Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) is pleased to announce two concurrent non-brokered private placements (collectively, the "Offerings") to raise aggregate gross proceeds of up to CAD$1,500,000
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
![Fabled Copper Announces Non Brokered Private Placements for Gross Proceeds of up to CAD$1,500,000](https://investingnews.com/media-library/image.png?id=29311022&width=1200&height=800)
Fabled Copper Announces Non Brokered Private Placements for Gross Proceeds of up to CAD$1,500,000
Fabled Copper Receives Drill Permit and Outlines Proposed 2024 Drill Program on Davis Keays Eagle Vein
Fabled Copper Corp. ("Fabled Copper" or the "Company") (CNSX:FABL)(FRA:XZ7) announces that it has received its Mines Act Permit which entitles the Company to drill from 15 drill stations over a period of 2 years on the Muskwa Copper Project
The Muskwa Project is comprised of the Neil Property, the Toro Property and the Bronson Property located in northern British Columbia. The Neil Property area was granted the drilling permit and in particular the Davis Keays Eagle Vein area is the Company's first priority interest. See Figure 1 below.
Figure 1 - Location Map
![](https://www.accesswire.com/users/newswire/images/810611/image.png)
Peter Hawley, President, CEO reports; "We at Fabled Copper Corp. are very excited to finally receive our long-awaited drill permit. Subject to funding being available, the Company wishes to embark on a helicopter supported diamond drill program consisting of 3,000 - 5,000 meters on the First Priority Davis Keays Eagle Vein. This will be the first ever surface drilling of the Eagle Vein area known.
As outlined below and through detailed cutting-edge technology we believe the question is not if we will intercept the Eagle vein given our target accuracy is 3 cms BUT how many copper bearing veins will we intercept before hitting the Eagle Vein. Not only is the potential upside redefining the Eagle vein ore body but also evaluating the Eagle vein below the current 5,800 level and the potential of the parallel veins sets evaluated during the 2022 work program."
Background
A May 1990 Feasibility Report to the Davis Keays Mining Co. ("David Keays") outlined a 6 year, 365,000 tons / year mining life of the Eagle Vein based on $0.60 per pound copper.
To support their findings, over period of 3 months, 8 feet high by 9 feet wide adits were driven by Davis Keays into the mountain on the Eagle vein on the 7,300 level, 6,950 level and 6,400 levels, and at every 300 foot centers 110-120 foot cross cuts were excavated for underground diamond drilling where the area was drilled above and below the levels.
In addition, all the entire excavated underground workings were mapped and vein chip sampled at 10 foot intervals and whereever the vein went into the wall, sampled with a test hole.
Based on these findings the Feasibility Report outlines Proven Reserves of 1,007,360 tons grading 3.56% copper, *Probable Reserves of 562,320 tons grading 3.18% copper and Possible Reserves grading 3.18% copper.
As mentioned in the report, "these Reserves are to the 5,800 foot level only but there is no geological reason to expect the vein the terminate at this level. There are excellent possibilities of extending these Reserves, through a continuing of exploration and development to depth on the Eagle Vein and other known veins as well.
Shortly thereafter, and as a result of the development work post Feasibility Study, the 5,800 level was developed. See the Company's press release dated September 28, 2022 to view the entrances of 6400 and 5800 adit portals.
The work carried out under the 1990 Feasibility Report was not carried out or reported using current categories of Mineral Resources or Mineral Reserves under NI 43-101. A Qualified Person has not done sufficient work to classify the abovementioned historical estimate as a current resource. The Company is not treating the historical estimate as a current resource. The Company's proposed 2024 drill program will seek to begin the process of verifying the historical estimate and exploring the Eagle Vein below the 5,800 level.
Fabled Copper's 2022 work on Eagle Vein Area
Below is a summary of the results of Fabled Copper's work on the Eagle Vein undertaken in the summer of 2022. The below dates reference the dates of the Company's press releases in which readers can find further information.
April 27, 2022 - Fabled Copper Corp Reports on the Davis Keays UAV Drone Mission Survey
"16 terrain - following missions were completed over the area with 3-23 cm resolution and grade accuracy of 1-3 cm."
- May 4, 2022 - Fabled Copper Reports on Davis Keays Eagle Vein Area with 6 Additional Parallel Veins discovered and Values as high as 6.73%
- May 11, 2022 - Surface Geophysics outlines Parallel EM Conductor to the Eagle Vein at Davis Keays. Detailed ground VLF - Electromagnetics and Total Field Magnetics. A strong parallel EM conductor was delineated 160 meters northwest of the Eagle Vein."
- May 25, 2022 - Underground Inspection of Eagle Vein does not disappoint.
- June 1, 2022 - Interpretation of Davis Keays Eagle Vein Area Defined Three Structural Corridors. One of which corresponds to the Eagle Vein with at least 5 additional vein sets in addition to the eagle vein and all having the same attitude.
- September 28, 2022 - Fabled Secures Underground Portals.
- October 12, 2022 - Fabled Presents Preliminary Underground LiDAR Survey Findings. 913.93 meters of the 6,400 foot level of the Eagle Vein was surveyed with a maximum error of 3.61 cm and clearly outlines the copper mineralization and veining."
The Company will provide details of the proposed 2024 drill program, which is dependent upon securing additional financing, in due course.
As always Fabled Copper acknowledges that the Muskwa project occurred on lands and in watersheds of importance to Kaska, Fort Nelson First Nation, and Treaty 8 Nations. We are honored to share responsibility for the stewardship of these places.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital
on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE:Fabled Copper Corp.
View source version on accesswire.com:
https://www.accesswire.com/810611/fabled-copper-receives-drill-permit-and-outlines-proposed-2024-drill-program-on-davis-keays-eagle-vein
News Provided by ACCESSWIRE via QuoteMedia
FABLED COPPER Samples Three Road Side Lithium Bearing Pegmatite Outcrops on Volt 1 Property, Quebec
Fabled Copper Corp. (" Fabled " or the " Company ") (CSE:FABL; FSE:XZ7) is pleased to announce the first Phase sampling program on the Volt 1 Property in Quebec
The VOLT 1 Property is comprised of 9 contiguous cells with a total size of 504 hectares. The VOLT 2 Property is comprised of 2 contiguous cells nearby with a total size of 112 hectares. Both properties are located due east of the village of Miquelon, Quebec and are surrounded by Mosaic Minerals Corp.'s (CSE: MOC) "Lithium SM Project."
Figure 1 - Volt Property Location
![](https://www.accesswire.com/users/newswire/images/793542/picture1.jpg)
Preamble
The late spring and summer of 2023 has been challenging due to forest fires in northern Quebec and as a result work in the forest was prohibited. In late July 2023 the ban was lifted for one day in the area of the VOLT 1 Property area and a first phase exploration sampling program was conducted over a period of half a day due to locating property access. The main objectives of the program were as follows:
- Accessibility, road conditions, field conditions.
- Do reported pegmatites exist and over what area.
- If pegmatites are found, are they boulders, glacial trains or insitu outcrops.
- Do the boulders and or outcrops contain lithium and or associated subset of minerals and are the concentration of minerals associated with a particular type of texture, fine grained verses coarse grained.
- And finally do the results warrant and more comprehensive field program.
Discussion on the Findings.
During late July, 2023 the VOLT 1 Property was prospected and sampled over a half day and samples 28921 - 28923, were collected over an area of approximately 500 meters in length. See Map 1 below, Table 1 below.
The purpose of the sampling to was obtain typical pegmatite samples over the greatest area possible, in the fasted time possible due to travel distance back to Val D'Or. The 3 samples taken on outcropping pegmatites on a west trending road in the central portion of the property are by no means indicative of the property potential.
The volume of visible surface outcroppings on the higher portion of the property should allow a proper property wide evaluation. See Map 1 - Sample locations and yellow arrows indicating visible outcrops from google earth. Note the extent of outcropping form the road sampled.
Map 1 - Sample Locations
![](https://www.accesswire.com/users/newswire/images/793542/picture2.jpg)
The central 3 outcrops sampled were composed of fine grained pegmatite. LTC pegmatites comprise a compositional defined subset of granitic pegmatites. The majority minerals are quartz, potassium feldspar, albite and muscovite all present in the pegmatites viewed See Photo 3 below.
LTC pegmatites crystallize at remarkably low temperatures (about 350 - 550 C) in a short period of time thus the large crystal sizes of associated minerals.
Photo 1 - Sample No. 28921 of road side pegmatite outcrop
![](https://www.accesswire.com/users/newswire/images/793542/picture3.jpg)
Photo 2 - Sample No. 28922 of road side pegmatite outcrop
![](https://www.accesswire.com/users/newswire/images/793542/picture4.jpg)
Photo 3 - Close Up of Sample No. 28922 , note muscovite content
![](https://www.accesswire.com/users/newswire/images/793542/picture5.jpg)
Photo 4 - Sample No. 28923 of road side pegmatite outcrop
![](https://www.accesswire.com/users/newswire/images/793542/picture6.jpg)
Early stage reconnaissance in the central part of the property has confirmed the presence of lithium (Li), cesium (Cs), tantalum (Ta), rubidium (Rb), beryl (Be), potassium (K) and niobium (Nb) in all 3 samples except for sample 28921 which lacked Ta. See Table 1 below.
Of the 3 samples, No. 28922 was very elevated compared to the other 2 samples.
Sample Number | Rock Type | Exposure Type | Li ppm | Cs ppm | Ta ppm | Rb ppm | Be ppm | K ppm | Nb ppm |
28921 | Medium Grained pegmatite | Surface Out Crop | 21.60 | 2.04 | 0.005 | 21.40 | 0.41 | 0.28 | 0.706 |
28922 | Fine Grained pegmatite | Surface Out Crop | 110.50 | 13.10 | 0.010 | 63.10 | 0.41 | 0.28 | 2.630 |
28923 | Fine Grained pegmatite | Surface Out Crop | 82.50 | 5.00 | 0.018 | 28.10 | 0.58 | 0.18 | 3.000 |
Next Step Forwards
With only 3 samples taken over the entire property, mineral assays of interest and excellent road access in the central sector and as seen by google earth wide-spread out crop is yet to be sampled a Second Phase Exploration Program has already begun with a team currently in the field. This work will consist of follow:
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is also seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelton, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelton, Quebec.
Mr. Peter J. Hawley, President and C.E.O.
Phone: (819) 316-0919
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
View source version on accesswire.com:
https://www.accesswire.com/793542/fabled-copper-samples-three-road-side-lithium-bearing-pegmatite-outcrops-on-volt-1-property-quebec
News Provided by ACCESSWIRE via QuoteMedia
Fabled Copper Outlines 8 km by 2 km Pegmatite Boulder Field With Pegmatite Outcropping in Central Portion of OHM Property, Quebec
Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) is pleased to announce the results of the first phase sampling program on the OHM Property (the "Property
The OHM Property consists of 51 contiguous cells comprising of 2,856 hectares located approximately 70 kms south of Val D'Or. The OHM Property can be easily accessed from the main highway, route 117 and forestry roads 43 and 44 with numerous secondary cutting roads. It is estimated that 80% of the Property has been logged thus outcrop visibility is excellent.
