Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce the final tranche of its debenture financing (the " Debenture Financing "). In this third tranche of the Debenture Financing, the Company has subscriptions for $1,441,900 principal amount of non-convertible debentures, for total aggregate funds of $4,363,318 across all tranches of the Debenture Financing. In connection with this closing, the Company will issue 14,419,000 warrants (each a " Debenture Warrant "). Each Debenture Warrant will entitle the holder to purchase a common share of the Company at $0.10 per share for three years. 50% of the Debenture Warrants will vest on closing and the remaining 50% will vest and be exercisable 14 months following closing if the Debenture has not been repaid prior to that vesting date.
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Getchell Gold Corp. Announces Executing the Final Earn-In Option Cash Payment and Share Issuance to Acquire 100% of the Fondaway Canyon Gold Project, NV and Closing of the First Tranche of the Debenture and Equity Financings
Getchell Gold Corp.(CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce that the Company has delivered the final US$1.6 million earn-in option cash payment and US$1 million share issuance to acquire a 100% interest in the Fondaway Canyon and Dixie Comstock gold properties (the "Properties") located in Nevada.
"The 100% acquisition of the Fondaway Canyon gold project is a major milestone event for the Company." Bill Wagener, Chairman and CEO, commented. "The Fondaway Canyon project has been an eye opener from day one with every drill hole, over three drill campaigns in the Central area, contributing to a doubling of an already sizable historic resource. The closing of this acquisition serves as an immediate injection of significant value into the Company, and considering that the gold mineralization remains open in most directions, adds an indeterminate amount of future potential value waiting to be discovered."
Under the terms of the option agreement (the "Option Agreement") with Canagold Resources Ltd. ("Canagold") executed on January 3, 2020, the Company had the option to acquire 100% of the Properties by paying Canagold a total of US$2 million in cash and US$2 million in the Company's shares staged over 4 years. The Company also has to make work commitments totaling US$1.45 million over the four years, which have been fully satisfied, and grant a 2.0% net smelter return royalty ("NSR Royalty") on each of the Properties to the Option or on the exercise of the Option.
In the preceding three anniversary payments, the Company has paid a total of US$400,000 in cash and issued US$1 million in the Company's shares.
The Company has delivered to Canagold a US$1.6 million cash payment, issued 10,167,000 shares, and granted a 2.0% NSR Royalty to Canagold which satisfies the earn-in requirements, and the Company now owns 100% of the Properties. The Company has the option to repurchase half of the NSR Royalty (i.e., a 1% net smelter royalty) on each of the Fondaway Canyon property or the Dixie Comstock property for US$1 million.
Fondaway Canyon Gold Project
Getchell Gold Corp. is delineating a potential Tier-1 gold resource at its flagship Fondaway Canyon gold project in Nevada, USA.
Following three consecutive successful drilling programs, the Company has effectively doubled the size of the historic resource, firmly placing Fondaway Canyon amongst the foremost developing projects in a world class mining jurisdiction. The Company recently published its first Mineral Resource Estimate ("MRE") at Fondaway Canyon, as disclosed in the Company's news release dated February 1, 2023:
- Gold mineralization is at and near surface supporting an Open Pit mine model;
- Inferred Mineral Resource of 38.3 million tonnes at an average grade of 1.23 g/t Au for 1,509,100 ounces of gold;
- Indicated Mineral Resource of 11.0 million tonnes at an average grade of 1.56 g/t Au for an additional 550,800 ounces of gold;
- Strong gold mineralization in the most peripheral drill holes leaves the mineral resources open in most directions for further expansion and indicates a substantially larger body of mineralization than delineated to date (Company news release dated August 9, 2023); and
- Fully permitted drill program designed to expand the mineral resources and upgrade Inferred Resources to Indicated.
Getchell Gold Corp. is now in a position to continue expanding the Mineral Resource Estimate and preparing a Preliminary Economic Assessment.
Notes on the Mineral Resource Estimate:
- Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There has been insufficient exploration to define the Inferred Resource as Indicated or Measured Mineral Resources, however, it is reasonable to expect that the majority of the Inferred Mineral Resource could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).
- The effective date of the Mineral Resource Estimate is December 12, 2022, and a technical report on the Fondaway Canyon project titled "Technical Report Mineral Resource Estimate Fondaway Canyon Project, Nevada, USA" was filed by the Company on SEDAR+ on February 1, 2023.
- The independent and qualified person for the MRE, as defined by National Instrument 43-101, is Michael Dufresne, P.Geo., from APEX Geoscience Ltd.
Scott Frostad, P.Geo., is the Qualified Person (as defined in National Instrument 43-101) who has reviewed and approved the scientific and technical information in this news release.
Closing of First Tranche of Equity and Debenture Financings
The Company has closed the first tranches of both its previously announced debenture financing (the "Debenture Financing") and non-brokered private placement of units (the "Unit Financing").
