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Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone
May 22, 2024
Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce many new discoveries on the Holy Grail property. High-grade samples were obtained just west of our Knauss Creek property in the vicinity of the Copper Ridge zone and Leon’s Legacy showings. Other high-grade results on the western limb of the property are located on Mount Garland and the Wesach mountain. The fully owned Holy Grail property, starts approximately 10 km north of Terrace, British Columbia.
The last few days of the 2023 prospecting program gave us a surprise when the field team decided to step out of Copper Ridge and go on the Holy Grail property side. This led to the discovery of two new showings named Golden Bowl and Temple located approximately 1.5 km to the west and 2.5 km to the northwest respectively. On the western limb of the property, the summer of 2023 results are outlining two clusters of samples returned high-grade results, one on Mount Garland and one on the Wesach mountain (Figure 1).
Highlights from outcrop samples:
Golden Bowl
- 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.4% Pb and 0.17% Zn (W500082)
- 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369)
Temple
- 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697)
- 0.18 g/t Au, 94 g/t Ag and 4.6% Cu (W500698)
- 0.08 g/t Au, 22 g/t Ag and 5.9% Cu (W500696)
Mount Garland
- 7.9% Cu, 634 g/t Ag and 0.7% Zn (W387642, erratic block)
- 5.1% Cu, 0.11 g/t Au, 14 g/t Ag and (W489403)
- 2.2% Cu and 98 g/t Ag (W489406)
- 2.1% Cu, 61 g/t Ag and 0.23% Zn (W489408)
Wesach mountain
- 5.43 g/t Au, 9 g/t Ag, 0.22% Pb and 0.47% Zn (W501823)
- 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn (W502285)
Prospect Ridge CEO Michael Iverson commented, “I’m thrilled with these new discoveries. Our exploration efforts have unveiled remarkable finds throughout the 2023 summer underscoring the richness of our land package and the skills of our field team. These new showings on the Holy Grail are confirming the extraordinary geological potential in the Terrace area south of the Golden Triangle.”
Prospect Ridge President Yan Ducharme added, “The Golden Bowl and Temple new discoveries are adding pieces to the puzzle connecting previously discovered Copper Ridge and Leon’s Legacy. These polymetallic veins stand as a testament to the barely tapped potential of this underexplored land package, hinting numerous future discoveries to be unearthed. All the mountains of the western reaches of the Holy grail have delivered high-grade showings often within a cluster of lower grade rocks. Summer 2024 will see us initiate the first drill holes on the Copper Ridge zone and we will pick up prospection where we left off.”
Eastern part of Holy Grail
Prospection approximately 1.5 km west of the Copper Ridge zone, in a topographic bowl, led to the discovery of a quartz vein containing 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.44% Pb and 0.17% Zn (W500082). Forty meters from it, another vein with 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369) was sampled. More mineralized veins were sampled at the bottom of the bowl, while two erratic blocks and a vein were sampled on the flank of it. The veins of this Golden Bowl showing are hosted in an intrusion.
Approximately 2.5 km northwest of the Copper Ridge zone and 1 km south of the Leon’s Legacy, 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697) was obtained on a quartz vein. Within 50 meters, two other samples gave 0.08 g/t Au, 22 g/t Ag and 5.92% Cu (W500696) and 0.18 g/t Au, 94 g/t Ag and 4.55% Cu (W500698). More mineralized samples were taken in the vicinity and are part of the Temple showing.
Western part of Holy Grail
The northern flank of Mount Garland is easily accessible by logging roads. The prospecting works led to the sampling of many quartz veins with chalcopyrite and malachite which contains mainly copper and silver, but also occasional gold and zinc occurrences. The best results were obtained from an erratic block, taken on a talus, which yield 7.91% Cu and 634 g/t Ag (W387642). Other in situ veins were sampled and gave 5.07% Cu, 0.11 g/t Au, 14 g/t Ag (W489403), 2.20% Cu, 98 g/t Ag (W489406) and 2.09% Cu, 61 g/t Ag (W489408). These samples are part of a cluster covering an area of 3.5 km by 1.5 km of mineralized veins and blocks. The alpine part of Mount Garland has not been prospected yet.
Figure 1: Location map with new showings.
Figure 2: Best new values obtained on the Holy Grail during the summer 2023 field program.
Prospecting on the southern side of the Wesach mountain, uphill of the Wesach Creek, led to the discovery of many quartz veins bearing gold, silver, lead and zinc. Sample W501823 contains 5.43 g/t Au, 8.5 g/t Ag, 0.22% Pb and 0.47% Zn and sample W502285 contains 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn. A cluster of mineralized samples covers an area of 400 m by 400 m. Some sampled erratic blocks returned copper, gold and silver values. The source has yet to be found.
Sample | Easting1 | Northing1 | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq g/t2 |
Golden Bowl | ||||||||
W386366 | 537645 | 6070688 | 0.526 | 23.8 | 0.686 | 0.008 | 0.002 | 1.784 |
W386368 | 537655 | 6070699 | 0.089 | 5.1 | 0.336 | 0.001 | 0.003 | 0.626 |
W386369 | 537643 | 6070822 | 8.350 | 63.2 | 0.438 | 3.500 | 0.345 | 11.100 |
W4894713 | 537202 | 6070540 | 0.704 | 2.3 | 0.004 | 0.146 | 0.029 | 0.800 |
W4894723 | 537273 | 6070565 | 0.018 | 5.1 | 0.385 | 0.001 | 0.007 | 0.625 |
W489473 | 537274 | 6070607 | 1.130 | 0.8 | 0.016 | 0.147 | 0.005 | 1.216 |
W497153 | 537570 | 6070674 | 1.940 | 1.6 | 0.002 | 0.001 | 0.005 | 1.964 |
W500081 | 537650 | 6070693 | 0.022 | 7.5 | 0.421 | 0.000 | 0.005 | 0.708 |
W500082 | 537628 | 6070782 | 9.990 | 183 | 1.810 | 7.440 | 0.173 | 17.442 |
Temple | ||||||||
W489476 | 536364 | 6072676 | 0.026 | 2.2 | 0.107 | 0.000 | 0.006 | 0.206 |
W4894773 | 536329 | 6072483 | 0.346 | 3.4 | 0.413 | 0.000 | 0.001 | 0.970 |
W500695 | 536538 | 6072489 | 0.247 | 13.7 | 0.753 | 0.001 | 0.011 | 1.479 |
W500696 | 536549 | 6072472 | 0.080 | 22 | 5.920 | 0.001 | 0.008 | 8.693 |
W500697 | 536549 | 6072470 | 8.160 | 137 | 14.800 | 0.010 | 0.008 | 30.682 |
W500698 | 536586 | 6072438 | 0.180 | 94.1 | 4.550 | 0.002 | 0.008 | 7.734 |
Golden Bowl and Temple area | ||||||||
W386365 | 536699 | 6071100 | 0.336 | 5.3 | 0.013 | 0.002 | 0.000 | 0.419 |
W489470 | 536759 | 6071107 | 0.696 | 7.4 | 0.001 | 0.004 | 0.000 | 0.788 |
W496077 | 535736 | 6073154 | 0.002 | 0.3 | 0.070 | 0.000 | 0.008 | 0.107 |
W496079 | 536149 | 6073403 | 0.037 | 1.7 | 0.158 | 0.000 | 0.007 | 0.283 |
W500651 | 536677 | 6071905 | 0.002 | 1.9 | 0.031 | 0.120 | 0.008 | 0.114 |
W500652 | 536663 | 6071893 | 0.258 | 45.1 | 0.005 | 1.520 | 0.002 | 1.347 |
W500657 | 536574 | 6071821 | 0.016 | 6.8 | 0.057 | 0.026 | 0.000 | 0.188 |
W500658 | 536661 | 6071839 | 0.089 | 17.1 | 0.021 | 0.008 | 0.003 | 0.329 |
Mount Garland | ||||||||
W3876423 | 520095 | 6066782 | 0.037 | 634 | 7.910 | 0.083 | 0.703 | 19.153 |
W387643 | 520155 | 6066561 | 0.008 | 4.3 | 0.079 | 0.002 | 0.008 | 0.175 |
W3876443 | 520004 | 6066702 | 0.027 | 3.4 | 0.140 | 0.000 | 0.007 | 0.268 |
W387645 | 520050 | 6066573 | 0.002 | 1.6 | 0.079 | 0.000 | 0.007 | 0.135 |
W489394 | 521080 | 6067474 | 0.002 | 3.4 | 0.091 | 0.000 | 0.001 | 0.172 |
W4893953 | 521268 | 6066970 | 0.002 | 4.7 | 0.182 | 0.001 | 0.015 | 0.322 |
W4893963 | 521266 | 6066972 | 0.017 | 0.8 | 0.067 | 0.000 | 0.002 | 0.122 |
