Colombia is a top mining district. As an Organization for Economic Cooperation and Development (OECD) member country with a growing economy, and one of the lowest inflation rates in Latin America, it is hard to ignore how highly prospective the mining sector of this thriving and vibrant country has become.
Colombia hosts high-grade underground mines and a rich history of mining across various commodities like gold, silver and copper. With the right exploration and production company, discovering the true potential of the country’s widespread mineralized landscape could present tremendous economic potential, yield and expansive growth.
GCM Mining (TSX:GCM,OTCQX:TPRFF) is a mid-tier gold producer focused on exploring, developing and producing high-grade gold, silver and polymetallic minerals, across its high-quality project portfolio in the mining districts of Colombia and Guyana.
GCM Mining pays monthly dividends to shareholders, accordingly maintaining a range of equity interests in multiple companies. These include Aris (TSX: ARIS) , at 44.25 percent in the Marmato mine in Colombia and Denarius Metals (TSXV:DSLV) at 28.6 percent in the Lomero-Poyatos mine in Spain and the Guia Antigua and Zancudo projects in Colombia. It also holds 26 percent equity in Western Atlas Resources (TSXV:WA) in the Meadowbank mine in Nunavut, Canada.
In Colombia, GCM Mining stands as the largest underground gold and silver producer with several mines in operation at its high-grade Segovia asset, which consistently ranks in the world’s highest-grade mines. GCM Mining presents exceptional mine building and operating expertise across Latin America.
Its flagship Segovia operations is a world-class, multi-million-ounce high-grade gold mining operation that has been producing gold for more than 150 years. Located in a gold mining complex in Colombia’s Segovia-Remedios mining district in the Department of Antioquia, the project hosts production from four underground mines: Providencia, El Silencio, Sandra K and Carla. GCM Mining’s cumulative gold production from 2011 through 2020 stands at approximately 1.3 million ounces from processing 3.1 million tonnes of material at an average head grade of 13.8 g/t.
GCM Mining’s second gold operation is its Toroparu gold deposit in the Upper Puruni River region of western Guyana. The deposit lies within the Puruni Shear Corridor, a geologic feature that can be traced into the Malawi goldfields of eastern Venezuela. Toroparu presents the company with significant resource growth possibilities and exciting widespread gold exploration potential.
GCM Mining also owns approximately 27 percent equity interest in Denarius (TSXV:DSLV), a Canadian mining company with its principal focus on the Lomero Project in Spain and the Guia Antigua and Zancudo Projects in Colombia. Additional equity investments include approximately 44 percent of Aris Gold Corporation (TSX:ARIS) and an approximately 26 percent equity interest in Western Atlas Resources Inc. (TSXV:WA), which have assets in Colombia and Canada.
The next steps for the company include completing its PEA on Toroparu by year end 2021 and complying and releasing exciting drill results from ongoing significant exploration at Segovia. After modernizing its Colombian operations, GCM Mining continues to run a tight ship at Segovia.
In August 2021, GCM Mining completed an offering of US$300 million of 6.875 percent senior unsecured notes due 2026. This financing follows the company’s released balance sheet for June 2021 which revealed solid liquidity with total cash of US$57.8 million, working capital of US$59.3 million, and monthly dividend payments as outlined by GCM Mining.
Net proceeds of this offering, plus funding to come from a stream agreement with Wheaton, mean full funding of the construction of the Toroparu gold-copper project operations and no marketplace dilutive equity financings. “We are delighted with the overwhelming success of this offering, one which attracted high-quality institutional and retail investors who recognized our focus on a strong credit profile and growth through diversification,” commented Serafino Iacono, Executive Chairman of GCM Mining.
GCM Mining aims to become a dominant mid-tier gold producer. As it stands the company’s robust project portfolio put it on track to achieving positive growth trends in its corporate valuation. In 2021, GCM Mining estimates its guidance could hover upwards of 200,000 ounces of gold production with the possibility to double that yield in 24 months with the construction of Toroparu.
The 100-percent-owned Segovia operations covers an area of approximately 9,000 hectares made up of several mines including El Silencio, Sandra K, Providencia and Carla in the Segovia-Remedios mining district of Antioquia, Colombia. For more than 100 years, Segovia has produced over six million ounces of gold.
After project acquisition in 2010, GCM Mining initiated an extensive exploration and drilling program around the existing mines to identify new resources. This led to the production of over 1.3 million ounces of gold with an average head grade of 13.8 g/t. In 2020, Segovia produced 196,000 with an average head grade of 14.5 g/t. Through sustainable investment, modernization and efficient mining practices, the company has been able to create a high-yield and economically viable operation at Segovia.
2021 exploration and development programs included an extensive 60,000 meters of drilling with 40,000 meters dedicated to the ongoing in-mine and near-mine drill program at its four operating mines and 20,000 meters dedicated to its highest priority brownfield targets on 24 known veins.
GCM Mining’s efforts yielded a total of 206,389 ounces throughout the 2021. Its 2022 projections range between 210,000 and 225,000 ounces of gold.
The Toroparu Project sits in the highly prospective Upper Puruni River region of western Guyana and contains one of the largest in-situ gold projects owned by an independent junior mining company in South America. The asset leverages completed primary permits, road and air access and excellent facilities including a 150-person camp and 2,500-foot all-weather airfield. GCM Mining’s 100 percent controlled Upper Puruni Concession contains 53,283-hectares of mineral leases located in the Cuyuni-Mazaruni Region.
Toroparu hosts several satellite deposit targets within its surrounding twenty-by-seven-kilometer hydrothermal alteration halo. A June 2019 PEA of the property suggested expansion of production with the addition of Sona Hill satellite deposit resources to the mine plan and highlighted a 7.353 million ounces of Measured & Indicated gold resource and 3.150 million ounces of Inferred gold resource and 4.5 million ounces of gold production over 24‐year mine life.
GCM Mining plans to commence formal construction in Q3 2022. Projected receipt of the final mining license is mid-2022. Considering the pre-construction activities underway, the company anticipates that production to begin in early 2024.
Serafino Iacono has over thirty years of experience in capital markets and public companies and has raised more than four billion dollars for numerous natural resource projects internationally. He is currently a director and chairman of Western Atlas Resources Inc. and is a former co-chairman and an executive director of Pacific Exploration and Production Corporation and a former director of Petromagdalena Energy Corp. Iacono was also a co-founder of Bolivar Gold Corp and Pacific Stratus Energy, among others and is involved in numerous resource and business ventures in Latin America, Canada and the United States.
Lombardo Paredes has over 20 years of corporate leadership and operations management experience in the resource sector in Latin America. Before becoming an independent consultant on energy and environmental project development, Paredes held several roles within Petróleos de Venezuela (PDVSA). He was responsible for regional planning of investments and social development for Eastern Venezuela and was managing director and a board member of Maraven SA. In this capacity, Arenas was responsible for construction and commissioning of the Cardon Refinery Conversion project in Venezuela and was the general manager of its production operations division. Paredes holds a bachelor’s of science in mechanical engineering and a master’s of economic analysis and financial economics.
Mike Davies is a Chartered Professional Accountant (Ontario) with over 20 years of extensive international and public company experience in financial management, strategic planning and external reporting in resource and other sectors, including management positions with PetroMagdalena Energy Corp., Coalcorp Mining Inc., Medoro Resources Inc., LAC Minerals Ltd. and Pamour/Giant Yellowknife Mines.Davies holds a Bachelor of Commerce degree from the University of Toronto.
Alessandro Cecchi is an exploration geologist with over 18 years of experience, with a focus on gold exploration and development in South America. Prior to joining GCM Mining, Cecchi was the corporate technical manager at Medoro Resources and also held senior geologist positions at Hecla Mining, Dotly Financial and Gold Mines of Sardinia. He also served as an exploration geologist at Bolivar Goldfields. Cecchi has a Bachelor of Science degree in Geology and a Master of Science degree from the University of Tierra in Pisa, Italy.
Jose Noguera Gomez has been VP of Corporate Affairs for GCM Mining since June 2012. His career in the mining and energy sector began in 1993 when he worked with ExxonMobil, responsible for managing the company’s public and government affairs strategy, becoming an effective liaison with the legal, judiciary and congressional branches of government.
Christopher Haldane joined the company as VP of Investor Relations in June 2020. Previously, he served as Manager of Investor Relations at Marathon Gold Corp. from January 2013 to March 2020. Haldane has over twelve years of experience in investor relations and corporate communications for publicly traded mining companies and began his career at one of Canada’s longest established investor relations firms where he was responsible for the management and execution of investor relations programs for several Canadian junior mining and oil and gas companies.
Amanda Fullerton has been the VP of Legal of GCM Mining since March 2019. She has over 12 years of experience in the areas of corporate finance, mergers and acquisitions and corporate/commercial law focused primarily in the resource sector, gained through her previous positions at Macquarie Capital Markets Canada Ltd., Fasken Martineau DuMoulin LLP and Macleod Dixon LLP.Fullerton holds an LL.B. from the University of Ottawa and a Bachelor of Medical Science degree in Physiology from Western University.
GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that it will release its second quarter and first half 2022 results after market close on Thursday, August 11, 2022 and will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
| Live Event link: | https://edge.media-server.com/mmc/p/yswncieo | |
| Canada/ International Toll: | 1 (647) 484-8332 PIN: 19483475# | |
| Canada Toll Free: | 1 (866) 455-3403 PIN: 19483475# | |
| United States Toll: | 1 (404) 400-0571 PIN: 19483475# | |
| United States Toll Free: | 1 (866) 374-5140 PIN: 19483475# | |
| Colombia Toll: | +57 601 485-0348 PIN: 19483475# | |
| Colombia Toll Free: | +57 800 519-0788 PIN: 19483475# | |
| Conference ID: | EV00136622 | |
A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 2022.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is a leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to timing for dissemination of second quarter and first half 2022 financial results and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com . Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com
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GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF The emerging mid-tier gold producer has management with a proven track record of mine building and operating in Latin America. Executive Chairman, Serafino Iacono tells us more.
GCM Mining Corp. (TSX: GCM) (OTCQX: TPRFF)
https://www.gcm-mining.com/overview/default.aspx
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GCM Mining Corp. (GCM) (TSX: GCM; OTCQX: TPRFF) and Aris Gold Corporation (Aris Gold) (TSX: ARIS; OTCQX: ALLXF) announce they have entered into a definitive agreement (the Arrangement Agreement) under which GCM will acquire all the outstanding Aris Gold shares not already held by GCM (the Transaction). The resulting entity will be named Aris Gold Corporation and will be led by Ian Telfer as Chair and Neil Woodyer as CEO and Director.
Ian Telfer, Aris Gold Chair, stated: "The combined group creates a top-in-class company with multiple tier one assets. After Aris Gold became operator of the Soto Norte joint venture, joining forces with GCM became a logical next step. Our increased scale will also broaden our future opportunities to continue building a +1 million ounce producer over the next few years."
