Base Metals

Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that drilling at the Bleka Gold Project in Norway is now underway. A total of approximately 1,500 metres will be drilled on this phase of drilling. The Bleka vein was discovered in 1880 and mined intermittently until 1940. The historic Bleka vein is hosted in a deformed greenstone belt in southern Norway and was formed during two phases of quartz-veining events. Auriferous quartz veins characteristically contain Cu-Bi (copper-bismuth) and tourmaline. Compilation of historic reports combined with reconnaissance mapping revealed a series of underexplored vein swarms on the Bleka property that will be tested on this drill program. Drilling is expected to take between 2-4 weeks to complete.

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Figure 1

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Jason Gigliotti, President of Sienna, states, "We are very pleased to commence our first major drill program of 2021. Gold prices are trending higher and we could not be more optimistic about this drill program in this past producing gold region. Scandinavia is one of the world's top mining jurisdictions and we look forward to what will be uncovered on our maiden drill program in Norway. Not only are we now drilling in Norway, but we are also expecting field programs to commence shortly on our Marathon North Platinum-Palladium Project in Ontario directly bordering Generation Mining Ltd.'s 7.1-million-ounce palladium-equivalent Marathon deposit and our Kuusamo Platinum Group Elements (PGE) Project in Finland directly bordering the LK Project being advanced by Palladium One Mining Inc. Sienna is one of the largest landholders in this region of Finland. Management is very enthused about what will transpire on the multiple drill/work programs planned for the next few months. This will be one of the most active periods in Sienna's history." Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the company's properties.

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Bleka Gold Project map

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About Sienna Resources Inc.

Sienna Resources is focused on exploring for and developing high-grade deposits in politically stable, environmentally responsible and ethical mining jurisdictions. Sienna is partnered with a New York Stock Exchange-listed mining company on two separate projects in Scandinavia including the past-producing Bleka and Vekselmyr orogenic gold projects in southern Norway which are both greenstone-hosted gold systems, and the Kuusamo platinum group elements (PGE) project in Finland directly bordering the LK Project being advanced by Palladium One Mining Inc. In North America, Sienna's projects include the Marathon North platinum-palladium property in Northern Ontario directly bordering Generation Mining Ltd.'s 7.1-million-ounce palladium-equivalent Marathon deposit. Sienna also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nev., home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp.'s Silver Peak deposit and Tesla Motors Inc.'s Gigafactory. Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the company's properties.

The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.

If you would like to be added to Sienna's email list please email info@siennaresources.com for information or join our twitter account at @SiennaResources.

Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com

"Jason Gigliotti"
President, Director
Sienna Resources Inc.

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.

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Sienna Resources

Sienna Resources

Sienna Resources (TSXV:SIE,OTC Pink:SNNAF) is an exploration and development company targeting high-grade deposits in politically stable, environmentally responsible and ethical mining jurisdictions. The company owns a trio of properties with exposure to the emerging battery metals market, including the Slättberg Project in Sweden, the Clayton Valley lithium project in Nevada and the Marathon North palladium project in Ontario.

Sienna Resources’ Company Highlights:

  • Sienna Resources has acquired the 2,500 acre Marathon North palladium property in Northern Ontario directly bordering Generation Mining Ltd.’s (CSE:GENM) Marathon palladium project
  • Sienna Resources is currently formulating a 2020 Drill Program on its Flagship Slättberg Platinum-Palladium-Nickel Project in Sweden
  • During its 2019 Drill Program, Sienna Resources Intersected Significant Platinum/Palladium on its Flagship Slättberg Platinum-Palladium-Nickel Project in Sweden
  • Drill hole SIE-19-002 was drilled to test a strong EM response to the west of drill hole SIE-18-003 in the center of the trend of mineralization. Drill hole SIE-19-002 intersected a PGE rich vein 0.55 meters wide (from 88.0 m to 88.55 m), averaging 0.22% Ni, 1.79% Cu, and 4.15 ppm (4.15 g/t) PGE (4.05 g/t Pt vs 0.095 g/t Pd). Taking recent metal prices and assuming 100 percent recovery the hole returned 4.66g/t PdEq, 9.03g/t PtEq, 4.44% CuEq, and 1.72% NiEq.
  • Sienna is Partnered with an NYSE Listed Mining Company on the Flagship Slättberg Platinum-Palladium-Nickel Project in Sweden which contains 16 historic mines on the property
  • Drill hole SIE-19-001 intersected bodies of semi-massive to massive sulfide mineralization and breccias over a 4.625-meter interval from 168-172.625 meters, with additional masses of sulfide mineralization and breccia that persisted to a depth of 195 meters1.
  • The sulfide mineralization intersected in 19-001 was also associated with and hosted by a swarm of diabase (mafic) dikes, which persisted to the end of the hole at 259.5 meters. The density and thickness of the mafic dikes seen in 19-001 are far greater than seen in other drill holes in the area and in surface exposures.
  • The presence of visible sulfide mineralization distributed over a 27-meter interval in the drill hole2 and the intensity of the dike swarm may suggest that Sienna is tapping into a “feeder zone” for the system
  • Sienna expands the Blue Clay Lithium Project in Clayton Valley, Nevada which now consists of 150 contiguous claims totalling approximately 2,950 acres prospective for lithium.