A minimum of at least 10 pegmatite outcrops have been documented by the previous operators of the Property. No documented work has been done in the search for lithium within the pegmatite swarms. See Figure 1 below.
Figure 1 - OHM Property
Preamble
The late spring and summer of 2023 was challenging due to forest fires in northern Quebec and as a result work in the forest was prohibited. In late July 2023 the ban was lifted for the OHM Property area and a first phase exploration sampling program was conducted over a period of a week. The main objectives of the program were as follows:
- To determine accessibility, road conditions, field conditions.
- To determine if pegmatites exist on the Property and over what area.
- If pegmatites were found, to determine if they were boulders, glacial trains or insitu outcrops.
- If boulders (not in place), what is the shape (rounded means transported a great distance, angular (meaning not traveled very far or heaved up from frost from outcrop below).
- If coarse grained meaning slow cooling or outer envelope of an intrusive, if fine grained, fast cooling and closer to the heat source.
- To determine if the boulders and or outcrops contained lithium and or associated subsets of minerals and are the concentration of minerals associated with a particular type of texture, fine grained verses coarse grained.
- And finally do the results warrant a more comprehensive field program.
Discussion on the Findings.
During the week of July 17th, 2023 the Property was prospected and 19 samples numbered 28902 - 28920 were collected over an area of approximately 8 kilometers in length and 2 kilometers in width, being 1600 hectares of the 2,856 hectares in total on the property. See Map 1 below, Table 1 below.
The purpose of the sampling to was obtain typical pegmatite samples over as great an area as possible to determine if any one area is more favorable for further exploration. Hundreds of angular and lesser amount of rounded pegmatite boulders were seen. The center location of the property has pegmatite outcropping / sub cropping with the dimensions yet to be determined.
Geologic rock sequences observed were meta - seds traversing the Northwest sector, followed by bands of amphibolite kneiss followed by a 2 kilometer with of pegmatite boulders with outcrop terminated by Lac Rochester to the southeast. All observed trends are approximately N45E, including Lac Rochester.
Map 1 - Sample Locations
![](https://www.accesswire.com/users/newswire/images/785746/map1-fc.jpg)
The northeast sector contains very course to knobby pegmatite while the southwest sector contains fine grained pegmatite. LTC pegmatites comprise a compositional defined subset of granitic pegmatites. The majority minerals are quartz, potassium feldspar, albite and muscovite all present in the pegmatites viewed except for 5mm garnets present in the knobby and coarse pegmatites. See Photo 1 below.
LTC pegmatites crystallize at remarkably low temperatures (about 350 - 550 C) in a short period of time thus the large crystal sizes of associated minerals.
Photo 1 - Knobby Pegmatite to left, Coarse grained Pegmatite to Right
Outcrop and sub crop in the central section as shown below. See Photo 2 below.
Photo 2 - Outcrop on left, sub crop on right
Early stage reconnaissance in the central part of the property has confirmed promising K / Rb (potassium to rubidium) ratio's in two samples, (28913, 28914) a proven indicator for lithium fertility according to the work of Stelway & al. (2004) for LTC (Lithium - Cesium - Tantalum type pegmatites. As supporting evidence elevated lithium and cesium are contained in the two samples. See Table 1 below.
Sample Number | Rock Type | Exposure Type | Li ppm | Cs ppm | Rb ppm | Be ppm | K ppm |
28902 | Coarse pegmatite | Angular boulder | 4.7 | 0.289 | 8.55 | 0.04 | 0.2 |
28903 | Coarse pegmatite | Angular boulder | 8.6 | 0.774 | 27.7 | 0.04 | 0.46 |
28904 | Coarse pegmatite | Angular boulder | 6.9 | 0.646 | 23.7 | 0.04 | 0.4 |
28905 | Coarse pegmatite | Angular boulder | 2 | 0.093 | 1.09 | 0.02 | 0.04 |
28906 | Coarse pegmatite | Angular boulder | 10.8 | 1.035 | 31.1 | 0.04 | 0.61 |
28907 | Coarse pegmatite | Angular boulder | 11.6 | 2.45 | 30.5 | 0.08 | 0.42 |
28908 | Coarse pegmatite | Angular boulder | 2.6 | 0.241 | 5.07 | 0.04 | 0.14 |
28909 | Fine pegmatite | Out crop | 29.4 | 1.175 | 41.1 | 0.07 | 0.37 |
28910 | Coarse pegmatite | Angular boulder | 7.3 | 1.075 | 18.75 | 0.05 | 0.35 |
28911 | Coarse pegmatite | Angular boulder | 0.8 | 0.282 | 3.9 | 0.04 | 0.09 |
28912 | Coarse pegmatite | Angular boulder | 0.1 | 0.19 | 2.9 | 0.02 | 0.11 |
28913 | Knobby pegmatite | Out crop | 45.8 | 8.65 | 150 | 0.12 | 3.24 |
28914 | Knobby pegmatite | Angular boulder | 15.7 | 2.07 | 62.1 | 0.07 | 1.03 |
28915 | Coarse pegmatite | Angular boulder | 3.2 | 0.623 | 11.4 | 0.04 | 0.24 |
28916 | Coarse pegmatite | Angular boulder | 0.9 | 0.243 | 3.99 | 0.02 | 0.12 |
28917 | Fine pegmatite | Rounded boulder | 4.2 | 0.295 | 12.8 | 0.04 | 0.23 |
28918 | Fine pegmatite | Rounded boulder | 4.6 | 0.289 | 12.9 | 0.05 | o.24 |
28919 | Coarse pegmatite | Angular boulder | 2.7 | 0.57 | 10.35 | 0.02 | 0.16 |
28920 | Fine pegmatite | Rounded boulder | 2.8 | 0.553 | 10.3 | 0.02 | 0.17 |
Next Steps
With only 19 samples taken over the entire property and given mineral assays of interest located in the central sector and hundreds of pegmatite boulders on the Property yet to be sampled, plus out cropping and sub cropping pegmatites that have not yet been systematically sampled the Company proposes to undertake a Second Phase Exploration Program that it currently believes will consist of following:
- An in-depth review of Quebec Ministere des Ressources naturelles et des Forets SIGEOM data base with particular attention to gradient and residual magnetics; magnetic tilt angle, magnetic analytic and magnetic analytic signal and the shadow relief LIDAR over the property.
- A Property wide detailed sampling program using diamond blade rock saws to obtain both insitu and channel samples due to the hardness of the pegmatites.
- Detailed structural and pegmatite composition and size mapping of outcrops in the central area.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is also seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelton, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelton, Quebec.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE:Fabled Copper Corp.
View source version on accesswire.com:
https://www.accesswire.com/785746/fabled-copper-outlines-8-km-by-2-km-pegmatite-boulder-field-with-pegmatite-outcropping-in-central-portion-of-ohm-property-quebec
News Provided by ACCESSWIRE via QuoteMedia
Fabled Copper Closes Debt Settlement and Terminates Proposed Acquisition of the TJ Property
(TheNewswire)
Vancouver, British Columbia TheNewswire August 18, 2023 - Fabled Copper Corp. (" Fabled " or the " Company ") (CSE:FABL ) ; ( FSE:XZ7) announces that it closed, on August 10, 2023, its previously announced debt settlement pursuant to which the Company settled an aggregate amount of C$30,000 in outstanding debt (the " Debt Settlement ") in exchange for the issuance of 375,000 units at a price of C$0.08 per unit (each a " Unit ").
Each Unit consists of one common share (each a " Common Share ") and one common share purchase warrant (each a " Warrant "). Each Warrant entitles the holder thereof to acquire one Common Share at the price of $0.12 per share for a period of 24 months from closing.
The securities issued in connection with the Debt Settlement are subject to a statutory hold until December 11, 2023.
TJ Property
The Company also announces that it will not be further pursuing the acquisition of the TJ Property and that the letter of intent announced in the Company's press release dated December 19, 2022 has expired.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelon, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelon, Quebec.
Mr. Peter J. Hawley, President and C.E.O.
Phone: (819) 316-0919
For further information please contact:
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Copyright (c) 2023 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Fabled Copper Agrees Debt Settlement
Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) announces that it proposes to enter into a debt settlement agreement with a consultant, pursuant to which the Company will agree to settle an aggregate amount of C$30,000 in outstanding debt (the "Debt Settlement") in exchange for the issuance of 375,000 units at a price of C$0.08 per unit (each a "Unit
Each Unit will consist of one common share (each a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at the price of $0.12 per share for a period of 24 months from closing.
The securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Pursuant to the policies of the Canadian Securities Exchange, the Debt Settlement will close five business days from the date of this press release.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelon, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelon, Quebec. The Company is also seeking to add an additional high grade gold and silver property, the TJ Ridge Property in British Columbia for which it has entered into a letter of intent.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE:Fabled Copper Corp.
View source version on accesswire.com:
https://www.accesswire.com/771688/Fabled-Copper-Agrees-Debt-Settlement
News Provided by ACCESSWIRE via QuoteMedia
Bold Announces Non-Brokered Private Placement Congratulates First Nations and Province
Bold Ventures Inc. (TSXV:BOL) (the "Company" or "Bold") is pleased to announce a non-brokered private placement offering of up to 8,000,000 working capital units (the "WC Units") of the Company at a price of $0.04 per WC Unit for up to $320,000 and up to 12,000,000 Flow Through units (the "FT Units") at a price of $0.05 per FT Unit for up to $600,000 both of which constitute the "Offering
The Offering
Each WC Unit comprises one (1) common share of the Company priced at $0.04 and one full common share purchase warrant (a "WC Warrant") entitling the holder to acquire one (1) common share at a price of $0.06 until three years (36 months) following the closing of the Offering. The proceeds from the WC Units will be used for general working capital, property maintenance, exploration and expenses of the offering.
Each FT Unit comprises one common share of the Company priced at $0.05 and one half (1/2) of a common share purchase warrant. One full common share purchase warrant (a "FT Warrant") and $0.10 will acquire an additional common share until two years (24 months) following the closing of the Offering. The proceeds from the sale of the FT Units will be used for exploration work that qualifies for Canadian Exploration Expenses (CEE).
In connection with the Offering, the Company may pay a finder's fee to qualified finders in consideration for their assistance with the Offering. The finder's fees may be payable in cash and/or securities of Bold at the discretion of the Company and in accordance with the rules of the TSXV.
All securities to be issued pursuant to the Offering are subject to a statutory four (4) month and one (1) day hold period and regulatory approval.
Ring of Fire News
In other news, four First Nations and the Ontario Government have recently signed agreements to support all weather roads and economic development in the north. These agreements signal progress in unlocking economic opportunities and resource development for First Nations surrounding access planned for the Ring of Fire region. The Canadian Press article may be accessed at Four First Nations and Ontario Sign Agreements
About Bold's Koper Lake Project in the Ring of Fire
Bold has a vested 10% carried interest (to production) in the Black Horse Chromite NI-43-101 Inferred Resource of 85.9 Mt @ 34.5% Cr2O3 at a cutoff grade of 20% Cr2O3 (KWG/CACR Website 2023). Bold has a 40% working interest in all other metals found within the claims and is the All Other Metals' Project Operator. Bold also owns a right of first refusal on a 1% Net Smelter Royalty covering all metals produced from the property. The Koper Lake Property is located adjacent to and contiguous with Wyloo Ring of Fire's (formerly Noront Resources Ltd.) Blackbird Chromite deposit and within 300 m of the Eagles Nest Nickel-Copper Massive Sulphide Deposit in the permit stage.