In the first tranche of the Debenture Financing, the Company closed on $1,917,420 aggregate principal amount of non-convertible debentures. As part of the Debenture Financing, the Company issued 19,174,200 warrants (each a "Debenture Warrant"). Each Debenture Warrant entitles the holder to purchase a common share of the Company at $0.10 per share until December 29, 2026. Fifty percent (50%) of the Debenture Warrants vested on closing and the remaining 50% will vest and be exercisable on February 28, 2025.
In the first tranche of the Unit Financing, the Company issued 4,500,000 units (the "Units") for gross proceeds of $450,000, with each Unit comprised of one common share and one common share purchase warrant (a "Unit Warrant"). Each Unit Warrant entitles the holder to acquire an additional common share at a price of $0.15 per common share until December 29, 2025.
In connection with the Unit Financing and Debenture Financing, the Company paid finder's fees in the amount of $28,400, issued 1,410,000 finder's shares, and granted 1,564,000 finder's warrants ("Finder's Warrants"). Each Finder's Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.15 per common share until December 29, 2025.
Getchell used the proceeds of the Debenture Financing to pay the final US$1.6 million cash payment to Canagold in order to acquire the Properties. The balance of the Debenture Financing proceeds and the proceeds from the Unit Financing will be used to conduct further exploration work on the Properties and for general working capital.
The securities issued in connection with the Canagold final share issuance, the Unit Financing, and Debenture Financing are subject to a statutory hold period of four months from the date of issuance, expiring April 30, 2024, in accordance with applicable securities laws.
Two directors of the Company participated in the Unit Financing in the amount of $35,000, and one of the directors also participated in the Debenture Financing in the amount of $20,000. The transaction with the directors, who are insiders of the Company, constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions under section 5.5(a) and section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Units and Debentures issued to the related parties and the consideration paid by the related parties under the Unit Financing and Debenture Financing does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transactions at least 21 days before the closing of the first tranche of the Unit Financing and Debenture Financing, as the details of the participation by related parties of the Company were not settled until shortly prior to closing of the first tranche of the Unit Financing and Debenture Financing.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
Annual General Meeting
The Annual General Meeting was held on December 22, 2023, wherein all resolutions presented by management were approved by a majority of the shareholder votes received.
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag) and Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the vesting of Warrants, future exploration on the Properties and the closing and use of proceeds from the Unit Financing and Debenture Financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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Getchell Gold
Overview
Getchell Gold (CSE:GTCH,OTCQB:GGLDF) is a mineral exploration company advancing its growing portfolio of gold and copper projects in the premier mining jurisdiction of Nevada.
Getchell Gold’s flagship Fondaway Canyon features a significant historical gold resource, and the 2020 and 2021 drill programs both extended broad zones of mineralization and discovered new high-grade zones. The company is also actively exploring the copper-gold-silver Star project and owns the Dixie Comstock gold and Hot Springs Peak gold projects.
Getchell Gold and its projects benefit from Nevada’s prominence as one of the world’s top mining jurisdictions due to the state’s mineral-rich geology, clear and consistent permitting process, low-cost drilling, excellent access to infrastructure and well-established local labor pool. Nevada boasts 23 major gold mines and is ranked fourth in the world for gold production, producing 5.5 million ounces of gold annually.
Getchell Gold acquired the Fondaway Canyon project in 2020 and has an inferred mineral resource of 38.3 million tonnes at an average grade of 1.23 grams per ton (g/t) gold for 1.51 million ounces of gold and indicated mineral resource of 11 million tonnes at an average grade of 1.56 g/t gold for an additional 550,800 ounces of gold. The company plans to release a preliminary economic assessment in 2023.
Getchell Gold is managed by a team of mining professionals and resource-based capital market specialists. William Wagener, CEO, is a seasoned mining executive with over 45 years of international mining and exploration experience in a variety of commodities. President Mike Sieb, a very experienced geologist and mining executive, is taking an active role in directing the company’s exploration activities.
Company Highlights
- Three very successful drill seasons since acquiring the properties in 2020
- Cost-effective plan to add ounces through re-analysis of large legacy dataset amassed over multiple exploration and mining campaigns and construct a new mineralization 3D model
- Work towards developing an economic assessment of the company’s flagship Nevada-based assets.
- Fondaway Canyon Gold Project in Nevada has an inferred mineral resource of 38.3 million tonnes at an average grade of 1.23 grams per ton (g/t) gold for 1.51 million ounces of gold and an indicated mineral resource of 11 million tonnes at an average grade of 1.56 g/t gold for an additional 550,800 ounces of gold
- The company received authorization from the US Bureau of Land Management to construct an additional 12 drill pads as part of the planned 2023 drill program to expand the mineral resource at the Fondaway Canyon gold project.
Key Projects
Fondaway Canyon Gold Project
The western extent of Fondaway Canyon was the site of major activity, tungsten exploration and mining, from 1956 to 1976, until gold was discovered farther up the canyon to the east in 1977.