W489397 | 520566 | 6067623 | 0.087 | 13 | 1.140 | 0.000 | 0.007 | 1.854 |
W489398 | 520557 | 6067625 | 0.073 | 5.8 | 0.294 | 0.000 | 0.002 | 0.558 |
W489399 | 521361 | 6066538 | 0.013 | 4.2 | 0.117 | 0.001 | 0.007 | 0.232 |
W489400 | 521390 | 6066436 | 0.009 | 14.6 | 0.673 | 0.000 | 0.002 | 1.135 |
W4894023 | 521647 | 6066024 | 0.025 | 3.7 | 0.196 | 0.000 | 0.007 | 0.349 |
W489403 | 521717 | 6065912 | 0.112 | 13.9 | 5.070 | 0.000 | 0.011 | 7.430 |
W489405 | 522375 | 6067175 | 0.002 | 4.3 | 0.055 | 0.011 | 0.015 | 0.141 |
W489406 | 522612 | 6066938 | 0.011 | 98.4 | 2.200 | 0.035 | 0.053 | 4.334 |
W489407 | 522667 | 6066898 | 0.005 | 40 | 0.305 | 0.013 | 0.303 | 1.042 |
W489408 | 522725 | 6066802 | 0.035 | 60.6 | 2.090 | 0.051 | 0.232 | 3.822 |
W496060 | 520312 | 6067914 | 0.006 | 2.3 | 0.134 | 0.000 | 0.003 | 0.224 |
W496061 | 520318 | 6067908 | 0.002 | 8.6 | 0.191 | 0.000 | 0.002 | 0.376 |
W496064 | 519201 | 6067566 | 0.108 | 2.7 | 0.124 | 0.000 | 0.002 | 0.316 |
W5000533 | 522163 | 6067074 | 0.008 | 55.1 | 0.011 | 0.032 | 0.010 | 0.705 |
W500055 | 520461 | 6067513 | 0.026 | 5.3 | 0.004 | 0.021 | 0.012 | 0.108 |
W500635 | 520166 | 6067722 | 0.002 | 31.1 | 0.358 | 0.019 | 0.052 | 0.910 |
W5022773 | 521175 | 6066358 | 0.002 | 7.8 | 0.001 | 0.009 | 0.000 | 0.101 |
W502278 | 521097 | 6066216 | 0.002 | 1.8 | 0.105 | 0.001 | 0.009 | 0.176 |
W5022793 | 521088 | 6066208 | 0.002 | 2.3 | 0.135 | 0.001 | 0.010 | 0.224 |
W5022813 | 521040 | 6066269 | 0.005 | 4.5 | 0.320 | 0.000 | 0.006 | 0.513 |
W502283 | 521121 | 6066020 | 0.006 | 4.3 | 0.334 | 0.005 | 0.005 | 0.532 |
W502284 | 521110 | 6065993 | 0.006 | 2.0 | 0.076 | 0.003 | 0.002 | 0.139 |
Wesach mountain | ||||||||
W3847943 | 519537 | 6076197 | 0.009 | 4.8 | 0.254 | 0.002 | 0.002 | 0.427 |
W387610 | 519186 | 6076179 | 0.008 | 9.6 | 0.002 | 0.602 | 0.208 | 0.420 |
W387611 | 519185 | 6076186 | 0.043 | 14.1 | 0.002 | 0.573 | 0.145 | 0.475 |
W387613 | 519182 | 6076193 | 0.031 | 20 | 0.003 | 1.155 | 0.375 | 0.831 |
W387614 | 519253 | 6076226 | 0.360 | 36.5 | 0.033 | 1.760 | 0.478 | 1.655 |
W387615 | 519260 | 6076230 | 0.169 | 69.7 | 0.007 | 4.380 | 0.998 | 2.955 |
W387617 | 518206 | 6075523 | 0.622 | 2.9 | 0.011 | 0.115 | 0.147 | 0.771 |
W489359 | 519204 | 6076204 | 0.011 | 4.2 | 0.005 | 0.202 | 1.210 | 0.614 |
W489360 | 519186 | 6076204 | 0.073 | 19.6 | 0.003 | 1.150 | 0.568 | 0.942 |
W4894093 | 518304 | 6075043 | 0.107 | 10.8 | 0.291 | 0.001 | 0.020 | 0.656 |
W4894113 | 519368 | 6075852 | 0.481 | 48.6 | 0.289 | 1.970 | 0.061 | 2.194 |
W5006073 | 519194 | 6076234 | 0.079 | 1.8 | 0.261 | 0.002 | 0.005 | 0.471 |
W501809 | 519180 | 6075923 | 0.040 | 7.4 | 0.001 | 0.426 | 0.080 | 0.312 |
W501823 | 518209 | 6075519 | 5.430 | 8.5 | 0.014 | 0.223 | 0.465 | 5.813 |
W502285 | 519190 | 6075944 | 1.130 | 102 | 0.009 | 3.270 | 2.570 | 4.534 |
W502287 | 519249 | 6075965 | 0.088 | 0.5 | 0.017 | 0.003 | 0.010 | 0.123 |
W502288 | 519238 | 6075961 | 0.028 | 1.2 | 0.020 | 0.027 | 0.064 | 0.105 |
W502289 | 519300 | 6075960 | 0.019 | 5.0 | 0.003 | 0.351 | 0.006 | 0.210 |
W502292 | 519217 | 6075941 | 1.860 | 1.0 | 0.071 | 0.000 | 0.005 | 1.974 |
W5022933 | 519270 | 6075964 | 0.052 | 4.5 | 0.004 | 0.247 | 0.262 | 0.302 |
W502294 | 519283 | 6075967 | 0.019 | 6.8 | 0.025 | 0.413 | 0.259 | 0.383 |
Table 1: Best Results from the Holy Grail surface sampling of summer 2023.
1: Coordinates in meters UTM Nad83 Zone 9N
2: Gold equivalents were calculated with a gold price of $1,750/oz, silver at $21/oz, copper at $3.60/lbs, lead at $0.90/lbs and zinc at $1.00/lbs.
3: Erratic block.
Cautionary statements
Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.
Quality control
Rock samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1000g metallic screening (Au-SCR24) at ALS Canada in Terrace, British Columbia. The samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream.
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme, P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written by Yan Ducharme.
About the Holy Grail property
The fully owned Holy Grail starts approximately 10 kilometres north of the town of Terrace in the Province of British Columbia, Canada. It is easily accessible by the Transcanadian highway, the Nisga’a highway and a network of logging roads. It covers about 700 square kilometres and is contiguous to our fully owned Knauss Creek property.
Several gold, silver, copper, lead and zinc occurrences were discovered in the past. Almost all the creeks draining the property were exploited at some point and alluvial gold was recovered.
During the 2023 field season, the Company continued exploring this huge land package which contains many showings of interest.
The southern tip of the Golden Triangle is located immediately northwest of the PRR properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail properties.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold, silver and copper exploration. Prospect Ridge’s management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties, near the town of Terrace BC, to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Contact Information
Prospect Ridge Resources Corp.
Mike Iverson
Email: mike.iverson@prospectridgeresources.com
Telephone: 604-351-3351
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. 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”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company’s use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
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 out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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The Conversation (0)
21 November 2024
Prospect Ridge Resources
Investor Insight
Prospect Ridge Resources' compelling investment value proposition stems from the company's robust growth ambitions driven by its highly prospective assets near the renowned Golden Triangle region, and a management team with substantial technical expertise.
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. In 2023, a total of 241 samples were collected from this area which extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
Prospect Ridge Resources has also completed an inaugural drilling program at the Copper Ridge zone to test high-priority targets in the western and central portion of this large system.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company has completed an inaugural drilling program to test the drill-ready target Copper Ridge zone.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east.
The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a granodioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, which confirmed the orientation of the veins and extended them more at depth.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations over $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
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13 December 2024
PROSPECT RIDGE RESOURCES ADJOURNS ANNUAL GENERAL MEETING
Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) announces that it has adjourned its annual general meeting (for more information, see news release dated December 12, 2024 ), to reconvene on Friday, December 20, 2024 at 11:30 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver British Columbia. Proxies will continue to be accepted until 48 hours prior to the commencement of the adjourned meeting.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge ' s management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. 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 ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.
