Silver Hammer Mining Corp. (CSE: HAMR) (the "Company" or "Silver Hammer") is pleased to announce that it has entered into a definitive share purchase agreement dated September 27, 2023 (the "Purchase Agreement") to acquire a 100% interest in the Shafter silver deposit (the "Shafter Project" or the "Project"), a previously producing high-grade silver mine located in Presidio County in Southwest Texas, from Aurcana Silver Corporation ("Aurcana") (the "Transaction"). The consideration to be paid by Silver Hammer for the Shafter Project includes cash of US$800,000 (less certain exclusivity fees and prepaid expenses), 23,000,000 shares, certain contingent payments (detailed below), and for the settlement of existing debt, the issuance of $4,000,000 in secured convertible debentures and 8,000,000 units (each comprising of a common share and ½ warrant at $0.33 for 2 years).
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
![Silver Hammer Mining Corp](https://investingnews.com/media-library/silver-hammer-mining-corp.jpg?id=30129125&width=1200&height=628)
Silver Hammer Mining Commenced a Property-Wide Airborne Magnetic and Radiometric Survey at its Silverton High-Grade Silver Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announce that it has commenced a property-wide airborne magnetic and radiometric survey at its 100%-owned high-grade Silverton Project in Nevada. The Company has engaged Precision GeoSurveys to complete surveys at both its Silverton and Eliza projects in Nevada.
"I am excited to announce the commencement of another year of exploration for Silver Hammer, and we are pleased to have engaged Precision for airborne magnetic and radiometric surveys in 2023," commented President & CEO Peter A. Ball. "The survey will provide us the final layer of technical data to assist in vectoring in on our current identified priority targets and permitted drill program at the Silverton Project in Nevada. This will be the first time in over 35 years any form of modern exploration will be completed over the Silverton Mine and property, and it will be exciting to review the results of what lays beneath the mine complex and property, where rock chip sampling yielded high grade silver at surface. We are pleased to commence this program ahead of schedule, which will assist in accelerating our exploration efforts across our portfolio. After the Silverton geophysical survey, the Company looks forward to completing a similar survey at the Eliza Silver Project in the summer of 2023."
Silverton Project Survey Highlights
The helicopter supported surveys will use magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration, with gamma sensors internal to the aircraft away from variable fuel cell attenuation, to allow for reduced terrain clearance minimizing noise and improving resolution and accuracy.
Silverton Project (refer to Figure 1):
- 82 total line kilometres
- 50 metre line spacing
- 3.6 square kilometres coverage
Figure 1. Silverton Project Airborne Survey Map
About Silverton Project
The past-producing Silverton Silver Mine is located in East Nevada's "Silver Alley" with high-grade historic production of up to 933 g/t Ag. Despite significant surface exposures and grab samples grading up to 499 g/t Ag and 1.99 g/t Au, no modern-day drilling or subsurface exploration techniques have been conducted on the project for over 35 years. Thirteen drill pads were permitted in advance of a potential 2023 drill program.
Mapping in 2022 and hyperspectral satellite imaging provided evidence of two separate mineralized systems at the project - a silver and a gold. The volcanics-hosted gold system shows sample grades ranging from 0.06 g/t to 6.1 g/t gold Au. A silver-dominated mineral system hosted by silicified limestone shows sample grades ranging from 0.32 g/t Ag to 692 g/t Ag.