Fondaway Canyon gold mineralization
Prior to the 2017 drill program, Canarc commissioned a technical report authored by Techbase International reporting a historical indicated resource estimate of 409,000 gold ounces contained in 2.05 million tonnes grading 6.18 g/t and inferred resource estimate of 660,000 gold ounces contained in 3.2 million tonnes grading 6.4 g/t, using a 1.8-meter width cut-off and a cut-off grade of 3.43 g/t gold. The historical resource estimate does not include the seven holes Canarc drilled in 2017, which all intersected multi-gram mineralization both inside and outside of the area of the historical estimate.
Fondaway Canyon hosts multiple untested exploration targets, including near-surface oxide gold along favorable structural and host rock targets and deeper extensions of the sulfide zones. One of the most significant opportunities includes a lower-grade halo around the resource shell unaccounted for in the historical resource estimate. In addition, there is significant exploration upside along the trend and under-explored infill areas of the known gold occurrences, and all of the mineralized zones remain open to depth.
2022 Mineral Resource Estimate
Getchell Gold’s mineral resource estimate for the Fondaway Canyon project in Churchill County, Nevada stated an inferred mineral resource of 38.3 million tonnes at an average grade of 1.23 g/t gold for 1.51 million ounces of gold and indicated mineral resource of 11 million tonnes at an average grade of 1.56 g/t gold for an additional 550,800 ounces of gold. The reported MRE conceptualizes potential open-pit and underground mining.Mineral Resource Estimate Key Highlights
Large 'at surface' mineral resource estimate in a premier gold mining jurisdiction
- Inferred mineral resource of 38.3 million tonnes at an average grade of 1.23 g/t gold for 1.51 million ounces of gold
- Indicated mineral resource of 11 million tonnes at an average grade of 1.56 g/t gold for an additional 550,800 ounces of gold
- Gold mineralization remains open for further expansion in all contributing zones
Getchell Gold’s Complementary Nevada Projects
Star Project
The Star property is an early-stage gold-copper project covering 1,600 hectares in Pershing County, Nevada. Located on the West Central Rift of the Northern Nevada Rift which hosts the prolific Sleeper deposit, the Star property has large-scale mineralization potential. The project contains two surface mineralized project areas named Star Point and Star South.
The property has four identified mineralized targets, including known copper mineralization with possible mineralized porphyry connection to concealed intrusion, Phoenix-style intrusive copper-related and potential skarn-hosted gold, potential Carlin-style sediment-hosted gold identified by sampling and geophysics and a potential gold target under pediment identified by geophysics. Exploration of these four targets to date includes mapping, sampling and geophysics.
Star Point is the site of a historic, near-surface, mining operation underlain by a magnetically defined intrusion. The IP-Resistivity survey over the intrusion returned chargeability and resistivity highs that have been interpreted as potential copper sulfide mineralization, possibly intrusion-related. Surface sampling returned grades up to 3.23 percent copper.
The Star South is a historic artisanal shallow mining area that contains surface copper-gold oxide mineralization along northeast-trending faults and along the thrust fault boundary at the surface. An IP-Resistivity survey returned elevated chargeability and a resistivity high indicating the presence of a strong conductor. Surface sampling returned grades up to 2.65 percent copper. A target to the west of Star South in the pediment was identified by geophysics which indicated that there is a shallow strong chargeability for intrusion-related mineralization at a nearby magnetic high.
Drill pad at Star South
Dixie Comstock Gold Property
The Dixie Comstock gold project covers 26 unpatented lode claims in Churchill County, Nevada. The project hosts a low-sulfidation epithermal system localized along an east-dipping range-front normal fault (Dixie Comstock Mine Fault) on the east flank of the Stillwater Range Mineralization.
The original gold discovery occurred in April 1934. By 1940 a 200-foot decline shaft and a 100-foot vertical shaft with four levels at 38 feet, 57 feet, 73 feet and 88 feet had been developed. A 40-ton amalgamating mill with a flotation circuit was constructed to treat the ore at the site.
The majority of the historic mining occurred prior to 1942 when the War Production Board issued a limitation work order under which the Dixie Comstock Mine was shut down after producing 17,880 tons of gold-silver ore. The ratio of gold to silver was reported to be 2:3, with a “gold equivalent” grade of 0.793 oz/ton. In subsequent years, sporadic small-scale mining occurred, but the majority of activities focused on further delineation of the gold mineralization with 180 holes drilled in close vicinity to the mine workings over multiple drill campaigns and operators.
A historical resource estimate was conducted for the project, but Getchell is not relying on this estimate and a qualified person for Getchell Gold. has not done sufficient work to confirm the historical resources.
Hot Springs Peak Gold Project
The Hot Springs Peak (HSP) property is an early-stage gold exploration project in Humboldt County, Nevada. The HSP gold project has seen limited exploration, but there are indications of a Carlin-style alteration system. The property is located within the Northern Nevada Rift, which is home to numerous mines and deposits and is at a structural intersection similar to the Barrick and Newmont’s Getchell Gold Mine.
