the closely-spaced drilling study area.Figure 1, Closely-spaced drilling at Esperanca South, showing gold grades (in g/t) numerically and as a histogram.To view an enhanced version of this graphic, please visit:

Detailed Discussion

TriStar initiated the program of closely-spaced drilling in an area where older drill holes showed resources with low to moderate grade (0.3 &amp;#8722; 1.5 g/t Au) within 24m of the ground surface. The purpose of this program was to test the continuity of reefs encountered by the 50x50m drilling grid in order to better understand short-scale variation, an important consideration for the technical and economic viability that the upcoming PFS will assess. The maps in Figure 2 show the region chosen in Esperanca South for 10x10m grid to a depth of 24m, using both RC and core holes. Assay results have now been reported by the lab for the 16 holes shown as open circles in Figure 2a; the colored circles show the average resource grade above 0.3 g/t in the top 24m of the drill holes that pre-date the closely-spaced drilling program. Figures 2b and 2c show the prediction of resource grade in the top 24m before and after the assays from the new drill holes are incorporated, using the lithogeochemical model to align the direction of maximum continuity with bedding.

Although the new drilling provides useful local detail, the predictions of the resource grade and tonnage for the entire study area change by less than plus or minus5% from Figure 1b (old drilling) to Figure 1c (old drilling + new 10m drill cross), with the updated resource in this area being about 4% higher than previously thought. This provides strong confidence that current resource predictions already have the accuracy and precision expected for preliminary mine planning. One of the most reassuring findings of the new closely-spaced drilling in this area is that all 16 new holes encountered significant mineralisation in the top 24m; the grade continuity suggested by the five older drill holes, more widely spaced, has been confirmed by the new drilling. The drilling plan for 2021 contemplates completion of the 10x10m drilling in this area so that it could serve, in future, as the location for a bulk sample or test mining if such studies are recommended by the PFS.Figure 2, a) Closely-spaced drilling study area with old holes (colored) and new holes (white), and bedding strike from lithogeochemical model; b) average gold grade of resource in top 24m using only the old, widely-spaced holes; c) average gold grade of resource in top 24m after assays from new drilling have been incorporated. Tonnes, grade and in-situ metal content of estimated resource change by less than 5% when the new drilling is incorporated.

Qualified Person

Mo Srivastava (P.Geo.) VP of TriStar the Qualified Person for the technical information presented in this press release, has approved its publication.

Assay methods, Quality Assurance and Quality Control (QA/QC)

Samples are collected from either one-half core in diamond drill holes or one-fourth of the chips in reverse circulation holes collected using a splitter at the drill rig. Samples are transported by truck from site to the ALS lab in Goiania, Brazil, where they are dried, crushed, pulverized and packaged for shipment to the ALS analytical lab in Lima, Peru. All samples are analyzed using a 1kg Leachwell analysis.

The ALS preparation and analytical labs are accredited to ISO 17025:2005 UKAS ref 4028, and have internal QA/QC programs for monitoring accuracy and precision. In addition to this, TriStar uses standards, blanks and field duplicates in an external QA/QC program to provide independent monitoring of laboratory analyses.

Nighthawk starts phase I exploration program at Indin

Nighthawk Gold Corp. has commenced the 2021 exploration program on its 100-per-cent-owned Indin Lake gold property (930-sqaure-kilometre land package), located in the Northwest Territories of Canada.

The phase I program commenced during the third week of March and is expected to be completed by the end of July. The program will then transition into phase II, enabling the delineation of new discoveries and/or additional extensions of known zones based on phase I results. The phase I program anticipates 41,420 metres of planned drilling (with an approximate split of 45 per cent on resource expansion targets and 55 per cent on greenfield targets). There are currently three drills active which will ramp up to five active drills by the end of April.

Richard Roy, vice-president of exploration, commented: “We are very excited to embark on the 2021 program, which will be our most ambitious drilling campaign to date. We have assembled a mix of targets that support our two-year goals with an emphasis on near-surface mineralization. We believe that this approach can rapidly identify quality ounces that can contribute significantly to the global resources of the property.

“In addition, considerable work will be done on the newly acquired Kim & Cass property where the Cass zone has a historical, non-compliant resource. This work is expected to bring the Cass zone into compliance with NI 43-101 standards, while additional drilling will potentially increase its contribution to the global resource base. Finally, a series of greenfield targets have been selected to test a variety of deposit settings with near-surface mineralization that have never been drill tested by the company. This level of greenfield work allows us to broadly test and better understand the true potential of our land position, and to ensure that we do not miss out on any new and exciting discoveries.”

The company has established an aggressive plan for 2021, focused on targeting near-surface mineralization and has been split into two phases, with phase II allocation of metres based on success from phase I. Drilling targets for the 2021 program were discussed as part of the 2021 mineral resource estimate.

The program has three main objectives:

  • Resource expansion: All known mineralized zones part of the 2021 MRE, continue to hold near-surface pit-constrained potential both laterally and at depth. These areas will be drilled early in the program with the objective of increasing the in-pit resource.
  • Greenfield exploration: A series of grassroots targets have been selected for drilling. Priority has been given to near-surface, higher-grade potential targets proximal to the Colomac centre (including Nice Lake, JPK, Laurie Lake and Andy Lake among others).
  • Target assessment: To evaluate, expand and include known mineralization that can contribute to the global resource base (for example the Cass and Kim zones, targets within the Leta Arm trend, and the Treasure Island zone).

In addition to the drill program the company plans to conduct a till sampling program covering a 15-kilometre radius surrounding the main Colomac deposit. The till sampling program will look to identify and target gold-bearing sectors not identified by previous work, and to help discover new anomalous gold zones to better understand and manage the landholdings.

Qualified person

Mr. Roy, PGeo, VP of exploration of Nighthawk, who is the qualified person as defined by NI 43-101 for this project, has reviewed and approved of the technical disclosure contained in this news release.

Technical information

Nighthawk has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. Drill core samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001:2000 certified laboratory. Pulp and metallics assaying for gold was conducted on the entire pulverized sample.

As part of its QA/QC program, Nighthawk inserts external gold standards (low- to high-grade) and blanks every 20 samples in addition to the standards, blanks and pulp duplicates inserted by ALS Chemex.

Santacruz closes $14.08-million private placement

Santacruz Silver Mining Ltd. has closed its previously announced, non-brokered private placement offering of units of the company, with a lead order from Palisades Goldcorp Ltd. The company issued an aggregate of 46,965,000 units at a price of 30 cents per unit for gross proceeds of $14,089,500.

Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one common share of the Company at a price of C$0.45 for a period of 36 months following the issue of the Warrant.

In consideration for their services, the Company has paid to certain finders cash finders’ fees totaling $501,588.57 and issued 1,671,961 finders’ warrants having the same terms as the Warrants.

The proceeds from the Private Placement are expected to be used by the Company to complement the acquisition of the Zimapan mine (refer to the news release dated April 6, 2021), to accelerate exploration activities at the Horizontes (Lomo del Toro) area and for general working capital and corporate purposes.

All securities issued or issuable under the Private Placement are subject to a four month hold period expiring on August 13, 2021 in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

Eskay Mining identifies mineralized horizons at Eskay

Eskay Mining Corp. has reviewed all data from its 2020 exploration campaign and has conclusively identified multiple mineralized horizons at its 100-per-cent-owned consolidated Eskay precious metal-rich volcanogenic massive sulphide project in the Golden Triangle, British Columbia. This newly synthesized model of the sea floor mineralizing system demonstrates that at least six stratigraphic units are prospective for precious metal-rich VMS deposits across Eskay’s 526 sq km property. Discussion about this new model will be presented by Dr. John DeDecker, VP Exploration at the Toronto Geological Discussion Group at 4PM Eastern Time, April 13,2021.


  • Systematic and rigorous geological investigations have been conducted since completion of the Company’s successful 2020 field season. A new synthesis of the understanding of the sea floor mineralizing system demonstrates that multiple mineralized units are prospective for precious metal-rich VMS deposits across Eskay’s 526 sq km property.
  • On Eskay Mining’s land tenure, six mineralized horizons have now been confirmed within the entirety of the Hazelton Group stratigraphy, the volcanic and sedimentary sequence of host rocks that formed on the sea floor (Figure 1). These include from top to bottom: 1) the Contact Mudstone horizon, host to the high grade Eskay Creek deposit, 2) the Eskay Rhyolite Mudstone Horizon, 3) the Bruce Glacier Mudstone Horizon, 4) The Spatsizi Mineralized Zone, 5) the Brucejack Lake Mineralized Zone, and 6) the Johnny Mt Dacite Mineralized Zone. Horizons 1-3 have been identified at the adjacent Eskay Creek property and continue onto the Company’s property. Horizons 4-6 have been newly identified by Eskay and collectively represent a previously unrecognized VMS mineralizing event on the Company’s land holdings and within in the Golden Triangle as a whole.
  • The Johnny Mt Dacite Mineralized Zone, and the Brucejack Lake Mineralized Zone are within the Betty Creek Formation and are closely associated with mudstone, and dacitic and basaltic breccia. These rocks formed in a submarine environment and display a bimodal volcanic composition, a hallmark of back-arc rifting. Precious metal-rich sulfide mineralization hosted by these units is interpreted to be sub-seafloor replacement-style (Figure 2) and formed when mineralizing fluids percolated through and precipitated metals within dacite and basalt breccia piles in a shallow seafloor environment. The discovery of unambiguous near-seafloor VMS mineralization within the older Betty Creek Formation indicates that back-arc rifting and VMS hydrothermal activity within the Eskay Rift began much earlier than previously thought. The implications of this discovery are profound, because it means the entire Hazelton Group stratigraphy is prospective for Eskay Creek-like VMS deposits.
  • Detailed stratigraphic and geochemical investigations have allowed for correlation of stratigraphy including precious metal-bearing VMS deposits at the Company’s TV and Jeff deposits to the highly prospective C10 area a few km south. Although late metamorphism overprints rocks at C10, Eskay now can “see through” this overprint and thinks there is exceptional potential for discovery of precious metal-rich VMS deposits at C10 like those discovered by the Company at TV and Jeff last year. Stream sediment sampling (“BLEG”) at C10 in 2020 identified very high Au anomalism over a broad area approximately 7 km along strike. With the power of this enhanced model, Eskay anticipates developing drill targets at C10 for testing this year.
  • The Spatsizi Mineralized Zone comprises volcaniclastic conglomerate and sandstone deposited during resurgence of seafloor rifting. Mineralization within this zone is primarily stringer-style and is focused in permeable rocks of coarse grain size that served as a path of least resistance for mineralizing fluids on their way to the seafloor.
  • In addition to the new geologic model discussed above, Eskay has also completed study of gold and silver VMS mineralization. Gold primarily occurs as electrum, and silver in sulfosalt minerals including tetrahedrite, miargyrite, and pyrargyrite (Figures 3-5). Such precious metal mineral assemblage occurs along both limbs of the Eskay anticline at all stratigraphic levels. Pathfinder elements, As, Sb, Hg, and Tl, correlate with precious metal mineralization. Geochemical and microscopic investigations show intense hydrothermal alteration associated with precious metal mineralization.

“Eskay Mining’s exploration team applies thorough science to its exploration approach,” commented Dr. Quinton Hennigh, director and technical advisor to Eskay Mining. “We are delighted to see the synthesis of this new geologic model. Having a strong handle on the mineralizing processes and prospective host rocks puts us in an excellent position to have a highly successful 2021 exploration campaign. This campaign kicks off shortly with a SkyTEM survey covering all areas not covered by the 2020 survey. Our +30,000 m drill program is anticipated to commence in June. We think 2021 will be the most important year in the history of the Company.”

Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

Cartier firms up acquisition of remaining 50% of Fenton

Following its press release of Feb. 23, 2021, Cartier Resources Inc. has executed definitive agreements with SOQUEM Inc. in connection with the acquisition by Cartier of all the rights and interests of SOQUEM (that is, 50 per cent) in a group of 14 mining claims located 50 kilometres southwest of Chapais in consideration for a purchase price of $700,000 payable as an amount of $300,000 in cash and the issuance of 1,261,431 common shares of Cartier.

In addition, SOQUEM transferred to Cartier all of its rights and interests in a group of five (5) contiguous claims, which allows Cartier to hold 100% of an expanded property consisting of 18 mining claims (the “Fenton Property”). Cartier granted SOQUEM a 1% net smelter return (NSR) royalty on the Fenton Property, which can be bought back at any time by Cartier for an amount of $1,000,000 (the “Fenton Royalty”). Cartier has a right of first refusal with respect to any future disposition to a third party by SOQUEM of the Fenton Royalty, subject to certain exceptions. In addition, as part of this transaction, Cartier has agreed to transfer to SOQUEM all of its rights and interests in a group of 39 claims comprising the Cadillac Extension Property. SOQUEM granted Cartier a 1% NSR royalty on the Cadillac Extension Property, which may be bought back at any time by SOQUEM for a consideration of $1,000,000 (the “Cadillac Extension Royalty”). SOQUEM has a right of first refusal with respect to any future disposition to a third party by Cartier of the Cadillac Extension Royalty, subject to certain exceptions.

The closing of the transaction will be subject to various conditions, including the receipt by Cartier of the final approval from the TSX Venture Exchange.

Highlights of the Fenton Property:

The Fenton Property hosts the Fenton gold deposit (FIGURE).

This mineralization has all the typical characteristics sought by Cartier, as at the Chimo Mine and Benoist Projects that could rapidly outline high-tonnage mineralization.

The Fenton Property, which is easily accessible via forestry road, is located near the mills of the Langlois and Bachelor mines and the future mill of Osisko Mining’s Windfall Project.

Alpha Lithium begins phase 3 well drilling

Alpha Lithium Corp. has commenced drilling the deepest production well ever undertaken in the third phase of its inaugural drilling program in the Tolillar salar.

Alpha continues to drill with two rigs. One of the two has now moved south in the Tolillar Salar and has started drilling the first Phase 3 exploratory hole planned as a production well to a minimum depth of at least 450 meters. This wellbore targets a potentially favorable aquifer identified from a previous Vertical Electrical Sounding (“VES”) geophysical study (see press release dated November 10, 2020), which extended the southernmost scope of the Tolillar Salar and appears to extend deeper than the equipment was able to measure, thereby deriving a thickness of at least 170 meters.

