RUA GOLD Closes C$5.75 Million Brokered Offering Including the Full Exercise of Over-Allotment Option

RUA GOLD Closes C$5.75 Million Brokered Offering Including the Full Exercise of Over-Allotment Option

Highlights 

  • Closing the oversubscribed brokered offering for $5.75 million of gross proceeds. 

  • Participation by all directors and officers of the Company, maintaining alignment to shareholders. 

  • Raise was completed without dilutive warrants and without a significant discount to market trading price.

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to announce that it has closed its previously announced brokered "best efforts" public offering consisting of 9,583,410 common shares in the capital of the Company (each, a "Common Share"), which included the exercise of the over-allotment option in full, at a price of C$0.60 per Common Share for aggregate gross proceeds of C$5,750,046 (the "Offering").

The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general corporate and working capital purposes, as disclosed in the Prospectus Supplement (as defined below).

Robert Eckford, CEO, commented: "We are pleased to have completed this fully subscribed offering, including the over-allotment under our shelf prospectus. We will now execute on the Company's exploration strategy in Reefton and expand its mineral resources. It was very encouraging to see the support of current shareholders participating in this financing, including all the directors and officers of the Company. As always, we remain aligned with shareholders to make this Company a success."

The Offering was completed pursuant to an agency agreement (the "Agency Agreement") between the Company and Cormark Securities Inc., as sole agent (the "Agent").

In consideration for services rendered in connection with the Offering, the Company paid the Agent a cash fee of C$269,999 and issued to the Agent 575,004 broker warrants (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of $0.60 per Common Share for a period of 24 months following closing of the Offering.

The Offering was completed in Canada pursuant to a prospectus supplement dated February 14, 2025 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated July 11, 2024 (the "Shelf Prospectus") filed in each of the provinces and territories of Canada, except Québec. Common Shares were also issued in the United States and in offshore jurisdictions pursuant to private placement or similar exemptions in accordance with applicable securities laws. Copies of the Prospectus Supplement, Shelf Prospectus and Agency Agreement are available under the Company's SEDAR+ profile at www.sedarplus.ca. The Offering remains subject to the final acceptance of the TSX Venture Exchange (the "TSXV").

Insiders of the Company (the "Insiders") subscribed to the Offering for an aggregate of 1,890,109 Common Shares. This issuance of the Common Shares to the Insiders constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by the Insiders does not exceed 25% of the fair market value of the Company's market capitalization. A material change report was not filed in connection with the participation of the Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company considers reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the Offering in an expeditious manner.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.

About Rua Gold

Rua Gold (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

Rua Gold Contact

Robert Eckford
Chief Executive Officer
Phone: (604) 655-7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions including but not limited to exploration programs at its Reefton Project; the intended use of the net proceeds of the Offering; and the final acceptance of the TSXV with respect to the Offering. 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.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241633

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An emerging gold explorer in New Zealand’s historical goldfields

RUA GOLD Reports Significant Gold-Antimony Intercepts from Its Reefton Project

RUA GOLD Reports Significant Gold-Antimony Intercepts from Its Reefton Project

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to provide an update on assay results from its gold-antimony exploration at the Auld Creek project, within the Reefton Goldfield on the South Island of New Zealand; reporting strong antimony grades from current drilling.

Highlights:

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RUA GOLD Announces C$5 Million Brokered Offering of Common Shares

RUA GOLD Announces C$5 Million Brokered Offering of Common Shares

/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (" Rua Gold " or the " Company ") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as sole agent (the " Agent "), pursuant to which the Agent has agreed to act as agent on a "best efforts" basis, in connection with the public offering of 8,333,400 common shares in the capital of the Company (each, a " Common Share ") at a price of C$0.60 per Common Share (the " Offering Price ") for aggregate gross proceeds of C$5,000,040 (the " Offering "). The Offering is expected to close on or about February 20, 2025 (the " Closing Date "), or such other date as agreed upon between the Company and the Agent, and is subject to certain conditions including, but not limited to the receipt of all necessary regulatory approvals.

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New Zealand Government Publishes Its Critical Minerals List - Naming Gold and Antimony. RUA GOLD Provides Exploration Update on the Reefton Project's Extensive Antimony Potential

New Zealand Government Publishes Its Critical Minerals List - Naming Gold and Antimony. RUA GOLD Provides Exploration Update on the Reefton Project's Extensive Antimony Potential

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") executives attended the launch event for the Minerals Strategy for New Zealand to 2040 and Critical Minerals List event hosted by New Zealand Petroleum and Minerals in Waihi on January 31, 2025. Honorable Shane Jones, Resource Minster for New Zealand, presented the critical minerals list that included both gold and antimony.