Drilling by Getchell Gold in the summer of 2019 had positive results including in hole HSP-RC5 which intersected a 26-meter gold-arsenic zone. The zone averages 0.133 g/t gold with one interval running 0.69 g/t gold.
Management Team
William Wagener - Chairman, CEO and Director
William Wagener is an internationally experienced mining executive who has been involved in the exploration, development and operation of resource projects across the globe in a variety of commodities. He has held numerous executive positions in publicly traded resource companies. Wagener received a Bachelor of Science in Mining Engineering from the University of Missouri–Rolla.
Mike Sieb - President and Director
Before becoming president of Getchell Gold, Mike Sieb served as a director since December 2018. He has also been a director and officer of numerous publicly traded companies over his 30-year career with his expertise extending across multiple commodities and jurisdictions. He is currently president of Explorex Resources, focused on the acquisition and development of international cobalt projects and other elements critical to the battery sector; and he is senior project manager for the development stage Mariana Lithium Brine project in Argentina. Mike Sieb holds an MBA and a Bachelor of Science in geology.
Jerry Bella - Independent Director
Jerry Bella is an independent financial consultant with over 40 years of experience assisting numerous private and publicly traded companies including oil and gas, exploration, mineral resource exploration, manufacturing and high-tech companies. Until recently, he has been providing services to a multi-billion-dollar market-capitalized leading China-based integrated lithium producer.
Scott Frostad - Vice-president of Exploration
Scott Frostad’s experience in the mining industry spans over three decades. He brings to his position as vice-president of exploration a strong background in mineral exploration with renowned gold mining companies such as Lac Minerals, Teck and Placer Dome. Frostad is a graduate of the University of Western Ontario with a BSc in geology and holds a MASc. in Mining Engineering from the University of British Columbia. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia and the Association of Professional Engineers and Geoscientists of Saskatchewan.
Getchell Gold Corp. Announces Final Tranche of Debenture Financing
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Getchell Gold Corp. Welcomes New Chairman Bob Bass and Announces Change of Directors
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) (" Getchell " or the " Company ") warmly welcomes Robert (Bob) Bass as a Director and the new Chairman of the Board of Directors.
Mr. Bass is a well-recognized and respected labor relations senior negotiator and spokesperson leading a distinguished career spanning decades. Celebrated as a key figure in his field, Mr. Bass has been instrumental in negotiations and arbitration for a wide array of major public sector entities, including the Metropolitan Toronto School Board, the Ontario Hospital Association, hospitals, police services, universities, nursing homes, and government.
Mr. Bass is an astute investor with a lengthy history and knowledge of investing in mining and mineral exploration. Mr. Bass's increasing ownership position in the Company, highlighted by his recent participation in the Company's debenture financing (Company news release dated Jan. 29, 2024 ), underscores his significant investment and belief in Getchell's ability to successfully advance its Nevada -based Fondaway Canyon Gold project.
Getchell Gold Corp. CEO and previous Chairman, Bill Wagener , expressed his enthusiasm for Mr. Bass's appointment stating, "Bob was one of the founders of Getchell when we started out as a private company. He has been a continuous and longtime supporter, and we are thrilled to welcome him to the helm of Getchell Gold Corp. His leadership, business acumen, and extensive network of contacts are precisely what we need to propel the recognition and valuation of the Company and the Fondaway Canyon Gold project. Bob's talents and dedication speak volumes, and we are confident in his ability to guide Getchell towards greater success."
Upon his appointment, Mr. Bass stated, "I am fully committed to take on the role of Chairman at Getchell Gold Corp. and motivated by the immense potential of the Fondaway Canyon Gold project, located in the world-class mining jurisdiction of Nevada . I believe that with our combined efforts, we can unlock great value for the Company and our shareholders. My confidence in this venture is unwavering, and I look forward to guiding the Company towards achieving its strategic goals."
In addition to Mr. Bass' appointment, the Company is pleased to welcome his son, Chris Bass , to its Board of Directors. Chris is a seasoned entrepreneur with significant experience in healthcare. He currently serves as the CEO of InventoRR MD Inc., where he has been pivotal in the development and success of the company's revolutionary flagship medical device, AbClo. These leadership changes underscore Getchell's commitment to continuous improvement and strong corporate governance, positioning the Company for long-term success.
In connection with the Director appointments, the Company has granted 1,000,000 stock options to Directors under the Company's 2022 stock option plan. Each option is exercisable into one common share of the Company at a price of $0.15 per share for a period of 5 years from the date of grant. Additionally, the Company has granted its investor relations consultant, Fred Cooper , 250,000 stock options on the same terms.
With the addition of Bob and Chris Bass , the Directors, Officers, and Management of Getchell Gold Corp. now own 20.4% of the Company on a partially-diluted basis.
