Bravo Intersects High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization in Drill Testing of Luanga EM targets

Bravo Intersects High-Grade IOCG-Style Massive Sulphide Copper-Gold Mineralization in Drill Testing of Luanga EM targets

Highlights include 11.48m at 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au at T5 Target

  • Regional exploration has drilled two new areas of sulphide mineralization (T5 and T6 Targets), east of the original Luanga PGM+Ni+Au deposit.
  • T5 and T6 targets are only two of eleven priority EM anomalies hosted within the boundaries of the Luanga tenement.
  • T6 target has also intersected massive sulphides in ultramafic rock.

Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (" Bravo " or the " Company ") has completed initial drill holes on the "T5" and "T6" electromagnetic ("EM") anomaliestargets. Assays have been received from the first drill hole ("DDH") at target T5. Both targets are located east of the original PGM+Au+Ni prospecting area of the 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit (" Luanga " or " Luanga PGM+Au+Ni Project "), in the Carajás Mineral Province, state of Pará, Brazil .

"Drilling of geophysical HeliTEM targets has identified high-grade Iron Oxide Copper Gold style ("IOCG-style") mineralization and represents a potentially significant high-grade copper discovery. T5 is only one of eleven priority EM anomalies hosted within the boundaries of the Luanga tenement. Moreover, a t the proximal EM target (T6), drilling has intersected similar massive sulphide mineralization (assays pending)." said Luis Azevedo , Chairman and CEO. "We are very encouraged by the discovery of high-grade copper and shareholders should be cognisant that Luanga is situated within the world class Carajás IOCG province, an area very fertile for high-grade copper discoveries. These results are a credit to Bravo's highly skilled geology team who are only now beginning to uncover the very exciting copper potential adjacent to Luanga's Tier 1 PGM+Au+Ni deposit."

Highlights Include:

  • Hole DDH2405T002 at target T5 intersected 11.48m of massive/semi-massive/breccia high-grade copper sulphide mineralization grading 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au (Figures 1 and 2).
  • High-grade copper in DDH2405T002 remains open at depth and along strike.
  • Drill hole DDH2405T004 (assays pending), completed 50m to the east of DDH2405T002, also intersected 9m of massive/semi-massive/breccia IOCG-style copper sulphide mineralization (Figure 4).
  • Presence of copper mineralization is consistent with mineralization in the Carajás province where IOCG-style mineralization is well established and high-grade discoveries are not unusual.
  • Such high-grade copper mineralization is likely unrelated to the Luanga PGM+Ni+Au deposit 1km away.
  • Drilling at T6 intersected 6m of massive/semi-massive/breccia sulphides (assays pending), in this case predominantly pyrrhotite. At this early stage, it appears to be of a magmatic style, hosted in ultramafic rocks like those seen in the footwall of the Luanga deposit. Follow-up drilling is planned.

Figure 1: 19% High-Grade Copper in DDH2405T002: T5 Massive sulphide Cu mineralization (~173m downhole). Open on strike and depth. (CNW Group/Bravo Mining Corp.)

Exploration Drilling Update

Initial test diamond drilling of on Borehole Electromagnetic Targets ("BHEM") targets T5 and T6 has been completed, and assay results have been received from one of the holes at T5. Drill holes are angled at -60 degrees, towards azimuths of 150-180° at T5 and 330-000° at T6. Together, this set of drill holes comprise a total of 893 metres of diamond drilling.

Over the past 6 months, Bravo has conducted systematic first-pass test drilling, coupled with BHEM on the priority EM conductors identified by the HeliTEM survey. Although these modelled conductors, generated by an airborne EM technique on 150m spaced lines, have a lower degree of locational accuracy, they are sufficiently defined to place first-pass drilling proximal to the conductor's location. From there, BHEM, which provides more precise readings every 1m down the hole, has enabled development of accurately located conductor models for follow-up drilling.

From the 17 priority EM anomalies identified in the HeliTEM survey (see press release September 11, 2023 ), Bravo has narrowed this list to 11 high priority conductors that warranted follow-up drilling of predominantly off-hole BHEM conductors. Drill testing commenced with the T5 and T6 targets, which are respectively situated between 1km and 4km east of the Luanga PGM+Au+Ni deposit.

T5 Target

Figure 2 shows the mineralization intersected and responsible for the T5 conductor, consisting of massive/semi-massive/breccia sulphides with sufficient pyrrhotite to generate a strong EM response. The first hole (DDH2305T001, Figure 3), drilled with an azimuth of 150°, targeted the HeliTEM conductor but only intercepted a narrow interval of mineralization ( 0.7m grading 1.98% Cu). Subsequent detailed BHEM modelling from this drill hole indicated that the conductor was located to the west with a slightly different alignment. To compensate, a new drill hole (DDH2405T002, Figure 3) was positioned with an azimuth of 180°.

