Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that it has acquired an option to earn a 100% ownership in the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grants and mineral claims (the "Olympic Claims"). The Olympic Claims are located immediately adjoining and contiguous with the Company's previously owned Reliance Gold Property (the "Reliance Property") in southern British Columbia. The enlarged road-accessible Reliance Property, including the Olympic Claims, is located 4 kilometers ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
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Endurance Gold investor Arnold acquires 312,500 units
This press release is being issued in connection with the filing of an early warning report (the "EWR") pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, regarding the change in ownership and control of common shares (the "Shares") of Endurance Gold Corporation (the "Issuer") by H. Ross Arnold (the "Acquiror").
The Acquiror acquired 312,500 units (each, a "Unit") of the Issuer at a price of $0.40 per Unit in connection with the closing of a non-brokered private placement (the "Offering") announced in the news release of the Issuer on February 14, 2022. Each Unit comprises of one common share (each, a "Share") of the Issuer and one-half Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the Acquiror to purchase one additional common shares of the Issuer at an exercise price of $0.55 per Share for a period of two years from the date of closing. The Offering was completed in reliance on the prospectus exemption set out in section 2.3 of National Instrument 45-106.
In the Acquiror's last Earning Warning Report filed on May 29, 2015, the Acquiror had ownership and control over 21,342,103 common shares of the Issuer, representing 22.63% of the then issued and outstanding common shares of the Issuer. Since then, a total of 41,086,790 common shares have been issued from the Issuer's treasury for mineral property acquisitions, private placements and the exercise of stock options and warrants. Since the date of his last Earning Warning Report, the Acquiror acquired a total of 5,695,833 common shares of the Issuer through participation in private placements and the exercise of stock options and warrants. As a result of these acquisitions and the Issuer's shares being diluted, the Acquiror now directly and beneficially owns a total of 27,037,936 common shares, representing approximately 19.97% of the issued and outstanding shares of the Issuer which collectively triggered the requirement to file an Early Warning report.
Prior to the acquisition, the Acquiror beneficially owned or exercised control or direction over 26,725,436 shares and 250,000 stock options, representing approximately 20.92% and 21.08% of the issued and outstanding shares on an undiluted and diluted basis respectively. Following the acquisition, the Acquiror beneficially owned or exercised control or direction over 27,037,936 Shares, 250,000 stock options and 156,250 warrants, representing approximately 19.97% and 20.21% of the issued and outstanding common shares on an undiluted and diluted basis respectively.
The Acquiror acquired the common shares for investment purposes and as a director of the Issuer may continue to acquire additional securities of the Issuer from time to time in accordance with applicable securities laws.
An EWR will be filed by the Acquiror on the Issuer's profile on SEDAR at www.sedar.com. To obtain a copy of the EWR, please contact the Issuer at the following address:
Endurance Gold Corporation Suite 520, 800 West Pender Street Vancouver, B.C. V6C 2V6 Email: info@endurancegold.com
/s/ H. Ross
Arnold H. Ross
Arnold
Neither the TSX Venture Exchange nor its Regulatory Services Provider accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with Endurance Gold (TSXV:EDG) to receive an Investor Presentation
Endurance Doubles The Size of The Reliance Gold Property, B.C.
Highlights of the transaction include:
- More than doubles the size of the Reliance Property and adds a portfolio of relatively under-explored orogenic gold prospects that have not been evaluated with modern exploration methods.
- Delivers additional excellent exploration potential without distracting from the Company's priority in advancing the Eagle Area discoveries along the Royal Shear Trend on the Reliance Property.
- Offers the owner of the Olympic Claims the opportunity to unlock unrealized value of the Olympic Claims, to participate in potential future exploration success at the combined Reliance Property, and an option to equity fund any success at a fixed price.
- Acquisition of 100% ownership with the option for the Company to purchase the entire retained royalty.
- The Olympic Claims and the Reliance Property location map is attached below and on the Company website.
The Olympic Claims are owned by Avino Silver & Gold Mines Ltd. ("Avino") and are located on the north and south shores of BC Hydro's Carpenter Lake Reservoir in the Bridge River Valley, east of the Royal Shear trend and the Company's current drilling focus. The year-round road-accessible acquisition increases the size of the Reliance Property to approximately 2,475 hectares, more than doubling the mineral rights controlled by the Company.