In light of these new additions, Jim Mustard has resigned as a Director to the Company and will assume the role as an advisor and consultant to the Company. Jim is a well-respected capital markets and mining professional and the Company welcomes his continued contribution. In addition, Jerry Bella has resigned as a Director to the Company. The Company thanks Jerry for his efforts and wishes him the best in his future endeavours.
The Company further announces that it intends to enter into a debt settlement agreement with a bona-fide creditor of the Company to settle outstanding indebtedness in the aggregate amount of $3,000 (the "Debt") in exchange for the issuance of 23,100 common shares of the Company (the "Shares") at a price of $0.13 per Share. The Shares issued by the Company will be subject to a four-month hold period and the Debt settlement remains subject to Canadian Securities Exchange acceptance.
The Company is a Nevada -focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage, 100% owned, Fondaway Canyon gold project, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio are the 100% owned; Dixie Comstock , a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag), and Hot Springs Peak (Au) projects. Fondaway Canyon and Dixie Comstock properties are located in Churchill County, Nevada .
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com .
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the impact of Board changes on the Company's future success. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Getchell Gold Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/28/c0018.html
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Getchell Gold Corp. Announces Closing of Second Tranche of Debenture Financing
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce the successful closure of the second tranche of its previously announced debenture financing initiative (the " Debenture Financing "), raising an additional $1,003,998 . As part of the Debenture Financing, the Company issued 10,039,980 warrants (each a " Debenture Warrant "), each allowing the holder to purchase a common share of the Company at $0.10 per share until January 26, 2027 with 50% of the Debenture Warrants vested on closing and the remaining 50% will vest and be exercisable on March 26, 2025 . Between both tranches, the Company issued non-convertible debentures in the aggregate principal amount of $2,921,418 and an aggregate of 29,214,180 Debenture Warrants.
In connection with the second tranche of the Debenture Financing, the Company issued 720,000 finders' shares, and granted 720,000 finder's warrants (" Finder's Warrants "). Each Finder's Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.15 per common share until January 26, 2026 .
As announced on January 3, 2024 , Getchell used the proceeds of the first tranche of the Debenture Financing to pay the final US $1.6 million cash payment to Canagold Resources Ltd. to acquire 100% ownership in the Fondaway Canyon and Dixie Comstock gold properties (the " Properties "). The balance of the Debenture Financing proceeds will be used to conduct further exploration work on the Properties and for general working capital.
The securities issued in connection with the Debenture Financing are subject to a statutory hold period of four months from the date of issuance, expiring May 27, 2024 , in accordance with applicable securities laws.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
Early Warning Disclosure
Robert (Bob) Bass of Ontario, Canada acquired, through Bass Research Services Ltd., non-convertible debentures for principal amount of $800,000 and 8,000,000 Debenture Warrants of the Company pursuant to the Debenture Financing. Each Debenture Warrant entitles the holder to purchase a common share of the Company at $0.10 per share until January 26, 2027 , with 50% of the Debenture Warrants vested on closing of the Debenture Financing, and the remaining 50% will vest and be exercisable on March 26, 2025 .
Immediately prior to the foregoing acquisition, Mr. Bass owned and/or had control over an aggregate of 10,077,144 common shares, representing approximately 7.84% of the issued and outstanding shares of the Company on an undiluted basis, of which 114,400 shares were held directly, 9,664,744 shares were held indirectly through Bass Research Services Ltd., and 298,000 shares were controlled indirectly through Mr. Bass' spouse. Mr. Bass also owned and/or had control over 450,000 warrants (the " Warrants ") that were held indirectly through Bass Research Services Ltd., representing approximately 8.16% of the total issued and outstanding shares of the Company on a partially diluted basis.
Following completion of the Debenture Financing, Mr. Bass now owns or has control or direction over, directly or indirectly, 10,077,144 common shares, 450,000 Warrants, 8,000,000 Debenture Warrants, and Debentures in the principal amount of $800,000 , representing approximately 7.80% of the issued and outstanding shares of the Company on an undiluted basis, and approximately 13.45% of the issued and outstanding shares of the Company on a partially diluted basis. Mr. Bass's participation in the Debenture Financing represents an approximately 5.29% increase in his ownership and/or control over common shares of the Company on a partially diluted basis, assuming that no further common shares of the Company have been issued.
Mr. Bass acquired the Debenture and Debenture Warrants for investment purposes. Mr. Bass may, depending on market and other conditions, increase or decrease its ownership of the Company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
The disclosure respecting Mr. Bass' security holdings of the Company contained in this news release is made pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and a report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and will be available for viewing at www.sedarplus.ca .
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage, 100% owned, Fondaway Canyon gold project, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio are the 100% owned; Dixie Comstock , a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag), and Hot Springs Peak (Au) projects. Fondaway Canyon and Dixie Comstock properties are located in Churchill County, Nevada .
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com .
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with the use of proceeds from the Debenture Financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Getchell Gold Corp.