The second rig, when it has completed production testing on the current Phase 2 hole, will move to drill a fresh water well in the north east part of Tolillar Salar. A significant fresh water source is critical to production operations, as Direct Lithium Extraction (“DLE”) technologies typically require up to 3 m3 of fresh water to process each 1 m3 of brine. Fresh water has become a rare and valuable resource in the Lithium Triangle, and Alpha’s previous VES surveys have demonstrated an abundant, shallow source of fresh water near the Tolillar Salar. The nearby Hombre Muerto salar, widely known as the world’s second-best lithium brine salar, has been producing lithium for over two decades and has enjoyed a resurgence in the search for new lithium production to meet growing global demand, in spite of known water constraints.

As in previous phases, new wells will be logged with advanced logging equipment and Nuclear Magnetic Resonance (“NMR”) technologies provided by Zelandez Services Argentina (“Zelandez”). The NMR tools provide measurements that are used to estimate formation permeability and hydraulic conductivity, both of which are required by Alpha’s independent engineering firm to complete a resource estimate.

Alpha is currently planning to provide a NI 43-101 Resource Estimate after Phase 3 drilling is completed.

Brad Nichol, President and CEO, commented, “This next well is an exciting one. We are drilling into a deep, previously unexplored horizon at the southernmost extent identified by our earlier geophysical programs. While this horizon has been favorably developed and explored in the neighboring Hombre Muerto salar, it has never been explored at this depth before. The potential is considerable.” Nichol added, “Additionally, the availability of a fresh water source cannot be understated. Fresh water adds an element that is largely unavailable to other potential producers in the region. We know that fresh water supplies in Hombre Muerto are already challenged. A ready source of water on our property is potentially game-changing.”

Once Phase 3 drilling is complete, all drilling, logging and flow data will be reviewed by Alpha’s independent engineering firm, Montgomery and Associates, who have been engaged to prepare a Resource Estimate.

Millrock signs option deal to acquire Grant

In a news release issued earlier today by Millrock Resources Inc., the company’s forward-looking statement paragraph was not included in the release. Complete corrected text follows.


  • Millrock has signed an option to purchase a 100% interest in the former producing Grant Mine near Fairbanks, Alaska. The Grant Mine is a high-grade vein deposit with expansion potential. Indicated and Inferred Resources have been estimated at 340,800 ounces of gold. Strategic partner Felix Gold may elect to assume the option in exchange for a royalty interest in favour of Millrock.
  • Millrock signed a letter of intent to enter a lease agreement with option to purchase a 100% interest concerning the GST claim blocks with Fairbanks Exploration, Inc. The claims cover favourable geological structures adjacent to Freegold’s Golden Summit project northeast of Fairbanks, near Kinross’ Fort Knox gold mine. Felix Gold may be assigned the lease and purchase option in exchange for a royalty interest.
  • Partner Felix Gold has appointed David Larimer as Vice-President of Exploration. Mr Larimer will head a joint Felix Gold — Millrock exploration team. Mr. Larimer was formerly Chief Geologist at the Pogo Mine, Principal Geologist for Teck Resources Ltd., and is a University of Alaska, Fairbanks alumnus.
  • Millrock and Felix Gold have amended the Strategic Alliance agreement between the two companies announced on January 12, 2021. The amendment provides a framework for share payments to Millrock in the event that Felix Gold does not become a publicly traded company in the next 18 months.
  • Landholdings in the Fairbanks Gold District now cover approximately 24,000 hectares of high potential ground covering numerous prospects.
  • Exploration plans for the 2021 field season are being finalized. Drilling is being planned with an initial focus on extensions of the Grant Mine and the Northwest Array prospect on the Treasure Creek project.

Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is providing an update on its partner-funded activities in the Fairbanks Mining District, Alaska with partner Felix Gold (a private Australian company).

Grant Mine Option To Purchase Agreement

Millrock has entered an option to purchase agreement concerning the Grant Mine with owner Roger Burggraf. Consideration is US$2.0 million to be paid over a six-year period. The new property will form part of the larger Ester Dome exploration project, which is subject to an agreement between Millrock and partner Felix Gold. Felix has paid the costs to secure the Grant Mine claims and can, at any time in the next twelve months, elect to assume the option agreement rights. In the event that Felix Gold assumes the option rights and proceeds to make the purchase of the Grant Mine, Millrock will vest with a 1.5% Net Smelter Return royalty on gold production with an advanced minimum royalty provision. The Grant Mine is a former-producing gold mine reported to have produced approximately 25,000 ounces of gold. Production reports and estimates of unmined gold resources have been made by a third-party independent geologist in a Ni43-101 report (Bundtzen T.K., 2008, Ester Dome Mineral Resource Estimation and Eagle Creek Exploration Results, Fairbanks Mining District, Alaska, July 31st, 2008, 117 pages).

Table 17.1 of the aforementioned report is presented below and shows combined Indicated and Inferred resources of 340,800 ounces of gold.

Table 17.1: Bundtzen 2008 NI43-101 report prepared for Silverado Gold Mines Ltd.
Category   Cut-off grade (oz/ton Au)  Quantity (ton)  Grade (oz/ton Au)  Metal (oz Au)
Indicated                       0.08         613,600               0.21        126,700   
Inferred                        0.04       2,553,400               0.08        214,100   

Plans are being made to do an initial round of drilling in Summer 2021. The longitudinal section presented in Figure 3 illustrates the historic mine workings and drill intersections obtained in the 1990s by operators American Copper & Nickel (“ACNC”) and Silverado Gold Mines.

No exploration work has been carried out since the 1990s. Millrock has not independently verified the drill intersections indicated on Figure 3.

Fairbanks District Exploration Team

Felix Gold and Millrock are building an outstanding exploration team that is mandated to aggressively explore the Fairbanks Mining District and make new gold deposit discoveries. Felix Gold has appointed David Larimer to Vice-President of Exploration. Mr. Larimer will lead a team of Millrock geologists and technical staff, as well as coordinate amongst local and global experts to maximize the chances of discovery success. Prior to joining Felix Gold, Mr. Larimer was Principal Geologist in charge of exploration for Teck’s Red Dog zinc mine in northwestern Alaska, and Chief Geologist for the Pogo Mine during the time it was owned by Sumitomo Metal Mining. Mr. Larimer is a graduate of the University of Alaska Fairbanks and is very knowledgeable on gold deposit genesis and exploration in the Tintina Gold Province.

Millrock President & CEO Gregory Beischer commented: “We have known of Dave Larimer for many years and watched his career progress. Previously, Dave was very helpful in developing Millrock’s understanding of gold mineralization in the Goodpaster Mining District, south of Fairbanks. We think that Dave Larimer will be able to build an outstanding team of exploration geologists composed of Millrock staff, local Fairbanks experts, Felix Gold personnel, and global experts. As major shareholders of Felix Gold, our company will be very supportive and help unravel the geological puzzle presented for gold mineralization in the Fairbanks District.”

Fairbanks District Land Holdings and Agreement Structure

Felix Gold, the private Australian company with which Millrock has made a strategic alliance with, has decided to defer a go-public decision while waiting for the gold market to further strengthen. A further capital raise as a private company is planned by Felix Gold to fund 2021 summer exploration. The amendment assures that Millrock will receive the agreed 10% share of the private company Felix Gold in the event that it does not go public. Royalty provisions of the original agreement remain unchanged. The original agreement between Millrock and Felix Gold was documented in a January 12, 2020 Millrock press release.

Mountain Province recovers 1.39M carats in Q1

Mountain Province Diamonds Inc. has released production and sales results for the first quarter ended March 31, 2021 (Q1 2021), from the Gahcho Kue diamond (GK) mine. All figures are expressed in Canadian dollars unless otherwise noted.

Additionally, the company is providing the details of its Q1 2021 earnings release and conference call. The company will release Q1 2021 financial results after the market close on Wednesday, May 12, 2020, with the quarterly conference call on Thursday, May 13, 2021, at 11 a.m. EST.

Q1 production highlights (all figures reported on a 100-per-cent basis unless otherwise stated):

  • 625,582 ore tonnes treated, a 31-per-cent decrease relative to Q1 2020 and a 15-per-cent decrease relative to Q4 2020 (Q1 2020 — 9,356,785 tonnes treated; Q4 2020 — 736,138 tonnes treated):
    • Average processing rate of 9,200 tonnes per day (excluding operational stand-down time), a 7-per-cent decrease relative to Q1 2020 (9,917 tonnes per day);
    • Processing plant achieved several days over 11,500 tonnes of feed in closing days of Q1 2021, demonstrating operational flexibility;
  • 1,392,128 carats recovered, 16 per cent lower than the comparable quarter (Q1 2020 — 1,655,121 carats), impacted by the unplanned three-week operational stand-down in February;
  • Average grade of 2.23 carats per tonne, a 22-per-cent increase relative to Q1 2020 (1.83 carats per tonne);
  • Unplanned 22-day operational stand-down in February due to measures taken to limit spread of COVID-19 at Gahcho Kue.
                         Q1 2021 PRODUCTION FIGURES           

                                           Q1 2021                     Q1 2020

Total tonnes mined (ore and waste)       5,604,562                   9,356,785
Ore tonnes mined                           515,002                   1,029,579
Ore tonnes treated                         625,582                     902,506
Carats recovered                         1,392,128                   1,655,121
Carats recovered (49-per-cent share)       682,143                     811,009
Recovered grade (carats per tonne)            2.23                        1.83

Mining and processing performance in the quarter was negatively impacted by the previously disclosed unplanned 22-day operational stand-down in February due to measures taken to limit the spread of COVID-19 at Gahcho Kue. Additionally, the problematic restart of production during one of the coldest winter months contributed to a lower-than-expected equipment availability, which, combined with manpower availability issues and a higher-than-average incidence of extreme weather events, resulted in lower-than-expected production for the quarter.

To counter the unpredictability of staffing levels, various initiatives have been adopted to attempt to mitigate these issues. These include a recruitment drive for relief equipment operators as well as targeted equipment availability improvements.

Q1 sales results

During the quarter, 602,773 carats were sold for total proceeds of $54.2-million ($42.7-million (U.S.)), resulting in an average value of $90 per carat ($71 (U.S.) per carat). This is a 6-per-cent increase relative to the average value per carat in Q4 2020 of $85 per carat ($64 (U.S.) per carat) and a near return to prepandemic levels seen in Q1 2020 ($75 (U.S.) per carat). The increase in average values and the positive product mix sold in Q1 reflected the growing price confidence across the rough diamond markets. Over all, on a like-for-like price book basis, compared with Q1 2020, the company’s current average diamond value is now ahead of Q1 2020.

Stuart Brown, the company’s president and chief executive officer, commented:

“The impact of the COVID-19 outbreak at the mine during the quarter was very unfortunate, particularly with all the additional safety protocols and avoidance procedures that were in place. This highlights the ease with which the virus can spread. Pleasingly, the plant has continued to perform well and we are starting to catch up on the carat production deficit. This, together with the continued price increases seen as well as the relative stability in the markets, is encouraging. With global vaccination rates increasing, we’re beginning to see a path to a return to normalcy and with it the potential for continued diamond market recovery.”

Conference call

The company will host its quarterly conference call on Thursday, May 13, 2021, at 11 a.m. ET.

Title:  Mountain Province Q1 2021 earnings conference call

Conference ID No.:  94367303

Date of call:  May 13, 2021

Time of call:  11 a.m. ET

Expected duration:  60 minutes

Webcast:  A webcast will be available.

Participant toll-free dial-in number:  1-888-390-0561

Participant international dial-in number:  1-416-764-8668

A replay of the webcast and audio call will be available on the company’s website.

Mountain Province is a 49-per-cent participant with De Beers Canada in the Gahcho Kue diamond mine, located in Canada’s Northwest Territories. The Gahcho Kue joint venture property consists of several kimberlites that are actively being mined, developed and explored for future development. The company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kue joint venture property, including an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by e-mail, visit the company’s website.

Metals Update 09/04/2021

American Mn amends Wenden Mn processing flow sheet

American Manganese Inc. has made improvements to the company’s manganese processing flow sheet following the recent research and development on the Wenden stockpile reclamation and advanced material processing bench-scale project, funded by the U.S. Defense Logistics Agency (DLA).

The recent metallurgical bench-scale studies that focused on solid-liquid separation demonstrated that the Company&#39;s original flowsheet can be optimized. These enhancements to the Company&#39;s flowsheet would be expected to further improve process efficiencies and reduce capital costs of a potential future commercial operation.

&quot;We continue to demonstrate our advanced manganese processing capabilities on low-grade manganese resources through our project with the DLA. Our work suggests that despite its low grade, the Wenden Stockpile may be a valuable manganese resource for the U.S., which is now 100% import-dependent for manganese in all forms,&quot; commented Larry Reaugh, President and CEO of American Manganese. &quot;It&#39;s important that we maintain our methodical approach to enable an efficient and cost-effective flowsheet for treating Wenden Stockpile material to produce electrolytic manganese metal on a commercial scale.&quot;Manganese Filter Cake from Wenden, AZ Stockpile

As of the project start date, American Manganese has collected 14 selective samples from the U.S. National Defense Stockpile in Wenden, Arizona and completed leach studies on the individual samples and a blended master composite. The Company achieved up to 99% extraction of manganese from the leach studies and determined optimal processing conditions. Additional bench-scale tests for the Wenden Stockpile reclamation and advanced material processing bench-scale project will include pregnant leach solution purification, tailings characterization, manganese carbonate precipitation, and electrolytic manganese metal testing. The project timeline is on schedule.

Frontier Lithium to acquire 2.5% PAK lithium NSR

Frontier Lithium Inc. has entered into an agreement to acquire the 2.5-per-cent net smelter royalty (NSR) that was outstanding on the company’s PAK lithium project for consideration of $4-million in cash and one million common shares of the company at a price of $1 per share.

Frontier Lithium President and CEO, Trevor Walker commented, “With significant resource growth potential, underlying economic considerations and financial modelling, coupled with lithium market fundamentals and the strategic importance for high-quality critical mineral resources we consider this acquisition of the NSR as an accretive transaction for all of the Project’s stakeholders and are pleased to take advantage of the opportunity.”

The Acquisition is subject to approval by the TSX Venture Exchange (the “Exchange”) and the common shares issued herein will be subject to the Exchange hold periods and applicable securities laws.

