Precious Metals

Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the "Company" or "Kuya Silver") is pleased to announce that the terms of its agreement to acquire the Carmelitas concessions (located in the district of Acobambilla, department of Huancavelica, and in the district of Chongos Altos, department of Junín, in Peru) have been amended, and Kuya Silver intends to commence initial field work. The acquisition of the three concessions was first announced on May 14, 2021, with the purchase price consisting of cash and common shares of Kuya Silver, to be paid on a schedule over eighteen months. Kuya Silver and the vendor, Freddy Canales, have agreed to amend the terms of the transaction as follows:

  • Earlier issuance of common shares. Kuya Silver has issued 1,084,490 common shares to the vendor, equivalent in value to US$400,000 (at a price of CAD$0.49 per share, equivalent to the 20-day volume-weighted average price (VWAP) ending on September 16, 2022.
  • New timing for cash payments and increase in cash consideration. Prior to the amendment, Kuya Silver had already paid US$293,500 in cash (including US$42,500 of other costs allocated to the transaction), with US$199,000 remaining to be paid. In accordance with the amended agreement, Kuya Silver paid the vendor US$60,000 on September 15, 2022, and will pay the vendor an additional US$199,000 by November 30, 2022, representing an increase of US$60,000 in the cash consideration.

The total purchase price for the Carmelitas concessions, reflecting both cash and common shares, has increased from US$892,500 to US$952,500. Title to the three concessions totalling 800 hectares has already been transferred to Kuya Silver's Peruvian subsidiary, Kuya Silver S.A.C.

Carmelitas Project Update

The Carmelita concessions, and, in particular, the recently past-producing Carmelitas Mine, remain an area of focus for Kuya Silver's regional exploration in the greater Bethania district. Up until 2020, the Carmelitas Mine hosted small-scale silver-lead-zinc production of epithermal-related mineralization, similar to mineralization hosted at the Bethania Mine, which is located only 3 km to the east. To date, Kuya Silver personnel have mapped and observed five veins, of which three saw recent production with access via several horizontal adits in two vertical levels approximately 40 metres apart (Table 1).

Table 1: Highlights of previous rock chip samples taken at the Carmelitas Project

SampleSilver (oz/t)Silver (g/t)Lead (%)Zinc (%)Silver eq. (g/t)
V-00515.84908.20.9793
E-0016.31962.61.7367
CE-0062.680.72.46.2479

 

*silver equivalent ("eq.") is calculated using the following metal prices: silver $19/oz, lead $1900/t, zinc $3200/t

Four of the five veins identified to date strike in a NE-SW direction, essentially parallel to the principal vein systems of the Bethania Mine (e.g. Española, 12 de Mayo, Victoria; Figure 1). These two mineralized vein systems (Bethania and Carmelitas), as well as the other vein prospects identified by Kuya Silver and other personnel in the field, are interpreted to be features of a larger collapsed caldera system known as the Huayta Caldera (Figure 2). The Carmelitas and Bethania vein systems are mirrored across the flanks of the Huayta Caldera, which likely controls and drives local epithermal mineralization in the Bethania district, and much of this prospective area is now covered by Kuya Silver's mining concessions and mineral claims.

Kuya Silver intends to conduct a more detailed mapping, prospecting, and sampling program to better understand the Carmelitas vein system, including grade distribution, alteration, metal zoning, and other data, in order to prepare for more advanced exploration leading to a future drilling campaign.

David Stein, Kuya Silver's President and CEO, remarked: "Understandably, Kuya Silver has focused much of its exploration attention to date on at the Bethania mine and its immediate vicinity, while at the same time accumulating a commanding land position in the Bethania district. While our work at the Bethania mine site and nearby area (e.g. the Hilltop Zone) has just started to scratch the surface on the potential to host a significant silver-polymetallic deposit at depth and along strike, the exploration of a potential second zone of mineralization in the district, such as Carmelitas, will be highly strategic to our long-term growth in the area."

Data Verification

A total of six rock chip samples were collected in early 2021. The coordinates of the locations of each sample were measured by handheld GPS and recorded, and the samples dispatched to the SGS laboratory in Lima for geochemical analysis. The analyses were carried out using the following methods: FA313 - Fire Assay for gold, ICP40B - ICP-AES Multi-acid digestion for 36 elements, and AAS41B - Atomic Absorption, multi-acid digestion for Ag, Pb, Zn over detection limit. SGS Laboratories in Lima has international certifications OHSAS 18001, ISO 14001 and ISO 9001 and is accredited by INACAL under the NTP-ISO / IEC 17025.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Mr. David Lewis, P.Geo., Exploration Director of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.

About Kuya Silver Corporation

Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.

For more information, please contact:

David Stein, President and Chief Executive Officer
Telephone: (604) 398‐4493
info@kuyasilver.com
www.kuyasilver.com

Reader Advisory

This news release contains statements that constitute "forward-looking information," including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may," "would," "could," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect," "future," "growth," "must," "next," "potential," "progress," "prospect," and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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Figure 1: Detailed Carmelitas Project map showing known veins and surficial grab samples

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5945/137893_2972c6cdf45cb85b_001full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5945/137893_2972c6cdf45cb85b_002.jpg

Figure 2: Bethania district map showing interpreted collapsed Huayta Caldera and spatially associated mineralization

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5945/137893_2972c6cdf45cb85b_002full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137893

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

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-- (the " Company " or " Golden Shield ") is pleased to announce that it has received approval from OTC Markets Group Inc. to commence trading on the OTCQB Venture Market (the " OTCQB ") under the symbol "GSRFF". Trading on the OTCQB will commence on September 26, 2022 . The Company will continue to trade on the Canadian Securities Exchange in Canada under the symbol "GSRI".

Golden Shield Resources (CNW Group/Golden Shield Resources)

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About OTC Markets Group Inc

OTC Markets Group Inc. (OTCQX: OTCM) in New York , operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities. To be eligible for quotation on the OTCQB, companies must be current in their reporting and undergo an annual verification and management certification process. Companies must also meet a minimum bid price test and other financial conditions. OTCQB is recognized by the U.S. Securities and Exchange Commission ("SEC") as an established public market for the purpose of determining the public market price when registering securities for resale with the SEC, and it provides current public information to investors that need to analyze, value, and trade securities.

About Golden Shield

Golden Shield Resources was founded by experienced professionals who are convinced that there are many more gold mines yet to be found in Guyana . The company is well-financed and has three wholly controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate other gold opportunities in Guyana .

Golden Shield trades on: the Canadian Securities Exchange in Canada under the symbol "GSRI"; the OTCQB Venture Market in the USA under the symbol "GSRFF"; and the Frankfurt Stock Exchange in Europe under the symbol "4LE0".

This news release includes certain "Forward Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward looking statements or information. These forward looking statements or information relate to, among other things: the exploration and development of the Company's mineral projects; and the impact of the Company's OTCQB quotation.

Forward looking statements and forward looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Golden Shield , future growth potential for Golden Shield and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Golden Shield's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.

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SOURCE Golden Shield Resources

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