Barksdale Resources Corp. (TSXV: BRO) ("Barksdale" or the "Company") is pleased to announce that Teck Resources Limited ("Teck"), a large shareholder of the Company and one of Canada's leading mining companies, has elected to exercise its pro-rata equity participation rights and will subscribe for 550,000 units (the "Units") for gross proceeds of $264,000 ("Financing"). The Units have identical terms to the financing that closed on September 21, 2022. Each Unit consists of one share and one-half (12) of one transferable share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at $0.72 for a period of three years. Following the Financing, Teck will hold approximately 9.9% of Barksdale's equity on a partially diluted basis.
Barksdale Resources (TSXV:BRO,OTCQX:BRKCF),OTCQX:BRKCF) focuses on the acquisition and exploration of highly prospective mineral properties in Arizona and Mexico. Barksdale resources' assets are located in high-value mining districts. The company spent years developing a loyal following, including key shareholders such as Teck Resources (TSX:TECK.A,NYSE:TECK) and Osisko Development Corp (TSX:ODV).
The company's flagship Sunnyside project in the Patagonia mining district of southern Arizona has seen a significant mineral discovery as well as US$1.6 billion of M&A since 2018. Barksdale is now the second largest mineral claim holder in the area behind South32 (ASX:S32), and controls five projects including Sunnyside, San Antonio, Four Metals, Goat Canyon and Canelo. Barksdale has received the exploration permit for San Antonio, and is actively advancing exploration drill permits so that it can fully explore its Sunnyside project, where the company hosts a large copper porphyry and the extension of South32’s Taylor deposit.
Company Highlights
- Barksdale Resources CEO Rick Trotman has successfully acquired and integrated world-class properties; his integral experience and reputation has allowed him to recruit industry leaders and partners.
- Barksdale currently operates five key projects: Sunnyside, San Antonio, Goat Canyon, Canelo and the Four Metals projects in the Patagonia district, Arizona, as well as the San Javier project in Sonora, Mexico.
- Arizona is the heart of copper production in the US – 68 percent of all copper mined in America comes from Arizona. Most notable are the significant porphyry copper deposits found in Southern Arizona.
- Barksdale is actively permitting the Sunnyside project for exploration. The plan is to drill Sunnyside and San Antonio in tandem in Q1 2023.
- Teck Resources, US Global and Osisko Development Corp are key shareholders, with approximately 25 percent combined ownership
- Barksdale is actively reviewing and qualifying other properties as an ongoing strategy to increase shareholder value.
This Barksdale Resources Corp. profile is part of a paid investor education campaign.*
Barksdale Resources Corp.
Overview
Barksdale Resources (TSXV:BRO,OTCQX:BRKCF) is a Canadian exploration company focused on the acquisition and exploration of highly prospective mineral properties in Arizona and Mexico. The company’s assets are centered in high-value mining districts where discovery and future consolidation potential is strong. Barksdale has spent years developing a loyal following, including key shareholders such as Teck Resources (TSX:TECK.A,NYSE:TECK) and Osisko Development Corp (TSX:ODV).
Barksdale’s flagship asset is the Sunnyside project, within a portfolio of five projects located in the Patagonia mining district of southern Arizona, which has seen a significant mineral discovery as well as US$1.6 billion of M&A since 2018. Following years of consolidation, Barksdale is now the second largest mineral claim holder in the area behind South32 (ASX:S32), and controls five projects including Sunnyside, San Antonio, Four Metals, Goat Canyon and Canelo. Barksdale has received the exploration permit for San Antonio, and is actively advancing exploration drill permits so that it can fully explore its Sunnyside project, where the company hosts a large copper porphyry and the extension of South32’s Taylor deposit.
Barksdale has completed its first drilling campaign at San Javier, an advanced copper-gold project in central Sonora, Mexico. The project is located within a kilometer of both the national highway and power grid and is less than a two-hour drive from the state capital of Hermosillo. With over $10 million of historical work including 30,000 meters of drilling conducted, Barksdale is now in the process of updating the resource estimate and a subsequent PEA to fast-track their San Javier project.
Copper is a key element in the manufacturing of many electrical products used across the world today. With increasing interest in renewable resources, which heavily depend on copper for the transmission of electricity, the demand for this resource only stands to increase. Barksdale’s portfolio of assets deliver investors catalysts at every stage of the copper mining life cycle from discovery, exploration and near term production.
Company Highlights
- Barksdale Resources CEO Rick Trotman has successfully acquired and integrated world-class properties; his integral experience and reputation has allowed him to recruit industry leaders and partners.
- Barksdale currently operates five key projects: Sunnyside, San Antonio, Goat Canyon, Canelo and the Four Metals projects in the Patagonia district, Arizona, as well as the San Javier project in Sonora, Mexico.
- Arizona is the heart of copper production in the US – 68 percent of all copper mined in America comes from Arizona. Most notable are the significant porphyry copper deposits found in Southern Arizona.
- Barksdale is actively permitting the Sunnyside project for exploration. The plan is to drill Sunnyside and San Antonio in tandem in Q1 2023.
- Teck Resources, US Global and Osisko Development Corp are key shareholders, with approximately 25 percent combined ownership
- Barksdale is actively reviewing and qualifying other properties as an ongoing strategy to increase shareholder value.
Key Projects
Sunnyside Project
The Sunnyside project is located in the Patagonia district of southern Arizona and is adjacent to South32’s development stage Hermosa project. The highly accessible project site covers approximately 21 square kilometers and hosts a large intrusive complex at its core. Historic drilling has indicated the presence of a large copper porphyry system at Sunnyside that also hosts associated skarn and manto mineralization that are rich in copper, lead, zinc and silver. Planned exploration of the project is expected to commence once exploration permits are obtained.
The Sunnyside project will likely prove to be one of the most exciting assets in Barksdale’s portfolio. The Sunnyside Porphyry was discovered by ASARCO in the 1970s and while looking for the edge of the porphyry the high-grade skarn system was discovered. Before Arizona Mining was purchased by South32, their drill rigs were systematically marching towards the property boundary where the high-grade discovery holes reside on the Sunnyside property. The Sunnyside porphyry itself sits entirely within the Barksdale claim position and is an incredible asset. Sunnyside is a site to watch for when the permit is granted.
Not only does the Sunnyside porphyry contain copper, it is also a major source of lead, zinc and silver. Seen in the above photograph are increasing levels of silver, copper and especially zinc, from TCH -1 and TCH -2 drill holes next to the property boundary. South32’s Hermosa project hosts one of the largest zinc deposits in the world, which sits next to Barksdale’s property.
San Javier Project
The San Javier project is located in Sonora, Mexico, approximately 125 kilometers east of the capital city of Hermosillo. The property consists of 12 distinct mineral concessions covering about 1,184 hectares of land. To date, multiple zones of copper mineralization have been identified. Due to the San Javier property’s lack of mining activities since 2008, Barksdale has a significant first-mover advantage for exploring the project and consolidating the district.
In addition to the oxide copper mineralization, highly prospective gold-dominant oxide and copper-gold sulfide mineralization at San Javier require additional investigation. Barksdale has completed a 5,000 m drill campaign at the project.
The San Javier project has shown mining and investor interest as multiple companies have previously explored the property, including Servicios Industriales Peñoles, Phelps Dodge, Outokumpu Oyj and Constellation Copper.
Historically, there has been roughly 30,000 meters of drilling completed in three separate zones, two of which are historically producing and contain high-grade copper and other precious metals. With these discoveries, San Javier has shown the potential to mimic the success of other high-profile copper mines in the area – the Sonora region is home to Cananea (Grupo Mexico, BMV: GMEXICOB), the largest copper mine in all of Mexico, and one of the largest in the world.
Barksdale’s objectives are clearly defined, and they are actively working on preparing an updated resource and subsequent PEA.
San Antonio Project
The San Antonio project is located in the Patagonia Mountains of southern Arizona. The company’s primary exploration focus at San Antonio is an untested, near-surface, blind porphyry copper target. Extensive geophysical research, including magnetics, IP, gravity and passive seismic have outlined a geophysical anomaly that has the hallmark signature of a porphyry copper deposit sitting beneath shallow, non-mineralized cover.