The Olympic Claims are underlain by "epizonal" orogenic-type gold targets that include the former producing Minto Mine that has produced 17,500 ounces of gold at an average grade of 6.3 grams per tonne ("gpt") gold prior to World War II. In addition, there are eleven historic government-documented mineral occurrences on the Olympic Claims which include the Minto North, Dauntless, Kelvin and Olympic gold prospects, many of which have also been explored with small underground workings prior to World War II. These prospects are associated with regional-scale structural deformation and/or iron carbonate alteration with analogies to the recent discoveries by the Company at the Eagle and Imperial zones, but on sub-parallel regional structures.
As examples of the gold potential of the Olympic Claims, in 2005 Avino reported 14.76 gpt gold over 9.0 metres ("m") (estimated true width of 4.5 m) from chip samples in trenching on the Minto North target. At the Olympic Target, 1988 drilling reportedly intersected 8.2 gpt gold over 3.48 m. As part of the Option, the Company intends to initiate an early-stage 2022 exploration program of systematic biogeochemical and soil sampling to help prioritize targets for future work.
Under the terms of the letter agreement with Avino, the Company can earn a 100% interest in the Olympic Claims for:
- A total cash consideration in the aggregate amount of $100,000;
- the allotment and issuance of up to a total of 1,500,000 common shares ('Shares') of the Company; and
- exploration expenditures in the aggregate amount of $300,000.
- all to be incurred by December 31, 2024.
On vesting its ownership interest, the Olympic Claims will be subject to a 2% net smelter return royalty ("NSR"), of which 1% NSR can be purchased by the Company for $750,000 and the remaining balance of the NSR can be purchased for $1,000,000.
As part of the final requirement to earn its interest, the Company agreed to grant to Avino 750,000 share purchase warrants ("Warrants") by December 31, 2024 that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if the Company is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then the Company will be obliged to pay Avino a $1,000,000 discovery bonus.
The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.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 news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
The Reliance Property B.C. - Location of Olympic Claims and the Original Reliance Option
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Endurance Commences Drilling Program at the Reliance Gold Property, B.C.
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that drilling has commenced at the Reliance Gold Property (the "Property") in southern British Columbia with the first drill rig arriving on April 20. A second rig is anticipated to commence in about five weeks. The road accessible Property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
The planned 2022 program consists of reverse circulation ("RC") and diamond drilling designed to expand the 2021 drill discovery at Eagle South which returned 15.70 grams per tonnes ("gpt") goldover 24.8 metres ("m") at shallow depth in DDH21-020 (reported January 12, 2022),and at the Eagle Zone which returned 8.62 gpt gold over 24.4 m from DDH21-006 (reported December 29, 2021). At the Eagle Zone, recent drilling results by the Company have defined a near-surface, shallow dipping zone of 250 m by 150 m in size with a weighted average grade of 5.13 gpt gold and average estimated true width of 11.2 m. The Eagle mineralized zones continue to be open to the southeast and to depth. Soil sampling, biogeochemical sampling, and surface grab samples of up to 21.2 gpt gold (reported January 5, 2022) indicate the potential to expand the combined Eagle mineralized zones to a minimum 400 m strike length. Channel sampling of these new surface prospects discovered in November 2021 will be completed in the next few weeks.
The 2022 RC drilling program is budgeted to complete about 40 holes, with a planned drilling depth of 70 m at each hole, over a six-week period. The diamond drilling program is budgeted for a minimum 8,000 m program. In addition to expanding the Eagle Zones, the 2022 program will drill test several targets along the Treasure Shear and the 2.0 km long Royal Shear. RC drilling has commenced at the Bona prospect on the Treasure Shear where channel sampling returned 4.43 gpt gold over 8.5 m (reported September 13, 2021).
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com
Diamond drill core is logged and evaluated on the Property and samples designated for collection under the supervision of a geologist at the property. Drilling is completed with NQ size tools capable of collecting 4.76 cm diameter core. Diamond drill core is cut using a diamond drill saw with one half of the core sent for analysis and the remaining kept for future studies. Sample intervals are typically 2 metre core length and intervals are shortened for lithology or alteration changes. For drilled and sampled intervals of poor average core recovery, the complete core is sampled and sent to the laboratory for assay analysis. RC samples are collected under the supervision of a geologist at the drilling rig. Drilling is completed using a 3.5 inch hammer bit and rock chip samples are collected using a cyclone. Sample size are reduced to 1/8th size with a riffle splitter at the drilling rig. A second duplicate split and coarse chips are collected for reference material and stored.