Serafino Iacono, Executive Chair of GCM, stated: "Each team has unique strengths with GCM being the Colombian leader for responsible, sustainable mining practices. Together with Aris Gold's Board and management, the combined group brings a track record of building sizable and successful mining companies; this transaction further diversifies the company's portfolio and reaffirms Colombia as an area of focus. While I am stepping down from a day-to-day executive role, I will remain a director and advisor on matters in Colombia as well as an enthusiastic securityholder."
Neil Woodyer, CEO of Aris Gold, stated: "We are building a gold mining business with scale, cash flow, a strong financial position with US$397 million of cash and US$260 million of additional committed funding, and a high-quality growth pipeline. Our teams are well known to each other, and together we will optimize the delivery of the growth projects to unlock shareholder value."
Under the terms of the Transaction, all the outstanding Aris Gold shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of GCM for each common share of Aris Gold (the Exchange Ratio). The Exchange Ratio was determined at-market giving consideration to the 10-day and 20-day volume weighted average prices on the TSX for each of GCM and Aris Gold for the period ended July 22, 2022. Both the GCM and Aris Gold Boards of Directors (other than certain interested directors) have approved the terms of the Arrangement Agreement, and all of the directors and officers of both GCM and Aris Gold have entered into binding voting support agreements in favour of the Transaction, representing in aggregate 3.0% of GCM's issued shares and 9.0% of Aris Gold's issued shares.
Transaction highlights
Board of Directors
The Board of Directors of the resulting entity will have nine members, with Ian Telfer as Chair and Daniela Cambone, David Garofalo, Mónica de Greiff, Serafino Iacono, Peter Marrone, Hernan Martinez, Attie Roux and Neil Woodyer as members.
Mónica de Greiff is new to the Aris Gold team and is a former Board Member of GCM, from 2018 to 2020, when she left to accept the position of Colombian Ambassador to Kenya. She has held positions in both the public and private sectors, including Minister of Justice for the Republic of Colombia and Vice Minister of Mines and Energy. Ms. de Greiff is a former member of the Board of Directors of the United Nations Global Compact, the world's largest corporate sustainability initiative.
Management team
The combined group will be led by Neil Woodyer as CEO and the corporate office will be based in Vancouver, Canada. Both Lombardo Paredes, CEO of GCM, and Mike Davies, CFO of GCM, will retire from their roles with GCM. Serafino Iacono will step back from an executive role but will continue as a member of the Board of Directors and an advisor on matters in Colombia.
Building a globally relevant, sustainable gold producer
The combined group will have a balanced mix of production, development, and exploration assets across the Americas with proven and probable mineral reserves of 3.8 million ounces of gold, measured and indicated mineral resources of 18.3 million ounces of gold, inclusive of mineral reserves, and inferred mineral resources of 7.7 million ounces of gold. 4
While the combined company embarks on delivering its growth projects, the Board of Directors of the combined company is expected to initially adopt a no-dividend policy based on the strategic principle that internal cash flow generation is best deployed to advance high-return growth opportunities within the company.
Terms of the Transaction
On closing, GCM shareholders and Aris Gold shareholders (taking into consideration the 44.3% of Aris Gold currently held by GCM) are expected to own, on a diluted in-the-money basis, approximately 74% and 26% of the combined group, respectively.
The Arrangement Agreement includes customary transaction protection terms. GCM and Aris Gold have agreed to not solicit any alternative transactions and each party has the right to match any superior competing offer, with a reciprocal Transaction termination fee of US$6 million to be paid in certain circumstances.
The material conditions to completion of the Transaction include:
It is anticipated that both the GCM and Aris Gold shareholder meetings will take place in mid September 2022, and completion of the Transaction is expected to occur promptly thereafter.
GCM Board of Directors' recommendation
The Board of Directors of GCM determined it was advisable to establish a special committee of the independent directors of GCM (the GCM Special Committee), comprising Robert Metcalfe, De Lyle Bloomquist, Belinda Labatte and Jaime Perez Branger to, among other things, review and evaluate the merits of the proposed Transaction and to consider such materials and information needed, including an independent fairness opinion, and to make a recommendation to the Board of Directors of GCM in respect of the proposed Transaction.
The GCM Special Committee and the Board of Directors of GCM received a fairness opinion from its co-financial advisors, National Bank Financial Inc. (National Bank) and Stifel Nicolaus Canada (Stifel GMP) that, based upon and subject to the respective assumptions, limitations, qualifications of and other matters set forth in connection with the preparation of such opinion, the Transaction is fair, from a financial point of view, to GCM (the GCM Fairness Opinions).
Following the report and favourable recommendation of the GCM Special Committee, the Board of Directors of GCM (other than certain interested directors) approved the Transaction and determined to recommend approval of the Transaction to the GCM shareholders. In addition, all of the directors and officers of GCM have entered into binding voting support agreements with Aris Gold and GCM under which such individuals have agreed to support the Transaction and vote their GCM shares in favour of the Transaction.
A copy of the GCM Fairness Opinions, the factors considered by the GCM Special Committee and the Board of Directors of GCM and other relevant background information will be included in the management information circular and related documents that are expected to be delivered to the GCM shareholders in connection with a special meeting of GCM shareholders to be called to consider and approve the Transaction, filed with the applicable Canadian securities regulatory authorities and made available on GCM's SEDAR profile at www.sedar.com , and posted on GCM's website at http://www.gcm-mining.com/ .
Aris Gold Board of Directors' recommendation
As of today, GCM beneficially owns 60,991,545 Aris Gold shares representing approximately 44.3% of the issued and outstanding Aris Gold shares. GCM is considered a "related party" of Aris Gold and the Transaction is a "business combination" of Aris Gold for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101). The Board of Directors of Aris Gold formed a special committee of independent directors comprising of Ian Telfer, Peter Marrone and Daniela Cambone (the Aris Special Committee) to, among other things, review and evaluate the merits of the proposed Transaction and to consider such materials and information needed including an independent fairness opinion and formal valuation, and to make a recommendation to the Board of Directors of Aris Gold in respect of the proposed Transaction.
BMO Nesbitt Burns Inc. (BMO Capital Markets) was retained by the Aris Special Committee to provide, under the supervision of the Aris Special Committee, an independent formal valuation prepared in accordance with MI 61-101 and independent fairness opinion. BMO Capital Markets provided its opinion (the BMO Fairness Opinion) to the Special Committee that, as of July 24, 2022, and subject to the assumptions, limitations and qualifications contained therein, the consideration to be received by the Aris Gold shareholders (other than GCM) pursuant to the proposed Transaction is fair from a financial point of view to the Aris Gold shareholders (other than GCM). BMO Capital Markets also prepared a formal valuation of the Aris Gold common shares (the Aris Gold Valuation) and the GCM common shares (the GCM Valuation), which are being issued as consideration, as required under MI 61-101. BMO Capital Markets concluded that, as of July 24, 2022, and subject to the assumptions, limitations, and qualifications included in the Aris Gold Valuation and GCM Valuation, respectively, that the value of the Aris Gold common shares on an en bloc basis 7 was in the range of C$2.30 to C$3.10 per share and the value of the GCM common shares on a trading value basis was in the range of C$3.70 to C$5.75 per share.
Canaccord Genuity Corp. (Canaccord) was retained by the Aris Board of Directors and provided its opinion (the Canaccord Fairness Opinion) to the Aris Board of Directors that, as of July 24, 2022, and subject to the assumptions, limitations and qualifications contained therein, the consideration to be received by the Aris Gold shareholders (other than GCM) pursuant to the proposed Transaction is fair from a financial point of view to the Aris Gold shareholders (other than GCM).
Following the report and favourable recommendation of the Aris Special Committee, the Board of Directors of Aris Gold (other than certain interested directors) approved the Transaction and determined to recommend approval of the Transaction to the Aris Gold shareholders. In addition, all of the directors and officers of Aris Gold have entered into binding voting support agreements with GCM and Aris Gold under which such individuals have agreed to support the Transaction and vote their Aris Gold shares in favour of the Transaction.
A copy of the BMO Fairness Opinion, the Canaccord Fairness Opinion, the Aris Gold Valuation, the GCM Valuation, the factors considered by the Aris Special Committee and Board of Directors of Aris Gold and other relevant background information will be included in the management information circular and related documents that are expected to be delivered to the Aris Gold shareholders in connection with a special meeting of Aris Gold shareholders to be called to consider and approve the Transaction, filed with the applicable Canadian securities regulatory authorities and made available on Aris Gold's SEDAR profile at www.sedar.com , and posted on Aris Gold's website www.arisgold.com .
Advisors and counsel
National Bank Financial and Stifel GMP are acting as co-financial advisors to GCM and each has provided a fairness opinion to the GCM Special Committee and the Board of Directors of GCM.
Wildeboer Dellelce LLP, Proskauer Rose LLP and CLA Consultores S.A.S. are acting as Canadian, US and Colombian legal advisors to GCM, respectively, and the GCM Special Committee has retained Blake, Cassels & Graydon LLP as its independent counsel.
Canaccord is acting as financial advisor to Aris Gold and has provided a fairness opinion to the Board of Directors of Aris Gold. BMO Capital Markets was retained by the Special Committee and has provided a formal valuation and fairness opinion to the Aris Gold Special Committee.
Fasken Martineau DuMoulin LLP and Dentons are acting as Canadian and Colombian legal advisors to Aris Gold, respectively.
Conference call details
Ian Telfer, Serafino Iacono, and Neil Woodyer will host a conference call and webcast today, Monday, July 25, 2022 at 9am EDT/6am PDT.
No passcode is necessary to access the call or webcast.
Conference call
Toll-free US and Canada: 1-800-319-4610
International: +1 604-638-5340
Webcast – link here
A replay of the call will also be available by dialling the following numbers and using passcode 9244:
Toll-free US and Canada: 1-800-319-6413
International: +1 604-638-9010
Pro forma consolidated mineral reserves and resources
Table 1: Proven and probable mineral reserve estimates
| Category | Property | Tonnes (kt) | Gold grade (g/t) | Silver grade (g/t) | Contained gold (koz) | Contained silver (koz) |
| Proven | Marmato | 802 | 5.10 | 22 | 133 | 569 |
| Probable | Marmato | 18,898 | 3.10 | 6 | 1,888 | 3,780 |
| Probable | Soto Norte | 4,953 | 6.22 | 34 | 990 | 5,477 |
| Proven | Segovia | 204 | 12.00 | - | 79 | - |
| Probable | Segovia | 2,087 | 9.93 | - | 666 | - |
| Total P&P | 3,756 | 9,826 |
Notes: Totals may not add due to rounding. Mineral reserve estimates for Soto Norte represent the portion of mineral reserves attributable to Aris Gold based on its 20% ownership interest. Mineral reserves were estimated using a gold price of USD$1,400 per ounce at Marmato, USD$1,300 per ounce at Soto Norte, and USD$1,650 per ounce at Segovia. The mineral reserve effective dates are March 17, 2020 for Marmato, January 1, 2021 for Soto Norte, and December 31, 2021 for Segovia. This disclosure of mineral reserve estimates has been approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by National Instrument NI 43-101.