About Precision
Precision GeoSurveys is a full-service airborne geophysical contractor and industry leader in providing high resolution surveys in mountainous and remote terrain having acquired and processed high resolution multi-sensor airborne geophysical data in mountainous terrain on over 700 surveys since 2007. The company utilizes state-of-the-art geophysical instrumentation attached directly to the helicopter. The magnetic sensors are flown in a non-magnetic and non-conductive nose stinger configuration, and the gamma sensors are flown internal to the aircraft away from variable fuel cell attenuation. Compared to conventional slung bird-type survey systems, this innovative design allows the survey to be safely flown at reduced terrain clearance to minimize noise, improve resolution, and reduce the need for complex corrections to the data. The geophysical data and maps will be prepared using industry standard Geosoft algorithms and mapping software to show the geomagnetic and radiometric properties of the survey area.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, 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; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including 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, and general market and industry conditions. 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.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Silver Hammer Reaches Definitive Agreement to Acquire the Permitted Shafter Silver Mine Project and Announces Proposed Reorganization
Highlights of the Shafter Project and Transaction:
- All material operational permits remain in place at the past-producing high-grade silver mine, which is located in western Texas, USA.
- Past producer most recently in production from 2012-13 when operated by Aurcana. Approximately US$50 million was spent historically by Aurcana; in addition, Aurcana purchased the Shafter Project in 2008 for US$25 million. An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Updated NI 43-101 Mineral Resource technical report with an Effective Date of September 15, 2023, including Measured and Indicated resources of 10.8 million ounces ("oz") of silver ("Ag") in 1.152 million tons grading 9.38 oz/ton Ag, and Inferred resources of 6.3 million oz of silver in 0.823 million tons grading 7.67 oz/ton Ag.
- The silver deposit at the Shafter Project is classified as a carbonate replacement deposit ("CRD") and the geology at the project is similar to some the world's largest CRDs located just to the southwest in northern Mexico, including the Santa Eulalia Mine and Cinco de Mayo Project. Additional exploration upside was identified at regional priority targets from previous step-out drill holes to the southwest, which identified silver and gold mineralization.
- There are opportunities to expand the current mineral resource within the project boundaries, as the Project has not been systematically explored, and the source of the Shafter CRD has never been identified.
- Benefits from extensive site infrastructure including full access through portal/decline and extensive underground workings, ventilation and access shaft/hoist, and full processing plant including a 3,000 ton per day ball mill.
- Project controls existing water rights, with an available local labor force, power grid located at site, a low royalty burden, and strong community relations and support.
- Team of seasoned mining, metallurgical and exploration executives assembled to assist Silver Hammer as advisors and internal consultants.
"The acquisition of the high-grade silver Shafter complex and permitted mine is a transformational point in Silver Hammer's transition and goal to become North America's next silver producer. Shafter contains an established mineral resource of approximately 10.8 million ounces of silver in the measured and indicated category and an additional inferred silver resource of approximately 6.3 million ounces. To ensure the project is advanced towards the development and production stages, Silver Hammer has attracted key senior level technical geological and mining advisors including previous VP Exploration and VP/COO Mining experts that held executive roles with Hudbay Minerals, Coeur Mining, Silver Standard, Centerra, Mag Silver, Probe Mines, Hecla, and Royal Oak Mines,"commented Peter A. Ball, President and CEO of Silver Hammer Mining."In addition to containing a significant silver resource, the Shafter Project is located in a politically safe jurisdiction in Texas, USA, is located adjacent to a paved highway with significant infrastructure including power grid through the middle of the Project, full control of water rights, a local work force and supportive community."
Appointment of New Board Member
The Company is pleased to announce the appointment of Donald J. Birak as a newly appointed Director of Silver Hammer, replacing Joness Lang, who has stepped down from the Director role but will remain as a strategic advisor to assist the Company in ongoing corporate development initiatives. The Company appreciates Mr. Lang's significant contribution to the Company since its inception and agreeing to remain with the Company as a strategic advisor during this exciting phase of growth for the Company.
Mr. Birak joined the Company as a senior technical advisor earlier in 2023, and brings more than 45 years of experience in mineral exploration and operations, including the roles of Senior Vice-President of Exploration with Coeur Mining (2004 to 2013) responsible for global Greenfields and Brownfields exploration, Vice President of Exploration for AngloGold North America (1998 to 2004), Independence Mining Company (1995 to 1998), and Hudson Bay Mining & Smelting Ltd. (1992 to 1995) and Chief Geologist & Exploration Geologist for Freeport-McMoRan Gold Company (1978 to 1991), Mr. Birak brings a wealth of knowledge and expertise to the Silver Hammer team, and specifically to the advancement of the Shafter Silver Project.