Barksdale has successfully obtained a drill permit on the San Antonio project, and intends to test the target in 2023.
With land for exploration spanning over 25.5 square kilometers, the project is favorably positioned in Patagonia’s rich mineral region and easily accessible to experienced workforces and necessary infrastructure.
The company owns 100 percent of the project, which was acquired from Teck Resources (TSX:TECK.A, NYSE:TECK).
Four Metals Project
The Four Metals project is situated on a 760-acre property surrounded by federal mineral claims held by South32. Like Barksdale’s other projects, this site is positioned in the Patagonia district of southern Arizona, approximately 4 kilometers south of the Sunnyside property.
The Four Metals property area covers the former Four Metals copper mine that has been past-producing and historically explored by several mining companies since the 1960s.
The mineralization also consists of supergene enriched chalcocite at the near-surface level, with a broad foundation of primary pyrite, chalcopyrite and molybdenite. Barksdale plans to test the Four Metals property further.
The company currently has an option to acquire a 100 percent interest in Four Metals from Minquest Ltd. and Allegiant Gold Corp.
Management Team
Rick Trotman - President & CEO
Rick Trotman is a professional geologist with a broad range of experience within the mining industry, having worked in both buy-side and sell-side positions and technically focused responsibilities with major mining companies. Trotman was previously with Resource Capital Funds, a leading mining-focused private equity firm. He was involved in executing a broad range of investments spanning the precious, base and minor metal spaces. Before Resource Capital Funds, Trotman worked as a mining industry equity research analyst in New York City and was an exploration geologist with leading gold producers such as Barrick Gold Corp, Meridian Gold Inc. and Yamana Gold Inc. in both the USA and Mexico. He holds a Master of Science in Economic Geology from the University of Nevada Reno and a Bachelor of Science in Geology from Washington State University.
Michael N. Waldkirch - CFO
Michael N. Waldkirch is a senior partner with the Public Accounting firm Michael Waldkirch and Company, Certified Public Accountants in Vancouver, BC. He has extensive experience in providing a wide variety of financial and business consultancy services to public and private companies. Waldkirch currently serves as the chief financial officer of TSX-listed Gold Standard Ventures. Waldkirch holds a Bachelor of Arts in Economics from the University of British Columbia and has been a certified public accountant since 1998.
Andrew Pooler - Senior Vice-President of Project Development
Andrew Pooler has more than 30 years of experience as a mining engineer and operations executive with numerous companies throughout the Americas. Pooler has had a tremendous track record of success that includes executive roles at Pan American Silver Corp, Esperanza Resources, Amax Gold Inc., Maritime Resources Corp, Abacus Mining and Exploration Corp, among others. He has extensive US and Latin American experience and has overseen the successful construction, expansion and/or operation of more than 16 mines, as well as completion of numerous technical and development studies. Pooler is also a current board member of the Colville Tribal Federal Corporation, a diversified company owned by the Confederated Tribes of the Colville Reservation in Washington state, a business that has more than 500 employees and over US$100 million in annual revenue.
Thomas Simpson – Senior Vice-President of Exploration
Thomas Simpson has more than 40 years of extensive mineral exploration and mining experience with base and precious metals in the US, Canada, Chile and Peru. Simpson has a strong track record of discovery, having successfully identified precious and base metal deposits in Canada and the US. His prior roles include Principal Geologist with Rio Tinto Exploration, Geology District Manager for Newmont Mining, and Exploration Manager for ASARCO, where he spent significant time exploring for copper porphyries in Arizona, including the Patagonia district where Barksdale’s key projects are located.
Terri Anne Welyki - Vice-President of Corporate Communications
Terri Anne Welyki has more than 15 years of experience working with public and private mining companies, including Calico Resources and EMC Green Group S.A. She has a broad knowledge of the mining industry, including financing, permitting and stakeholder management, and has worked across the United States, Peru and Canada.
Nancy Heiser - Director of External Relations
Nancy Heiser has many years of experience working in community and government relations in Southern Arizona. Heiser has extensive knowledge of stakeholder and constituent management as well as communications and public relations strategies. Before joining Barksdale, Heiser worked for Hudbay Minerals Inc. and led the community relations team for Congresswoman Martha McSally. Heiser’s background is in education with undergraduate and graduate programs in elementary and special education from Northern Arizona University.
Lewis Teal - Senior Consultant & QP
Lewis Teal is a certified professional geologist with more than 35 years of experience in minerals exploration spanning both North and South America. Lewis worked with Newmont Mining Corporation in various senior positions, including group executive at South American Exploration/Development from 2011 to 2015, director at South America Generative Exploration from 2006 to 2011, and exploration manager, Newmont – Minera Yanacocha from 2002 to 2006. Lewis holds a Master of Science in Economic Geology and a Bachelor of Science in Geology, both from the University of Texas at El Paso.
Peter Megaw - Senior Technical Advisor
Peter Megaw is a co-founder and chief exploration officer of Mag Silver Corp with more than 30 years of relevant experience focused on silver and gold exploration in Mexico. He has a Ph.D. in geology from the University of Arizona, and he is a registered certified professional geologist by the American Institute of Professional Geologists as well as an Arizona registered geologist. Megaw has been instrumental in several mineral discoveries in Mexico, including new ore bodies at existing mines such as Excellon Resources’ Platosa mine and MAG Silver’s Juanicipio and Cinco de Mayo properties. Megaw is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He is also the 2017 recipient of the prestigious Thayer Lindsley Award for mine finding from the Prospectors and Developers Association of Canada.
Strategic Shareholder Maintains Equity Ownership in Barksdale
The net proceeds from the Financing will be used to advance the Company's mineral projects and for general corporate and working capital purposes. The Company anticipates closing will occur on or around October 5, 2022 and all shares issued from the Financing are subject to a four month hold period from the closing date. The Financing is subject to approval of the TSX Venture Exchange. No fees were paid in connection with Teck's investment. Teck will maintain its pro-rata ownership participation rights for as long as it owns more than 5% of the outstanding common shares of Barksdale.
The Company also announces that further to its news release of September 6, 2022, it has received TSX Venture Exchange acceptance to the extension by a further four (4) months, the expiry date of a total of 7,597,836 share purchase warrants, issued September 29, 2020 and 690,790 share purchase warrants issued October 1, 2020 (collectively, the "Warrants") in connection with a non-brokered private placement. These aggregate 8,288,826 Warrants are exercisable into 8,288,826 common shares. They will remain at an exercise price of $0.55 per share and will expire on January 31, 2023.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, BC, that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources Corp
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" under applicable Canadian securities legislation including, but not limited to the Company's proposed use of proceeds from the Offering. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the continued spread of COVID-19, the ongoing war in Ukraine, rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Barksdale Closes Financing
Barksdale Resources Corp. (TSXV: BRO) (OTCQB: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has closed the non-brokered private placement financing announced September 6, 2022 ("Offering"). Due to excess demand, the Company increased the size of the Offering from the $2,000,000 originally announced and issued a total of 4,622,917 units (the "Units") at a price of $0.48 per Unit for gross proceeds of $2,219,000. Each Unit consisted of one common share and one-half (12) of one transferable share purchase warrant, each whole warrant entitling the holder thereof to purchase one common share at $0.72 for a period of three years.
Crescat Portfolio Management LLC ("Crescat"), a 10% insider of the Company and certain directors and officers of the Company (collectively "Insiders") participated in the Offering for a total of 2,151,251 Units, which participation constituted a "related party transaction" for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in completing the Offering with the Insiders on the basis that the fair market value of such participation was less than 25% of Barksdale's current market capitalization.
