Red Pine Exploration Inc. (TSX-V: RPX) (" Red Pine " or the " Company "), further to its press release dated August 20 th 2021 announces the completion of the sale of all of Red Pine's Algoma-Talisman gold prospective property (the " Property "), located in Newton Township, Ontario (the " Transaction "), to Newton Gold Corp. (" Newton ") for a total purchase price of CAD $1,050,000 (the " Purchase Price ").
Red Pine has now received the remaining CAD $500,000 of the cash portion of the Purchase Price payable by Newton in connection with the Transaction. In addition, Newton has granted a net smelter royalty of 1.5% (the " Royalty ") from mineral production on the Property to Red Pine, which can be repurchased by Newton for CAD $500,000.
Red Pine plans to use the proceeds from the sale of the Property to continue to fund the expanded exploration program at its Wawa Gold Project.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".
The Wawa Gold Project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,800 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Red Pine Exploration Inc. (TSXV:RPX) is a gold exploration company focused on identifying, acquiring and developing prospective properties in Ontario, Canada. Red Pine is currently focused on developing its 100% owned flagship Wawa gold project, located near Wawa, Ontario. The Wawa gold project sits within a mining-friendly jurisdiction that hosts properties owned by Argonaut Gold (TSX:AR) and Alamos Gold (TSX:AGI). The project is also supported by established infrastructure as well as a receptive and skilled community.
Led by an experienced management and technical team, the Company's flagship Wawa Gold Project is located 2km southeast of the Municipality of Wawa, in Northern Ontario. The property, comprised of 6,753 hectares, hosts several former mines with a combined historic production of 120,000 oz gold. The property currently hosts a NI 43-101 Resource of over 700 Koz of gold (both indicated and inferred) at more than 5 gpt gold, contained between surface at 350m depth, that Red Pine is aggressively working towards expanding.
Since becoming involved in the property in 2014, Red Pine has developed two resource estimates for the property. The two mineral deposits, Surluga and Minto Mine South, are a currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category.1 Both deposits remain open in all directions, providing the company with expansion potential, and over 95% of the contained ounces at both deposits are located between surface and a depth of 350 metres.
In addition to the two deposits already defined on the property, Red Pine believes that the Wawa gold project has the potential to host an additional six deposits and has generated a pipeline of several high-priority targets, that, combined, could contain up to 3.0 Moz gold. The majority of the targets rest within the six-kilometer Wawa Gold Corridor, a gold mineralization zone that could be the controlling mineralization structure for the property.
Red Pine tested the continuation of the Surluga deposit to depth in its fall 2019 drill program and is awaiting assay results. The company also initiated a drill program at the newly discovered Cooper structure and conducted some surface exploration work (trenching and channel sampling) around the past-producing Grace-Darwin mine, where Red Pine intersected 23.1 g/t gold over 8.14 meters.
Red Pine announced in March 2021 that it completed its consolidation of the Wawa Gold Project through a definitive securities purchase agreement with the holders of the partnership interests in Citabar Limited Partnership as well as having completed a private placement financing of subscription receipts, led by Haywood Securities Inc., on March 23, 2021, for gross proceeds of $20,026,805. Alamos Gold had exercised its right to maintain its 19.9% stake on a partially-diluted basis. Former Detour Gold president and CEO Paul Martin was appointed Red Pine's director and non-executive chairman in February. Red Pine also announced the appointment of Mr. Jean-François Montreuil, P.Geo., Ph.D. as Vice President of Exploration of the Company. Dr. Montreuil has over 12 years' experience in mineral exploration and was the Head Geologist at Red Pine and MacDonald Mines Exploration where he contributed to the discovery and definition of the Minto Mine South deposit and the extension of the Surluga Deposit.
With the announcement of the project's consolidation of ownership to 100% (see February 23, 2021, News Release), Red Pine is now ready to execute a strategic drill program designed to expand the existing NI 43-101 mineral resources and to explore the multiple additional highly prospective targets on the property. An estimated 15,000 metres of diamond drilling is planned in 2021 with the program continuing into 2022.
Wawa Project highlights
100% ownership (recently consolidated from 63.31%)
Two mineral deposits (Surluga and Minto Mine South) with currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category1
Resource principally located between the surface and 300 metres vertical depth
Discovery of higher-grade mineralization in the Jubilee Shear Zone (host of the Surluga Deposit) down plunge of the existing resource
Preliminary drilling identified five (5) high-grade gold exploration targets that could grow the current resource: Hornblende, Minto B, Grace/Nyman, Minto Mine South and Parkhill # 4 shear zones
Potential for additional high-grade gold targets in the extension of the Jubilee Shear Zone, south of the Parkhill Fault
2021 Drilling and Exploration Program
The main target for diamond drilling in 2021 will be the Jubilee Shear Zone, host of the Surluga Deposit NI 43-101 mineral resource. The resource extension and definition drilling program will test the higher-grade gold-bearing structures previously identified by Red Pine. The Company will also test a number of exploration targets on the property that have the potential to be converted into resources as Red Pine continues to develop the project.