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. We seek safe harbor.
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SOURCE Prospect Ridge Resources Corp.
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12 December 2024
PROSPECT RIDGE RESOURCES CONFIRMS ARRANGEMENTS RELATING TO ANNUAL GENERAL MEETING
Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) wishes to update shareholders on the impact of the strike by the Canadian Union of Postal Workers on the Company's ability to comply with its obligations to deliver to shareholders its financial statements and related disclosure and proxy-related materials in respect of the Company's Annual General Meeting (the " Meeting ") of shareholders scheduled to be held on Friday, December 13, 2024 at 11:00 AM (Pacific Time) at Suite 430, 605 Robson Street, Vancouver, British Columbia .
As a result of the strike, and pursuant to CSA Coordinated Blanket Order 51-931 Temporary Exemption from requirements in National Instrument 51-102 Continuous Disclosure Requirements and National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer to send certain proxy-related materials during a postal strike (the "Blanket Order"), the Company is advising shareholders that:
1. | At the Meeting, shareholders will be asked to vote on the following matters, all as more particularly described in the Information Circular: | |
(i) | to fix the number of directors of the Company at seven; | |
(ii) | to elect the seven directors of the Company for the ensuing year; | |
(iii) | to re-appoint the Company's auditor for the ensuing year and to authorize the directors of the Company to fix the remuneration to be paid to the auditor; | |
(iv) | to re-approve the Company's stock option plan; and | |
(v) | to transact such other business as may properly be transacted at the Meeting. | |
2. | The Company has satisfied all of the conditions to rely, and is relying, on the exemption provided by the Blanket Order from the requirement to send proxy-related materials to its shareholders. | |
3. | Electronic versions of the Notice of Meeting, Information Circular, the form of Proxy (for registered shareholders), and Voting Instruction Form (for non-objecting beneficial owners) and all other proxy-related materials (collectively, the "Proxy Related Materials"), as applicable | |
(i) | have been filed and are available on the SEDAR+ website at www.sedarplus.ca under the Company's profile; and | |
(ii) | are posted in a prominent location on the Company's website at https://prospectridgeresources.com/investors/ . | |
4. | The Company will also provide copies of the applicable Proxy-Related Materials by email to each shareholder who requests same while the strike is ongoing, at no charge. To do so, Shareholders may contact Meredith Eades at meredith.eades@prospectridgeresources.com or by phone at 604-670-7818 to request that a copy of the Proxy-Related Materials be emailed to you. | |
5. | As the electronic versions of the form of Proxy (for registered shareholders) and Voting Instruction Form (for non-objecting beneficial owners) do not contain control numbers, they cannot be voted online or by phone. These electronic forms must be physically completed, signed, and returned to the Company's transfer agent, Odyssey Trust Company, by: | |
(i) | Physical delivery or facsimile (details in the Information Circular); | |
(ii) | Email to proxy@odysseytrust.com . | |
5. | In the alternative: | |
(i) | If you are a registered shareholder, you may also contact the Company's Transfer Agent, Odyssey Trust Company, at Direct Dial (all regions): 1-587-885-0960; US & Canada (toll-free): 1-888-290-1175 to verify your identity and obtain instructions and assistance in voting your shares; | |
(ii) | If you are a beneficial shareholder, who holds their investment through a brokerage house, depository company or other intermediary, you may also attempt to contact such brokerage house, depository company or other intermediary for instructions and assistance in voting your shares. |
The voting deadline for the Company's upcoming Meeting has been extended to two hours prior to the commencement of the Meeting.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. 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 ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements.
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. We seek safe harbor.
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SOURCE Prospect Ridge Resources Corp.
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19 November 2024
PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA
Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of its drilling campaign at the Copper Ridge Zone (" Copper Ridge ") of its wholly-owned Knauss Creek property located approximately 35 kilometres (km) northeast of Terrace, British Columbia .
Drill Program Highlights
- The initial drilling campaign at Copper Ridge included a total of 2,229 metres (m) across 9 holes, and targeted surface anomalies covering an area over 1.5 km by 850 m identified during summer 2023 by prospecting. The drilling covered a 300 m by 300 m area in the western portion and 300 m by 150 m in the center portion of Copper Ridge.
- Mineralized veins were regularly intersected in all holes with additional mineralization observed locally in fractures and the host rock. Three different 20-metre corridors (core length) of gold-silver and copper-gold-silver were identified.
- During the 2023 field season, 80% of the outcrop samples collected were mineralized yielding results up to 78.9 grams per tonne (g/t) gold (Au), 4610 g/t silver (Ag) and 29.4 % copper (Cu) (see news release of February 21 st , 2024). The holes drilled during the 2024 program intersected similar mineralization down to 120 m depth along strike.
Chief Executive Officer, Michael Iverson , stated: "We are pleased to share the results from the first drilling campaign at Copper Ridge, which successfully intersected mineralized intervals that confirm the extension at depth of the veins sampled at surface during the 2023 field season. We were also pleasantly surprised to find mineralization in fractures and disseminated through the intrusive host rock between the veins which we seldom observe on surface due to the intensity of the weathering. This initial drilling shows a large mineralized system of which we've tested only a small portion and that remains open in all directions. The results and the geological information collected will be used to vectorize the plans for the next exploration season. With over $2.7M remaining in our treasury, we are well-positioned financially to continue advancing our projects in the year ahead."
The best results are compiled in Table 1, while Figure 1 illustrates the drill hole locations in relation to the 2023 surface sampling program and the interpreted zones. Figure 2 illustrates a cross-section of the drill holes in the central portion of Copper Ridge.
Holes CR-24-001 and CR-24-002 targeted the westernmost portion of the zone where metal zonation was suspected based on the surface sampling results (see Figure 1). The Company hypothesized that a gold-silver area was followed to the north by a copper-gold-silver one. Hole CR-24-001 appears to have straddled both zones, intersecting an interval of 0.51 g/t Au and 1.7 g/t Ag over 20.5 m between 124.2 and 144.7 m along the hole and a further interval of 0.47 g/t Au, 34.3 g/t Ag and 0.40 % Cu over 2.0 m between 239.3 and 241.3 m . Hole CR-24-002 intersected regularly mineralized veins, which appear to be part of the gold-silver trend.
Holes CR-24-003, CR-24-004 and CR-24-005 targeted the surface anomaly cluster in the central portion of the Copper Ridge system where it was initially discovered. All three holes intersected a wide mineralized interval, interpreted as part of the same zone now referred to as the Green Manalishi. Hole CR-24-003 returned 0.39 g/t Au, 9.9 g/t Ag and 0.39 % Cu over 19.1 m ; CR-24-004 returned 0.18 g/t Au, 8.4 g/t Ag and 0.39 % Cu over 21.0 m ; and CR-24-005 returned 0.12 g/t Au, 3.3 g/t Ag and 0.19 %Cu over 22.7 m . Several additional mineralized intervals were intersected in all three holes suggesting another zone, GM2 (see Table 1) and demonstrating continuity of the structures. Surface samples can be correlated to those two zones.
Holes CR-24-006, CR-24-007 and CR-24-008 were drilled east of the previous holes and were testing the same cluster of anomalies, but also the continuity at depth of the Green Manalishi zone. This zone was intersected in all three holes: CR-24-006 returned 0.10 g/t Au, 2.7 g/t Ag and 0.11 %Cu over 6.7 m ; CR-24-007 intersected 5.44 g/t Au, 21.1 g/t Ag and 1.89 % Cu over 1.5 m ; and CR-24-008 returned 1.6 g/t Au, 6.1 g/t Ag and 0.17 % Cu over 4.7 m . Another zone, GM3, was interpreted in all three holes (see Table 1). Hole CR-24-008 which targeted rocks further north intersected alternating granodioritic intrusions, feldspar porphyry dikes and mudrocks. The presence of the sedimentary rocks suggests either an irregular contact with the intrusion, which is known to exist more to the east, or they are xenoliths. The sediments are locally mineralized, especially in silver, with also amounts of copper, gold and zinc.
The six Green Manalishi zone intercepts reveal a mineralized corridor that is oriented north-south and dips to the east. It primarily consists of chalcopyrite, but also of pyrite and malachite, found within quartz veins, fractures and disseminated in the host granodiorite. The GM2 and GM3 zones are believed to have a similar orientation as the Green Manalishi zone.