The net proceeds from the Offering will be used to advance the Company's mineral projects and for general corporate and working capital purposes. All shares issued to date under the Offering are subject to a four month hold period expiring January 22, 2023. In connection with the closing of the Offering, the Company paid finders' fees of $46,435.19 and issued 96,740 non-transferable finder's warrants to certain brokers in accordance with applicable securities laws. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of $0.72 for a period of three years.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, BC, that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" under applicable Canadian securities legislation including, but not limited to the Company's proposed use of proceeds from the Offering. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the continued spread of COVID-19, the ongoing war in Ukraine, rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Barksdale Announces Financing and Extension of Financial Instruments
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") announces that it intends to conduct a non-brokered private placement financing of 4,166,666 units (the "Units") at a price of $0.48 per Unit for gross proceeds to the Company of $2,000,000 (the "Offering"). Each Unit will consist of one common share of Barksdale (each a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.72 for a period of three years from the date of issuance. Crescat Capital LLC ("Crescat"), a significant shareholder of the Company, has committed $1,000,000 to the financing. In connection with the Offering, Barksdale has agreed to grant Crescat an equity participation right to maintain its pro-rata ownership in the Company for as long as it owns more than 2% of the outstanding common shares of Barksdale.
The proceeds of the Offering will be used to finance exploration activities at the Company's properties in Arizona and Mexico, as well as for working capital and general corporate purposes. Closing of the Offering is expected to occur on or about September 14, 2022 and will be subject to increase in the event Teck Resources Ltd. elects to exercise its equity participation rights in the Offering (see news release dated June 11, 2019). All securities issued by Barksdale will be subject to a minimum hold period of four months and one day and completion of the Offering is subject to customary closing conditions, including acceptance of the TSX Venture Exchange ("Exchange").
Rick Trotman, Barksdale's President and CEO, states, "As we near the end of our permitting endeavors in Arizona, we are very excited that our key shareholders have made the decision to increase their exposure to Barksdale. The next few months should be particularly exciting for the Company, which is why we've petitioned the Exchange to extend the soon to be expiring warrants until early next year to give our valued shareholders additional time to benefit from their patience and loyalty."
Extension of Warrants
The Company also proposes to extend by a further four (4) months, the expiry date of a total of 7,597,836 share purchase warrants, issued September 29, 2020 and 690,790 share purchase warrants issued October 1, 2020 (collectively, the "2020 Warrants") in connection with a non-brokered private placement. These aggregate 8,288,826 2020 Warrants are exercisable into 8,288,826 common shares and remain at an exercise price of $0.55 per share. The application to extend the expiry date on the 2020 Warrants is subject to the Exchange's acceptance, and the Company makes no assurances that the required acceptance for the extension of the term of the 2020 Warrants will be granted.
Convertible Debenture Extension
The Company has agreed to extend the maturity date of the secured convertible debenture ("Debentures") held by Delbrook Capital Advisors Inc. (see new release dated February 2022) by one year until December 31, 2023 and the conversion price has been increased to $0.55 per share from $0.45 per share. The Debentures have a remaining principal amount of $1,500,000 and all other terms of the Debentures remain unchanged.
Additionally, Delbrook and the Company have agreed to a debt for equity plan whereby $110,000 of accrued interest will be exchanged for Units at the same terms of the Offering. In exchange for extending the Debentures, the Company has agreed to an extension fee of 1,200,000 common share purchase warrants, exercisable at a price of $0.72 for a period of three years from date of issuance ("ExtensionWarrants"). The Debenture extension, extension fee, debt for equity plan, and increased conversion price are all subject to approval of the Exchange.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable securities legislation including, but not limited to, the ability of Barksdale to complete the full amount of the proposed Offering, the proposed use of proceeds from the Offering and receipt of regulatory approvals to the extension of warrants, extension of the Debenture with Delbrook, increased conversion price, debt for equity plan, or extension fee. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136026
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Barksdale Closes $1,750,000 Financing
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement of $1,750,000 secured convertible debentures (the "Debentures") arranged through Delbrook Capital Advisors Inc., an existing securityholder of the Company.
The Debentures bear interest at 10% per annum and are secured by a general security agreement over all of the present and after-acquired personal property of the Company as well as a pledge of shares over IC Exploration Ltd., a wholly owned subsidiary of Barksdale that holds the San Antonio, Goat Canyon, and Canelo properties in Arizona. The Debentures mature on December 31, 2022 and are convertible into common shares of the Company at any time prior to maturity at a conversion price of $0.45 per share. The Debentures and any common shares issuable upon conversion thereof are subject to a 4 month hold period expiring May 26, 2022.
The net proceeds of the private placement will be used for general corporate and working capital purposes.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C. focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This new release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION: This news release includes forward-looking statements and information under applicable securities legislation including, but not limited to, the proposed use of proceeds from the private placement. Such forward-looking statements and information reflect management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements and information. Readers are cautioned that such forward-looking statements and information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, market conditions, lack of available capital or financing, currency rate fluctuations, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, and volatile and uncertain equity, debt and capital markets. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all; market conditions; availability of financing; and economic activity in general. All forward-looking statements and information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements and information.Such information and statements are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Barksdale Intercepts 47m of 0.75% Copper and 39m of 0.61% Copper at San Javier in Sonora, Mexico
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce assay results from 8 additional drill holes from its Phase I, 5,000-meter drilling program at the Cerro Verde zone, San Javier project Sonora. These latest results continue to confirm continuity of drilled mineralization, as well as expansion of the mineralization footprint, including both oxide and sulfide copper.
Drilling Highlights:
- Drilling has continued to confirm and expand the footprint of the Cerro Verde zone with key results including 47m of 0.75% copper from 138-185m (SJ21-28) and 39m of 0.61% copper from 21-60m (SJ21-24), and 6m of 0.90% copper from 102-108m (SJ21-14).
- Oxide gold intercepts in hole SJ21-29, including 15m grading 0.73 g/t gold and 8m grading 0.84 g/t gold, have extended the gold bearing portion at Cerro Verde by approximately 60m to the south.
Rick Trotman, President and CEO of Barksdale commented, "The drill results continue to demonstrate that the Cerro Verde zone has significant shallow copper mineralization. The final results from the drilling program, which are primarily step-out holes to the west and south, are expected to be released within the next few weeks, at which point we can complete our resource estimation for Cerro Verde."
Drill Hole Discussion
Holes SJ21-27, SJ21-28 and SJ21-29 were drilled on the same section (Figure 1) with the goal of providing infill definition between existing sections spaced ~100m apart. Hole SJ21-27 intersected 13.5m meters of 0.35% copper oxide mineralization between 45 to 58.5m, at which point the hole was abandoned after encountering a 4.5m void from 58.5 to 63m. Hole SJ21-28 intersected extensive enriched and primary copper mineralization immediately above and at the supergene / primary boundary. The main copper intercept contained 47m of 0.75% copper from 138 to 185m. Additionally, the upper portion of hole SJ21-28 intersected three narrow oxide gold intercepts (with little copper) which included 0.54 g/t gold from 21-24m, 0.58 g/t gold from 36-39m and 0.39 g/t gold from 45-48m. Hole SJ21-29 results include four oxide gold intercepts including: 15m of 0.73 g/t gold between 21-36m, 9m of 0.41 g/t gold from 39-48m, 9m of 0.84 g/t gold from 51-60m and 3m of 0.58 g/t from 66-69m. These gold intercepts represent the projected southern extension of gold encountered in SJ21-05 (see the press release dated October 25, 2021).
Hole SJ21-24 and SJ21-25 were drilled on the same section (Figure 2) with the goal of infilling a 125m gap in historic drill data (SJ21-24) as well as to extend copper mineralization to the east (SJ21-25) in an area where steep topography did not allow for road construction. SJ21-24 intersected 39m grading 0.61% copper from 21-60m comprised of multiple zones of both oxide and sulfide mineralization. SJ21-25 was drilling shallowly to the east and was successful in extending mineralization by approximately 40m. Intercepts included 27m of 0.26% oxide copper from 24-51m, 12m of oxide copper from 78-90m, 33m of 0.28% mixed oxide/sulfide copper from 138-171m and 12m of 0.52% primary copper from 183 to the end of the hole.