Extension of the Surluga Deposit NI 43-101 Resource The Company will prioritize the extension of the higher-grade gold mineralization zone discovered in 2020, 300 metres down-dip of the current Surluga Deposit resource which generally lies from near-surface to a depth of 300 meters. Drilling the Jubilee Shear Zone extension at depth will also test the westernmost down-dip extension of the Minto Mine South Shear Zone, host of the second known resource on the Wawa Gold Project – the Minto Mine South Deposit.
2020 diamond drilling highlights in the Jubilee Shear Zone (Figure 1):
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293)
5.2 g/t gold over 6.31 m TW including 15.7 g/t gold over 1.07 m and 12.4 g/t gold over 0.78 m (SD-20-289)
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Jubilee Shear Zone south of the Parkhill Fault
In 2019 and 2020, Red Pine's mechanized stripping and mapping program on the Jubilee Shear Zone, south of the Parkhill Fault, indicated structural attributes comparable to those found north of the fault. Shallow historical drilling by Duraine Mines Ltd. in 1981 combined with Red Pine's geological mapping and channel sampling indicated gold mineralization. Drilling in this underexplored extension of the structure could expand shallow gold mineralization in the Jubilee Shear Zone to a 2 km strike length.
Diamond drilling highlights in the southern extension of the Jubilee Shear Zone (source AFRI 41N15NE0055 for Duraine Mines drilling results):
3.06 g/t gold over 2.70 m, including 41.14 g/t gold over 0.16 m (D81-02)
6.95 g/t gold over 1.01 m, including 15.39 g/t gold over 0.45 m (D81-04)
8.33 g/t gold over 1.34 m, including 24.34 g/t gold over 0.34 m (D81-08)
3.99 g/t gold over 1.00 m (S302 – RPX 2019 historic core sampling)
Grace and Nyman Shear Zones
The Grace and Nyman shear systems, host of the historical Darwin-Grace Mine, will be targeted for the discovery of shallow high-grade gold mineralization. Red Pine's 2017 drilling demonstrated that high-grade gold mineralization is still present outside the mine's historic footprint and that mineralization in the Nyman vein extends at depth. Red Pine's mechanized stripping and mapping programs located the Grace Shear Zone extension, 110 metres north of the northernmost underground development of the Darwin-Grace Mine. The 2021 drilling program will test this new area in the structure.
Red Pine's diamond drilling highlights in the Grace and Nyman Shear Zones:
42.22 g/t gold over 2.44 m, including 107.49 g/t gold over 0.54 m (DG-17-55 – Grace Shear Zone)
57.31 g/t gold over 3.14 m, including 138 g/t gold over 1.11 m (DG-17-56 – Grace Shear Zone)
10.1 g/t gold over 0.82 m (DG-17-66 – Nyman Shear Zone)
Hornblende Shear Zone
Red Pine's diamond drilling in the Hornblende Shear Zone showed that gold mineralization, with potential zones of higher-grade mineralization, occurs over a strike length of at least 1.6 km. The largest zone of higher-grade mineralization, identified by historic drilling and confirmed by Red Pine's drilling, occurs at the seventh level of the historical Surluga Mine. Red Pine's drilling in the Hornblende Shear Zone also identified additional zones of broad mineralization with discrete zones of higher-grade mineralization in the structure.
Diamond drilling highlights in the Hornblende Shear Zone include:
5.61 g/t gold over 8.5 m, including 15.42 g/t gold over 2.9 m (HS-15-31)
2.91 g/t gold over 4.5 m, including 5.77 g/t gold over 1 m (HS-15-28)
3.18 g/t gold over 9.54 m, including 19.54 g/t gold over 0.61 m (U0007L7)
Minto B Shear Zone
The Minto B Shear Zone is located above the Jubilee Shear Zone, over the central and southern segments of the Surluga Deposit resource, north of the Parkhill Fault. Diamond drilling and mechanized stripping traced the structure over a strike length of 1 km and uncovered broad zones of gold mineralization. A higher-grade core also occurs in the structure, the size and grade could be defined with additional drilling. Diamond drilling in the Minto B Shear Zone will be undertaken concurrently with resource conversion, definition and exploration drilling in the Jubilee Shear Zone.
Diamond drilling highlights in the Minto B Shear Zone includes:
2.1 g/t gold over 10.6 m, including 3.7 g/t gold over 5.6 m (SD-18-256)
13.65 g/t gold over 2 m (SD-15-07)
4.69 g/t gold over 6.1 m, including 14.37 g/t gold over 1.52 m (U1683L5)
Company Highlights
An estimated 15,000 metres of diamond drilling is planned in 2021 with the program continuing into 2022.
