Base Metals

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (the "Company") is pleased to announce that drilling continues to expand the La Romana copper target at the Escacena Project with significant intercepts of near surface high-grade results. La Romana is located approximately 6km southwest of the former Aznalcollar open pit mine and approximately 15km west of the Las Cruces copper mine, in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: "The new drilling continues to expand the open pit target and the copper zone remains wide open in all directions. The new results include an exceptional near surface intercept of greater than 50m-thickness with high copper grades in the eastern strike extension, including an upper interval with high-grade supergene enrichment style chalcocite mineralization. The new results also extend the mineralization down-dip. The simple tabular geometry and moderate dip of the mineralization looks well suited to an open pit."

Results have been received for an additional four drill holes (LRD38, LRD39, LRD40 and LRD42) at the La Romana target, in the Escacena Project. Drilling is ongoing with assay results pending for an additional eighteen completed holes.

Highlights include:

  • 52.6m at 1.00% copper equivalent (CuEq) (0.76% Cu, 0.05% Sn, 3.8g/t Ag, 0.01g/t Au) from 42.4m in LRD40, including;

    • 26.6m at 1.39% CuEq (1.13% Cu, 0.05% Sn, 5.0g/t Ag, 0.01g/t Au) from 42.4m

  • 16m at 0.87% CuEq (0.60% Cu, 0.052% Sn, 4.6g/t Ag, 0.017g/t Au) from 38m in LRD39, including;

    • 10m at 1.25% CuEq (0.84% Cu, 0.07% Sn, 6.5g/t Ag, 0.02g/t Au, 0.013% Co) from 44m,

Drill results

The latest drill results are from four new holes in the Phase 4 drill program at the La Romana discovery. The drill program is testing extensions of the mineralization in all directions.

Drill holes LRD38 and LRD40 tested the eastern extensions of the near-surface copper mineralization. Holes LRD39 and LRD42 targeted down-dip extensions. Copper mineralization was intersected in all four holes, with exceptional results returned from LRD40.

Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. Drill hole locations are shown in Figure 1. Summary cross sections with holes LRD40 to LRD42 are provided in Figure 2. The drill holes were all inclined towards the south and all reported drill intervals are approximately true widths.

Table 1 Escacena Project, La Romana drill hole collar information (Total 1,333.2m)

Hole IDEasting1Northing1Azimuth (º)Dip (º)Depth (m)
LRD387369334152906180-60369.4
LRD397366834152627180-55182.1
LRD407367354152648180-55176
LRD427363814152794180-55263.2

 

1Coordinates are in ERTS89 datum UTM29N.

Table 2 - Escacena Project, La Romana drill results summary

HoleFrToIntCuEq1CuSnAgCoAu
PbZn
m%%ppmg/tppmg/tppmppm
LRD38233.30233.750.451.020.7929101030.04532706020
251.55251.750.21.581.121228.74380.104107251
256.35261.805.451.160.96333.52180.03619107
272.25272.750.51.171.08412.1850.01714105
275.45275.700.252.161.71737.04950.0885787
279.00279.300.31.121.0622.1880.030102327
   
LRD3936.0068.0032.000.560.383003.1750.011203544
38.0054.0016.000.870.605204.61020.017235515
44.0054.00101.250.847966.51330.024344685
46.3052.005.71.731.2010269.11680.029466842
   
LRD4042.4095.0052.601.000.764833.8820.009112618
42.4069.0026.601.391.134945.0860.010140496
40.0047.007.002.572.322508.51140.01170455
42.4047.004.603.823.4637012.21500.01550500
61.0069.008.001.921.4311207.11120.016108556
62.3066.404.102.972.25168410.61320.021103586
82.0087.205.201.110.806564.8980.00944709

 

LRD4224.3527.302.951.371.26573.5660.021186132
122.00137.0015.000.850.682724.0800.006229504
128.00137.009.001.211.002925.2910.007229522
132.00137.005.001.681.414117.01020.009259626

 

1Metal prices used: Copper US$6,200 per tonne, Silver USD22.50 per ounce, Gold US$1,500 per ounce, Cobalt US$32,800 per tonne and Tin US$18,000 per tonne. The copper equivalent (CuEq ) values are for exploration purposes only and include no assumptions for metal recovery.

