Equity Metals Corporation (TSXV: EQTY) ("Equity") reports today further High-grade Silver drill intercepts in western and down dip step-outs of the Camp Vein target, Silver Queen Project, BC.
New highlight intercepts include:
New Break Acquires Gold-Mineralized Esker Claim in Kivalliq Region, Nunavut
The Esker Claim, which hosts the historical Esker Gold Occurrence, was discovered in 1997 by Comaplex and forms part of the Henik Group, Ennadai-Rankin greenstone belt. Mineralization occurs as major parallel iron-carbonate altered veins in shear stock work zones along contacts with deformed altered gabbros. Mineralized structures occur over 1 km of strike length and are up to 50 metres in width. These structures exhibit a district induced polarization chargeability response. The project is accessible by helicopter or float plane in the summer or by land in the winter using tracked or large tired vehicles.
Comaplex completed seven drill holes in 1997 on the main Esker Gold Zone, for a total of 1,319 metres. Highlights of the program are summarized in the following table (not true widths):
Table 1: Comaplex 1997 Drill Results
Table 1 Source: Comaplex Minerals Corp. news release - October 8, 1997
In March 2002, Comaplex entered into an option agreement with Placer Dome (CLA) Limited ("Placer"), whereby Placer could earn up to a 75% interest in the Noomut River Gold Project (the "Noomut Project"), which included the Esker Claim, by spending $8.0 million over a five-year period. Placer incurred $1.85 million in exploration expenditures during the 2002 and 2003 field seasons before dropping the option at the end of 2003.
Drilling was only performed on the Esker Claim during 2002 and included five holes (ES2002-26 to ES-2002-30) for 782 metres. Results included 1.77 g/t Au over 0.8 metres (Hole ES2002-26) and 3.1 g/t Au over 4.15 metres (including 10.28 g/t Au over 1.1 metres) and 1.75 g/t over 1.75 metres (Hole ES2002-27). The drilling program was executed by Comaplex under a management contract with Placer.
In August 2004, Comaplex entered into a new option agreement with Canadian Gold Hunter Corp. ("CGH"), whereby CGH could earn a 70% interest in the Noomut Project by spending $5.0 million over a five-year period, with a first-year exploration commitment of $350,000.
CGH completed a summer 2004 exploration program, which included six holes drilled on the Esker Claim for 1,119 metres. Significant results are summarized in the following table:
Table 2: Canadian Gold Hunter 2004 Drill Results
Table 2 Source: Canadian Gold Hunter Corp. news release - October 24, 2004
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In February 2005, CGH elected to drop its option on the Noomut Project to "better concentrate efforts on its key active projects".
Figure 1: Historical Drilling on the Esker Claim
Drill Holes 13, 14, 15, 16, 17, 22 and 23 - Comaplex Minerals Corp. 1997
Drill Holes 26,27, 28, 29 and 30 - Placer Dome (CLA) Limited 2002
Drill Holes 52, 53, 54, 55, 56, 57 - Canadian Gold Hunter Corp. 2004
Figure 1 Source: Canadian Gold Hunter Corp. news release - October 24, 2004
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In 2020, according to information publicly available on the Nunavut Impact Review Board website, a Toronto-based geological consulting company completed ground reconnaissance of the Esker Claim, including locating the drill collars for all 18 drill holes from the 1997, 2002 and 2004 drilling programs and took 18 due diligence samples from mineralized sections of drill core from seven of the drill holes. The public records indicated that the results exhibited good correlation to previous assays. In addition, the records indicated that they collected gold bearing grab samples of greater than 3.0 g/t Au along the entire length of two adjacent zones, including four individual due diligence grab samples that assayed 33.8 g/t Au and 25.6 g/t Au. Next steps include state-of-the-art airborne geophysics and geochemical prospecting.
Michael Farrant, New Break President and Chief Executive Officer commented, "During 2021, New Break has built a portfolio of mineral claims in Kivalliq Region, Nunavut having the potential to host significant gold mineralization. In addition to the acquisition of invaluable historical Nunavut exploration data compiled by Ken Reading and the recent execution of an Inuit Owned Lands Mineral Exploration Agreement with Nunavut Tunngavik Incorporated on the Sundog Project, New Break believes that the addition of the Esker Claim represents a game changer to the Company's Nunavut gold exploration efforts due to the advanced status of the property supported by impressive historical drill results."
Mr. Farrant also noted, "New Break's efforts in Nunavut are further supported by a group of advisors that includes famed Canadian prospector Ken Reading, Gordon Morrison, former President of TMAC Resources Inc. and John Todd, former senior government official in the Northwest Territories and senior advisor to Cumberland Resources Ltd. and Agnico Eagle Mines Limited, in respect of their efforts in Nunavut. Along with the Company's fully permitted Moray Gold Project located near Alamos Gold's Young-Davidson gold mine in the Cadillac-Larder Lake fault zone, south of Timmins, Ontario, New Break has all the pieces in place to seek a successful public listing combined with a concurrent financing. Investors wishing to hear more about our financing plans are encouraged to contact the Company."
About New Break Resources Ltd.
New Break is a private Canadian mineral exploration and development company with a dual vision for value creation. In northern Ontario, New Break is focused on acquiring highly prospective gold projects in well-established mining camps, within proximity to existing infrastructure, while at the same time, through our prospective land holdings in Nunavut, we provide our shareholders with significant exposure to the vast potential for exploration success in one of the most up and coming regions in Canada for gold exploration and production. These complimentary visions are supported by a highly experienced team of mining professionals committed to placing a premium on Environmental, Social and Corporate Governance, respecting the values and interests of all our stakeholders.
For further information on New Break, please visit www.newbreakresources.ca or contact:
Michael Farrant, President and Chief Executive Officer
Tel: 416-278-4149
mfarrant@newbreakresources.ca
No stock exchange, regulation securities provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to comments regarding the timing and expectations for finalizing property agreements, timing and content of upcoming work programs, geological interpretations, receipt of property titles, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties, including factors beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's financial statements and management's discussion and analysis (the "Filings"), such Filings available upon request.