100% Wawa Gold Project ownership (recently consolidated from 63.31%)
The Wawa project hosts eight known gold deposits, two of which have NI 43-101 resources.
Two mineral deposits (Surluga and Minto Mine South) with currently estimated NI 43-101 resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category1
Resource principally located between the surface and 300 metres vertical depth
Discovery of higher-grade mineralization in the Jubilee Shear Zone (host of the Surluga Deposit) down plunge of the existing resource
Preliminary drilling identified five (5) high-grade gold exploration targets that could grow the current resource: Hornblende, Minto B, Grace/Nyman, Minto Mine South and Parkhill # 4 shear zones
Potential for additional high-grade gold targets in the extension of the Jubilee Shear Zone, south of the Parkhill Fault
Strategic partners Alamos Gold (TSX:AGI) hold 19.9% of outstanding shares of Red Pine, and recently committed capital in latest $20M financing.
Strong management team with vast experience developing projects in Canada.
Management and insiders hold two percent of company shares.
Key Projects
Wawa Gold Project
The Wawa gold project is a 6,753-hectare property, of which Red Pine has a 100 percent interest. The property is located two kilometers away from the town of Wawa, Ontario and sits within 40 kilometers of both Argonaut Gold's Magino deposit and the operating Island Gold mine, now owned by Alamos Gold, following their acquisition of Richmont Mines.
Due to its prominent location in a safe and reliable jurisdiction, the Wawa gold property is supported by established mining infrastructure, an available and skilled workforce and a navigable regulatory system. The property is crossed by a powerline and is near both the TransCanada Highway and the railway, making it easily accessible. Red Pine has also developed its local community relationships and signed a memorandum of understanding (MOU) with the local First Nations groups, Michipicoten, Garden River, and Batchewana.
2021 Drilling and Exploration Program
The main target for diamond drilling in 2021 will be the Jubilee Shear Zone, host of the Surluga Deposit NI 43-101 mineral resource. The resource extension and definition drilling program will test the higher-grade gold-bearing structures previously identified by Red Pine. The Company will also test a number of exploration targets on the property that have the potential to be converted into resources as Red Pine continues to develop the project.
Extension of the Surluga Deposit NI 43-101 Resource The Company will prioritize the extension of the higher-grade gold mineralization zone discovered in 2020, 300 metres down-dip of the current Surluga Deposit resource which generally lies from near-surface to a depth of 300 meters. Drilling the Jubilee Shear Zone extension at depth will also test the westernmost down-dip extension of the Minto Mine South Shear Zone, host of the second known resource on the Wawa Gold Project – the Minto Mine South Deposit.
2020 diamond drilling highlights in the Jubilee Shear Zone (Figure 1):
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293)
5.2 g/t gold over 6.31 m TW including 15.7 g/t gold over 1.07 m and 12.4 g/t gold over 0.78 m (SD-20-289)
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Figure 1- 2020 diamond drilling highlights in the Jubilee Shear Zone
A review of historical data suggests that the Jubilee Shear Zone's northern extension, where limited drilling has been conducted, could host undiscovered zones of high-grade mineralization less than 300 metres below the surface. Geological data recorded in certain boreholes at the edge of the structure's current footprint suggests potential proximity to stronger mineralized zones.
Targets beyond Surluga
The section below summarizes the exploration targets identified for further investigation.
Figure 2 – Exploration targets that will be tested in 2021
Jubilee Shear Zone south of the Parkhill Fault
In 2019 and 2020, Red Pine's mechanized stripping and mapping program on the Jubilee Shear Zone, south of the Parkhill Fault, indicated structural attributes comparable to those found north of the fault. Shallow historical drilling by Duraine Mines Ltd. in 1981 combined with Red Pine's geological mapping and channel sampling indicated gold mineralization. Drilling in this underexplored extension of the structure could expand shallow gold mineralization in the Jubilee Shear Zone to a 2 km strike length.
Diamond drilling highlights in the southern extension of the Jubilee Shear Zone (source AFRI 41N15NE0055 for Duraine Mines drilling results):
3.06 g/t gold over 2.70 m, including 41.14 g/t gold over 0.16 m (D81-02)
6.95 g/t gold over 1.01 m, including 15.39 g/t gold over 0.45 m (D81-04)
8.33 g/t gold over 1.34 m, including 24.34 g/t gold over 0.34 m (D81-08)
3.99 g/t gold over 1.00 m (S302 – RPX 2019 historic core sampling)
Grace and Nyman Shear Zones
The Grace and Nyman shear systems, host of the historical Darwin-Grace Mine, will be targeted for the discovery of shallow high-grade gold mineralization. Red Pine's 2017 drilling demonstrated that high-grade gold mineralization is still present outside the mine's historic footprint and that mineralization in the Nyman vein extends at depth. Red Pine's mechanized stripping and mapping programs located the Grace Shear Zone extension, 110 metres north of the northernmost underground development of the Darwin-Grace Mine. The 2021 drilling program will test this new area in the structure.