Table 2: Measured and indicated mineral resource estimates
| Category | Property | Tonnes (Mt) | Gold grade (g/t) | Silver grade (g/t) | Contained gold (koz) | Contained silver (koz) |
| Measured | Marmato | 2.8 | 6.20 | 28 | 562 | 2,561 |
| Indicated | Marmato | 54.0 | 3.00 | 7 | 5,245 | 11,285 |
| Indicated | Soto Norte | 9.6 | 5.47 | 36 | 1,691 | 11,065 |
| Measured | Segovia | 0.5 | 14.01 | - | 208 | - |
| Indicated | Segovia | 4.1 | 10.65 | - | 1,412 | - |
| Measured | Toroparu | 110.9 | 1.26 | - | 4,479 | - |
| Indicated | Toroparu | 74.1 | 1.66 | - | 3,958 | - |
| Indicated | Juby | 21.3 | 1.13 | - | 733 | - |
| Total M&I | 18,288 | 24,911 |
Notes: Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates are reported inclusive of mineral reserves. Totals may not add due to rounding. Mineral resource estimates for Soto Norte represent the portion of mineral resources attributable to Aris Gold based on its 20% ownership interest. Mineral resources were estimated using a gold price of USD$1,600 per ounce at Marmato, USD$1,300 per ounce at Soto Norte, USD$1,800 per ounce at Segovia, USD$1,630 at Toroparu, and USD$1,450 per ounce at Juby. The mineral resource effective dates are June 30, 2021 for Marmato, May 22, 2019 for Soto Norte, December 31, 2021 for Segovia, November 1, 2021 for Toroparu, and July 14, 2020 for Juby. This disclosure of mineral resource estimates has been approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by National Instrument NI 43-101.
Table 3: Inferred mineral resource estimates
| Property | Tonnes (Mt) | Gold grade (g/t) | Silver grade (g/t) | Contained gold (koz) | Contained silver (koz) |
| Marmato | 30.8 | 2.60 | 3 | 2,567 | 3,282 |
| Soto Norte | 5.5 | 4.06 | 26 | 714 | 4,551 |
| Segovia | 5.3 | 9.91 | 1,704 | ||
| Toroparu | 13.8 | 2.74 | 1,213 | ||
| Juby | 47.1 | 0.98 | 1,488 | - | |
| Total inferred | 7,686 | 7,833 |
Notes: See notes under Table 2
Technical reports and data verification
Technical reports for Marmato, Soto Norte, and Juby have been filed with the Canadian securities regulatory authorities and are available for review on Aris Gold's website at www.arisgold.com and on the profile of Aris Gold Corporation on SEDAR at www.sedar.com . Technical reports for Segovia and Toroparu have been filed with the Canadian securities regulatory authorities and are available for review on GCM's website at www.gcm-mining.com and on the profile of GCM on SEDAR at www.sedar.com . These reports confirm that the qualified persons responsible for the preparation of the technical reports have verified the data disclosed, including drilling, sampling, assaying, and QAQC protocols and results, and are of the opinion that the sample recovery, preparation, analyses, and security protocols used for the mineral resource estimates are reliable for that purpose.
Scientific and technical information concerning Marmato is summarized, derived, or extracted from the Marmato Technical Report entitled "Revised NI 43-101 Technical Report Pre-Feasibility Study Marmato Project Colombia" dated September 18, 2020 with an effective date of March 17, 2020. The Marmato Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric J. Olin, MSc Metallurgy, MBA, SME-RM, MAusIMM, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Jeff Osborn, BEng Mining, MMSAQP, Joanna Poeck, BEng Mining, SME-RM, MMSAQP, Fredy Henriquez, MS Eng, SME, ISRM, Breese Burnley, P.E., Cristian A Pereira Farias, SME-RM, David Hoekstra, BS, PE, NCEES, SME-RM, David Bird, PG, SME-RM, Mark Allan Willow, MSc, CEM, SME-RM, and Tommaso Roberto Raponi, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.
Scientific and technical information concerning Soto Norte is summarized, derived, or extracted from the Soto Norte Technical Report entitled "NI 43-101 Technical Report Feasibility Study of the Soto Norte Gold Project, Santander, Colombia", dated March 21, 2022 with an effective date of January 1, 2021. The Soto Norte Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Chris Bray, BEng, MAusIMM (CP), Dr John Willis PhD, BE (MET), MAusIMM (CP), and Dr Henri Sangam, Ph.D., P.Eng., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101. The report was also prepared by Robert Anderson, P.Eng., a Qualified Person who is considered non-independent of the Company.
Scientific and technical information concerning Segovia is summarized, derived, or extracted from the Segovia Technical Report entitled "NI 43-101 Technical Report, Prefeasibility Study, Segovia Project, Antioquia, Colombia" dated May 6, 2022 with an effective date of December 31, 2021. The Segovia Technical Report was prepared by Ben Parsons, MSc, MAusIMM (CP), Eric Olin, MSc, MBA, MAusIMM, SME-RM, Cristian A. Pereira Farias, SME-RM, David Bird, MSc, PG, SME-RM, Fredy Henriquez, MS Eng, SME, ISRM, Jeff Osborn, BEng Mining, MMSAQP, Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP, Giovanny Ortiz, BS Geology, FAusIMM, Joshua Sames, PE, BEng Civil, Mark Allan Willow, MSc, CEM, SME-RM, and Jeff Parshley, P.G., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.
Scientific and technical information concerning Toroparu is summarized, derived, or extracted from the Toroparu Technical Report entitled "Revised NI 43-101 Technical Report and Preliminary Economic Assessment for the Toroparu Gold Project, Upper Puruni River Region of Western Guyana" dated February 4, 2022 with an effective date of December 1, 2021. The Toroparu Technical Report was prepared by Glen Kuntz, P. Geo., Brian Wissent, P.Eng, Daniel Yang, P.Eng, Ben Peacock, P.Eng, Kurt Boyko, P.Eng, Fernando Rodrigues, MMSAQP, and David Willms, P.Eng, each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.
Scientific and technical information concerning Juby is summarized, derived, or extracted from the Juby Technical Report entitled "Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario" dated October 5, 2020 with an effective date of July 14, 2020. The Juby Technical Report was prepared by Joe Campbell, B.Sc., P.Geo., Alan Sexton, M.Sc., P.Geo., Duncan Studd, M.Sc., P.Geo. and Allan Armitage, Ph.D., P.Geo., each of whom is independent of the Company within the meaning of NI 43-101 and is a "Qualified Person" as such term is defined in NI 43-101.
Technical information and qualified person
The technical information in this news release was reviewed and approved by Pamela De Mark, P.Geo, Vice President Exploration of Aris Gold, who is a Qualified Person as defined by NI 43-101.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found at www.gcm-mining.com and www.sedar.com .
For further information, contact:
Mike Davies
Chief Financial Officer
e investorrelations@gcm-mining.com
t + 416.360.4653
About Aris Gold
Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS and on the OTCQX under the symbol ALLXF. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. In Colombia, Aris Gold operates the 100%-owned Marmato mine, where a modernization and expansion program is under way, and as of April 12, 2022, operates the Soto Norte joint venture, where environmental licensing is advancing to develop a new gold mine. Aris Gold also owns the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.
Additional information on Aris Gold can be found at www.arisgold.com and www.sedar.com .
For further information, contact:
Tyron Breytenbach
Senior Vice President, Capital Markets
Meghan Brown
Vice President, Investor Relations
e info@arisgold.com
t + 778.899.0518
Forward-looking Information
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein are forward-looking, other than statements of historical fact, including without limitation statements relating to: the Transaction; the resulting entity of the Transaction, including its management, board of directors, assets, capitalization, strategy, plans and goals; the benefits of the Transaction; shareholder meetings, conference calls and webcasts in connection with the Transaction. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.
Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GCM, Aris Gold and the resulting entity to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: the completion and the timing of the Transaction; the ability of GCM and Aris Gold to receive, in a timely manner, the necessary regulatory, court, securityholder, stock exchange and other third-party approvals; the ability of GCM and Aris Gold to satisfy, in a timely manner, the other conditions to the closing of the Transaction; interloper risk; the ability to complete the Transaction on the terms contemplated by the arrangement agreement between GCM and Aris Gold and other agreements, including the voting support agreements, or at all; failure to achieve and sustain mine-building, operating and financial capacity; the ability of the combined group to realize the anticipated benefits of, and synergies from, the Transaction and the timing thereof; the timing of the commencement and completion of construction activities, first production and sales, if at all; the impacts of a changing risk profile and possible subjection to a credit rating review, which may result in a downgrade or negative outlook being assigned to the combined group or a portion thereof; the combined group's dividend policy; the potential exposure to political, economic or social instability related to the combined group's international operations; the consequences of not completing the Transaction, including the volatility of the share prices of GCM and Aris Gold, negative reactions from the investment community and the required payment of certain costs related to the Transaction; actions taken by government entities or others seeking to prevent or alter the terms of the Transaction; potential undisclosed liabilities unidentified during the due diligence process; the accuracy of the pro forma financial information of the combined group after the Transaction; the interpretation of the Transaction by tax authorities; the success of business integration; the focus of management's time and attention on the Transaction and other disruptions arising from the Transaction; the ability of the Aris Gold management team to successfully integrate with the current operations, risks related to international operations; risks related to general economic conditions; uncertainties relating to operations during the COVID-19 pandemic; actual results of current exploration activities; availability of quality assets that will add scale, diversification and complement the resulting entity's growth trajectory; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; risks associated with holding derivative instruments (such as credit risks, market liquidity risk and mark-to-market risk); possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local government legislation, taxation, controls, regulations, and political or economic developments in Canada, Colombia or Guyana; risks of the mining industry including, without limitation, accidents, operations, labour disputes, title disputes, claims and limitations on insurance coverage; delays in obtaining governmental approvals including obtaining required environmental and other licenses; the completion of development or construction activities; and those factors discussed in the section entitled "Risk Factors" in GCM's most recent AIF available on SEDAR at www.sedar.com and in the section entitled "Risk Factors" in Aris Gold's most recent AIF available on SEDAR at www.sedar.com .
Although GCM and Aris Gold have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. Each of GCM and Aris Gold has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and each of GCM and Aris Gold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.
Although information provided by GCM for inclusion in this news release is believed by Aris Gold to be reliable, Aris Gold has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness. Although information provided by Aris Gold for inclusion in this news release is believed by GCM to be reliable, GCM has not independently verified such information and cannot provide any assurance of its accuracy, currency, reliability or completeness.
This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933 as amended (the "Securities Act") and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States.
Source: Aris Gold Corporation and GCM Mining Corp.
