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PRESS RELEASE HIGHLIGHTS:
Green River will be entering the real estate development businesses, with a focus on the Edmonton and Northern Alberta region, beginning early in calendar 2025.
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Golden Mile Resources
Investor Insight
Golden Mile Resources is a project development and mineral exploration company, with a focus on growing the company with a multi asset and multi commodity strategy through advancing core projects, acquisition of high-quality assets, and tactical alliances with joint venture partners. Golden Mile’s value proposition is driven by a highly experienced leadership team with proven expertise across the resources sector from exploration to development and production.
Overview
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent). Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets, and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well positioned to execute its strategy moving forward.
Company Highlights
- Golden Mile Resources has a diversified portfolio of both advanced projects and exploration assets in tier 1 jurisdictions of Australia and the US.
- The recently acquired Pearl copper project in Arizona is located in the renowned Laramide Porphyry Belt.
- The Quicksilver nickel-cobalt project near Perth has an indicated and inferred mineral resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
- Golden Mile is backed by a highly experienced management team with proven success in project engineering and development from exploration to production across multiple continents.
Key Projects
Pearl Copper Project
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
The most significant working within the project area are the Pearl and Ford mines. The Pearl mine is located on the north-western portion of the Pearl project within the Odyssey prospect. It produced up to 60,000 tons of ore containing copper oxide and sulphide, lead, silver and gold from largely artisanal workings from 1915 to 1941 (Force, 1997).
Historical records from the Ford mine, located within the Pearl copper project mine claims, have reported lead assays from 5.7 percent to 31.3 percent, copper assays from 5.8 percent to 10.6 percent and that gold increases in the deeper levels from 0.01 oz to 0.54 oz (16.7g/t) (Baird, 1942).
Significant upside from organic exploration exists given Pearl’s geographic location, situated in the heart of the world-class Laramide Porphyry Copper Belt and 1 km of the San Manuel mine (historic production of 4.7 Mt) that has been operating for 44 years.
A tier 1 mining jurisdiction, Arizona represents approximately 70 percent of domestic US copper production. The Pearl project was historically mined from 1915 to 1941.
Quicksilver Nickel-Cobalt Project
The Quicksilver nickel-cobalt project is located approximately 280 km southeast of Perth in Western Australia. The project comprises an area of about 50 sq km that boasts excellent local infrastructure, including easy access to a grid power, sealed roads and a railway line to key ports.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
Board and Management Team
Damon Dormer – Managing Director
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo – Non-executive Director
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button – Non-executive Chairman
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina – Non-executive Director
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell - Company Secretary
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer – Exploration Manager
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
Golden Mile Confirms Joint Venture-Acquisition Over Highly Prospective Copper Project in Arizona, USA
HIGHLIGHTS
- Golden Mile has entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) for the Pearl Copper Project located in Arizona, United States.
- Initial field reconnaissance has delineated multiple targets within the project area. This highlights the near-term drill, and company making potential, of the Odyssey and Ford Prospects.
- At Odyssey, which hosts the historic artisanal Pearl (Cu-Zn-Ag-Au) Mine, multiple vein targets up to five metres wide extend continuously for approximately 800m and are evident at the surface.
- At Ford, limited historic data indicates a shaft was developed to a depth of around 70 metres. Polymetallic Cu-Pb-Ag-Au-Zn vein type mineralisation, up to five metres wide, was mined before excess water halted operations in circa 1942.
- Due Diligence indicates the Pearl Copper Project not only hosts near-term vein targets but also shows widespread surface alteration, suggesting the presence of intrusive disseminated mineralisation, making it a significant Cu-porphyry target.
- Golden Mile and Outcrop have agreed on terms for Golden Mile to acquire up to a 100% ownership of the Pearl Copper Project through a staged, earn in and dilution, investment of up to $A 12 million over eight years along with up to a 2% net smelter royalty.
Photo 1: Odyssey Prospect rock chip - Photo 2: Ford Prospect Alteration
Overview
A recently completed field trip, undertaken as part of the due diligence, has confirmed the very high prospectivity of the project area for company-making copper resources.
Figure 1: Significant Copper Mines and Projects in Arizona USA
This field examination, undertaken in late July, and while only preliminary in nature, has delineated the Odyssey and the Ford prospects within the Pearl project area as immediate highly prospective, exploration drill targets.
At Odyssey, a sub outcropping multiple vein copper target with surface mineralised widths up to five metres and a strike length of around 800 metres has been mapped. This prospect hosts the historic largely artisanal Pearl working’s where historical records indicate around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941 (Force, 1997).