Equity Reports 2.3 Metres Averaging 604g/t AgEq in the Western Step-out Drilling at the Camp Vein Target, Silver Queen Project, BC
- a 0.5 metre interval grading 1,659g/t Ag, 0.1g/t Cu, 1.6% Pb and 0.36% Zn (1,761g /t AgEq) within a 2.3 metre interval averaging 554g/t Ag, 0.7% Pb and 0.6% Zn (604g/t AgEq) from drill hole SQ21-035; and
- a 2.0 metre interval averaging 226g/t Ag, 0.1% Pb and 0.4% Zn (248g/t AgEq) from drill hole SQ21-036.
Drilling has now extended the western margin of the Camp Vein system along strike and down dip of previously released assays from holes SQ20-010 and SQ21-030 to -034, which include:
- a 0.3 metre interval grading 56,291g/t AgEq within a 4.4 metre interval averaging 4,718g/t AgEq from drill hole SQ20-010 (NR-12-20; October 19, 2020);
- a 0.3 metre interval grading 10,117g/t AgEq within a 3.7 metre interval averaging 1,148g/t AgEq from drill hole SQ21-034 (NR-13-21; November 23, 2021);
- a 2.0 metre interval averaging 2,358g/t AgEq from drill hole SQ21-030 (NR-08-21; May 25, 2020);
- a 3.5 metre interval averaging 752g/t AgEq from drill hole SQ21-032 (NR-13-21; November 23, 2021); and
- a 2.1 metre interval averaging 537g/t AgEq from drill hole SQ21-033 (NR-13-21; November 23, 2021);
Multiple veins have been identified in each hole with mineralization in drill hole SQ21-035 extending the vein system a further 50 metres to the west of Equity's previous drilling at the Camp Vein target. Drilling has also extended the veins to depths of up to 195 metres below surface, which is significantly deeper than historic drilling and will provide continuity with mineralized intercepts in drill holes SQ21-010, SQ21-030 and SQ21-032 to -034.
Drilling as now confirmed broad continuity in all four of the modelled veins identified on the northwestern margin of the Camp Vein target. Mineralization is open and untested to the west and projects eastward into previously identified vein intercepts. Assays from a single hole on this portion of the Camp Vein, SQ21-049, are pending.
Eighteen new core holes and an extension of an earlier hole, totalling 4,636 metres, were completed on a 280 metre strike-length of the Camp Vein Target as part of the September 2021 program.
In October through December 2021, 14 holes totaling 5,024 metres tested the 1,000 metre-long region between the Camp veins and the No. 3 Vein with wide-spaced drilling, as an initial test of the area now referred to as the Sveinson Extension (includes the No. 5 and Switchback veins; see Figure 1). A final hole, SQ21-049, has tested the footwall of the Camp Vein target. Full assays from 26 of these holes are pending with further assay results expected over the coming weeks and extending into the New Year.
A total of 63 drill holes for 19,645 metres has now been completed by Equity Metals on the Silver Queen property in five successive phases of exploration drilling starting in late 2020. Five separate target areas have been tested and thick intervals of high-grade gold, silver and base-metal mineralization have been identified in each of the Camp Vein, No. 5/switchback, No. 3, and NG-3 Vein systems.
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of Figure 1, please visit:
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Table 1: Summary Composites from September2021 Drilling on the Camp Vein Target.
| Hole # | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | AgEq (g/t) | Comments |
| SQ21-035 | 53.0 | 53.3 | 0.3 | 0.2 | 191 | 0.1 | 0.1 | 0.3 | 3.0 | 225 | Â |
| SQ21-035 | 221.0 | 223.0 | 2.0 | 0.3 | 48 | 0.0 | 0.7 | 1.4 | 1.9 | 143 | Â |
| SQ21-035 | 248.8 | 251.1 | 2.3 | 0.1 | 544 | 0.0 | 0.7 | 0.6 | 8.1 | 604 | 23% dilution |
| inc. | 249.6 | 250.1 | 0.5 | 0.2 | 1659 | 0.1 | 1.6 | 0.6 | 23.5 | 1761 | Â |
| SQ21-036 | 32.8 | 34.6 | 1.8 | 0.1 | 126 | 0.1 | 0.1 | 0.5 | 2.2 | 166 | Â |
| inc. | 32.8 | 33.7 | 0.9 | 0.1 | 212 | 0.0 | 0.1 | 0.3 | 3.1 | 236 | Â |
| SQ21-036 | 59.2 | 61.2 | 2.0 | 0.0 | 226 | 0.0 | 0.1 | 0.4 | 3.3 | 248 | Â |
| inc. | 60.2 | 61.2 | 1.0 | 0.0 | 356 | 0.0 | 0.1 | 0.6 | 5.1 | 384 | Â |
| SQ21-036 | 135.9 | 136.2 | 0.3 | 0.6 | 284 | 0.0 | 0.2 | 0.7 | 4.8 | 364 | Â |
| SQ21-036 | 254.2 | 255.3 | 1.1 | 0.0 | 250 | 0.0 | 0.1 | 0.2 | 3.5 | 261 | Â |
Â
Samples were analyzed by FA/AAS for gold and 48 element ICP-MS by MS Analytical, Langley, BC. Silver (>100ppm), copper, lead and zinc (>1%) overlimits assayed by ore grade ICP-ES analysis, High silver overlimits (>1000g/t Ag) and gold overlimits (>10g/t Au) re-assayed with FA-Grav. Silver >10,000g/t re-assayed by concentrate analysis, where a FA-Grav analysis is performed in triplicate and a weighed average reported. Composites calculated using a 80g/t AgEq (1g/t AuEq) cut-off and
About Silver Queen Project
The Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and development and is located adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operators Bradina JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains an historic decline into the No. 3 Vein, camp infrastructure, and a maintained Tailings Facility.
The Silver Queen Property consists of 45 mineral claims, 17 crown grants, and two surface crown grants totalling 18,852ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 sq km area. Most of the existing resource is hosted by the No. 3 Vein, which is traced by drilling for approximately 1.2km and to the southeast transitions into the NG-3 Vein close to the buried Itsit copper-molybdenum porphyry.