Newly Formed Executive Technical Team and Strategic Advisors
Silver Hammer has recently assembled a highly experience technical team to complete due diligence to fully evaluate and to assist in advancing the Shafter Project through an accelerated strategy to complete a mineral resource expansion, initiate mine development towards future production by 2027. The team is made up of the following seasoned executives:
- Lawrence Roulston, Director - 40+ years in project evaluation and experience mining executive. Currently President and CEO of MTB Metals Corp. and Chairman of Metalla Royalties.
- Ron Burk, Director - 40+ years in senior level precious metals exploration roles including VP Exploration for Silver Standard and Centerra. Silver Standard previously owned the Shafter deposit until 2008.
- Don Birak, newly appointed Director - 45+ years in senior level precious metals exploration roles including Sr. VP Exploration for Coeur Mining, and VP Exploration for AngloGold North America and Hudson Bay Mining Smelting.
- Dr. Peter Megaw, Geological Advisor - 45+ years in senior level precious metals exploration roles and recognized Carbonate Replacement Deposit ("CRD") systems. A co-founder of MAG Silver. Dr. Megaw's PhD work focused on the Santa Eulalia Ag-Pb-Zn District in Mexico, and he is credited with numerous discoveries in Mexico including Platosa (Excellon), Juanicipio-Fresnillo (Fresnillo/MAG Silver), and Pozo-Seco/Cinco de Mayo (MAG Silver).
- Damir Cukor, Geological Advisor - 35+ years in resource development, project management, resource modelling and advisory roles.
- Michael Willett, Mining Advisor - Seasoned mining executive with 35+ years in mine engineering, development, and operations including senior level project evaluation and advisory roles for project re-starts with various mining companies across North America. Most recently Mr. Willett held the position of Vice President of Operations and Projects for Battle North Gold and was part of that team which successfully sold the company to Evolution Mining for $343 Million in 2021.
- Adrian McNutt, Mining and Metallurgical Advisor - Experienced mining executive and metallurgical consultant with 35+ years in the evaluation and precious metals operations across the Americas including executive positions as COO of Royal Oak Mines, and Century Mining.
- Mike Petrina, P. Eng, Mining Advisor - 35+ years in the mining sector including senior level executive roles of VP Mining MAG Silver, VP Operations Probe Mining, VP Mining Hawthorne Gold, and multiple mine engineering advisory roles.
- Mike Gross, Mining Advisor - 45+ years with experience as a mine operator, operations executive and exploration executive in the Americas including VP Mining for Hecla Mining.
The Company has engaged Echelon Capital Markets as its financial advisor with respect to the Transaction.
The Shafter Project
The Shafter silver mine has all material permits in place with extensive surface infrastructure and underground workings including portal/decline and shaft access and a processing facility rated at approximately 1,500 tons per day. The project is located in west Texas and is fully accessible via paved highway from El Paso, Texas. Shafter has estimated measured and indicated resources of 10,803,000 ounces of silver and an inferred resource of 6,315,000 ounces of silver as summarized in Table 1. This estimate has been prepared for Silver Hammer Mining Inc. by RESPEC and is dated effective September 15, 2023 (the "Updated Mineral Resource Estimate") and an NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of the date hereof.
Table 1: Mineral Resource Table effective September 15, 2023
Estimated Resources* | Tons | oz/ton Ag | Tonnes | g/tonne Ag | Contained Ag Ounces |
Measured | 97,000 | 8.95 | 88,000 | 306.9 | 868,000 |
Indicated | 1,055,000 | 9.42 | 957,000 | 323.0 | 9,935,000 |
Measured & Indicated | 1,152,000 | 9.38 | 1,045,000 | 321.3 | 10,803,000 |
Inferred | 823,000 | 7.67 | 747,000 | 263.0 | 6,315,000 |
*Updated Mineral Resource by RESPEC has effective date of September 15, 2023.