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This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Green River Gold Corp. Announces an Expansion into the Real Estate Development Business
The Company's primary business will continue to be exploration and development of its mineral properties in British Columbia.
The new business will be a separate division involving a new senior manager with expertise and a track record of success in real estate development, particularly in the Edmonton region.
Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) ("the Company" or "Green River") has signed a letter of intent to work with an experienced Edmonton, Alberta based developer and rental property manager to develop real estate projects in the Edmonton region. The Company intends to invest primarily in multi-family residential units, including new building projects.
A final agreement with the Edmonton based developer and property manager is expected to be signed by February 15, 2025. Further announcements and details on planned projects will be announced as they are finalized.
Perry Little, President and CEO of Green River comments, "Green River is not abandoning its primary business of exploration and development of mineral properties in British Columbia. This diversification and expansion move is being made to generate cash flow and reduce our reliance on the capital markets for funding exploration. Having lived in Edmonton for the past 45 years, I have watched the residential real estate market go through many cycles. The City is currently experiencing rapid population growth as families move from other Provinces where real estate is priced considerably higher. The Edmonton market has not experienced the rapid price appreciation that has happened in parts of British Columbia and Southern Ontario in recent years. Prices are among the most affordable of the larger cities in Canada. Also, taxes are quite low compared to other Provinces, with Alberta remaining the only Province with no Provincial Sales Tax. Our initial focus will be on building smaller (8-plex) mult-unit rental properties for resale in established neighbourhoods. New zoning bylaws that came into effect at the beginning of 2024 have opened up an opportunity in that market segment. The developer and builder we will be working with have significant experience in that area of the market."
The Company expects to close within the next few days on its $900,000 convertible debenture offering which was announced late in 2024.
About Green River Gold Corp.
Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly-owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.
The Fontaine Gold and Quesnel Nickel properties cover an area exceeding 200 square kilometres and straddle a 32-kilometre length of the Barkerville and Quesnel Terranes. They are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.
The Kymar Silver Project is located in southeast BC, approximately 28 kilometres west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totalling 1,625 hectares, along the southeast flank of Mount Catherine.
For more information contact:
Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedarplus.ca.
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-Looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238293
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RUA GOLD Reports Two Major Gold Bearing Structures Identified on Its Glamorgan Project
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to provide an update following the completion of the first phase of surface exploration on its Glamorgan epithermal gold prospect in the Hauraki region on the North Island New Zealand.
Highlights:
- The Company tripled its land package that is directly adjacent to OceanaGold's Wharekirauponga project, which hosts 1.37Moz @ 17.88g/t Au (Ind)1 (Figure 1 & 2).
- Identified two significant soil anomalies over 4kms in length, trending north, and north-northwest and open to the northeast and northwest.
- Significant gold grades (8–43 ppm Au) were recorded in rock float and in situ rock samples from detailed geological mapping.
- Ultra detailed UAV magnetics highlights strong alteration enveloping the two anomalies and demonstrating a major alteration cell indicative of a significant epithermal system.
- CSAMT ground geophysics has commenced as a precursor to targeted diamond drilling.
Simon Henderson, COO of Rua Gold commented: "successful exploration commences with sound geological mapping, detailed geochemistry and geophysical surveys, and the addition of some innovative science and technology to see the opportunity for a major epithermal gold discovery.
With the highly prospective geology of Wharekirauponga and Waihi, major gold deposits next door, our exploration team is highlighting the footprint of another potential significant epithermal gold-silver vein system. CSAMT ground resistivity mapping has commenced and will be the final detail needed to feed into the VRIFY AI tool and then rank drill targets on this exciting opportunity."
Figure 1: Glamorgan is located adjacent to the high grade Wharekirauponga and Waihi gold deposits.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/238183_d4b33a1904905941_007full.jpg
Figure 2: Location of the Wires Ridge prospect within the Glamorgan permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/238183_d4b33a1904905941_010full.jpg
EXPLORATION UPDATE
UAV Magnetic Surveying
Following the access granted in May 2024, Rua Gold's exploration commenced with UAV ultra detailed magnetic surveying, completing 590 line-km of flying using a Geometrics MagArrow magnetometer suspended under a DJI M300 drone. Interpretation of the data has assisted in defining key aspects of lithology and alteration of the Whitianga Group rhyolites and Coromandel Group andesites. Major structural features interpreted in the data align with regional mineralization trends.
Ultra detailed UAV magnetics flown by the exploration team highlights strong alteration (de-magnetization of the host rocks) enveloping the two anomalies and demonstrating a major alteration cell indicative of the footprint of a major epithermal system (Figure 3).