Figure 2: DDH2405T002 - Massive/semi-massive/ breccia sulphide Cu mineralization at the T5 target (165.8 – 174.8m downhole shown). (CNW Group/Bravo Mining Corp.)

HOLE-ID

From (m)

To (m)

Thickness (m)

Cu (%) Sulphide

Ni* (%) Sulphide

Au (g/t)

TYPE

DDH2405T002

165.62

177.10

11.48

14.27

0.11

3.33

FR

Including

167.50

170.36

2.86

22.91

0.07

3.62

FR

Notes:

All 'From', 'To' depths, and 'Thicknesses' are downhole.


Given orientation of drilling, mineralization and modelled EM anomalies, intercepts are estimated at 100% of true thickness.


Type: FR = Fresh Rock. * Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel.

Drill hole DDH2405T002 intersected 11.5m (at 14.3% Cu, 3.3g/t Au) of massive/semi-massive/breccia copper sulphide mineralization, at the T5 target . The copper mineralization presents as being within a hydrothermal system that overprints local felsic meta-intrusive rocks (meta-tonalite). The main mineral assemblage associated with this hydrothermal zone is represented by calcium-amphibole, biotite-phlogopite, apatite and silica. The sulphide paragenesis is that chalcopyrite is much more abundant than pyrrhotite, forming massive and semi-massive zones associated with brecciation within the hydrothermal zone.

Mineralization appears consistent with typical Carajás IOCG-style mineralization (also supported by preliminary chemistry from handheld XRF spectrometer). Numerous IOCG deposits are well documented in the Carajás and several operating IOCG copper-gold mines exist. The world-class Salobo Cu/Au mine (Vale S.A.) is the most prolific.

The absence of magnetite alteration (which is commonplace in Carajás IOCG deposits) is not unique, with several other Carajás deposits similarly lacking magnetite. This results in the low magnetic response as reflected in the detailed magnetic survey. Historical soil geochemistry covers the T5 target with lines spaced at 200 metres, however, with an east-west orientation, lines are parallel to the modelled BHEM plates. Despite this, there is weak Cu in soil anomalism in the vicinity of the BHEM plates (peak high 416ppm Cu) close to the eastern end of the BHEM model.

DDH2405T004 has also been completed (assays pending), while DDH2405T003 is in progress.

Figure 3: Off-conductors at T5 generated from drill hole DDH2305T001. Drill holes 002 and 004 intersected conductor; 003 is in progress. (CNW Group/Bravo Mining Corp.)

Figure 4 shows core from the next drill hole (DDH2405T004) at anomaly T5, completed 50m to the east of DDH2405T002. Like DDH2405T002, this core also contains 9m of massive/semi-massive/breccia IOCG-style copper sulphide mineralization (assays pending). This finding supports the IOCG-style mineralization intersected in DDH2405T002 to the west and appears to confirm the continuity of the sulphide mineralization. The mineralization intersected at T5 remains open along strike and up and down dip from the intercepts reported herein.

Figure 4: DDH2405T004 - Massive/Semi-massive/ breccia sulphide Cu mineralization at T5 target (154.0 – 161.4m shown). (CNW Group/Bravo Mining Corp.)

T6 Target

Figure 5 shows the intersected mineralization responsible for the T6 conductor, consisting of 6m of massive/semi-massive/breccia sulphides, predominantly pyrrhotite, which generates a strong EM response. The first hole (DDH2306T001 Figure 6) was angled at an azimuth of 330° to target the interpreted HeliTEM conductor but failed to intersect it. Subsequently, BHEM identified the location of an off-hole conductor, and follow-up drilling (DDH2406T002, Figure 6) at a new azimuth of 000° intersected this conductor. At this early stage, mineralization appears to be more likely of a magmatic style, with low potassium, chlorine, and calcium, against an ultramafic (dunite) footwall. Assays are pending, and follow-up drilling is planned.

Figure 5: DDH2406T002 Massive/Semi-massive/ breccia sulphide mineralization at T6 target (57.0 – 60.7m shown). (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 293 drill holes have been completed by Bravo to date, for 62,811 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 247 Bravo drill holes to date. Assay results for 38 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).

Bravo has initially budgeted a 3,000m of drilling to follow up the identified EM anomalies and will continue to systematically evaluate the T5 and T6 targets, as well as the other nine high priority conductors defined by HeliTEM and subsequent BHEM.

Complete Table of Recent Intercepts.