The recent drill results at La Romana confirm that the high-grade near surface copper mineralization extends over a strike length of approximately 700m and remains open along strike, down-dip and up-dip. The primary mineralization includes mainly stock work, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the primary tin mineral. The copper and tin mineralization is associated with elevated levels of silver, cobalt and gold. Supergene chalcocite is also evident in several recent drill holes and appears to increase towards the east and south.

LRD38 and LRD42 extend the copper mineralization down-dip coincident with down-hole EM conductor anomalies. The coincident geophysics and copper mineralization indicates the target is wide open and shows excellent potential to significantly expand.

Hole LRD39 extends the near-surface copper mineralization approx. 50m along strike to the east of hole LRD36 which reported 23m at 1.06% CuEq, including 11m at 1.74% CuEq. A leached/oxidised zone is present from approx. 11m to 30m depth with traces of native copper and red copper oxides, followed by a zone of low-grade supergene chalcocite from 30 to 39m. Significant results include:

  • 16m at 0.87% CuEq (0.60% Cu, 0.05% Sn, 4.6g/t Ag, 0.02g/t Au) from 38m down hole, including

    • 10m at 1.25% CuEq (0.84% Cu, 0.08% Sn, 6.5g/t Ag, 0.02g/t Au, 0.013% Co), including

      • 5.7m at 1.73% CuEq (1.20% Cu, 0.10% Sn, 9.1g/t Ag, 0.03g/t Au, 0.03% Co)

Hole LRD40 shows a significant thick zone of copper mineralization approx. 50m east and along strike from hole LRD39. The results also confirm a high-grade supergene-enriched chalcocite zone at the top of the copper interval. Significant results:

  • 52.6m at 1.00% CuEq (0.76% Cu, 0.05% Sn, 3.8g/t Ag) from 42.4m downhole, including

    • 26.6m at 1.39% CuEq (1.13% Cu, 0.05% Sn, 5g/t Ag), including

      • 7m at 2.57% CuEq (2.32% Cu, 0.03% Sn, 8.5g/t Ag, 0.01g/t Au, 0.011% Co) - supergene chalcocite, and

      • 8m at 1.92% CuEq (1.43% Cu, 0.11% Sn, 7.1g/t Ag, 0.02g/t Au, 0.011% Co)

    • 5.2m at 1.11% CuEq (0.80% Cu, 0.07% Sn, 4.8g/t Ag)

Drill hole LRD42 confirmed the continuation of the copper mineralization approx. 40m down-dip from LRD17 which intersected 24.4m at 1.03% CuEq. The hole is the northernmost intersection in the west of the target area. The mineralization remains open down-dip and along strike coincident with a large down-hole EM conductor and IP chargeability anomaly. Significant results:

  • 2.95m at 1.37% CuEq (1.26% Cu, 3.5g/t Ag, 0.021g/t Au) from 24.35m and

  • 15m at 0.85% CuEq (0.68% Cu, 0.03% Sn, 4.0g/t Ag) from 122m, including

    • 9m at 1.21% CuEq (1.01% Cu, 0.03% Sn, 5.2g/t Ag), including

      • 5m at 1.68% CuEq (1.41% Cu, 0.04% Sn, 7.0g/t Ag)

Drill hole LRD38 intersected 5.45m at 1.16% CuEq (0.96% Cu, 3.5g/t Ag, 0.04g/t Au, 0.022% Co) from 256.35m approx. 40m down-dip from previous hole LRD22, which intersected 6m at 2.44% CuEq, including an exceptionally high-grade massive chalcopyrite interval with 0.43m at 18.7% CuEq. The results indicate the copper zone continues down-dip, albeit with lower grades in this hole. The copper mineralization coincides with a large downhole EM conductor anomaly and indicates the mineralization remains open down-dip and along-strike to the east.