Red Pine's diamond drilling highlights in the Grace and Nyman Shear Zones:
42.22 g/t gold over 2.44 m, including 107.49 g/t gold over 0.54 m (DG-17-55 – Grace Shear Zone)
57.31 g/t gold over 3.14 m, including 138 g/t gold over 1.11 m (DG-17-56 – Grace Shear Zone)
10.1 g/t gold over 0.82 m (DG-17-66 – Nyman Shear Zone)
Hornblende Shear Zone
Red Pine's diamond drilling in the Hornblende Shear Zone showed that gold mineralization, with potential zones of higher-grade mineralization, occurs over a strike length of at least 1.6 km. The largest zone of higher-grade mineralization, identified by historic drilling and confirmed by Red Pine's drilling, occurs at the seventh level of the historical Surluga Mine. Red Pine's drilling in the Hornblende Shear Zone also identified additional zones of broad mineralization with discrete zones of higher-grade mineralization in the structure.
Diamond drilling highlights in the Hornblende Shear Zone include:
5.61 g/t gold over 8.5 m, including 15.42 g/t gold over 2.9 m (HS-15-31)
2.91 g/t gold over 4.5 m, including 5.77 g/t gold over 1 m (HS-15-28)
3.18 g/t gold over 9.54 m, including 19.54 g/t gold over 0.61 m (U0007L7)
Minto B Shear Zone
The Minto B Shear Zone is located above the Jubilee Shear Zone, over the central and southern segments of the Surluga Deposit resource, north of the Parkhill Fault. Diamond drilling and mechanized stripping traced the structure over a strike length of 1 km and uncovered broad zones of gold mineralization. A higher-grade core also occurs in the structure, the size and grade could be defined with additional drilling. Diamond drilling in the Minto B Shear Zone will be undertaken concurrently with resource conversion, definition and exploration drilling in the Jubilee Shear Zone.
Diamond drilling highlights in the Minto B Shear Zone includes:
2.1 g/t gold over 10.6 m, including 3.7 g/t gold over 5.6 m (SD-18-256)
13.65 g/t gold over 2 m (SD-15-07)
4.69 g/t gold over 6.1 m, including 14.37 g/t gold over 1.52 m (U1683L5)
In 2020, Red Pine announced the latest assay results from its completed Summer 2020 drilling program of 5,300 metres at the Wawa Gold Project.
Highlights (Figure 1)
Holes SD-20-291, 292 and 293 successfully extended, at depth, the zone of higher-grade gold intersected in hole SD-20-289 earlier this year (see May 12, 2020 News Release)
A new zone of higher-grade mineralization was intersected in hole SD-20-293, the deepest hole to date completed by Red Pine
The gold mineralized zone was extended by more than 300 metres down-dip from, or 250 metres, below the current Surluga Deposit resource boundary (205,000oz Au @ 5.31 g/t in the indicated category and 396,000oz Au @ 5.22 g/t in the inferred category1)
Gold mineralization remains open at depth in all directions
Drilling Intersection Highlights
3.38 g/t gold over 13.3 m true width (“TW"), including 15.31 g/t gold over 1.64 m (SD-20-293) – New zone of higher-grade mineralization
1.63 g/t gold over 23.34 m TW, including 17.32 g/t gold over 0.88 m and 14.72 g/t gold over 0.85 m (SD-20-292)
2.06 g/t gold over 11.8 m TW, including 3.67 g/t over 1.03 m and 7.45 g/t gold over 0.84 m (SD-20-291)
Quentin Yarie, Chief Executive Officer of Red Pine stated, “The successful results from our Summer 2020 drilling program have extended the Surluga Deposit by approximately 300 metres down-dip to a total depth of approximately 600 metres and discovered what could be a new higher-grade zone in the shear structure. We are confident that, with additional drilling, the mineralized zones identified beneath the Surluga Deposit could potentially increase the current mineral resource. The visual indicators and the higher-grade gold assays (> 3 g/t) intersected in SD-20-293 suggest that the intensity of alteration and quartz veining associated with gold mineralization increases with depth. This defines a new promising exploration target for Red Pine as we continue to expand the Surluga Deposit."
The Surluga Deposit sits within the Jubilee Shear Zone (“JSZ"). Gold mineralization in the deeper extension of shear contains moderate-strong to strong quartz veining and silica flooding. The quartz veins contain disseminated pyrite with local pyrrhotite, arsenopyrite, sphalerite, chalcopyrite and galena. Some of the quartz veins also contains fine specks of visible gold in association with pyrite and accessory arsenopyrite.
Hole SD-20-290 intersected the outer edges of potential zones of stronger mineralization in the JSZ. A 2.75 metre-wide domain with stronger quartz veining, white mica alteration and quartz veining is present.