Soil Sampling
Soil sampling commenced in July 2024 along 250m spaced crosslines with a sample spacing of 20m. A total of 3,181 samples were collected, dried, sieved in Rua Gold's Waihi facility, then transported to Reefton and analyzed by pXRF in Rua Gold's Reefton laboratory.
Simultaneously, each sample was analyzed for short-wave near infrared (SWIR) reflectance spectrometry using a TerraSpec 4 Hi-Res mineral analyzer with 6nm resolution to complete a picture of the clay alteration system, enabling identification of the higher levels of the epithermal system. A 50g split of soil was then freighted to ALS Brisbane for low-level precision gold assay. Arsenic anomalism with coincident gold anomalism highlights the two major soil anomalies A and B (Appendix table 1 and Figure 3).
Anomaly A trends north-northwest for 4.2km with conjugate gold-arsenic trends in a north-east direction. This anomaly remains open to the northwest. The northeast direction mirrors the orientation of the significant Wharekirauponga gold deposit adjacent to the Glamorgan Project.
Anomaly B trends northerly and follows north to northeasterly quartz veins mapped over 4km and is open to the north and south. The southern end of this anomaly coincides with the Wentworth/Auckland historical mine workings.
Figure 3: Soil geochemistry & UAV magnetic data highlight two major gold-arsenic anomalies and coincident strong alteration in the Wires Ridge prospect.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/238183_d4b33a1904905941_011full.jpg
Field Mapping
Ongoing field mapping has highlighted broad alteration and veining in situ, and areas of quartz-adularia float displaying banded, platy quartz after calcite, as well as brecciated andesite with stockwork veining increasing toward the zones of interest. Both float and in situ rock-chip sampling have returned encouragingly anomalous gold (Appendix table 2), coincident with the zones of high soil geochemistry.
Geological mapping and CSAMT ground geophysical surveying will be completed in Q1 2025, allowing interpretation and drill targeting mid-year.
ABOUT GLAMORGAN
The Glamorgan Project lies within the Hauraki Goldfield, a major epithermal gold district, with over 50 historic mines and one operating mine (Waihi). The Waihi mine has produced over 10Moz of gold, with disclosed resources of 2.54Moz gold and 9.3Moz silver, and reserves of 0.48Moz gold and 1.5Moz silver remaining (estimated as at December 31, 2023 - see OceanaGold press release dated February 21, 2024 for more details).
Adjacent to the Glamorgan Project lies OceanaGold's Wharekirauponga deposit, with an initial reserve of 1.2Moz gold announced in December 2024. Early phase design and construction is expected to begin in 2025, with the first ore expected to be produced in 20321.
Rua Gold's Chief Operating Officer, Simon Henderson previously spent 14 years delineating the resource at OceanaGold's Waihi operation and then went on to joint-venture both the Glamorgan Project and Wharekirauponga Project under Glass Earth Minerals Inc., leading the exploration team to the Wharekirauponga discovery.
Figure 4: UAV magnetic data over the Wires Ridge Prospect within the Glamorgan permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/238183_d4b33a1904905941_012full.jpg
ABOUT Rua Gold
Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold's two highly prospective high-grade gold projects.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
TECHNICAL INFORMATION
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geophysical, sampling, and mapping programs to verify that they have been conducted in accordance with the standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.
QA/QC SOIL SAMPLES
A bulk sample of ~0.5-1 kg was collected in the field. Each sample was photographed in the field alongside the GPS with coordinates visible and each sample site marked in the field with biodegradable flagging tape. Samples were taken back to Rua Gold's Waihi facility for preparation. Samples were dried in a customized incubator, set at 38°C, for a minimum of two days. Once the samples were fully dried, they were sieved to
The 50-100-g fine-sieved (Rua Gold's Reefton facility for pXRF using an Olympus Vanta hand-held analyser, and then on to ALS Geochemistry, Brisbane, for Au-TL43 analysis. The ALS analysis consisted of 25-g sample digestion by aqua regia, followed by trace Au analysis by ICP-MS. The detection limit for Au by this method is 1ppb.
ALS Brisbane is independent to Rua Gold.