- The Updated Mineral Resource Estimate is reported by Mr. Michael S. Lindholm, Principal Geologist for RESPEC in short tons.
- The Updated Mineral Resource Estimate was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards - For Mineral Resources and Mineral Reserves adopted May 10, 2014, and in accordance with National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI43-101").
- Mineral Resources are comprised of model blocks greater than or equal to the 4.2 oz Ag/ton cutoff.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources potentially amenable to underground mining methods are reported using a silver price of US$23.50/oz, a throughput rate of 800 tons/day, assumed metallurgical recoveries of 84% for Ag, mining costs of US$60/ton mined, processing costs of US$19.88/ton processed, refining costs of US$0.50/oz Ag produced, and general and administrative costs of US$6.94/ton processed. Silver commodity price selected based on analysis of the three-year running average at the end of August 2023.
- Rounding may result in apparent discrepancies between tons, grade, and contained metal content.
- The estimate of Mineral Resources may be materially affected by environmental permitting, legal title, taxation, socio-political, marketing or other relevant issues, however, none are apparent at this time.
Shafter History:
- The Shafter district was first discovered in 1880 or 1881, and the Presidio Mining Company was formed in 1881. Silver was produced from the Presidio mine from 1883 to 1926, when the American Metal Co. acquired the Shafter property and continued production (American Metal Co. subsequently merged with Climax Molybdenum Company to form American Metal Climax, Inc. ("AMAX").
- From 1883 to 1942, when the Presidio mine was closed, total recorded production was 2.307 million tons of ore containing 35.153 million ounces of silver at an average grade of 15.24oz Ag/ton.
- AMAX, Gold Fields Mining Corporation ("Gold Fields"), and Rio Grande Mining Company ("RGMC") successively held the Shafter property and conducted extensive exploration programs from 1926 to 1999. Gold Fields identified the northeastern, down-dip extension of the Shafter deposit, extending more than 5,000ft from the deepest development workings in the Presidio mine, through a systematic surface-drilling program. During the 1970s, Gold Fields constructed a 1,052ft deep shaft to access and explore the northeastern extension.
- Aurcana purchased RGMC and the Shafter property in July 2008 for US$25 million. RGMC is now a wholly owned subsidiary of Aurcana. Aurcana began exploration at Shafter in 2011 and has conducted geophysical surveying, drilling, mapping, and geochemical sampling since that time. Aurcana drilled 65 surface and 101 underground holes from 2011 through October 2013.
- A total of 1,694 drill holes are included in the resource database for the Shafter Project, of which 1,048 were drilled by AMAX, 403 were drilled by Gold Fields, 88 were drilled by RGMC prior to their acquisition by Aurcana, and 155 holes were drilled by RGMC since their acquisition by Aurcana.
- These holes include 435 surface core holes, 1,171 underground core holes, and 88 reverse circulation holes. An additional eleven underground core holes were drilled by Aurcana in late 2013 after the database was finalized for use, but before the current resource estimate was completed. Aurcana also drilled five exploration holes in 2017 outside of the current resource area. These 2013 and 2017 holes do not impact the current resource estimate and are not included within the current drill database.
- Aurcana reopened access into the Presidio mine on June 1, 2012, and production commenced on December 14, 2012, after spending approximately US$50 million including a portal/decline access, mill, and operations modifications. In conjunction with its underground operations, Aurcana began open-pit mining of lower-grade mineralization from the Mina Grande pit at the Presidio mine on April 23, 2012.
- Mining was discontinued after the plant commissioning and testing phase were complete, due mostly in part to lower silver prices reaching close to US$17/oz and rushed production start-up issues. The mine was put on care and maintenance in December 2013.
- An estimated US$160 million has been invested in the property since the discovery of the deposit in the late 1800's.