Hole SD-20-291 suggests the lateral extension of the higher-grade JSZ identified in hole SD-20-289 (Figure 2). Here, the core of the JSZ grades 2.06 g/t over 11.89 m (TW). The sample containing 7.45 g/t gold was diluted over approximately 50% of its length by a crosscutting diabase dyke and a 23.45 metre-wide halo of low-grade gold mineralization, characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration, is located above the higher-grade zone.
Hole SD-20-292 intersected the JSZ, 55 metres up-plunge from the intersection in SD-20-291. The JSZ in hole SD-20-292 is characterized by moderate white mica alteration with spaced quartz veining with a localized 1metre-wide quartz vein located in the upper part of the structure. The bottom 15 metres of the JSZ is truncated by a younger diabase dyke.
Hole SD-20-293, drilled 45 metres down-dip of SD-20-291 and Red Pine's deepest hole to date, intersected the JSZ between 553.44 to 568.91 metres. The quartz veining and silica flooding here is stronger than in holes SD-20-289 and SD-20-291. Disseminated pyrite with localized pyrrhotite, arsenopyrite, sphalerite, chalcopyrite and galena are observed. One of the quartz veins also contains three (3) fine specks of visible gold in association with pyrite and accessory arsenopyrite. The core of the JSZ grades 3.38 g/t gold over 13.3 m (TW). The zone remains open in every direction and visual indicators suggest that the gold content increases with depth. This newly identified higher-grade zone in the JSZ will be a priority target when diamond drilling resumes on the property.
Figure 2. Cross-Section showing interpreted extension of high-grade gold at the Surluga Deposit
Table 1. Highlights of reported drill results
Table 2. Coordinates of reported holes
Red Pine announced the discovery of a new mineralized gold zone in May 2020, beneath the Surluga Deposit1, during its on-going exploration program at its Wawa Gold Project, located 2 kilometres southeast of Wawa, Ontario. Hole SD-20-289 successfully intersected the Jubilee Shear Zone (host of the Surluga Deposit), 350 metres down-plunge of the current resource boundaries, with a significant intercept of 5.2 g/t gold over 6.31 metres (true width) at a depth of 570 metres. Hole SD-20-287 intersected 4.1 g/t gold over 0.94 metres (true width) below 450 metres depth.
Table 1. Highlights of reported drill results
Table 2. Coordinates of reported holes
Holes SD-20-287 and SD-20-289 were targeting the down-plunge extension of the southernmost limit of the Surluga Deposit resource.
Hole SD-20-287 intersected a large diabase dyke in the upper 20 metres of the Jubilee Shear Zone. The higher-grade gold results came from a 0.7-metre quartz vein in which specks of visible gold were observed. A 10.28 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite was intersected in the Jubilee Shear Zone, further down-hole of the diabase dyke.
Hole SM-20-288 was testing the expected limits of the projected plunge of the Surluga Deposit resource. No zones of strong alteration or mineralization were observed in that hole.
Hole SD-20-289 intersected gold 40 metres away from the gold intercept in Hole SD-20-286 (Figure 2). In the Jubilee Shear Zone, it hit a 7 metres zone characterized by stronger quartz veining associated with pervasive dissemination of pyrite, locally arsenopyrite, and moderate to strong biotite/sericite alteration. The upper part of the zone is cut by a 4 metre-wide lamprophyre dyke. High-grade gold mineralization is associated with alteration assemblages variably comprised of biotite/sericite-quartz veining-pyrite and sericite-quartz veining-arsenopyrite. A 12.3 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration is located below the higher-grade zone in SD-20-289. Below the Jubilee Shear Zone, a new shear zone was intersected with pyrite mineralization and spaced quartz veining. Assays are pending for that shear zone and will be released when received.
Figure 2. Hole SD-20-289 intersection relative to SD-20-286
Management Team
Quentin Yarie, PGeo - President & Chief Executive Officer
Mr. Yarie is an experienced geophysicist and a successful entrepreneur with extensive project management and business development experience. He was previously the Business Development Officer at Geotech Ltd, a geo-physical airborne survey company, and a Senior Representative of Sales and Business Development for Aeroquest Limited. From 1992 to 2001, Mr. Yarie was a partner of a specialized environmental and engineering consulting group where he managed a number of large projects including the ESA of the Sydney Tar Ponds, the closure of the Canadian Forces Bases in Germany and the Maritime and Northeast Pipeline Project.
Jim O'Neill - CFO and Corporate Secretary
Mr. O'Neill has over 30 years' experience as a finance executive with multi-national businesses operating in Canada, the USA, the UK, Turkey, and Kenya. His extensive public company financial management and governance experience spans junior mining exploration, development, and operations, including appointments as CFO and Corporate Secretary of Aldridge Minerals Inc. and Virtus Mining Ltd. He currently also serves as CFO and Corporate Secretary of Western Gold Exploration Ltd., and New Break Resources Inc. and as CFO of Waseco Resources Inc. Mr. O'Neill holds a Bachelor of Business Administration (Honours) from Wilfrid Laurier University and earned his CPA, CA with Ernst & Whinney (now KPMG).