About Frontier Lithium

Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is an emerging pure play lithium company with the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% ownership in the PAK Lithium Project which contains one of North America’s highest-grade, large tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The Project has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 30% of the Company.

Osisko Metals arranges $5M placement

Osisko Metals Inc. has entered into an agreement with Haywood Securities Inc., as sole agent and bookrunner, in connection with a best efforts private placement of up to 10 million common shares of the corporation that will qualify as flow-through shares (within the meaning of Subsection 66 (15) of the Income Tax Act (Canada)), at a price of 50 cents per flow-through share, for gross proceeds of up to $5-million.

In addition, Haywood has been granted an option to sell up to an additional two million flow-through shares at the issue price for additional gross proceeds of up to $1-million, exercisable at any time by Haywood up to 48 hours prior to closing of the offering.

The gross proceeds from the offering will be used by the corporation to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the corporation’s Pine Point zinc project, located in the Northwest Territories. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares effective Dec. 31, 2021.

The offering is expected to close on or about April 29, 2021, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The offering is being made by way of private placement in Canada. The securities issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering.

In consideration for its services, Haywood will receive a cash commission equal to 6.0 per cent of the gross proceeds of the offering.

Fiore Gold shareholders re-elect seven to board

At the annual general meeting of Fiore Gold Ltd.’s shareholders held on April 8, 2021, the shareholders re-elected Mark H. Bailey, Anne Labelle, Peter Tallman, Matthew Manson, Peter T. Hemstead, Tim Warman and Kenneth A. Brunk as directors of the company for the forthcoming year. Each Director was elected by a majority of votes at the meeting and the table below presents the votes represented by proxy in respect of the election of each Director:

Nominee          Votes For          Votes Withheld / Abstain
Mark H. Bailey   23,939,461 (98.77%)298,159                 
Anne Labelle     20,850,019 (86.02%)3,387,601               
Peter Tallman    23,922,389 (98.70%)315,231                 
Matthew Manson   23,905,061(98.63%) 332,559                 
Peter T. Hemstead23,907,666 (98.64%)329,954                 
Tim Warman       23,934,184 (98.75%)303,436                 
Kenneth A. Brunk 23,928,805 (98.73%)308,815                 

In addition, shareholders at the Meeting approved setting the numbers or directors at seven, the re-appointment of the Company’s auditor and reauthorizing Company&#39;s Stock and Incentive Plan.

Corporate Strategy

Our corporate strategy is to grow Fiore into a 150,000 ounce per year gold producer. To achieve this, we intend to:grow gold production at the Pan Mine while also growing the reserve and resource base;advance exploration and development of the nearby Gold Rock project; andacquire additional production or near-production assets to complement our existing operations.

Magna Gold’s nine-month mining income at $1.9M

Magna Gold Corp. has provided its financial results for the nine months ended Dec. 31, 2020, and year ended March 31, 2020. Unless otherwise stated, all values are stated in US dollars.

Mr. Arturo Bonillas, President & CEO of Magna Gold commented, “Magna made significant strides in 2020 and transitioned to a precious metal producer and cash flow generator with the re-commencement of operations at San Francisco, which we acquired in mid-2020. Over the balance of 2020, we deployed capital to refurbish the processing plant, optimize the mine plan, and conduct an accelerated program of waste removal to set up for many successful years ahead. Our team has worked tirelessly to bring the mine to its current stable state and we are delighted to be able to provide our shareholders with production guidance for 2021. We are proud of our strong and loyal Mexican presence. As we ensure the safety of our employees and those that live in the communities that we operate in, Magna will continue to seek opportunities in-country while continuing to optimize and advance its vast portfolio of gold and silver assets.”

Highlights of Consolidated Financial Results:

Metal revenues for the nine months ended December 31, 2020 of $37.0 million. The Company transitioned to a precious metal producer in 2020 (metal revenues for the year ended March 31, 2020 – $nil).

Gold sales of 20,235 ounces and silver sales of 9,188 ounces for the nine months ended December 31, 2020.

Cash flow provided by operating activities of $9.4 million for the nine months ended December 31, 2020, compared to cash flow used in operating activities of $1.6 million for the year ended March 31, 2020.

The Company realised income from mining operations of $1.9 million for the nine months ended December 31, 2020.

Selected operational and financial information for the nine months ended December 31, 2020 and year ended March 31, 2020, in thousands of US dollars unless otherwise stated:

   Nine months  ended December 31, 2020 Year  ended March 31, 2020 Change    
Gold sales (ounces)                               20,235                               -
Silver sales (ounces)                             9,188                                -
Metal revenues                                   $37,047                              $-
Production costs excluding change in inventories $29,828                              $-
Net cash provided by (used in) operations        $9,372                               $(1,590)
Net cash used in investing activities            $(12,160)                            $(1,457)
Net cash provided by financing activities        $9,428                               $2,017
Cash, end of period                              $7,056                               $164
Total assets                                     $54,506                              $3,156
Total liabilities                                $39,635                              $150
Total current assets                             $27,263                              $903
Total current liabilities                        $29,816                              $150
Share price, end of period (CAD per share)       $1.04                                $0.40
Number of common shares                           89,432,813                           39,204,791
Mining concessions owned (hectares)               47,707                               629
Mining concessions optioned (hectares)            5,113                                3,161
Relevant exploration projects                     7                                    2


This press release should be read in conjunction with the Company’s consolidated financial statements and MD&A for the nine months ended December 31, 2020 and year ended March 31, 2020 available at

2021 Guidance

The Company is setting guidance expectations for gold production during 2021 of between 55,000 to 65,000 ounces. The Company expects to have the San Francisco Mine fully commissioned before the end of Q2 2021.

Executive Appointment

We are also pleased to announce the appointment of Mr. Miguel Bonilla as Chief Operating Officer, effective immediately. Mr. Bonilla held executive positions in Timmins Gold as Vice President Finance and Administration Mexico and in Alio Gold as Country Manager; Mr. Bonilla has been with the mine since inception in 2007.

Goldsource files NI 43-101 report for Eagle Mountain

Goldsource Mines Inc. has filed a technical report, which includes an updated mineral resource estimate (the MRE) prepared in accordance with National Instrument 43-101 for the company’s Eagle Mountain gold project. The report is titled “Eagle Mountain Gold Project, Potaro-Siparuni Region, Guyana, NI 43-101 Technical Report,” dated April 7, 2021, with an effective date of Feb. 17, 2021. The summary results of the report were previously announced in the company’s news release dated Feb. 22, 2021, and there are no material differences in the mineral resources between the report and that news release.

The report, prepared for Goldsource by CSA Global, is available under the company’s profile on SEDAR or from the company’s website.

Highlights of the February, 2021, mineral resource estimate (MRE):

  • Estimated 23 million tonnes grading 1.14 grams per tonne gold for 848,000 ounces of gold contained in indicated resources and 25 Mt grading 1.09 g/t gold for 868,000 oz of gold in inferred resources;
  • The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock;
  • Mineral resources, employing cut-off grades of 0.30 g/t gold for the saprolite and 0.50 g/t gold for the fresh rock, are contained within a conceptual open pit;
  • The MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which include infill and exploration drilling up to Nov. 6, 2020.
                    (combined Eagle Mountain and Salbora deposits)
Classification            Tonnes (000 t)              Gold (g/t)          Ounces Au (oz)

Saprolite                        11,000                    0.95                 353,000
Fresh rock                       12,000                    1.32                 495,000
Total                            23,000                    1.14                 848,000
Saprolite                         5,000                    0.82                 140,000
Fresh rock                       20,000                    1.16                 728,000
Total                            25,000                    1.09                 868,000
                               --------                  ------               ---------
  • Numbers have been rounded to reflect the precision of a mineral resource estimate. Totals may vary due to rounding.
  • Gold cut-off has been calculated based on a gold price of $1,500 (U.S.) per ounce, mining costs of $1.50 (U.S.) per tonne for saprolite and $2 (U.S.) per tonne for fresh rock, processing costs of $6 (U.S.) per tonne for saprolite and $12 (U.S.) per tonne for fresh rock, and mine-site administration costs of $3 (U.S.) per tonne. Metallurgical recoveries of 95 per cent are based on prior testwork.
  • Mineral resources conform to National Instrument 43-101, the 2019 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, and 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
  • The company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.
  • Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this mineral resource estimate are uncertain in nature, and there has been insufficient exploration to define these inferred resources as indicated or measured resources; however, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

Metals Update 07/04/2021

Canada Nickel signs Crawford financing MOU with Taykwa

Canada Nickel Company Inc. has signed a memorandum of understanding (MOU) with Taykwa Tagamou Nation (TTN), regarding the financing of the company’s expected mine fleet for the Crawford nickel-cobalt-sulphide project.

“We welcome TTN as our partner in this initiative and acknowledge TTN’s ongoing commitment to protect and enhance the land and resource-based economy within their Traditional Territory. Canada Nickel actively looks for ways to increase involvement in Crawford’s development from the local Indigenous communities through innovative partnerships that provide opportunities for mutually beneficial business ventures,” said Mark Selby, Chair and CEO of Canada Nickel.

“This initiative has the potential to substantially reduce initial capital requirements and improve Canada Nickel’s ability to finance Crawford and advance it to development. Combined with our previously announced MOUs with TTN and Glencore, it also creates the potential for a much lower capital cost startup,” said Selby.

Under the terms of the MOU, TTN will seek favourable financing terms to participate in the financing of all or a portion of the heavy mining equipment fleet required for Crawford’s operation. Training and associated employment opportunities will also be available to TTN where specialized maintenance and operation is required for the equipment and where that equipment is financed or owned in whole or in part by TTN.

“Our community is proud of our continued innovative approach to business development partnerships – and our most recent MOU with Canada Nickel is no exception. TTN has been working diligently to address the financing, capacity, scale, policy limitations, jurisdiction questions, and project timeline challenges to initiate, construct and put into operation development partnerships within our Traditional Territory,” said Chief Bruce Archibald, Taykwa Tagamou Nation. “Canada Nickel continues to set a precedent by ensuring First Nation communities who have the financial backing to reduce capital start-up costs are not just those that need to be consulted with, but rather, are true business partners that will benefit their communities and the Northern Ontario economy writ-large.”

TTN Councillor and Economic Development Officer Derek Archibald added, “This MOU compliments TTN’s Economic Development Strategy. We want to move away from the rigid limitations of Impact Benefit Agreements to having a true seat at the table, where opportunities are continually created. Not only is this the most effective way to see the Crawford project move ahead at a lower capital cost, but it also ensures we are full participants with developments occurring in our Traditional Territory over time. With CNC and this MOU, we are leaving our lands and economy in an even better place for the next seven generations of our Nation”.

This is the second agreement reached between the Company and TTN following the announcement by the Company in December 2020.

Greg Rickford, Minister of Energy, Northern Development and Mines; Minister of Indigenous Affairs for Ontario congratulated both parties on reaching such an agreement.

“Our government is proud to support innovative First Nation-industry partnerships that support economic growth across Northern Ontario. I am pleased to congratulate Canada Nickel and Taykwa Tagamou Nation on their progress on their MOU and partnership,” said Greg Rickford, Minister of Energy, Northern Development and Mines, Minister of Indigenous Affairs. “With TTN’s leadership in the region, the Crawford-Nickel Cobalt partnership is well on its way to produce responsibly-sourced, GHG-emissions free nickel and cobalt and deliver meaningful training and career opportunities for local community members.”

TTN Electrical Transmission Project

Canada Nickel and TTN had previously announced (see Canada Nickel press release dated December 16, 2020) that TTN has arranged access to capital so that it can own and develop the electrical transmission assets that will be necessary to supply Crawford with cost-effective and reliable power. TTN’s operating company, Transmission Infrastructure Partnerships 1 Ltd., has been working with Canada Nickel in discussion with the IESO and Hydro One. Together these organizations have taken the first steps to hooking the Crawford mine up to the power grid by launching a Systems Impact Assessment Study.

Cerro de Pasco arranges $2.5-million private placement

Cerro de Pasco Resources Inc. intends to complete a $2.5-million non-brokered private placement offering issuing up to 7,142,857 units of the corporation, with each unit consisting of one common share and one-half of one share purchase warrant, at a price of 35 cents per unit. Each Warrant will entitle its holder to purchase one additional Share at a price of $0.50 per Share for a period of 24 months from the date of closing of the Offering.

The amount raised under the Offering (further defined below) will be used for general and working capital purposes in advancing the Company’s Quiulacocha tailings retreatment Project in Peru.

Quiulacocha Tailings – Permit to Drill

In line with process requirements, CDPR has received authorization from the Ministry of Energy and Mines to proceed with a workshop with the local community on April 18, 2021. The date has been officially approved by the Rural Community of Quiulacocha and preparations for the workshop are ongoing.

CDPR will submit a completed Environmental Impact Statement (DIA) by the end of April 2021, for review and approval by the Environmental branch of the Ministry (DGAAM).

The DIA provides the details and coordinates for the 40-hole Drilling Program that CDPR intends to carry out across the Quiulacocha Tailings Storage Facility (TSF), within the boundaries of its El Metalurgista Concession. The Quiulacocha TSF is estimated to contain approximately 70 million tonnes of material with recoverable silver, zinc, lead, copper, gold and other strategic metals.

CDPR maintains the Social License with the Quiulacocha Rural Community, and the terms of the surface rights contract signed in 2019 remain fully intact.

GR Silver Mining arranges $8.02-million bought deal

GR Silver Mining Ltd. has entered into an agreement with Beacon Securities Ltd., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal private placement basis, 13.6 million units at a price of 59 cents per unit for aggregate gross proceeds to the company of $8,024,000. Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be exercisable to acquire one common share for a period of 24 months following closing of the Offering at an exercise price of $0.74 per share.

The Warrants may be accelerated by the Company, at its sole option, at any time after the closing date of the Offering provided that the volume-weighted average closing price of the common shares of the Company on the TSX Venture Exchange is greater than or equal to $1.30 for a period of 60 consecutive trading days, by giving notice to the holders thereof and, in such case, the Warrants will expire at 4:00pm (Toronto time) on the earlier of: (i) the 30th day after the date on which such notice is given by the Company in accordance with the terms of the Warrants, and (ii) the actual expiry date of the Warrants.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 2,040,000 Units, for additional gross proceeds of up to $1,203,600, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about April 27, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters will receive: (i) a cash commission of 7.0% of the gross proceeds of the Offering; and (ii) that number of non-transferable compensation options (the “Compensation Options”) as is equal to 7.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 24 months from the closing date of the Offering.