- Significant opportunity exists regionally noting the geological setting of the Shafter Silver Deposit is on the eastern margin of the Chihuahua Trough, which is host to several world-class CRD (Carbonate Replacement Deposits) including the Santa Eulalia Mine (Grupo Mexico), Cinco de Mayo project (MAG Silver), and the Plomosas Property, a polymetallic deposit (GR Silver Mining).
Transaction Details
In connection with the Purchase Agreement, the Company will first complete a reorganization (the "Reorganization") whereby all of the Company's outstanding shares will be acquired by a newly incorporated company, Silver Hammer Metals Corp. ("Newco"), and shareholders of the Company will receive common shares of Newco ("NewcoShares") in exchange for their Company shares. Newco will then acquire all of the outstanding shares in the capital of Rio Grande Mining Corporation ("Rio Grande"), a subsidiary of Aurcana that owns the assets, property, rights and undertakings of and relating to the Shafter Project (the "Shafter Acquisition"). The Reorganization is expected to be implemented by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the "Plan of Arrangement"), which will result in the Company becoming a wholly-owned subsidiary of Newco. Under the Plan of Arrangement, each common share of the Company will be exchanged for one Newco Share and the convertible securities of the Company will become exercisable for securities of Newco on an equivalent basis. The Reorganization is subject to approval of the Supreme Court of British Columbia and the shareholders of Silver Hammer.
On closing of the Transaction, in consideration for the shares of Rio Grande, Aurcana will receive a cash payment of US$800,000 (less certain exclusivity fees and prepaid expenses) and 23,000,000 Newco Shares at a deemed price of $0.25 per Newco Share. In addition, upon the completion of the next equity financing completed by Newco following the closing, Aurcana will receive an additional cash payment of US$375,000. Aurcana may also receive additional post-closing payments, payable in cash or shares, subject to the achievement of certain milestones within 48 months of closing of the Shafter Acquisition in the aggregate amount of up to US$3,000,0000, as follows: (a) up to US$1,000,000 will be payable in connection with the first public announcement of a new mineral resource estimate on the Shafter Project which includes measured and indicated mineral resources of at least 18 million ounces, (b) US$1,000,000 will be payable upon the Shafter Project entering commercial production, (c) US$500,000 will be payable if the spot price of silver is equal to or greater than US$30 per ounce for a period of 60 consecutive days, and (d) an additional US$500,000 will be payable if both (b) and (c), above, are met.
Newco has also entered into an agreement with noteholders of Rio Grande to settle certain outstanding debt of Rio Grande in connection with the Shafter Acquisition (the "Debt Settlement"). Pursuant to the Debt Settlement, Newco will acquire all of the outstanding notes of Rio Grande in the aggregate principal amount of $6,517,662 (the "Rio Grande Notes") in consideration for (a) an aggregate of 4,000 debenture units of Newco, each consisting of one $1,000 principal amount secured convertible debenture of Newco, representing $4,000,000 in total (the "Debentures"), and 2,000 common share purchase warrants of Newco (the "Warrants"), (b) an aggregate of 8,000,000 units of Newco, each consisting of one Newco Share and one-half of a Warrant, and (c) additional securities of Newco on the same terms as the Concurrent Financing (as described below) in settlement of all interest accrued on the Rio Grande Notes from August 31, 2023 to closing. The Debentures will be convertible into Newco Shares at the conversion price of $0.25 per Newco Share and each Warrant will entitle the holder thereof to purchase one Newco Share at the exercise price of $0.33 per Newco Share for a period of 24 months from closing.
On closing of the Transaction, Newco and Aurcana will enter into an investor rights agreement (the "Investor Rights Agreement") pursuant to which Newco and Aurcana will agree to certain investor rights and restrictions relating to the Newco Shares to be issued to Aurcana pursuant to the Shafter Acquisition. Under the Investor Rights Agreement, Aurcana will have the right to nominate one member of the Board of Directors of Newco, increasing to two directors if at any time Aurcana holds greater than 35% of the outstanding Newco Shares. Aurcana will agree to certain standstill restrictions and to vote its Newco Shares in accordance with recommendations of management and for a period of 24 months. In addition, the Newco Shares issued to Aurcana will be subject to voluntary resale restrictions with 25% of the Newco Shares being locked-up for 4 months from closing, 25% of the Newco Shares being locked-up for 8 months and the remaining 50% of the Newco Shares being locked up for a period of 12 months.