[1] True width estimated at 55 – 65 percent of interval
[2] True width unknown, estimated at 55 – 60 percent of interval

Sienna Resources’ Slättberg Platinum-Palladium-Nickel Project

Slättberg is located 25 kilometers northwest of Falun, Sweden. Slättberg is a historic mining camp hosting platinum-palladium-nickel-copper-cobalt rich massive sulfide mineralization that occurs within a two-kilometer belt of historic nickel-copper mines. The project contains drill defined massive sulfide mineralization that extends to around 100 meters in depth, and remains open for expansion at depth and along strike. The project is accessible year-round, with nearby rail, power and five smelters in the Nordic region. At least 16 historic mines are located on the property, with historic operations dating back to the late 1800s.

sienna palladium price graph

Mineralization at Slättberg is hosted by 1.8-1.9 Ga (Svecofennian) supracrustal rocks (metavolcanics and metasediments) located along the southwestern flank of a large gabbroic intrusive complex. The historic mines are positioned along an east-west trend of massive sulfide occurrences developed in and around a similarly oriented body of “leptite.” This is a local term used to describe rhyolitic/felsic tuffaceous rocks commonly associated with sulfide mineralization in Bergslagen. Mafic and ultramafic rocks also occur in and around the mine workings.

slattberg project map

Sweden is at the forefront of an exploration and development boom in the mining industry. The country’s favorable business environment includes a low corporate income tax rate, a proactive geological survey, and broad public support for export-led resource extraction. Sweden has a long history of mining and is host to some of Europe’s largest active mines.

Northvolt is planning to be the largest battery factory in Europe at roughly the same size as Tesla’s Gigafactory. Sienna President, Jason Gigliotti, states “Northvolt wants to locally source as much battery material as possible such as cobalt and nickel. There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand on battery metals such as lithium, cobalt and nickel. Sienna is focused on exploring and developing projects that will meet this insatiable demand.”

Jason Gigliotti president of Sienna states, “We are very pleased to have the opportunity to have access to this project which lies within one of the top mining jurisdictions in the world with significant mining history. The infrastructure is as good as any drill target I have seen. There are paved roads within meters of planned drill targets and this prospect is accessible year-round. This platinum-palladium-nickel prospect houses 16 historic mines and we are optimistic about what new mining techniques could achieve. The results of the 2019 drill program were very encouraging as we intersected significant platinum & palladium. A follow-up drill program is currently being formulated and we look forward to a very active 2020.”

sienna target map

Sienna conducted a two-hole drill program in October 2019 at its Slättberg project in southern Sweden. That program targeted two electromagnetic (“EM”) anomalies detected by downhole surveys performed at the end of the 2018 drill program. One was detected in the vicinity of drill hole SIE-18-006 located at the west end of the trend of historic nickel mines, and one in the vicinity of drill hole SIE-18-003, near the center of the trend of mineralization.