The Ring of Fire access and infrastructure development continues within the environmental permitting process. The two closest First Nations are acting as proponents for the all-weather access and supply roads. Information about Bold's Ring of Fire projects, the Ring of Fire infrastructure development and various critical mineral articles can be accessed on the Bold Critical and Battery Minerals page.
The technical information in this news release was reviewed and approved by Gerald D. White, B.Sc., P. Geo., a qualified person (QP) for the purposes of NI 43-101.
Bold Ventures management believes our suite of Battery, Critical and Precious Metals exploration projects are an ideal combination of exploration potential meeting future demand. Our target commodities are comprised of: Copper (Cu), Nickel (Ni), Lead (Pb), Zinc (Zn), Gold (Au), Silver (Ag), Platinum (Pt), Palladium (Pd) and Chromium (Cr). The Critical Metals list and a description of the Provincial and Federal electrification plans are posted on the Bold Critical and Battery Minerals page.
About Bold Ventures Inc.
The Company explores for Gold and Base Metals in Canada. Bold is exploring properties located within active gold camps of Northern Ontario. Bold also holds significant assets located within and around the emerging multi-metals district dubbed the Ring of Fire region, located in the James Bay Lowlands of Northern Ontario.
For additional information about Bold Ventures and our projects please visit www.boldventuresinc.com or contact us at 416-864-1456 or email us at info@boldventuresinc.com.
"David B Graham"
David Graham
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
SOURCE:Bold Ventures
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Trident Royalties PLC Announces Publication of Scheme Document
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
RECOMMENDED CASH ACQUISITION
of
TRIDENT ROYALTIES PLC
by
DETERRA GLOBAL HOLDINGS PTY LTD
(a direct wholly owned subsidiary of Deterra Royalties Limited)
to be effected by means of a scheme of arrangement
under Part 26 of the Companies Act 2006
PUBLICATION OF SCHEME DOCUMENT
LONDON, UNITED KINGDOM / ACCESSWIRE / July 4, 2024 / On 13 June 2024, the boards of Deterra Global Holdings Pty Ltd ("Bidco") and Trident Royalties PLC ("Trident") announced that they had agreed the terms of a recommended cash acquisition of Trident by Bidco pursuant to which Bidco will acquire the entire issued and to be issued share capital of Trident (the "Acquisition").
The Acquisition is being effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme") and is subject to the terms and conditions set out in the scheme document relating to the Acquisition (the "Scheme Document").
Publication of Scheme Document
Trident and Bidco are pleased to announce that the Scheme Document, together with the associated Forms of Proxy for use in connection with the Court Meeting and the General Meeting, are today being sent, or made available, to Trident Shareholders and, for information only, to persons with information rights, participants in the Trident Share Scheme and the Warrant Holder. The Scheme Document contains, among other things, a letter from the Chair of Trident, an explanatory statement pursuant to section 897 of the Companies Act 2006, the full terms and Conditions of the Scheme and the Acquisition, an expected timetable of principal events, notices of the Court Meeting and General Meeting and details of the actions to be taken by Trident Shareholders.
A copy of the Scheme Document will be made available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Trident's website at https://tridentroyalties.com/recommended-offer and on Deterra's website at www.deterraroyalties.com/investors/proposed-acquisition-of-trident by no later than 12 noon on 5 July 2024.
Unless otherwise defined, all capitalised terms in this announcement shall have the meaning given to them in the Scheme Document. All references to times are to London, UK, times unless otherwise stated.
Recommendation
The Trident Directors, who have been so advised by BMO as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing its advice to the Trident Directors, BMO has taken into account the commercial assessments of the Trident Directors. BMO is providing independent financial advice to the Trident Directors for the purposes of Rule 3 of the Takeover Code.
Accordingly, the Trident Directors unanimously recommend that Trident Shareholders vote (or procure votes) in favour of the Scheme at the Court Meeting and the Resolution at the General Meeting, as the Trident Directors have irrevocably undertaken to do (or procure to be done) in respect of their interests and those of certain of their connected persons being, in aggregate, 1,948,623 Trident Shares representing approximately 0.66 per cent. of the issued share capital of Trident as at the Latest Practicable Date.
In addition to the irrevocable undertakings given by the Trident Directors referred to immediately above, Bidco has also received irrevocable undertakings to vote (or procure the voting) in favour of the Scheme at the Court Meeting and the Resolution at the General Meeting from Regal Funds Management Pty Limited, LIM Asia Special Situations Master Fund Limited; Ponderosa Investments (WA) Pty Ltd and Ashanti in respect of 74,606,085 Trident Shares, in aggregate, representing approximately 25.5 per cent. of Trident's issued share capital as at the Latest Practicable Date.
As set out in the Rule 2.7 Announcement, Amati Global Investors Limited had given to Bidco a non-binding letter of intent to vote (or procure the voting) in favour of the resolutions proposed to effect the Acquisition at any meetings of Trident Shareholders to be convened in relation to the proposed Scheme in respect of 11,707,015 Trident Shares. Amati Global Investors Limited has subsequently announced that it has disposed of such Trident Shares and, therefore, the letter of intent given to Bidco by Amati Global Investors Limited has ceased to apply in respect of such Trident Shares.
In aggregate therefore, Bidco has received irrevocable undertakings to vote in favour of the Scheme at the Court Meeting and the Resolution at the General Meeting from the holders of 76,554,708 Trident Shares in total representing approximately 26.1 per cent. of Trident's issued share capital as at the Latest Practicable Date.
Notices of the Court Meeting and General Meeting
As further detailed in the Scheme Document, to become Effective, the Scheme requires, amongst other things, the approval of a majority in number of the Scheme Shareholders present and voting (in person or by proxy) at the Court Meeting representing not less than 75 per cent. in value of the relevant Scheme Shares voted, and the passing of the Resolution at the General Meeting. The Scheme must also be sanctioned by the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.
Notices convening the Court Meeting and the General Meeting for 10.00 a.m. and 10.15 a.m. (or as soon thereafter as the Court Meeting is concluded or adjourned), respectively, on 26 July 2024, to be held at the offices of Simmons & Simmons LLP, CityPoint, One Ropemaker Street, London EC2Y 9SS are set out in Parts 8 and 9 of the Scheme Document.
It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of Scheme Shareholder opinion. Trident Shareholders are therefore strongly urged to submit their Forms of Proxy (or, if they hold their Trident Shares in uncertificated form, through CREST) as soon as possible and, in any event, by no later than 10.00 a.m. on 24 July 2024 in the case of the Court Meeting, and 10.15 a.m. on 24 July 2024, in the case of the General Meeting in accordance with the instructions for doing so set out in the section headed "Action to be taken" on pages 9 to 11 of the Scheme Document.
Timetable and Cancellation of Admission to AIM of Trident Shares
The Scheme Document contains an expected timetable of principal events relating to the Scheme, which is also set out below. Due to currently anticipated availability for the Scheme Sanction Hearing, Bidco and Trident have also agreed to extend the Long Stop Date from 30 September 2024 to 31 October 2024.
Subject to obtaining the approval of the requisite majority of Scheme Shareholders at the Court Meeting and the requisite majority of Trident Shareholders at the General Meeting, the sanction of the Court and the satisfaction or, where applicable, waiver of the other Conditions (as set out in Part 3 of the Scheme Document), the Scheme is expected to become effective during H2 2024. The times and dates given in the expected timetable of principal events are based on Trident's and Bidco's current expectations and may be subject to change. If any of the times and dates set out in the expected timetable change, Trident will give notice of this change by issuing an announcement through a Regulatory Information Service. If the Scheme is approved as outlined above, it is expected that trading in Trident Shares on AIM will be suspended at 7.30 a.m. on the Effective Date. Prior to the Scheme becoming Effective, an application will be made to the London Stock Exchange for the cancellation of admission to trading of the Trident Shares on AIM, to take effect shortly after the Effective Date. Applications will also be made to cease trading of Trident Shares on the Open Market of the Frankfurt Stock Exchange, the Boerse Stuttgart Open Market of the Stuttgart Stock Exchange and OTCQB.
From the Scheme Effective Time, share certificates in respect of Scheme Shares will cease to be valid. Such share certificates should be destroyed or, at the request of Trident, delivered up to Trident, or to any person appointed by Trident to receive the same. In addition, as from the Scheme Record Time, each holding of Trident Shares credited to any stock account in CREST will be disabled and all entitlements to Trident Shares held within the CREST system will be cancelled promptly thereafter.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Event | Expected time/date(1) | |
Publication of this document | 4 July 2024 | |
Latest time for lodging Forms of Proxy or for submitting proxy instructions via the CREST electronic proxy appointment service for the: | ||
Court Meeting (blue Form of Proxy) | 10.00 a.m. on 24 July 2024(2) | |
General Meeting (white Form of Proxy) | 10.15 a.m. on 24 July 2024(3) | |
Voting Record Time | 6.00 p.m. on 24 July 2024(4) | |
Court Meeting | 10.00 a.m. on 26 July 2024 | |
General Meeting | 10.15 a.m. on 26 July 2024(5) | |
The following dates are indicative only and are subject to change(6) | ||
Scheme Sanction Hearing | A date expected to be in H2 2024, subject to the satisfaction (or, where applicable, waiver) of the relevant Conditions (D)(7) | |
Last day of dealings in, and for registration of transfers of, and disablement of CREST for, Trident Shares | D + 1 Business Day | |
Scheme Record Time | 6.00 p.m. on D + 1 Business Day | |
Suspension of dealings in Trident Shares | 7.30 a.m. on D + 2 Business Days | |
Expected Effective Date of the Scheme(8) | D + 2 Business Days | |
Cancellation of admission of Trident Shares on to trading on AIM | By 7.00 a.m. on D + 3 Business Days | |
Latest date for dispatch of cheques and crediting of CREST for Cash Consideration due under the Scheme | Within 14 days of the Effective Date | |
Long Stop Date | 11.59 p.m. on 31 October 2024(9) |
Notes
(1) All times set out in this timetable refer to London time unless otherwise stated. The dates and times given are indicative only and are based on Trident's current expectations and may be subject to change. If any of the expected times and/or dates above change, the revised times and/or dates will be notified to Trident Shareholders by announcement through a Regulatory Information Service with such announcement being made available on Bidco's website at www.deterraroyalties.com/investors/proposed-acquisition-of-trident and Trident's website at https://tridentroyalties.com/recommended-offer and, if required by the Panel, Trident will send notice of the change(s) to Trident Shareholders and other persons with information rights and, for information only, the warrant holder and to the holders of options under the Trident Share Scheme.