Jean-François Montreuil, P. Geo. (ON, QC), Ph.D - Chief Geologist
Dr. Montreuil holds over a decade of experience in exploring complex hydrothermal systems for battery, precious, base and radioactive metals and has contributed greatly to the advancement of Red Pine's Wawa Gold project and the discovery of the Minto Mine South Deposit. Previously, Dr. Montreuil is currently the Chief Geologist of MacDonald Mine Exploration and formerly Honey Badger Exploration. With a Master degree in Earth Sciences at Laval University and Ph.D in Earth Sciences at INRS-ETE, out of Quebec City, his on-going contribution to scientific research in collaboration with the Geological Survey of Canada, the Bureau de Recherches Géologiques et Minières (France geological survey), Geological Survey of South Australia, BHP-Olympic Dam, the University of Windsor and Laurentian University will continue to add value to the Canadian mining industry. Dr. Montreuil has also contributed to the industry through numerous Publications across International peer-reviewed journals in Economic Geology.
Tara Asfour - Investor Relations Manager
As Chief Development Officer for FairGreen Capital Partners and managing director of its North American and Canadian regions, Ms. Asfour has 10+ years of management, strategy development, fundraising and capital markets experience. Previously, Ms. Asfour successfully expanded the business of TG Capital, through deal sourcing, strategy and development of successful start-ups and took a hands-on approach with companies she successfully expanded and brought to market. Ms. Asfour previously held the roles of executive consultant and business advisor to TG Consulting, Executive Vice President at Organic Medical Growth and Communications Director at Dominion Water Reserves Inc, with an expertise in corporate affairs, investor relations and strategic partnerships. Ms. Asfour is a recipient of the prestigious Fondation Montreal Inc Young Entrepreneur Award, she holds an MBA from Herzing University and an undergraduate degree in Political Sciences from Concordia University.
Rachel Goldman - Director
Ms. Goldman brings 20 years of experience in institutional sales, mining company financings and corporate transactions during her career while at several Canadian brokerage firms where she developed an extensive list of investor and mining company relationships. In February 2020, she was appointed to the role of Chief Executive Officer and Director of Paramount Gold Nevada Corp (NYSE American: PZG).
Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") announces that the nominees listed below were elected to the Board of Directors at the 2022 Annual and Special Meeting of Shareholders. Detailed results of the vote for the Board of Directors of the Company are shown below. As previously announced, Mr. Doug Holtby who had served as Chair of Wheaton is retiring and did not stand for reelection, and Mr. George Brack has been appointed the role of Chair of the Board. In addition, Ms. Jaimie Donovan has been elected to the Board.
"First off, I would like to thank Doug for his leadership and guidance over the past 16 years, during which Wheaton grew from a niche player to one of the largest precious metal companies in the world," said George Brack , Chair of Wheaton. "I am excited to be stepping into the Chair position of Wheaton, especially given the Company's strong track record of delivering value to all stakeholders through accretive growth and focus on sustainability. I am also excited to welcome Jaimie Donovan to the Wheaton Board of Directors. Ms. Donovan's significant technical and operational experience will no doubt make her an excellent addition to the Wheaton Board. With the addition of Ms. Donovan, we are pleased to achieve our goal of having at least 30% gender diversity on the Board, two years ahead of our stated target of 2024."
2022 Annual and Special Meeting of Shareholders Voting Results
Nominee
Votes For
% For
Votes Withheld
% Withheld
George L. Brack
279,843,827
86.73%
42,799,191
13.27%
John A. Brough
289,923,537
89.86%
32,719,481
10.14%
Jaimie Donovan
320,848,121
99.44%
1,794,897
0.56%
R. Peter Gillin
268,956,212
83.36%
53,686,806
16.64%
Chantal Gosselin
317,437,144
98.39%
5,205,874
1.61%
Glenn Ives
321,506,611
99.65%
1,136,407
0.35%
Charles A. Jeannes
321,420,318
99.62%
1,222,700
0.38%
Eduardo Luna
288,408,017
89.39%
34,235,001
10.61%
Marilyn Schonberner
321,639,355
99.69%
1,003,663
0.31%
Randy V.J. Smallwood
320,784,002
99.42%
1,859,016
0.58%
The following special matter was also approved by shareholders at the 2022 Annual and Special Meeting of Shareholders:
the non-binding advisory resolution accepting the Company's approach to executive compensation was carried with 91.56% of the votes cast in favour of such resolution.
We're wrapping up what's been yet another bumpy week for gold.
The yellow metal started at around US$1,870 per ounce, but by the time of this writing on Friday (May 13) morning, it had declined to just below the US$1,810 level.