HOLE-ID

Target

From (m)

To (m)

Thickness (m)

Cu (%) Sulphide

Ni* (%) Sulphide

Au (g/t)

TYPE

DDH2405T001

T5

212.30

213.00

0.70

1.98

0.07

0.04

FR

DDH2405T002

T5

165.62

177.10

11.48

14.27

0.11

3.33

FR

Including


167.50

170.36

2.86

22.91

0.07

3.62

FR

DDH2405T004

T5

Pending

DDH2406T001

T6

50.00

56.00

6.00

0.11

0.02

0.01

FR

DDH2406T001

T6

120.65

135.14

14.49

-

0.12

-

FR

DDH2406T002

T6

Pending

Notes: All 'From', 'To' depths, and 'Thicknesses' are downhole.

Given orientation of drilling, mineralization, and modelled EM anomalies, intercepts are estimated at ~100% of true thickness.

Type: FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.

* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel.

Figure 6: Location of Bravo Drilling at the T5 and T6 targets, reported in this News Release (CNW Group/Bravo Mining Corp.)

Bravo is a Canadian and Brazil -based mineral exploration and development company focused on advancing its Luanga Project in the world-class Carajás Mineral Province of Brazil

Bravo is the most active explorer in Carajás and is led by a team of local and international geologists who have a proven track record of PGM, nickel and copper discoveries.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 18,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram , F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 "). Mr. Mottram has verified the technical data and opinions contained in this news release.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "high-grade", "significant", "discovery", "priority", " exciting copper potential ", " strong EM response ", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; the potential for new and/or different styles of mineralisation in some areas, such as IOCG-style, the presence of which is publicly well documented in the Carajás mineral province; whether or not the mineralization interested at T5 is in fact IOCG-style, some variant of such or another style of mineralization; the potential continuity of mineralization between holes; the grades and implications of unassayed holes; the visual and XRF identification of minerals in the core; the potential implications of magmatic massive sulphide mineralization at T6; whether the other anomalies are related to mineralization; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted along strike and up and down dip; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID

Company

East (m)

North (m)

RL (m)

Datum

Depth (m)

Azimuth

Dip

Area

DDH2305T001

Bravo

660890.155

9343249.612

185.549

SIRGAS2000_UTM_22S

250.05

150.00

-60.00

T5 EM Target

DDH2405T002

Bravo

660850.040

9343224.790

191.610

SIRGAS2000_UTM_22S

201.35

180.00

-60.00

T5 EM Target

DDH2405T004

Bravo

660899.990

9343224.690

185.840

SIRGAS2000_UTM_22S

200.35

180.00

-60.00

T5 EM Target

DDH2306T001

Bravo

663569.793

9343420.426

200.549

SIRGAS2000_UTM_22S

150.40

330.00

-60.00

T6 EM Target

DDH2406T002

Bravo

663569.790

9343420.430

200.550

SIRGAS2000_UTM_22S

90.75

000.00

-60.00

T6 EM Target

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil . The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website ( SGS ) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control (" QAQC ") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo SGS Geosol

Preparation

Method

Method

Method

Method

For All Elements

Pt, Pd, Au

Rh

Sulphide Ni, Cu

Trace Elements

PRPCLI ( 85% at 200#)

FAI515, FAI34V

FAI30V

AA04B

ICP40B

Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/28/c0291.html

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 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on value engineering (" Value Engineering ") studies focused on the mineral processing and infrastructure facilities for the Baptiste Nickel Project (" Baptiste " or " the Project ") in central British Columbia .  The mineral processing and infrastructure Value Engineering studies have achieved significant value creation through facility optimization, flowsheet refinement, enhanced operability, and improvements to the project build strategy and execution basis.

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Highlights

  • Primary crushing: Changing from a gyratory-type primary crusher to mineral sizers has reduced earthwork and structural quantities, improved Phase 1 operability, and eliminated the need for a second primary crushing circuit in Phase 2
  • Concentrator expansion: A new integrated approach to the Phase 2 expansion has reduced overall quantities, improved Phase 2 operability, and reduced the footprint of process and infrastructure facilities
  • Project phasing: The phased approach and throughput rates in the preliminary feasibility study (" PFS ") have been validated, while acceleration of the Phase 2 expansion improves Baptiste's metal production profile
  • Execution schedule has been confirmed, further validating the PFS's estimated three-year construction duration

"Results from our mineral process and infrastructure Value Engineering studies have added significant value to the Baptiste Nickel Project," commented Andrew Osterloh , the Company's Senior Vice President, Projects & Operations.  "By reducing quantities, improving operating efficiency, and advancing the project execution plan, we have enhanced Baptiste's potential as a long life, large-scale, low-cost, and low-carbon producer of made-in- Canada nickel units. We look forward to advancing additional engineering studies on the mining and refinery aspects of the Project in advance of commencing a feasibility study."