An initial NI43-101 Mineral Resource Estimate (see Note 1 below) was detailed in a News Release issued on July 16th, 2019, and using a CDN$100 NSR cut-off, reported a resource of:
- Indicated - 244,000ozs AuEq: 85,000ozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and
- Inferred - 193,000ozs AuEq: 64,000ozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 92Mlbs Zn.
More than 20 different veins have been identified on the property, forming an extensive network of zoned Cretaceous-to Tertiary-age epithermal veins. The property remains largely under explored.
About Equity Metals Corporation
Equity Metals Corporation is a Manex Resource Group Company. Manex provides exploration, administration, and corporate development services for Equity Metals' two major mineral properties, the Silver Queen Au-Ag-Zn-Cu project, located in central B.C., and the Monument Diamond project, located in Lac De Gras, NWT.
The Company owns 100% interest, with no underlying royalty, in the Silver Queen project, located along the Skeena Arch in the Omineca Mining Division, British Columbia. The property hosts high-grade, precious-and base-metal veins related to a buried porphyry system, which has been only partially delineated. The Company also has a controlling JV interest in the Monument Diamond project, NWT, strategically located in the Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines. The project owners are Equity Metals Corporation (57.49%), Chris and Jeanne Jennings (22.11%); and Archon Minerals Ltd. (20.4%). Equity Metals is the operator of the project.
The Company also has royalty and working interests in other Canadian properties, which are being evaluated further to determine their value to the Company.
- The 2019 Silver Queen Resource Estimate was prepared following CIM definitions for classification of Mineral Resources and identified at a CDN$100/NSR cut-off, an indicated resource of 815Kt averaging 3.2g/t Au, 201g/t Ag, 1.0% Pb, 6.4% Zn and 0.26% Cu and an inferred resource of 801Kt averaging 2.5g/t Au, 184g/t Ag, 0.9% Pb, 5.2% Zn and 0.31% Cu. Grade capping on Ag and Zn was performed on 0.75m to 1.24m length composites. Au, Cu and Pb required no capping. ID3 was utilized for grade interpolation for Au and Ag while ID2 was utilized for Cu, Pb and Zn. Grade blocks were interpreted within constraining mineralized domains using and array of 3m x 1m x 3m blocks in the model. A bulk density of 3.56 t/m³ was used for all tonnage calculations. Approximate US$ two-year trailing average metal prices as follows were used: Au $1,300/oz, Ag $17/oz, Cu $3/lb, Pb $1.05/lb and Zn $1.35/lb with an exchange rate of US$0.77=C$1.00.
The C$100/tonne NSR cut-off grade value for the underground Mineral Resource was derived from mining costs of C$70/t, with process costs of C$20/t and G&A of C$10/t. Process recoveries used were Au 79%, Ag 80%, Cu 81%, Pb 75% and Zn 94%. AuEq and AgEq are based on the formula: NSR (CDN) = (Cu% * $57.58) + (Pb% * $19.16) + (Zn% * $30.88) +(Au g/t * $39.40) + (Ag g/t * $0.44) - $78.76.
Mineral Resources are not Mineral Reserves, do not have demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred Mineral Resources have a lower level of confidence than Indicated Mineral Resources and may not be converted to a Mineral Reserve but may be upgraded to an Indicated Mineral Resource with continued exploration. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines.
The Mineral Resource Estimate was prepared by Eugene Puritch, P.Eng., FEC, CET and Yungang Wu, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, Independent Qualified Persons ("QP"), as defined by National Instrument 43-101. P&E Mining suggests that an underground mining scenario is appropriate for the project at this stage and has recommended a CDN$100/tonne NSR cut-off value for the base-case resource estimate.
Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the Silver Queen project and for the preparation of the technical information in this disclosure.
On behalf of the Board of Directors
"Joseph Anthony Kizis, Jr."
Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation
For further information, visit the website at https://www.equitymetalscorporation.com; or contact us at 604.641.2759 or by email at ir@mnxltd.com.
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. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Equity Metals Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106891
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Nexus Gold Expands Dakouli 2 Gold Concession, Burkina Faso, West Africa
(TheNewswire)
Vancouver, Canada - TheNewswire December 7, 2021 - Nexus Gold Corp. (" Nexus " or the " Company ") (TSXV:NXS ) ( OTC:NXXGF ) ( FSE:N6E) is pleased to report that it has received confirmation from the Government of Burkina Faso's Ministre de L'Energie des Mines et Les Carriers that its application for expanding the Dakouli 2 permit has been approved.
The expansion of the Dakouli 2 project has resulted in the exploration permit  being expanded by 1.39 square kilometers. The expansion extends the permit coverage westward from its original configuration and now encompasses areas first identified in 2013 where  previous explorers collected  rock grab samples retuning results of 1.75 grams-per-tonne ("g/t") gold ("Au"), 2.14 g/t Au and 2.32 g/t Au.  These rock samples  are described as white quartz veins hosted in red granite.
Subsequent to the rock sampling a program of Aircore and Reverse Circulation ("RC") drilling was used to investigate the area. The drill program consisted of  four RC holes for 430m (PNRC001-003,009) and 12 AC holes for 250m (PNAC001-012).
The best reported results from this drilling are 12 meters of 1.01 g/t  from hole PNRC001, and 36m of 0.51 g/t in hole PNRC003. Reported Drilling described that the main gold mineralization is associated with a fine-grained syenite dyke with sulphide and quartz veining up to 14m thick.  It's interpreted  that this dyke is striking to the north east and dipping to the south.
Drilling to Date at Dakouli
In late 2020 the Company conducted a Reverse Circulation ("RC") drill program at the 98-sq kms concession consisting of 2,914 meters of exploratory drilling. Â The first-ever drill program on the property was designed to test several areas that have returned either high gold values from rock samples or coincidental soil geochemical and geophysical anomalies proximal to artisanal workings ("orpaillages").
Significant results were encountered in several holes, including:
DKL-20-RC-007
-
4.83 grams-per-tonne ("g/t") gold ("Au") over 20 meters
-
Including 14.51 g/t Au over 6m
-
And 39.6 g/t over 2m
DKL-20-RC-009
-
1.61 g/t Au over 10m
-
Including 4.11 g/t Au over 2m
DKL-20-RC-010
-
1.89 g/t Au over 8m
-
Including 6.54 g/t Au over 2
In addition, several holes returned lengthy intercepts of sub-one gram gold, including DKL-20-RC-006 which returned .59 g/t Au over 18 meters, DKL-20-RC-017, which returned .91 g/t Au over 10m, and DKL-20-RC-002 which returned .64 g/t Au over 16 meters.