All core and RC samples are submitted to ALS Global in North Vancouver, BC, an ISO/IEC 17025:2017 accredited laboratory, where they are crushed to 70%
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 news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
Reliance Property B.C. - RC22-001 - The Initial 2022 RC Drill Hole on the Treasure Structural trend
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Endurance Gold Announces DTC Eligibility for its Common Shares and Berlin Open Market Acceptance
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (BE: 3EG) ("Endurance or the "Company") is pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States. DTC eligibility will enable an accelerated settlement process and the Companies shares to be economically transferred between brokerage accounts electronically within the United States. The company's common shares trade on the OTC Pink under the ticker symbol ENDGF.
In addition, the Company was sponsored by a German financial institution and has been accepted for listing of its shares on the Berlin Open Market with the Company's common shares trading in Germany under the ticker symbol 3EG.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States.
With the DTC eligibility existing US-resident investors benefit from potentially greater liquidity and faster execution speeds. This also opens the door to new US investors that may have been previously restricted from purchasing the Company's common shares and simplifies the process of trading them in the United States.
European and German investors have been showing interest in the Company. Thus, including the Company for trading on the Berlin Open Market offers European and German investors the possibility to trade in the Company shares within a local and familiar legal environment. Inclusion in the Berlin Open Markets is not considered an admission to trading or a formal German exchange listing.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The companies core funding focus is the Reliance Gold Project located near Gold Bridge, BC in the Bralorne Gold Camp.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com - www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116816
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Endurance Gold Increases Non-Brokered Private Placement to $3 Million
Endurance Gold Corporation (TSXV: EDG) ("Endurance or the "Company") is pleased to announce plans to increase the size of the non-brokered private placement previously announced on January 31, 2022 with about 50% participation by Evanachan Limited, a company controlled by Robert McEwen.
The Company intends to increase the non-brokered private placement of 6,250,000 units (each, a "Unit") to up to 7,500,000 Units for increased gross proceeds of up to $3.0 million (the "Offering"). Each Unit remains at a price of $0.40 per Unit. Other than the size of the Offering increase, all the terms remain the same as announced on January 31, 2022. Each Unit will consist of one common share (each, a "Share") and one-half non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $0.55 for a period of two years from the date of issuance thereof. Proceeds raised from the sale of the Units will be used by the Company for exploration activities and for general corporate purposes.
The Offering is made to accredited investors within the meaning of National Instrument 45-106 and the completion of the Offering is subject to the receipt of acceptance by the TSX Venture Exchange (the "Exchange"). All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months plus one day from the Closing. Finders' fees may be payable in connection with the sale of the Units in accordance with the policies of the Exchange.
"We have received significant interest in our financing from sophisticated investors and, amongst others, are very pleased to welcome Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which committed to subscribe for 3,750,000 Units, about 50% the increased Offering," stated Robert T. Boyd, President & CEO.
Certain insiders of the Company intend to participate in the private placement and their holdings of securities of the Company will increase as a result. Based on current commitments, Insiders are expected to subscribe to about 12.5% of the increased Offering. The Company will rely on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
This news 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Endurance Invited And Exhibiting at AME Roundup Core Shack Featuring High-Grade Drill Intersections From The Reliance Gold Project BC
Endurance Gold Corporation (TSXV: EDG) (the "Company") is pleased to announce that the Company will be exhibiting, in-person and by special invitation, at the 2022 AME Roundup Conference Core Shack located at the Vancouver Convention Centre West on Monday, January 31 and Tuesday, February 1.
Display Drill Core will include representative core from the four best holes drilled by the Company at the Reliance Gold Property (the "Property") in 2021 from drill holes spread along a 750 m trend which returned 15.7 gpt gold over 24.8 m including 26.96 gpt gold over 4.1 m, 8.47 gpt gold over 24.9 m including 16.27 gpt gold over 10.5 m, 8.62 gpt gold over 24.4 m including 17.02 gpt gold over 4.3 m, and the most recent drill announced last week of 1.70 gpt gold over 62.1 m.