Diverse factors have been at play in the market this week, including major strength in the US dollar, which reached its highest point in 20 years early in the period. The latest Consumer Price Index data was also released — it shows an increase of 0.3 percent month-on-month and an 8.3 percent rise year-on-year.
I heard this week from Frank Holmes of US Global Investors (NASDAQ:GROW), who is unconcerned about gold's downtrend. His advice for investors during this time is to buy the dip and "hold on for dear life" — or HODL, as those in the cryptocurrency community often say.
Speaking of cryptocurrencies, bitcoin's recent performance may help put gold's drop into perspective. After hitting an all-time peak of nearly US$69,000 in 2021, bitcoin is getting crushed — it's down approximately 57 percent from that point, and by Friday morning was priced near US$29,500.
Other digital coins are suffering losses too, and this market activity has prompted some experts to suggest we're headed for a "crypto winter." Given the volatility inherent to this space it's difficult to tell what may be next — but at least for now it seems gold has won a point in the bitcoin vs. gold debate.
With Frank's comments about gold in mind, we asked our Twitter followers this week if they're buying the precious metal at its current level. By the time the poll closed, most respondents had voted yes.
We'll be asking another question on Twitter next week, so make sure to follow us @INN_Resource and follow me @Charlotte_McL to share your thoughts!
As we wrap up, I want to turn your attention to the Vancouver Resource Investment Conference (VRIC), which will be held next week from May 17 to 18 at the Vancouver Convention Center. VRIC is run by Cambridge House, and I had the chance to speak with CEO Jay Martin ahead of the event to get the inside scoop.
He highlighted former Canadian Prime Minister Stephen Harper and former Mexican President Felipe Calderon as speakers who shouldn't be missed; he's also looking forward to hearing from author and journalist Nomi Prins, and former US Federal Reserve insider Danielle DiMartino Booth.
The INN team will be attending the event, so say hello if you see us. We're excited to be going to a live event after more than two years, and we look forward to bringing you interviews with many favorites in the resource space.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And 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.
Vancouver, BC TheNewswire - May 13, 2022 - Alianza Minerals Ltd. (TSXV:ANZ ) ( OTC:TARSF) (" Alianza " or the " Company ") is pleased to announce the non-brokered private placement of 10 million Units of the Company at a price of $0.075 per Unit for gross proceeds to the Company of up to $750,000 (the " Offering ") is fully subscribed and will be closed shortly.
Each Unit is comprised of one common share and one half of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one common share for a period of three years from closing of the placement for $0.125 per common share. The common share purchase warrants are non-transferable.
The proceeds from this private placement will be used to fund various activities of Alianza including exploration conducted outside of Canada, project generation and marketing of projects in 2022, and other corporate overhead costs.
Jason Weber, President and CEO of Alianza, noted that "We appreciate the support of those who took part in this financing. We are looking forward to a very busy 2022, building on the high-grade silver results from our Haldane Project in the historic Keno Hill District in 2021, as well as our base and precious metals we will advance with our partners."
The closing of the Offering is expected to occur shortly, and is subject to receipt of all necessary regulatory approvals including the TSX Venture Exchange (the "TSXV"). No finder's fees will be paid. The common shares and warrants issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws.
This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Alianza is a discovery focused minerals exploration company, working to provide metals for the modern economy following best ESG practices. Alianza has ongoing exploration programs at the 100% owned flagship Haldane Silver Project in the prolific Keno Hill District, Yukon Territory. Additionally, the Company has a portfolio of gold, silver and base metal projects in Yukon Territory, British Columbia, Colorado, Nevada and Peru. Alianza has one silver project (Tim, Yukon Territory) optioned to Coeur Mining, Inc., two copper projects (Klondike and Stateline, Colorado) optioned to Allied Copper Corp. and is actively seeking partners to advance other projects.
The Company is listed on the TSX Venture Exchange under the symbol "ANZ" and trades on the OTCQB market in the US under the symbol "TARSF".
Mr. Jason Weber, P.Geo., President and CEO of Alianza Minerals Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
Not for distribution to United States Newswire Services or for dissemination in the United States
Copyright (c) 2022 TheNewswire - All rights reserved.
Vancouver, British Columbia, Canada May 13, 2022 TheNewswire - Jazz Resources Inc. ( TSXV:JZR ) (the " Company " or " JZR ") is pleased to announce that it has closed the first portion of its previously announced non-brokered private placement offering (the " Offering ") of units (the " Units ") by issuing 860,250 Units at a price of $0.80 per Unit for gross proceeds of $688,200. Each Unit is comprised of one common share (a " Share ") in the capital of the Company and one share purchase warrant (a " Warrant "). Each Warrant shall entitle the holder to acquire one additional common share in the capital of the Company at a price of $1.20 per Share for a period of 12 months after the date of issuance of the Warrants.