Furthermore, Rua Gold is pleased to provide an update from the exploration campaign underway at the Reefton Project on the South Island of New Zealand with significant added potential of antimony within the project.

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RUA GOLD Reports Two Major Gold Bearing Structures Identified on Its Glamorgan Project

RUA GOLD Reports Two Major Gold Bearing Structures Identified on Its Glamorgan Project

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to provide an update following the completion of the first phase of surface exploration on its Glamorgan epithermal gold prospect in the Hauraki region on the North Island New Zealand.

Highlights: 

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RUA GOLD Intersects Visible Gold and Antimony and Confirms Continuity of High-Grade Gold Mineralization at Murray Creek

RUA GOLD Intersects Visible Gold and Antimony and Confirms Continuity of High-Grade Gold Mineralization at Murray Creek

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand.

Highlights:

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Heliostar to Commence 15,000m Ana Paula Drill Program

Heliostar to Commence 15,000m Ana Paula Drill Program

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce an aggressive drill-out of the Company's 100% owned Ana Paula deposit. The company will mobilize two drill rigs in April to commence the program.

Heliostar CEO Charles Funk comments, "We have always wanted to push harder at Ana Paula, and now we can commence the largest drill program in the Company's history. We see potential to further improve the resource at Ana Paula. The program will infill the current resource, step out to expand its boundaries and explore untested areas on the property. Both we and our shareholders have been keen for this opportunity, and it's time to turn the rigs loose at Ana Paula."

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Blackrock Silver Steps Out 1.2km Across New High-Grade Zone at Tonopah West

Blackrock Silver Steps Out 1.2km Across New High-Grade Zone at Tonopah West

Scout Drilling Confirms the Extension of the High-Grade Merten Vein Creating Potential to Expand the DPB Resource up to 1,200 Metres to the East

Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") is pleased to announce the results from the reverse circulation ("RC") Scout Drilling Program completed on the southeastern side of the DPB M&I Conversion area on its 100% owned Tonopah West project located in Nye and Esmeralda Counties, Nevada, United States.

Starting in late December 2024 and finishing in late January 2025, the Company completed ten exploration RC drillholes in the eastern portion of the DPB area and the adjacent Ohio target to test for gold and silver along a structural zone and beneath a felsic sill. A total of 3,857 metres (12,655 ft) was drilled. The program was very successful with silver and gold being returned from all targets.

SCOUT PROGRAM HIGHLIGHTS:

  • Assays from our reverse circulation scout drill program have returned significant gold & silver values in 7 drillholes that have successfully expanded the footprint of mineralization up to 1,200 metres to the east of the existing DPB resource toward the historic Ohio mine;

  • These intercepts cover a new zone of mineralization not included in the 2024 resource that may impact the upcoming DPB South resource update (Q3, 2025);

  • TW25-128 which returned 9.6 grams per tonne (g/t) gold and 1,198 g/t silver over 1.52-metres (2,063 g/t silver equivalent (AgEq)) from 292 metres in the Ohio area;

  • TW25-133 returned multiple thick zones of mineralization including 10.46 g/t gold and 10.6 g/t silver over 4.57-metres (952 g/t AgEq) including 1.52 metres grading 21.45 g/t gold and 15.7 g/t silver (1,948 g/t AgEq) from 309 metres and 3.05 metres grading 270 g/t AgEq (129 g/t silver and 1.57 g/t gold) from 280 metres;

  • TW25-130 cut 1.52 metres of 587 g/t AgEq (3.3 g/t gold and 290 g/t silver) from 189 metres

  • Assays from multiple drillholes have extended the Merten vein system by 540 metres along strike to the east of the main DPB South resource. With the inclusion of discovery hole TW25-128, targeting an area historic miners referred to as the Ohio vein, the mineralized trend could extend up to 1,200-metres in length;

  • Additional drilling has been deployed to this area and assays for three core holes, TXC25-133, -134 and -135 are pending.