Field duplicates were collected every 20th sample and underwent the same drying, sieving, pXRF, and gold assay process outlined above. Duplicates were checked and validated by Rua Gold's Isogonal data validation system to ensure compliance.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are 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 and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Appendix Table 1: Significant gold and arsenic assay results from soil samples.
| Sample ID | Easting_NZTM | Northing_NZTM | Au (ppm) | As (ppm) |
| WR18022 | 1845455 | 5873468 | 0.28 | 17 |
| WR14016 | 1845843 | 5874398 | 0.26 | 41 |
| WR05107 | 1848533 | 5875462 | 0.26 | 410 |
| WR07134 | 1848758 | 5874761 | 0.26 | 29 |
| WR06119 | 1848620 | 5875127 | 0.22 | 542 |
| WR15027 | 1845911 | 5874072 | 0.19 | 132 |
| WR09143 | 1848669 | 5874237 | 0.17 | 268 |
| WR14017 | 1845860 | 5874388 | 0.17 | 22 |
| WR14007 | 1845686 | 5874486 | 0.15 | 281 |
| WR03096 | 1848588 | 5876006 | 0.14 | 315 |
| WR04109 | 1848691 | 5875660 | * | 1546 |
| WR04111 | 1848726 | 5875641 | * | 1061 |
| WR10019 | 1846387 | 5875239 | * | 1052 |
| WR04110 | 1848709 | 5875650 | * | 1025 |
| WR01116 | 1849182 | 5876244 | 0.10 | 1000 |
| WR16124 | 1847478 | 5872900 | 0.05 | 981 |
| WR15118 | 1847496 | 5873177 | 0.12 | 952 |
| WR11048 | 1846769 | 5874736 | * | 784 |
| WR10033 | 1846630 | 5875102 | * | 772 |
| WR15149 | 1848036 | 5872872 | 0.02 | 673 |
* gold assay results pending
Table 2: Significant assay results from rock-chip samples.
| Sample ID | Location | Type | Easting_NZTM | Northing_NZTM | Au (ppm) |
| GERS0746 | Wharekawa River | Float | 1846791 | 5877157 | 5.71 |
| GERS0747 | Wharekawa River | Float | 1846610 | 5876261 | 4.35 |
| GERS1605 | Wharekawa River | Float | 1847353 | 5875117 | 6.24 |
| GERS1611 | Wharekawa River | Float | 1847144 | 5875759 | 7.32 |
| GERS1618 | Sutcliff Stream | Float | 1847346 | 5875253 | 10.80 |
| GERS1623 | Phoenix Stream | Float | 1847263 | 5874868 | 6.05 |
| GERS1625 | Phoenix Stream | Float | 1847205 | 5874503 | 43.10 |
| GERS1626 | Phoenix Stream | Float | 1847246 | 5874406 | 8.04 |
| GERS1636 | Tairua River | Outcrop | 1845747 | 5873564 | 10.90 |
1: Source: OceanaGold Pre-Feasibility Study, December 11, 2024
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238183
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QUIMBAYA GOLD LAUNCHES LIDAR SURVEY AT TAHAMI SOUTH GOLD PROJECT IN COLOMBIA
Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) (" Quimbaya " or the " Company ") is pleased to announce that it has undertaken a LIDAR survey at its Tahami South Project in Colombia . The aim of the LIDAR survey is to acquire high-resolution geospatial data for topographic mapping and detailed terrain analysis. The resulting data will significantly support ongoing exploration efforts by providing accurate terrain models and enhancing the understanding of surface features essential for project planning, exploring, drilling and decision-making processes.
The outlined study area within the polygon covers a total of 575.10 hectares. Figure 1 and Table 1 provide the geospatial location of the polygon to be surveyed in DATUM UTM zone 18N WGS 1984.
Ricardo Sierra , VP Exploration for Quimbaya commented: "Based on the analysis of satellite imagery and available bibliographic data, it has been identified that the primary structural orientations in the area including at our neighbor's operating mine to the south (Aris Mining Corp TSX: ARIS) run NE-SW, NW-SE and N-S. As a result, the flight plan for the LIDAR survey be will aligned in an E-W direction. This orientation will allow for optimal data acquisition and to enhance the identification of key structural features, contributing to a more accurate and comprehensive interpretation of the gold vein system corridors in preparation for our Q2 planned 4,000 meters of drilling."
"This LIDAR survey marks a significant step forward in advancing the project's potential by helping to process out the vegetation cover to better expose and delineate the vein systems within this highly prospective area," said Alexandre P. Boivin , President and Chief Executive Officer of Quimbaya. He added: "This is where things start to get exciting as each methodical step takes us closer to our goal of making a high grade gold discovery in this renowned gold-rich district."
About Tahami South
The Tahami South project is located in the Segovia municipality, Department of Antioquia, Colombia , 217 km northeast of the city of Medellin and 2.5 km northeast of the municipality of Segovia.