(2) It is requested that blue Forms of Proxy for the Court Meeting be lodged no later than 10.00 a.m. on 24 July 2024 or, in the case of an adjourned meeting, 48 hours (excluding any part of a day that is not a Business Day) before the time fixed for the adjourned Court Meeting. Blue Forms of Proxy not so lodged may be completed and handed to the Chair of the Court Meeting at any time before the start of the Court Meeting.
(3) White Forms of Proxy for the General Meeting must be lodged no later than 10.15 a.m. on 24 July 2024 or, in the case of an adjourned meeting, 48 hours (excluding any part of a day that is not a Business Day) before the time fixed for the adjourned General Meeting.
(4) If either the Court Meeting or the General Meeting is adjourned, the Voting Record Time for the relevant adjourned meeting will be 6.00 p.m. on the date falling two Business Days before the date of the adjourned meeting.
(5) Or as soon thereafter as the Court Meeting is concluded or adjourned.
(6) These dates are indicative only and will depend, among other things, on the date upon which: (i) the Conditions are satisfied or (if capable of waiver) waived; (ii) the Court sanctions the Scheme; and (iii) the Court Order is delivered to the Registrar of Companies.
(7) The Scheme Sanction Hearing is to be held on a date to be determined following the satisfaction (or, if applicable, waiver) of the Conditions (other than Conditions 2(c)(i) and 2(c)(ii)), as set out in Section 1 of Part 3 (Conditions to and Certain Further Terms of the Scheme and the Acquisition) of the Scheme Document.
(8) The Scheme will become effective pursuant to its terms upon the Court Order being delivered to the Registrar of Companies.
(9) The latest date by which the Scheme may become Effective (or such later date as (a) Trident and Bidco may agree or (b) (in a competitive situation) specified by Bidco with the consent of the Panel, and in either case as the Court may approve (if such approval(s) are required)).
Enquiries:
Bidco / Deterra | +61 8 6277 8880 |
Julian Andrews, Managing Director | |
Bronwyn Kerr, General Counsel and Company Secretary | |
J.P. Morgan(Financial adviser to Bidco and Deterra) | +44 (0) 20 3493 8000 |
Mathew Hocking | |
Jamie Riddell | |
James Robinson | |
Jonty Edwards | |
Gresham(Financial adviser to Bidco and Deterra) | +61 2 9224 0210 |
Neville Spry | |
Michael Smith | |
Tom Waddell | |
Trident | |
Adam Davidson, Chief Executive Officer | +1 (757) 208-5171 |
Richard Hughes, Chief Financial Officer | +44 (0) 7967 589997 |
BMO (Rule 3 adviser and financial adviser to Trident) | +44 (0)20 7236 1010 |
Gary Mattan | |
Tom Rider | |
Andrew Cameron | |
Nick Macann | |
Grant Thornton (AIM Nominated Adviser) | +44 (0)20 7383 5100 |
Colin Aaronson | |
Samantha Harrison | |
St Brides Partners Ltd (Financial PR & IR) | +44 20 7236 1177 |
Susie Geliher | |
Charlotte Page |
Important Notices Relating to Financial Advisers
J.P. Morgan Securities Australia Limited, together with its affiliate, J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated by the PRA and the Financial Conduct Authority, (together, "J.P. Morgan") is acting as joint financial adviser exclusively for Bidco and Deterra and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Bidco and Deterra for providing the protections afforded to clients of J.P. Morgan or its affiliates, nor for providing advice in relation to any matter or arrangement referred to herein.
Gresham Advisory Partners Limited (ABN 88 093 611 413) ("Gresham") is acting as joint financial adviser for the Wider Deterra Group only in Australia, in connection with the matters set out in this announcement. Gresham is authorised to provide financial services to wholesale clients in Australia only, under Australian Financial Services License no. 247113.Neither Gresham nor any of its subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Gresham in connection with this announcement, any statement or other matter or arrangement referred to herein or otherwise.
BMO Capital Markets Limited ("BMO"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as Rule 3 adviser and financial adviser for Trident and for no one else in connection with the matters set out or referred to in this announcement and will not be responsible to anyone other than Trident for providing the protections offered to clients of BMO nor for providing advice in relation to the matters set out or referred to in this announcement. Neither BMO nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of BMO in connection with this announcement, its contents and/or any matter or statement set out or referred to herein or otherwise.
Grant Thornton UK LLP ("Grant Thornton") is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is acting as nominated adviser for Trident and for no one else in connection with the matters set out or referred to in this announcement and will not be responsible to anyone other than Trident for providing the protections offered to clients of Grant Thornton nor for providing advice in relation to the matters set out or referred to in this announcement. Neither Grant Thornton nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Grant Thornton in connection with this announcement, any matter or statement set out or referred to herein or otherwise.
Further Information
This announcement is for information purposes only and is not intended to and does not constitute, or form any part of, an offer or invitation to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Acquisition or otherwise.
The Acquisition will be subject to English law and to the applicable requirements of the Code, the Panel, the AIM Rules, the London Stock Exchange and the FCA.
The Acquisition is being made solely by the Scheme Document (or, in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document), which, together with the Forms of Proxy, will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any voting decision or response in relation to the Acquisition should be made solely on the basis of the information contained in the Scheme Document (or, in the event that the Acquisition is to be implemented by means of a Takeover Offer, the Offer Document). Trident Shareholders are advised to read the formal documentation in relation to the Acquisition carefully once it has been published. Each Trident Shareholder is urged to consult their independent professional adviser regarding the tax consequences of the Acquisition.
This announcement does not constitute a prospectus or a prospectus equivalent document.
If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or from an independent financial adviser duly authorised under the FSMA.
Overseas Shareholders
The release, publication or distribution of this announcement in or into certain jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore any persons who are not resident in the United Kingdom or who are subject to the laws of any jurisdiction other than the United Kingdom (including Restricted Jurisdictions) should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom or who are subject to the laws of another jurisdiction to vote their Trident Shares in respect of the Scheme at the Court Meeting or the General Meeting, or to execute and deliver Forms of Proxy appointing another to vote at the Court Meeting or the General Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws or regulations in that jurisdiction. To the fullest extent permitted by applicable law or regulations, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.
This announcement has been prepared for the purpose of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside England.
Unless otherwise determined by Bidco or required by the Code, and permitted by applicable law and regulation, the Acquisition will not be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including, without limitation, telephonic or electronic) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of, a Restricted Jurisdiction or any other jurisdiction where to do so would violate the laws in that jurisdiction, and the Acquisition will not be capable of acceptance by any such use, means, instrumentality or facility or from within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws in that jurisdiction. Accordingly, copies of this announcement and any formal documentation relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction or any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction. Doing so may render invalid any related purported vote in respect of acceptance of the Acquisition.
Further details in relation to Trident Shareholders in overseas jurisdictions is contained in the Scheme Document.
Notice to U.S. Investors in Trident
The Acquisition relates to the shares of a company registered under the laws of England and Wales and is proposed to be made by way of a scheme of arrangement provided for under Part 26 of the Companies Act. This announcement, the Scheme Document and certain other documents relating to the Acquisition have been or will be prepared in accordance with English law, the Code and UK disclosure requirements, format and style, all of which differ from those in the United States. The Acquisition, implemented by way of a scheme of arrangement, is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Exchange Act of 1934, as amended (the "U.S. Exchange Act"). Accordingly, the Acquisition is subject to the procedural and disclosure requirements of and practices applicable in the UK to a scheme of arrangement involving a target company in England with its securities admitted to trading on the London Stock Exchange, which differ from the procedural and disclosure requirements of U.S. tender offer and proxy solicitation rules. If, in the future, Bidco exercises its right to implement the Acquisition by way of a Takeover Offer and determines to extend the Takeover Offer into the United States, the Takeover Offer will be made in compliance with applicable U.S. laws and regulations including without limitation and to the extent applicable, under Section 14(e) of the U.S. Exchange Act and Regulation 14E thereunder as well as the U.S. Securities Act of 1933, as amended. Such a Takeover Offer would be made in the United States by Bidco and no one else.
The financial information that is included in this announcement or the Scheme Document, or that may be included in any other documents relating to the Acquisition, has been or will be prepared in accordance with International Financial Reporting Standards or other reporting standards or accounting practice applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with U.S. generally accepted accounting principles. None of the financial information in this announcement has been audited in accordance with auditing standards generally accepted in the United States or the auditing standards of the Public Company Accounting Oversight Board (United States).
It may be difficult for U.S. Trident Shareholders to enforce their rights and any claim arising out of the U.S. federal securities laws or the laws of any state or other jurisdiction in the United States in connection with the Acquisition, because Trident is located in a non-U.S. country, and some or all of its officers and directors may be residents of a non-U.S. country. U.S. Trident Shareholders may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of the U.S. federal securities laws or the laws of any state or other jurisdictions in the United States. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's jurisdiction or judgment.
U.S. Trident Shareholders also should be aware that the Acquisition may have tax consequences in the United States and that such consequences, if any, are not described herein. The receipt of cash by a U.S. holder of Trident Shares as consideration for the transfer of its Scheme Shares pursuant to the Scheme may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local, as well as foreign and other, tax laws.
U.S. Trident Shareholders (including U.S. holders) are urged to consult with legal, tax and financial advisers in connection with making a decision regarding the Acquisition.
Notice to Trident Shareholders in Australia
To the extent that this announcement is received by a Trident Shareholder in Australia, it is provided in reliance upon ASIC Corporations (Unsolicited Offers-Foreign Bids) Instrument 2015/1070.
Forward-looking Statements
This announcement (including any information incorporated by reference in this announcement), oral statements made regarding the Acquisition, and other information published by Deterra, Bidco or Trident contain statements which are, or may be deemed to be, "forward-looking statements" with respect to Deterra, Bidco, Trident and the Enlarged Deterra Group. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "aim", "will", "may", "would", "could" or "should" or other words of similar meaning or the negative thereof. Forward-looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, economic performance, synergies, financial conditions, market growth, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of the operations of the Deterra Group or the Trident Group; and (iii) the effects of government regulation on the business of the Deterra Group or the Trident Group. There are many factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among such factors are the satisfaction (or, where permitted, waiver) of the Conditions as well as additional factors, such as domestic and global business and economic conditions; the impact of pandemics, asset prices; market-related risks such as fluctuations in interest rates and exchange rates, industry trends, competition, changes in government and regulation, changes in the policies and actions of governments and/or regulatory authorities (including changes related to capital and tax), changes in political and economic stability (including exposures to terrorist activities, the UK's exit from the European Union, Eurozone instability, the Russia-Ukraine conflict), disruption in business operations due to reorganisation activities, interest rate, inflation, deflation and currency fluctuations, the timing impact and other uncertainties of future or planned acquisitions or disposals or offers, the inability of the Enlarged Deterra Group to realise successfully any anticipated synergy benefits when the Acquisition is implemented (including changes to the board and/or employee composition of the Enlarged Deterra Group), the inability of the Deterra Group to integrate successfully the Trident Group's operations and programmes when the Acquisition is implemented, the Enlarged Deterra Group incurring and/or experiencing unanticipated costs and/or delays (including IT system failures, cyber-crime, fraud and pension scheme liabilities), or difficulties relating to the Acquisition when the Acquisition is implemented. Other unknown or unpredictable factors could affect future operations and/or cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.