Figure 1. Drill section highlighting copper and gold assay results from SJ21-27, SJ21-28, and SJ21-29. True widths are approximately 90-100% of drill intercepts.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_002full.jpg
Figure 2. Drill section highlighting copper and gold assay results from SJ21-24 and SJ21-25. True widths are approximately 40-70% of drill intercepts.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_003full.jpg
Figure 3. Plan view of the Cerro Verde zone showing the historic mineralization footprint, the extent of mapped oxidation at surface, and recently completed drilling by Barksdale. Mineralization remains open to the south, southeast, southwest, and northeast.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8531/110743_c1f4d13204a8cb1c_004full.jpg
Table 1. Significant Drill Hole Results (Copper above 0.20% and/or Gold above 0.20 g/t). True widths vary between 40-100% and average 80%.
| From | To | Interval | Cu | Au | Type of | |
| Hole | (m) | (m) | (m) | (%) | (g/t) | Mineralization |
| SJ21-14 | 102 | 108 | 6 | 0.90 | Oxide | |
| SJ21-23 | 12 | 30 | 18 | 0.38 | Oxide/Primary | |
| Including | 12 | 21 | 9 | 0.36 | Oxide | |
| 21 | 30 | 9 | 0.39 | Primary | ||
| SJ21-24 | 21 | 60 | 39 | 0.61 | Oxide/Primary | |
| Including | 21 | 27 | 6 | 0.61 | Oxide | |
| 27 | 36 | 9 | 0.84 | Primary | ||
| 36 | 39 | 3 | 1.26 | Oxide | ||
| 39 | 60 | 21 | 0.42 | Primary | ||
| and | 69 | 72 | 3 | 0.68 | Primary | |
| 78 | 81 | 3 | 0.20 | Primary | ||
| 108 | 111 | 3 | 0.26 | Primary | ||
| SJ21-25 | 24 | 51 | 27 | 0.26 | Oxide | |
| Including | 24 | 27 | 3 | 0.46 | 0.30 | Oxide |
| 33 | 36 | 3 | 0.23 | 0.25 | Oxide | |
| 45 | 51 | 6 | 0.30 | 0.28 | Oxide | |
| 54 | 60 | 6 | 0.06 | 0.83 | Oxide | |
| and | 72 | 75 | 3 | 0.22 | Oxide | |
| 78 | 90 | 12 | 0.48 | Oxide | ||
| 129 | 132 | 3 | 0.22 | Oxide | ||
| 138 | 171 | 33 | 0.28 | Oxide / Primary | ||
| Including | 138 | 147 | 9 | 0.43 | Oxide | |
| 147 | 162 | 15 | 0.22 | Primary | ||
| 162 | 171 | 9 | 0.25 | Oxide | ||
| 183 | 195 | 12 | 0.52 | Primary | ||
| SJ21-26 | 15 | 21 | 6 | 0.29 | Oxide | |
| 27 | 30 | 3 | 0.15 | 0.39 | Oxide | |
| 90 | 117 | 27 | 0.33 | Oxide / Primary | ||
| Including | 90 | 99 | 9 | 0.45 | Oxide | |
| 99 | 117 | 18 | 0.28 | Primary | ||
| 105 | 108 | 3 | 0.34 | 0.50 | Primary | |
| SJ21-27 | 15 | 18 | 3 | 0.02 | 0.80 | Oxide |
| 45 | 58.5 | 13.5 | 0.35 | Oxide | ||
| 58.5 | 63 | 4.5 | Void / No Sample | |||
| SJ21-28 | 21 | 24 | 3 | 0.03 | 0.54 | Oxide |
| 36 | 39 | 3 | 0.00 | 0.58 | Oxide | |
| 45 | 48 | 3 | 0.03 | 0.34 | Oxide | |
| 138 | 185 | 47 | 0.75 | Enriched / Primary | ||
| including | 138 | 150 | 12 | 1.00 | Enriched | |
| 150 | 162 | 12 | 0.36 | Primary | ||
| 162 | 180 | 18 | 0.95 | Enriched | ||
| 180 | 185 | 5 | 0.41 | Primary | ||
| SJ21-29 | 21 | 36 | 15 | 0.07 | 0.73 | Oxide |
| 39 | 48 | 9 | 0.02 | 0.41 | Oxide | |
| 51 | 60 | 9 | 0.02 | 0.84 | Oxide | |
| 66 | 69 | 3 | 0.01 | 0.58 | Oxide |
Quality Assurance and Quality Control
Drilling was completed using HQ size diamond drill core and core was logged by geologic consultants engaged by the Company. Drill holes were logged and marked for sampling prior to being sawn in half using a diamond blade saw, with one half of the sawn core being placed in a cloth sample bag, with a unique sample tag, while the second half was returned to the wooden core box for storage on site. Sample assays are being performed by Skyline Assayers & Laboratories, an accredited (ISO 9001) laboratory. Core samples are analyzed for total copper, acid soluble copper, cyanide soluble cooper, as well as well as a multi element ICP Analysis.
The analytical work has been and is subject to a QA/QC program that includes certified reference standards from OREAS North America. These standards are of similar composition to the rock types at San Javier. Several different standards are included in each batch of samples submitted to the lab. These controls are tracked to ensure the integrity of the assay data. Results are all within acceptable limits.
Table 3. Drill Hole Information
| Hole | Easting | Northing | Elevation | Depth | Azimuth | Dip | Status |
| SJ21-01 | 623292 | 3160798 | 942 | 100 | 0 | -90 | Metallurgical Hole |
| SJ21-02 | 623138 | 3160631 | 967 | 100 | 0 | -90 | Metallurgical Hole |
| SJ21-03 | 623140 | 3160622 | 967 | 90 | 180 | -45 | Metallurgical Hole |
| SJ21-04 | 623341 | 3160588 | 1007 | 61 | 0 | -90 | Metallurgical Hole |
| SJ21-04 | 623341 | 3160588 | 1007 | 201 | 0 | -90 | Extension of Met Hole (Previously Announced) |
| SJ21-05 | 623258 | 3160598 | 1006 | 260 | 90 | -72 | Previously Announced |
| SJ21-06 | 623258 | 3160602 | 1019 | 250 | 45 | -50 | Previously Announced |
| SJ21-07 | 623432 | 3160791 | 922 | 200 | 90 | -70 | Previously Announced |
| SJ21-08 | 623554 | 3160599 | 829 | 285 | 270 | -50 | Previously Announced |
| SJ21-09 | 623462 | 3160563 | 893 | 150 | 270 | -55 | Previously Announced |
| SJ21-10 | 623229 | 3160482 | 960 | 231 | 45 | -50 | Previously Announced |
| SJ21-11 | 623440 | 3160641 | 903 | 176 | 0 | -90 | Previously Announced |
| SJ21-12 | 623016 | 3160344 | 869 | 180 | 90 | -51 | Previously Announced |
| SJ21-13 | 623332 | 3160401 | 896 | 120 | 0 | -90 | Previously Announced |
| SJ21-14 | 623331 | 3160401 | 896 | 140 | 270 | -55 | Announced in this Release |
| SJ21-15 | 623129 | 3160534 | 931 | 155 | 90 | -59 | Previously Announced |
| SJ21-16 | 623529 | 3160750 | 820 | 52.5 | 270 | -51 | Previously Announced |
| SJ21-17 | 623529 | 3160750 | 820 | 55 | 0 | -55 | Previously Announced |
| SJ21-18 | 623435 | 3160408 | 873 | 60 | 0 | -90 | Previously Announced |
| SJ21-19 | 623435 | 3160408 | 873 | 80 | 245 | -55 | Previously Announced |
| SJ21-20 | 623533 | 3160852 | 768 | 170 | 270 | -45 | Previously Announced |
| SJ21-21 | 623533 | 3160852 | 768 | 30 | 0 | -45 | Previously Announced |
| SJ21-22 | 623655 | 3160882 | 698 | 30 | 225 | -50 | Previously Announced |
| SJ21-23 | 623584 | 3160911 | 771 | 30 | 260 | -55 | Announced in this Release |
| SJ21-24 | 623406 | 3161005 | 849 | 120 | 90 | -64 | Announced in this Release |
| SJ21-25 | 623602 | 3161009 | 786 | 195 | 90 | -55 | Announced in this Release |
| SJ21-26 | 623195 | 3160750 | 960 | 120 | 270 | -80 | Announced in this Release |
| SJ21-27 | 623200 | 3160549 | 969 | 63 | 0 | -90 | Announced in this Release |
| SJ21-28 | 623257 | 3160557 | 1009 | 185 | 0 | -90 | Announced in this Release |
| SJ21-29 | 623302 | 3160553 | 996 | 140 | 0 | -90 | Announced in this Release |
| SJ21-30 | 623352 | 3160556 | 1003 | 185 | 0 | -90 | Assays Pending |
| SJ21-31 | 623311 | 3160435 | 920 | 147 | 0 | -50 | Assays Pending |
| SJ21-32 | 623138 | 3160586 | 951 | 166.5 | 0 | -90 | Assays Pending |
| SJ21-33 | 623025 | 3160500 | 846 | 165 | 270 | -60 | Assays Pending |
| SJ21-34 | 623017 | 3160600 | 850 | 130 | 270 | -60 | Assays Pending |
| SJ21-35 | 623010 | 3160650 | 849 | 84 | 270 | -60 | Assays Pending |
| SJ21-36 | 623200 | 3160000 | 789 | 95 | 0 | -90 | Assays Pending |
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF Barksdale Resources CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable securities legislation including, but not limited to, the ability of Barksdale to verify or replace historic estimates at San Javier as current resources, the proposed technical and drill program at San Javier and the timing thereof, the prospective deposits, targets and mineralization at San Javier and the anticipated receipt and timing of necessary governmental or third party approvals and permits. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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NOVAGOLD Reports Third Quarter 2022 Financial Results
Advancing Donlin Gold to Prepare the Project for the Next Phase of Development; Robust Treasury of $132 Million in Cash and Term Deposits, with $25 Million of Receivables in 2023
- The 42,334-meter drill program is wrapping-up for the year. The joint release issued by NOVAGOLD, Barrick and Donlin Gold on July 28, 2022 reported further encouraging assays, with more high-grade gold intercepts that demonstrated good grade continuity. Additional results will be issued in the coming weeks.