In connection with the Shafter Acquisition and pursuant to the terms of the Purchase Agreement, Silver Hammer will arrange a concurrent equity financing for minimum gross proceeds of CAN$3,000,000 (the "Concurrent Financing"). The terms of the Concurrent Financing will be disclosed in a subsequent news release once finalized.
Completion of the Shafter Acquisition is subject to a number of conditions, including: (i) the receipt of all required approvals of the shareholders of Aurcana and the Company; (ii) the receipt of all necessary regulatory and third party consents, approvals and authorizations, including all necessary stock exchange approvals; (iii) the Completion of the Concurrent Financing for minimum gross proceeds of CAN$3,000,000, (iv) the completion of the Reorganization and the Debt Settlement, (v) conditional approval of the CSE for the listing of the Newco Shares, including the Newco Shares to be issued in connection with the Shafter Acquisition, the Reorganization and the Debt Settlement, and (vi) other standard closing conditions for a transaction of this nature. The Transaction is an arm's length transaction. Upon completion of the Transaction, the Reorganization and the Debt Settlement, Silver Hammer shareholders are expected to own approximately 63% of the Newco Shares on a non-diluted basis (excluding securities to be issued pursuant to the Concurrent Financing).
Trading Halt
Trading of the Company's common Shares has been halted as a result of the announcement of the proposed Transaction and the Company expects that trading will remain halted pending closing of the Transaction, subject to earlier resumption upon CSE acceptance of the proposed Transaction and the filing of required materials in accordance with the policies of the CSE, if and as applicable.
Additional information concerning the proposed Shafter Acquisition, the Reorganization, the Debt Settlement, the Shafter Project, and Newco will be provided in the management proxy circular of the Company to be prepared and delivered to shareholders of Silver Hammer, which will be available in due course under the Company's SEDAR+ profile.
Qualified Person
All scientific and technical information in this press release has been prepared or reviewed and approved by Damir Cukor, P. Geo, an independent geological consultant of the Company, Linda Dufour, P.Eng, an independent metallurgical consultant of the Company, and Michael S. Lindholm, CPG of RESPEC. Each of Mr. Cukor, Ms. Dufour, and Mr. Lindholm are "qualified persons" for the purposes of NI 43-101. Mr. Cukor is the Qualified Person for all technical information in this news release, excluding the Updated Mineral Resource Estimate.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100% of the Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company's portfolio also provides exposure to copper and gold discoveries.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the completion of the Shafter Acquisition, the completion of the Concurrent Financing, the completion of the Debt Settlement and the Reorganization. Completion of the Shafter Acquisition, the Reorganization and the Debt Settlement are subject to a number of conditions, as described elsewhere in this news release. There can be no assurance that these transactions will be completed as proposed or at all. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects, of the resulting issuer, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Company and Aurcana may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although each of the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182163
News Provided by Newsfile via QuoteMedia
Battery & Precious Metals Virtual Investor Conference: Presentations Now Available for Online Viewing
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Battery & Precious Metals Virtual Investor Conference, held on July 26 th and July 27 th are now available for online viewing.
REGISTER NOW AT : https://bit.ly/44F8pOs
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 1, 2023.