Metallic drills 4.1 m of 2,536 g/t AgEq at Keno

Metallic Minerals Corp. has provided drill results from the advanced West Keno targets on the company’s 100-per-cent-owned, 166-square-kilometre Keno silver project within the high-grade Keno Hill silver district of Canada’s Yukon. The program consisted of 12 diamond drill holes totalling 2,674 metres (8,772 feet) completed at the Formo and Silver Queen targets along extensions of Alexco Resource’s productive Bermingham and Elsa structural corridors. Drilling at Formo intersected high-grade silver within well-mineralized vein structures along a northeasterly extension of the Bermingham-Calumet system, which is host to the largest historical mine and the largest current resources and reserves in the Keno Hill silver district (1) (2).

Diamond drilling at West Keno was focused on confirming and expanding the areas of known high-grade mineralization within the existing historical resource area at the Formo target area. This work follows up on underground channel sampling, which identified three mineralized shoots grading more than 1,000 grams per tonne silver equivalent (AgEq) that remain open to expansion. These results are an important next step toward developing an initial mineral resource at the Formo target. A single diamond drill hole was also completed at the Silver Queen target to confirm the presence of the Bermingham deposit host stratigraphy along potential parallel extensions of the Bermingham structural corridor.


  • FOR-20-003 in the Formo target area intersected 4.1 metres at 2,536 g/t AgEq from 96.0 m to 100.1 m depth, including 3.0 m at 3,425.9 g/t AgEq (1,568 g/t silver, 29.45 per cent lead and 15.35 per cent zinc).
  • FOR-20-006 intersected 2.15 m at 740.6 g/t AgEq from 137.63 m to 139.78 m depth including 0.7 m at 2,255.9 g/t AgEq (1001 g/t Ag, 8.92 per cent Pb and 18.92 per cent Zn).
  • FOR-20-004 intersected 6.1 m at 367.6 g/t AgEq from 89.8 m to 95.9 m depth, including 1.9 m at 698.4 g/t AgEq and 0.5 m of 1,083.6 g/t AgEq (601 g/t Ag, 7.33 per cent Pb and 4.25 per cent Zn).
  • FOR-20-001 intersected 6.1 m at 284.5 g/t AgEq from 50.9 m to 57 m depth, including 3.05 m at 447.5 g/t AgEq (369 g/t Ag, 0.11 per cent Pb and 1.52 per cent Zn).
  • SQ-20-001 in the Silver Queen target area intersected 300 metres of the stratigraphy that hosts the Bermingham and adjacent Silver King deposits, successfully confirming the presence of this prospective unit at moderate to shallow depths.
  • Geophysical and geochemical surveys have identified several new untested kilometric-scale targets for follow-up drilling in 2021 at the Formo and Silver Queen target areas.

Metallic Minerals chief executive officer and chairman Greg Johnson stated: “We are very pleased with the success we have achieved in both phases of our 2020 Keno silver project exploration program. At our advanced-stage Formo target in the West Keno area, 10 of 11 diamond drill holes intercepted significant mineralization, further confirming the presence of high-grade Keno-style mineralization that remains open to expansion. We are particularly encouraged to see these very high-grade intercepts over significant widths at Formo, and follow-up diamond drilling along these identified structures will be a priority in 2021, along with testing of several newly identified, kilometre-scale geophysical and geochemical targets at West Keno. In February, we announced results from East Keno, demonstrating the presence of high-grade mineralization within broad continuous zones of potential bulk-tonnage silver mineralization in a previously untested part of the Keno Hill silver district. This effectively expanded the known extent of drill-defined Keno-style mineralization by 10 kilometres to the east and demonstrated the potential for major new discoveries in this underexplored part of the district. Planning is under way for a significantly expanded exploration program at the Keno silver project in 2021, with field activities anticipated to begin in late Q2. The company is fully funded to meet its 2021 program objectives and also looks forward to providing additional updates on its exploration work at the La Plata silver-gold-copper project in Colorado, USA, as well as 2021 drill plans.”

Live webinar

Metallic Minerals will be hosting a live webinar event on Thursday, April 8, at 9 a.m. PST/12 p.m. EST during which Mr. Johnson will discuss the results from West Keno and plans for the upcoming 2021 exploration season.

Formo target

The Formo target is located at the intersection of a northeasterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver (1), and the Elsa structural trend, which was the second-largest silver producer in the district. The historic Formo mine produced silver at various times since the 1930s from high-grade vein structures that graded an average of 5,092 g/t silver (1). The majority of this historic production came from an open pit located alongside the Silver Trail highway between the Elsa townsite and Keno City.

Metallic Minerals’ exploration efforts at the Formo target area have integrated recent drilling and surface and underground sampling into a 3-D geologic model, along with multispectral studies and geophysical surveys covering the area. In addition to the mineralization at the known Formo deposit, two new surface targets have been identified along the same structural corridors within parallel greenstone sills. The opportunity to significantly expand the known mineralization defined from underground sampling and historic and recent drilling, as well as the potential to define new high-grade deposits along the main mineralized structural corridor, positions Formo as a top priority target for near-term resource definition at the Keno Silver project.


DDH Hole ID      From (m)      To (m)   Width (m)  AgEq (g/t)    Ag (g/t)    Au (g/t)      Pb (%)      Zn (%)

FOR-20-001          50.9          57         6.1       284.5         218       0.001         0.3        1.14
including           50.9       53.95        3.05       447.5         369       0.001        0.11        1.52
FOR-20-002         49.45        52.3        2.85          48          22       0.001        0.18        0.39
FOR-20-003            96       100.1         4.1        2536       1,165       0.012       21.74       11.32
including             96          99           3     3,425.9       1,568       0.017       29.45       15.35
FOR-20-004          89.8        95.9         6.1       367.6         225       0.003        2.04        1.35
including           91.8        93.7         1.9       698.4         454           0        3.48        2.32
including           93.2        93.7         0.5     1,083.6         601           0        7.33        4.25
FOR-20-005        104.76      105.45        0.69         365         146       0.001        1.32        3.52
                  152.17      152.67         0.5        85.5           6       0.421        0.01        0.76
FOR-20-006        137.63      139.78        2.15       740.6         332       0.016        3.06        6.04
including         139.13      139.78        0.65     2,255.9       1,001       0.051        8.92       18.92
FOR-20-007          98.1       98.65        0.55          77          12       0.026        0.12         1.2
                  107.65      108.15         0.5        86.1          46        0.15        0.24        0.34
                  125.55      126.05         0.5        75.5           1       0.151           0        1.23
FOR-20-008        116.45      116.95         0.5       289.2         178       0.059         2.2        0.42
                   168.6      170.83        2.23          51          36       0.001        0.18        0.16
including          168.6       169.6           1        79.2          57       0.001        0.25        0.25
FOR-20-009          69.7       70.14        0.44        67.4          15       0.003        0.21        0.91
                   113.2       113.7         0.5       211.6          26        0.39        0.06           3
                  131.24       132.2        0.96        55.4                   0.008        0.27        0.67
FOR-20-011          55.3        59.7         4.4        75.6           3           0        0.05        0.04
including           57.7        58.6         0.9       307.7         195       0.011        2.79         0.1

Footnote: Drill holes FOR-20-001, -003 and -004 encountered mineralized fault zones with recoveries of 61 per
          cent, 44 per cent and 72 per cent, respectively. Recovery in these highly fractured mineralized 
          zones was improved in later holes with modified drill techniques. Silver equivalent (AgEq) values 
          assume Ag $18 per ounce, Pb $1 per pound, Zn $1.25/lb, Au $1,800/oz and 100-per-cent metallurgical 
          recovery. Sample intervals are based on measured drill intercept lengths.

Silver Queen target

The Silver Queen target area is located at the western end of the Keno Hill silver district and is highly prospective to host high-grade silver mineralization. Drilling by Metallic Minerals at Silver Queen in hole SQ-20-001 intersected 300 metres of the Keno Hill quartzite stratigraphy that hosts Alexco’s adjacent Silver King deposit and the Bermingham mine (3), successfully confirming the presence of this prospective unit for exploration at moderate to shallow depths.

Silver King historically produced 11 million ounces of silver at an average grade of 1,800 g/t and its six mineralized vein structures host a historical resource of 5.3 million ounces of silver at an average grade of 1,373 Ag g/t (1). Production at Silver King came from both underground and open-pit mining operations hosted in Keno Hill quartzite.

The Bermingham deposit includes 33 million ounces of measured and indicated silver along with 11 million ounces of inferred resources that are hosted in the Keno Hill quartzite and that remain open at depth and along trend to the southwest, making it the second-largest silver deposit in the district (2).

Metallic Minerals’ recent drilling has been integrated with surface sampling and geophysics to develop a 3-D geologic model that will aid follow-up exploration targeting the projected down-dip extensions of the high-grade Silver King structures and potential extensions of the western Bermingham system. Both structural corridors represent significant near-term exploration targets at Silver Queen, with follow-up work planned in 2021.

About the Keno silver project

The Keno silver project is located in the historic, high-grade Keno Hill silver district of Canada’s Yukon, directly adjacent to Alexco Resource’s Keno Hill operations, which are one of the world’s highest-grade primary silver districts. Keno Hill hosts nearly 300 million ounces of silver in past production (1) and current measured and indicated resources (2), and features excellent existing infrastructure, including grid power, road access and nearby community services. Metallic Minerals has consolidated the second-largest land position in the district, with its holdings including eight shallow, high-grade past-producing deposits, as well as the eastern portion of the district, which had only seen limited exploration due to previously fragmented land ownership and lack of road access. Six advanced-stage targets along the main productive trends are progressing toward initial mineral resource definition and 12 new multikilometre-scale targets have been identified on the greenfields areas to the east. Recent drilling by Metallic Minerals has confirmed the discovery of both high-grade Keno-style vein structures and potential bulk-tonnage silver mineralization. Reconnaissance drill tests of the first of these very large soil and geophysical targets at East Keno have expanded the Keno Hill silver district by at least 10 kilometres to the east, opening a major new area of prospective terrain controlled 100 per cent by Metallic Minerals in this prolific high-grade silver district. Planning is under way for a significantly expanded exploration program in 2021 at the Keno silver project to drill additional untested targets, as well as to extend the newly discovered zones at East and West Keno through stepout core and RC drilling.

About Metallic Minerals Corp.

Metals Update 29/03/2021

Kincora Copper to start trading on ASX March 30

Mr. Sam Spring reports


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

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

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

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

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

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

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

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

Other proposed uses of funds include:

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

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

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

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

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

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

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

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

Forks structure

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

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

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

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

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

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

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

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

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

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


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

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

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

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


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

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

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

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

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

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

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

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

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


Mineral Resource and Technical Report

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

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

Qualified Person

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

Quality Control Protocols

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

Tinka upgrades to OTCQB Venture

Tinka Resources Ltd. has upgraded its listing on the OTC from the OTC Pink Open Market to the OTCQB Venture Market. As a result, effective March 29, 2021, the Company’s common shares will start trading on OTCQB under the same ticker symbol &quot;TKRFF&quot;. Tinka&#39;s common shares will continue to trade on the TSX Venture Exchange and on the Lima Stock Exchange under the symbol &quot;TK&quot;.

OTCQB is a U.S. trading platform that is operated by the OTC Markets Group in New York. Trading on the OTCQB is expected to enhance the Company&#39;s accessibility to U.S. investors and to increase liquidity and visibility in the United States. By listing on the OTCQB, Tinka&#39;s current and new U.S. investors now have greater access, ease of trading, current financial disclosures and Real-Time Level 2 quotes on the Company at behalf of the Board,”Graham Carman”Dr. Graham Carman, President & CEO+Investor Information: http://www.tinkaresources.comRob Bruggeman 1.416.884.3556rbruggeman@tinkaresources.comCompany Contact:Mariana Bermudez

Evergold grants options to buy 4.01M shares

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

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

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

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

Eloro Resources drills 26 holes at Iska Iska

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

Santa Barbara Breccia Pipe (SBBP)

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

Central Breccia Pipe (CBP)

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

Porco (South) Breccia Pipe Target

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

Geophysical, Metallurgical and Mineralogical Studies

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

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

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

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

 Hole No.TypeCollar EastingCollar Northing Elev Azimuth Angle  Hole Length m
     Santa Barbara Breccia Pipe - Surface Radial Drilling from Centre      
 DSB-02  S     205118.9      7656205.7   4356.0  180    -60       632.5    
 DSB-03  S     205118.9      7656205.7   4356.0  90     -60       515.3    
 DSB-04  S     205118.9      7656205.7   4356.0   0     -60       536.4    
 DSB-05  S     205118.9      7656205.7   4356.0  270    -60       611.2    
 DSB-06  S     205118.9      7656205.7   4356.0  210    -80       818.5    
 DSB-07  S     205118.9      7656205.7   4356.0  135    -60       683.4    
 DSB-08  S     205118.9      7656205.7   4356.0  45     -60       614.4    
                                                      Subtotal   4,752.7   
 DSB-09  S     205118.9      7656205.7   4356.0  315    -60    In progress 
     Central Breccia Pipe {&#7112; &#150;} Surface Radial Drill Program {&#7152; &#150;} North Setup     
 DCN-01  S     204902.0      7655860.0   4420.0  45     -60       590.5    
                                                      Subtotal    590.5    
 DCN-02  S     204902.0      7655860.0   4420.0  225    -60    In progress 
                                                       TOTAL     5,343.2   

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

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

Qualified Person

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

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

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

About Iska Iska

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

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

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

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

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

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

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

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

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

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

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

Fall 2020 Drill Program Results

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

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

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

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

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

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

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

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

Winter 2021 Drill Program

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

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

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

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

To view an enhanced version of Figure 1, please visit:

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

To view an enhanced version of Table 1, please visit:

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

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

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

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

DATE: March 30, 2021
TIME: 2:30 pm EDT

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

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

Learn more about the event at

Regulus Provides Update on the AntaKori Project

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

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

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

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

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

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

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

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

Table 1 – Drill Result Highlights:

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

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

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

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

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

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

Click Image To View Full Size

Discussion of Drill Hole Results

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

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

Hole DDH-20-028

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

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

Hole DDH-20-030

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

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

Shallow Intercepts

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

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

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

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

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

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

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Exploration Program Update

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

About Diablillos

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

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

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

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

QA/QC and Core Sampling Protocols

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

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

Qualified Persons

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

Technical Notes

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

Collar Data

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

Prime Mining Reports Operating and Financial Results for Q3 2021

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

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

Corporate Highlights During The Quarter

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

Exploration During The Quarter

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

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

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

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

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

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

Figure 1. Principal Deposits and Exploration Targets

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

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

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

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

3rd Quarter Financial Highlights

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

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

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

Subsequent Events

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

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

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

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

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

About the Los Reyes Gold and Silver Project

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

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

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

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

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

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

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

Bocona Oxide-Gold Target

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

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

and several narrower, higher grade intervals including:

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

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

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

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

To view an enhanced version of Figure 1, please visit:

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

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

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

Hole #FromToIntervalEst. Tr. Thck.AgAuCuPbZnAgEqZnEqNotes
21CLM-135384.0396.112.16.31340. Chimney
21CLM-136291.0296.55.43.82170. Chimney
21CLM-136303.85306.42.51.8930. Chimney

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

Cerro Las Minitas Project

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

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

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

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

Metals Update 26/03/2021

Eskay Mining clarifies acquisition of JV property

Eskay Mining Corp. is clarifying its press release dated March 25, 2021. All of the property that was subject to the former joint venture with St. Andrew Goldfields Ltd., including the Jeff and TV targets (referred to in the company’s press release of Feb. 2, 2021), is now owned 100 per cent by Eskay subject to the 2-per-cent net smelter return royalty in favour of St Andrew.