- With Donlin Gold's largest budget in over a decade, our focus is on the path forward, subject to Donlin Gold LLC Board approval, toward the preparation of an updated feasibility study. To this end, the drill program is providing the data for the geologic modelling and interpretation work for the updated resource model while we engage in engineering studies, as well as pursue our comprehensive environmental and community relations activities.
- NOVAGOLD's strong cash position of $132 million as of August 31, 2022, with additional funds of $25 million due in July 2023 from Newmont Corporation, should be sufficient to advance Donlin Gold to a construction decision.
NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) today released its 2022 third quarter financial results and an update on its Tier One 1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick Gold Corporation ("Barrick").
Details of the financial results for the quarter ended August 31, 2022 are presented in the consolidated financial statements and quarterly report filed on Form 10-Q on October 4, 2022 that is available on the Company's website at www.novagold.com , on SEDAR at www.sedar.com , and on EDGAR at www.sec.gov . All amounts are in U.S. dollars unless otherwise stated.
In the third quarter 2022, the following milestones were achieved at Donlin Gold:
- The drill program wrapped-up with 141 holes and 42,334 meters completed for the year. The drilling focused on tight-spaced grid drilling and also included in-pit and ex-pit exploration. Additional assay results will be issued in the coming weeks, with the final results expected to be released by early 2023.
- On July 14, 2022, the Alaska Department of Environmental Conservation (ADEC)'s Commissioner granted the request for an adjudicatory hearing review on the State's Clean Water Act Section 401 certification of the Federal CWA Section 404 permit. The briefing process is underway, and we expect the hearing process to be completed in the next six months.
- Donlin Gold worked with our dedicated community partners in Alaska and in the Yukon-Kuskokwim (Y-K) region to execute the largest drill program at Donlin since 2007, while protecting the health and safety of Donlin Gold's employees and contractors. Most of the site crew for the program have been local hires from 24 different communities in the Y-K region.
- Donlin Gold continued its collaboration with Calista Corporation ("Calista") and The Kuskokwim Corporation ("TKC") in all aspects of outreach and engagement throughout the Y-K region in areas spanning education, health and safety, cultural traditions, and environmental initiatives, including:
- Creating a subsistence committee comprised of independent regional stakeholders with varying views on development initiatives in recent years;
- Signing two additional Shared Value Statements with villages in the Y-K region for a total of 11 to date (Akiak, Sleetmute, Kalskag, Napaimute, Crooked Creek, Napaskiak, Nikolai, Tuluksak, Stony River, Pilot Station, and Toksook Bay). These agreements comprise educational, environmental, and social initiatives to help support villages;
- Contributing to and participating in the fifth annual "In It for the Long Haul" Backhaul Project to collect, remove, and safely dispose of household hazardous and electronic waste from 30 remote villages throughout the Y-K region;
- Promoting and sponsoring youth education and health-focused activities in the Y-K region through "Alaska EXCEL", a non-profit organization providing life-changing educational and professional opportunities for rural Alaska students and young adults, as well as the Alaska School Activities Association; and
- Encouraging community well-being and cultural awareness across Alaska through the Bethel Community Services Foundation partnership and sponsorship of the Alaska Native Heritage Center.
- Calista and Donlin Gold continued their proactive, bipartisan outreach in Alaska and Washington, D.C. to highlight the thoroughness of the project's environmental review and permitting processes, as well as the benefits that the project would deliver to Native Alaskans.
________________
1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.
President's Message
Donlin Gold's Outstanding Drill Results and Engagement Activities Lay a Solid Foundation for the Path Forward
The NOVAGOLD management team's commitment to the Donlin Gold project has been unwavering for more than 10 years because we — and all our stakeholders — recognize the unique potential of this future operation. The extensive and cumulative work invested in the Donlin Gold project has substantially enhanced its value to Alaskans as well as our shareholders. It has also consistently validated the attractiveness of continuing to responsibly advance this excellent gold asset up the value chain. This year alone, the combination of an ambitious drill program with our geological modelling and interpretation work for the updated resource model, engineering studies, environmental activities, and vast community relations and government affairs efforts with our Native Corporation partners, Calista and TKC, have all contributed toward multiple achievements to date.
We refer to Donlin as "the gift that keeps on giving". Unsurprisingly, therefore, we continue to be most encouraged by the outstanding drill results of the ACMA and Lewis pits. The assay results released to date have returned significant high-grade intercepts and demonstrated good grade continuity. They shall further inform and support the global resource estimate, recent modelling concepts, and strategic mine planning work. Examples of high-grade drill-hole intercepts include DC22-2040 that intersected 52.27 m grading 14.63 g/t gold; drill-hole DC22-2040 that intersected 18.65 m grading 10.78 g/t gold; and drill-hole DC22-2056 that intersected 73.98 m grading 4.21 g/t gold. For a more extensive description of recent drill results, please refer to the joint release from NOVAGOLD, Barrick and Donlin Gold dated July 28, 2022.
With the receipt of these excellent results, the Donlin Gold LLC Board approved an increase in the 2022 drill program in the third quarter from 34,000 meters to 42,000 meters. The drilling at site recently wrapped-up with a total of 141 holes, which included an additional 43 holes and some 8,000 meters more than the original 2022 planned work. To date, the Donlin Gold project reported assay results for approximately 9,870 meters of the 2022 drilling program with additional assays expected to be released in the coming weeks and the final results by early 2023. The drill program included tight spaced grid drilling in structural domains, in-pit and below-pit exploration in sparsely drilled areas, platform mapping to further confirm mineralization continuity and key geological controls in representative areas of the deposit, waste rock facility condemnation drilling, and 14 geotechnical drill holes for the Alaska Dam Safety certificates. With this additional drilling, the Donlin Gold 2022 expenditures are now anticipated to stand at $64 million (of which NOVAGOLD's portion is 50%). The budget also supports the advancement of numerous environmental activities, and finances community and external affairs efforts.
The success of our drill program in the third quarter — and for the first nine months of the year — is due to the exceptional dedication of the Donlin Gold team in Anchorage and at site, the majority of which are local hires from 24 different communities in the Y-K region, who all share the goal of protecting the health and safety of their colleagues. That goal, both at NOVAGOLD and at Donlin Gold, is indeed our top priority.
As part of Donlin Gold's largest budget in over a decade, efforts in 2022 have focused on drilling to wrap-up the geologic modelling and interpretation work for an updated resource model, updating and advancing engineering studies, and continuing our extensive environmental and community relations activities, as together we determine the path forward toward an updated feasibility study, subject to a formal approval by the Donlin Gold LLC Board.