1 See Table 1, 2 and 3 in section – Pro Forma consolidated mineral reserves and resources of this News Release.
2 Combined cash balances of US$397 million as of March 31, 2022, plus committed stream financing of US$122 million for construction of the Marmato Lower Mine and US$138 million for the construction of Toroparu.
3 This non-IFRS measure has been calculated from the GCM Mining Q1 2022 MD&A as US$34 million consolidated Free Cash Flow reported by GCM for the trailing 12 months to March 31, 2022 adjusted to exclude corporate general and administrative expenses (US$22 million) and exploration and non-sustaining capital expenditures (US$28 million) during the trailing 12 months period.
4 See Table 1, 2 and 3 in section – Pro Forma consolidated mineral reserves and resources of this News Release.
5 See the Technical reports section of this News Release.
6 A preliminary economic assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
7 As required under MI 61-101, BMO Capital Markets prepared the Aris Gold Valuation on an en bloc basis, without including a downward adjustment to reflect the liquidity of Aris Gold common shares, the effect of the Transaction on the Aris Gold common shares, or the fact that the Aris Gold common shares held do not form part of a controlling interest.
News Provided by GlobeNewswire via QuoteMedia
GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM, OTCQX: TPRFF) announced today that it produced a total of 16,370 ounces of gold in June 2022 at its Segovia Operations bringing the total for the second quarter of 2022 to 53,198 ounces compared with 52,198 ounces from Segovia in the second quarter of 2021. In the second quarter of 2022, the Company also produced 85,741 ounces of silver, up from 54,573 ounces of silver in the second quarter last year, together with approximately 294,000 pounds of zinc and 345,000 pounds of lead.
For the first half of 2022, the Company produced 103,149 ounces of gold at its Segovia Operations, up from 101,256 ounces of gold in the first half last year. The Company reported consolidated gold production in the first half last year of 103,684 ounces which included 2,428 ounces from Marmato up to February 4, 2021, the date of the loss of control of Aris Gold Corporation.
GCM Mining's trailing 12-months' total gold production at the end of June 2022 was 208,282 ounces, up about 1% over last year. The Company remains on track to meet its 2022 annual production guidance of 210,000 to 225,000 ounces of gold, aided by the completion of the Maria Dama plant expansion to 2,000 tonnes per day ("tpd") in the third quarter of 2022.
GCM Mining processed a total of 44,047 tonnes in June 2022 at its Maria Dama plant, representing a daily average processing rate of 1,468 tpd, at an average head grade of 12.8 g/t. Plant operations in June 2022 reflected a scheduled 120-hour stoppage to change the linings of the mill in addition to routine repairs and improvements. For the second quarter of 2022, a total of 147,580 tonnes, equivalent to 1,622 tpd, were processed at Segovia at an average head grade of 12.4 g/t compared with a total of 143,910 tonnes, equivalent to 1,581 tpd, at an average head grade of 12.6 g/t in the second quarter last year. This brings the daily average processing rate for the first half of 2022 to 1,604 tpd at an average head grade of 12.3 g/t compared with 1,526 tpd and 12.7 g/t in the first half last year.
The Company's polymetallic plant at Segovia processed an average of approximately 97 tpd of tailings in the first half of 2022 resulting in the production of approximately 645 tonnes of zinc concentrate and approximately 547 tonnes of lead concentrate which have been stockpiled and are expected to start shipping in the next few weeks under an offtake agreement with an international customer that was executed in June. Payable production from the concentrates in the first half of 2022 is estimated to total approximately 546,000 pounds of zinc, 683,000 pounds of lead, approximately 57,600 ounces of silver and approximately 200 ounces of gold. Actual payable quantities are subject to change and will be finalized once the concentrates are shipped.
Monthly Dividend Declaration
GCM Mining announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on August 15, 2022 to shareholders of record as of the close of business on July 29, 2022.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to production guidance, the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of G CM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 3 1 , 202 2 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and G CM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com
News Provided by GlobeNewswire via QuoteMedia
GCM Mining Corp. ("GCM Mining" or the "Company") (TSX: GCM; OTCQX: TPRFF) announced today multiple high-grade intercepts from the latest 32 diamond drill holes, totaling 8,299 meters, from the 2022 in-mine and near-mine drilling programs, as well as a further 28 diamond drill holes, totaling 7,735 meters, from the 2022 brownfield drilling programs at its Segovia Operations, Colombia. The Company also announced the assay results from one additional kick-off diamond drill hole, totaling 748 meters, from the ongoing directional drilling program on the El Silencio Deep Zone.
Significant high-grade intercepts from the latest drill results include:
In-mine
Brownfield
Serafino Iacono, Executive Chairman of GCM Mining, commented , "Our 2022 drilling programs are continuing to provide us with outstanding results, especially on the back of a 14% increase in our Measured and Indicated Resources and a 41% increase in our Inferred Resources, both as reported in our press release dated March 24, 2022. Today's announcement of our latest exploration results continues to highlight the potential to extend the mine life and grow production at our Sandra K and El Silencio mines from known in-mine and near-mine exploration targets. Additional high-grade results from the Marmajito and Cristales veins are shaping up our ongoing brownfield drilling campaign, focused on the other 24 known veins we are not currently mining. The sustained investment in geology and exploration by the Company continues to deliver high quality ounces on which to leverage future production and growth initiatives. We look forward to moving these and a number of other promising exploration projects forward in the coming months."
The ongoing 2022 in-mine and near-mine in-fill and step-out drilling campaign commenced in early January with eight diamond drill rigs operating from purpose-built underground drill stations and surface drill platforms and comprises a total of up to 67,000 meters at its four producing mines, including up to 15,000 meters of underground in-fill drilling, for about 74% of the total drilling programs for this year. In and near-mine in-fill and step-out drilling is focused on replacing the 2022 mining production and organic growth through resource conversion to expand the current reserves at the Company's core operating mines. Approximately 16% of the total in-mine and near-mine drilling programs for this year was completed by the end of April, the cut-off date for results reported in this press release.
The other 26% of the planned drilling campaign for 2022, comprising up to approximately 24,000 meters, is focused on defining new resources from the brownfield exploration targets covering the 24 veins within the Segovia mining title that are not currently in production. Approximately 32% of the brownfield exploration drilling programs for this year were completed by the end of April, the cut-off date for results reported in this press release.
GCM Mining currently has a total of 10 diamond drill rigs in operation at Segovia distributed as follows:
In-mine and near-mine drilling
Brownfield drilling
Key Highlights
IN-MINE and NEAR-MINE DRILLING
Sandra K
In-mine in-fill drilling from underground station SK5680, installed off Level 6, was completed in early March with additional 11 drill holes totaling 1,147 meters. This program was intended to better delineate and further extend down-plunge a cluster of narrow, discontinuous, high-grade zones to approximately future Level 9, outlined by previous mining on the upper levels, which occur at the northernmost end of the Sandra K Mine. Drilling confirmed the continuity of the Sandra K Vein System to the north, but most results were disappointing, except for drill hole SK-IU-216, which returned 6.46 g/t Au with 159.8 g/t Ag over 0.32 meters on the Sandra K Techo Vein.
Step-out exploration drilling from surface platform SK6020, located at the northernmost end of the northern fault block of the Sandra K Vein System, delimited by a set of faults striking NE and steeply dipping to the north related to the Lejanias Fault System, was completed with an additional drill hole totaling 495 meters. This program was designed on a 150 m x 150 m drill spacing and was aimed to extend down-dip the main vein system from future Level 9 to Level 15 and along strike. This drilling was extremely successful confirming the down-plunge extension of the cluster of narrow discontinuous, high-grade zones tested by drilling on underground station SK5680. Drill hole SK-IU-032 intercepted the deepest, high-grade intersection of the Sandra K Vein System encountered so far, some 200 meters vertically below the deepest level of the ongoing operation, returning 20.17 g/t Au with 887.0 g/t Ag over 0.53 meters on the Sandra K Techo Vein.
Additional step-out exploration drilling from surface platform SK5430, still located on the northern fault block of the Sandra K Vein System, was completed with 7 drill holes totaling 2,989 meters. This program was designed on an 80 m x 100 m drill spacing and was aimed to extend down-plunge the Sandra K main ore-shoot. Drilling was successful in demonstrating continuity together with high grades at depth, extending the mineralization down-plunge by 200 meters. Multiple high gold grades were intersected with maximum intersection grades of 146.33 g/t Au with 712.6 g/t Ag over 0.30 meters (SK-ES-035).
Exploration drilling from surface platform SK4950 was completed with an additional 4 drill holes totaling 2,294 meters. This drilling was designed to test the southern fault block of the Sandra K Vein System, south of the main mine area, confirming that results continue to be so erratic that it has not yet been possible to clearly define a sector of interest for the operation. There are some drill holes of interest, such as drill hole SK-ES-36 that returned 12.72 g/t Au with 19.7 g/t Ag over 0.90 meters on the Sandra K Techo Vein, but in-fill drilling is warranted to test the continuity of the mineralization.
El Silencio
In-mine exploration drilling from underground station ES4950, installed on Level 38 of the El Silencio Mine, was designed to test the continuity of the 450 and 450-FW veins close to the mine workings on the Nacional Vein, and to explore the Manto Vein that occurs in the footwall of the Nacional Vein. The 450 Vein, discovered by directional drilling in 2020, is interpreted as a low angle vein or manto that occurs in the hanging-wall of the Nacional Vein, some 40 meters vertically above. Drilling was successful in demonstrating the continuity of the 450 Vein together with high grades. Multiple high gold grades were intersected from 9 drill holes totaling 974 meters, with maximum intersection grades of 271.16 g/t Au with 142.9 g/t Ag over 0.88 meters (ES-EU-047).
The ongoing directional drilling program on the El Silencio Deep Zone is targeted to extend and better delineate the southern ore-shoot down-plunge below Level 40, the deepest level of historical mining on the Manto Vein.
Mother hole ES-MH09 (440 m deep) intercepted two unknown structures at depths of 97.0 meters and 267.0 meters, which returned 11.32 g/t Au with 13.0 g/t Ag over 0.39 meters and 9.28 g/t Au with 13.4 g/t Ag over 0.79 meters , respectively.
A medium grade intercept was intersected from kick-off hole ES-MH09-01 (748 meters) with intersection grades of 6.32 g/t Au with 4.9 g/t Ag over 0.52 meters on the 450 Vein.