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Getchell Gold Corp. Announces Closing of Second and Final Tranche of Equity Financing
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement of units (the " Unit Financing "). Between both tranches, the Company issued a total of 5,000,000 units (the " Units ") for gross proceeds of $500,000 . Each Unit is comprised of one common share and one common share purchase warrant (a " Unit Warrant "). Each Unit Warrant entitles the holder to acquire an additional common share at a price of $0.15 per common share for two years from the date of issuance.
The proceeds from the Unit Financing will be used to conduct further exploration work on the Company's mining properties and for general working capital.
The Company has engaged WA Group LLC. (the "Consultant") as a strategic advisory consultant to the Company for a period of six months. As consideration for its services, the Company will issue the Consultant a total of 225,000 common shares and 225,000 stock options (the "Options"). The Shares will be issued monthly in tranches of 37,500 shares over the course of the Consultant's term, and the Options will be exercisable at a price of $0.15 per share for a period of three years from the grant date. The Consultant and the Company are arm's-length parties.
The securities issued in the second tranche of the Unit Financing, and the securities issued and issuable to the Consultant, are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities laws. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage, 100% owned, Fondaway Canyon gold project, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio are the 100% owned; Dixie Comstock , a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag), and Hot Springs Peak (Au) projects. Fondaway Canyon and Dixie Comstock properties are located in Churchill County, Nevada .
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com .
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to issuance of shares and options to WA Group LLC, and the use of proceeds from the Unit Financing. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Getchell Gold Corp.
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Getchell Gold Corp to Attend the 2024 Vancouver Resource Investment Conference
- Exhibiting at Booth 808
- Live Corporate Presentation: 11:10 - 11:20am - Sunday, Jan 21 st , Workshop 3
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to announce its participation in the upcoming 2024 Vancouver Resource Investment Conference (the "VRIC") in Vancouver on January 21-22, 2024 .
The VRIC, a key event in the junior mining sector for 25 years, draws over 5,000 investors annually. It will feature a marketplace with more than 300 investment opportunities in the mining industry, covering the spectrum from early-stage exploration to advanced producing mines.
This conference presents a unique opportunity for Getchell to highlight its latest achievements at the Fondaway Canyon Gold Project and to outline its strategies for 2024. The conference schedule includes tailored meetings that match investors with appropriate projects, supported by expert analyses and updates on the latest trends in the mining sector.
Investors keen on attending the VRIC can register here: https://cambridgehouse.com/vancouver-resource-investment-conference . Getchell invites attendees to visit its booth where they can directly interact with the Company's leadership team and gain insights into Getchell's recent progress and future plans.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock , a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag) and Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada .
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com .
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Getchell Gold Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/17/c6536.html
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Falco Resources: Canadian Explorer in the Rouyn-Noranda Mining Camp
Falco Resources (TSXV:FPC) focuses on developing gold and base metal projects in the Rouyn-Noranda region of Quebec, an established mining camp with a long history of exploration and development. The camp has historically produced 19 million ounces (Moz) of gold and 2.9 billion pounds (Blbs) of copper, and yet it is still under-explored for gold.
Falcon’s principal property, Horne 5 project, holds 67,000 acres or nearly 67 percent of the total area of the entire mining camp and is located under the former Horne mine which produced 11.6 Moz of gold and 2.5 Blbs of copper. The 2021 feasibility study on the Horne 5 project suggests strong project economics with a total mine life of 15 years, after-tax NPV at 5 percent of US$761 million, and a payback period of 4.8 years, assuming gold prices at $1,600/oz. At the current gold prices of over $2,300/oz, the project economics will be even better.
Falco Resources operating license and indemnity agreement (OLIA) with Glencore Canada will enable Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore will nominate one representative to join Falco's board of directors.
The successful completion of the OLIA, coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore, positions Falco to advance its Horne 5 project towards construction. The company is advancing with the permitting and financing processes for the project.
Company Highlights
- Falco Resources is a Canadian explorer of base and precious metals focused on developing its mineral properties in the Rouyn-Noranda region in Quebec, Canada.
- The company holds 67,000 acres of mining claims in the Rouyn-Noranda mining camp, accounting for nearly 67 percent of the entire mining camp.
- Rouyn-Noranda has a long history of mining and exploration. The area has established infrastructure and has been host to 50 former producers, including 20 base metal mines and 30 gold mines.
- Falco’s principal asset is the Horne 5 project which is a gold project with significant base metal by-products. It is located under the former Horne Mine which produced 11.6 Moz of gold and 2.5 billion pounds of copper.
- The Horne 5 is a world-class deposit containing 7.6 Moz gold equivalent in measured and indicated resources and 1.7 Moz gold equivalent in inferred resources.
- The Horne 5 project represents a robust, high-margin, 15-year underground mining project with attractive economics. The 2021 feasibility study indicates after-tax NPV at 5 percent of US$761 million and after-tax IRR of 18.9 percent.
- The operating lease and indemnity agreement (OLIA) with Glencore coupled with EIA admissibility receipt from the government body positions Falco to advance its Horne 5 project towards construction.