Andrew Pollard, Blackrock's President and CEO, stated, "Results from our RC Scout drilling program confirm the discovery of a new high-grade gold and silver structural zone extending 1.2 kilometres (km) east from our existing resource shell. Historic miners referred to this eastern target area as the Ohio Vein, a substantial producer in the early 1900's, but until now, its mineralization had remained elusive. With every drillhole in this program returning elevated grades across the trend, the scale of the project has increased dramatically, with the results suggesting significant new high-grade tonnage potential. Coupled with our recently released expansion results (see February 24, 2025 news release), where we successfully stepped out 500 metres to the northwest, we have increased the footprint of high-grade mineralization along the vein corridor by over 65% this year, adding an additional 1.7km of drill-defined strike. We have already deployed additional drilling to this new zone, with assays for three core drillholes pending."

TW25-133 returned significant silver and gold with values starting at 309-metres grading 10.46 g/t gold and 10.6 g/.t silver over 4.57 metres (952 g/t AgEq). This mineralization extends the Merten vein 540 metres to the east-southeast of the main DPB South resource. With the inclusion of TW25-128 which returned 9.6 g/t gold and 1198 g/t silver over 1.5-metres (2,063 g/t AgEq), the zone could be up to 1,200-metres in cohesive strike. Table 1 summarizes the assay results (150 g/t AgEq cutoff).

Table 1: Scout Drilling Program results above 150 g/t AgEq

Drillhole IDHole TypeAreaFrom (m)To (m)Drill Interval (m)Ag g/tAu g/tAgEq g/t
TW25-125RCDPB East220.98222.501.5276.412.010257.3
TW25-127RCDPB East390.15391.671.528.001.750165.5
TW25-130RCDPB East188.98190.501.52290.003.300587.0
TW25-132RCDPB East245.36246.891.5278.581.180184.8
TW25-133RCDPB East280.42283.473.05129.081.575270.8
TW25-133RCDPB East309.37313.954.5710.6510.456951.8
Including309.37310.901.5215.7321.4671,948.0
TW25-128RCOhio292.61294.131.521,198.009.6102,063.0
TW25-128RCOhio297.18298.711.52219.001.720373.8
TW25-131RCOhio269.75271.271.5289.102.630325.8
AgEq gpt=(Au gpt*90)+Ag gpt; True thickness unknown at this time; Cut-off grade is 150 gpt AgEq;
RC = Reverse Circulation Drilling

 

Drilling suggests the Merten vein extends eastward and is arched and dips southward. This orientation suggests multiple ring structures associated with the Fraction caldera. An inner structure hosting the Victor and DPB North (Denver and Paymaster) resources, and an outer, more southern, ring structure hosting DPB South (Merten and Bermuda) and the NW Stepout resources. The arching geometry of the Merten vein is similar to that described from the historic Ohio vein which was 15 metres thick when mined in the early 1900s1. Given the geometry and location, the Merten is potentially the extension of the Ohio vein.

The mineralized zone traced by these assay results is new and not included in the 2024 resource. These results may have a substantive impact on the planned DPB South resource update scheduled for Q3 2025.

Drillholes TW24-124, TW25-126 and TW25-129 did not return assay values above 150 g/t AgEq. TW24-124 and TW25-126 were in the DPB area while TW25-129 was collared in the Ohio area. These drillholes had mineralization which ranged between 49 to 60 g/t AgEq. Assays for three core holes, TXC25-133, -134 and -135 are pending.

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Figure 1: Tonopah West expansion potential

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Figure 2: Drillhole location map for Scout Drilling Program

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Figure 3: Geologic cross section along 478540E

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Table 2: Drillhole location information for Scout Drilling Program (UTM NAD1927, Zone 11)

Drillhole IDAreaTypeUTM_NAD27 EUTM_NAD27 NElevation (m)Depth (m)AzimuthInclination
TW24-124DPB SouthRC478302.854213183.181791.54411.48180-60
TW25-125DPB SouthRC478405.394213117.901797.06304.800-90
TW25-126DPB SouthRC478400.974213055.721799.52409.960-90
TW25-127DPB SouthRC478529.614213096.321804.59422.15180-60
TW25-128OhioRC479078.574213217.731841.08330.71120-50
TW25-129OhioRC478672.264213471.001805.18335.28180-73
TW25-130DPB SouthRC478408.034213388.751792.68403.860-90
TW25-131OhioRC478781.264213164.871826.77342.90120-50
TW25-132DPB SouthRC478309.514213188.541791.67464.820-70
TW25-133DPB SouthRC478525.854212989.451808.48431.290-90

 

Quality Assurance/ Quality Control

All sampling is conducted under the supervision of the Company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory's (AAL) flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions.