The Property is located in southern British Columbia. The road accessible property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
Following the Core Shack, on Wednesday February 2 and Thursday, February 3, the Company will then be exhibiting at the Project Generators' Hub and featuring the Company's 100% owned drill-stage Elephant Mountain Gold Project, Alaska and, 100% owned Bandito Rare- Earth Niobium Property, Yukon, as well as re-exhibiting some highlights from the Property.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Please review prior press releases and presentations for sampling procedures and cautionary statements. The 2020 and 2021 work programs were supervised by Darren O'Brien, P.Geo., an independent consultant and qualified person as defined in National Instrument 43-101. Mr. O'Brien has reviewed and approved this news release. 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 news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111970
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March 2024 Quarterly Activities Report and Appendix 5B
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Assay results from soil sampling completed during the quarter at Golden Ridge identified new prospect targets and now define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite contact zone, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Infill and extension soil sampling is ongoing across the Golden Ridge project area
- Initial geological/vein modelling of mineralisation at Trafalgar Prospect indicates the deposit comprises multiple sub-parallel high-grade veins and associated splays, open along strike and down dip
- An initial 1,500m drill program (Phase 3) planned at the Trafalgar prospect comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high- grade gold intercepts, includes multiple intersections grading >100g/t Au
- Post quarter, Phase 3 drilling commenced at Trafalgar Prospect
Exploration – Firetower Project, NW Tasmania
- Final assay results from recent 4-hole diamond drilling program received
- All holes intersected significant mineralised intervals, with a best result of:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 2019FTD007E:
- Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised
- Detailed surface mapping and sampling program initiated over priority target areas
Exploration – Parker Dome Project, WA
- Soil sampling outlined multiple, large-scale lithium anomalies of up to 187ppm Li2O at the recently optioned Parker Dome project
- Lithium anomalies extend up to 2,300m length and 900m width
Exploration – Lake Johnston Project, WA
- Soil sampling outlined a large, high priority lithium anomaly
- Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with 23 samples returning assay results over 100ppm Li2O
Corporate
- Share Purchase Plan and Tranche 2 Placement completed raising $1.1 million
- Post quarter, one-for-two Renounceable Rights Issue, partially underwritten to $750,000 and priced at 3 cents per new share announced to raise up to $2.5 million
- The Company’s cash position at 31 March 2024 was $1.53 million
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities & Cash Flow Report – March 2024
Many Peaks Minerals Limited (Many Peaks or the Company) (ASX: MPK) is pleased to provide the Quarterly Activities Report for the period ending 31 March 2024.
HIGHLIGHTS
Acquisition of Advanced Gold Projects In Cote D’Ivoire
- Agreement with Turaco Gold Limited (Turaco) executed to acquire 100% ownership of Turaco’s and Predictive Discovery Ltd.’s joint venture, which holds the right to acquire an 85% interest in four mineral permits in Cote d’Ivoire, with recent gold discoveries and over US$4 million in prior exploration expenditure
- Acquisition encompasses a vast 1,275km2 land package including advanced stage exploration projects;
Odienne Project
- Adjoining recent discovery drilling by Awalé Resources/Newmont joint venture associated with the same high-strain corridor as Predictive’s 5.4Moz Au Bankan and Centamin’s 2.16Moz ABC Projects
- Recent first pass, wide-spaced A/C drilling, reveals gold mineralisation zone extending over 1,200 meters, with notable results including 12m @ 1.18g/t gold from 4m, 12m @ 1.06g/t gold from 16m, and 8m @ 1.30g/t gold from 28m
Ferke Gold Project
- Featuring the recent Ouarigue South discovery with open mineralisation for follow-up, and reported drill intercepts including;
- 35.95m @ 3.88 g/t gold within
- 77.6m @ 2.33 g/t gold from 45.9m (FNDC001) and
- 91.1m @ 2.02 g/t gold from surface (FNDC008).
- Covers an area of 300km2 and features a 16km mineralised trend in soils with minimal exploration follow-up in 12.5km gold anomaly along trend of the Ouarigue South discovery
Queensland Gold & Copper
- RC drilling results at Mt Steadman Gold Project returned 8m @ 2.63g/t gold identifying significant extension to previously drilled shallow gold mineralisation
- Diamond drilling results at the Yarrol Gold Project confirm additional gold mineralisation associated with geophysical anomalies on margins of partially drilled 4km long mineralised diorite body
Corporate
- Completion of Bookbuild for non-Brokered, two tranche placement of A$2 Million in support of activities at the Company’s newly-acquired Cote d’Ivoire Gold Projects.