Drill hole SIE-19-002 was drilled to test a strong EM response to the west of drill hole SIE-18-003 in the center of the trend of mineralization. Drill hole SIE-19-002 intersected a PGE-rich vein 0.55 meters wide (from 88.0 m to 88.55 m), averaging 0.22 percent nickel, 1.79 percent copper, and 4.15 ppm (4.15 g/t) PGE (4.05 g/t platinum vs 0.095 g/t palladium). Taking recent metal prices and assuming 100 percent recovery, the hole returned 4.66g/t palladium equivalent, 9.03g/t platinum equivalent, 4.44 percent copper equivalent, and 1.72 percent nickel equivalent. The unusual enrichment of PGE in this vein is notable and represents one of the highest values ever reported from the property. PGE contents seen in Sienna’s 2019 drill holes demonstrate strong PGE potential on the project. Drill hole SIE-19-002 also intersected unmapped mine workings at a depth of 70 meters. This demonstrates that nickel mineralization was mined at a larger scale than was indicated by historic records.

Drill hole SIE-19-001 was drilled to test the western anomaly. Several zones of sulfide mineralization were intercepted in the hole over a 28-meter interval from depths of 167 to 195 meters. This represents the broadest zone of sulfide mineralization ever intersected on the property. Sulfide mineralization was present as massive sulfide veins and in breccias, and is associated with, an unusually thick swarm of mafic dikes. The best intercept from within the zone of sulfide mineralization was 5.0 meters (from 167.75 m to 172.75 m) averaging 0.57 percent nickel, 0.47 percent copper, 0.06 percent cobalt, and 0.48 ppm PGE*, or just over 1 percent nickel equivalent using current metal prices.

Textures in the sulfide intervals are suggestive of tectonic remobilization of sulfides from a nearby source. Multiple thick mafic dikes were also intercepted in SIE-19-001, which are not seen in surface exposures, nor in the shallow drill holes elsewhere in this area. The abundance of sulfide, higher PGE values, and a swarm of mafic dikes suggest that Sienna is moving closer to a source area for the sulfide mineralization and associated mafic intrusions as it drills to progressively deeper levels in the western target area.

[1] True width estimated at 55 – 65 percent of interval
[2] True width unknown, estimated at 55 – 60 percent of interval

Sienna Resources’ Clayton Valley Lithium Brine Project

Sienna Resource’s Clayton Valley lithium project is located in the mining-friendly jurisdiction of Nevada. The company’s land package is directly inside of and completely surrounded by Pure Energy Metals Ltd’s property. The project is located in one of the deepest sections of the lithium Clayton Valley, the only lithium brine basin with a producing operation in North America. Pure Energy Minerals, which owns the Clayton Valley South project, has recently released an inferred resource of 247,000 tons of lithium carbonate equivalent on the Clayton Valley South project.

clayton valley ownership map

According to Jadon Gigliotti, President of Sienna Resources, the property in Clayton Valley offers a unique opportunity for the company to target quality lithium reserves. “We are pleased to be one of the few companies that have property within the only known lithium brine basin with production in North America. Saline brines are higher density than fresh or brackish water and therefore tend to sink. Based on this, management is optimistic regarding this project as we are located in the deeper sections of this basin.”

Sienna Resources’ Marathon North Palladium Property

The Marathon North palladium property is located in northern Ontario, directly bordering Generation Mining Ltd.’s Marathon palladium project. The 2,500-acre property contains one of the largest undeveloped platinum group metal mineral resources in North America hosting several PGM-copper deposits, including the 7.1 million ounce palladium-equivalent Marathon Deposit. “We are extremely pleased to be able to acquire a large block of land directly bordering one of the largest palladium deposits in North America. This is an excellent complement to our platinum-palladium-nickel project in Sweden,” said Sienna President Jason Gigliotti.

Bleka Gold Project

Complementing its portfolio of Scandinavian properties, in September 2020 Sienna Resources announced it had entered into an option agreement with EMX Royalty Corporation (TSXV:EMX; NYSE:EMX) to acquire the Bleka and Vekselmyr gold projects in Norway. Each project hosts greenstone gold mineralization in the southern half of the country. The projects were acquired based on their rich geology and development potential, specifically Bleka, which includes historical gold production.

Sienna Resources Bleka Gold and Vekselmyr Gold Project

Vekselmyr Gold Project

According to documentation acquired by Sienna Resources, the Vekselmyr gold project hosts outcroppings of gold mineralization in orogenic-style veins on the property. The Bleka Vein was discovered in 1880 and mined intermittently until 1940 with historical production including 165 kilograms of gold sourced from mineralized material with an average grade of 36 g/t gold. The Bleka project covers this historic mining area in addition to swarms of similar veins that extend for at least three kilometers along strike

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Description

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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

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