Assay results are pending for completed drill holes LRD43 to LRD59 and LRD61. Drill holes LRD60 and LRD62 are in progress. The Phase 4 drill program has been expanded to forty drill holes. Additional drill holes will also focus on testing for extensions of the thick zone of copper and tin mineralization intersected in hole LRD40 and high-grade supergene enriched copper mineralization.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5190/84457_bd10368244ce2a26_001.jpg

Figure 1 - La Romana geophysics targets and drill hole locations with selected highlights. New drill hole results are highlighted in yellow.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5190/84457_bd10368244ce2a26_001full.jpg

  

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/5190/84457_bd10368244ce2a26_002.jpg

Figure 2 - Selected summary drill hole cross sections with new drill holes LRD40 (Section 736735 E) and LRD42 (Section 736385 E).

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5190/84457_bd10368244ce2a26_002full.jpg

QA/QC

Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Tin was analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

Qualified Person

Patrick Downey, a Director of Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Downey is not independent of the Company.

About Pan Global Resources

Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.

On behalf of the Board of Directors
www.panglobalresources.com.

FOR FURTHER INFORMATION PLEASE CONTACT:
info@panglobalresources.com

Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

NEITHER 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/84457

News Provided by Newsfile via QuoteMedia

Pan Global Resources

Pan Global Resources

Overview

Pan Global Resources (TSXV:PGZ,OTC:PGNRF) is a junior resource company in pursuit of base and precious metals projects in Spain. The company’s flagship Escacena project is located in southern Spain’s Iberian Pyrite Belt, a world-class volcanogenic massive sulfide (VMS) district that hosts at least nine giant VMS ore deposits (>100 million tonnes) and several operating mines.

Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcollar (>70 million tonnes) and Los Frailes (>90 million tonnes) deposits. The Escacena project is also located only 12 kilometers from the active Cobre Las Cruces mine (42 million tonnes at 2.95% copper) which has been mining grades of more than 5% copper in the open pit. Pan Global is currently focusing on two targets at Escacena, the La Romana massive sulfide copper deposit and the Cañada Honda gravity anomaly. Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver, zinc) grades from near surface with every hole hitting mineralization indicating the potential for a large size deposit. Escacena’s exceptional land position, great infrastructure and multiple large untested targets make it an exciting prospect for the company.

Pan Global Resources Project Location and Infrastructure Map – Southern Spain

Pan Global has been exploring the Aguilas project since 2017 which comprises more than 16,000 hectares in northern Andalucia, Spain. The Aguilas project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetalic lead-zinc-silver mineralization.

Company Highlights

  • Pan Global’s exploration activities are focused in the mining friendly jurisdiction of Andalucia, Spain
  • Flagship Escacena project is located in Spain’s Iberian Pyrite Belt, a world-class VMS district host to at least 9 ore deposits and several operating mines
  • Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupra Minerals, Ascendant Resources and Emerita Resources
  • Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets
  • Escacena project is located adjacent to the Aznalcollar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, one of the highest grade open pit copper mines in the world
    Aguilas project has returned high-grade drill intervals up to 16.85 % lead, 1.9 % zinc and 85 g/t silver
  • Pan Global’s strong management team has a track record of discoveries in Spain and brings decades of resource industry experience and expertise to the company

Key Projects

Pan Global Resources’ Escacena Project

In June 2017, Pan Global Resources acquired the Escacena project. The project hosts two large gravity anomalies, La Romana and Cañada Honda. Historical wide-spaced drilling at the La Romana gravity anomaly confirmed massive sulfide and stockwork mineralization including a best drill interval of 4.68 meters at 2.94 percent copper.

Exploration

Pan Global Resources began its initial exploration of the Escacena project in early 2019, including gravity, induced polarity (IP) and geochemical surveys. The results of this initial exploration work confirmed the La Romana and Cañada Honda gravity targets, allowing the company to move forward with drilling.

Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. This included two drill holes at La Romana and one drill hole at Cañada Honda, totaling 547 meters. Channel sampling of the Cañada Honda mine tunnel at the Escacena project returned 26 meters at 0.43 g/t gold and up to 2.91 g/t gold and 0.39 percent copper.