Hole CR-24-009 tested the western part of the same anomaly cluster and intersected 20.5 m at 0.05 g/t Au, 4.3 g/t Ag and 0.05% Cu, which correlate well with the location of the surface anomalies and are interpreted as the shallow expression of the GM2 zone.
This initial drilling campaign, generated entirely by Prospect Ridge from a surface discovery, has revealed a powerful gold-copper-silver mineralized system that remains open in all directions. The Company is developing a strategy for the next field season to further advance this target and apply the newly acquired knowledge to the mineralized showings to the rest of the property.
Table 1: Best results of the drilling campaign on the Copper Ridge mineralized system.
Hole | From | To | Length | Au | Ag | Cu | AuEq | ZONE |
87.0 | 87.8 | 0.8 | 0.144 | 16.9 | 0.20 | 0.522 | ||
124.2 | 144.7 | 20.5 | 0.512 | 1.7 | 0.00 | 0.481 | ||
incl | 138.0 | 143.2 | 5.2 | 1.413 | 1.0 | 0.00 | 1.283 | |
151.4 | 152.3 | 0.9 | 1.300 | 5.8 | 0.01 | 1.232 | ||
CR-24-001 | 214.0 | 220.0 | 6.0 | 0.040 | 3.5 | 0.11 | 0.198 | |
239.3 | 241.3 | 2.0 | 0.465 | 34.3 | 0.40 | 1.196 | ||
265.6 | 267.0 | 1.4 | 0.100 | 12.9 | 0.07 | 0.293 | ||
328.5 | 330.6 | 2.1 | 0.469 | 28.1 | 0.19 | 0.910 | ||
347.3 | 348.3 | 1.0 | 0.370 | 32.6 | 0.16 | 0.824 | ||
CR-24-002 | 20.0 | 21.0 | 1.0 | 0.280 | 10.1 | 0.02 | 0.366 | |
276.8 | 281.5 | 4.7 | 0.190 | 4.8 | 0.00 | 0.221 | ||
13.9 | 33.0 | 19.1 | 0.394 | 9.9 | 0.39 | 0.887 | Green Manalishi | |
CR-24-003 | 76.0 | 90.0 | 14.0 | 0.097 | 21.9 | 0.14 | 0.455 | GM2 |
96.0 | 97.0 | 1.0 | 0.274 | 11.6 | 0.12 | 0.488 | ||
101.0 | 102.0 | 1.0 | 0.199 | 7.7 | 0.11 | 0.379 | ||
3.0 | 4.5 | 1.5 | 0.367 | 11.1 | 0.39 | 0.872 | ||
12.0 | 33.0 | 21.0 | 0.179 | 8.4 | 0.39 | 0.686 | Green Manalishi | |
incl | 20.0 | 25.5 | 5.5 | 0.543 | 22.1 | 0.98 | 1.806 | Green Manalishi |
CR-24-004 | 76.3 | 88.0 | 11.7 | 0.016 | 2.8 | 0.02 | 0.065 | GM2 |
94.5 | 95.5 | 1.0 | 0.165 | 6.5 | 0.98 | 1.319 | ||
118.5 | 119.5 | 1.0 | 0.552 | 23.6 | 0.07 | 0.806 | ||
9.3 | 32.0 | 22.7 | 0.116 | 3.3 | 0.19 | 0.349 | Green Manalishi | |
incl | 20.7 | 25.3 | 4.6 | 0.420 | 6.3 | 0.46 | 0.957 | Green Manalishi |
CR-24-005 | 96.0 | 99.0 | 3.0 | 0.042 | 4.6 | 0.04 | 0.131 | GM2 |
140.0 | 141.5 | 1.5 | 0.079 | 13.9 | 0.04 | 0.253 | ||
192.0 | 193.5 | 1.5 | 1.790 | 30.4 | 0.00 | 1.908 | ||
24.0 | 28.2 | 4.2 | 0.031 | 1.7 | 0.10 | 0.152 | GM3 | |
CR-24-006 | 54.0 | 60.7 | 6.7 | 0.097 | 2.7 | 0.11 | 0.242 | Green Manalishi |
98.5 | 100.0 | 1.5 | 0.279 | 12.8 | 0.03 | 0.404 | ||
17.0 | 25.5 | 8.5 | 0.141 | 3.1 | 0.12 | 0.297 | GM3 | |
CR-24-007 | 47.7 | 49.3 | 1.6 | 0.161 | 9.3 | 0.16 | 0.417 | |
56.8 | 58.3 | 1.5 | 5.440 | 21.1 | 1.89 | 7.224 | Green Manalishi | |
66.7 | 68.0 | 1.3 | 0.048 | 8.5 | 0.24 | 0.394 | ||
12.0 | 14.0 | 2.0 | 0.068 | 5.0 | 0.02 | 0.128 | ||
37.0 | 44.0 | 7.0 | 0.038 | 12.2 | 0.02 | 0.168 | GM3 | |
CR-24-008 | 58.0 | 76.0 | 18.0 | 0.083 | 2.3 | 0.06 | 0.160 | Green Manalishi |
incl | 71.3 | 76.0 | 4.7 | 0.159 | 6.1 | 0.17 | 0.389 | Green Manalishi |
86.0 | 87.0 | 1.0 | 2.250 | 5.6 | 0.13 | 2.220 | ||
CR-24-009 | 6.0 | 26.5 | 20.5 | 0.053 | 4.3 | 0.05 | 0.144 | GM2 |
1: Gold Equivalent values (AuEq) were calculated with a gold price of US$1,750/oz, silver at US$21/oz and copper at US$3.60/lbs. Metallurgical recoveries are assumed (no metallurgical testing have been made yet on the Copper ridge mineralization) to be of 90% for gold, 80% for silver and 80% for copper. |
Table 2: Technical details of the holes drilled on the Copper Ridge mineralized system.
No Hole | UTM Nad83 Zone 9 | Elevation | Azimuth | Dip | Length | |
Easting | Northing | |||||
CR-24-001 | 539084 | 6071504 | 1910 | 320 | -50 | 447 |
CR-24-002 | 539084 | 6071504 | 1910 | 270 | -50 | 381 |
CR-24-003 | 539720 | 6071515 | 1847 | 270 | -45 | 200 |
CR-24-004 | 539720 | 6071515 | 1847 | 250 | -50 | 204 |
CR-24-005 | 539720 | 6071515 | 1847 | 230 | -50 | 216 |
CR-24-006 | 539795 | 6071509 | 1826 | 270 | -45 | 252 |
CR-24-007 | 539795 | 6071509 | 1826 | 242 | -45 | 255 |
CR-24-008 | 539795 | 6071509 | 1826 | 305 | -45 | 135 |
CR-24-009 | 539605 | 6071520 | 1851 | 275 | -45 | 139 |
Cautionary Statement
Outcrop samples are selective by nature and grades may not be representative of mineralized zones. The drilling results reported are core length, true thickness of the mineralized zones has not yet been determined.
Quality Control
The drilling was conducted by Driftwood Diamond Drilling Ltd. The NQ caliber core was measured, photographed, logged and sampled by Prospect Ridge's personnel. The holes were sampled from the start to the end.
Core samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24), gravimetric finish (Au-GRA22) or 1000g metallic screening (Au_ SCR24 ) at ALS Canada in Terrace, British Columbia . The samples were also assayed for 36 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with over-limit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream and blanks and sample duplicates in suspected mineralized zones.
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme , P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written by Yan Ducharme .
About Knauss Creek Property
The wholly-owned Knauss Creek is approximately 35 kilometres northeast of Terrace, British Columbia , Canada. It is easily accessible by Highway 16 and a network of logging roads. It covers approximately 30 square kilometres and is contiguous to the Company's wholly-owned Holy Grail property.
Several gold, silver, copper, lead and zinc occurrences were discovered, previously. The most notable is the Dorreen mine where four adits were developed and, according to historical documents, approximately 700 tons of ore were mined out at an average grade of 16.8 g/t Au, 58 g/t Ag, 0.22% Cu, 2.1% Pb and 1.4% Zn from a quartz vein (not 43-101 compliant).
During the 2023 field season, the Company explored the Copper Ridge mineralized zone which has become the main focus for exploration on the property.