This Falco Resources profile is part of a paid investor education campaign.*
Click here to connect with Falco Resources (TSXV:FPC) to receive an Investor Presentation
Antilles Gold Takes Up Second $1.0 Million Convertible Note
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that it has exercised its option to take up a second A$1.0M Convertible Note from Patras Capital Pte Ltd on the same commercial terms as the first A$1.0M Convertible Note which was issued on 8 March 2024.
The basic terms of the second Convertible Note are as follows;
Principal Amount | A$1,000,000 |
Maturity Date | 30 April2026 |
Interest | NIL |
Discount to Principal Amount | A$100,000 (in lieu of interest) |
Early Repayment | At the Company’s option at 110%of any outstanding balance of the Convertible Note within the first year after issue, and 115% in the second |
Conversion | TheNote holder may convert all or partof any outstanding amount of the Convertible Note at a conversion price equal to: i)$0.04 per share; or ii)A 10% discount to the numericaverage of the lowest 5 daily VWAP’s in the 15 trading days prior to conversion which can not be less than $0.015 per share |
Security | 40,000,000 AAU shareson the issueof the Convertible Note which can be applied to any conversion. |
Law & Jurisdiction | Queensland |
Antilles Gold has sufficient placement capacity under Listing Rule 7.1, or 7.1A for the second Convertible Note.
The Company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note from existing capacity under Listing Rule 7.1A.
The balance of the Security Shares (13,000,000) will be issued in due course.
The majority of the funds raised will be applied to subscribing for shares in the Cuban joint venture company, Minera La Victoria, for it to continue pre-development activities for the Nueva Sabana gold-copper mine.
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
March 2024 Quarterly Report
Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report on its activities during the quarter ended 31 March 2024 (the Quarter).
HIGHLIGHTS
Mandilla Gold Project – near Kalgoorlie, WA
- Assays results reported for the final three holes of the six-hole/1,832 metre Theia diamond drilling (DD) program completed during November 1.
- The Theia DD program was targeting extensional and in-fill mineralisation at the Theia deposit.
- Planning underway for further drilling programs and commencement of Mandilla Pre-Feasibility Study.
Feysville Gold Project – near Kalgoorlie, WA
- Assay results reported for the three-hole/495 metre DD program completed at the Kamperman prospect during the previous Quarter 2.
- A total of 4,924 metres of drilling completed during the Quarter, inclusive of:
- oA 67-hole/2,248 metre regional air-core (AC) Program on prospecting licences P26/4351-4353;
- oA three-hole/217 metre slimline reverse circulation (RC) program at the Kamperman Prospect; and
- oA 19-hole/2,459 metre RC program at the Kamperman Prospect.
- Assay results from the AC Program and slimline RC Program reported during the Quarter 3.
- Assay results from the Kamperman RC Program reported during and subsequent to the end of the Quarter 4, 5.
Corporate
- Cash of approximately $0.62 million as at 31 March 2024.
- Mr Mark Connelly elected Chair following the resignation of Mr Leigh Warnick as Director.
- Share placement of 140 million shares at $0.05 per share to raise $7 million (before costs) announced on 28 March 2024 (Placement), with funds received after Quarter’s end.
- Directors of the Company subscribed for an additional 2.1 million shares at $0.05 per share, subject to the approval of shareholders at a meeting to be held on 20 May 2024 (Director Participation Shares).
- Astral is now well-funded to pursue its various exploration programs and commence the Mandilla Pre-Feasibility Study.
Figure 1 – Project Location Map
MANDILLA GOLD PROJECT
The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia (Figure 1).
Mandilla is covered by existing Mining Leases which are not subject to any third-party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral Resources, 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.
Antilles Gold Limited (ASX: AAU) – Trading Halt
Description
The securities of Antilles Gold Limited (‘AAU’) will be placed in trading halt at the request of AAU, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 30 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Rio Silver
Overview
Rio Silver (TSXV:RYO) is a precious metals mining and exploration company with a focus on the acquisition, exploration and development of precious metals deposits in South America. The company is currently focused on advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The company has decades of experience navigating the mining regulatory landscape of Peru and considers itself to be well-positioned for the coming mining cycle.
Rio Silver’s flagship Niñobamba property is located in the Department of Ayacucho about 330 kilometers southeast of Lima. The 3,933-hectare property is wholly owned by the company and the project is drill ready. The Niñobamba project is partially comprised of a 2,200 hectare property which was previously owned by Newmont Mining (NYSE:NEM) and Southern Peru Mining. The balance was held by AngloGold Ashanti and Bear Creek Mining but has since been strategically acquired and consolidated into Rio Silver’s property. The Ninobamba project engulfs an a colaped caldera, an anchient volcano, where the Niñobamba North and South zones were mineralized in a hot spring environment within the wall rock of the caldera surrounded by areas that contain high-sulfidation mineralization with near surface silver and gold deposits modeled for Rio Silver using leapfrod 3D software. The neighbouring Jorimina deposit, 6.5 kilometers to the west, where Newmont spent more than US$7 million, concluded an internal, positive, preliminary economic assessment, detailing a predominantly gold-rich, low to mid-sulfidation, deposit found in the floor structure of this collapsed caldera.