The table below lists the key intercepts from the ongoing 2022 in-mine and near mine drilling campaigns that were received since the press release issued on March 16, 2022:
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) | Vein |
| SANDRA K MINE | ||||||
| Surface Drilling platform SK6020 | ||||||
| SK-ES-032 | 457.03 | 457.56 | 0.53 | 20.17 | 887.0 | SKT |
| Surface Drilling platform SK5430 | ||||||
| SK-ES-035 | 347.15 | 347.45 | 0.30 | 146.33 | 712.0 | SKT |
| SK-ES-037 | 338.46 | 339.06 | 0.60 | 43.03 | 92.4 | SKT |
| SK-ES-040 | 341.50 | 342.10 | 0.60 | 7.38 | 47.3 | SKT |
| SK-ES-043 | 365.20 | 366.90 | 1.70 | 11.32 | 23.2 | SKT |
| including | 365.56 | 366.35 | 0.79 | 21.00 | 41.6 | SKT |
| SK-ES-043 | 467.61 | 467.92 | 0.31 | 10.68 | 19.5 | SNO |
| SK-ES-043 | 490.30 | 490.63 | 0.33 | 51.84 | 40.5 | SNO |
| Surface Drilling platform SK4950 | ||||||
| SK-ES-036 | 530.69 | 531.59 | 0.90 | 12.72 | 19.7 | SKT |
| UG Drilling station SK5680 | ||||||
| SK-IU-216* | 86.10 | 87.44 | 1.34 | 2.30 | 52.01 | SNO |
| including | 87.12 | 87.44 | 0.32 | 6.46 | 159.8 | SNO |
| El SILENCIO MINE | ||||||
| UG Drilling station ES4950 | ||||||
| ES-EU-041* | 97.64 | 98.29 | 0.65 | 81.33 | 30.2 | 450-HW |
| ES-EU-043* | 60.00 | 60.50 | 0.50 | 8.27 | 25.1 | 450 |
| ES-EU-047* | 0.00 | 4.86 | 4.86 | 10.42 | 22.0 | NAL |
| including | 0.53 | 1.10 | 0.57 | 76.39 | 164.9 | NAL |
| including | 3.95 | 4.86 | 0.91 | 7.31 | 6.8 | NAL |
| ES-EU-047* | 83.84 | 85.61 | 1.77 | 135.72 | 72.0 | 450 |
| including | 83.84 | 84.72 | 0.88 | 271.16 | 142.9 | 450 |
| ES-EU-048* | 0.74 | 13.50 | 12.76 | 9.65 | 18.0 | NAL |
| including | 1.37 | 2.66 | 1.29 | 78.09 | 20.0 | NAL |
| including | 11.59 | 13.50 | 1.91 | 6.88 | 39.8 | NAL |
| El SILENCIO DEEP - DIRECTIONAL DRILLING | ||||||
| UG Drilling station ES5690 | ||||||
| ES-MH09** | 96.87 | 97.26 | 0.39 | 11.32 | 13.0 | SNO |
| ES-MH09** | 264.71 | 265.50 | 0.79 | 9.29 | 13.4 | SNO |
* Denotes underground drill holes. The underground in-fill holes were drilled at 49 to -90 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.
** Denotes directional drilling mother and kick-off holes. Sample interval grades over 6.0 g/t Au are reported.
Vein name abbreviations: Vein. SKT: Sandra K Techo Vein. 450: 450 Vein. 450-HW: 450 Hanging Wall Vein. NAL: Nacional Vein. SNO: unnamed veins.
Results from in-mine exploration and in-fill drilling are reported for 20 holes (2,521 m) including: 11 holes (1,547 m) at Sandra K (SK-IU-207 to SK-IU-217); and 9 holes (974 m) at El Silencio (ES-EU-040 to ES -EU-048). There are no results above cut-off grade for 10 holes at Sandra K and 5 holes at El Silencio, so these holes are not listed in the table above.
Results from step-out surface exploration drilling are reported for 12 holes (5,778 m) from Sandra K (SK-ES-032 to SK-ES-043). There are no results above cut-off grade for 6 holes, which are not listed in the table above.
Results from directional drilling from one purpose-built station on Level 3 at Sandra K are reported from 1 kick-off hole (ES-MH09-01), totaling 748 meters, drilled on the southern ore-shoot. In addition, 440 meters were drilled in one mother hole (ES-MH-009).
Please refer also to the attached illustrative maps showing the Sandra K and El Silencio drilling programs.
BROWNFIELD DRILLING
Vera
Exploration drilling from surface station VER5420 was designed to test the continuity of the Lluvias Vein on the northern fault block of the Vera Vein System, east to the Vera Mine, with 4 drill holes totaling 816.0 meters. Drill hole VER-ES-032 and its re-drill hole VER-ES-032A intercepted the same zone of veining in the hanging-wall of the Lluvia Vein at a depth of 87.0 meters, which returned 9.89 g/t Au with 370.8 g/t Ag over 0.47 meters and 8.81 g/t Au with 479.9 g/t Ag over 0.54 meters , respectively. A low-grade intercept was intersected from drill hole VER-ES-032 (264 meters) with intersection grades of 3.66 g/t Au and 151.0 g/t Ag over 0.30 m on the Vera Vein.
Marmajito
The exploration drilling program on the Marmajito Vein from underground station MAR5380, installed on the exploration ramp that starts from Level 15 of the Providencia mine and leads to the western extension of the Marmajito mine workings, was suspended when drill hole MAR-EU-020 intercepted an unknown confined water source with a very high flow rate that prevented normal drilling operations, putting the safety of the drillers at risk. Since the beginning of January 5 drill holes had been completed for a total of 1,662 meters. This program was aimed to follow up a high-grade intercept encountered by drilling from the previous drill station PV5630, also installed on the same ramp. Drilling was successful in confirming the up-dip continuity of the Marmajito Vein with maximum intersection grades of 8.61 g/t Au with 5.8 g/t Ag over 0.50 meters on the Marmajito Vein (MAR-EU-018).
La Guarida-Cristales Vein System
Drilling from surface platform CR6550 was designed to test the down-plunge extension of the La Guarida Mine ore-shoot within a structural block delimited by two NW trending faults. A total of 9 drill holes, totaling 3,320 meters, were completed. Drill holes CR-ES-038, CR-ES-039, CR-ES-041, CR-ES-045, CR-ES-047 and CR-ES-047A intercepted a vein over an average depth of 360 meters interpreted as the structure corresponding to the southeastern extension of the Cristales Vein. Multiple high gold grades were intersected, with maximum intersection grades of 48.45 g/t Au with 34.2 g/t Ag over 0.47 meters (CR-ES-047A).
Additional surface exploration drilling from drill platform CR7150, located to the north of the Cristales Mine, was designed to test the up-dip extension of the Cristales Vein. A total of 5 drill holes, totaling 792 meters, were completed with maximum intersection grades of 16.22 g/t Au with 7.8 g/t Ag over 0.62 meters on the Cristales Vein (CR-ES-035).
The table below lists the key intercepts from the 2022 brownfield drilling campaign that were received since the press release issued on March 16, 2022:
| Hole | From (m) | To (m) | Width (m) | Au (g/t) | Ag (g/t) | Vein |
| VERA VEIN | ||||||
| Surface Drilling platform VER5000 | ||||||
| VER-ES-032 | 87.02 | 87.49 | 0.47 | 9.89 | 370.8 | SNO |
| VER-ES-032 | 90.03 | 90.40 | 0.37 | 2.25 | 357.7 | SNO |
| VER-ES-032 | 226.91 | 227.21 | 0.30 | 3.66 | 151.0 | VER |
| VER-ES-032A | 86.48 | 87.02 | 0.54 | 8.81 | 479.9 | SNO |
| MARMAJITO VEIN | ||||||
| UG Drilling station PV5630 | ||||||
| MAR-EU-017* | 286.70 | 287.40 | 0.70 | 5.64 | 2.5 | MAR |
| MAR-EU-018* | 13.60 | 14.90 | 1.30 | 12.46 | 12.7 | SNO |
| Including | 14.00 | 14.60 | 0.60 | 23.55 | 22.0 | SNO |
| MAR-EU-018* | 315.00 | 315.50 | 0.50 | 8.61 | 5.8 | MAR |
| LA GUARIDA-CRISTALES VEIN SYSTEM | ||||||
| Surface Drilling platform CR7150 | ||||||
| CR-ES-035 | 57.00 | 58.30 | 1.30 | 8.01 | 3.8 | CRI |
| including | 57.68 | 58.30 | 0.62 | 16.22 | 7.8 | CRI |
| CR-ES-036 | 49.75 | 51.10 | 1.35 | 3.18 | 2.0 | CRI |
| including | 49.75 | 50.25 | 0.50 | 6.75 | 5.1 | CRI |
| Surface Drilling platform CR6650 | ||||||
| CR-ES-038 | 387.26 | 387.60 | 0.34 | 21.36 | 66.7 | CRI |
| CR-ES-039 | 353.45 | 354.30 | 0.85 | 43.10 | 30.7 | CRI |
| CR-ES-041 | 312.34 | 315.07 | 2.73 | 5.23 | 19.4 | CRI |
| including | 312.76 | 313.32 | 0.56 | 17.79 | 71.8 | CRI |
| including | 313.32 | 313.64 | 0.32 | 7.36 | 26.3 | CRI |
| CR-ES-045 | 353.52 | 354.25 | 0.73 | 16.94 | 6.2 | CRI |
| CR-ES-047 | 371.35 | 372.00 | 0.65 | 10.99 | 7.5 | CRI |
| CR-ES-047A | 371.57 | 372.53 | 0.96 | 23.87 | 17.2 | CRI |
| including | 371.57 | 372.04 | 0.47 | 48.45 | 34.2 | CRI |
* Denotes underground drill holes. The underground holes were drilled at 9 to 33 degrees from the horizontal. Sample interval grades over 6.0 g/t Au are reported. Grades are for quartz vein intersections and are length-weighted composites. The width is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width.
Vein name abbreviations: Vein. MAR: Marmajito Vein. VER: Vera Vein. CRI: Cristales Vein. SNO: unnamed veins.
Results from brownfield exploration drilling are reported for 28 holes (7,735 m) including: 5 holes (1,326 m) at Vera (VER-ES-029 to VER-ES-032A) of which one was lost; 4 holes (1,298 m) at Marmajito (MAR-EU-016 to MAR-EU-019) and 19 holes (5,111 m) on the La Guarida-Cristales Vein System (CR-ES-031B and CR-ES-034 to CR-ES-048) of which three were lost. There are no results above cut-off grade for 3 holes at Vera, 2 holes at Marmajito and 11 holes on La Guarida-Cristales Vein System, so these holes are not listed in the table.
Please refer also to the attached illustrative maps showing the Vera, Marmajito and La Guarida-Cristales Vein System drilling programs.