In the summer of 2021, the Company returned to Dakouli to conduct a 2000m follow up Diamond Drill program. Â Results from this program expanded upon the earlier RC drill results with several significant intercepts:
DKL-21-DD-001
-
0.95 g/t Au over 23m
-
Including 1.01 g/t Au over 15m
-
1.46 g/t Au over 7m
-
Including 4.87 g/t Au over 1m and 6.88 g/t Au over 1m
DKL-21-DD-002
-
1.90 g/t Au over 28m
-
Including 10.87 g/t Au over 4m
-
Including 15.1 g/t Au over 1m, and 17 g/t Au over 1m
-
1.43 g/t Au over 10m
-
Including 10.6 g/t Au over 1m
DKL-21-DD-008
Drilling has so far primarily been confined to a small section in the upper northeastern portion of the concession ground.
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Image 1: Location of Dakouli 2 project, Goren Greenstone Belt, Burkina Faso, West Africa
Click Image To View Full Size
Image 2: Bisecting Sabce faults (red) and artisanal zones, Dakouli 2 project, Burkina Faso, West Africa
About the Dakouli 2 Gold Concession
The Dakouli 2 exploration permit is a nearly 100-sq km (10,000 hectares) gold exploration property located approximately 100 kilometers due north of the capital city Ouagadougou. Situated on the Goren greenstone belt, Dakouli is proximal to Nordgold's Bissa Mine, and is bisected by the gold-bearing Sabce shear zone.
In late 2018 Company geologists conducted a comprehensive ground reconnaissance program to the west and south of the main orpaillage (artisanal zone) and identified new near surface workings being exploited by artisanal miners. Rock samples collected from these new zones contained various concentrations of visible gold, including coarse nuggety samples.
Follow up work outlined an anomalous zone extending some 500 meters west from the sample zones. Based on those results the Company initiated a 150-line kilometer soil geochemical survey covering the northern half of the Dakouli 2 property. This survey identified three prominent gold geochemical trends.
The primary gold trend parallels the Sabce fault zone and extends for approximately 10 kilometers in a northeast-southwest direction and bisects the property from the northeast corner of the property to its western boundary. Â The Sabce fault hosts multiple deposits including Nordgold's 3.4M oz Bissa Mine, located approximately 25km east of the Dakouli ground.
Two secondary gold trends which extend for approximately 6.5 kilometers each are oriented in a northwest to southeast direction and bisect the primary trend. Â All three gold geochemical trends are coincidental to geophysical trends identified from the national regional airborne geophysics.
* Please note that while the Company considers sampling and reporting results from the new portions of the exploration permit to be accurate, readers are cautioned that a Qualified Person has been unable to verify the laboratory involved in the analysis of these samples, and no documentation was available regarding quality control procedures utilized in the analysis.
Private Placement Closed
The Company also reports that it completed a non-brokered private placement (the " Offering ") for gross proceeds of $530,000. In connection with closing of the Offering, the Company has issued 5,000,000 flow-through units (each, an " FT Unit ") and 5,600,000 non-flow-through units (each, an " NFT Unit "). Each "FT Unit" and "NFT Unit" was issued at a price of $0.05 and consists of one common share of the Company and one common share purchase warrant exercisable at price of $0.07 until December 1, 2024.
The gross proceeds from the Offering will be used for further project development work, for general working capital purposes and to finance Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) which shall qualify as "flow-through mining expenditures" for the purposes of the Income Tax Act (Canada).
All securities issued in connection with the Offering are subject to a statutory hold period until April 2, 2022 in accordance with applicable securities laws. No finders' fees or commissions were paid in connection with completion of the Offering.
The Company also clarifies that the 16,109,450 common share purchase warrants issued in connection with a non-brokered private placement completed by the Company on June 28, 2021, are exercisable until June 28, 2026, and not as otherwise noted. For further information concerning the private placement, readers are encouraged to review the Company's news release of June 25, 2021.
Warren Robb P.Geo., Vice President, Exploration, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About the Company
Nexus Gold is a Canadian-based gold exploration and development company with an extensive portfolio of projects in Canada and West Africa. The Company's primary focus is on its 100%-owned, ~100-sq km Dakouli 2 Gold Concession in Burkina Faso, West Africa, and the 1400-ha McKenzie Gold Project, located in Red Lake, Ontario. The Company is concentrating on the development of its core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its portfolio.
For more information, please visit nxs.gold
On behalf of the Board of Directors of
Nexus Gold CORP.
Alex Klenman
President & CEO
604-558-1920
info@nexusgoldcorp.com
www.nexusgoldcorp.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 release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Copyright (c) 2021 TheNewswire - All rights reserved.
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Rover Metals Announces Infill and Delineation of the Historic Beaver Zone, at Cabin Gold, NT, Canada
Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (" Rover " or the " Company ") is pleased to report on the Phase 2 Exploration Program at its 100% owned Cabin Gold Project, NT, Canada . The focus of the Phase 2 Exploration Program was to discover and delineate new gold zones along the Bugow Iron Formation, the controlling structure for gold at the Cabin Gold Project. The Company is pleased to announce that it has been able to achieve expansion of the economic gold grades at the historic Beaver Zone. The Beaver Zone is situated roughly 400 meters northwest of the Arrow Zone, which was the focus of the Company's exploration efforts in 2020. In November 2020, the Arrow Zone was delineated as a near surface, 120-meter high-grade ore shoot, open at depth. The Beaver Zone, currently defined as approximately 90 meters in near surface length, is showing potential to extend south-east into the high-grade Arrow Zone, as well as being open to the northwest, and at depth.