- Mr Ben Phillips appointed as a Non-Executive Director, effective 1 February 2024
During the quarter, the Company announced the acquisition of advanced gold projects in Cote d’Ivoire. (Refer to ASX Announcement 26 March 2024.) The Ferke and Odienne Projects in Cote d’Ivoire deliver Many Peaks with a solid foundation of exploration success, offering the potential for significant high-grade ounces in the near term. Both projects benefit from systematic geochemical coverage and high-resolution geophysics, which have confirmed gold mineralisation through drilling. Leveraging over US$4 million of previous expenditure has identified multiple ready-for-follow-up targets, including extension targets, presenting Many Peaks with a transformative acquisition opportunity with viable near-term resource potential. Many Peaks’ team boasts extensive West African operating experience tied to multiple discovery and development projects over the past 15 years and looks forward to operating in Cote d'Ivoire, an emerging premier jurisdiction within West Africa known for recent exploration and development successes.
Many Peaks entered into a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.
CDI Holdings is the holding company for two wholly-owned Ivorian entities, including the Ivorian subsidiary party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which it has earned a 65% interest and retains an exclusive right to earn-in to an 85% interest by sole funding any project within four mineral licences in Cote d’Ivoire to feasibility study.
The consideration for the purchase of 100% of CDI Holdings will be an aggregate 5,617,978 fully paid ordinary shares in Many Peaks, subject to a 12-month voluntary escrow, to be issued under the Company’s capacity under ASX listing rule 7.1. Upon completion, Many Peaks will also assume a royalty deed for a 1% net smelter return royalty payable to Resolute (Treasury) Pty Ltd (Resolute)—further information on terms and conditions precedent outlined below.
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This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Indicator Minerals in Gold Exploration (Updated 2024)
Indicator minerals, also known as pathfinder minerals, are used by those engaged in mineral exploration to effectively narrow down the search area for many different types of ore deposits.
When found as grains in sediments and/or rocks, these minerals give clues as to the presence and location of specific types of mineralization. They tend to be used in the search for gold, copper, nickel, tungsten, diamond and platinum-group metals deposits.
In indicator mineral-based exploration programs, sediments and rocks are either geochemically tested or visually inspected for clues about the distance and direction of their source. When it comes to visual inspection, rocks are examined for certain grain morphologies and surface textures in order to obtain information about transport distance and bedrock source.
How are indicator and pathfinder minerals used in gold exploration?
When indicator or pathfinder minerals are found, explorers will use a number of techniques to gain information on where a gold deposit might be. Here’s a look at four of those methods.
1. Gold grain morphology
Gold grain morphology takes advantage of the fact that gold is a very malleable metal whose surface shape will be changed via weathering and erosion as it travels further away from its source.
Under the gold grain morphology classification system, gold grains are “rated” as either pristine, modified or reshaped based on their appearance. Pristine gold grains have maintained their primary shape and surface texture. The discovery of pristine grains indicates that you are less than 500 meters from the source of a gold sample. Modified gold grains are slightly reshaped, and the discovery of modified gold grains indicates that you are up to 1,000 meters away from the source. Reshaped gold grains have been worn down as a result of traveling more than 1,000 meters from the source.
By taking multiple samples of sediment and classifying the gold grains according to the above scheme, the search area for a source of gold can be narrowed down. This process has been used systematically over the past four decades in the search for sources of gold.
2. Gold grain inclusions
Gold grains can also be examined for the presence of other minerals. Inclusions of other minerals within gold grains can provide insight into the ore and help geologists gauge which minerals are present in the bedrock source of the gold. In turn, that can provide clues about deposit type and associated mineralization. For example, enargite inclusions may indicate a high-sulfidation epithermal source, while argentite inclusions may indicate mesothermal gold.
It’s worth noting that while inclusions can give valuable insight on deposit types and their possible location, they are often easily eroded from gold through transport. Thus, inclusions are often only useful when found in close proximity to a bedrock source.
3. Composition studies
As with gold grain morphology, composition studies involve gathering and examining mineral samples to obtain information on transport directions and distances.
Compositional studies identify different populations within and/or between samples and potential bedrock sources. Silver, platinum, palladium, copper, mercury, lead, iron and tellurium can all be examined for clues leading to gold deposits.
4. Geochemistry
Finally, explorers will often use geochemistry to test minerals for clues and patterns that may lead to gold — the process depends on identifying and analyzing pathfinder minerals. Examples of pathfinder minerals that are geochemical indicators for gold include silver, copper, lead, zinc, cobalt, nickel, arsenic, antimony, tellurium, selenium and mercury.
Don’t forget to follow us @INN_Resource for real-time news updates!