In October 2019, Pan Global announced the results of its first two drill holes at Escacena testing the La Romana target, including discovery drill hole LRD-02 at La Romana with 20.55m at 1.5% copper equivalent. Both drill holes LRD-01 and LRD-02 intersected shallow volcanic-associated copper stockwork, semi-massive and massive sulphides.

Pan Global Resources Escacena Project Area Map (~5760 ha)

Pan Global continued its exploration of Escacena in 2020 including geochemistry and geophysics designed to identify new targets on the property. The second phase of drilling commenced in February and included the first step out drill holes at the La Romana copper target. The new drill holes intersected copper mineralization over wide intervals and showed the mineralization extends from near surface over several hundred meters of strike and shows copper in several layers open in most directions. Pan Global’s own geophysics results and historical geophysics by Exxon indicate a potential for the copper mineralization to continue more than 2 kilometres along strike.

Selected drilling highlights include:

LRD-02: 20.55m at 1.5 percent copper equivalent (1.02 percent copper, 0.11 percent tin, 4.7 g/t silver) from 37.45m, including 7m at 3.43 percent copper equivalent (2.50 percent copper, 0.23 percent tin, 10.1 g/t silver, 0.014 g/t gold, 0.11 percent zinc, 133 ppm cobalt) from 48m.

LRD-03: 21.3m at 1.03 percent copper equivalent (0.73 percent copper, 0.055 percent tin, 4.1 g/t silver) from 47.3m, including 6.6m at 2.05 percent copper equivalent (>1 percent copper) combined thickness.

LRD-05: 21m at 1.55 percent copper equivalent (1.19 percent copper, 0.069 percent tin, 5.8g/t silver) from 16m, including 11m at 2.60 percent copper equivalent (>1 percent copper or 0.5 percent tin) combined thickness.

Drill core at Escacena Project

In August 2020, Pan Global Resources commenced phase three follow-up drill program at La Romana. The 25-hole drill program is designed to test the multi-layer copper potential and significantly expand the mineralization in the area. The program is also expected to test two large down-hole EM conductor plate anomalies and help define vectors to areas of stronger mineralization.

Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property in early 2020. Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies. The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.

Pan Global Resources’ Aguilas Project

The Aguilas project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucia, Spain. The main targets on the property are major cross-cutting fault zones in the Pedroches Batholith, including the Torrubia and Zumanjo trends. The project hosts IOCG-style copper mineralization along the Torrubia copper trend, which was drilled by the company in 2019 and confirmed wide zones of breccia over several kilometers of strike length. Drill holes on the Zumajo trend targeted high grade polymetallic (lead, zinc, silver and lesser copper and gold) vein or breccia mineralization. Several shallow historical mine shafts and ancient workings occur along both trends.

Pan Global first began drilling on the Aguilas project in April 2019, and so-far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen of the holes along 4.1 kilometers of the more than 20 kilometer long Zumajo lead-zinc-silver trend and 14 drill holes along three sections of the more than 10 kilometer long Torrubia trend.

On the Zumajo trend, high-grade polymetallic mineralization was intersected with an 8 to 20- meter-wide, steeply-dipping zone of multi-stage breccia and veins. High-grade intervals included hole VAC-02 with 14.85% lead, 0.11% zinc, 67.1g/t silver (16.91% lead equivalent or 634g/t silver equivalent) over 1.3 meters and hole VAC-06 with up to 16.85 % lead, 1.9 % zinc and 85 g/t silver (22.15 % lead equivalent or 815 g/t silver equivalent) over 0.6 meters. The drill results show potential for a significant zone of high-grade lead, zinc and silver mineralization near the San Luis and San Cayetano mine workings over several kilometers of strike and open at depth. Several other targets along the Zumajo trend require testing.