Qualified Person, Ricardo Sierra, BSc in Geology, MAusIMM (3078246)
The information in this news release that relates to technical evaluation results, interpretation of airborne magnetic and geochemical analysis is based on information reviewed and approved by Ricardo Sierra , VP Exploration of the Company who is a member of the Australian Institute of Mining and Metallurgy, and is a qualified person as defined within the meaning of the National Instrument 43-101. Mr. Sierra has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the geophysics data acquired. Mr. Sierra consents to the inclusion of the technical evaluation results based on the information and in the form and context in which it appears.
About Quimbaya
Quimbaya is active in the exploration and acquisition of mining properties in the prolific mining districts of Colombia . Managed by an experienced team in the mining sector, Quimbaya is focused on three projects in the regions of Segovia (Tahami Project), Puerto Berrio (Berrio Project), and Abejorral (Maitamac Project), all located in Antioquia Department, Colombia .
Quimbaya Gold Inc.
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Cautionary Statements
This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the completion of the Offering and the timing thereof, and the anticipated use of proceeds of the Offering are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should" or "would" or occur. Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release, including, but not limited to, that the Company will complete the Offering on the terms disclosed, that the Company will receive all necessary regulatory approvals for the Offering, that the Company will use the proceeds of the Offering as currently anticipated; and assumptions relating to the state of the financial markets for the Company's securities. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company may not be able to raise funds under the Offering, as currently anticipated, that the Company may fail to receive any required regulatory approvals for the Offering, that the Company will not use the proceeds of the Offering as anticipated, market volatility, unanticipated costs, changes in applicable regulations, and changes in the Company's business plans. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
SOURCE Quimbaya Gold Inc.
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Rio Silver Inc. Announces Option Agreement to Sell a 100% Interest in Niñobamba Advanced Gold Silver Project in Peru to African Energy Metals
Rio Silver Inc. (TSXV:RYO) ("Rio Silver") and African Energy Metals Inc. (NEX: CUCO.H; FSE: BC2; WKN: A3DEJG) ("African Energy Metals") jointly announce they have entered into an option agreement for African Energy Metals (the "Option Agreement") to earn an 100% undivided interest in the Niñobamba advanced gold silver project (the "Project") located in the Department of Ayacucho in South Central Peru.
Terms of the Option Agreement
Under the terms of the Option Agreement dated January 21, 2025 with Rio Silver, African Energy Metals has the right to earn a 100% interest in the Project upon the full exercise of the option under the Option Agreement. As set out in the table below, the Option Agreement requires a payment of CAD$260,000 during the first year of the Option Agreement and further payments of up to US$2,000,000, US$500,000 of which are advance payments on any royalties payable under the royalty agreement, pursuant to which a net smelter return royalty of 2% is granted to Rio Silver. African Energy Metals retains the right to buy back 1% of the NSR for US$1,000,000 prior to commercial production on the Project.
The Option Agreement also requires the issuance to Rio Silver of a total of 2,500,000 common shares of African Energy Metals upon receipt of regulatory approval and a further 2,500,000 common shares on the earlier of the date that is one year from the receipt of the Exchange's approval and May 15, 2026. African Energy Metals has the right but not the obligation to issue African Energy Metals shares in lieu of 50% of any cash payment obligation. African Energy Metals paid a deposit of $10,000 on a non-refundable basis to Rio Silver when the Option Agreement was executed. Rio Silver will provide operational support and use of Rio Silver facilities in Peru for a minimum of one year at Rio Silver's cost. Rio Silver is an arm's length party to African Energy Metals. The share issuances and payments under the Option Agreement are subject to the approval of the TSX Venture Exchange and the NEX Exchange.
Chris Verrico, CEO of Rio Silver stated: "We are extremely pleased to be able to continue supporting progress at Niñobamba for the mutual benefit of all stakeholders. Rio Silvers management firmly believes that with the additional strength that this transaction brings to the table, that Niñobamba will imminently reap outsized reward. We remain ever impressed and optimistic by the resilience and ingenuity of the Peruvian people as the country continues to endorse supportive mining policies, ensuring continued growth and opportunity throughout the country. Rio Silver will fully assist African Energy Metals in advancing the Project for the mutual benefit of both companies, our shareholders and all stakeholders.
About Rio Silver Inc
Rio Silver is a Canadian exploration and development company with an oversized per cent of insider, friends and family ownership, focused on Peru. Rio Silver continues to review precious and base metal properties in Peru while maintaining its interest in its Ontario Gerow Lake, critical metals project. This transaction enables the Company to complete certain planned acquisitions that bring significant potential for near-term, cash flowing, production allowing the company to leverage other similar opportunities, going forward, in a non-dilutive shareholder friendly way.
ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.
"Chris" Christopher Verrico
Director, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For further information,
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: www.riosilverinc.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.
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