Precious Metals

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (the "Company") is pleased to announce that it has monetized its remaining 20% interest in the Taviche Project in Mexico. Additionally, despite strong support from insiders and existing shareholders for the financing announced July 28, 2022, the Company has determined that it will not proceed with the private placement. As well certain members of management have agreed to loan the Company up to CDN$230,000.

Mr. Derek Macpherson, President & CEO stated, "I am pleased to be able to monetize our minority interest in the Taviche property providing the Company with a cash infusion. The completion of this transaction will also allow Gold79 to simplify its corporate structure by dissolving its Mexican subsidiary resulting in reduced corporate overhead costs in the future." Mr. Macpherson continued, "I would also like to thank insiders and existing shareholders for strong support shown for the withdrawn financing and to my fellow insiders for stepping up and providing interim funding for the Company."

Monetization of Gold79's 20% Interest in the Taviche Project

Minaurum Gold Inc. and its subsidiary Minera Minaurum Gold, S.A. de C.V., together "Minaurum" have exercised its exclusive option for CDN$1,000,000 for the remaining 20% interest in the Taviche Project located in Oaxaca, Mexico under the terms of the option and free carried interest agreement with the Company and its subsidiary Aura Resources Mexico, S.A. de C.V., originally entered into in 2019. Once the option exercise is completed in accordance with its terms along with certain other transactions between the parties, Gold79 will pay CDN$800,000 for a full and final release regarding any claims associated with the project to Minaurum. This will result in Gold79 receiving net cash proceeds of CDN$200,000 in addition to a full and final release regarding any claims in respect of the Taviche Project. This transaction is expected to close upon the filing of title transfer documents with authorities in Mexico.

Terms of Interim Loans

Derek Macpherson, President, CEO and Director, Gary Thompson, Executive Chairman and Director and John McNeice, CFO individually have agreed to provide the Company unsecured promissory notes for up to CDN$230,000 in aggregate. The promissory notes will bear interest at a rate of 10% per annum and will be repayable on demand with earlier repayment at the option of the Company. Interest will only be paid on money loaned to the Company. There are no other payments, securities or warrants associated with these promissory notes. These promissory note agreements are subject to the approval of the TSX Venture Exchange.

Shares Issued for Gold Chain Option Payment

Additionally, as announced on July 28, 2022, the Company has issued 2,130,537 common shares for payment of US$48,000 due under the option agreement covering a portion of the Company's landholdings for the Gold Chain, Arizona project. The common shares issued have a statutory hold period until November 30, 2022.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 36.6% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134043

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Gold79 Mines


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Gold79 Announces Private Placement Financing of up to $500,000 and Issues Shares for Gold Chain Anniversary Payment

Gold79 Announces Private Placement Financing of up to $500,000 and Issues Shares for Gold Chain Anniversary Payment

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $500,000, comprising 16,666,667 units (each a "Unit"), at $0.03 per Unit (the "Offering"). Each Unit consists of one common share of the Company and one whole common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company at a price of $0.05 per share for a period of 36 months following the date of issuance. Additionally, the Warrants will be callable during the 36 month period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company's common shares meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.

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Gold79 Returns 19.52 g/t Au over 3.7m From the Sheep Trail Mine Area at its Gold Chain Project and Presents the Gold Chain Project Virtual Tour

Gold79 Returns 19.52 g/t Au over 3.7m From the Sheep Trail Mine Area at its Gold Chain Project and Presents the Gold Chain Project Virtual Tour

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it has completed additional mapping and sampling at the Sheep Trail Mine Area within its Gold Chain project, located in northwest Arizona. Additionally, the Company has completed a virtual tour video of the project, providing an overview of the project and its potential. Click here to start your tour (https:youtubejbbtqC5wmG8).

Highlights from these results include:

  • 6.0m of 3.96 g/t gold (composite of samples 752-754)
  • 7.0m of 5.06 g/t gold (composite of samples 755-757)
  • 3.7m of 19.52 g/t gold (composite of samples 758-759)

This sampling program focused on the Sheep Trail patented claim block (113.15 acres) and followed up initial sampling focused on the numerous small pits and mine dumps which revealed multiple high-grade sample results. The results reported below reflect chip-channel samples collected from widely mineralized outcrops spatially proximal to the initial results and likely reflect source material. All recent sample results from the Sheep Trail area are presented in Table 1 below.