Beaver Zone Expansion
The Company is reporting multiple near-surface intercepts of economic gold grades at the Beaver Zone. Highlights of Phase 2 drilling include: new drill hole CL-21-10 which reported 6.4 meters of 4.63 g/t Au (from 42.6m to 49.0m), including 2.6 meters of 7.80 g/t Au ; new drill hole CL-21-15 which reported 5.8 meters of 2.13 g/t Au (from 50.0m to 55.8m); new drill hole CL-21-39 which reported 4.6 meters of 2.21 g/t Au (from 11.0m to 15.6m); and new drill hole CL-21-40 which reported 4.5 meters of 0.84 g/t Au (from 13.8m to 18.3m). The results, both confirm and expand upon, historical drilling at Beaver in the 1980s, and have returned higher grades than historical results . The historical drill holes and new holes can be referenced in the drill plan for the Beaver Zone below. A table of significant Beaver Zone drill results greater than 0.5 g/t Au listed by hole and interval can be found at the bottom of this release.
Drill Plan View – Beaver Zone
CL-21-10/11 Cross Sections
CL-21-13/14 Cross Sections
CL-21-15 Cross Section
CL-21-16 Cross Section
CL-21-39/40 Cross Sections
The Company's working hypothesis is that there is a conceptual ore shoot at Beaver trending, and dipping to the northwest in a similar fashion and direction as the Arrow Zone, which lies 400 meters to the southeast of Beaver. The Company commenced an IP ground survey on November 28 th , 2021, across the Beaver and Arrow Zones to assist in 3D modelling of the gold mineralization for the delineation of the Phase 3 drill targets for Q1-2022.
Map of Beaver Zone and Arrow Zone IP Survey Lines
Judson Culter, CEO at Rover Metals, states: "We are very pleased to have the workings of a new medium-to-high grade ore shoot at Beaver. The goal of the Phase 2 Program at Cabin was to open-up the 15 km of near surface iron formation at the project, and to delineate additional zones for a deeper Phase 3 drill program in Q1-2022. We believe that in addition to our success in the Beaver Zone we are poised for significant expansion of gold mineralization at the historic Andrew Zone as well. Based on the initial sampling results received from the Andrew Zone, we have sent more samples to the lab as we believe the mineralized intervals are longer than what initially sampled in the field at the start of the program. A map of the Bugow Iron Formation, showing the current understanding and interpretation of the delineated zones as well as new 2021 IP anomaly discoveries can be found below."
Map of the Bugow Iron Formation
Tables of Significant Drill Results
| Hole ID | Easting83z11 | Northing83z11 | Elevation (m) | Total Depth | Dip | Azimuth |
| CL-21-10 | 559060 | 7005770 | 176 | 74 | -45 | 230 |
| CL-21-11 | 559061 | 7005770 | 176 | 146 | -65 | 230 |
| CL-21-12 | 559062 | 7005769 | 176 | 93.75 | -55 | 195 |
| CL-21-13 | 559020 | 7005800 | 175 | 62 | -45 | 230 |
| CL-21-14 | 559020 | 7005800 | 175 | 95 | -65 | 230 |
| CL-21-15 | 559020 | 7005800 | 175 | 83 | -45 | 190 |
| CL-21-16 | 559020 | 7005800 | 175 | 80 | -45 | 260 |
| CL-21-39 | 559067 | 7005755 | 177 | 53 | -45 | 230 |
| CL-21-40 | 559067 | 7005755 | 177 | 77 | -55 | 250 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-10 | V749212 | 42.6 | 43.1 | 0.5 | 1.17 |
| CL-21-10 | V749213 | 43.1 | 43.6 | 0.5 | 1.62 |
| CL-21-10 | V749214 | 43.6 | 44.1 | 0.5 | 0.95 |
| CL-21-10 | V749215 | 44.1 | 44.6 | 0.5 | 2.88 |
| CL-21-10 | V749216 | 44.6 | 45.1 | 0.5 | 7.32 |
| CL-21-10 | V749218 | 45.1 | 45.6 | 0.5 | 6.51 |
| CL-21-10 | V749219 | 45.6 | 45.9 | 0.3 | 22.40 |
| CL-21-10 | V749217 | 45.9 | 46.4 | 0.5 | 5.40 |
| CL-21-10 | V749221 | 46.4 | 46.7 | 0.3 | 8.33 |
| CL-21-10 | V749222 | 46.7 | 47.2 | 0.5 | 1.43 |
| CL-21-10 | V749223 | 47.2 | 47.7 | 0.5 | 0.42 |
| CL-21-10 | V749224 | 47.7 | 48.2 | 0.5 | 1.45 |
| CL-21-10 | V749225 | 48.2 | 49.0 | 0.8 | 7.30 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-13 | V749421 | 41.57 | 41.97 | 0.40 | 0.51 |
| CL-21-13 | V749422 | 41.97 | 42.38 | 0.41 | 0.20 |
| CL-21-13 | V749423 | 42.38 | 42.75 | 0.37 | 3.39 |
| CL-21-13 | V749424 | 42.75 | 43.09 | 0.34 | 0.31 |
| CL-21-13 | V749425 | 43.09 | 43.59 | 0.50 | 0.04 |
| CL-21-13 | V749426 | 43.59 | 44.00 | 0.41 | 1.78 |
| CL-21-13 | V749427 | 44.00 | 44.53 | 0.53 | 0.76 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-14 | V749467 | 70.70 | 71.00 | 0.30 | 0.62 |
| CL-21-14 | V749468 | 71.00 | 71.43 | 0.43 | 0.51 |
| CL-21-14 | V749469 | 71.43 | 71.81 | 0.38 | 1.52 |
| CL-21-14 | V749470 | 71.81 | 72.16 | 0.35 | 0.41 |
| CL-21-14 | V749471 | 72.16 | 72.56 | 0.40 | 1.59 |
| CL-21-14 | V749472 | 72.56 | 72.9 | 0.34 | 5.48 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-15 | V749507 | 50.00 | 50.50 | 0.50 | 0.70 |
| CL-21-15 | V749508 | 50.50 | 51.03 | 0.53 | 1.10 |
| CL-21-15 | V749509 | 51.03 | 51.48 | 0.45 | 0.41 |
| CL-21-15 | V749510 | 51.48 | 52.16 | 0.68 | 0.39 |
| CL-21-15 | V749511 | 52.16 | 52.87 | 0.71 | 5.05 |
| CL-21-15 | V749512 | 52.87 | 53.23 | 0.36 | 9.64 |
| CL-21-15 | V749513 | 53.23 | 53.63 | 0.40 | 4.29 |
| CL-21-15 | V749514 | 53.63 | 53.97 | 0.34 | 1.54 |
| CL-21-15 | V749515 | 53.97 | 54.29 | 0.32 | 0.45 |
| CL-21-15 | V749516 | 54.29 | 54.62 | 0.33 | 2.79 |
| CL-21-15 | V749517 | 54.62 | 55.36 | 0.74 | 0.21 |
| CL-21-15 | V749518 | 55.36 | 55.75 | 0.39 | 0.83 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-39 | V748418 | 11.00 | 11.90 | 0.90 | 1.39 |
| CL-21-39 | V748419 | 11.90 | 12.20 | 0.30 | 0.96 |
| CL-21-39 | V748420 | 12.20 | 12.94 | 0.74 | 0.61 |
| CL-21-39 | V748421 | 12.94 | 13.36 | 0.42 | 1.13 |
| CL-21-39 | V748422 | 13.36 | 14.00 | 0.64 | 7.96 |
| CL-21-39 | V748423 | 14.00 | 14.52 | 0.52 | 2.72 |
| CL-21-39 | V748424 | 14.52 | 15.00 | 0.48 | 1.60 |