This is an updated version of an article originally published by the Investing News Network in 2011.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Element79 Gold Corp Reports Additional Assay Results Reinforcing Lucero Project's Momentum
Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79" , the "Company ”) reports additional results from the most recent underground and surface sampling of its flagship Lucero property.
These geochemical assays of exploration samples continue to support the immense potential housed within Element 79’s crown jewel.
“The data obtained is not just promising; it's the cornerstone upon which our future endeavors will be built,” said James Tworek, CEO of Element 79. “These recent results coupled with historical data represent the bedrock upon which we are advancing our Lucero project.”
Among a total of 97 samples were sent for assays, 56 of which returned greater than 0.1 g/t gold (up to 8.55 g/t gold and 523 g/t silver ) which are shown in Table 1. Several samples also were also rich in base metals (up to 23.7% lead and 9.9% zinc ), all of which underscores the richness of our project further supporting the Company’s belief a robust resource base can be delineated.
Figure 1. Fall 2023 Sample locations (yellow stars), mapped workings (crosses), with selected Samples highlighted.
Table 1. Samples returning >0.1 g/t gold from the fall 2023 sampling program, C (channel sample), G (grab sample), S (surface), U (underground).
Sampel | Type | Origin | WGS84 Z18S Easting | WGS84 Z18S Northing | length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % |
2101 | C | S | 803,491 | 8,296,553 | 0.80 | 0.30 | 1.2 | 0.0 | 0.0 | 0.0 |
2103 | C | S | 803,493 | 8,296,666 | 1.00 | 0.53 | 8.9 | 0.0 | 0.0 | 0.0 |
2104 | C | S | 803,658 | 8,296,620 | 0.30 | 0.15 | 0.7 | 0.0 | 0.0 | 0.0 |
2108 | C | S | 803,700 | 8,296,468 | 0.60 | 0.12 | 1.9 | 0.0 | 0.0 | 0.0 |
2109 | C | S | 803,700 | 8,296,469 | 0.50 | 0.30 | 6.2 | 0.0 | 0.0 | 0.0 |
2113 | C | S | 803,730 | 8,296,446 | 1.00 | 0.25 | 40.1 | 0.0 | 0.0 | 0.0 |
2117 | C | S | 803,481 | 8,296,736 | 1.10 | 0.12 | 3.8 | 0.0 | 0.1 | 0.0 |
2119 | C | S | 803,457 | 8,296,803 | 0.50 | 0.58 | 2.6 | 0.0 | 0.0 | 0.0 |
2120 | C | S | 803,456 | 8,296,803 | 0.60 | 1.57 | 9.1 | 0.0 | 0.0 | 0.1 |
2123 | C | S | 803,399 | 8,296,787 | 0.50 | 2.77 | 9.7 | 0.0 | 0.0 | 0.0 |
2124 | C | S | 803,399 | 8,296,788 | 0.80 | 0.27 | 5.1 | 0.0 | 0.0 | 0.1 |
2125 | C | S | 803,298 | 8,297,044 | 0.35 | 1.70 | 57.7 | 0.0 | 0.1 | 0.1 |
2126 | C | S | 803,298 | 8,297,043 | 0.60 | 6.22 | 33.0 | 0.0 | 0.1 | 0.1 |
2127 | C | S | 803,189 | 8,297,146 | 0.35 | 5.01 | 138.0 | 0.0 | 0.1 | 0.0 |
2128 | C | S | 803,303 | 8,296,978 | 0.80 | 0.27 | 17.4 | 0.0 | 0.1 | 0.1 |
2129 | C | S | 803,257 | 8,297,133 | 0.40 | 1.75 | 84.1 | 0.0 | 0.0 | 0.1 |
2130 | C | S | 803,256 | 8,297,133 | 0.85 | 0.65 | 42.6 | 0.0 | 0.0 | 0.1 |
2134 | C | S | 803,594 | 8,297,072 | 0.60 | 0.18 | 26.2 | 0.0 | 0.4 | 0.1 |