The company’s management and advisory team is made up of experienced industry veterans, some with as many as 25 years of experience working in Peru. The team has an in-depth understanding of the regulatory processes associated with mining exploration in the country.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
The company now holds a 3 percent net smelter return (NSR) royalty with guaranteed minimum payments from a recent property sale and these initiatives enable more exploration by helping Rio Silver with sustaining costs.
Rio Silver is currently working on additional silver-focused initiatives, yet to be announced and the company has achieved social license and has successfully completed an access agreement at Jorimina with immediate plans to expand on the successful internal preliminary economic assessment (PEA), conducted by Newmont in 2012 through a diamond drilling campaign in Q3 2024 to delineate this resource.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
Key Project
Niñobamba Silver Project, Peru
Located 330 kilometers southeast of Lima in the Department of Ayacucho, the Niñobamba property is 100 percent wholly owned by Rio Silver. The property includes 6 mineral concessions covering 3,933 hectares. The district has historically been mined by major international gold miners including Newmont Goldcorp and Southern Peru Mining.
The property was initially explored by AngloGold (JSE:ANG) in 2001. Anglo drilled five widely-spaced core holes totaling 861 meters focusing in an area of intense hydrothermal surface alteration. AngloGold’s drilling highlights included assay results of 87.0 grams per tonne (g/t) silver over a drilled interval of 130 meters starting from a depth of 9 meters reported from drill hole DDH-2 and 54.0 g/t silver over a drilled interval of 96 meters starting from 23 meters reported from the AN-04 drill hole.
Adjacent zones acquired from major miners.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones. Along with the property came an extensive database of information including results and reports from an exploration program by the mining majors which encompassed 553 hectares. Newmont’s exploration included mapping, 2,147 rock samples and induced polarization geophysics. This historic exploration indicated a gold anomalous area of more than 700 meters by 1,000 meters as well as four strong chargeability anomalies coinciding with gold-silver in rock anomalies. Newmont’s historic data includes samples of 17.4 meters of 3.06 g/t gold and 200 meters of 0.26 g/t gold. Historic exploration in the Jorimina zone conducted by Newmont in 2009 and 2010 shows highlights of 72.3 meters of 1.19 g/t gold starting at 53-meter depth.
Exploration and trenching results
To date, extensive trenching has been completed by Rio Silver on the Niñobamba property. In 2012, the company began conducting surface trenching in areas proximate to historical drilling locations. Exploration has focused primarily on the north and south zones of silver mineralization approximately 400 meters apart with variable thicknesses. Surface sampling near trenches in the north zone returned highlights of 1.32 g/t gold and 102.46 g/t silver. Sampling near trenches in the south zone returned highlights of 42.62 meters of 130.98 g/t silver. Additional highlights can be found on Rio Silver’s website.
Management Team
Chris Verrico - President, CEO, and Director
Chris Verrico has extensive experience with rural-remote infrastructure construction and contract mining throughout BC, the Yukon, Alaska and Nunavut. He has been a director for a dozen startup junior mining companies, most which have become public companies. Verrico has managed numerous exploration projects in North America, Mexico and throughout western South America. He is currently the director of Juggernaught Exploration.
Christopher Hopton - CFO
Christopher Hopton has over 25 years of experience in senior accounting and financial roles. He is currently the CFO of Sirona Biochem.
Steve Brunelle - Chairman
Steve Brunelle is the former officer and director of Corner Bay Silver, which was acquired by Pan American Silver. He has 35 years of experience in mineral exploration throughout the Americas and is currently an Officer and Director for several TSXV companies.
Jeffrey J Reeder - Advisor
Jeffrey J Reeder is a professional geologist with more than two decades of experience working in Peru. Reeder possesses an in-depth understanding of the rules, practices, and processes involved in conducting mining and exploration in the country and is currently the president of Peruvian Metals that owns a custom toll milling facility in northern Peru.
Edward J Badidaa, - Director
Edward J Badidaa is a professional accountant with over 40 years of financial management and corporate governance experience. He currently serves as a director for Patagonia Gold.
Richard Mazur - Director
Richard Mazur is the co-founder and past managing director of RLG International operating in over 30 countries worldwide with more than 300 employees.
James Henry Anderson: Gold Facing Tectonic Shift, US$2,400 Will Look Cheap
James Henry Anderson, senior market analyst at precious metals dealer SD Bullion, shared his thoughts on gold and silver, including what factors are moving the metals right now and where they could go in 2024.
In his view, the precious metals sector is undergoing a tectonic shift with far-reaching impacts. "Ultimately I think US$2,400 (per ounce gold) is going to be looked back in time as being cheap," he said.
Watch the interview above for more of Anderson's thoughts on gold and silver.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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