| CL-21-39 | V748425 | 15.00 | 15.62 | 0.62 | 0.74 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-40 | V748392 | 43.53 | 43.83 | 0.30 | 4.09 |
| CL-21-40 | V748393 | 43.83 | 44.29 | 0.46 | 3.17 |
| CL-21-40 | V748394 | 44.29 | 44.57 | 0.28 | 1.71 |
| CL-21-40 | V748395 | 44.57 | 45.10 | 0.53 | 1.03 |
| CL-21-40 | V748396 | 45.10 | 45.47 | 0.37 | 1.43 |
| CL-21-40 | V748397 | 45.47 | 45.93 | 0.46 | 2.99 |
| CL-21-40 | V748398 | 45.93 | 46.60 | 0.67 | 0.25 |
| CL-21-40 | V748399 | 46.60 | 47.15 | 0.55 | 0.69 |
Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60 th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in the summer of 2021, and Phase 2 Exploration work continues at Cabin Gold through to the date of this release.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
"Judson Culter"
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. There can be no assurance that such statements be prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover's expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
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Alianza Minerals and Cloudbreak Discovery Option out the Klondike Property, Colorado, to Allied Copper
(TheNewswire)
Vancouver, BC TheNewswire - December 7, 2021 - Alianza Minerals Ltd. ("Alianza") (TSXV:ANZ ) ( OTCQB:TARSF) and Cloudbreak Discovery Plc ("Cloudbreak") (LSE: CDL) (the " Alliance ") are pleased to announce the optioning of their first project to Allied Copper Corp. ("Allied") (TSX-V: CPR) subject to TSX Venture Exchange approval. The Klondike property (the "Klondike Property"), located in Colorado, United States, consists of 76 unpatented mining claims, a State of Colorado Exploration Permit and an exclusive right to a State lease.
Klondike Option Agreement Highlights:
-
Allied will incur an aggregate of CAD $4,750,000 in exploration expenditures on the property, with at least CAD $500,000 to be spent prior to the first anniversary of the closing date.
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Allied will issue 7,000,000 common shares and make an aggregate of CAD $400,000 in cash payments to the Alliance over a three-year period.
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Upon completion of these option agreement obligations, the Alliance will transfer 100% interest in the Klondike Property to Allied. Allied will also issue 3,000,000 warrants exercisable for a three year term at a price equal to the 10-day VWAP of Allied's common shares at the time of the issuance.
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The Alliance will retain a 2% net smelter royalty which is subject to a buy down provision where Allied may, at its discretion, repurchase half of the royalty for CAD $1,500,000 within 30 days of commercial production.
If Allied files on SEDAR an NI 43-101 technical report establishing the existence of a resource on any portion of the Klondike Property of at least 50,000,000 tonnes of either copper or copper equivalent at a minimum cut-off grade of 0.50% copper or copper equivalent and categorized as a combination of inferred resources, indicated resources and measured resources, then Allied will also issue a further 3,000,000 warrants exercisable for a three year term at a price equal to the 10-day VWAP of Allied's common shares at the time of the issuance.
Jason Weber, President and CEO of Alianza Minerals, stated: "We welcome Allied as our new partner. The Klondike Property is an excellent project and we are excited with the copper targets outlined to date. We look forward to working with Allied as they aggressively test the West Graben, East Graben and Northeast Fault targets in 2022. "
A recent reconnaissance program (see news release dated December 1, 2021) consisting of mapping, stream sediment sampling and rock sampling was undertaken at the Klondike Property to help define drill targets at the West Graben Fault and East Graben Fault targets. Rock sampling and mapping successfully expanded the footprint of both targets and identified a new target named the Northeast Fault. Sampling at the Northeast Fault returned 1.56% copper and 1.4 grams per tonne ("g/t") silver over a 4.6 metre chip sample of bleached, bitumen spotted and altered Jurassic sandstones of the Saltwash member of the Morrison Formation.
Copper mineralized sandstones at the Northeast Fault target can be traced along the fault and outboard from it into the adjacent sandstones over an area 200 metres long by 100 metres wide before becoming obscured beneath gravel cover. Further anomalous copper, including 2.1 metres of 463 ppm copper, was encountered over one kilometre to the northwest where the structure and host strata next appear from beneath the same gravel cover.
About the Klondike Property
The Klondike Property is located approximately 25 kilometres south of Naturita, Colorado. This property lies within the Paradox Copper Belt, which includes the producing Lisbon Valley Mining Complex. Numerous historical copper occurrences have been identified throughout the district, however, many of these have not been explored using modern exploration techniques.
At Klondike, documented copper exploration ceased in the 1960s with subsequent exploration targeting uranium the 1970s. Previous workers reported high-grade copper mineralization highlighted by results of 6.3% copper and 23.3 g/t silver in outcrop. In addition to its high-grade potential, disseminated copper-silver mineralization has been observed which may be amenable to modern open pit mining with Solvent Extraction Electro Winning ("SXEW") processing similar to the Lisbon Valley Mining Complex. Sedimentary hosted copper deposits are an important contributor to world copper production, accounting for more than 20% of the world's copper supply annually.