These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of such persons and the environment in which each will operate in the future. By their nature, these forward-looking statements involve known and unknown risks and uncertainties (and other factors that are in many cases beyond the control of Trident, Deterra and/or Bidco) because they relate to events and depend on circumstances that will occur in the future. The factors described in the context of such forward-looking statements in this announcement may cause the actual results, performance or achievements of any such person, or industry results and developments, to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. No assurance can be given that such expectations will prove to have been correct and persons reading this announcement are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. None of the Deterra Group nor Trident Group, nor any of their respective associates or directors, officers or advisers, provide any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. All subsequent oral or written forward-looking statements attributable to Deterra, Bidco or Trident or any persons acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Other than in accordance with their legal or regulatory obligations (including under the Code, MAR and the AIM Rules), neither of Deterra, Bidco nor Trident is under or undertakes any obligation, and each of the foregoing expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
No Profit Forecasts, Estimates or Quantified Financial Benefits Statements
No statement in this Announcement is intended, or is to be construed, as a profit forecast or estimate for any period or a quantified financial benefits statement and no statement in this announcement should be interpreted to mean that earnings or earnings per ordinary share, for Deterra, Bidco or Trident, respectively for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per ordinary share for Deterra, Bidco or Trident, respectively.
Right to Switch to a Takeover Offer
Bidco reserves the right to elect, with the consent of the Panel and subject to the terms of the Co-operation Agreement, to implement the Acquisition by way of a Takeover Offer for the entire issued and to be issued share capital of Trident as an alternative to the Scheme. In such an event, the Takeover Offer will be implemented on the same terms or, if Bidco so decides, on such other terms being no less favourable (subject to appropriate amendments), so far as applicable, as those which would apply to the Scheme and subject to the amendment referred to in Part C of Appendix I to this announcement.
Electronic Communication - Information Relating to Trident Shareholders
Addresses, electronic addresses and certain other information provided by Trident Shareholders, persons with information rights and other relevant persons for the receipt of communications from Trident may be provided to Bidco during the Offer Period as required under Section 4 of Appendix 4 of the Code to comply with Rule 2.11(c) of the Code.
Publication on Website
A copy of this announcement and the documents required to be published pursuant to Rule 26.1 and Rule 26.2 of the Code will be made available (subject to certain restrictions relating to persons resident in Restricted Jurisdictions), free of charge, at www.deterraroyalties.com/investors/proposed-acquisition-of-tridentand Trident's website athttps://tridentroyalties.com/recommended-offerby no later than 12 noon on the Business Day following the date of this announcement.
Neither the contents of these websites nor the content of any other website accessible from hyperlinks on such websites is incorporated into, or forms part of, this announcement.
Hard Copy Documents
In accordance with Rule 30.3 of the Code, Trident Shareholders, persons with information rights and participants in the Trident Share Scheme may request a hard copy of this announcement by contacting Trident's registrar, Neville Registrars, on +44 (0) 121 585 1131 or by sending a request in writing to Neville Registrars at Neville House, Steelpark Road, Halesowen, B62 8HD. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 a.m. to 5.00 p.m. (London time), Monday to Friday excluding for public holidays in England and Wales. Please note that Neville Registrars cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes. For persons who receive a copy of this announcement in electronic form or via a website notification, a hard copy of this announcement will not be sent unless so requested. Such persons may, subject to applicable securities laws, also request that all future documents, announcements and information be sent to them in relation to the Acquisition in hard copy form.
Rounding
Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.
Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of MAR. Market soundings (as defined in MAR) were taken in respect of a potential offer with the result that certain persons became aware of inside information (as defined in MAR) as permitted by MAR. This inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to Trident and its securities.
Rule 2.9 Disclosure
In accordance with Rule 2.9 of the Code, Trident confirms that, as at the Latest Practicable Date, it had in issue 293,079,382 ordinary shares of £0.01 each. The International Securities Identification Number (ISIN) for Trident Shares is GB00BF7J2535.
Disclosure Requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the Offer Period and, if later, following the announcement in which any securities exchange offeror is first identified.
An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) of the Code applies must be made by no later than 3.30 p.m. (London time) on the 10th business day (as defined in the Code) following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day (as defined in the Code) following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure by a person to whom Rule 8.3(b) of the Code applies must be made by no later than 3.30 p.m. (London time) on the business day (as defined in the Code) following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Code.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the Code).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Atico Mining Announces Completion NI 43-101 Feasibility Study for the La Plata Project in Ecuador
Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce the results of the Definitive Feasibility Study (the "DFS" or the "Study") for its 100% owned La Plata Project ("La Plata") located in Ecuador. The DFS was prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Please note that all financial figures in this press release are in United States dollars, unless otherwise noted.
Key Highlights:
- Initial Probable Mineral Reserves for the La Plata project 2.51 Mt with an average grade of 1.59% Cu, 2.28 g/t Au, 30.41 g/t Ag, and 2.18% Zn.
- Updated Indicated Resources of 2.345 Mt with an average grade of 2.13% Cu, 2.98 g/t Au, 40 g/t Ag, 3.05% Zn and Inferred Resources of 380 Kt at average grade of 0.96% Cu, 1.75 g/t Au, 38 g/t Ag, 2.29% Zn.
- Average annual production of 9.71 Mlbs Cu, 15,929 oz Au, 226,299 oz Ag, and 13.25 Mlbs Zn in concentrates over 8.1 years Life of Mine ("LOM")
- Initial Capex of US$91 Million, including a 9.8% contingency
- Average AISC of US$2.70 1 per payable lb of Cu equivalent produced over LOM
- After Tax NPV of US$93M at a 5% discount rate and an IRR of 25.1%
- Underexplored VMS camp, currently identified resources are contained in only 1.6% of total land package
Fernando E. Ganoza, CEO and Director, commented, "Completion of this study is yet another important milestone that the Company has achieved this year as it provides for an important foundation upon which to continue building the La Plata project. As a next step, we have already commenced and advanced basic and detailed engineering where we continue to see significant opportunities yet to be captured." Mr. Ganoza continued, "The current reserves and resources at the La Plata project are a good starting point, however, historic and recent exploration work performed here tells us that these areas still provide significant exploration potential. We intend to test this hypothesis in the very near future. In addition, the currently identified resources are contained in only 1.6% of the total land package, where we see tremendous opportunities for further exploration success in the regional target areas."
Metallurgy and Processing
Metallurgical testwork has shown that the production of two concentrates provide the best economic performance for the operation, a zinc concentrate and a bulk concentrate. The testwork results are shown in Table 1 and were used in the estimation of the Mineral Reserve.
Table 1. Metallurgical Testwork Results
Parameter | Algorithm | Models | Parameter | Algorithm | Models | |
Bulk conc recovery, % - Au | 58 | Zn conc Recovery, % - Au | 12 | |||
Bulk conc recovery, % - Ag | Cu>=3.33 | 69.3 | Zn conc Recovery, % - Ag | Cu>=3.33 | 8.1 | |
Cu | 53.5 | Cu | 21.1 | |||
Bulk conc recovery, % - Cu | Cu>=3.33 | 92.64 | Zn conc Recovery, % - Cu | Cu>=3.33 | 1.73 | |
Cu | 79.53 | Cu | 9.65 | |||
Bulk conc recovery, % - Pb | Cu>=3.33 | 87.05 | Zn conc Recovery, % - Pb | Cu>=3.33 | 4 | |
Cu | max(0.6675-0.0639*(Cu/Zn),0.474) | Cu | 12.9 | |||
Bulk conc recovery, % - Zn | Fe>=9.34 | 59 | Zn conc Recovery, % - Zn | Fe>=9.34 | 33.1 | |
Fe | 18.2 | Fe | 70.7 |
The process plant design for the La Plata Project is based on a conventional metallurgical flowsheet to treat sulphide ore to produce bulk copper and zinc concentrates. The flowsheet is based on metallurgical test work, industry standards and conventional unit operations.
The process plant will nominally treat 850 tonnes per day (t/d) of ore and will consist of comminution and flotation circuits. Flotation tailings will be dewatered to produce a filtered tailings for storage onsite. The figure below represents the overall flowsheet for the La Plata Project.
The key project design criteria for the process plant are listed below:
- Throughput of 310 kilo-tonnes per year (kt/y) of ore
- Crushing plant availability of 75%
- Grinding and flotation circuits availability of 92%
- Filtered tailings availability of 85%
- Comminution circuit to produce a particle size of 80% passing (P80) of 75 µm
- Bulk concentrate average mass pull of 12%
- Zinc concentrate average mass pull of 6%
- Equipment selection based on suitability for the required duty, reliability, and ease of maintenance
The Feasibility study proposes to construct, at a cost of US$1.6M, a 69kV transmission line for the power usage at the mine site using a new 8-kilometer connection to the power grid. Rain water will be collected from contact areas and fresh water will be pumped by pipeline from surface collection sumps. The company will also construct a filtered, stacked tailings impoundment facility to accommodate tails from the milling operations.
Mineral Resource Estimate
The Mineral Resource Estimate ("MRE") of the La Plata volcanogenic polymetallic massive sulphide ("VMS") project (the "Project" or "La Plata") presented herein represents an update from the previous MRE issued in the La Mina Preliminary Economic Assessment(" PEA") report, completed by SGS Canada Inc. ("SGS") in March 2019.
The current MRE is based on the updated drillhole database received on March 8, 2021, which includes additional data from the 2020 and 2021 infill drilling programs completed since the previous MRE. Since the 2019 PEA, there has been significant progress in the geological understanding of the deposit due to infill drilling programs conducted on the Project. Most of the drilling was dedicated to infill drilling to convert Inferred resources to Indicated category for inclusion in this Feasibility Study ("FS").