Drilling conducted at the Torrubia trend included 40 to 90-meter-wide intervals of intense multi-stage breccia and hematite-quartz-carbonate alteration over several kilometers of strike. The best grades at Torrubia included 2.65% copper, 125ppm cobalt and 3 g/t silver (2.76% copper equivalent) over 0.8m and 1.65% copper, 240ppm cobalt and 2.1 g/t silver (2.05% copper equivalent) over 0.7m in drill hole TOR-001; and 3m at 1.16g/t gold from 74m, including 0.8m at 3.48g/t gold and 1.5g/t silver in drill hole TN-06. The breccia includes fragments or casts with high contents of chalcopyrite and hematite indicating an early copper mineralizing stage and further potential both along-strike and at depth.

Management Team

Patrick Evans—Chairman and Director

For over 30 years, Mr. Evans has enjoyed an exemplary career as a mining executive holding multiple senior management positions in the industry. Of note are CEO of Dominion Diamond Mines and Norsemont Mining and Vice President of Placer Dome Inc. He has extensive M&A experience and has helped a number of public mining companies discover and develop base metals, precious metals, and diamond mining projects on four continents. Mr. Evans is a graduate of the University of Cape Town and served as Consul-General of South Africa to Canada.

Tim Moody—Director

Mr. Moody has over 30 years of experience in the mining industry including mineral exploration, resource assessment, business development and strategy. He spent 24 of those years with Rio Tinto, where he held the posts of Exploration Director, Vice President and Director of Business Development. Mr. Moody has a Bachelor of Science in Geology and Geophysics (Honours) from the University of New England. He is a graduate of the Senior Leadership Program from the London Business School, a graduate of the Business Leadership Development Program from the Australian Graduate School of Management and a Fellow of the Society of Economic Geologists.

Directorships: Pan Global Resources, Prism Resources, Indico Resources and Xiana Mining.

Brian Kerzner—Director

Mr. Kerzner has over 25 years of experience as a successful entrepreneur in the retail and real estate industries. He is the founder and President of Rocky Mountain Chocolate Factory Canada Inc. and he established several private companies that have completed extensive residential and commercial developments throughout North America. Mr. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Mr. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honours) program. He is a member of the British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations.

Directorships: Pan Global Resources, Prism Resources Inc and Indico Resources.

Patrick Downey—Director

Mr. Downey brings over 25 years of international experience in the resource industry and he is currently President and CEO of Orezone. His past senior positions include President and CEO of Aura Minerals Inc. and Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. He also negotiated the successful merger of Consolidated Trillion Resources Ltd and Oliver Gold Corporation that became Canico Resource Corp, which was purchased by CVRD in 2006 for over $800 million. Mr. Downey holds a BSc (Honours) degree in Engineering from Queens University in Belfast, Ireland.

Directorships: Orezone and Pan Global Resources

Bob Parsons—Director

As a Chartered Professional Accountant and partner at PricewaterhouseCoopers, Mr. Parsons spent 34 years heading up the firm’s global mining practice. He has advised governments around the world on mineral policy matters and has served on the boards of the PDAC, Indonesian Mining Association, Canada Indonesia Chamber of Commerce, World Mines Ministries Forum, Canadian Minerals Industry Federation, Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada’s Petroleum Monitoring Agency. In 2005, the PDAC presented Mr. Parsons with their Distinguished Services Award, and in 2013 the Government of Canada awarded him the Queen Elizabeth II Diamond Jubilee Medal for his contribution to Canada’s mining industry. Mr. Parsons is a graduate of McGill University (B.Com).

Directorships: Pan Global Resources, Kennady Diamonds Inc, Indico Resources Ltd, Prism Resources Inc.

Cyprium Metals Ltd AUD50M Secured Offtake Prepayment Facility for Nifty Copper

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that it has entered into an exclusive Letter of Intent with Glencore International AG ("GLN" or "Glencore") for AUD50 million in respect of a Copper Cathode Offtake Secured Prepayment Facility which will be used for funding the Nifty Copper , as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.