Amerigo earns the Globe and Mail’s 2021 Women Lead Here seal

VANCOUVER, British Columbia, March 26, 2021 (GLOBE NEWSWIRE) — Amerigo Resources Ltd. (“Amerigo” or the “Company”) (TSX: ARG OTCQX: ARREF) is pleased to announce it has earned a spot on the 2021 Women Lead Here list published by the Globe and Mail’s Report on Business, an annual editorial benchmark that identifies best-in-class executive gender diversity in corporate Canada.

The Women Lead Here initiative was established in 2020 by Report on Business magazine. Through a proprietary research methodology, it identifies corporations in Canada with the highest degree of gender diversity among executive ranks.

“We are honored and incredibly proud to be recognised in 2021 by the Women Lead Here initiative. Amerigo’s gender diversity and equity stands strong with women in the CEO and CFO roles, and we are encouraged by the growing evidence of the larger role gender diversity plays in corporate strategy and performance, as well as in determining how an organization might respond to ESG risks and opportunities We will continue to ensure opportunities exist for career advancement for our female colleagues in operational and administrative roles at Amerigo’s Minera Valle Central operation in Chile,” stated Aurora Davidson, President and Chief Executive Officer of Amerigo Resources.

For the 2021 ranking, Report on Business conducted a journalistic analysis of nearly 500 publicly traded Canadian companies, evaluating the ratio of female-identifying to male-identifying executives in the top three tiers of executive leadership. The resultant data was applied to a weighted formula that also factored in company performance, diversity and year-to-year change.

In total, 71 companies earned the 2021 Women Lead Here seal, with a combined average of 44% of executive roles held by female-identifying individuals.

The full list of 2021 Women Lead Here honourees can be found in the April issue of Report on Business magazine, distributed with The Globe and Mail on Saturday, March 27th, and online now at

Eloro Resources Closes C$25 Million Bought Deal Financing

TORONTO, March 26, 2021 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing, including the exercise in full of the over-allotment option, of 6,670,000 units of the Company (“Units”) at a price of C$3.75 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of C$25,012,500 (the “Offering”). Each Unit consists of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$5.25 for a period of 24 months from the closing date of the Offering, provided that, the expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing date of the Offering and prior to the expiry date of the Warrants if the volume-weighted average trading price of the Company’s Common Shares is greater than C$7.00 for any 20 consecutive trading days, at which time the Company may accelerate the expiry date by issuing a press release to announce the reduced warrant term, whereupon the Warrants will expire on the 20th calendar day after the date of such press release.

The Offering was underwritten on a bought deal basis by Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation as co-lead underwriters and joint bookrunners, and Cormark Securities Inc. as co-lead underwriter (collectively, the “Underwriters”).

The Company intends to use the net proceeds from the Offering mainly for continued exploration and development of the Company’s Iska Iska project in Bolivia.   On February 16, 2021, Eloro announced the addition of a second drill rig to commence drilling on the Central Breccia Pipe target. Planned diamond drilling for the balance of 2021 and Q1 2022 is 51,000 metres, comprising 6,000 metres already budgeted and an additional 45,000 metres planned to be funded from the Offering. Additional drills will be added in stages so that by July 2021, 4 surface drill rigs are expected to be operating with an expected production of 6,000 metres per month. This drilling will be done to explore and define a mineral resource in the Santa Barbara Breccia Pipe, Central Breccia Pipe, Porco (South) Breccia Pipe target and the Huayra Kasa Breccia Pipe and underground workings. Included as part of the 45,000 metres are 6,000 metres of drilling in outside targets at Iska Iska and the Pache property located 20 kilometres southwest of Iska Iska. Eloro also intends to pay from the proceeds of the Offering US$2,500,000 toward the US$10,000,000 option price under an option agreement to acquire a 99% interest in the Iska Iska Project.

In connection with the Offering, the Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering (for a total cash commission of C$1,500,750) and that number of non-transferable compensation options (the “Compensation Options”) equal to 6% of the aggregate number of Units sold under the Offering (for a total of 400,200 Compensation Options). Each Compensation Option is exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Offering.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Eastern Platinum loses $8-million (U.S.) in 2020

Eastern Platinum Ltd. has filed its audited consolidated financial statements for the years ending Dec. 31, 2020, and 2019 and the corresponding management’s discussion and analysis and annual information form. Below is a summary of the company’s financial results for the year ended Dec. 31, 2020, (all amounts are in U.S. dollars):

  • 43-per-cent growth in revenue for the year ended Dec. 31, 2020, of $56.1-million compared with $39.2-million in the prior year. The growth in revenue is due to the strong operating results from the retreatment project (as defined below);
  • Mining operation income (eight consecutive quarters) — Dec. 31, 2020, $5.6-million (2019 — $5.5-million) (some difficulties in direct comparison include: commercial production timing in 2019 and the most recent four quarters being negatively impacted by COVID-19 costs and 2020 South Africa lockdowns);
  • Cash generated from operations during the year Dec. 31, 2020 — $1.6-million (2019 — negative $8.8-million);
  • Positive working capital (excluding non-cash deferred revenue and lease liability) of $8.5-million as at Dec. 31, 2020;
  • Net loss to equity shareholders of $8.0-million (loss of eight cents per share) for the year ended Dec. 31, 2020, compared with earnings to equity shareholders of $100,000 (earnings of nil per share) for the prior year, resulting from an increase in non-cash finance costs, foreign exchange losses and the legal settlement with AlphaGlobal (see news release of June 26, 2020).

Operations of the retreatment project

The availability of the retreatment project as a 24-hour continuous operation (including chrome recovery plant, deposition and remining on the tailings dam) including planned maintenance has improved significantly in 2020 to 86 per cent up from 76 per cent in 2019.

Eastern Platinum reported 987,003 tons of chrome concentrate production, a 68-per-cent increase from 2019 production (see news release of March 3, 2021, for a detailed review of the retreatment project).

On March 10, 2021, the company and Union Goal signed updated retreatment project agreements (see news release of March 15, 2021), which capitalized on Eastern Platinum’s two years of operating knowledge and continued commitment to the long-term benefits of the retreatment project.

Platinum group metals

During 2020, the company completed the refurbishment of the small-scale PGM (platinum group metals) circuit (previously the scavenger plant circuit) (PGM circuit D). The company only restarted and began operating the PGM circuit D during the third quarter of 2020 (following the mandatory general lockdown imposed by the government of South Africa in connection with the COVID-19 pandemic). The company generated approximately 134 tons of pressed filter cake PGM concentrate and delivered approximately 32.18 tons during 2020.

During early 2021, the company completed the reconfiguring and optimization of the PGM circuit D, which also includes financing for some of the initial work required to restart the main PGM plant circuit.

Rights offering

On Dec. 18, 2020, the company issued rights to its existing shareholders for the acquisition of shares at a discounted price. On Jan. 22, 2021, the company completed the rights offering. Eastern Platinum issued 36,841,741 common shares of the company at a price of 32 cents per common share for rights exercised on the Toronto Stock Exchange and 3.77136 South African rand per common share for rights exercised on the Johannesburg Stock Exchange. The company is very pleased to have raised total gross proceeds of approximately $9.3-million ($11.8-million (Canadian)) to invest into additional capital projects.


The company’s CRM retreatment project in South Africa was operating without restrictions at Dec. 31, 2020. Additionally, the company restarted the PGM circuit D in 2020 and completed further improvements during March, 2021.

The company’s targets for 2021 were updated following the completed rights offering in January, 2021, and include the following:

  • Continue operating the retreatment project efficiently;
  • Complete the upgrades and operate the PGM circuit D;
  • Complete the optimization project for the retreatment project;
  • Establish the appropriate phase 2 of the tailing storage facility capital works program;
  • Upgrade and repair the Crocodile River mine (CRM) Zandfontein underground shaft and rock winder to ensure they are available for PGM operations;
  • Complete the refurbishment of the existing PGM main circuit to increase the capacity and recovery opportunity of PGM recovery and sales;
  • Complete the environmental impact assessment (EIA) regarding the haul road for the Mareesburg project;
  • Prospect and assess work in relation to Zandfontein, Crocette and Spitzkop orebodies;
  • Conduct feasibility and assessment work regarding a vertical furnace and pelletizer of chrome concentrate;
  • Assess CRM underground including all chrome recovery activities in relation to the retreatment project;
  • Finance capital requirements for care and maintenance, working capital and general and administrative costs.

Diana Hu, chief executive officer of Eastern Platinum, commented: “Eastplats has established stable operations with the retreatment project, and is seeking to complete its optimization program by the end of Q3 2021. This stability will allow growth with PGM extraction through both the PGM circuit D and the PGM main circuit. These projects are expected to increase the revenue and income of Eastplats. During 2021, the company’s focus is on operations and cash flow to continue to build shareholder value.”

Metals Update 25/03/2021

Dolly Varden grants options to buy 2.67 million shares

Dolly Varden Silver Corp. has granted an aggregate of 2,675,000 incentive stock options to directors, officers and key consultants to purchase up to 2,675,000 common shares in the capital of Dolly Varden. The incentive stock options have an exercise price of 71 cents per share.

Generation Mining files NI 43-101 report for Marathon

Generation Mining Ltd. has filed a technical report prepared in accordance with National Instrument 43-101 (Standards for Disclosure for Mineral Projects) on the feasibility study prepared for the company on the Marathon palladium and copper project. The technical report supports the disclosure set out in the company’s March 3, 2021, news release announcing the results of the feasibility study for the Marathon palladium-copper deposit located near the town of Marathon in Northwestern Ontario.

The technical report may be found under the company’s profile on SEDAR and is available on the company’s website, along with a presentation that summarizes the results of the technical report.

Treasury Metals appoints Baranowsky CFO, Gibson retires

Treasury Metals Inc. has appointed Orin Baranowsky to the position of chief financial officer effective April 1, 2021. Mr. Baranowsky replaces Dennis Gibson who will be retiring at the end of March, 2021, and will provide consulting services to the company to help ensure a seamless transition.

Mr. Baranowsky brings more than 20 years of finance and capital markets experience to this role. Most recently, he was chief financial officer for Blue Thunder Mining Inc., a Canadian-focused minerals exploration company. Previously, he served as chief financial officer of Stornoway Diamond Corp., where he led the finance, accounting, corporate development, investor relations and IT functions, and was instrumental in helping raise more than $1-billion for the construction of the Renard diamond mine in Quebec. In addition, he previously served as vice-president of investor relations for CB Gold Inc., and spent more than 10 years as an equities research analyst for BMO Capital Markets. Mr. Baranowsky holds an honours bachelor of business administration degree from Wilfrid Laurier University, is a member of the Chartered Professional Accountants of Ontario, and is a CFA charterholder.

“We are very pleased and excited to have Orin join the team at Treasury at this time as we continue to advance the Goliath gold complex and move into the next phase of our growth,” said Jeremy Wyeth, president and chief executive officer. “His experience in financing and developing a mine is precisely the expertise the company needs as we advance trade-off and engineering studies and work towards a prefeasibility study. On behalf of the board of directors and the entire team I would like to welcome Orin to Treasury Metals.”

The board of directors would like to thank Mr. Gibson for his contribution to the company over the last 10 years and wishes him well in his future endeavours.

“I would like to thank Dennis for the commitment, leadership and support he has provided to Treasury. He played a fundamental role in numerous financings and was instrumental in helping the company get to where it is today,” said Mr. Wyeth.

The company has approved the granting of 300,000 stock options to Mr. Baranowsky. In accordance with the company’s employee stock option plan, the options will have a three-year term and will allow the holder to purchase common shares of the company at a price of 95 cents.

Orca Gold increases private placement to $10.8-million

In connection with Orca Gold Inc.’s previously announced non-brokered private placement to raise $10-million by the issuance of up to 18,181,819 common shares at a price of 55 cents per share (see press release dated March 17, 2021), the private placement has been increased to 19.65 million common shares for aggregate gross proceeds of $10,807,500.00. All other terms remain the same.

Frontier Lithium arranges $2-million private placement

Frontier Lithium Inc. has arranged a non-brokered private placement for gross proceeds of $2-million for a total of 1,538,462 flow-through units at a price of $1.30 per flow-through unit.

Each FT Unit will consist of one common share in the capital stock of Frontier (“Common Share”) issued on a flow-through basis and one-half Common Share purchase warrant (“FT Warrant”). Each full FT Warrant shall entitle the holder thereof to purchase one additional Common Share of Frontier Lithium at an exercise price of $1.50 for a 24-month period following the closing date of the Offering. All warrants issued at this financing are subject to an accelerated expiry of warrants at the sole discretion by the Company within set terms.