The southern tip of the Golden Triangle is located immediately northwest of Prospect Ridge's properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines in this area also underly the Knauss Creek and Holy Grail properties.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. 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 ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
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 out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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03 October 2024
PROSPECT RIDGE ANNOUNCES SUCCESSFUL COMPLETION OF COPPER RIDGE DRILL PROGRAM AT KNAUSS CREEK PROJECT
Prospect Ridge Resources Corp . (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the successful completion of its inaugural drilling program at the Copper Ridge zone within the Knauss Creek property, located south of the Golden Triangle, near Terrace, British Columbia . These are the first drill holes in a newly identified target. The data collected from these first-ever drill holes will help inform the next steps in the Company's exploration program at Knauss Creek.
Knauss Creek Project Update
The drill program included a total of 2,229 metres in nine (9) drill holes. The program was designed to test high-priority targets identified through extensive prospecting and surface sampling, including previous outcrop samples with significant values of up to 78.9 g/t gold, 4,610 g/t silver and 29.4% copper.
Key Program Highlights
- A total of nine (9) drill holes were completed for a combined length of 2,229 metres.
- The drilling focused on the highest vein density areas where high-grade results on outcrop samples were obtained.
- Assay results are expected to begin arriving in the next six weeks, with additional results continuing to be reported through late November.
- The drill holes confirmed the presence of mineralized quartz veins like the ones sampled on surface, but also revealed the presence of mineralization in the host rock.
- Prospect Ridge remains well-funded, having recently completed an over-subscribed private placement of more than $5.2 million , ensuring continued exploration and development of the property.
"We are pleased to announce the completion of this important first drill program at the Copper Ridge zone," stated Michael Iverson , CEO of Prospect Ridge. "The nine drill holes completed during the program will provide critical information to assess the geometry, type and extent of the mineralized system we discovered last year. With assay results expected in the next six weeks, we are eager to share our findings with our shareholders and to determine the next steps in our exploration program both on the Knauss Creek and Holy Grail properties."
A total of 1,914 samples have been submitted for multi-element analysis, the results of which are pending.
Cautionary statements
Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme , P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101.
ABOUT Prospect Ridge Resources
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. 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 ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
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 out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-announces-successful-completion-of-copper-ridge-drill-program-at-knauss-creek-project-302266563.html
SOURCE Prospect Ridge Resources Corp.
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25 September 2024
Couloir Capital is Pleased to Announce it has Initiated Research Coverage on Prospect Ridge Resources
Couloir Capital is pleased to announce it has initiated research coverage Prospect Ridge Resources Corp. (CNX: PRR) ("PRR," or "Company"). The new report by Couloir's Senior Mining Analyst, Ron Wortel, MBA, P.Eng. Q.P., is titled "Extending the Golden Triangle with High-Grade Discoveries."
Report excerpt: "Prospect Ridge Resource Corporation is a Canadian-based public junior exploration company. The Company is exploring gold-silver-copper-rich mineralization on its Knauss Creek and Holy Grail projects south of the Golden Triangle region of BC. The Company is financed to conduct its initial +2,000 m drilling program on its highest priority target, Copper Ridge. They raised over $5.2 million earlier in 2024, a positive indication of support for their management team and the projects."
The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal. Investors are encouraged to sign up for a subscription to receive research reports and other valuable information.
About Couloir Capital Ltd.
Couloir Capital Ltd. is an investment research firm with a team of experienced investment professionals dedicated to providing opportunities in the natural resource exploration and development sectors. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, LSEG, and many other portals, as well as through our social media and large email distribution list. To subscribe, please visit: https://www.couloircapital.com/research-portal.
For further information, please contact:
Rob Stitt, Managing Director, Couloir Capital Ltd.
Email: rstitt@couloircapital.com
www.couloircapital.com
DISCLAIMER:
Analyst Disclosure: Couloir Capital does hold shares or options in the Company. The analyst does not hold shares or options in the Company.
Couloir Capital has been retained under a service agreement by the Company. This service agreement includes analyst research coverage.
Investors are encouraged to read the complete list of disclosures contained in the report.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224487
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9h
Freegold Extends Mineralization to the West and SouthWest Intersecting 1.88 g/t Au over 54.2 metres and 1.58 g/t Au over 60 metres at Golden Summit
GS2422 Higher grade at depth and to the west
- 157 g/t Au over 3 metres from 299 metres
- 1.88 g/t Au over 54.2 metres starting at 499.8 metres
- 1.58 g/t Au over 60 metres from 743 metres
GS2417 – Higher grade within the south-southwest trend
- 1.25 g/t Au over 56.5 metres from 24 metres
- 196.5 g/t Au over 1.7 metres from 298.5 metres
VANCOUVER, BC , Jan. 14, 2025 /CNW/ - Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) ("Freegold" or the "Company") is pleased to announce additional assay results from its 2024 drilling program. A total of 41 holes were completed, totalling 25,708 meters. The program's primary objectives were to expand mineralization to the west and to support further metallurgical testing. Large-diameter holes were drilled at specific locations for this purpose. The ongoing metallurgical test work is expected to take several additional months to complete, and the results will be used to optimize the flowsheet design, enabling the Company to proceed with economic studies.
An extensive soil geochemical program was conducted prior to drilling in the promising western expansion zone. This program revealed multiple gold anomalies in the soil, extending 1.5 kilometers west of the existing resource area. Key geochemical trends were identified, including a significant east-west orientation and a strong south-southwest trend that aligns directly with the historic Newsboy Mine. This underscores the area's substantial potential for resource expansion.
To the east of Willow Creek , all drilling conducted by Freegold shows that the higher-grade mineralization dips to the south. As a result, drilling at Golden Summit is usually directed to the north. In contrast, the higher-grade mineralization at the historic Newsboy mine, situated west of Willow Creek , dips to the north. This appears to indicate a dip change likely caused by faulting.
Holes GS2411, GS2413, GS2415, GS2416, and GS2417 tested the mineralization to the north within the east-west geochemical trend in the WOW Zone (West of Willow Creek ). While these holes encountered mineralization, the widths were narrower than those in the main Dolphin/Cleary area. This suggests a change in the overall dip of the mineralization. Consequently, these northern holes may have been drilled over the top of the main mineralization trend.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2411 | 568.9 | -55 | 360 | 51.7 | 61.2 | 9.5 | 0.87 |
489.3 | 533.4 | 44.1 | 0.70 | ||||
GS2413 | 595 | -55 | 360 | 230.7 | 245.3 | 14.6 | 2.72 |
283.4 | 298 | 14.6 | 1.16 | ||||
472.8 | 514 | 41.2 | 0.70 | ||||
GS2416 | 460.2 | -55 | 360 | 374.7 | 402.2 | 27.5 | 0.59 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization . |
Hole G2417, which lies west of Willow Creek , is oriented within the south-southwest geochemical trend. GS2417 intersected several strong zones of mineralization better than resource grade from near the surface, which appear to follow the southern dip of the higher-grade mineralization seen within the central Dolphin/Cleary Resource.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2417 | 667.8 | -85 | 0 | 24 | 80.5 | 56.5 | 1.25 |
238.2 | 265.8 | 27.6 | 1.78 | ||||
298.5 | 300.2 | 1.7 | 196.5 | ||||
317 | 413 | 96 | 0.70 | ||||
including | 371 | 392 | 21 | 1.44 | |||
552.8 | 564.4 | 11.6 | 0.83 | ||||
629 | 641 | 12 | 1.18 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization. |
No significant values were intersected in GS2415.
Three holes were drilled to investigate a potential change in the overall dip of the mineralization further. Holes GS2419, GS2420, and GS422 were drilled from the same pad, directed south, north, and vertically. This drilling aimed to enhance our understanding of the orientation of the mineralization in the WOW Zone.
Results from holes GS2419 and GS2422 indicate significant potential for expansion to the south, west, and at depth. Hole GS2422, drilled vertically, demonstrates promising indications of higher-grade mineralization at depth, with several intercepts exceeding resource grade. Notably, one intercept intercepted 54.8 meters with a grade of 1.88 g/t Au, while another intersected 60 meters grading of 1.58 g/t Au. Results indicate a significant change in the dip of mineralization from south to north as we move southwest towards the historic Newsboy.