In connection with the Offering, the Company has paid finder's fees to certain registered brokerage firms, comprised of an aggregate cash payment of $27,492, and issued an aggregate of 34,365 non-transferable compensation warrants, substantially upon the same terms and conditions as the Warrants. The Units, Shares, Warrants, compensation warrants and any Shares issued upon the exercise of the Warrants or compensation warrants will be subject to a hold period of four months and one day from the date of issuance.
The Company will use the net proceeds of the Offering to advance the development of the Vila Nova gold project located in the state of Amapa, Brazil, and for general working capital purposes.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes statements with respect to the terms of the Offering and the expected use of the net proceeds of the Offering. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
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 press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2022 TheNewswire - All rights reserved.
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has retained the services of Abitibi Geophysics of Val-d'Or to conduct an induced polarization (IP) survey over the southern portion of its 100%-owned Obalski property, located 2 km south of Chibougamau, Quebec. In preparation for the survey, the Corporation has cut an additional 9 km of lines covering the southern portion of the property.
In December 2021, Abitibi Geophysics conducted an IP survey and produced a preliminary report that demonstrated the presence of large geophysical anomalies to the west and south of the Obalski deposit, right at the edge of the survey grid. The same report also indicated that the geophysical coverage was insufficient, leading the Corporation to undertake this new survey and carry out linecutting during the winter of 2021-22.
The new survey will also provide input for the next drilling program, scheduled for June-July 2022. The integrated results for the December 2021 and May 2022 surveys are expected in June 2022.
Setting up of new media platforms
In the coming weeks, the Corporation will roll out new media platforms to enable investors to further engage with TomaGold senior management through webinars, videos and one-on-one meetings. More information on the initiative will be made available in the coming weeks on the Corporation's website, at www.tomagoldcorp.com , and on its LinkedIn , Facebook , Twitter and Instagram social media channels.
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
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 news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
Mako Gold Limited (“Mako” or “the Company”; ASX:MKG) is pleased to advise that it has commenced a 2,000m maiden RC drilling program at the Korhogo Nord Permit which, with the Ouangolodougou Permit constitute the Korhogo Project1 . The permits collectively cover 296km2 hosting 17km of faulted greenstone granite contact as shown in Figure 1. Both permits are 100% owned by Mako and are readily accessible from the Mako Field Office.
HIGHLIGHTS
2,000m maiden Reverse Circulation (RC) drill program commenced on first high-priority target at Korhogo – Mako’s second project, in a previously undrilled land package
Primary target is a 2km-long +20ppb gold anomaly with high-grade cores over 60ppb gold coincident with faulted greenstone-granite contact
Additional targets identified for further exploration including auger and follow up RC drill testing
The 100% Mako owned Korhogo Project has no previously recorded drilling and covers 296km2 of prospective tenure located within 15-30 km of Barrick’s 4.9Moz Tongon Gold Mine
Exploration at Korhogo is on strategy for Mako -ensuring the Company continues to target discoveries on greenfield exploration projects, whilst moving its flagship Napié Project towards a Mineral Resource Estimate (MRE).
Drilling completed at the Gogbala Prospect on the Napié Project where a MRE is on-track for June 2022
Mako’s Managing Director, Peter Ledwidge commented:
“Mako is in the privileged position to be able to commence a maiden drilling campaign on its second project, whilst finalising its MRE on its flagship Napié Project. This leverages the core skillset of the management team; namely making discoveries on highly prospective greenfield projects in West Africa. The commencement of drilling at Korhogo marks an important milestone in the growth of the Company as we progress to the drilling phase on the project. Our previous work at Korhogo has culminated in the identification of several high-priority targets. We are pleased to commence drilling on the first target, a 2km-long +20ppb gold auger anomaly with high grade cores over 60ppb Au, coincident with a faulted greenstone/ granite contact. We look forward to announcing results from drilling at Korhogo as well as Napié, where we have completed our drilling ahead of the upcoming MRE
Korhogo is located in a fertile greenstone belt that hosts Barrick Gold’s 4.9Moz Tongon gold mine and Montage Gold’s 4.5Moz Kone gold deposit, both in Côte d’Ivoire, as well as Endeavour’s 2.7Moz Wahgnion gold mine just across the border in Burkina Faso (Figure 5).
Previous work completed by Mako includes airborne magnetics/ radiometric geophysics, soil geochemical sampling, and the recent 11,000m auger drilling program1 . Interpretation of the results on these previous programs has identified several high-priority targets. The maiden drilling program will focus on the first target, a 2km-long +20ppb gold auger anomaly with high grade cores over 60ppb gold, coincident with the faulted greenstone/ granite contact shown in Figure 2.
Drilling has commenced on the first of four fences of heel to toe RC holes (where the bottom of one hole when projected to surface is the collar of the next hole), covering approximately 900m of the highest auger anomalies (Figure 3).
This article includes content from Mako 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.
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