July 26 th
Presentation | Ticker(s) |
Socialsuite Keynote Presentation – ESG for Small Caps: Why Get Started Now? Athena Catsoules, Account Executive | |
Century Lithium Corp. | OTCQX: CYDVF | TSXV: LCE |
WallBridge Mining Company Ltd. | OTCQX: WLBMF | TSX: WM |
Karora Resources Inc. | OTCQX: KRRGF | TSX: KRR |
American Rare Earths Ltd. | OTCQB: ARRNF | ASX: ARR |
Guanajuato Silver Company Ltd. | OTCQX: GSVRF | TSXV: GSVR |
Canterra Minerals Corp. | OTCQB: CTMCF | TSXV: CTM |
Sabre Gold Mines Corp. | OTCQB: SGLDF | TSX: SGLD |
First Tellurium Corp. | OTCQB: FSTTF | CSE: FTEL |
Clean Air Metals Inc. | OTCQB: CLRMF | TSXV: AIR |
Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
Silver Hammer Mining Corp. | OTCQB: HAMRF | CSE: HAMR |
July 27 th
Presentation | Ticker(s) |
Pan African Resources PLC | OTCQX: PAFRY | AIM: PAF |
Galantas Gold Corp. | OTCQX: GALKF | TSXV: GAL |
Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
Novo Resources Corp. | OTCQX: NSRPF | TSX: NVO |
Minera Alamos, Inc. | OTCQX: MAIFF | TSXV: MAI |
G2 Goldfields Inc. | OTCQX: GUYGF | TSXV: GTWO |
Kodiak Copper Corp. | OTCQB: KDKCF | TSXV: KDK |
Archer Exploration Corp. | OTCQB: RCHRF | CSE: RCHR |
Chilean Cobalt Corp. | Pink: COBA |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Battery & Precious Metals Virtual Investor Conference: Presentations Now Available for Online Viewing
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Battery & Precious Metals Virtual Investor Conference, held on July 26 th and July 27 th are now available for online viewing.
REGISTER NOW AT : https://bit.ly/44F8pOs
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 1, 2023.
July 26 th
Presentation | Ticker(s) |
Socialsuite Keynote Presentation – ESG for Small Caps: Why Get Started Now? Athena Catsoules, Account Executive | |
Century Lithium Corp. | OTCQX: CYDVF | TSXV: LCE |
WallBridge Mining Company Ltd. | OTCQX: WLBMF | TSX: WM |
Karora Resources Inc. | OTCQX: KRRGF | TSX: KRR |
American Rare Earths Ltd. | OTCQB: ARRNF | ASX: ARR |
Guanajuato Silver Company Ltd. | OTCQX: GSVRF | TSXV: GSVR |
Canterra Minerals Corp. | OTCQB: CTMCF | TSXV: CTM |
Sabre Gold Mines Corp. | OTCQB: SGLDF | TSX: SGLD |
First Tellurium Corp. | OTCQB: FSTTF | CSE: FTEL |
Clean Air Metals Inc. | OTCQB: CLRMF | TSXV: AIR |
Arizona Metals Corp. | OTCQX: AZMCF | TSX: AMC |
Silver Hammer Mining Corp. | OTCQB: HAMRF | CSE: HAMR |
July 27 th
Presentation | Ticker(s) |
Pan African Resources PLC | OTCQX: PAFRY | AIM: PAF |
Galantas Gold Corp. | OTCQX: GALKF | TSXV: GAL |
Fathom Nickel Inc. | OTCQB: FNICF | CSE: FNI |
Outcrop Silver & Gold Corp. | OTCQX: OCGSF | TSXV: OCG |
Novo Resources Corp. | OTCQX: NSRPF | TSX: NVO |
Minera Alamos, Inc. | OTCQX: MAIFF | TSXV: MAI |
G2 Goldfields Inc. | OTCQX: GUYGF | TSXV: GTWO |
Kodiak Copper Corp. | OTCQB: KDKCF | TSXV: KDK |
Archer Exploration Corp. | OTCQB: RCHRF | CSE: RCHR |
Chilean Cobalt Corp. | Pink: COBA |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
Silver Hammer Mining Reports Positive Preliminary Results of Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announce it has recently completed a property-wide aerial magnetic-radiometric survey at its Eliza Silver Project near Ely, Nevada. The preliminary results are encouraging and identify extensions to existing targets and highlight multiple new priority exploration targets. The final results are currently being processed by Condor North Consulting ULC.