Hole | Depth | Dip | Azimuth | From | To | Interval | Au |
Number | (m) | (m) | (m) | g/t | |||
GS2419 | 622.6 | -50 | 180 | 37.5 | 45.9 | 8.4 | 0.50 |
60.5 | 72.4 | 11.9 | 0.67 | ||||
80.8 | 93.8 | 13 | 0.49 | ||||
131.7 | 132.8 | 1.1 | 57.5 | ||||
143.3 | 149.4 | 6.1 | 2.45 | ||||
168.8 | 178.8 | 10 | 1.83 | ||||
184.6 | 188.8 | 4.2 | 1.08 | ||||
225.6 | 313.6 | 88 | 0.88 | ||||
including | 262.9 | 283.7 | 20.8 | 2.22 | |||
404 | 441.4 | 37.4 | 0.52 | ||||
GS2420 | 560.8 | -50 | 360 | 457.7 | 484.9 | 27.2 | 0.67 |
GS2422 | 816.9 | -90 | 0 | 72.5 | 76.7 | 4.2 | 0.81 |
126 | 132.4 | 6.4 | 4.62 | ||||
160.7 | 188 | 27.3 | 0.69 | ||||
299 | 307.4 | 8.4 | 57.29 | ||||
including | 299 | 302 | 3 | 157.0 | |||
422 | 455.2 | 33.2 | 0.80 | ||||
499.8 | 554 | 54.2 | 1.88 | ||||
including | 542 | 545 | 3 | 15.0 | |||
578 | 614 | 36 | 0.90 | ||||
656 | 668 | 12 | 0.89 | ||||
743 | 803 | 60 | 1.58 |
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization . |
Drilling was completed in early December, and we are still awaiting a significant number of assay results. The results from the 2024 drilling program will be incorporated into an updated mineral resource estimate set to be released later this year as part of Freegold's efforts to advance the project toward pre-feasibility. Assay results have been reported for 22 of the 41 drilled holes.
Maps showing locations of drill holes and a cross-section can be found here.
https://freegoldventures.com/site/assets/files/6287/goldensummit_january2025_plan_map.pdf
https://freegoldventures.com/site/assets/files/6287/section_478350e_lookingw.pdf
In addition to the ongoing drill program, metallurgical, baseline environmental, cultural resource, and wetland studies remain ongoing.
A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, and one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 %, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, using method code Au-AA23 (30g sample size) and over 10 g/t, which are automatically assayed using an FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the fine fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.
A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.
The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
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13 January
Element79 Announces Proposed Spin Out and Merger
(TheNewswire)
VANCOUVER, BC T heNewswire January 13, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company") is excited to announce that, in connection with its proposed spin out transaction, it has entered an arrangement agreement dated January 10, 2025 (the " Arrangement Agreement "), with its majority owned subsidiary, Synergy Metals Corp. (" Synergy "), and that it has also entered into a merger agreement dated January 10, 2025 (the " Merger Agreement "), with Synergy, Synergy's wholly owned subsidiary, 1515041 B.C. Ltd. (" Synergy SubCo "), and 1425957 B.C. Ltd. (" 142 "), as further described below.
Arrangement
On July 17, 2023, the Company transferred all rights and data related to the " Dale Property ", being 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, to its newly incorporated subsidiary, Synergy. In exchange for this transfer, the Company was issued 2,000,000 Class "A" common voting shares in the capital of Synergy (" Synergy Shares ").
In anticipation of the reverse takeover of Synergy by 142 under the Merger Agreement, described below, the Arrangement Agreement has been entered by the Company, whereby 1,000,000 of the 2,000,000 Synergy Shares held by the Company will be distributed to the shareholders of the Company (the " Company Shareholders ") on a pro-rata basis (the " Spin-Out Arrangement "). In consideration for administrative support provided by the Company in connection with the arrangement transaction and Synergy's proposed subsequent application to list on the Canadian Securities Exchange and pursuant to the Arrangement Agreement, Synergy will issue an additional 10,000 Synergy Shares to the Company, which will also be distributed to the Company Shareholders as part of the Spin-Out Arrangement. The Spin-Out Arrangement will be a court ordered arrangement under the Business Corporations Act (British Columbia), and will be subject to approval by the Company Shareholders, as well as the British Columbia Supreme Court. It is anticipated that the Company will publish and distribute an information circular in respect of the meeting of the Company Shareholders to be held to vote on the Spin-Out Arrangement.
The Company currently holds approximately 60.24% of the Synergy Shares, excluding the 10,000 Synergy Shares to be issued to the Company under the Arrangement Agreement, and following the completion of the proposed Spin-Out Arrangement the Company is anticipated to hold approximately 30.03% of the Synergy Shares, while the Company Shareholders will hold approximately 30.33% of the Synergy Shares.
Merger
Subsequent to the Spin-Out Arrangement, Synergy proposes to acquire all of the issued and outstanding common shares in the capital of 142 (" 142 Shares ") in exchange for an equivalent number of Synergy Shares by way of a three cornered amalgamation whereby Synergy SubCo and 142 will amalgamate under the provisions of the Business Corporations Act (British Columbia) (the " Amalgamation ") to continue as one corporation pursuant to the terms of the Merger Agreement. As consideration for the 142 Shares, shareholders of the 142 Shares (" 142 Shareholders ") will receive, pursuant to the Merger Agreement, one Synergy Share for each 142 Share held.
Following completion of the Amalgamation under the Merger Agreement, the issued and outstanding Synergy Shares will be held (i) approximately 86.35% by the former 142 Shareholders (excluding participants in the Concurrent Financing (defined herein)), (ii) approximately 4.02% by the Company Shareholders, (iii) approximately 3.98% by the Company (iv) approximately 5.25% by other existing holders of Synergy Shares, and (v) 0.40% by participants in the Concurrent Financing. As such, the Amalgamation will constitute a reverse take over of Synergy by 142. Holders of warrants to purchase 142 Shares (" 142 Warrants ") will also receive one replacement warrant to purchase a Synergy Share for each 142 Warrant held. There are currently 21,000,000 142 Warrants outstanding.
The Amalgamation will be subject to approval by the 142 Shareholders, as well as Synergy (being the sole shareholder of Synergy SubCo). The Amalgamation's closing will also be subject to 142's completion of a private placement of 100,000 142 Shares at a price of $0.10 per 142 Share for gross proceeds of a minimum of $10,000, or an amount otherwise agreed by Synergy and 142 (the " Concurrent Financing "). Upon completion of the Amalgamation, Synergy intends to make an application that the Synergy Shares be listed and posted for trading on the Canadian Securities Exchange.
The Company is expected to hold 1,000,000 Synergy Shares after the Amalgamation, all of which will be subject to escrow on the same terms of as insiders of Synergy after the Amalgamation.
Together, the Spin-Out Arrangement and the Amalgamation are intended to effect a reorganization of the Company's current business into two separate corporate entities. The Company will maintain its business as a gold exploration company with the objective of exploring and ultimately developing gold projects in Peru and the USA, while Synergy will be an exploration Company focused on the Dale Property.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the plan of arrangement spin-out process for its majority owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward ‐ looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward ‐ looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward ‐ looking statements". \
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
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13 January
RUA GOLD Utilizes VRIFY AI to Prioritize Cumberland, Following up on Exceptional Historic Drill Intercept
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to advise on the updated Cumberland gold camp drill target. This follows on from the integration of VRIFY AI into RUA's extensive geological database and the consolidation of the Reefton Goldfield, an orogenic gold and antimony belt on the South Island of New Zealand.
Highlights:
The AI contribution is already paying dividends as the tool has accelerated the identification of and prioritization of our drill targets.
Prioritizing Cumberland gold camp comprising of 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing.
Follow up target on historic Cumberland drill hole, GAL001 showing 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t).
Drilling contractor is being mobilized and the Company anticipates commencing drilling before the end of January.
The Company is expanding its 2025 exploration program to include the Cumberland gold camp, a historic gold camp 3kms south of Globe Progress Mine, which has produced over 1 million ounces of gold (historic production prior to 1950 of 424,000 ounces, and a further 665,000 ounces from 2007 - 2015 under OceanaGold).
Figure 1: Overview of the Reefton Goldfield.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/236943_170cba3b043e2a31_007full.jpg
EARLY WIN FROM Rua Gold'S AI INVESTMENT
The Cumberland target was identified by uncovering several exploratory holes drilled by OceanaGold 15 years ago, including hole GAL001, which had the following exceptional results on a well-defined quartz vein at shallow depth:
GAL001: 21.9m (5m true width) of 92.0g/t Au including 1m of 1911 g/t Au (60 oz/t).