Table 2. La Plata Project Mineral Resource Statement as of August 1 st , 2023
Resource Classification | Tonnes (t) (Mt) | CuEq (%) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | |
Indicated | ||||||||
North Block | 1.148 | 5.21 | 2.61 | 30 | 2.44 | 0.36 | 2.66 | |
South Block | 1.014 | 6.00 | 3.79 | 56 | 1.84 | 0.70 | 3.85 | |
Guatuza | 0.183 | 2.66 | 0.75 | 9 | 1.78 | 0.10 | 1.04 | |
Total | 2.345 | 5.36 | 2.98 | 40 | 2.13 | 0.49 | 3.05 | |
Inferred | ||||||||
North Block | 0.022 | 3.43 | 2.16 | 29 | 0.97 | 0.43 | 2.54 | |
South Block | 0.308 | 3.24 | 1.81 | 42 | 0.91 | 0.44 | 2.45 | |
Guatuza | 0.051 | 2.51 | 1.16 | 17 | 1.23 | 0.19 | 1.24 | |
Total | 0.380 | 3.16 | 1.75 | 38 | 0.96 | 0.41 | 2.29 |
*Notes on Mineral Resources: | |
1. | The Mineral Resource described above have been prepared in accordance with the CIM Standards (Canadian Institute of Mining, Metallurgy and Petroleum, 2014) and follow the Best Practices outline by the CIM (2019). |
2. | The Qualified Person (QP) for this Mineral Resource Estimate is Christian Beaulieu, P.Geo. consultant for G Mining Services inc. Mr. Beaulieu is a member of the l'Ordre des géologues du Québec (#1072). |
3. | The lower cut-offs for reporting underground mineral resources are US$70 NSR for Long Hole and US$90 NSR for Cut and Fill/Room and Pillar projected mining methods. The NSR was calculated based on the following assumptions (described in detail in Section 15 and Table 15.3 of the ucoming Technical Report except for different commodity prices): |
Commodity price assumptions: Gold = US$1,900 per ounce, Silver = US$26.50 per ounce, Copper = US$4.50 per lb, Zinc = US$1.40 per lb, Lead = US$0.92 per lb. | |
Various project related economic assumptions considered, including sale terms and conditions (% payables by metal and concentrate type, treatment and refining costs ($88/dmt, $0.09/lb Cu, $0.60/oz Ag, 0.8% Gold price with min $8/oz Au), penalties ($2/dmt min. for Pb and Zn)), transportation costs ($68/t). | |
4. | Metal grades outlined above have not been adjusted for metallurgical recoveries. Copper Equivalent grade calculation (CuEq) is based on metal prices above and has not been adjusted for metallurgical recoveries or related economic assumptions as presented above. |
5. | The La Plata deposit has been classified as Indicated and Inferred Mineral Resources depending on drill spacing and estimation pass. No Measured Mineral Resources are quoted. |
6. | Known underground workings have been incorporated into the block model with a zero-density value within voids to exclude them from the resource tabulation. |
7. | Bulk Density has been estimated in the block model using ID2 from drill core measurements. Other geological units were assigned by lithology and weathering types. |
8. | A minimum thickness of 1.5 m was used when interpreting the wireframes. Areas of isolated clusters of blocks and where minimum thickness was not reached have been removed from the calculations. |
9. | The tonnages and grades outlined above are reported inside a block model with a parent block size of 5 m x 5 m x 3 m, and subblocks 1 m x 1 m x 1 m. |
10. | Tonnage and metal content have been expressed in the metric system, except for gold and silver metal content which is expressed in troy ounces. Tonnages have been rounded to the nearest 1,000 tonnes, and metal content has been rounded to the nearest 100 tonnes or 1,000 ounces. Differences may occur in totals due to rounding. |
11. | Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred mineral resources are uncertain in nature. The QP is not aware of any factors or issues that materially affect the MRE other than normal risks faced by mining projects in the country in terms of environmental, permitting, taxation, socio-economic and marketing factors, and additional risk factors regarding indicated and inferred resources. Political and social factors that may influence the MRE is the current instability in the country of Ecuador related to the recent events tied to drug trafficking, which may affect market perception of the project's risk profile; |
12. | There is no guarantee Mineral Resources will become Mineral Reserves and no guarantee that Mineral Resources will be mined. |
Mineral Reserve Estimate
The mine design and Mineral Reserve estimate were completed to a level appropriate for feasibility studies. The Mineral Reserve estimate stated herein is consistent with the CIM definitions and is suitable for public reporting. As such, the Mineral Reserves are based on Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. The Inferred Mineral Resources contained within the mine design are treated as waste.
The Mineral Resources estimate reported below are the basis for the Mineral Reserve Estimate. Only Measured and Indicated Resources are deemed to have sufficient confidence to be used for the Mineral Reserve estimate. Indicated Resources are the basis for the estimate of Probable Mineral Reserves.
The Mineral Reserves for the La Plata Project are estimated at 2.51 Mt, at an average grade of 1.59% Cu, 2.28 g/t Au, 30.41 g/t Ag, 0.36% Pb, and 2.18% Zn, as summarized in Table 3 below.
Table 3. La Plata Project Mineral Reserve Statement as of July 5, 2023
Reserve Category | Tonnes (t) (Mt) | CuEq (%) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) |
Probable | |||||||
2.51 | 3.51 | 2.28 | 30.41 | 1.59 | 0.36 | 2.18 |
*Notes on Mineral Reserves: | |
1. | Mineral Reserves are as defined by CIM definition Standards on Mineral Resources and Mineral Reserves 2014. |
2. | The Mineral Reserves were estimated from the Indicated Mineral Resource estimates. Inferred Mineral Resources were not considered to be converted into Mineral Reserve estimates. |
3. | Mineral Reserves are reported using an NSR breakeven cut-off value of 70 US$/t for bench and fill (Long Hole) and 90 US$/t for Cut and Fill/Room and Pillar projected mining methods; |
4. | Metal prices used were US$1,800.00/troy ounce Au, US$23.00/troy ounce Ag, US$4.00/lb Cu, US$0.92/lb Pb and US$1.30/lb Zn; |
5. | Metal grades outlined above have not been adjusted for metallurgical recoveries. Copper Equivalent grade calculation (CuEq) is based on metal prices above and has been adjusted for metallurgical recoveries. |
6. | The Mineral Reserve estimates were prepared by Mr. Thomas Kelly, RM-SME, president of Andes Colorado Corp., who is a Qualified Person for the estimate and independent of Atico Mining and its subsidiaries. The estimate has an effective date of July 5, 2023; |
7. | Modifying factors for conversion of resources to reserves included consideration for planned dilution which is based on spatial and geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints; |
8. | Reserves are estimated based on mining material that can be mined, processed and smelted; |
9. | Values are rounded and may differ from those presented in the press release. Totals may not sum precisely due to rounding; |
10. | Inclusion of ore blocks in the Mineral Reserve does not guarantee that they will be mined; |
11. | Figures in the table are rounded to reflect estimate precision; small differences are not regarded as material to the estimate; |
12. | There is no guarantee that Mineral Reserves will be mined. |
Capital and Operating Costs
Capital and operating costs for the La Plata Project were estimated by KCA and Atico Mining, with input from G-Mining for material take-offs and Sinco for infrastructure costs. The scope of these costs includes expenditures for all mining equipment, process facilities, and infrastructure for the project. The estimated capital and operating costs are considered to have an accuracy of +/-15%, and are discussed in greater detail in this Section.
The total capital cost for the Project is US$138 million including VAT (US$121 million without VAT); all VAT is assumed to be fully refundable. The table below presents the capital requirements for the La Plata Project.
Capital Cost Summary
Capital Costs (Excluding VAT) | |||
Initial Capital | $91 | million | |
LOM Sustaining Capital | $30 | million | |
Total LOM Capital | $ 121 | million | |
Working Capital & Initial Fills | $2 | million | |
Closure Costs | $1 | million |
The total life of mine operating cost for the Project is US$91.03 per tonne of ore processed, excluding preproduction. The table below presents the operating cost requirements for the La Plata Project.
Operating Cost Summary
Operating Costs (Average LOM) | |||
Mining (moved) | $34.38 | /Tonne moved | |
Mining (processed) | $44.39 | /Tonne processed | |
Processing & Support | $32.40 | /Tonne processed | |
G&A | $14.24 | /Tonne processed | |
Total Operating Cost | $ 91.03 | /Tonne processed |
VAT is not included in the operating costs.
Mining Methods
There will be three mining methods used for stoping at La Plata. Given the amorphous shape of the deposit and the associated geotechnical conditions, the stoping methodology will change to adapt to changes in the characteristics of the deposit. The three methods are bench-and-fill (Avoca), room-and-pillar and cut-and-fill.
Avoca mining will be used where the structure is steeply dipping, wider than 2.5 meters, and the RMR is over 40; additionally, each Avoca block requires access from both ends of each block on the drilling sublevel. Bench heights are variable from 10-m to 20-m. A long hole (bench) drill will be used for drilling and the mucking will be by remote controlled scoops. This method is high productivity with low operating costs.
Drift-and-fill mining will be applied in the relatively flat parts of the deposit. Stoping is with the same equipment as mine development (jumbos, scoops, haul trucks) with breasting the faces for high productivity. Pillars of cemented rock fill (CRF) will be left to support the hangingwall and rock mass above the stope blocks. After the first stage of stoping the pillars are mined and the overlying load from the rock mass is transferred to the CRF pillars.
Cut-and-fill mining will be applied to areas where the deposit is too flat to allow for Avoca mining and too steep for room-and-pillar mining. In addition, if the RMR is less than 40 cut-and-fill mining will be used. As with drift-and-fill mining, the equipment fleet for room-and-pillar is the same as the mine development fleet. Lifts advance as breasting lifts after the initial lift which uses a pull round. The fill medium may be waste rock from mine development or CRF, depending upon local circumstances.
Project Economics and Sensitivities
The life of mine production data for the La Plata project is presented in Table 6 below.
Table 6. La Plata Production Data
Production Data | ||
Life of Mine | 8.1 | Years |
Mine Throughput per day | 850 | Tonnes/day |
Mine Throughput per year | 310,250 | Tonnes/year |
Total Tonnes to Crusher | 2,506,009 | Tonnes |
Grade Au (Avg.) | 2.28 | g/t |
Grade Ag (Avg.) | 30.41 | g/t |
Grade Cu (Avg.) | 1.59 | % |
Grade Zn (Avg.) | 2.18 | % |
Total Gold Produced | 128,474 | Ounces |
Total Silver Produced | 1,825,143 | Ounces |
Total Copper Produced | 78,297,363 | Pounds |
Total Zinc Produced | 106,869,075 | Pounds |
Total Payable Gold | 114,935 | Ounces |
Total Payable Silver | 1,383,519 | Ounces |
Total Payable Copper | 66,691,030 | Pounds |
Total Payable Zinc | 66,700,898 | Pounds |
LOM Underground Strip Ratio (W:O) | 0.29 |
The financial analysis for the base-case, which evaluates a stand-alone owner's operation and indicates an after-tax NPV at a 5% discount rate, of US$93M with an IRR of 25.1% and a payback period of 3.4 years 2 . In this scenario the project is expected to generate US$212M pre-tax operating cash flow.
Table 7 and Table 8 below present the financial analysis for the La Plata project.
Table 7. Base Case Financial Analysis
Base-Case | ||||
Gold Price Assumption | $1,920 | /Ounce | ||
Silver Price Assumption | $23 | /Ounce | ||
Copper Price Assumption | $4.05 | /Pound | ||
Zinc Price Assumption | $1.50 | /Pound | ||
Average Annual Cashflow (Pre-Tax) | $38 | million | ||
Average Annual Cashflow (After-Tax) | $31 | million | ||
Internal Rate of Return (IRR), Pre-Tax | 32.9% | |||
Internal Rate of Return (IRR), After-Tax | 25.1% | |||
NPV @ 5% (Pre-Tax) | $137 | million | ||
NPV @ 5% (After-Tax) | $93 | million | ||
Pay-Back Period (Rears based on After-Tax) | 3.4 | Years |
Table 8. Sensitivity analysis to current metal prices.