HIGHLIGHTS

- An exclusive Letter of Intent for a Secured Copper Cathode Prepayment Facility has been signed with Glencore, under which:

o Offtake arrangement for 100% of the Copper Cathode produced during Phase 1 of the Nifty Copper Project restart
o AUD50M Secured Offtake Prepayment Facility

- The Secured Offtake Prepayment Project Funding from Glencore is part of a total debt funding package for the Nifty Copper Project restart

- Advanced discussions are continuing with Senior Debt counterparties, who are undertaking due diligence activities and reviewing financing documentation

Managing Director Barry Cahill commented:

"We are very pleased to enter into an exclusive Letter of Intent for a Copper Cathode Offtake Secured Prepayment Facility with Glencore. This is part of a fully funded finance package for the restart of the Nifty Copper Project.

The restart project economics are very robust, and we have continued to make further improvements to the Nifty Copper Project during the financing process.

We are looking forward to completing our total funding package so that we can commence executing our Nifty Copper Project restart development plans."

This exclusive Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.

Under the terms of the exclusive Letter of Intent, CYM and GLN will work towards finalising outstanding due diligence activities, and documentation for the project funding for execution, which is being done in conjunction with ongoing advanced discussions with the potential secured senior debt providers.

Key Terms of the Copper Cathode Prepayment Facility

Indicative terms - Offtake

- 100% of Copper Cathode produced at the Nifty Copper Project, up to a maximum of 120,000 tonnes

- Offtake pricing of copper cathode shipments determined by reference to average market rates

Indicative terms - Prepayment Facility

- Facility amount: AUD50 million

- Facility term: 60 months



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less

Northern Dynasty Reports Annual General Meeting Results

Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE MKT:NAK) ("Northern Dynasty" or the "Company") announces the voting results from its 2022 Annual General Meeting held on June 23, 2022 in Vancouver, British Columbia (the "Meeting

At the Meeting, a total of 215,554,654 common shares were voted, representing 40.69% of the votes attached to all outstanding common shares as of the record date. All nine nominees were elected to the Company's Board of Directors (the "Board"). The voting results were as follows:

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Ivanhoe Mines to Release Quarterly Production Results and Operations Update on July 5

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) stated today that it is unaware of any company-specific reason that might be contributing to the recent decline in the company's share price other than general market volatility.

On July 5, 2022, Ivanhoe will issue a second quarter production update on the Kamoa-Kakula Mining Complex, as well as a general operations update. In May, Kamoa Copper achieved record monthly copper production of 29,800 tonnes.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lion Copper and Gold

Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

Lion Copper and Gold Corp. (TSXV: LEO) (OTCQB: LCGMF) ("Lion CG", or the "Company") announces that it has entered into a debt settlement agreement (the "Agreement") with a creditor dated June 22, 2022 whereby the Company has agreed to issue shares to settle debt in the amount of $100,000 owed to the creditor. The debt was incurred pursuant to an option Agreement between the Company and the creditor dated January 26, 2022. Pursuant to the Agreement the Company will issue 1,212,121 common shares of the Company at a deemed price of $0.0825 per share to the creditor.

The issuance of the common shares in connection with the debt settlement is subject to the approval of the TSX Venture Exchange and will be subject to a four-month hold period.

Keep reading...Show less
Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. Engages Apex Geoscience to Conduct a Resource Estimate for the Advanced Exploration Stage Fondaway Canyon Gold Project, NV

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to announce the engagement of Apex Geoscience Ltd. ("Apex") of Edmonton, AB, to conduct a resource estimation ("2022 Resource Estimate") for the Fondaway Canyon gold project in Nevada.

Key Highlights

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Hudbay Announces Completion of Mining Activities at 777 after 18 years of Steady Production

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that mining activities at the company's 777 mine in Flin Flon, Manitoba, have concluded after the reserves were depleted following 18 years of steady production. Closure activities at the 777 mine have commenced and employees and equipment are transitioning to the company's operations in Snow Lake, Manitoba.

"777 was a state-of-the-art mine that represented the pinnacle of a century of shared success for Hudbay and Flin Flon," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "Though the closure of 777 marks the end of a mining era in Flin Flon, we will continue with exploration activities in the region. We care deeply about the community and creating a bright future for mining in northern Manitoba. Hudbay's transition to Snow Lake will help deliver that future and demonstrate our commitment to being a valued member of our communities."

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×