GAL001 was drilled down the vein, giving an exaggerated width but provides for a compelling and prospective target to follow up immediately.
Rua Gold has collated hundreds of thousands of data points from its recent Siren acquisition, historic workings and contemporary exploration on its multiple mine sites, and district wide geophysical data over the Reefton Goldfields. The ability to combine rapid data-mining of this information by VRIFY, in concert with Rua Gold's extensive surface geochemistry and ultra-detailed UAV magnetics accumulated in the last 5 years, provides us with rapid feedback on a multi layered dataset, that now focusses our prospect ranking, and directly informs our drilling programs.
Simon Henderson, COO of Rua Gold, commented, "Consolidation of our holdings on the Reefton Goldfield provides a plethora of gold targets and historic deposits to examine. AI driven VRIFY provides a science data driven platform to assimilate the vast amount of data available, identify patterns and associations at lightning speed, and provide iterative feedback, constantly updating and adding value as the exploration process rolls out. We are excited by its early success in highlighting key areas such as Cumberland to prioritize our drill activity planned in 2025."
Figure 2: VRIFY AI hotspot identification showing Cumberland-Gallant Prospect
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/236943_ruaimg2.jpg
CUMBERLAND HISTORY
The Cumberland gold camp comprises 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. Historic production totaled 21,740oz gold at an average recovered grade of 26.1 g/t (see appendices).
Figure 3: Map showing Cumberland historic mine camp
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/236943_170cba3b043e2a31_011full.jpg
INITIAL DRILL TARGET
Based on the extensive surface exploration work and historical drilling, the Gallant lode in the Cumberland gold camp presents an exceptional high-grade target that has never seen significant exploration work:
It has quartz veins outcropping on surface within an envelope of strong gold-arsenic anomalism.
It has several exploratory holes drilled by OceanaGold 15 years ago, which include exceptional results on a well-defined quartz vein at shallow depth (Table 1).
Core orientation clearly demonstrates that this intersection drilled down the quartz reef exaggerating its width.
Geological modelling interprets the vein to be approximately 5m wide.
Table 1: Intercept from GAL001, calculated with a 1.5ppm Au cut-off and up to 3m internal dilution.
Drill hole | From | To | Interval | Au (g/t) |
GAL001 | 31.0 | 52.9 | 21.9m | 92 |
including | 47.0 | 48.0 | 1.0m | 1911 |
Note: true width of vein: 5m.
VRIFY'S AI PLATFORM
The Company has partnered with VRIFY to onboard VRIFY's AI-assisted mineral discovery platform to accelerate discovery, reduce costs and further de-risk exploration.
In conjunction with the consolidation of the Reefton Goldfield in November 2024, the Company implemented the VRIFY AI tool. Early in the AI training phase, Cumberland was identified as a standout target. The VRIFY team has assimilated geochemistry, drilling and geophysical data on an unprecedented scale and accuracy over the whole district, processing over 84GB of data, +170,000 data points, actively informing our 2025 drill targets for quicker project advancement and de-risking our work programs.
Rua Gold's data, unlocked through VRIFY's Al-assisted mineral discovery platform. This AI-assisted data synthesis enabled Rua Gold to actively and effectively rank its 2025 drill targets, accelerating its project advancement and de-risking its work programs in a matter of minutes, a process that would have taken months, if performed manually.
ACCELERATED DISCOVERY
Rua Gold inherited thousands of data points from historic activity on its multiple mine sites and exploration work with the Reefton Goldfields. The ability to rapidly mine this existing data for new insights and targets, while incorporating recent work, provided real-time feedback through VRIFY's platform to inform drilling programs.
SCALABILITY and COST SAVINGS
Rua Gold is just beginning and is confident that VRIFY will continue to add value by allowing for the analysis of larger datasets without increasing costs linearly.
HIGHER ACCURACY
VRIFY's proprietary Al model reduces human error and identifies patterns that manual review might miss, increasing discovery potential.
QAQC HISTORIC DRILLING (MR 5093)
Rua Gold is treating the drill results as historic.
The QP has verified the data disclosed, including drill collar location, sampling and analytical information contained in the written disclosure,
Data was verified by examination of remaining core in the core-box; confirming intervals, core splitting and interval handling procedures and logged core descriptions matched original core logging.
Verified the core sampling and assay procedures by examining and confirming from the original assay certificates of SGS and ALS laboratories that the sample numbers recorded matched the sample intervals logged.
Verified from original assay certificates stated blanks and certified standards and duplicates were used and reported, and where deviations outside 2 standard deviations assays have been repeated.
Verified that suitable assay methodology for coarse gold was used by both laboratories SGS Reefton method FASC30T(screen fire assay) and ALS method Au-SCR22AA (screen fire assay).
The QP has verified in the zone of exceptionally high-grade gold values that gold is clearly visible in veinlets within a significant quartz vein.
(c) The QP satisfactorily verified all data used in this disclosure.
The QAQC summarized from the OceanaGold report is as follows:
"Diamond drill samples were generally taken over 1 m intervals and cut in half. Half the core was then sent to SGS or ALS. Some of the significant reef samples were analyzed at the ALS laboratory in Townsville for rapid processing and the rest were analyzed at the SGS laboratory in Westport. Due to the large amount of quartz reef drilled in the first part of the program, a screen fire technique was introduced at SGS (FAS30T).
ALS Townsville preformed 1 kg screen fire assays (Au-SCR22AA) along with a standard fire assay procedure (Au-AA26). Diamond core submissions included at the minimum one blank and two certified standards and at least two lab duplicates taken after coarse crushing of the sample. If both standard assays from the same hole returned assay values outside two standard deviations of the actual value, the laboratory was requested to re-assay the job. Assays from dispatches RD131025.1 and RD131106.1 showed significant deviation from standards and checks. These two batches were re-assayed (RD131025.1R and RD131106.1R respectively).
All assay data was imported into the Reefton project acQuire database directly from laboratory reports."
Source: Anderson, T., 2014. MP 41164 Globe Progress annual technical report - 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.
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'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 2 million ounces of gold grading between 9 and 50 grams per tonne.
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 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, WKP.
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, has reviewed and approved the technical disclosure contained herein.
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; and the effects and benefits of the Transaction. 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.
Appendices
Historic Production Cumberland Camp (Barry, 1993)
Lode | Tonnes | Production (Au oz) | Recovered grade (oz/t) | Recovered grade (g/t) |
Scotia | 604 | 1,283 | 2.1 | 66.1 |
Gallant | 2,378 | 759 | 0.3 | 9.9 |
Sir Francis Drake-Happy Valley | 17,261 | 5,810 | 0.3 | 10.5 |
Cumberland | 14,120 | 13,629 | 1.0 | 30.0 |
Exchange-Industry | 519 | 260 | 0.5 | 15.6 |
Source: Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
Reference for historical grades and production:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
Reference for Gallant assay results:
Anderson, T., 2014. MP 41164 Globe Progress annual technical report - 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.
Table 3: Collar for GAL001, historic drill hole.
Drill hole | Easting (NZTM) | Northing (NZTM) | Elevation (RL) | End depth | Azimuth | Dip |
GAL001 | 1508726 | 5327981 | 628 | 123.7 | 293° | -70° |
Projection: New Zealand Transverse Mercator (NZTM) 2000.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236943
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12 January
Quarterly Activities & Cashflow Report
11 January
Silver Crown Royalties Announces Corporate Update
(TheNewswire)
TORONTO, ON, January 10, 202 5 TheNewswire - Silver Crown Royalties Inc. (" Silver Crown ", " SCRi ", the " Corporation ", or the " Company ") (CBOE:SCRI; OTCQX:SLCRF; FRA:QS0) wishes to provide an update on its 2024 progress and 2025 expectations. Based on minimum silver payment obligations, we anticipate receipt of cash payments on 15,180 ounces of silver for 2024 and 36,063 ounces of silver in 2025 on our royalty portfolio.
Silver Crown Royalties Growth Profile
B acTech Environmental Corp. ("BacTech")– Bioleaching Facility in Tanquel, Ecuador
In the fourth quarter of 2024 we closed our first all-equity royalty purchase transaction on BacTech's future bioleaching facility in Tenguel, Ecuador and issued C$1.0 million of units of the Company (" Units ") at a deemed price of C$10 per Unit at closing. Each Unit consists of one common share in the capital of the company and one warrant entitling the holder thereof to acquire another common share at a price of C$16.00 for a period of 36 months from closing. BacTech is advancing a bioleaching facility in Ecuador with the expectation of first production within the next two years. Upon full deployment of royalty payments (an additional C$3.0 million in common shares at a deemed price of at C$10.00 per common share) BacTech is to deliver 90% of silver produced or 35,000 ounces per year, for a minimum of ten years, whichever is higher.