A Federally Permitted Project on Private Land with Excellent and Longstanding Native Corporation Partnerships
Permitting in Alaska has represented a substantial undertaking over several years — and in fact a tremendous achievement — to ensure a diligent, thorough, transparent, and inclusive process for all involved, including stakeholders from the Y-K region. Donlin Gold, working closely with its Native Corporation partners, provides support to the State of Alaska as authorities advance various permits and certificates required for the project.
For instance, Donlin Gold continues to support the ADEC in its efforts regarding the State's Clean Water Act (CWA) Section 401 certification (the "401 Certification") of the Federal CWA Section 404 permit. On July 14, 2022, the ADEC Commissioner granted the request for an adjudicatory hearing review related to potential water temperature effects in Crooked Creek. The briefing process is underway, and we expect the hearing process to be completed in the next six months.
The inherent value of having a federally permitted project on private land designated by law for mining should not be overlooked. As with all mining projects in the developed world, we have always prepared and organized ourselves for challenges. Our management team is intimately familiar with the processes that need to be followed. Donlin Gold and its owners, alongside the steadfast advocacy of Calista and TKC, shall continue to support the State in its defense of what constitutes an exceptionally thorough and diligent permitting process.
It should also be noted that all appeals challenging Donlin Gold permits to date have been unsuccessful, often multiple times. And we have confidence in the process. Nevertheless, objecting to mining happens to be a business in itself. On September 20, 2021, the Alaska Department of Natural Resources' (ADNR) issuance of the Right-of-Way (ROW) lease for the portions of the natural gas pipeline on State lands was separately appealed in Alaska Superior Court by two parties: (1) Earthjustice representing Orutsararmiut Native Council (ONC), the native villages of Eek, Chevak, and Kwigillingok, and Cook InletKeeper; and (2) Robert Fithian, an adventure business owner who operates near the ROW. The two appeals have now been consolidated into a single case that is pending before the Alaska Superior Court based in Anchorage, Alaska. Legal briefings are being prepared by the parties and we anticipate a decision on both appeals in 2023.
In 2021, the State of Alaska's issuance of water rights for the mine and transportation facilities was appealed to the Commissioner of the ADNR. On April 25, 2022, the ADNR Commissioner denied the appeal; however, Earthjustice, ONC and five villages appealed the Commissioner's decision in Alaska Superior Court on May 25, 2022. ADNR filed the Administrative Record with the Court on September 12, 2022, and the appellants are preparing their initial brief. A decision is expected in 2023.
Donlin Gold applied for a new air quality permit from ADEC, which is expected to be in place when the current permit expires in mid-2023. The Donlin Gold air quality permit renewal is required in order to ascertain that emissions controls reflect best technology and to re-confirm that air quality standards will be met. A draft permit is expected to be issued for public comment by the end of 2022. Donlin Gold is also preparing an updated Alaska Pollutant Discharge Elimination System application for a regularly scheduled renewal by ADEC, for which we anticipate a decision by mid-2023. Furthermore, Donlin Gold is working with Calista, TKC, ADNR, and the U.S. Bureau of Land Management on re-locating easements and public ROWs in the project area. ADNR issued the proposed re-location plan for public comment in the summer of 2022 and a final decision is expected to be announced by the end of the year. Lastly, the field work related to the issuance of the Alaska Dam Safety certificates resumed during the third quarter of 2022.
Extensive Engagement in Partnership with Regional Stakeholders… With Consistent, Long-Term Support from Alaska's U.S. Senators for the Donlin Gold Project
Donlin Gold is enormously fortunate to enjoy time-tested partnerships with Calista and TKC, owners of the mineral and surface rights, respectively. Donlin Gold's location on private land specially designated for mining activities following the 1971 Alaska Native Claims Settlement Act (ANCSA) represents a key differentiating factor from most other mining assets in Alaska. We deeply appreciate the critical value of having engaged Native Corporation partners and meaningful Tribal input that provide valuable insight about their land and support efforts for responsible and sustainable economic development through every phase of the Donlin Gold project.
Donlin Gold continues to work with Calista and TKC in all aspects of outreach and engagement throughout the Y-K region in the areas of education, health and safety, cultural traditions, and environmental initiatives, including creating a subsistence committee comprised of independent regional stakeholders reflecting diverse views on development initiatives, among other activities.
In the third quarter, Donlin Gold and NOVAGOLD contributed to and participated in the Backhaul Project – "In It for the Long Haul". This was the fifth annual backhaul project to collect, remove, and safely dispose of household hazardous and electronic waste from 30 remote villages throughout the Y-K region. Over the past five years, nearly 400,000 lbs. of waste was removed that would otherwise have ended up in landfills and waterways. Sustained efforts are also underway to promote youth education and healthy activities in the Y-K region through programs such as Alaska EXCEL, which provides life-changing educational and professional opportunities for rural Alaska students and young adults, and the Alaska School Activities Association. Other important initiatives that took place during the third quarter included sponsoring the Alaska Native Heritage Center which encourages cultural awareness across Alaska and our partnership with the Bethel Community Services Foundation which is dedicated to the development, growth, continuance and enhancement of community-based programs and services.
In the third quarter, Donlin Gold signed two additional Shared Value Statements with villages in the Y-K region for a total of 11 (Akiak, Sleetmute, Napaimute, Crooked Creek, Napaskiak, Nikolai, Tuluksak, Upper Kalskag, Stony River, Pilot Station, and Toksook Bay). These agreements formalize current engagement with key local communities, expand upon the long-term relationships already established with them, and address specific community needs including: water, sewer, and solid waste projects; the ice road that connects remote villages in the Y-K region; salmon and other aquatic life studies; and suicide and public safety prevention programs.
Calista and Donlin Gold also continued their proactive, bipartisan outreach in Alaska and Washington, D.C. to highlight the thoroughness of the project's environmental review and permitting processes, in addition to the considerable benefits that the project would deliver to Native Alaskans. As a result, Alaska's U.S. Senators Lisa Murkowski and Dan Sullivan have consistently expressed their long-term support of the Donlin Gold project.
A World-Class Asset in the Right Part of the World… With Sustainable Longevity and Exceptional Exploration Potential
Donlin Gold merits all of the attention it receives because of its unique principal attributes. These include first and foremost the project's enormous mineral endowment and scale, with approximately 39 million ounces in Measured and Indicated Resources, inclusive of Proven and Probable Mineral Reserves. Such reserves provide Donlin Gold with among the largest "in production capability" in the gold industry, with a mine life of at least 27 years — and with an exceptionally high grade at 2.24 grams per tonne 2 , or twice the industry average for an open-pit project 3 . This advantage, in turn, enables Donlin Gold to be predicted to constitute one of the lowest cost producers in the gold space. The great exploration potential is another exceptionally attractive attribute, whereby the open-pit resource outline encompasses only three kilometers of an eight-kilometer mineralized belt — which itself represents less than 5% of the total land package.
For all these reasons and more, we believe that Donlin Gold stands in a league of its own as a premier gold deposit. Once developed, the project has the potential to form a major source of responsible economic development for the Y-K region for decades to come. Meanwhile, Alaska, as the second largest gold-producing State in the United States with a well-established tradition of responsible mining, provides undeniable sustainable longevity for an operation like Donlin Gold.
"The Tortoise and the Hare"… And a Comfortable Treasury to Advance Donlin Gold to Win the Race
As stewards of the capital that we were entrusted with over a decade ago, the leadership of NOVAGOLD has diligently advanced the Donlin Gold project in a highly responsible manner, all the while keeping promises that were made to shareholders in 2012. Guided by a highly experienced management team with a strong track record of execution, we have focused on reducing risks while enhancing the value of the Company. With $132 million in cash and term deposits as of August 31, 2022, a further $25 million due in July 2023 from Newmont Corporation, and an additional payment of $75 million contingent upon the owners of Galore Creek making a construction decision, it is our informed opinion that we have sufficient financial resources to advance Donlin Gold activities up to a construction decision.