Qualified Person
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer ("AAS") finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by nitric and hydrochloric acid digestion with AAS finish for ore grades and the highest in grade were double-checked by SGS Laboratories Ltd. in Lima, Peru. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. GCM Mining also owns approximately 44% of Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 32% equity interest in Denarius Metals Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs and mineral resources and reserves. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com
Attachment 1 – Sandra K Mine In-mine In-fill and Surface Step-out Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/f428e55b-573c-4898-9e45-14ba164884d7
Attachment 2 – Cross section A-A' of the Sandra K Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/b77bd8c7-8c13-405b-9100-06af9822ff8c
Attachment 3 – Cross section B-B' of the Sandra K Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/aef324c4-dfca-4b82-a05c-686f729164f5
Attachment 4 – El Silencio Deep vein system In-fill Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/a903e528-7b1b-45a2-af82-c5f641da3396
Attachment 5 – Cross section of the El Silencio Deep Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0b705a6-8511-4ed7-a475-a75630259891
Attachment 6 – Vera Project Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/24586a32-e2a0-4273-bed0-c12e6f9ec5f5
Attachment 7 – Cross section of the Vera Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/434994ab-fcd8-4077-b5a9-2e8f033d9f97
Attachment 8 – Marmajito Vein Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/a75f48bb-03fb-44eb-b22e-814cb539d30b
Attachment 9 – Cross section of the Marmajito Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/518d4cd7-5cb3-4938-b153-c59689464a0b
Attachment 10 – La Guarida-Cristales Trend Drilling Grade Intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/715d72ee-17ee-4e26-9b28-a92d2a492dd8
Attachment 11 – Cross section of the La Guarida-Cristales Vein System
https://www.globenewswire.com/NewsRoom/AttachmentNg/b51ba468-8a25-4983-a3fa-3206c5778f6c
News Provided by GlobeNewswire via QuoteMedia
Key Points
Figure 1 – Maiden surface exploration targeting mineralisation extensions to depth of up to ~700m below surface
Highlights include 20.53g/t in LABS-22-02, which extends the Boucher lode by a significant 375m down- dip.
This follows the previously reported result of 44.12g/t in LABS-22-01, which was 125m down dip of the currently defined Front-West lode (Refer ASX Announcement 25 July 2022).
Drilling of phase one is now successfully complete, with 3,135m drilled across 5 holes in just 44 days, under budget and with no safety incidents.
Assays are pending for LABS-22-04 and LABS-22-05.
Quartz and pyritic mineralisation characteristic to Labyrinth has been observed across multiple lodes, with results confirming the mineralisation extends up to 375m down dip and to a depth of ~550m below surface, remaining open at depth and along strike.
Labyrinth is on track to publish its maiden JORC Resource next month. These latest assays and those pending will form part of a subsequent Resource update.
Labyrinth Chief Executive Matt Nixon said: “These are outstanding results which highlight the scope for substantial growth in the deposit, both along strike and at depth.
“We are in the throes of finalising our maiden JORC Resource and already we have established substantial mineralisation which sits outside these parameters, paving the way for a subsequent Resource update.
“We have barely scratched the surface at Labyrinth compared with the drilling completed at other major deposits in the Abitibi region. The scale of these endowments shows the upside we have at Labyrinth”.
Click here for the full ASX Release
This article includes content from Labyrinth Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A maiden Inferred JORC Mineral Resource of 9.9Mt @ 1.14% Li2O and 49 Ta2O5 ppm^ was previously announced on 17 February 2022. The 5km x 1.5km pegmatite system at Manna is open in all directions. A Mineral Resource update for the Manna Lithium Project is expected following the drilling program and metallurgical test work in Q4 2022.
Breaker retains a 20% free-carried interest in the Manna Lithium Project with Global Lithium carrying all costs and expenditure to completion of a positive bankable feasibility study (BFS). Breaker is also entitled to milestone payments of up to $20 million.
On behalf of the Board of Directors,
Tom Sanders
Managing Director
Click here for the full ASX Release
This article includes content from Breaker Resources NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
First Drill Program After ASX Listing Extends High-Grade Gold Mineralisation in Oxide Material
Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR, TSX-V:SWA) is pleased to announce that assays returned from an initial 1,700m drilling of the ongoing +50,000m program at its 100%-owned(4), multi-million ounce Sanutura Project (the "Project") have extended gold mineralisation in several directions at the Obi Prospect (refer Figure 1) and discovered a new trend for exploration
The drilling has delineated an extensive zone of flat-lying mineralisation in shallow, oxide material which extends approximately 950m along strike and up to 300m down-dip with mineralisation remaining open down-dip. These results deliver one of the Company's near-term objectives of growing the oxide component of the Project's already large Mineral Resource of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1).
Exploration potential in the area has also been enhanced with the emergence of a new target area immediately along strike to the north-east, which is untested for approximately 1.8km. The Company anticipates drilling its highest priority targets and commencing regional greenfields exploration early in the next field season commencing Q4 2022.
Highlights
Sarama's President, CEO & MD, Andrew Dinning commented:
"We are very excited by these first drill results at the Obi Prospect which have defined extensive and shallow, oxide-hosted gold mineralisation in single and multiple higher-grade zones.
This drilling has extended a previously minor zone to approximately 950m in length with a further 1.8km of strike potential yet to be tested. The tenor and flat-lying nature of this mineralisation suggests a different mineralising event to the sub-vertical, lower-tenor gold lodes seen in this local area and it has led us to a new target model reminiscent of Endeavour Mining's flat-lying Kari Pump and Boungou Deposits in Burkina Faso.
With further drill results to come, we look forward to providing a series of updates over the coming months.
Sarama's approximate market capitalization of A$20M(6) presents a deeply discounted valuation for the Project's Mineral Resource base of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1), even more so considering that the current drill program is anticipated to yield a significant increase."
Webinar:
For more context, please join CEO Andrew Dinning in a live event on August 10th at 9am EST / 9 pm AWST. Q&A will follow the brief presentation. Click here to register:https://my.6ix.com/INN0fY27
Growth-Oriented Drill Program in Oxide Material
An Already Large Mineral Resource with Potential to Grow
The Company's primary focus is its 100%-owned(4) Sanutura Project, which hosts a large Mineral Resource of 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1), covers an area of 1,420km2 and occupies a commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 1).
The Project lies 60km south of Endeavour Mining's Houndé Mine (5Moz Au); 120km south of Fortuna Silver's high-grade Yaramoko Mine (1Moz Au), and 140km south of Endeavour Mining's Mana Mine (5Moz Au), highlighting the significant gold endowment of the Houndé Belt (refer Appendix B). Endeavour Mining's Bantou Project (1.5Moz Au Inferred Mineral Resource(5)) is located only 6km from the bulk of the Sanutura Project's main deposit, which illustrates the gold camp scale of endowment in the immediate area.
The Project has significant growth potential available and the primary objective of the current +50,000m drill program is to add to the existing 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2) oxide and transition component of the Project's Mineral Resource to enhance the economics of mine development.
The recently commenced drill program has initially focused on the Obi Prospect, located in the southern part of the Project where drilling is sparse and potential exists to expand the Mineral Resource at shallow depths in oxide material.
Figure 1 -Sanutura Project Location Plan
Drilling Delivers Extensions to Mineral Resource at Obi Prospect
Results are being reported (refer Appendix A) for approximately 700m of aircore ("AC") drilling (15 holes) and 1,000m of reverse-circulation ("RC") drilling (13 holes) which commenced in May 2022 in the south-western part of the Obi Prospect. This area hosts gold mineralisation in multiple flat-dipping lenses which now extend for a strike length of approximately 950m (refer Figure 2). The lenses occur near-surface and the area is considered a prime target for exploration to add to the existing 0.2Moz (Indicated) plus 0.8Moz Au (Inferred)(2)oxide and transition component of the Project's Mineral Resource.
Figure 2 - Obi Prospect - Drilling & Mineralisation Plan
Mineralisation in the area presents as gold-quartz veins, which is significantly different to the more densely drilled areas of the deposit, illustrating diversity in both the geometry and composition of the gold-bearing lodes. The recent drilling follows-up on previously reported (refer Appendix B), high-tenor downhole intersections occurring in oxide material which include:
Recently returned assay results support the interpreted geometry of the flat, easterly-dipping mineralised lodes and have delivered down-dip and up-dip extensions to mineralisation of up to 100m and 40m respectively (refer Figures 2 and 3). Several new strong downhole intersections in the lower extremity, all occurring in oxide material, include:
Figure 3 -Southern Obi Prospect - Drilling Cross Section A-A' (View to North-East)
Given the shallow position of the mineralisation, these intersections present a compelling target for further down-dip extensions to be tested in future drilling. This is of particular interest as the flat-dipping mineralisation can be projected to intersect a series of steeply dipping lodes to the east; the confluence of which potentially hosts a localised enrichment zone caused by multiple overprinting phases of gold emplacement.
Of note is the significant increase in the vertical depth of the highly weathered oxide zone intersected by drilling to approximately 80m, which is anomalous to that observed in the broader deposit (50m). This increased depth is expected to enhance economics for any contemplated mine development.
Adding to the attraction of the area for further exploration is the presence of multiple separate intersections within individual holes and significantly broader intersections than expected in certain areas (refer Figures 2 and 3). These intersections suggest potential for additional mineralised lodes to occur in close proximity to the main, flat-dipping mineralisation.
A New Exploration Horizon in the North-East
The recently returned results have validated and given substance to the Company's interpretation of the mineralised system in the south-west of the Obi Prospect, which has been developed over an extended period. In addition to yielding meaningful extensions to the existing mineralisation in the dip direction, the drilling has extended the mineralised lodes a further 100m along strike in a north-easterly direction, giving a total strike length of 950m.
Of note is the abundance of high-tenor intersections in the north-eastern extremity of this strike length, which are commonly associated with a thickening of the lode(s) and the suggested presence of additional mineralised lodes from multiple intersections in single drillholes. Together, these features suggest a strengthening of the mineralised system in the north, which bodes well for future exploration given the absence of drilling for approximately 1.8km along strike (refer Figure 4).
This new target area broadly sits within the main mineralised corridor of the Project proximal to the well-defined, north-north-east striking lodes of the Mineral Resource. The area has been covered by a conventional soil geochemical survey grid and several zones of elevated gold-in-soil values have been returned within a generally mottled signature resulting from a variable and disrupted regolith. This environment can produce ambiguous surface geochemistry results, giving potential for blind and semi-blind mineralisation to be present.
The Company plans to conduct detailed surface prospecting and other target generation work in the area to better define targets which are anticipated to be tested by reconnaissance drilling in Q4 2022.
Figure 4 - Untested Trend Extents for 1.8km to North-East (Oblique View)
Appendices
To access the appendices referred to in this announcement please click on the links below
Appendix A: Summary of Recently Drilled Results
Appendix B: References to Previous ASX Disclosure
Appendix C: JORC Code (2012 Edition) - Table 1 Information
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 8 9363 7600
For media enquiries, please contact:
Angela East
Media & Capital Partners
e: Angela.east@mcpartners.com.au
t: +61 428 432 025
ABOUT Sarama Resources LTD
Sarama Resources Ltd (ASX:SRR, TSX-V:SWA) is a West African focused gold explorer/developer with substantial landholdings in south-west Burkina Faso. Sarama is focused on maximising the value of its strategic assets and advancing its key projects towards development.
Sarama's 100%-owned(4) Sanutura Project is principally located within the prolific Houndé Greenstone Belt in south-west Burkina Faso and is the exploration and development focus of the Company. The project hosts the Tankoro and Bondi Deposits which have a combined Mineral Resource of 0.6Moz gold (Indicated) plus2.3Moz gold (Inferred)(1).