Background

The Baptiste 2023 preliminary feasibility study (" PFS ") demonstrates the potential to develop a high-margin and low-carbon nickel mine producing an average of 59,100 tonnes per year of nickel over a 29-year mine life (see the Company's September 6, 2023 news release).  Due to awaruite's properties, Baptiste has the unparalleled flexibility to produce either a high-grade concentrate (60% nickel) for direct feed into the stainless steel industry (the " Base Case ") or for further refining into battery-grade nickel, cobalt, and copper products for the electric vehicle battery supply chain (the " Refinery Option ").

While the PFS presents robust economics, including a Base Case after-tax NPV 8% of US$2.01 Billion and after-tax IRR of 18.6% at US$8.75 /lb Ni, FPX strives to add further value to Baptiste, focusing on a holistic blend of economics, constructability, operability, risk and ESG considerations.

The key Value Engineering studies pursued by FPX in 2024 are:

  • Mineral processing and infrastructure (described herein)
  • Mine planning and engineering (to be completed in the third quarter of 2024)
  • Refinery planning (to be completed in the third quarter of 2024)

Mineral Processing & Infrastructure Value Engineering Studies

FPX engaged Fluor Canada Ltd. (" Fluor ") and Wood Canada Ltd. (" Wood ") to perform detailed reviews of the 2023 PFS and to conduct mineral process and infrastructure Value Engineering studies.  The consultants identified three primary opportunities to add further value, which are described in greater detail hereunder:

  • Primary crushing: application of mineral sizers
  • Phase 2 concentrator expansion
  • Project phasing

As described below, each of the mineral process and infrastructure Value Engineering studies validated several key tenets from the PFS and added significant project value through reduced quantities, improved operability, reduced process operating costs, and reduced process and infrastructure footprint.

Primary Crushing

The PFS considered a gyratory-type primary crusher.  In re-evaluating the Project's geotechnical and communication datasets, the Company has identified an opportunity to use mineral sizers for primary crushing.  Taking advantage of the modest compressive strength and fractured nature of the Baptiste ore, mineral sizers have added significant value through reduced earthwork and structural quantities, increased operating availability, and the complete elimination of the second primary crushing line for the planned mine expansion from an initial Phase 1 processing throughput of 108,000 tonnes per day (" tpd ") to 162,000 tpd in Year 10 (" Phase 2 ").

Phase 2 Concentrator Expansion

The PFS considered the construction of a standalone processing facility for the Phase 2 expansion from 108,000 tpd to 162,000 tpd.  A new approach to expansion is based on an integrated concentrator approach which entails an expansion of the Phase 1 processing facility rather than the construction of a new standalone facility for Phase 2. This integrated approach results in a reduced process and infrastructure footprint, improved Phase 2 operability, and reduced Phase 2 work force requirements.

Project Phasing

A Value Engineering study re-evaluated the phased approach to processing throughput and compared it with a series of single-build scenarios ranging from 80,000 to 163,000 tpd.  Following this evaluation, the PFS's phased approach has been validated; however, the Phase 2 expansion has been accelerated to Year 6 from Year 10.  This acceleration in metal production is expected to generate improved economics versus the PFS, with the Phase 2 expansion funded from operating free cash flow following the 3.7 year after-tax payback demonstrated in the PFS.

Project Execution

Both Fluor and Wood were assigned further scope to review the PFS's execution basis, including the permanent facility layout, construction sequence, contracting approach, and overall execution schedule. Note that Fluor and Wood jointly executed the detailed engineering and construction management of the nearby Mt. Milligan Mine, which was commissioned in 2013 and is located 80 km east of Baptiste. Mt. Milligan is of comparable size and complexity to Baptiste, which uniquely positions Fluor and Wood to provide relevant context to the Baptiste project execution plan.

Through this additional execution planning effort, numerous scheduling improvements to the PFS were identified, thereby improving the constructability, operability, and maintainability of Baptiste.  In addition, increased focus on allowances for temporary construction facilities has improved execution scope assurance ahead of the environmental assessment  and permitting processes.  Fundamentally, these robust execution planning efforts further de-risk the Baptiste execution schedule, including the PFS assumption of a three-year construction period.

Andrew Osterloh , P.Eng., FPX Nickel's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.

About the Decar Nickel District

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex.  The Baptiste mineral claims cover an area of 408 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia.  In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit.  Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional territories of the Tl'azt'en Nation and the Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Decar Nickel District, located in central British Columbia , and other occurrences of the same distinctive style of awaruite nickel-iron mineralization.  For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

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

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/10/c9969.html

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30 RC drill holes now completed with diamond drilling now also underway

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This Protocol of Cooperation marks the beginning of a dynamic partnership aimed at bridging the gap between academic research and the business community. This agreement underscores the mutual commitment to advancing education, training, environmental stewardship, and innovation.

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