Frontier Lithium reserves the opportunity to grant to eligible persons a finder’s fee of a maximum 6% of the gross proceeds of the Offering and finder warrants of a maximum of 6% of the total number of Units sold under the Offering. Each finder warrant will be exercisable at an exercise price of $1.50 CDN into one common share for a period of 24 months from the date of issuance.

All of the Shares and Warrants issued pursuant to the private placement are subject to a minimum 4-month and one day statutory hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (“TSX-V”) and applicable securities regulatory authorities. Proceeds from the financing will be used to advance exploration and the prefeasibility study of Frontier’s 100% owned PAK lithium project located in northwestern Ontario.

Galway closes $15-million private placement

Galway Metals Inc. has closed the previously announced bought deal private placement offering for aggregate gross proceeds of $15-million consisting of 5,999,900 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)) at a price of $1.45 per national flow-through share, 1,087,000 common shares of the company that qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Section 359.1 of the Taxation Act (Quebec)) at a price of $1.84 per Quebec flow-through share and 4,095,400 common shares of the company at a price of $1.05 per hard dollar share.

The offering was carried out by a syndicate of underwriters led by Paradigm Capital Inc., and including Laurentian Bank Securities Inc., Desjardins Securities Inc. and BMO Capital Markets.

The offering is subject to regulatory approval, and all securities issued and issuable pursuant to the offering will have a hold period of four months and one day. The company will use the gross proceeds from the sale of the national flow-through shares to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures as both terms are defined in the Income Tax Act (Canada) related to the company’s projects in Canada on or before Dec. 31, 2022. The company will use the gross proceeds from the sale of the Quebec flow-through shares to incur qualifying expenditures related to the company’s projects in Quebec on or before Dec. 31, 2022. The qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares effective Dec. 31, 2021. The proceeds from the sale of the hard dollar shares will be used for exploration, updating technical studies and for general corporate purposes.

As consideration for the services provided by the underwriters in connection with the offering, the underwriters received a cash commission equal to $900,006.30 and the underwriters received 670,938 compensation options. Each compensation option is exercisable to acquire one common share of the company, issued on a non-flow-through basis at a price of $1.05 per compensation option share, for a period of 24 months following the closing of the offering.

Aquila Resources cancels offering, withdraws prospectus

In light of current market conditions, Aquila Resources Inc. has determined not to proceed with its previously announced marketed equity offering at this time and is withdrawing its preliminary short form prospectus filed on March 24, 2021. The company also does not intend to move forward with the contemplated concurrent private placement.

Aquila will work with its advisers to consider and evaluate various strategic alternatives to maximize shareholder value, including looking to realize value from its Wisconsin properties. The company will also continue to work with Osisko Technical Services, which is leading the preparation of an optimized feasibility study for the Back Forty project.

Cantex drills 7.3m 29.86 per cent Pb-Zi, 104g/t Ag at N. Rackla

Cantex Mine Development Corp. has released an update on the work program at its 14,077-hectare North Rackla claim block where drill results continue to define a lead-zinc-silver mineralized system with Broken Hill type (BHT) affinities.


GZ zone

Hole YKDD20-177 was drilled vertically into the GZ zone located 550 metres southeast of the high-grade Extension sector and intersected 7.3 metres of 24.45 per cent zinc, 5.41 per cent lead and 104 grams per tonne silver between 46.1 and 53.4 metres depth. The hole was collared 64 metres southwest of the previously reported hole YKDD20-174 (see news release from Feb. 1, 2021) which contained 4.05 m of 32.14 per cent zinc, 7.25 per cent lead and 130 g/t silver within 8.95 m of 22.77 per cent lead-zinc and 76 g/t silver. As the whole GZ zone is covered in overburden, structural geologist Chris Buchanan is focusing on acquiring more data to define the trend of these extremely rich massive sulphides. Additional drilling and/or excavation of overburden are needed to establish how the GZ zone massive sulphides relate to the high-grade Main zone massive sulphides.

By way of comparison, the Mount Isa mine is one of the largest zinc mines in the world and hosts proven and probable reserves containing 7.4 per cent zinc, 3.6 per cent lead and 66 g/t silver.

Main zone

Central sector

Drilling from pad MZ35 at the Central sector intersected a high-grade intersection of 4.7 metres of 21.05 per cent lead-zinc with 66 g/t silver, including 2.8 metres of 26.33 per cent zinc, 7.22 per cent lead and 99 g/t silver from 594.9 metres depth in the minus-73-degree inclined hole YKDD20-170. This new mineralization occurs in dolomite approximately 100 m outward from the dolomite-argillite contact. Thin (one-metre-to-1.3-metre-wide) intercepts of massive sulphide were also found in dolomite outward from the contact in holes YKDD20-166 and YKDD20-168 also drilled from pad MZ35 at minus-55-degree and minus-65-degree inclinations respectively. The massive sulphides are increasing in thickness and grade with depth (33.55 per cent lead-zinc with 99 g/t silver) in these holes (YKDD20-170). An additional deep hole drilled at minus-80-degree inclination is needed to determine whether this newly discovered mineralization continues to increase in thickness and grade with depth.

Discovery sector

A minus-45-degree-inclined hole (YKDD20-178) drilled from pad MZ51 intersected 5.23 per cent lead, 4.73 per cent zinc and 31 g/t silver at the dolomite-argillite contact located 250 m northeast of the Discovery sector. Unfortunately, this intersection (that was spotted by Mr. Buchanan) has been gouged and faulted subsequent to lead-zinc-silver mineralization deposition. Thus, mineralization may have been displaced at the drill intercept by the faulting. The end of the drill program prevented the completion of minus-55- and minus-65-degree-inclined holes. These will be drilled this season.

Drill results from the final holes of the 2020 season are presented in the attached table.

Summary of structural analysis

The company’s structural geologist, Mr. Buchanan, has completed a detailed structural analysis, including plan maps and cross sections. He has explained that a major east-west-trending strike-slip fault displaced the Extension sector from the Central sector by a distance of about 200 m, explaining why drill intersections were unsuccessful in this 200-metre gap. He has also identified northeast-trending faults that could displace the massive sulphides by up to 30 m. The mineralization along the argillite-dolomite contact is very prolific and the Cantex geologists all agree that favourable intersections are likely along the northeast trending contact mapped by Mr. Buchanan from the Central sector all the way to pad MZ51 and beyond. Drilling of this area is planned to commence in the spring.

Sample preparation

The drill holes reported in this press release were drilled using HQ (63.5-millimetre) diamond drill bits. The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One-half of the core was left in the original core box. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported to CF Mineral Research Ltd. in Kelowna, B.C.

At CF Minerals the drill core was dried prior to crushing to minus-10 mesh. The samples, which averaged over three kilograms, were then mixed prior to splitting off 800 grams. The 800-gram splits were pulverized to minus-200 mesh and a 250-gram split was sent for assay. Quality control procedures included running a barren sand sample through both the crusher and pulverizer between each sample to ensure no intersample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.

ALS Chemex in Vancouver assayed the samples using a four-acid digestion with an ICP-MS finish. The 48-element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded 1 per cent the Pb-OG62, Zn-OG62 or Cu-OG62 techniques were used. These have upper limits of 20 per cent lead, 30 per cent zinc and 50 per cent copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. The overlimit analyses contributed to delays in receiving final assay results.

Future plans

The gold and base metal results for 312 rock samples and 2,800 soil-talus samples collected during 2020 are forthcoming and will be released when received.

Cantex looks forward to the coming drill season where building the known tonnage of the Main zone will be the main focus. Further drill testing of the GZ zone and additional targets within the North Rackla claim block is also planned.

The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.

Metals Update 22/03/2021

Highgold samples up to 184 g/t Au at Johnson Tract

Highgold Mining Inc. has received surface sampling results from its flagship Johnson Tract polymetallic gold project in south-central Alaska, United States. Results reported today include rock and soil samples collected in the 2020 field season from regional prospects surrounding the main JT Deposit, including the Milkbone Prospect (“Milkbone”) and the Easy Creek Prospect (“Easy Creek”). Both prospects are spatially associated with a six kilometer long regional structure (referred to as the “Milkbone Fault”) that transects the north portion of the Project (Figure 1). Additional high-grade rock sample results for the Difficult Creek Prospect (“DC”) are also reported herein.

Surface Geochemical Highlights

Milkbone Results

A reconnaissance soil line collected across the trace of the north-south trending Milkbone Fault has identified a strong gold-in-soil anomaly with supporting high-grade rock sample results from near-source boulders and subcrop. The soil line crosses a large gossaneous alteration zone, located 400 meters west of the new High-Grade Ag-Au Vein Field recently announced at the DC Prospect (Figure 2) (see Company press release dated February 11, 2021). Highlight assay results include:

184 g/t Au, 46 g/t Ag, 20% Pb, 2.1% Zn, 0.1% Cu in a grab rock sample*

5.2% Zn and 0.4 g/t Au in a grab rock sample*

Gold-in-soil values ranging from 70 ppb to 4,390 ppb (4.39 g/t Au) over a 150-meter wide zone

Easy Creek Results

A 1,500 meter x 1,000 meter gold-in-soil anomaly (20 ppb to 1,610 ppb gold) +/- copper +/- molybdenum has also been identified at the northern end of the Milkbone Fault at the Easy Creek prospect. Highlight assay results include:

1.3 g/t Au and 0.9 g/t Au/0.92% Cu in individual grab rock samples*

Gold-in-soil values ranging from 70 ppb to 1,000 ppb (1 g/t Au) within a 350-meter diameter area surrounding a biotitic quartz-diorite intrusive with coincident copper-in-soil values ranging from 272 ppm to 1,805 ppm (0.18% Cu)

High-Grade Ag-Au Vein Field Results (DC Prospect)

New high-grade gold and silver assays are reported for veins at the western end of the High-Grade Ag-Au Vein field at the DC Prospect, expanding it to more than 1,000 meters in length, including:

1,500 g/t Ag and 4.1 g/t Au in a grab rock sample*

7.9 g/t Au and 94 g/t Ag over 1.4 m in a rock chip channel sample

*Note – grab samples by their nature are selective and not necessarily representative of the mineralization hosted on the property.

“We are extremely pleased with the regional picture emerging at Johnson Tract with recent surface exploration results now defining widespread, robust and diverse styles of mineralization over an area several square kilometres in size,” commented President and CEO Darwin Green. “We are looking forward to drill testing several of these new prospects for the first time in our upcoming 2021 field season while also methodically expanding our high-grade JT Deposit cornerstone resource (750koz at 10.9 g/t AuEq Indicated).”

2020 Surface Exploration Program

Concurrent with the 16,418 meter/32 drill hole program completed in the JT Deposit area, the Company carried out a regional exploration program designed to evaluate prospects on the surrounding district-scale 21,000-acre property. The work included reconnaissance-level geological mapping, prospecting and geochemical sampling to evaluate historic showings and to explore for new zones of mineralization. Rock sampling and contour soil sample lines were collected along with Induced Polarization geophysical surveys at the DC and Kona prospects.

Results from rock and soil sample locations are shown on Figure 1 and Figure 2. Results from other regional prospects will be presented at a later date pending receipt of additional assay data.

Discussion of Results and Regional Gold-Bearing Structure

The Milkbone Fault is a 6 km long north-south fault that may represent an important regional gold-bearing structure in the northern portion of the Johnson Tract project. It is separate and distinct from the main JT Deposit area located several kilometers to the southwest.

The Milkbone Fault dips steeply to the west and in the Milkbone Prospect area places fresh andesite on the east side against silicified pyritized dacitic tuff on the west side. Rock sampling of sub-angular float encountered while soil sampling across the surface trace of the fault at the Milkbone Prospect returned up to 184 g/t Au, 46 g/t Ag, 20% Pb, and 2.1% Zn. Sampling of the adjacent silicified pyritized host rock returned 1.03 g/t Au and 1% Pb. The east-west contour soil line over the trace of Milkbone Fault returned gold-in-soil values ranging from 70 ppb to 4,390 ppb (4.39 g/t Au) over a 150-meter wide zone. The Milkbone Prospect soil anomaly is located 400m west of the western limit of the new +1000 long High-Grade Ag-Au Vein Field discovered at the DC Prospect.

The Milkbone Fault can be traced four kilometers northwards to the Easy Creek Prospect where recent contour soil sampling has identified a broad 1,500-meter x 1,000-meter gold-in-soil anomaly (20 ppb to 1610 ppb Au) and local elevated copper and molybdenum. A cluster of very high values was returned from a 350-meter diameter area circling a biotitic quartz-diorite intrusive, where 33 soil samples range from 70 ppb to 1000 ppb gold (average = 273 ppb Au). Overlapping copper-in-soil values range from 272 ppm to 1,805 ppm (0.18% Cu). Rock sampling along the soil lines returned highs of 1.3 g/t Au and 0.9 g/t Au/0.92% Cu in individual grab rock samples.

The soil anomalies at the Milkbone and Easy Creek Prospects are open to expansion and will be a focus of additional follow-up during the upcoming 2021 field season. Along with the recently defined +1000m long Ag-Au Vein Field at the DC Prospect, multiple promising new targets have been identified for future discovery focused drilling.

The Company continues to process incoming data from the 2020 field season, including the inversion of DCIP geophysical data collected from the DC and Kona Prospects and additional rock sample data.

Copper Fox pegs Schaft Creek at 7,764.47Mlb Cu M&I

Copper Fox Metals Inc. has provided the results of a resource estimate for the Schaft Creek polymetallic copper-gold-molybdenum-silver porphyry copper project located in northwest British Columbia. The Schaft Creek project is managed through the Schaft Creek Joint Venture (“SCJV”) formed in 2013 between Teck Resources Limited (“Teck”) (75%) and Copper Fox (25%) with Teck being the operator. The Resource Estimate was prepared by Tetra Tech Canada Inc. (“Tetra Tech”) and Red Pennant Geoscience (“Red Pennant”) in accordance with NI 43-101 standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019).

Resource EstimateThe Resource Estimate for the Schaft Creek project, as prepared by Tetra Tech and Red Pennant, and reported below, forms the base case used in the upcoming Preliminary Economic Assessment (“PEA”) under preparation by Copper Fox. The effective date of the Resource Estimate is January 15, 2021. The NI 43-101 Technical Report disclosing the Resource Estimate will be filed on SEDAR within 45 days.