Together, the deposits present a potential mine development opportunity featuring an initial, long-life CIL project which may be established and paid for by the significant oxide Mineral Resource base.
Sarama has built further optionality into its portfolio including an approximate 470km² exploration position in the highly prospective Banfora Belt in south-western Burkina Faso. The Koumandara Project hosts several regional-scale structural features and trends of gold-in-soil anomalism extending for over 25km along strike.
Sarama also holds an approximate 18% participating interest in the Karankasso Project Joint Venture ("JV") which is situated adjacent to the Company's Sanutura Project in Burkina Faso and is a JV between Sarama and Endeavour Mining Corp ("Endeavour") in which Endeavour is the operator of the JV. In February 2020, an updated Mineral Resource estimate of 709koz gold(3) was declared for the Karankasso Project JV.
The Company's Board and management team have a proven track record in Africa and a strong history in the discovery and development of large-scale gold deposits. Sarama is well positioned to build on its current success with a sound strategy to surface and maximise the value of its property portfolio.
FOOTNOTES
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, statements regarding the Company's future exploration and development plans, the potential for the Sanutura and Karankasso Projects to host economic mineralisation, the potential to expand the existing estimated Mineral Resources at the Sanutura Project (including the present oxide and transition component), the potential to extend and add to existing mineralisation at the Obi Prospect, the potential for the receipt of regulatory approvals and the timing and prospects for the issuance of the arrêtés for the Tankoro 2 and Djarkadougou 2 Exploration Permits by the Government of Burkina Faso. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; Mineral Resources are not mineral reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
QUALIFIED PERSONS' STATEMENT
Scientific or technical information in this disclosure that relates to the preparation of the Mineral Resource estimate for the Sanutura Project is based on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Paul Schmiede consents to the inclusion in this news release of the information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to exploration activities at the Sanutura Project is based on information compiled or approved by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources Ltd and is a member in good standing of the Ordre des Géologues du Québec and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Guy Scherrer consents to the inclusion in this disclosure of the information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to the quotation of the Karankasso Project's Mineral Resource estimate and exploration activities is based on information compiled by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Paul Schmiede consents to the inclusion in this disclosure of the information, in the form and context in which it appears. Paul Schmiede and Sarama have not independently verified Semafo's (now Endeavour's) Mineral Resource estimate and take no responsibility for its accuracy.
COMPETENT PERSONS' STATEMENT
The Mineral Resource estimates referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.8 in the Company's ASX Prospectus dated 11 March 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Prospectus and that all material assumptions and technical parameters underpinning the estimates in the ASX Prospectus continue to apply and have not materially changed.
The new Exploration Results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources and a member of the Ordre des Géologues du Québec. Guy Scherrer has provided their prior written consent as to the form and context in which the new Exploration Results and the supporting information are presented in this disclosure.
The previously reported Exploration Results referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.7 in the Company's ASX disclosure listed in Appendix B. The Company confirms that it is not aware of any new information or data that materially affects the information included in those previous items of disclosure.
This announcement has been authorised by the Board of Sarama Resources. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
SOURCE: Sarama Resources Ltd.
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Tempus Resources Ltd ("Tempus" or "the Company") (ASX:TMR)(TSXV:TMRR)(OTCQB:TMRFF) is pleased to announce assay results for the first three drill-holes completed at the Elizabeth Gold Project during the 2022 season
HIGHLIGHTS
Tempus Resources, President and CEO, Jason Bahnsen, commented "We have a phenomenal start, with drill-hole EZ-22-03 reporting the highest grade intersections we've ever seen at Elizabeth! The spectacular grades are a cause for celebration given the Blue Vein was only discovered late last year but what's potentially more important is that every hole had multiple gold intersections spaced relatively close together. This indicates potential for stacked high-grade vein mineralisation within a wider Blue Vein structure."
Drilling to date shows that the Blue Vein is not a single structure. Each of the drill-holes being reported today (EZ-22-01, EZ-22-02 and EZ-22-03) successfully hit Blue Vein gold mineralisation in multiple sub parallel closely spaced intersections demonstrating the potential for multiple stacked high-grade gold vein mineralisation within a wider Blue Vein structure.
The Blue Vein was discovered in late-2021 (EZ-21-12 including 1.0m at 33.7g/t gold), with assay results now received for 10 holes intersecting the vein to date (including four holes with ‘bonanza' grade intersections, i.e., greater than 1oz per tonne), high-grade gold mineralisation has now been defined over a strike length of over 100 metres. The 2022 drilling is testing the Blue Vein structure over a total strike length of approximately 400 metres.
Table 1 - Assay results being reported today (drill-holes EZ-22-01 to EZ 22-03)
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m)* | Gold Grade (g/t Au) |
EZ-22-01 | 123.90 | 124.70 | 0.80 | 0.68 | 2.1 |
and | 125.90 | 126.00 | 0.10 | 0.08 | 3.8 |
and | 161.42 | 161.82 | 0.40 | 0.34 | 2.3 |
EZ-22-02 | 147.65 | 147.83 | 0.18 | 0.15 | 6.9 |
and | 185.25 | 185.85 | 0.60 | 0.51 | 1.9 |
EZ-22-03 | 96.91 | 97.33 | 0.42 | 0.36 | 523.0 |
and | 124.02 | 124.47 | 0.45 | 0.38 | 32.7 |
incl | 124.02 | 124.13 | 0.11 | 0.09 | 133.0 |
and | 164.41 | 166.14 | 1.73 | 1.47 | 7.4 |
incl | 165.41 | 166.14 | 0.73 | 0.62 | 17.4 |
*true thickness is estimated using a multiplier of 0.85.
**The Company considers anything over 0.2 g/t gold as significant.
Image 1: Blue Vein drill-hole EZ-22-03 core with assay results overlain
See Figures 1 and 2 for drill-hole locations in plan view and long section. See Appendix 1 and Appendix 2 for detailed information on drill holes and sampling techniques.
Figure 1 - Elizabeth plan view showing 2022 drill-hole locations
Figure 2 - Elizabeth Blue Vein long section (looking northwest)
This announcement has been authorised by the Board of Directors of Tempus Resources Limited.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Sonny Bernales, who is a Member of the Engineers and Geoscientists British Columbia (EGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Bernales has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Bernales consents to the inclusion of the data in the form and context in which it appears.
For further information:
Tempus Resources LTD
Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181
About Tempus Resources Ltd
Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the quarter and nine months ended March 31, 2022 dated May 16, 2022 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice.
Neither the ASX Exchange, the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix 1
Table 1:Drill Hole Collar Table
UTM | UTM | ||||||
| Hole ID | Target | Easting (NAD83 | Northing (NAD83 | Elevation (m) | Length (m) | Azimuth | Dip |
Z10) | Z10) | ||||||
| EZ-21-01 | SW Vein | 531203 | 5653771 | 2400 | 105 | 121 | -52 |
| EZ-21-02 | SW Vein | 531203 | 5653771 | 2400 | 132 | 146 | -55 |
| EZ-21-03 | SW Vein | 531203 | 5653771 | 2400 | 111 | 158 | -47 |
| EZ-21-04 | SW Vein | 531203 | 5653771 | 2400 | 135 | 168 | -58 |
| EZ-21-05 | SW Vein | 531078 | 5653776 | 2400 | 561 | 123 | -48 |
| EZ-21-06 | SW Vein | 531078 | 5653776 | 2400 | 255 | 110 | -55 |
| EZ-21-07 | SW Vein | 531203 | 5653771 | 2400 | 126 | 115 | -75 |
| EZ-21-07b | SW Vein | 531203 | 5653771 | 2400 | 186 | 115 | -75 |
| EZ-21-08 | SW Vein | 531195 | 5653839 | 2427 | 231 | 115 | -68 |
| EZ-21-09 | SW Vein | 531200 | 5654020 | 2330 | 360 | 120 | -48 |
| EZ-21-10 | SW Vein | 530953 | 5653772 | 2390 | 354 | 127 | -50 |
| EZ-21-11 | SW Vein | 530953 | 5653772 | 2390 | 381 | 136 | -50 |
| EZ-21-12 | SW Vein | 530953 | 5653772 | 2390 | 375 | 125 | -45 |
| EZ-21-13 | SW Vein | 530919 | 5653596 | 2300 | 261 | 94 | -45 |
| EZ-21-14 | SW Vein | 530919 | 5653596 | 2300 | 261 | 108 | -55 |
| EZ-21-15 | SW Vein | 530919 | 5653596 | 2300 | 330 | 100 | -55 |