June 2024 Average Prices | ||||
Gold Price Assumption | $2,325 | /Ounce | ||
Silver Price Assumption | $29 | /Ounce | ||
Copper Price Assumption | $4.45 | /Pound | ||
Zinc Price Assumption | $1.27 | /Pound | ||
Average Annual Cashflow (Pre-Tax) | $46 | million | ||
Average Annual Cashflow (After-Tax) | $35 | million | ||
Internal Rate of Return (IRR), Pre-Tax | 41.8% | |||
Internal Rate of Return (IRR), After-Tax | 31.3% | |||
NPV @ 5% (Pre-Tax) | $184 | million | ||
NPV @ 5% (After-Tax) | $123 | million | ||
Pay-Back Period (Rears based on After-Tax) | 2.8 | Years |
Qualified Person
The definitive feasibility study was prepared by leading independent industry consultants. The Qualified Persons who prepared the June 2024 NI 43-101 Technical Report are:
- Travis Manning
- Thomas Kelly
- Christian Beaulieu
- Neil Lincoln
- Donald Hickson
- Felipe Riquelme
- Adam Johnston
The QPs have reviewed and approved the content of this news release.
The following consultants participated in the Study:
- Kappes, Cassiday & Associates
- Andes Colorado Corp.
- G Mining
- Envis
- Transmin
- IMSS
- Sinco
The NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of this press release.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered 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 in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca
Non-GAAP Financial Measures
This press release refers to All In Sustaining Cost (AISC) a non-GAAP financial measures which is used by the Company for project evaluation and operating performance. These measures are widely reported in the mining industry but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The Company believes that certain investors use these non-GAAP financial measures to evaluate the Company's operations. Accordingly, non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.   Readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2023, as filed on SEDAR and as available on the Company's website for further details.
______________________________
1 * Alternative performance measures; please refer to "Non-GAAP Financial Measures" at the end of this release.
2 Calculated from the date of declaration of commercial production which is after plant commissioning and production ramp-up to full nameplate capacity.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b60f552-92ee-4110-94bf-f516e54f6fb6
News Provided by GlobeNewswire via QuoteMedia
World Copper Identifies New Opportunity at Zonia Copper Project in Arizona
World Copper Ltd. (TSXV: WCU) (OTCQB: WCUFF) (FSE: 7LY0)Â Â ("World Copper" or the "Company") provides an update on its Zonia copper-oxide project in Arizona, USA ("Zonia" or the Zonia Project").
A review of historical data by World Copper's newly formed Technical Advisory Committee has revealed the potential for re-processing mineralized material that was included in the historical mine plan at the Zonia Project. This material, located on heap leach pads from historical production on private patented land, and last processed in the mid-1970s, was treated with acid to recover soluble copper. Two historical reports, a 1979 mine production summary report by McAlester Fuel Company ("McAlester") and a 1982 resource evaluation report by Mountain States Research & Development ("MSRD"), indicate that the site hosts over 14 million tons of historically mined material available for re-processing:
- 7.1 million tons of run-of-mine mineralized material placed on three historical heap leach pads; and
- 7.7 million tons of blasted and leveled in-situ leach ("ISL") mineralized material.
For the material placed on the three heap-leach pads, the average original (pre-leaching) copper grade estimated by drilling prior to production was reported to be between 0.6% total copper ("CuT") (McAlester production report) and 0.4% CuT (MSRD report estimate based on drilling of the leach pads). This yielded 30.5 million pounds of copper during its operational period of March 1966 to March 1975, which means that between 26.7 and 55.1 million pounds of copper could remain unrecovered from the pads, based on the reported original grade of the mineralized material. McAlester further reported that between mid-1972 to March 1975, the ISL area produced 2.70 million pounds of copper from material with estimated original copper grades between 0.269% and 0.292% CuT (McAlester and MSRD respective estimates), indicating that this area could contain between 38.6 and 41.8 million pounds of copper. According to these two reports the total potential unrecovered material from both the three leach pads and the ISL area could range between 65 million pounds to 96 million pounds of copper. As a result, World Copper's Technical Advisory Committee believes the Company should investigate the possibility of re-processing the run-of-mine and ISL material for unrecovered copper.
Readers are cautioned that the above historical quantities and grades reported in the McAlester production report and MSRD report have not been verified by the Company and there has been insufficient work to determine if the numbers in the historical reports are accurate. The potential quantity and grade of copper at the historical heap leach pads and ISL area is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The Company is not treating the opportunity target as current mineral resources or mineral reserves.
Given that the heap leach pads are on private patented land, they are readily accessible from a permitting perspective. To confirm the quality of the mineralized material for re-processing, the Company expects to complete a confirmatory drilling programme and metallurgical testing on the leach pads to confirm the volume, grade, and mineralogical characteristics of the material and to estimate the potentially recoverable pounds of acid-soluble copper. If the grade and mineralogical characteristics of the historically mined material is confirmed through the results of the exploration program, the Company will also analyze if the mineralized material could be processed before any potential future mining of the bedrock resources.
Mr. Gord Neal, CEO of World Copper, commented: "The prospect of re-processing historically mined mineralized material would add more value and provide additional upside to the Zonia Project, and it is a unique potential value opportunity. In mining projects, any opportunity to start production early and to generate revenue right from the start of the operations, can greatly improve the economics of the project increasing the net present value (NPV) and reducing the financing needs, making the project more robust, and lowering the execution risk.".
World Copper remains committed to advancing the Zonia Project and maximizing shareholder value through innovative and strategic approaches to resource development.
ABOUT THE ZONIA PROJECT
Zonia is in the Walnut Grove Mining District, Yavapai County, Arizona, and consists of 96 patented and 185 unpatented mineral claims, 566.85 acres of surface rights acquired from the State of Arizona, and 376 acres purchased from a private estate, all totaling 4,373 acres.
Zonia is a near-surface, copper-oxide resource and a brownfields site having already been pre-stripped and mined in the late 1960s and '70s. The project has been significantly de-risked with over 50,000 metres of drilling completed to date and with substantial amounts of detailed engineering completed. The PEA based on the Historical Resource Estimate indicated that the project could be advanced utilizing low-cost open pit mining and heap leach with SX-EW processing to produce pure copper cathode (a copy of the PEA technical report is available on Zonia Holdings Corp.'s (formerly Cardero Resource Corp.) SEDAR+ profile at www.sedarplus.ca).
In addition to the established resource, the Zonia land position contains a copper-molybdenum geochemical anomaly Zonia North located within the same prospective geology. This anomaly is located two kilometres northeast of the resource and represents a high-priority copper-oxide porphyry exploration drill target. For further details on the Zonia North target please refer to news releases from May 2, 2022.
The Zonia Project's most recent mineral resource estimate includes 75.7 million short tons grading 0.30% total-copper (Indicated Resources) containing 450.5 million pounds of copper and 122.0 million short tons grading 0.24% total-copper (Inferred Resources) containing 575.4 million pounds of copper (see news release dated February 23, 2023).
The Updated Resource Estimate was completed by Richard A. Schwering P.G., SME-RM, of Hard Rock Consulting, LLC of Lakewood, Colorado ("HRC"), an independent qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), for World Copper as part of the Company's overall exploration plan for Zonia (see news release dated May 22, 2022).
Table 1. Resource Estimate for Zonia
Classification (Oxidation State) | Copper Cut-off (%) | Short Tons (Million) | Grade (CuT %) | Cu. Lbs. (Million) |
Indicated (Oxide) | 0.125 | 71.3 | 0.30 | 425.1 |
Indicated (Transition) | 0.130 | 4.4 | 0.29 | 25.4 |
Total Indicated | Variable | 75.7 | 0.30 | 450.5 |
Inferred (Oxide) | 0.125 | 100.1 | 0.23 | 463.7 |
Inferred (Transition) | 0.130 | 21.9 | 0.25 | 111.7 |
Total Inferred | Variable | 122.0 | 0.24 | 575.4 |
Â
Notes:
- The effective date of the Updated Resource Estimate is September 1, 2022.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred Mineral Resources are that part of the mineral resource for which quantity and grade or quality are estimated on the basis of limited geologic evidence and sampling, which is sufficient to imply but not verify grade or quality continuity. Inferred Mineral Resources may not be converted to mineral reserves. It is reasonably expected, though not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (see "Cautionary Note to United States Investors").
- Mineral resources are reported using a variable total-copper cut-off. The cut-off grade for blocks was calculated based on the following assumptions: a long-term copper price of US$3.60/lb., assumed combined operating ore costs of US$6.25/ton (low grade re-handle, process, and general and administrative costs), refining & shipping costs of US$0.15/lb. of copper, and copper metallurgical recoveries of 73% for blocks coded as oxide and 70% for blocks coded as transition.
- Mineral resources are captured within an optimized pit shell and meet the test of reasonable prospects for economic extraction by open pit. The optimization used the same mining costs of US$4.75/Ton mined and a 50º pit slope.
- Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
Table 2. Mineral Resources Over a Range of Cut-off Grades
Cut-off Grade (CuT %) | Indicated | Inferred | ||||
Tonnage | CuT | Cu lbs | Tonnage | CuT | Cu lbs | |
T x 1000 | Grade | lbs x 1000 | T x 1000 | Grade | lbs x 1000 | |
0.090 | 87,747 | 0.27 | 475,976 | 162,657 | 0.20 | 662,848 |
0.100 | 83,865 | 0.28 | 468,588 | 152,548 | 0.21 | 643,594 |
0.125 | 75,751 | 0.30 | 450,622 | 122,164 | 0.24 | 575,722 |
Base Case 0.125-.130 | 75,720 | 0.30 | 450,541 | 122,031 | 0.24 | 575,385 |
0.150 | 71,879 | 0.31 | 440,114 | 103,964 | 0.25 | 526,232 |
0.175 | 68,631 | 0.31 | 429,464 | 91,327 | 0.27 | 485,298 |
0.200 | 63,166 | 0.32 | 408,869 | 76,672 | 0.28 | 429,769 |
0.225 | 55,457 | 0.34 | 375,983 | 63,410 | 0.29 | 373,374 |
0.250 | 47,137 | 0.36 | 336,415 | 48,081 | 0.31 | 300,678 |
Â
Notes:
- See notes to Table 1.
Figure 1. View of Pit Constrained Resources Above Cut-off Looking North and Rotated Down 60 Degrees (Hard Rock Consulting, 2022)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3653/215013_00c968d6347f897f_002full.jpg
QUALIFIED PERSONS
John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Drobe is not independent of World Copper as he is a consultant of World Copper.
ABOUT World Copper Ltd.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Zonia in Arizona and Escalones in Chile. Both projects have estimated resources with significant soluble copper mineralization, and they boast exciting potential to expand the resource base. The Company is dedicated to sustainable practices and leveraging technology to develop safe and productive mining operations in stable, mining-friendly jurisdictions.
Detailed information is available at World Copper's website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
World Copper Ltd.
Gord Neal
Chief Executive Officer
For further information, or to schedule a Zoom meeting with Management, please contact:
Gord Neal or Michael Pound
Phone: 604-638-3287
E-mail: info@worldcopperltd.com
For all Public Relations inquiries, please contact:
Nancy Thompson
Vorticom, Inc.