Mr. Derek Macpherson, President & CEO, stated, "These new results from our Sheep Trail block, and in particular the Golden Elbow zone, continue to support our view that Sheep Trail could deliver a high-grade resource from surface. While more surface work is warranted, some of these targets are drill ready and we hope to test them later this year." Mr. Macpherson continued, "We encourage current and potential investors, to take the time to view the Gold Chain virtual tour video as it demonstrates why we are so excited about the scale of this project."

Drill Targets Identified

Figure 1 provides a view of the Sheep Trail geology mapped by Gold79's geologic staff along with rock samples collected to date. Gold mineralization is mostly hosted in the Miocene rhyolite dike complex near contacts with the hosting Precambrian granite. The primary structural corridor here is the Sheep Trail ledge (fault zone) where historical mining has occurred. Figure 1 clearly shows a bend in the ledge from E-W to the west and S50oE on the eastern side. At this pronounced bend, referred to as the Golden Elbow, quartz-chalcedony-calcite veins and veinlets attain greater widths (50-75 metres) and suggest a southwest-plunging shoot (see Figure 2). The rhyolite intrusive within this jog displays strong quartz-pyrite-illite alteration consistent with gold mineralization at depth. Figure 2 presents a geologic section thru this zone along with immediate targets within both the Sheep Trail and Red Hill (hanging wall) ledges.

Figure 1 also reveals that important gold values continue to the southeast through the Boulevard mine and beyond the limits of the patented claim or a distance of about 700 metres southeast of the Golden Elbow zone. Alteration of the rhyolite dike complex remains strong throughout this area.

Sampling Results

The results from this sampling campaign are shown below in Table 1. All samples are chip samples unless noted otherwise.

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Figure 1. Surface geology of the Sheep Trail patented claim with gold-in-rock sample results (2021 & 2022). Section A-A' (Figure 2) is also shown for reference.

To view an enhanced version of Figure 1, please visit:
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Table 1. Gold results and sample widths from recent sampling within the Sheep Trail claim block.

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Figure 2. Geologic section drawn across the Golden Elbow of the Sheep Trail block showing gold-bearing veins, veinlets and breccia along the Sheep Trail (FW) and Red Hill (HW) ledges. The preliminary design for proposed drilling is also shown.

To view an enhanced version of Figure 2, please visit:
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Mine History

The Sheep Trail mine was discovered in 1865 and later acquired by the New Comstock Mining Company who, in turn, was purchased by the Arizona-Pyramid Gold Mining Company in 1904. Mining occurred both at the Sheep Trail and Boulevard mines (about 1km to the southeast; Figure 1) where multi-ounce gold grades were exploited. The Sheep Trail mine was developed from the crest of the ridge to a depth of 428 feet and was accessed by a 750 foot tunnel from the north side of the ridge (Figure 1). It is reported that more than 5,000 feet of workings have been developed on the Sheep Trail vein system. The vein zone is reported to consist of quartz stringers with iron and manganese oxides and platy calcite (lattice texture); the best values were associated with vuggy quartz with manganese oxides which has been observed throughout the Gold Chain project area. It is reported that the mine produced about 15,000 tons of ore.

Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President, Exploration is a qualified person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for all phases of sample collection, labelling, bagging and transport from the project to American Assay labs of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds two projects with minority interest being a 36.6% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.

For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126834

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GOLD79 Samples 2.53 g/t Gold over 25.4 m from the Underground Workings at the Tyro Mine on the Gold Chain Project

GOLD79 Samples 2.53 g/t Gold over 25.4 m from the Underground Workings at the Tyro Mine on the Gold Chain Project

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it has a completed a mapping and sampling program of the 200 foot level ("200L") of the Tyro mine. Results from the chip-channel sampling returned similar grades and widths to the fall 2021 drill program, approximately 600 metres south of that drilling.

Sampling highlights:

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Gold79 Releases Newly Obtained Historical Drill Results and Provides a Permitting Update for Jefferson Canyon

Gold79 Releases Newly Obtained Historical Drill Results and Provides a Permitting Update for Jefferson Canyon

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") has recently obtained additional historical drill hole data for its Jefferson Canyon project in Nevada. These newly acquired results confirm the current geologic model. In addition, Gold79 is pleased to provide an update on the current permitting program for the Company's maiden drill program at Jefferson Canyon.