2139 | G | U | 801,951 | 8,294,338 | N/A | 6.96 | 81.4 | 0.1 | 0.4 | 0.8 |
2140 | G | U | 801,929 | 8,294,348 | N/A | 1.06 | 23.1 | 0.0 | 0.7 | 1.2 |
2141 | C | U | 801,882 | 8,294,362 | 0.30 | 0.12 | 5.5 | 0.0 | 0.0 | 0.1 |
2143 | C | U | 801,832 | 8,294,389 | 0.30 | 0.90 | 29.1 | 0.0 | 0.1 | 0.3 |
2145 | G | U | 801,809 | 8,294,390 | N/A | 8.55 | 523.0 | 0.0 | 0.4 | 0.2 |
2149 | C | U | 801,824 | 8,294,392 | 0.45 | 6.19 | 97.0 | 0.1 | 0.4 | 0.4 |
2150 | C | U | 802,276 | 8,293,072 | 0.90 | 0.14 | 40.1 | 0.1 | 2.1 | 1.3 |
2152 | C | U | 802,297 | 8,293,075 | 0.30 | 2.11 | 48.5 | 0.0 | 1.6 | 3.6 |
2154 | C | U | 802,297 | 8,293,075 | 0.50 | 0.11 | 6.3 | 0.0 | 0.3 | 0.8 |
2156 | C | U | 802,374 | 8,293,117 | 0.90 | 0.18 | 6.6 | 0.1 | 0.2 | 0.4 |
2157 | C | U | 802,382 | 8,293,119 | 1.50 | 0.16 | 13.7 | 0.1 | 0.3 | 2.2 |
2159 | C | U | 802,412 | 8,293,119 | 0.40 | 0.16 | 22.7 | 0.0 | 2.7 | 1.6 |
2160 | C | U | 802,439 | 8,293,126 | 0.80 | 0.10 | 34.1 | 0.2 | 2.3 | 2.7 |
2162 | G | U | 802,498 | 8,293,150 | N/A | 0.60 | 5.0 | 0.0 | 0.1 | 0.2 |
2163 | C | U | 802,520 | 8,293,161 | 0.65 | 0.24 | 7.2 | 0.0 | 0.5 | 1.0 |
2165 | C | U | 802,542 | 8,293,167 | 0.30 | 0.11 | 2.9 | 0.0 | 0.2 | 0.2 |
2166 | C | U | 802,596 | 8,293,176 | 0.55 | 0.29 | 2.4 | 0.0 | 0.1 | 0.2 |
2167 | C | U | 802,595 | 8,293,175 | 0.60 | 0.20 | 23.5 | 0.0 | 2.9 | 2.2 |
2169 | C | U | 802,327 | 8,293,090 | 0.55 | 0.27 | 4.3 | 0.0 | 0.0 | 0.1 |
2171 | C | U | 802,327 | 8,293,091 | 0.50 | 0.43 | 29.4 | 0.0 | 0.6 | 0.7 |
2173 | C | U | 802,367 | 8,293,108 | 0.45 | 0.37 | 14.7 | 0.0 | 0.6 | 0.3 |
2175 | C | U | 802,385 | 8,293,111 | 0.90 | 0.32 | 69.0 | 0.6 | 3.8 | 2.6 |
2176 | C | U | 802,405 | 8,293,113 | 0.35 | 1.22 | 60.8 | 0.2 | 3.7 | 2.7 |
2178 | C | U | 802,424 | 8,293,116 | 0.55 | 0.17 | 5.8 | 0.0 | 0.2 | 0.3 |
2179 | C | U | 802,424 | 8,293,115 | 0.40 | 0.49 | 210.0 | 0.3 | 23.7 | 9.9 |
2181 | C | U | 802,424 | 8,293,115 | 0.70 | 0.16 | 35.3 | 0.1 | 0.1 | 1.0 |
2182 | C | U | 802,453 | 8,293,126 | 0.75 | 0.17 | 7.8 | 0.0 | 0.2 | 0.2 |
2183 | C | U | 802,510 | 8,293,155 | 0.80 | 0.25 | 6.6 | 0.0 | 0.2 | 0.5 |
2184 | C | U | 802,509 | 8,293,156 | 0.50 | 0.65 | 30.5 | 0.1 | 1.8 | 6.1 |
2185 | C | U | 802,629 | 8,293,181 | 0.40 | 0.12 | 5.7 | 0.1 | 0.1 | 0.3 |
2187 | C | U | 802,676 | 8,293,176 | 0.55 | 0.54 | 10.6 | 0.0 | 0.4 | 0.8 |
2188 | C | U | 802,676 | 8,293,176 | 0.35 | 0.27 | 15.9 | 0.1 | 1.6 | 0.6 |
2189 | C | U | 802,331 | 8,293,090 | 2.00 | 0.40 | 12.9 | 0.0 | 0.5 | 0.3 |
2200 | C | U | 802,361 | 8,293,107 | 0.40 | 0.19 | 3.3 | 0.0 | 0.3 | 0.4 |
2202 | C | U | 802,371 | 8,293,108 | 0.70 | 0.12 | 5.1 | 0.0 | 0.1 | 0.1 |
2203 | C | U | 802,371 | 8,293,107 | 0.65 | 0.11 | 9.1 | 0.0 | 0.9 | 0.2 |
2206 | C | U | 802,375 | 8,293,108 | 1.60 | 0.16 | 2.4 | 0.0 | 0.1 | 0.2 |
2209 | C | U | 802,383 | 8,293,111 | 0.30 | 0.13 | 23.0 | 0.1 | 0.6 | 0.8 |
All Samples were sent for To CERTIMIN S.A. Laboratories, Lima, Peru for analysis. Standards and duplicates were inserted every 10 th samples.