Patience constitutes a uniquely consequential virtue in our space — a reality which we have demonstrated time and again over the last decade. Armed with a strong conviction, a healthy treasury, and the depth of expertise required to de-risk and further advance the project, we have positioned Donlin Gold optimally for the future. We call it "the tortoise and the hare" strategy.
NOVAGOLD defines what we consider to be the hallmark of a great natural resource investment, as stated on many occasions by our Chairman and largest shareholder Dr. Thomas S. Kaplan. A seasoned investor with over three decades of experience in the space, his investment thesis centers on establishing a stake in "great assets that provide enormous leverage to an underlying theme…and that are located in a safe jurisdiction that will allow one to keep the fruits of that leverage". In light of its many outstanding and differentiating attributes, Donlin Gold seems tailor-made to fill a real vacuum of high-quality projects in the gold industry's pipeline.
Our efforts simply would not be as successful without the unwavering support of our esteemed shareholders, and that of our longstanding stakeholders Calista and TKC. We thank each and every one of them for their steadfastness in working so constructively with the Donlin Gold team, for an excellent drill season, and for the team's commitment to safely executing their 2022 drill program objectives and community-focused activities. Our appreciation also extends to the State government agencies and representatives that have been advancing permitting efforts with great transparency and professionalism. I am personally grateful for our employees' loyalty and for the way in which they have gone above and beyond to advance our strategy and support our stakeholders and partners, as well as for our Board's strategic guidance and high standard of conduct.
We remain ever so obliged to those who choose to invest in our Company, as well as for their continued interest and engagement. As a shareholder myself, I take that responsibility very seriously and, with the support of our management team, we will continue to work diligently to further advance the Company and the Donlin Gold project.
Sincerely,
Gregory A. Lang
President & CEO
________________
2 Donlin Gold data as per the 2021 Technical Report and S-K 1300 Report (both as defined herein). Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
3 2020 average grade of open pit and underground deposits with gold as primary commodity and over 1 Moz in measured and indicated resources is 1.12 g/t, sourced from S&P Global Market Intelligence.
Financial Results
in thousands of U.S. dollars, except for per share amounts
| Three months ended August 31, 2022 $ | Three months ended August 31, 2021 $ | Nine months ended August 31, 2022 $ | Nine months ended August 31, 2021 $ | |||||
| General and administrative expense (1) | 4,872 | 4,883 | 15,420 | 15,204 | ||||
| Share of losses – Donlin Gold | 9,412 | 6,748 | 21,893 | 12,914 | ||||
| Total operating expenses | 14,284 | 11,631 | 37,313 | 28,118 | ||||
| Loss from operations | (14,284) | (11,631) | (37,313) | (28,118) | ||||
| Interest expense on promissory note | (2,198) | (1,506) | (5,394) | (4,420) | ||||
| Accretion of notes receivable | 212 | 639 | 631 | 2,347 | ||||
| Other income, net | 147 | 818 | 988 | 34 | ||||
| Income tax expense | — | (110) | — | (110) | ||||
| Net loss | (16,123) | (11,790) | (41,088) | (30,267) | ||||
| Loss per share, basic and diluted | (0.05) | (0.04) | (0.12) | (0.09) | ||||
| At | At | |||||||
| August 31, 2021 $ | November 30, 2021 $ | |||||||
| Cash and term deposits | 131,932 | 169,124 | ||||||
| Total assets | 166,581 | 198,852 | ||||||
| Total liabilities | 125,705 | 120,570 | ||||||
(1) Includes share-based compensation expense of $2,105 and $2,050 in the third quarter of 2022 and 2021, respectively, and $6,301 and $6,187 in the first nine months of 2022 and 2021, respectively.
In the third quarter of 2022, Net loss increased by $4.3 million from 2021, primarily due to the expanded Donlin Gold work program, higher interest expense on the Barrick promissory note, a decrease in the fair market value of marketable securities, lower accretion income due to the maturity of the $75 million Newmont note in July 2021, and foreign exchange movements, partially offset by increased interest earned on cash and term deposits.
In the first nine months of 2022, Net loss increased by $10.8 million from 2021, primarily due to the expanded Donlin Gold work program, higher interest expense on the Barrick promissory note, lower accretion income, and a decrease in the fair market value of marketable securities, partially offset by foreign exchange movements and increased interest income.
Liquidity and Capital Resources
In the third quarter of 2022 cash and cash equivalents decreased by $10.4 million primarily to fund our share of Donlin Gold and for corporate administrative expenses. The increase in cash used in the third quarter of 2022 compared to 2021 was primarily due to the expanded Donlin Gold work program in 2022. In July 2021, we received proceeds of $75 million on the Newmont notes.
In the first nine months of 2022 cash and cash equivalents decreased by $29.2 million primarily to fund our share of Donlin Gold, for corporate administrative expenses, and for withholding taxes on share-based payments, partially offset by a net $8 million received from term deposits. The increase in Net cash used in operating activities during the first nine months of 2022 compared to 2021 was primarily due to the timing of corporate liability insurance payments. Net cash used in investing activities increased in 2022 due to the expanded Donlin Gold work program, partially offset by a net increase in net proceeds received from term deposits. In 2021, we received proceeds of $75 million on the Newmont notes. Net cash used in financing activities increased in 2022 due to higher withholding tax on share-based compensation (no cash was used for CEO and CFO withholdings in 2021).
At the end of the third quarter, cash and term deposits were $132 million (cash $62 million, term deposits $70 million). An additional payment from Newmont of $25 million comes due in 2023 related to the sale of NOVAGOLD's 50% interest in the Galore Creek project in 2018, along with a note receivable for $75 million contingent upon approval of a Galore Creek project construction plan by the owner(s). At present, we believe we have sufficient working capital available to cover anticipated funding of the Donlin Gold project and corporate general and administrative costs until a decision to commence engineering and construction is reached by the Donlin Gold LLC Board for the Donlin Gold project, at which point substantial additional capital will be required.
2022 Outlook
We anticipate spending approximately $48 million in 2022, which includes $13 million for corporate general and administrative costs; $3 million for withholding taxes on PSUs and other working capital; and $32 million to fund our share of expenditures at the Donlin Gold project, including:
- $19 million for the 2022 drill program (approximately 42,000 meters of core drilling)
- Grid drilling (mineralization continuity and geologic structural controls in three areas of the deposit)
- In-pit and ex-pit exploration
- Platform mapping to confirm mineralization continuity and key geological controls in representative areas of the deposit
- $9 million for external affairs, permitting, environmental, land and legal activities, and
- $4 million for project planning and fieldwork (dam and water structures, metallurgical testing, mining studies, hydrogeology and geochemistry, and infrastructure planning).
NOVAGOLD's primary goals in 2022 are to continue to advance the Donlin Gold project toward a construction decision; maintain or increase support for Donlin Gold among the project's stakeholders; promote a strong safety, sustainability, and environmental culture; maintain a peer-leading reputation for NOVAGOLD, its governance practices and its project among shareholders; and manage the Company treasury effectively and efficiently. Our operations primarily relate to the delivery of project milestones, including the achievement of various technical, environmental, sustainable development, economic and legal objectives, obtaining necessary permits, commencement of feasibility studies, preparation of engineering designs and the financing to fund these objectives.
Conference Call & Webcast Details
NOVAGOLD's conference call and webcast to discuss these results will take place on October 5, 2022, at 8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.
| Video Webcast: | www.novagold.com/investors/events |
| North American callers: | 1-800-319-4610 |
| International callers: | 1-604-638-5340 |
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories, inclusive of Proven and Probable Mineral Reserves (541 million tonnes at an average grade of approximately 2.24 grams per tonne in the Measured and Indicated Resource categories on a 100% basis), 4 Donlin Gold is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.
According to the 2021 Technical Report and the S-K 1300 Report, once in production, Donlin Gold is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at Donlin Gold are focused on State permitting, optimization work, community outreach, and workforce development in preparation for the eventual construction and operation of this project. With a strong balance sheet, NOVAGOLD is well-positioned to fund its share of permitting and optimization advancement efforts at the Donlin Gold project.