"New" Historical Drill Hole Highlights:

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Gold79 Recaps 2021 and Provides 2022 Outlook

Gold79 Recaps 2021 and Provides 2022 Outlook

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is happy to provide an update to investors on its plans for 2022 and to recap its 2021 accomplishments.

Key 2021 Highlights:

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AUGUSTA GOLD ANNOUNCES RESULTS OF ITS ANNUAL SHAREHOLDER MEETING

Augusta Gold Corp. (TSX: G) (OTCQB: AUGG) (FSE: 11B ) (" Augusta Gold " or the " Company ") announces that all matters presented for approval at Augusta Gold's annual shareholder meeting held today, as more particularly set out in the Company's Management Information Circular and Proxy Statement dated August 15, 2022 have been approved. These matters included:

Augusta Logo (CNW Group/Augusta Gold Corp.)

  • Electing each of the Company's six nominees as directors of the Company;
  • Re-appointing Davidson & Company LLP as auditors of the Company for the ensuing year and authorizing the directors to fix their remuneration; and
  • Approving the repricing of certain Company stock options.

A summary of the results for the election of the Company's directors is provided below:

Name of Nominee

Votes For

Votes Withheld

Number

%

Number

%

John Boehner

40,280,915

99.98 %

8,529

0.02 %

Lenard Boggio

40,158,112

99.67 %

131,332

0.33 %

Daniel Earle

40,158,407

99.67 %

131,037

0.33 %

Poonam Puri

40,162,485

99.68 %

126,959

0.32 %

Donald R. Taylor

40,158,252

99.67 %

131,192

0.33 %

Richard Warke

40,279,592

99.98 %

9,852

0.02 %

About Augusta Gold

Augusta Gold is an exploration and development company focused on building a long-term business that delivers stakeholder value through developing the Reward and Bullfrog gold projects and pursing accretive M&A opportunities. The Reward and Bullfrog gold projects are located in the prolific Bullfrog mining district approximately 120 miles north-west of Las Vegas, Nevada and just outside of Beatty, Nevada . The Company is led by a management team and board of directors with a proven track record of success in financing and developing mining assets and delivering shareholder value. For more information, please visit www.augustagold.com .

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SOURCE Augusta Gold Corp.

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Empress Royalty Completes First Tranche of Private Placement

Empress Royalty Completes First Tranche of Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ("Empress" or the "Company") is pleased to announce that it has completed the first tranche of its US$2M private placement by the issuance of 4,350,000 units at C$0.30 each for gross proceeds of US$1M with Rick Rule. The final tranche is expected to close shortly

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Prismo Metals Announces Results of 2022 Annual General and Special Meeting of Shareholders

Prismo Metals Announces Results of 2022 Annual General and Special Meeting of Shareholders

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("PRISMO" or the "Company") announces the results of its 2022 Annual and Special Meeting of shareholders held on Thursday, September 29th, 2022, in virtual format.

Shareholders approved all the resolutions detailed in the management information circular of the Company dated August 31, 2022, namely:

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CORRECTION FROM SOURCE: Steppe Gold Announces Gold Prepayment Facility

CORRECTION FROM SOURCE: Steppe Gold Announces Gold Prepayment Facility

This document corrects and replaces in its entirety the previous release that was issued by Steppe Gold Limited earlier today, where it should have read, "The Triple Flag Gold Prepay Facility will be repaid over 6 months starting December 23, 2022 by six monthly deliveries of 500 oz of gold for a total of 3,000 oz." instead of  "December 23, 2023." The corrected release is found below and all other content within this release is unchanged:

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").

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Red Pine Closes C$5.5 Million Bought Deal Financing

Red Pine Closes C$5.5 Million Bought Deal Financing

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES /

All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated.

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Steppe Gold Announces Gold Prepayment Facility

Steppe Gold Announces Gold Prepayment Facility

 Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay facility (the "Triple Flag Gold Prepay Facility").

One of the consequences of the zero covid policy in China and the attendant China/Mongolia border closures has been a shortage of available US dollars with banks in Mongolia. Steppe Gold sales revenue is received in Mongolian Tugrik. While most of its operating costs are also paid in local currency, we require US dollars to acquire reagents and to fund deliveries to Triple Flag. The Triple Flag Gold Prepay Facility allows Steppe Gold to continue to meet all of its obligations during this temporary market disruption.

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