| EZ-21-16 | SW Vein | 530919 | 5653596 | 2300 | 330 | 83 | -48.5 |
| EZ-21-17 | SW Vein | 530919 | 5653596 | 2300 | 414 | 98 | -63 |
| EZ-21-18 | SW Vein | 530919 | 5653596 | 2300 | 351 | 128.5 | -63 |
| EZ-21-19 | SW Vein | 530953 | 5653772 | 2390 | 417 | 129 | -58 |
| EZ-21-20 | SW Vein | 530849 | 5653432 | 2260 | 300 | 129 | -45 |
| EZ-21-21 | East Veins | 531695 | 5653463 | 2120 | 357 | 90 | -45 |
| EZ-21-22 | SW Vein | 531195 | 5653839 | 2427 | 188 | 75 | -45 |
| EZ-21-23 | SW Vein | 531695 | 5653463 | 2120 | 165 | 91 | -45 |
| EZ-21-24 | Blue Vein | 530953 | 5653772 | 2390 | 219 | 84 | -54 |
| EZ-21-25 | Blue Vein | 530953 | 5653772 | 2390 | 201 | 105 | -58 |
| EZ-21-26 | Blue Vein | 530953 | 5653772 | 2390 | 198 | 95 | -45 |
| EZ-21-27 | Blue Vein | 530953 | 5653772 | 2390 | 195 | 150 | -60 |
| EZ-21-28 | No.9 Vein | 530953 | 5653772 | 2390 | 321 | 300 | -55 |
UTM | UTM | ||||||
| Hole ID | Target | Easting (NAD83 | Northing (NAD83 | Elevation (m) | Length (m) | Azimuth | Dip |
Z10) | Z10) | ||||||
| EZ-22-01 | Blue Vein | 530953 | 5653772 | 2400 | 222 | 130 | -65 |
| EZ-22-02 | Blue Vein | 531203 | 5653772 | 2400 | 225 | 108 | -65 |
| EZ-22-03 | Blue Vein | 531203 | 5653772 | 2400 | 198 | 95 | -50 |
| EZ-22-04 | Blue Vein | 531200 | 5653774 | 2400 | 375 | 290 | -55 |
| EZ-22-05 | Blue Vein | 531130 | 5653775 | 2393 | 156 | 280 | -45 |
| EZ-22-06 | Blue Vein | 531130 | 5653775 | 2399 | 237 | 290 | -55 |
| EZ-22-07 | Blue Vein | 531130 | 5653775 | 2399 | 216 | 298 | -45 |
| EZ-22-08 | Blue Vein | 531039 | 5653887 | 2399 | 120 | 135 | -50 |
EZ-22-09 | Blue & SW Vein | 530953.1 | 5653772 | 2422 | 468 | 100 | -53 |
EZ-22-10 | Blue Vein | 530953.1 | 5653772 | 2392 | 210 | 95 | -65 |
EZ-22-11 | Blue Vein | 531039 | 5653887 | 2422 | 207 | 110 | -60 |
EZ-22-12 | Blue Vein | 531039 | 5653887 | 2422 | 216 | 85 | -50 |
EZ-22-13 | Blue Vein | 531039 | 5653887 | 2422 | 251 | 123 | -65 |
EZ-22-14 | Blue Vein | 531004 | 5653896 | 2428 | 249 | 140 | -65 |
EZ-22-15 | Blue Vein | 531004 | 5653896 | 2428 | 240 | 130 | -65 |
EZ-22-16 | Blue Vein | 531004 | 5653896 | 2428 | 242 | 120 | -65 |
EZ-22-17 | Blue Vein | 531004 | 5653896 | 2428 | 251 | 160 | -65 |
EZ-22-18 | Blue Vein | 531004 | 5653896 | 2428 | 258 | 150 | -65 |
Table 2: Significant Interval Table
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-01 | 94.00 | 96.60 | 2.60 | 2.21 | 4.60 | 5.12 | SW Vein |
and | 83.50 | 84.00 | 0.50 | 0.43 | 20.50 | pending | SW Vein |
EZ-21-02 | 102.40 | 109.00 | 6.60 | 5.61 | 8.40 | pending | SW Vein |
including | 105.40 | 106.50 | 1.10 | 0.93 | 46.30 | pending | SW Vein |
EZ-21-03 | 88.60 | 95.00 | 6.40 | 5.44 | 7.22 | pending | SW Vein |
including | 89.30 | 91.90 | 2.60 | 2.21 | 11.80 | pending | SW Vein |
and | 90.00 | 91.30 | 1.30 | 1.11 | 19.80 | pending | SW Vein |
and | 34.70 | 35.20 | 0.50 | 0.43 | 3.15 | pending | SW Vein |
EZ-21-04 | 122.00 | 126.00 | 4.00 | 3.40 | 31.20 | 34.40 | SW Vein |
including | 123.00 | 124.50 | 1.50 | 1.28 | 52.10 | 68.30 | SW Vein |
including | 124.00 | 124.50 | 0.50 | 0.43 | 72.00 | 87.30 | SW Vein |
EZ-21-05 | 134.00 | 135.00 | 1.00 | 0.85 | 1.38 | Not Preformed | 7 Vein |
217.55 | 218.25 | 0.70 | 0.59 | 1.74 | 1.67 | SW Vein | |
and | 256.00 | 256.50 | 0.50 | 0.43 | 1.03 | 0.89 | SW Vein |
and | 554.85 | 555.35 | 0.50 | 0.43 | 0.24 | Not Preformed | West Vein |
EZ-21-06 | 134.50 | 136.00 | 1.50 | 1.28 | 1.10 | 1.71 | 7 Vein |
and | 245.00 | 246.00 | 1.00 | 0.85 | 2.05 | 2.45 | SW Vein |
EZ-21-07 | Hole lost | ||||||
EZ-21-07B | 40.10 | 41.10 | 1.00 | 0.85 | 4.88 | Not Preformed | 7 Vein |
and | 51.50 | 52.20 | 0.70 | 0.60 | 9.06 | Not Preformed | 7 Vein |
and | 160.00 | 165.75 | 5.75 | 4.89 | 0.53 | 0.70 | SW Vein |
EZ-21-08 | 196.25 | 202.40 | 6.15 | 5.23 | 0.65 | 0.66 | SW Vein |
and | 226.60 | 227.10 | 0.50 | 0.43 | 1.54 | 1.85 | SW Vein |
EZ-21-09 | 58.60 | 59.10 | 0.50 | 0.43 | 0.31 | Not Preformed | Blue Vein |
and | 270.90 | 272.90 | 2.00 | 1.70 | 2.56 | Not Preformed | SW Vein |
and | 355.88 | 357.00 | 1.12 | 0.95 | 0.85 | Not Preformed | SW Vein |
EZ-21-10 | 223.00 | 223.50 | 0.50 | 0.43 | 4.04 | Not Preformed | 7 Vein |
and | 347.70 | 349.20 | 1.50 | 1.28 | 0.22 | 0.21 | SW Vein |
EZ-21-11 | 326.90 | 327.40 | 0.50 | 0.43 | 0.55 | 0.44 | SW Vein |
EZ-21-12 | 117.80 | 118.80 | 1.00 | 0.85 | 47.6 | 33.7 | Blue Vein |
and | 130.70 | 131.20 | 0.50 | 0.43 | 26.4 | Not Preformed | Blue Vein |
and | 163.90 | 164.40 | 0.50 | 0.43 | 5.50 | 8.41 | Blue Vein |
and | 344.90 | 347.00 | 2.10 | 1.79 | 0.78 | 1.22 | SW Vein |
EZ-21-13 | 230.70 | 232.60 | 1.90 | 1.62 | 0.76 | 0.71 | SW Vein |
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-14 | 224.00 | 224.90 | 0.90 | 0.77 | 1.63 | 1.15 | SW Vein |
EZ-21-15 | 318.40 | 320.80 | 2.40 | 2.04 | 0.31 | Not Preformed | SW Vein |
including | 320.30 | 320.80 | 0.50 | 0.43 | 1.14 | Not Preformed | SW Vein |
EZ-21-16 | 305.00 | 306.90 | 1.90 | 1.61 | 0.55 | Not Preformed | SW Vein |
EZ-21-17 | 171.00 | 171.50 | 0.50 | 0.43 | 0.14 | 0.57 | Vein |
and | 204.00 | 204.60 | 0.60 | 0.51 | 0.53 | Not Preformed | vein |
and | 254.60 | 256.85 | 2.25 | 1.91 | 1.40 | 1.58 | 7 Vein |
and | 350.13 | 350.75 | 0.62 | 0.53 | 1.01 | Not Preformed | SW Vein |
and | 379.47 | 382.00 | 2.53 | 2.15 | 0.63 | 0.64 | SW Vein |
EZ-21-18 | 299.50 | 299.90 | 0.40 | 0.34 | 1.53 | Not Preformed | SW Vein |
EZ-21-19 | 127.50 | 128.00 | 0.50 | 0.43 | 4.52 | Not Preformed | Blue Vein |
and | 129.00 | 130.50 | 1.50 | 1.28 | 4.25 | Not Preformed | Blue Vein |
and | 167.80 | 168.70 | 0.90 | 0.76 | 4.50 | 6.14 | Blue Vein |
and | 351.80 | 354.90 | 3.10 | 2.63 | 0.34 | Not Preformed | SW Vein |
EZ-21-20 | NSI** | ||||||
EZ-21-21 | 184.00 | 186.00 | 2.00 | 1.70 | 1.03 | Not Preformed | unknown |
and | 263.45 | 264.30 | 0.85 | 0.72 | 1.34 | Not Preformed | unknown |
EZ-21-22 | 175.55 | 176.70 | 1.15 | 0.98 | 1.60 | 2.50 | SW Vein |
EZ-21-23 | 145.00 | 149.10 | 4.10 | 3.48 | 1.11 | 1.83 | SW Vein |
including | 147.50 | 148.20 | 0.70 | 0.59 | 1.08 | 4.98 | SW Vein |
EZ-21-24 | 139.80 | 141.00 | 1.20 | 1.02 | 0.58 | 0.58 | Blue Vein |
and | 181.70 | 182.65 | 0.95 | 0.81 | 0.85 | 0.84 | Blue Vein |
EZ-21-25 | 111.00 | 113.70 | 2.70 | 2.30 | 13.4 | Not Preformed | Blue Vein |
including | 111.50 | 112.00 | 0.50 | 0.43 | 71.3 | Not Preformed | Blue Vein |
EZ-21-26 | 121.45 | 122.70 | 1.25 | 1.06 | 9.13 | Not Preformed | Blue Vein |
including | 121.45 | 121.70 | 0.25 | 0.21 | 45.1 | Not Preformed | Blue Vein |
and | 159.06 | 160.25 | 1.19 | 1.01 | 1.35 | 1.45 | Blue Vein |
EZ-21-27 | 152.20 | 153.60 | 1.40 | 1.19 | 12.1 | 14.31 | Blue Vein |
including | 152.20 | 153.20 | 1.00 | 0.85 | 16.3 | 19.19 | Blue Vein |
and | 157.00 | 157.40 | 0.40 | 0.34 | 1.27 | 1.28 | Blue Vein |
EZ-21-28 | 245.60 | 246.85 | 1.25 | 1.06 | 0.67 | Not Preformed | No.9 Vein |
EZ-22-01 | 123.90 | 124.70 | 0.80 | 0.68 | 2.07 | 2.07 | Blue Vein |
and | 125.90 | 126.00 | 0.10 | 0.08 | 3.82 | 3.82 | Blue Vein |
and | 161.42 | 161.82 | 0.40 | 0.34 | 2.25 | 2.25 | Blue Vein |
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-22-02 | 147.65 | 147.83 | 0.18 | 0.15 | 6.88 | 6.88 | Blue Vein |
and | 185.25 | 185.85 | 0.60 | 0.51 | 1.89 | 1.89 | Blue Vein |
EZ-22-03 | 96.91 | 97.33 | 0.42 | 0.36 | 2.05 | 523.00 | Blue Vein |
and | 124.02 | 124.47 | 0.45 | 0.38 | 32.66 | Not Preformed | Blue Vein |
including | 124.02 | 124.13 | 0.11 | 0.09 | 130.00 | 133.00 | Blue Vein |
and | 164.41 | 166.14 | 1.73 | 1.47 | 7.41 | Not Preformed | Blue Vein |
including | 165.41 | 166.14 | 0.73 | 0.62 | 17.40 | Not Preformed | Blue Vein |
* true thickness is estimated using a multiplier of 0.85. The Company considers anything over 0.2 g/t gold as significant.
**no significant intervals
Appendix2: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Elizabeth - Blackdome Gold Project
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Criteria | JORC Code explanation | Commentary |
Logging |
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Sub- sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Criteria | JORC Code explanation | Commentary |
Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Orientation of data in relation to geological structure |
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Sample s Security |
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Audits or Reviews |
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Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Criteria | JORC Code explanation | Commentary |
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Geology |
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Criteria | JORC Code explanation | Commentary |
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Criteria | JORC Code explanation | Commentary |
Drill hole Information |
of the report, the Competent Person should clearly explain why this is the case. |
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Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Criteria | JORC Code explanation | Commentary |
Balanced reporting |
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Other substantive exploration data |
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Further work |
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SOURCE: Tempus Resources Ltd.
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