Average Value           Metal Content     
Category  Mass   Cu  Au  Mo   Ag CuEq   Cu    Au   Mo   Ag  
           Mt    %  g/t   %  g/t  %    Mlb   Moz  Mlb   Moz 
Measured    176.4 0.32 0.22 0.018 1.46 0.48 1,261.49 1.28  71.03  8.26 
Indicated 1,169.1 0.25 0.15 0.017 1.22 0.37 6,502.98 5.69 439.56 46.00
Total M&I 1,345.5 0.26 0.16 0.017 1.25 0.39 7,764.47 6.97 510.59 54.26
Inferred    343.6 0.17 0.11 0.013 0.84 0.26 1,303.07 1.18  95.50  9.28 

Mt=millions of tonnes, Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, CuEq=copper equivalent, Mlb=millions of pounds, Moz=millions of ounces.Mineral Resources are reported using the 2014 CIM Definition Standards.The QP for the estimate is Mr. Michael F O’Brien, P.Geo., Red Pennant Geoscience.Mineral Resources have an effective date of 15 January 2021.Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: $3/lb Cu, $1,200/oz Au, $10/lb Mo, $20/oz Ag, and pit slope angles that vary from 40-44o, metal prices are in US$.Metallurgical recoveries reflective of prior test work that averages: 86.6% for copper, 73.0% for gold, 58.8% for molybdenum and 48.3% for silver.Mineral Resources are reported using a net smelter return (“NSR”) cut-off of US$4.31/t.Tonnes are metric tonnes, with copper and molybdenum grades as percentages, and gold and silver grades as gram per tonne units.Copper and molybdenum metal content is reported in pounds and gold and silver content is reported in troy ounces.Totals and Metal Content may not sum due to rounding and significant digits used in calculations.Copper Equivalent % was estimated using average metallurgical recoveries for copper, gold, molybdenum and silver and metal prices stated in this release.

Elmer B. Stewart, President and CEO of Copper Fox stated, “The geological and resource modelling completed on the Schaft Creek deposit over the past several years has informed a high level of confidence in the current Resource Estimate which forms the basis for the Schaft Creek PEA. The recently announced 2021 Schaft Creek program is focused on further refinements to the conceptualized pit used to constrain the Resource Estimate with the objective of obtaining additional information to confirm opportunities to lower capital and operating costs and refine overall pit slope angles.”

Resource Estimate UncertaintyAreas of uncertainty that may materially impact the mineral resource estimates include changes to: long-term metal price assumptions; interpretations of mineralization geometry, fault geometry and continuity of mineralized zones; net smelter return used to constrain the estimates; the regression equation used to fill in missing gold and silver values; metallurgical recovery assumptions; input assumptions used to derive the conceptual open pit outlines used to constrain the estimate; variations in geotechnical, hydrogeological and mining assumptions and environmental, permitting and social license assumptions.

There are no other known environmental, legal, title, taxation, socioeconomic, marketing, political or other relevant factors that would materially affect the estimation of mineral resources that are not discussed in the Report.

Mineral resources are estimated within a US$4.31 NSR grade shell to meet “reasonable prospects for eventual economic extraction”. The mineral resources are estimated using criteria consistent with the CIM Definition Standards (2014) and the “CIM Estimation of Mineral Resources and Reserves Best Practice Guidelines” (2019).

Cautionary Note to InvestorsWhile the terms “measured (mineral) resource”, “indicated (mineral) resource” and “inferred (mineral) resource” are recognized and required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, investors are cautioned that except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. Additionally, investors are cautioned that inferred mineral resources have a high degree of uncertainty as to their existence, as to whether they can be economically or legally mined, or will ever be upgraded to a higher category.

United States investors are advised that current Mineral Resources are not current Mineral Reserves and do not have demonstrated economic viability.

Geological ModelThe Schaft Creek deposit is a Late Triassic calc-alkaline Cu-Mo-Au-Ag porphyry deposit with three major distinct mineralized zones as described below.

The Liard Zone comprises narrow, porphyritic quartz monzonite to quartz monzodiorite dikes intruding andesitic volcanic and volcaniclastic host rocks. A single, thicker “Central Porphyry” dike occurs within the central portion of the Liard Zone. The porphyritic dikes are spatially associated with potassic alteration, increased density of quartz-sulphide veins and vein stockworks and a zone of elevated Cu-Au grades. The most intense alteration and highest copper grades commonly occur in the host rock immediate adjacent to the porphyry dikes. Chalcopyrite, bornite, and pyrite also occurs as disseminations in the host rocks and the porphyry dikes. Three styles of vein-hosted mineralization (Cu-Au-Mo) with no preferred trend, occur in the Liard Zone and have associated K-feldspar and epidote alteration assemblages. The boundaries of the Liard Zone are defined by faults in most directions.

The Paramount Zone comprises an elongate, multi-phase igneous-hydrothermal, north-northwest trending breccia body emplaced into quartz monzonite and andesitic volcanic host rocks. High-grade mineralization occurs within the breccia body and extends up to 200 meters (“m”) into the quartz monzonite hanging wall and, to a lesser extent, into the footwall andesitic volcanic rocks. Mineralization in the Paramount Zone consists of quartz-sulphide stockwork, outside of the breccia body and three styles of mineralization within the breccia body. Potassic alteration intensity, vein density, and vein thickness all increase towards the breccia zone. A sulphide zonation (from chalcopyrite &#62; pyrite, to chalcopyrite &#62; bornite, to bornite &#62; chalcopyrite) is apparent outside of the breccia body and extends inwards. Molybdenite occurs throughout the Paramount Zone. The mineralization in the Paramount Zone is open at depth and to the south, towards the West Breccia Zone.

The West Breccia Zone comprises an elongated, north-northwest trending hydrothermal breccia body that has been emplaced into andesitic volcanic and volcaniclastic rocks. The breccia has a strike length of approximately 500m and extends at least 200m below surface. The West Breccia Zone is like the Paramount Zone breccia and comprises different styles of mineralization dominated by low to medium-temperature breccia mineralogy. The mineralization assemblages in the West Breccia Zone include (1) Cu-Mo-Au (2) Cu-Mo and (3) high-grade Cu-Mo-Au. The boundaries of the West Breccia Zone are poorly constrained, and the breccia remains open to the north and south.

Resource Estimate MethodologyExploration Data AnalysisThe exploration data and analytical database was verified by preparation and review of histograms, scatter plots, sample statistics, mean versus standard deviation plots and spatial review of mineralization patterns. Leapfrog Geo v6.0.3 and Leapfrog Edge software was used to complete the resource estimate and review of the sampling data and the resulting block estimates.

DomainsThe twenty-two estimation domains are labelled with a four-digit code denoting lithology, structural block, and sequence number. Copper, gold, molybdenum, and silver were estimated within these domains. The Domains were verified for geometric and logical integrity and consolidated to reflect similar variography. The estimate was compared to the 2018 SCJV resource modelling and the resource estimate previously completed by Tetra Tech.

Domain Estimation BoundariesContact analysis and structural context were used to determine which domains could be combined for resource estimation and whether hard or soft boundaries should be used. Sixteen domains were estimated using ‘hard boundaries” (using only data from within the relevant domain). Six domains were estimated using ‘soft boundaries” (inclusion of limited additional samples outside the relevant domain).

DensityBulk density was applied to the model by assigning the average value of 2.69 g/cm3 for all domains except overburden (domain 1000), which has an assigned bulk density of 2.0 g/cm3.

Grade Outlier RestrictionStatistical analysis of the drill hole assay data indicates the need to limit the influence of select high grade samples in the estimates. Threshold values were determined by analysis of composites distribution using histograms and mean variance plots for each grade estimation domain. Composite grades that exceeded the threshold values identified from the statistical analysis were reduced to the threshold for estimation purposes.

CompositesThe drill core had been most frequently sampled at 3m or 2m intervals, with shorter intervals having been sampled at geological boundaries. For the purposes of the resource estimate, the data were composited to 6m intervals, broken at geological boundaries. Short residual samples (&#60;3m) at the base of the domains were merged with the composite sample above to homogenize sample support.

VariographyVariogram modelling was undertaken using Leapfrog Edge. Variograms were modelled for copper, molybdenum, silver, and gold using normal scores transformed data to reduce the masking effects of extreme values. Traditional variograms with a nugget effect and up to two spherical models were used to model the data in all cases. Nugget values were estimated using the downhole variogram, with 6m lag spacing to match the composite length. Lag spacing for the directional variograms was generally set to multiples of the 6m composite length and the angular tolerance was adjusted where necessary to develop experimental variograms. The direction of continuity varies by domain. Variograms were modelled with a nugget and either one or two spherical structures.

A local orientation model for variography and search was developed from the orientations of the copper variogram models. The orientations of the variogram models were used to build smoothed and nested form interpolants in Leapfrog Geo. The orientations of these form interpolants were projected as meshes to each block in the block model and used to orientate the search and variogram ellipsoids to improve conformance to local spatial grade patterns.

Estimation Interpolation MethodsCopper, molybdenum, silver, and gold were estimated using ordinary kriging (OK) with inverse distance and nearest neighbour estimates generated for validation. Locally oriented search ellipses for copper, molybdenum, silver, and gold interpolation with search ranges of twice the maximum ranges of the modelled variograms were applied. A block discretization of 5 x 5 x 3 (X, Y, Z) points was used. Blocks were estimated in one pass using a minimum of 3 and a maximum of 7 composites with a maximum of 3 composites per drill hole and thus a minimum of 3 drill holes to estimate a block.

Block ModelThe model has a parent block size of 20 x 20 x 15m and 5 x 5 x 5m sub-blocks to preserve volumes of complex domain shapes. Solids of the domains were created and used to code the block model and control the sub-blocking.

Block Model ValidationSeveral validation techniques have been utilised to ensure that the estimates are reasonable. Swath plots comparing composite grade to the kriged estimate in corridors in the X, Y and Z directions were completed. Comparison was also made with inverse distance to the second power (ID2) estimates and nearest neighbour (NN) estimates (representing declustered composite grades). Visual comparisons on section and in plan and comparison of grade-tonnage curves for the kriged estimates and the previous mineral resource estimates and the inverse distance estimates were also completed.

Altus Strategies closes $13.35M financing

Altus Strategies PLC has conditionally raised 7.70 million pounds sterling/$13.35-million (before expenses) by way of an oversubscribed placing and subscription of 10,266,668 new ordinary shares at an issue price of 75 pence/$1.30 per share, with existing and new institutional and private investors.

Highlights:Completion of over-subscribed Fundraising raising pounds sterling7.70 million / C$13.35 millionStrategic investor La Mancha has subscribed for 35.43% of the FundraisingFundraising has attracted new institutional and family office investors to the share registerAltus Directors and PMDRs participated in the FundraisingNet proceeds primarily used to accelerate gold exploration programmes in Egypt and MaliShard Capital Partners LLP appointed as joint broker

Steve Poulton, Chief Executive of Altus, commented:

&quot;We are delighted to announce the completion of this oversubscribed Fundraising, raising a total of pounds sterling7.70 million / C$13.35 million at pounds sterling0.75 / C$1.30 per share. The Fundraising was cornerstoned by our strategic shareholder La Mancha, subscribing pro rata to its 35.43% shareholding. Following the completion of the Fundraising, Altus has a strong balance sheet, comprising approximately pounds sterling12.5 million / C$21.6 million in cash and pounds sterling1.5 million / C$2.6 million in listed equities.

&quot;Altus is a mining royalty generator which has assembled and is continuing to aggressively grow a strong and diversified portfolio of high quality and strategically located gold and base metal project and royalty interests across Africa. The net proceeds from this Fundraising will be used to aggressively accelerate our exploration programmes primarily in Egypt and Mali, as well as enable us to consider potential project and royalty acquisition opportunities.

&quot;With this Fundraising we are also delighted to have strengthened our shareholder base with a number of notable institutions, family offices and private investors who share our vision. The Board of Altus welcomes these shareholders to the Company and thanks all of its shareholders for their continued support.&quot;

Details of the Fundraising

The Fundraising was cornerstoned by the Company’s largest and strategic shareholder La Mancha Holding S.a r.l. (&quot;La Mancha&quot;) and included participation by certain Directors and Persons Discharging Managerial Responsibilities (&quot;PDMR&quot;). The Fundraising was led by joint brokers SP Angel Corporate Finance LLP (&quot;SP Angel&quot;) and Shard Capital Partners LLP (&quot;Shard&quot;).

The Issue Price represents a discount of approximately 8.0 per cent. to the closing mid-market AIM price of pounds sterling0.815 / C$1.41 on Friday 19 March 2021, being the last trading day prior to the release of this announcement of the Fundraising. The new Ordinary Shares will represent approximately 12.77 % of the Company&#39;s enlarged issued share capital on Admission.

The Fundraising is conditional, amongst other things, on the admission of the new Ordinary Shares to trading on the AIM market of the London Stock Exchange (&quot;Admission&quot;) and approval of the TSX Venture Exchange (&quot;TSX-V&quot;). Application has been made to the London Stock Exchange for 10,266,668 new Ordinary Shares to trading on AIM and it is expected that Admission and dealings in these new Ordinary Shares will commence on AIM at 8.00 a.m. on, or around, Wednesday 24 March 2021.

The Ordinary Shares issued to La Mancha and the Altus directors and officers participating in the Fundraising, as described below, will be subject to a TSX-V four-month hold period and the Ordinary Shares issued to Canadian investors will be subject to a Canadian regulatory four-month hold period. The hold periods will expire on Monday 26 July 2021.

Details of Director and PDMR subscriptions

Details of Director and PDMR subscriptions in the Fundraising are outlined in the table below:

                                    New Ordinary Shares                 following                  % holding
Director        Position            being subscribed                    Admission        following Admission

Steven Poulton  CEO & Director      37,061                              5,757,061                       7.16
Matthew GraingerExecutive Director  13,333                              2,098,899                       2.61
Alister Hume    Business Development7,000                               7,000                           0.01
Richard Belcher VP Exploration      6,666                               6,666                           0.01
Will Slater     VP Operations       6,000                               222,104                         0.28

Related Party Transaction

La Mancha, as a substantial shareholder, is a &quot;related party&quot; pursuant to the AIM Rules for Companies and Canadian Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (&quot;MI 61-101&quot;). Accordingly, La Mancha&#39;s subscription in the Fundraising constitutes a related party transaction pursuant to AIM Rule 13 and MI 61-101 (&quot;Related Party Transaction&quot;). The subscriptions by the five Altus Directors and Officers also constitute Related Party Transactions under MI 61-101.