The RC samples are lined out at the lab and logged into AAL's system. The samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.

Qualified Persons

Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company's strategic plans; the Company's drill program at Tonopah West and the anticipated objectives and results therefrom; the Company's objective to connect the DPB and NW step-out areas; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling geological information projected from sampling results; and the potential quantities and grades of the target zones and the potential addition of new high-grade tonnage to the Company's existing mineral resource estimate.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

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Silver Crown Royalties Announces Closing of Second Tranche of its Non-Brokered Private Placement

Silver Crown Royalties Announces Closing of Second Tranche of its Non-Brokered Private Placement

(TheNewswire)

Silver Crown Royalties

TORONTO, ON TheNewswire - March 31, 2025 Silver Crown Royalties Inc. ( Cboe: SCRI, OTCQX: SLCRF, BF: QS0 ) (" Silver Crown ", " SCRi ", or the " Company ") is pleased to provide an update on its non-brokered offering of units ("Units ") that was previously announced on February 6, 2025 (the " Offering ").

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Horizon Minerals Limited  Gold Mining and Processing Update

Horizon Minerals Limited Gold Mining and Processing Update

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on the development of the Phillips Find ("Phillips Find") and Boorara ("Boorara") Gold Projects.

HIGHLIGHTS

New Toll Treatment Agreement for processing Phillips Find ore

- Completion of processing of the first 37,000t of ore from the Phillips Find JV with BML Ventures Pty Ltd (BML) under the 200,000t Toll Milling Agreement with FMR Investments Pty Ltd (FMR) to treat Horizon ore from February to June 2025 at the Greenfields Mill

- First ore parcel from Phillips Find consisted of 37,624 dry tonnes at 1.46g/t for 1,675.3oz at an average price of $4,728/oz, generating ~$7.9M to the Phillips Find JV

- An additional 80,000t of ore from Phillips Find will be processed at the Greenfields Mill in both April and June in addition to approximately 80,000t of ore to be processes from Boorara to complete the Toll Processing Agreement with FMR.

- A New Toll Milling Agreement executed to treat 70,000t of ore from Phillips Find in September/October 2025 to be processed at Focus Minerals Limited's (Focus) Three Mile Hill processing plant

- Grade control drilling completed at Phillips Find and has resulted in a revised schedule where the final 70,000t ore mined in the current campaign is treated at Three Mile Hill Mining, haulage and processing progressing well at Boorara

- Proceeds received from the processing of the first 50,604t of Boorara ore under the Ore Sale Agreement with Norton Gold Fields' Paddington Mill for the processing of total of 1.24Mt of Boorara ore

- First ore stockpile from Boorara was 50,604 dry tonnes at 0.791g/t for 1,163 oz sold at an average gold price of $4,256/oz, generating ~$4.951M in revenue

- The second ore parcel is currently being processed at Paddington with a third parcel is in the process of being hauled. More than 100,000t of high-grade ore is currently stockpiled on the Boorara ROM pad, allowing for the additional campaigns to be processed at the Greenfields Mill in April and June

- Boorara is now operating at steady state ore production

Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said:

"Following on from our first gold pour for Boorara in January, we have now built up significant ore stockpiles, with mining now in steady state operation and in a position for the continuous processing of ore and cashflow generation which will continue well into 2026. We are also pleased to secure a new toll treatment agreement with Focus Minerals which aligns with the revised mining schedule at Phillips Find and allows us to increase our overall gold production from Boorara. As gold production ramps up in the June quarter we expect to commence a steady cash build from our dual mining and haulage operations."

Next Steps

The next campaign of ore treatment at FMR's Greenfields mill is scheduled to commence on 9 April 2025 and will comprise approximately 40kt of Boorara ore and 40kt of Phillips Find ore. A similar split of Boorara and Phillips Find ore is scheduled to be processed in June 2025 which will complete Horizon's current 200kt Toll Treatment Agreement with FMR.

The remaining 70kt of Phillips Find ore shall be processed through September/October 2025 at Focus Minerals' Three Mile Hill plant.

Processing of ore at Paddington from Boorara has now reached steady state and is expected to be continuous.

A further mining and processing update is expected in the Company's March Quarterly Report.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/3EP3Z408



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.

News Provided by ABN Newswire via QuoteMedia

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