Scientific and Technical Information
Certain scientific and technical information contained herein with respect to the Donlin Gold project is derived from the 2021 Technical Report and the S-K 1300 Report 5 . Henry Kim, P.Geo., Senior Resource Geologist, Wood Canada Limited; Mike Woloschuk, P.Eng., VP Global Business Development & Consulting, Wood Group USA, Inc.; and Kirk Hanson, MBA, P.E., Technical Director, Open Pit Mining, Wood Group USA, Inc. are the Qualified Persons responsible for the preparation of the 2021 Technical Report, and each is an independent Qualified Person as defined by National Instrument 43-101 ("NI 43-101"). Wood prepared the S-K 1300 Report.
Paul Chilson, P.E., who is the Manager, Mine Engineering for NOVAGOLD and a Qualified Person under NI 43-101, has approved and verified the scientific and technical information related to the 2022 Donlin Gold project drill program, the 2021 Technical Report and the S-K 1300 Report contained in this media release.
________________
4 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Report, refer to footnote 2 for the description.
5 The Company retained Wood Canada Limited ("Wood") in 2021 to update content in its previously filed " Donlin Creek Gold Project, Alaska, USA, NI 43-101 Technical Report on the Second Updated Feasibility Study ," effective November 18, 2011, and amended January 20, 2012. This update resulted in a report titled "NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA" with an effective date of June 1, 2021 (the "2021 Technical Report") and was filed on August 31, 2021. The Company is a registrant with the SEC and is reporting its exploration results, Mineral Resources, and Mineral Reserves in accordance with Subpart 229.1300 of Regulation S-K – Disclosure by Registrants Engaged in Mining Operations ("S-K 1300") as of November 30, 2021. While the S-K 1300 rules are similar to National Instrument 43-101 Standards of Disclosure for Mineral Projects rules in Canada, they are not identical and therefore two reports have been produced for the Donlin Gold project. The Company requested that Wood prepare a Technical Report Summary of the Donlin Gold project, Alaska, USA using the standards of S-K 1300 and it is titled " S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA " ("S-K 1300 Report"), current as of November 30, 2021. Wood incorporated 2020 costs and new gold price guidance to meet the Company's reporting requirements. The resultant 2021 Technical Report and S-K 1300 Report showed no material change to the previously reported mineral resources or mineral reserves.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding the anticipated results of the 2022 drill programs and the timing thereof; the anticipated timing of certain judicial and/or administrative decisions; the 2022 Outlook; the timing and potential for an updated feasibility study on the project; our goals and planned expenditures for the remainder of 2022; anticipated benefits from the 2022 drill programs including geological modelling and interpretation work for Donlin Gold; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support to the State's thorough permitting process; the potential development and construction of Donlin Gold; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; legal challenges to Donlin Gold's existing permits and the timing of decisions in those challenges; the Donlin Gold LLC Board approval to advance Donlin Gold up the value chain; the success of the strategic mine plan for Donlin Gold; the outcome of the planned tight spaced and exploration drilling and the timing thereof; and the conversion of Galore Creek into a mine and the receipt of $25 million due in July 2023 from Newmont Corporation and the $75 million contingent payment from Newmont. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made.
Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; the coronavirus global pandemic (COVID-19); uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick and NOVAGOLD for the continued exploration, development and eventual construction of the Donlin Gold property; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether a positive construction decision will be made regarding Donlin Gold; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com , or the SEC's website at www.sec.gov , or at www.sedar.com . The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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Wheaton Precious Metals to Release 2022 Third Quarter Results on November 3, 2022
TSX | NYSE | LSE: WPM
Wheaton Precious Metals™ Corp. will release its 2022 third quarter results on Thursday, November 3, 2022 after market close.
A conference call will be held on Friday, November 4, 2022 , starting at 11:00 am ET ( 8:00 am PT ) to discuss these results. To participate in the live call, please use the following methods:
Dial toll free from Canada or the US: 1-888-664-6383
Dial from outside Canada or the US: 1-416-764-8650
Pass code: 30587457
Live webcast: Webcast URL
The accompanying slideshow will also be available in PDF format on the 'Events' page of the Wheaton Precious Metals website before the conference call.
The conference call will be recorded and available until November 11, 2022 at 11:59 pm ET . The webcast will be available for one year. You can listen to an archive of the call by one of the following methods:
Dial toll free from Canada or the US: 1-888-390-0541
Dial from outside Canada or the US: 1-416-764-8677
Pass code: 587457 #
Archived webcast: Webcast URL
Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming.
View original content: https://www.prnewswire.com/news-releases/wheaton-precious-metals-to-release-2022-third-quarter-results-on-november-3-2022-301640900.html
SOURCE Wheaton Precious Metals Corp.
View original content: http://www.newswire.ca/en/releases/archive/October2022/04/c5157.html
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Yamana Gold Provides Notice of Third Quarter 2022 Results and Notice of Meeting and Record Date for the Proposed Transaction With Gold Fields
YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) ("Yamana" or "the Company") announces that it will release its operational and financial results for the third quarter of this year after the market closes on Thursday, October 27, 2022. The Company will host a conference call and webcast to review the results on Friday, October 28, 2022 at 9:00 a.m. Eastern Daylight Time.
Yamana further announces that it has filed the required notice setting a record and meeting dates in respect of the special meeting of shareholders to consider the previously announced proposed transaction with Gold Fields Limited ("Gold Fields"). The record date, which is the date of record for determination of shareholders entitled to receive notice of and vote at the special meeting of shareholders, is set as October 18, 2022 and the special meeting of shareholders will be convened on November 21, 2022. The Company had been advised that the Gold Fields shareholder meeting will be convened the day after on November 22, 2022.
The management information circular in respect of the Company's shareholder meeting is expected to be mailed and posted following the record date. The Company expects that such mailing will be coincident with the availability of the Gold Fields management information circular.
Further details relating to the transaction and the shareholder meetings, including the location of the shareholder meetings and manner for voting, will be contained in the respective management information circulars.
Third Quarter 2022 Conference Call
| Toll Free (North America): | 1-800-806-5484 |
| Toronto Local and International: | 416-340-2217 |
| Toll Free (UK): | 00-80042228835 |
| Passcode: | 2614947# |
| Webcast: | www.yamana.com |
| Conference Call Replay | |
| Toll Free (North America): | 1-800-408-3053 |
| Toronto Local and International: | 905-694-9451 |
| Toll Free (UK): | 00-80033663052 |
| Passcode: | 6191894# |
The conference call replay will be available from 12:00 p.m. EDT on October 29, 2022, until 11:59 p.m. EST on November 30, 2022.
About Yamana
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7974 201 715 / +44 203 727 1000
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Aben Resources Options Hit Property, Yukon Territory
Aben Resources Ltd. (TSX-V: A B N ) (OTCQB: A B NAF ) (Frankfurt: E2 L 2 ) ("Aben" or "the Company") is pleased to announce that the Company has entered into an option agreement (the " Agreement ") with Rackla Metals Inc. ("Rackla") whereby the Company has granted Rackla the option to acquire a 100% interest in the Hit Property, which consists of 24 mineral claims, located in the Yukon Territory, Canada (the " Property ").
Under the terms of the Agreement, Rackla may acquire a 100% interest in the Property by completing the following:
(a) paying CAD$25,000 cash to the Company within three (3) business days following the closing date; and
(b) within twelve (12) months following the closing date:
(i) paying CAD$25,000 cash to the Company,
(ii) issuing 250,000 common shares in the capital of Rackla to the Company, and
(iii) incurring a total of CAD$100,000 in Qualified Expenditures on the Property.
The Company shall retain a NSR of one-half percent (0.5%) on the Property. Rackla will assume the Company's obligation to pay a 2.0% net smelter returns royalty (the "Existing Royalty") to Sandstorm Gold Ltd. pursuant to the Net Smelter Returns Royalty Agreement between Aben and Sandstorm Gold Ltd. dated October 17, 2019.
About Aben Resources:
Aben Resources is a well-funded Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
For further information on Aben Resources Ltd. (TSX-V: ABN ), visit our Company's web site at www.aben resources. com .
"Jim Pettit"
______________________
JAMES G. PETTIT
President & CEO
For further information contact:
Riley Trimble, Corporate Communications
Aben Resources Ltd.
Telephone: 604-416-2978
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenre sources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information
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