The Directors of the Company, excluding Karim Nasr (being the board representative of La Mancha) and those Directors participating in the Fundraising, having consulted with SP Angel Corporate Finance LLP, consider that the terms of the Related Party Transaction are fair and reasonable insofar as the shareholders of the Company were concerned.

A Material Change Report was not filed at least 21 days before the closing of the Fundraising as required by MI 61-101 as there was insufficient time to file the Report before closing. The Related Party Transactions are exempt from (i) the formal valuation requirements of MI 61-101 as the Ordinary Shares are not traded on any of the stock exchanges prescribed by MI 61-101 and (ii) the minority shareholder requirements of MI 61-101 as the Fundraising does not exceed 25% of the Company&#39;s market capitalisation.

Use of Proceeds

The net proceeds of the Fundraising (approx. pounds sterling7.58 million / C$13.14 million) are to be used as follows: pounds sterling2.00 million / C$3.47 million – Egypt exploration programmes pounds sterling2.00 million / C$3.47 million – New royalty or project acquisitions pounds sterling0.80 million / C$1.38 million – up to 10,000m of drilling planned for Q2 2021 and a Preliminary Economic Assessment at the Diba gold project in Mali pounds sterling2.78 million / C$4.82 million – General working capital

Total Voting Rights

Following Admission, there will be a total of 80,384,269 Ordinary Shares in issue (issued), none of which are held in treasury. Shareholders should use that number as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA&#39;s Disclosure Guidance and Transparency Rules.

No offer or solicitation

This Announcement is for information purposes only and does not constitute an invitation to any person to purchase or subscribe for shares in the Company or any other securities or engage in any form of investment activity. This Announcement is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or within the United States of America its territories and possessions, any state of the United States or the District of Columbia (collectively, the &quot;United States&quot;), Australia, Japan, New Zealand or the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

This Announcement is directed only at persons in member states of the European Economic Area (&quot;EEA&quot;) who are &quot;qualified investors&quot; (&quot;Qualified Investors&quot;) within the meaning of Article 2(e) of Regulation (EU) 2017/1129, which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the &quot;Prospectus Regulation&quot;). In addition, in the United Kingdom, this Announcement and any offer if made subsequently is directed only at Qualified Investors, who are also (i) persons who have professional experience in matters relating to investments falling within the definition of &quot;investment professionals&quot; in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &quot;Order&quot;), (ii) high net worth entities falling within Article 49(2) of the Order or (iii) other persons to whom it may lawfully be communicated (all such persons together being referred to as &quot;relevant persons&quot;). This Announcement must not be acted on or relied on (i) in any member state of the European Economic Area, by any person who is not a Qualified Investor (ii) in the UK, by any person who is not a relevant person.

The Fundraising does not constitute a public offer of securities and accordingly no offer document, prospectus or admission document has been or will be approved by the FCA in relation to the Fundraising.

Nighthawk Gold arranges $10.95-million financing

Nighthawk Gold Corp. has entered into an agreement with a syndicate of underwriters led by Scotiabank, pursuant to which the underwriters have agreed to purchase 2.55 million units, 865,000 flow-through units and 5.75 million premium flow-through units on a bought deal private placement basis for aggregate proceeds of approximately $10.95-million.

The Units will be sold at a price of $0.96 per Unit, the FT Units will be sold at a price of $1.15 per FT Unit, and the Premium FT Units will be sold at a price of $1.305 per Premium FT Unit. Each Unit will be comprised of one non flow-through common share and 0.4 of one common share purchase warrant (each whole warrant, a &quot;Warrant&quot;). Each FT Unit will be comprised of one flow-through common share and 0.4 of one Warrant. Each Premium FT Unit will be comprised of one flow-through common share and 0.4 of one Warrant. The common share component of both the FT Units and the Premium FT Units will qualify as &quot;flow-through shares&quot; within the meaning of the Income Tax Act (Canada). Each Warrant shall entitle the holder thereof to acquire one common share at a price of $1.35 until the date that is 24 months following the closing date of the Offering.

The net proceeds from the sale of the Units will be used for general and administrative expenses and the gross proceeds from the sale of the FT Units and Premium FT Units will be used for exploration expenditures on Nighthawk’s Indin Lake Gold Property located in Canada&#39;s Northwest Territories, including the Company&#39;s previously outlined drilling targets focused on mineral resource expansion opportunities and greenfield targets to identify new, near-surface mineralization proximal to the main Colomac Deposit (see press release dated March 1, 2021).

Keyvan Salehi, President and CEO commented, &quot;The size and quality of our land position provides us with a very strong footprint in Canada&#39;s Northwest Territories. We see a tremendous opportunity given the prospective nature of the Indin Lake Gold Property, a vastly underexplored Archean gold camp. This round of financing allows us to advance a number of our targets including known deposits that will be explored in an effort to expand the in-pit mineral resources, and to conduct significant testing at a select group of greenfield targets to support our goals of substantially increasing the global mineral resource base. With the continued support from our key shareholders led by Northfield Capital and Kinross Gold Corporation, we look forward to an exciting year as we prepare to commence drilling this month.&quot;

The Offering is expected to close on or about April 13, 2021, or such other date as agreed between the Company and the underwriters, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Toronto Stock Exchange.

It is anticipated that insiders of the Company may participate in the Offering. By virtue of their participation, the Offering would constitute a &quot;related party transaction&quot; under applicable securities laws. The Company expects to release a material change report including details with respect to the related party transaction less than 21 days prior to the closing of the Offering, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Offering in an expeditious manner. As the related party transaction will not exceed specified limits and will constitute a distribution of securities for cash, it is expected that neither a formal valuation nor minority shareholder approval will be required in connection with the Offering.

Metals Update 17/03/2021

Tinka drills 9.1 m of 20.1% Zn at Ayawilca

Tinka Resources Ltd. has released new assay results for six diamond drill holes from the company’s 2020/2021 resource expansion and infill drill program at the Ayawilca project in Peru. Four holes are located at the Camp area (A20-180, 181, 182 and 183) and two holes at the South area (A21-185 and 187). The two holes at South Ayawilca intersected high-grade zinc-silver mineralization associated with massive sulphide mineralization over substantial widths and are expected to expand the indicated mineral resources at the project. Tinka has drilled approximately 7,600 metres in 21 completed holes during the 2020/2021 program. The company is compiling the drill data and completing geological interpretations in preparation for an updated mineral resource and preliminary economic assessment (PEA) scheduled for the middle of 2021. Assay results for the final four drill holes are still pending.

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Altus consultant completes Bikoula strategic review

A strategic review by independent consultants Mining Plus U.K. Ltd. has been completed on Altus Strategies PLC’s 97-per-cent-owned high-grade Bikoula iron project, located in southern Cameroon. The Strategic Review will be used to determine the next steps for the development of the Project.

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Canada Nickel accelerates expiry of warrants

Canada Nickel Company Inc. is accelerating the expiry date of its common share purchase warrants issued on Sept. 30, 2020, under the warrant indenture between TSX Trust Company and the company. Each of the warrants entitles the holder thereof to acquire one common share of the Company at a price of $2.10 per common share. As of March 16, 2021, 1,822,750 of the original 2,675,000 Warrants issued remain outstanding to be exercised.

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Kootenay Trenches 33.0 Meters of 2.67 gpt Gold Including 9.0 Meters of 5.29 gpt Gold at Male Gold Project, Mexico

VANCOUVER, BC, March 17, 2021 /CNW/ – Kootenay Silver Inc.  (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce the discovery of significant gold on its 100% owned Maria Elena gold project (“Male” or the “Property”), located approximately 100 kilometers south east of the city of Hermosillo in Sonora State, Mexico.

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Frontier Lithium Welcomes former Chief Bart Meekis to its Board of Directors

SUDBURY, ON, March 17, 2021 /CNW/ – Frontier Lithium Inc. (TSX.V: FL) (OTCQB: LITOF) (FSE: HL2) (“Frontier” or “the Company”) is honoured to announce former Chief of Sandy Lake First Nation, Bart Meekis will be joining the Board of Directors.  Bart Meekis is a member of the Oji-Cree First Nation of northwestern Ontario and resides in Sandy Lake, Ontario. Mr. Meekis previously served 16 years on the Sandy Lake First Nation council, including 4 years as Deputy Chief and 6 years as Chief. 

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FPX Files Amended PEA Technical Report

VANCOUVER, BC, March 17, 2021 /CNW/ – FPX Nickel Corp. (TSXV: FPX)(“FPX” or the “Company“) announces that, further to its news release dated September 9, 2020 and review by the British Columbia Securities Commission, it has filed an amended preliminary economic assessment (“PEA”) technical report (the “Amended Report”) for the Baptiste Project at its wholly-owned Decar Nickel District in central British Columbia.  The amendment has not impacted the material components of the PEA, notably resources, metallurgy, mine plan, cost estimates, economic analysis and environmental matters. 

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Southern Silver Reports on Recent Property and Corporate Matters

The Company is doubling the size of the current drilling program on the Cerro Las Minitas Ag-Pb-Zn project from an initial 10,000 metre program to a 20,000 metre program. Drilling will continue with two drills targeting the east side of the Cerro where to date three near-surface sulphide lenses with Bonanza-grades of silver have been identified. Shallow oxide Au-Ag mineralization has also been confirmed in the Mina La Bocona area. Mineralization in all of these new target areas is separate from the existing mineral resources. The current program has completed 28 core holes totaling 12,040 metres since restarting drilling in September 2020. Assay results from 11 drill holes are pending and are anticipated over the coming weeks.

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HPQ-Silicon Resources begins trading on OTCQX

HPQ-Silicon Resources Inc.’s common shares are now trading on the OTCQX Best Market under the ticker symbol of HPQFF. The OTCQX Best Market is the highest market tier of OTC Markets, which operates financial markets for 11,000 U.S. and global securities. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. HPQ common shares will continue to trade on the TSX Venture Exchange under the symbol HPQ, and on the Frankfurt Stock Exchange under the symbol UGE.

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Excellon Resources loses $16.02-million in 2020

Excellon Resources Inc. has released financial results for the three-month and 12-month periods ended Dec. 31, 2020.

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Metals Update 16/03/2021

OTC Markets Group Welcomes HPQ-Silicon Resources Inc. to OTCQX

NEW YORK, March 16, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced HPQ-Silicon Resources Inc. (TSX-V: HPQ; OTCQX: HPQFF), a Canadian-based company that offers innovative silicon (Si)-based solutions, has qualified to trade on the OTCQX® Best Market. HPQ-Silicon Resources Inc. upgraded to OTCQX from the Pink® market.

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Troilus Gold drills nine m of 3.65 g/t AuEq at Troilus


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Almaden Minerals Ltd. Announces US$10.3 Million Registered Direct Offering

VANCOUVER, British Columbia, March 16, 2021 (GLOBE NEWSWIRE) — Almaden Minerals Ltd. (NYSE American: AAU; TSX: AMM) (“Almaden”, “AAU” or “the Company”), today announced that it has entered into definitive agreements with institutional investors for the purchase and sale of 15,846,154 shares of its common stock and common stock warrants to purchase up to 7,923,077 shares of common stock at a combined purchase price of US$0.65 per share for aggregate gross proceeds of US$10.3 million in a registered direct offering. The common stock warrants will be immediately exercisable, have an exercise price of US$0.80 per share and will expire three years from the date of issuance. The closing of the offering is expected to occur on or about March 18, 2021, subject to the satisfaction of customary closing conditions.

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Altus Strategies receives $22,500 from warrant exercise

Altus Strategies PLC has issued 20,000 ordinary shares of five pence par value each following the exercise of warrants at an exercise price of $1.125 (approximately 0.64 pound sterling) per warrant for gross proceeds of $22,500 (approximately 13,000 pounds sterling).

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TriStar Doubles Indicated Resources as Drilling Continues at Castelo de Sonhos

Scottsdale, Arizona–(Newsfile Corp. – March 16, 2021) – TriStar Gold Inc. (TSXV: TSG) (OTCQX: TSGZF) (the Company or TriStar) is pleased to announce an interim mineral resource estimate for the Castelo de Sonhos gold project in Pará State Brazil. This model incorporates new information available at the end of 2020; drilling is still ongoing so an updated estimate will be completed in the upcoming months to be used in the prefeasibility study. The interim estimate shows that the CDS Project now has:

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Japan Gold drills 0.35m of 21.7 g/t Au at Ohra-Takamine

Japan Gold Corp. has provided the results of the three scout drill holes completed at its Ohra-Takamine project in southern Kyushu. Drilling encountered narrow high-grade gold vein intercepts below the Urushi mine and multiple gold-anomalous sheeted quartz vein zones below the Ohra mine workings.

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Dynacor Announces February 2021 Sales of US$11.9 Million (Unaudited) (C$15.1 Million) a 105% Year Over Year Increase

MONTREAL, March 16, 2021 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announced US$11.9 million (unaudited) (C$15.1 million) in sales for February 2021 compared to US$5.8 million (unaudited) (C$7.7 million) in February 2020, a 105% increase. 

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HPQ-Silicon Resources begins trading on OTCQX

HPQ-Silicon Resources Inc.’s common shares are now trading on the OTCQX Best Market under the ticker symbol of HPQFF. The OTCQX Best Market is the highest market tier of OTC Markets, which operates financial markets for 11,000 U.S. and global securities. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. HPQ common shares will continue to trade on the TSX Venture Exchange under the symbol HPQ, and on the Frankfurt Stock Exchange under the symbol UGE.

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Roscan Gold Corporation Announces Pricing of Over Subscribed Overnight Marketed Public Offering

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Roscan Gold Corporation (TSXV:ROS) (“Roscan” or the “Company”) is pleased to announce that, in connection with its previously announced overnight marketed public offering (the “Offering”), it has determined to offer and sell 35,714,500 common shares (“Common Shares”) at a price of $0.42 per Common Share (the “Issue Price”) for aggregate proceeds of approximately $15,000,090 (the “Offering”). Closing of the Offering is expected to occur in early April, 2021 and is subject to regulatory approval, including that of the TSX Venture Exchange.

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