Office: 212-532-2208 | Mobile: 917-371-4053
Follow Us:
Twitter: https://twitter.com/WorldCopperLtd
Facebook: https://www.facebook.com/WorldCopperLtd
LinkedIn: https://www.linkedin.com/company/worldcopperltd
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities (including the potential results of re-processing the historical heap leach pads and ISL area), the expected exploration at Zonia of the historical heap leach pads and ISL area, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper are forward-looking statements. Although World Copper believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper has applied several material assumptions, including without limitation, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Zonia in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of World Copper's projects and its ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on Zonia, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on World Copper's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in World Copper's continuous disclosure documents. All of World Copper's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. World Copper does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
Cautionary Note to United States Investors
World Copper prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Standards. The U.S. Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934.
As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources", which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Standards.
U.S. investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any mineral resources that World Copper may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had World Copper prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
In accordance with Canadian securities laws, estimates of "inferred mineral resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215013
News Provided by Newsfile via QuoteMedia
Noble Minerals Initiates Temporarily Delayed Drill Program in proximity to the Location of a 140 kg, Mineralized Boulder Found near Hearst, Ontario
(TheNewswire)
Toronto, Ontario TheNewswire - July 2, 2024 Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to announce that after a delay due to inclement weather, Noble is now ready to initiate their drill program. Â Extreme hot, dry weather in mid June gave way to thunderstorms and in some cases tornadoes. Â Noble was concerned with potential forest fire risk and the health and welfare of their workers. Â With the coming of more stable weather in July, the company is now ready to start the drill program.
The drill program is planned on 214 claims in Way Township. The claims extend from about 4 to 15 km southwest of the town of Hearst, Ontario. The property area is equivalent to approximately 4,500 hectares or 45 sq km. Â The drill program follows geophysical surveys done to identify targets that may be the source of the mineralized boulder. Â The recent geophysical program was partially funded by the Ontario Junior Exploration Program and application has been made to the same program to fund the drill program. Â The Program will fund up to $200,000 on a $400,000 exploration program.
The mineralized boulder was on display at the highly successful Canadian Mining Expo in Timmins, Ontario in June.
Historically, a sample of a metalliferous boulder, brought to the Timmins Mining District Regional Resident Geologist in 2019 by a Mr. A. Cousineau, was submitted for chemical analysis to Geolabs in Sudbury to establish its metal and mineralogical makeup. Geolabs determined that the boulder contained: 71.8% copper; 3.5% lead, 1.09% zinc; 252 g/t of silver, 3.79 g/t of gold; 4.43 g/t of palladium; and 2.22 g/t of platinum and consisted primarily of cuprite (van Hees et al., 2020).
In 2021, Noble launched an exploration program to in an effort to identify the source of the boulder. Â Basal till samples collected from two fences of hand auger holes, located about 100 m and 1 km north of the boulder, produced 35 gold grains . These gold grains define a southeast-northwest trending dispersion train that indicate they were transported southeast by a glacial transport from a source area located to the northwest. The dispersion train begins near a northeast trending magnetic anomaly. The gold grains are predominantly reshaped (24) but also include modified (7) and pristine (4), supporting evidence of a local source.
In 2022 an airborne geophysical survey was flown over the property followed by a ground geophysical survey in November/December 2023. Â The ground geophysical surveys included 29 line-kilometers of Magnetic, VLF-EM and Induced Polarization Survey. Â The airborne data was successful in outlining a significant northeast trending magnetic high unit that was traced from the southwest section of the survey block to the northeast corner of the survey block. Â Compilation of the ground based; detailed magnetic survey was done to highlight the northwest trending fault structure that coincides with the location of the boulder. Â This structure extends at least 1,100 meters and is represented by a modest magnetic low signature commencing at the southeast corner of the grid. Â The structure can be traced across the grid, generally lying along the northern bank of the river, and has offset the modest magnetic high units in the same area. The western edge of the suspected fault terminates next to a northeast-southwest striking cross fault that also affects the strike of the river.
The approximate location of the mineralized, Cousineau Boulder appears to coincide with a slight bullseye high at the southeast end of one of the northwest striking cross dike like features. The dashed line is suggested at being a possible cross fault system . ( See Figure 1) .
The initial drill holes will be focussed in the vicinity of the boulder location in order to better understand the physical and fault related geology as defined by geophysics done in the Fall of 2023 (Figure 1). Â Additional drilling will be focussed on various chargeability and conductive anomalies detected during the recent ground surveys.
Figure 1: Location of the boulder and initial drill holes (DDH) with identified faulting on detailed magnetic background.
Vance White, President and CEO of Noble, said "we are pleased with the progress on this property and to finally get underway the proposed drill program, the results of which may give us more clues as to the possible source of this rich boulder. Â While the odds are long, if successful, it could result in a significant find."
Figure 2 : Photo of the Cousineau Boulder
References:
van Hees, E.H., P. Bousquet, J. Suma-Momoh, C.M. Daniels, S.L.K. Hinz, C. Boucher, P. Sword, L. Wang, S.P. Fudge, A. Millette and C. Patterson, 2020. Report of Activities 2019, Resident Geologist Program, Timmins Regional Resident Geologist Report: Timmins and Sault Ste. Marie Districts; Ontario Geological Survey, Open File Report 6366, 160p.
Wayne Holmstead P.Geo (ON), a "qualified person" as defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Homeland Nickel Inc., Go Metals Corp. and Lode Gold Resources Inc . , and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional 20% interest in ~11,000 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. Â Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. Â It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. Â More detailed information is available on the website at:
www.noblemineralexploration.com  .
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB".
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Â Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone:Â Â Â Â 416-214-2250
Fax:Â Â Â Â 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations: ir@noblemineralexploration.com
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Noble Minerals Initiates Temporarily Delayed Drill Program in proximity to the Location of a 140 kg, Mineralized Boulder Found near Hearst, Ontario.
(TheNewswire)
Toronto, Ontario TheNewswire - July 2, 2024 Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to announce that after a delay due to inclement weather, Noble is now ready to initiate their drill program. Â Extreme hot, dry weather in mid June gave way to thunderstorms and in some cases tornadoes. Â Noble was concerned with potential forest fire risk and the health and welfare of their workers. Â With the coming of more stable weather in July, the company is now ready to start the drill program.
The drill program is planned on 214 claims in Way Township. The claims extend from about 4 to 15 km southwest of the town of Hearst, Ontario. The property area is equivalent to approximately 4,500 hectares or 45 sq km. Â The drill program follows geophysical surveys done to identify targets that may be the source of the mineralized boulder. Â The recent geophysical program was partially funded by the Ontario Junior Exploration Program and application has been made to the same program to fund the drill program. Â The Program will fund up to $200,000 on a $400,000 exploration program.
The mineralized boulder was on display at the highly successful Canadian Mining Expo in Timmins, Ontario in June.
Historically, a sample of a metalliferous boulder, brought to the Timmins Mining District Regional Resident Geologist in 2019 by a Mr. A. Cousineau, was submitted for chemical analysis to Geolabs in Sudbury to establish its metal and mineralogical makeup. Geolabs determined that the boulder contained: 71.8% copper; 3.5% lead, 1.09% zinc; 252 g/t of silver, 3.79 g/t of gold; 4.43 g/t of palladium; and 2.22 g/t of platinum and consisted primarily of cuprite (van Hees et al., 2020).
In 2021, Noble launched an exploration program to in an effort to identify the source of the boulder. Â Basal till samples collected from two fences of hand auger holes, located about 100 m and 1 km north of the boulder, produced 35 gold grains . These gold grains define a southeast-northwest trending dispersion train that indicate they were transported southeast by a glacial transport from a source area located to the northwest. The dispersion train begins near a northeast trending magnetic anomaly. The gold grains are predominantly reshaped (24) but also include modified (7) and pristine (4), supporting evidence of a local source.
In 2022 an airborne geophysical survey was flown over the property followed by a ground geophysical survey in November/December 2023. Â The ground geophysical surveys included 29 line-kilometers of Magnetic, VLF-EM and Induced Polarization Survey. Â The airborne data was successful in outlining a significant northeast trending magnetic high unit that was traced from the southwest section of the survey block to the northeast corner of the survey block. Â Compilation of the ground based; detailed magnetic survey was done to highlight the northwest trending fault structure that coincides with the location of the boulder. Â This structure extends at least 1,100 meters and is represented by a modest magnetic low signature commencing at the southeast corner of the grid. Â The structure can be traced across the grid, generally lying along the northern bank of the river, and has offset the modest magnetic high units in the same area. The western edge of the suspected fault terminates next to a northeast-southwest striking cross fault that also affects the strike of the river.
The approximate location of the mineralized, Cousineau Boulder appears to coincide with a slight bullseye high at the southeast end of one of the northwest striking cross dike like features. The dashed line is suggested at being a possible cross fault system . ( See Figure 1) .
The initial drill holes will be focussed in the vicinity of the boulder location in order to better understand the physical and fault related geology as defined by geophysics done in the Fall of 2023 (Figure 1). Â Additional drilling will be focussed on various chargeability and conductive anomalies detected during the recent ground surveys.
Figure 1: Location of the boulder and initial drill holes (DDH) with identified faulting on detailed magnetic background.
Vance White, President and CEO of Noble, said "we are pleased with the progress on this property and to finally get underway the proposed drill program, the results of which may give us more clues as to the possible source of this rich boulder. Â While the odds are long, if successful, it could result in a significant find."
Figure 2 : Photo of the Cousineau Boulder
References:
van Hees, E.H., P. Bousquet, J. Suma-Momoh, C.M. Daniels, S.L.K. Hinz, C. Boucher, P. Sword, L. Wang, S.P. Fudge, A. Millette and C. Patterson, 2020. Report of Activities 2019, Resident Geologist Program, Timmins Regional Resident Geologist Report: Timmins and Sault Ste. Marie Districts; Ontario Geological Survey, Open File Report 6366, 160p.
Wayne Holmstead P.Geo (ON), a "qualified person" as defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Noble.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Homeland Nickel Inc., Go Metals Corp. and Lode Gold Resources Inc . , and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, will continue to hold ~25,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81, as well as an additional 20% interest in ~11,000 hectares in the Timmins area and ~175 hectares of mining claims in Central Newfoundland. Â Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. Â It will also hold its ~14,600 hectares in the Nagagami Carbonatite Complex and its ~4,600 hectares in the Boulder Project both near Hearst, Ontario, as well as ~3,700 hectares in the Buckingham Graphite Property, ~10,152 hectares in the Havre St Pierre Nickel, Copper, PGM property, and ~482 hectares in the Cere-Villebon Nickel, Copper, PGM property, all of which are in the province of Quebec. Â More detailed information is available on the website at:
www.noblemineralexploration.com  .
Noble's common shares trade on the TSX Venture Exchange under the symbol "NOB".
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Â Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
H. Vance White, President
Phone:Â Â Â Â 416-214-2250
Fax:Â Â Â Â 416-367-1954
Email: info@noblemineralexploration.com
Investor Relations: ir@noblemineralexploration.com
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Latest News
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â