The project is road accessible year-round, traveling two kilometres of gravel road from paved highway. The project is comprised of 76 mining claims on Federal mineral rights managed by the BLM, in addition to an Exploration Permit and an exclusive right to a State lease from the State of Colorado.
Figure 1. Klondike Geology and Copper Results Map
Click Image To View Full Size
About the Strategic Alliance
Under the terms of the Alliance, either Cloudbreak Discovery Plc or Alianza Minerals Ltd can introduce projects to the Alliance. Projects accepted into the Alliance will be held 50/50 but funding of the initial acquisition and any preliminary work programs will be funded 40% by the introducing partner and 60% by the other party. Project expenditures are determined by committee, consisting of two senior management personnel from each party. Alianza is the operator of Alliance projects unless the Alliance steering committee determines, on a case-by-case basis, that Cloudbreak would be a more suitable operator. The initial term of the Alliance runs for two years and may be extended for an additional two years.
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC, is a leading natural resource project generator, working across a wide array of mineral assets that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by Cloudbreak's generative model enables a multi-asset approach to investing and exploration. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of natural resource investing.
About Allied Copper
Allied Copper Corp. is headquartered in Vancouver, BC Canada is a mineral exploration company focused on acquiring and developing potential long life, scalable copper-gold assets in the Western United States. The Company's strategy is to focus on low cost and potential high growth operations in low-risk jurisdictions. Allied Copper's management is committed to operating efficiently and with transparency in all areas of the business.
About Alianza Minerals Ltd.
Alianza employs a hybrid business model of joint venture funding and self-funded projects to maximize opportunity for exploration success. The Company currently has gold, silver and base metal projects in Yukon Territory, British Columbia, Colorado, Nevada and Peru. Alianza currently has one project (Tim, Yukon Territory) optioned out to Coeur Mining, Inc. and is actively seeking partners on other projects.
Alianza 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.
For further information, contact:
| Jason Weber, President and CEO Sandrine Lam, Shareholder Communications Tel: Â (604) 807-7217 Renmark Financial Communications Inc. Scott Logan slogan@renmarkfinancial.com Tel: (416) 644-2020 or (212) 812-7680 To learn more visit: www.alianzaminerals.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 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.
Copyright (c) 2021 TheNewswire - All rights reserved.
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Gold Mountain Updates Mineral Resource Estimate at the Elk Gold Property
Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate following the conclusion of its Phase 2 drill program at the Elk Gold Project. An updated technical report will be filed on the Company's website and SEDAR within 45 calendar days of this disclosure
Highlights:
- Gold Mountain increases its resource estimate at its flagship Elk Gold Project to: 806,000 oz of Measured & Indicated Resources at 5.8 g/t AuEq and 262,000 oz of Inferred resource at 5.4 g/t AuEq.
- The updated Resource Estimate represents a 24% increase of Measured and Indicated ounces and 65% increase of inferred ounces.
- 37 new diamond drill holes were completed in the Siwash North Zone which incrementally expanded the vein models along strike and down dip and connected the Siwash North Zone with the Gold Creek Zone, historically viewed as a satellite deposit.
- 10 diamond drill holes were completed in the Lake and South Zones leading to maiden Mineral Resource estimates in the two satellite zones which demonstrate the multiple zone potential for the Elk Gold Project.
- This update to the mineral resources followed the Company's successful Phase 2 drill program that consisted of 13,900 metres of diamond drilling where all 47 holes hit mineralization.
The resource update is following Gold Mountain's 13,900m Phase 2 drill program which began in May and wrapped up in November. The Company continued to step out and infill its well established, high-grade intercepts in Siwash North, increasing the zone's measured and indicated resource to 735,000oz at 5.9 g/t AuEq and inferred resource to 229,000oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North Zone which allowed the Company to merge the Gold Creek and Siwash North geological models.
Additionally, Gold Mountain continued exploring the property by drilling in known mineralized Satellite zones including; the Lake and South Zones. By leveraging and evaluating the historical drill data set for these zones, the Company was able to fill spatial data gaps and establish a combined maiden resource of 71,000oz measured and indicated at 4.3g/t AuEq and 33,000oz inferred at 5.7g/t AuEq.
Finally, the Company continued relogging the asset's historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North Zone which helped further refine the vein model interpretation and add additional veins to the geological model.
Elk Gold Resource Update - Summary
The table below summarizes the updated resource estimate at the Elk Gold Project:
Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021 | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Measured | 169,000 | 10.4 | 10.3 | 10.9 | 56,000 |
Indicated | 4,190,000 | 5.6 | 5.4 | 11.0 | 750,000 |
Measured + Indicated | 4,359,000 | 5.8 | 5.6 | 11.0 | 806,000 |
Inferred | 1,497,000 | 5.4 | 5.3 | 14.4 | 262,000 |
CIM definitions were followed for classification of Mineral Resources.
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
Results are presented in-situ and undiluted.
Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq for pit-constrained resources and 3.0 g/t AuEq for underground resources.
The number of tonnes and metal ounces are rounded to the nearest thousand.
The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is:
AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)
The Resource Estimate is effective as of October 21, 2021.
Elk Gold Project Resource Estimate
The table below sets out the detailed results of the Mineral Resource estimate for Elk Gold Project. The effective date of the resource estimate is October 21, 2021 (the "Resource Estimate").
Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021 | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Measured | 169,000 | 10.4 | 10.3 | 10.9 | 56,000 |
Indicated | 4,190,000 | 5.6 | 5.4 | 11.0 | 750,000 |
Measured + Indicated | 4,359,000 | 5.8 | 5.6 | 11.0 | 806,000 |
Inferred | 1,497,000 | 5.4 | 5.3 | 14.4 | 262,000 |
Siwash Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Measured | 169,000 | 10.4 | 10.3 | 10.9 | 56,000 |
Indicated | 3,396,000 | 5.5 | 5.4 | 9.6 | 606,000 |
Measured + Indicated | 3,565,000 | 5.8 | 5.7 | 9.7 | 662,000 |
Inferred | 927,000 | 4.0 | 3.9 | 9.1 | 121,000 |
Siwash Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Indicated | 283,000 | 8.0 | 7.8 | 17.4 | 73,000 |
Inferred | 396,000 | 8.5 | 8.2 | 21.5 | 108,000 |
Lake Zone Pit-Constrained Resource Estimate at 0.3/gt AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Indicated | 267,000 | 3.2 | 3.1 | 16.5 | 28,000 |
Inferred | 75,000 | 4.5 | 4.2 | 25.1 | 11,000 |
Lake Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Indicated | 124,000 | 5.6 | 5.3 | 26,.0 | 22,000 |
Inferred | 73,000 | 6.6 | 6.2 | 33.2 | 16,000 |
South Zone Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Indicated | 87,000 | 2.3 | 2.3 | 3.0 | 7,000 |
Inferred | 9,000 | 2.6 | 2.6 | 3.4 | 1,000 |
South Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade | |||||
Classification | Tonnes | Au Equivalent (g/t) | Au Capped (g/t) | Ag Capped (g/t) | AuEq (Oz) |
Indicated | 33,000 | 13.5 | 13.3 | 20.6 | 14,000 |
Inferred | 17,000 | 9.4 | 9.2 | 18.7 | 5,000 |
CIM definitions were followed for classification of Mineral Resources.
Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
Results are presented in-situ and undiluted.
Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq for pit-constrained resources and 3.0 g/t AuEq for underground resources.
The number of tonnes and metal ounces are rounded to the nearest thousand.
The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is:
AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)
The Resource Estimate is effective as of October 21, 2021.
Several factors have contributed to the change in this resource estimate from previous estimates. The primary factors affecting that change are the addition of 47 new diamond drill holes, changes to the constraining pit shell parameters, changes to the vein model interpretation and inclusion of maiden Mineral Resources in the Lake and South Zones.
Mineral Resource Estimate Assumptions
Data Verification
The data that forms the basis for the Resource Estimate was verified by the Qualified Person using industry standard methods. Drill hole collar locations were confirmed with independent surveyors' using high precision GPS equipment. Analytical accuracy and precision are monitored using commercial standards, blanks, re-analysis of both coarse rejects and pulps. A review of all data inputs to the drilling database, both historical and recent, has allowed a sufficient level of confidence to include the drill database in the Resource Estimate.
Key Assumptions and Parameters and Methods Used to Estimate Resources
Exploration Information
The data from the 47 Phase 2 drill holes were added to the 2021 drill data for an aggregate total of 1,125 holes that intersected the 46 modelled mineralized zones. The assay file contained 23,093 gold and silver assays of which 6,406 were contained within the modelled zones.
Grade Capping - Siwash North
A cumulative frequency curve was generated for both gold and silver assay values to determine whether capping of assay values was appropriate. There is a distinct break in the gold assay cumulative frequency curve at 400 g/t and that value was taken as the capping value. There were 10 gold assay values over 400 g/t. The silver cumulative frequency curve has a break at 450 g/t and that value was taken as the capping value. There are 11 samples in the population which were greater than 450 g/t silver.
Grade Capping - Lake Zone
No grade capping was applied in the Lake Zone for this resource estimate.
Grade Capping - South Zone
In the South Zone, gold grades were capped at 60g/t Au and there is 1 gold assay value over 60 g/t. The silver grades were capped at 160g/t Ag and there are 2 samples in the population which were greater than 160 g/t silver.
Vein Modelling
The Resource Estimate is constrained to a vein wireframe model which was developed using LeapfrogTM software by clipping the wireframes to a combination of drill hole composites and lithological units.
Metal Equivalency
The Resource Estimate includes both gold and silver assay values and the combined value is expressed as a gold equivalency. The formula by which the two metals are combined is:
AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)
The table below provides the metal equivalency calculation parameters.
Parameter | Unit | Value |
Gold Grade | g/t | Variable |
Silver Grade | g/t | Variable |
Gold Price | US$/oz | 1,655 |
Gold Price | US$/g | 53.20 |
Silver Price | US$/oz | 20.84 |
Silver Price | US$/g | 0.67 |
Recovery of Gold | % | 96 |
Recovery of Silver | % | 86 |
Mineral Resource Classification
Mineral resources were classified as Measured, Indicated or Inferred according to the criteria set out in the table below.
Classification on Category | Composites | Major (m) | Median (m) | Minor (m) | |
Min. | Max. | ||||
Measured | 8 | 8 | 20 | 20 | 20 |
Indicated | 4 | 8 | 65 | 65 | 65 |
Inferred | 2 | 8 | 85 | 85 | 85 |
Only material in the 1300 vein was allowed to be classified as measured because that is the only zone that has been explored from underground and has provided three-dimensional exposures of the mineralization as well as close-spaced testing by underground drilling.
Reasonable Prospect of Economic Extraction
The open pit portion of the Resource Estimate was constrained by an economic pit shell using the following parameters:
Parameter | Unit | Value |
Gold | US$/oz | 1,655 |
Gold | US$/g | 53.20 |
Silver | US$/oz | 20.67 |
Silver | US$/g | 0.67 |
Production Rate | t/d | 900 |
Mining Cost | US$/t material | 2.00 |
Processing + G&A | US$/t mineralized material | 21 |
Recovery Au | % | 96 |
Recovery Ag | % | 86 |
NSR | % | 2 |
Selling Cost | % | 2 |
Pit Slope | degrees | 50 |
Legal, Political and Environmental risks
There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate.
Qualified Persons
The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for Gold Mountain Mining Corp.
The technical information relating to the resource estimate was prepared by Greg Mosher P. Geo (Global Mineral Resource Services) a Qualified Person as such term is defined under National Instrument 43-101 who is independent of Gold Mountain.
About Gold Mountain Mining
Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company's new website at www.gold-mountain.ca.
For Further information, please contact
Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: ks@gold-mountain.ca
Website: www.gold-mountain.ca
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. There can be no assurance that such statements 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 statements. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Annual Information Form for the year ended January 31, 2021 a copy of which was filed on November 4, 20201 and is available on SEDAR.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
SOURCE: Gold Mountain Mining Corp.
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