Recent data from assay results is pivotal for Element 79. Firstly, it will serve as the foundation for the Company’s resource development and future mine planning. These reports are both essential steps the mine evaluation process and highlights crucial milestones in demonstrating the project's viability.
Secondly, this data will inform the direction of the Company’s upcoming 2024 drill program, which will be guided by a 3D modelling of both geology and historic mine workings, designed to maximize efficiency and accuracy. The 3D model will harness the comprehensive dataset that has been amassed, including historic data compilation from the past-producing era leading up to 2005, current surface and underground geochemistry, review and channel sampling of underground workings, mapping (both underground and surface), geophysical surveys, as well as cross-sectional and longitudinal interpretations.
Tworek continues: “This data helps to prove from a methodical and unbiased perspective where both the ore “is” as much as where the ore “isn’t”. When modelled in conjunction with past sampling data and historical production data, this proves that the current underground addits and open veins as well as their surface level expressions are strong economically, where future exploration and drilling campaigns will highlight where we will focus for ore extraction.“
As the Element79 team moves forward, its confidence is both in the skill and experience of its team as well as the continued positive results its work programs have yielded. The Company’s mission is to maximize shareholder value through continued development of the Lucero project, by bringing it back into commercial production, in a safe, ethical, sustainable and profitable fashion.
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.
The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rio Silver Inc. Proposes to Extend Warrant Expiry Date
Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) is pleased to announce that it has entered into an advertising and investor awareness campaign agreement (the "Agreement") with Dig Media Inc. dba Investing News Network ("INN"). INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007.
INN will introduce the Company to INN's audience of educated, active investors. Using a variety of methods including an Enhanced Advertiser Profile, News Marketing, website and newsletter advertising and dedicated emails, INN will encourage its audience to engage directly with the Company to consider investing in the Company. INN does not provide investor relations or market-making services as defined by TSX Venture Exchange (the "TSXV") policies. The engagement is subject to acceptance by the TSXV.
Under the terms of the Agreement with INN, the Company has agreed to pay INN $60,000. for the 12-month campaign, payable in cash in installments of $5,000. per month. INN currently holds no common shares in the Company.
"We are very pleased to be working with INN to expand our audience," stated Chris Verrico, CEO of the Company. "With their experience in the mining industry and our portfolio of silver and gold assets, we are confident that they will be able to help increase awareness of Rio Silver as we move forward into a precious metals super cycle."
In addition, the Company announces that it intends to apply to the TSX Venture Exchange (the " Exchange ") to amend the terms of a total of 6,400,000 warrants (the " Warrants ") which were issued in a private placement which closed on May 12, 2020. These Warrants are exercisable at a price of $0.08 per share and are currently set to expire on May 12, 2024. The proposed amendment is limited to the extension of the expiry date of the Warrants without changes to the exercise price of $0.08 per share. Subject to regulatory approval, the proposed new date for expiry of the Warrants is anticipated to be May 12, 2025.
For more information contact:
Christopher Verrico, President, CEO
Tel: 604.762.4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
News Provided by GlobeNewswire via QuoteMedia
Auld Creek Project Announcement Clarification
Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 15 April 2024 titled “Bonanza East 12.4m @ 33.4 g/t AuEq, including 6m @ 53.4 g/t AuEq” and Mineral Resource Estimate as released on 21 August 2023 (Announcements).
The Company wishes to retract references in the Announcements to all gold equivalents in the Announcements, due to Siren having not carried out any metallurgical test work on Antimony at the Reefton Project and was instead relying on metallurgical recoveries of similar geological projects. Investors should not rely on that information as a basis for any investment decision in relation to the Company’s shares.
This announcement has been authorised by the board of directors of Siren Gold Limited.Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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