BacTech continues to make positive advancements regarding its bioleaching initiatives. Early last year BacTech, in collaboration with MIRARCO Mining Innovation, commissioned a bioleaching pilot plant in Sudbury to test bioleaching processes on pyrrhotite tailings, targeting the recovery of nickel, cobalt, and other valuable by-products. The pilot plant has completed baseline campaigns to ensure operational readiness, with full-scale testing planned to commence shortly. BacTech continues to expand its search for historic mine tailings in northern Peru to potentially supply feed for the Ecuador project or establish a base for a new plant near Trujillo, in northern Peru.
Gold Mountain – Elk Gold Mine, British Columbia, Canada
At the end of the third quarter of 2024 Silver Crown received the C$124,299 minimum royalty payment from Elk Gold Mining Corp. pursuant to the terms of the royalty agreement dated May 11, 2023. Cash payments delivered to Silver Crown pursuant to the terms of the Royalty Agreement now total C$216,296.
Gold Mountain encountered various financial challenges that reflected ongoing operational issues, including commissioning difficulties and delays that impacted production levels at the Elk Mine. These challenges stemmed from grade control and sampling inefficiencies during ramp-up, resulting in lower-than-forecast ore production. To address these challenges, the Company implemented a series of financial restructuring initiatives, that included issuing additional common shares, converting secured debt, raising additional capital by way of a convertible debenture and restructured secured obligations to improve its financial position.
Winter operations commenced in late November of 2024, with a planned return to normal operations by late February. The first phase of infill drilling, focused on the east bench, has been completed, supported by Phase 1 financing for exploration drilling. Currently, mining is focused on the east face of Pit 1, targeting the 1300 series vein system at surface. Construction of a new crushing and ore sorting system is set to begin by the end of the month, with the sorting system expected to significantly improve grades.
Pilar Gold Inc. – PGDM Mine, Goiás, Brazil
The restart of commercial production at the PGDM Complex was delayed from Q3 2024 to Q1 2025. Accordingly, while Pilar de Goiás Desenvolvimento Mineral Ltda. has acknowledged its obligation to make minimum royalty payments during Q3 2024 and Q4 2024, it has defaulted on its obligation to make its minimum royalty payment in the amount of US$81,536.41 for the quarter ending September 30, 2024 in accordance with the terms of the amended and restated royalty agreement dated April 26, 2024 between Silver Crown and Pilar (the " A&R Royalty Agreement "). The Company had previously agreed to forbear on enforcement action under the A&R Royalty Agreement pursuant to a letter forbearance agreement whereby Pilar agreed to release the C$100,000 contained in a segregated cash account to the Company and pay the balance of the Royalty Payment for the third quarter of 2024 and replenish the Segregated Cash Account no later than December 31, 2024. However, Pilar failed to pay the balance of the Royalty Payment for the third quarter of 2024 and failed to replenish the Segregated Cash Account on December 31, 2024.
Silver Crown will work in good faith with Pilar to cure the ongoing default and provide a further update to the market as soon as possible.
PPX Mining Corp. - Igor 4 project, Peru
During the fourth quarter in 2024 Silver Crown announced the signing of a definitive royalty agreement for up to 15% of the cash equivalent of silver produced from the Igor 4 project in Peru for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing which is expected to occur in early 2025, with the second tranche of US$1.5 million to be paid within six months of Closing. The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction, will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces. Upon the closing of the second tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.
Peter Bures, Silver Crown's Chief Executive Officer commented, "We are very pleased to continue our collaboration with PPX and are excited about the opportunities the new year will bring. We have great faith in the company as skilled operators and are happy to support them in achieving their production milestones. We continue to be encouraged with progress at GMTN. Although we are disappointed by the non-payment of the PDGM royalty, we note the minimal impact (~C$14,000) to Silver Crown's revenues to date as we have set up internal protection against such an eventuality. In the meantime, we have been able to identify numerous opportunities to grow our revenue and will continue to advance such opportunities."
ABOUT Silver Crown Royalties INC.
Founded by industry veterans, SCRi is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which three are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
For further information, please contact:
Peter Bures
Chairman and CEO
Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi's ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi's ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi's business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, 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 are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
CBOE CANADA DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Copyright (c) 2025 TheNewswire - All rights reserved.
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10 January
Horizon Minerals Limited Placement for Project Development
Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on funding initiatives for project development which may potentially include retiring or refinancing debt.
HIGHLIGHTS
- Horizon has negotiated and executed a Share Subscription Agreement (SSA) with Golden Crane Holdings Limited, for a two tranche Private Placement to issue a total of 213,888,888 ordinary shares at $A0.045 for A$9,625,000 in cash
- Funds to be used for existing and further project development and potentially for the retiring or refinancing of debt
- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold
- The first ore stockpile of 54,380 tonnes has undergone assaying and metallurgical test work and is being hauled to the Paddington mill for first gold production which is imminent
- Mining at Phillips Find commenced during October 2024 by Joint Venture (JV) with BML Ventures Pty Ltd (BML) and first gold bearing ore is now being mined. Processing of 200kt will commence in February 2025 at FMR Investments Pty Ltd, Greenfields Mill and complete by the end of June 2025.
Placement
The Placement involves the issue of 213,888,888 new fully paid ordinary shares (New Shares) at an issue price of $0.045 per share for total funds to be received of A$6,345,000 (less 2.5% broker fee). The Placement will be completed in two tranches:
- Tranche 1: 141,000,000 New Shares issued Monday to an unrelated party for A$6,345,000 utilising available placement capacity under ASX listing rule 7.1
- Tranche 2: 72,888,888 New Shares issued in the next few months (with timing dependent on Foreign Investment Review Board approval, if required) to an unrelated party for A$3,280,000 utilising available placement capacity under ASX listing rule 7.1A in respect of the issue of 1,967,021 New Shares and the balance of 70,921,867 New Shares will be issued pursuant to listing rule 7.1.
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:
"We are very pleased to have the support of a new private equity investor who has committed to provide $9.625 million to fund the Company's ongoing project developments at Boorara and Phillips Find Project. With the gold price at all-time highs, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development ready assets."
HIGHLIGHTS
- Horizon has negotiated and executed a Share Subscription Agreement (SSA) with Golden Crane Holdings Limited, for a two tranche Private Placement to issue a total of 213,888,888 ordinary shares at $A0.045 for A$9,625,000 in cash
- Funds to be used for existing and further project development and potentially for the retiring or refinancing of debt
- Horizon approved the development of Boorara in late July 2024 to mine a series of four open pits containing 1.24Mt of ore at 1.24g/t Au for 49.5koz of gold
- The first ore stockpile of 54,380 tonnes has undergone assaying and metallurgical test work and is being hauled to the Paddington mill for first gold production which is imminent
- Mining at Phillips Find commenced during October 2024 by Joint Venture (JV) with BML Ventures Pty Ltd (BML) and first gold bearing ore is now being mined. Processing of 200kt will commence in February 2025 at FMR Investments Pty Ltd, Greenfields Mill and complete by the end of June 2025.
Placement
The Placement involves the issue of 213,888,888 new fully paid ordinary shares (New Shares) at an issue price of $0.045 per share for total funds to be received of A$6,345,000 (less 2.5% broker fee). The Placement will be completed in two tranches:
- Tranche 1: 141,000,000 New Shares issued Monday to an unrelated party for A$6,345,000 utilising available placement capacity under ASX listing rule 7.1
- Tranche 2: 72,888,888 New Shares issued in the next few months (with timing dependent on Foreign Investment Review Board approval, if required) to an unrelated party for A$3,280,000 utilising available placement capacity under ASX listing rule 7.1A in respect of the issue of 1,967,021 New Shares and the balance of 70,921,867 New Shares will be issued pursuant to listing rule 7.1.
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:
"We are very pleased to have the support of a new private equity investor who has committed to provide $9.625 million to fund the Company's ongoing project developments at Boorara and Phillips Find Project. With the gold price at all-time highs, we look forward to ongoing gold production from Boorara and Phillips Find, and further production optionality in the future from our advanced suite of development ready assets."
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Horizon Minerals Limited
Contact:
Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au
Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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