"We are pleased to highlight the positive results of the property-wide airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project,"commented President & CEO Peter A. Ball."The Company continues to push forward with its 'Plan of Operations' permitting and evaluation of the Eliza Project. Current observations highlight strong correlation between historical and recent surface sampling, mapping and structural analysis and the June 2023 preliminary geophysical surveys. With the addition of new potential drill targets being identified, we look forward to the final technical analysis of the raw data to assist in the next steps at Eliza."
Eliza Project Survey Technical Highlights
The geodetic system used for the Eliza geophysical survey was WGS 84 in UTM Zone 11N. A total of 360-line km were flown with a helicopter over the property. The survey was flown at 25 m line spacing on a heading of 090°/270°, while tie lines were flown at 250 m line spacing on a heading of 000°/180°.
Preliminary radiometric modeling shows strong correlation with field observations including the placement of the Eberhardt Fault, a major truncating (290° azimuth) fault that dissects the Hamilton Vein systems. The Belmont and Passynak zones are seen as radiometric highs that extend along a (010°) structural orientation (refer to Figure 1 Airborne Radiometric Survey Results). Other anomalous radiometric highs have been identified along the same (010°) orientation indicating potential off-sets and extensions of mineralization south of the Eberhardt Fault.
In total, the mineralized systems identified to date exhibit strong silver and base metal mineralization, visual structural control (010°) and now magnetic and radiometric anomalies which will assist the Company design new drill targets.
Figure 1. Eliza Radiometric Survey Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_figure1.jpg
About Eliza Project
The Eliza Silver Project is a 5.52 square kilometer land package, which includes the past-producing California Mine patented US lode claim and is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district, which produced 40 million ounces silver with grades up to 20,000 g/t between 1876-1890.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
District scale folding of local sedimentary rocks appears to have provided structural open space fault and fracture zones, (010° azimuth) which allowed mineralizing fluids to migrate through receptive host rocks, resulting in replacement deposits hosted by Devonian-aged Nevada (Guilmette) Limestone and late Devonian to early Mississippian-aged Pilot Shale and Joana Limestone. Historically, these zones were mined in the adjacent Hamilton Mining District (1870's) reporting high grade Pb-Ag-Zn-Cu hosted in dolomite-limestone replacement zones of the Nevada (Guilmette) Limestone with reported grades up to 2,177 g/t Ag, (Humphrey, 1960). Igneous rocks have not been identified on the property; however, two Cretaceous-aged granitic intrusions are exposed at the Mount Hamilton Mine, 7.5 km to the northwest.
Geologic mapping, rock and soil sampling efforts have defined three main zones of interest: Passynak, Belmont and California. All three zones show evidence of historic mine development and production. The highest-grade samples collected by the Company were from the Passynak and Belmont mines. Samples represent dolomitic micro-breccia replacements within the Joana Limestone. The replacement zones exhibit micro brecciation textures, stockwork or sheeted calcite veinlets, magnetite, limonite stain, and commonly show copper oxides.
Assay results from 2021 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
Follow up sampling in 2022 revealed that the replacement zones in limestone are penetrating along axial planar faults and fracture zones and commonly weather into resistant ridges. A total of 25 samples were collected as follow up samples, 17 of which focused on the dolomitic-limestone replacements found exposed in a variety of historic mine shafts and prospect pits. An especially pertinent aspect of the results from this round of sampling is the presence of high-grade Cu, Pb and Zn, in addition to Ag.
Assay results from 2021-22 Company sampling programs confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in Cu, Pb and Zn, typical of skarn-hosted base and precious metals and perhaps suggesting the potential for a porphyry at depth.
Table 1. Eliza Notable Rock Samples*
*Please refer to the news release dated May 11, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table1.jpg
Several outlying soil anomalies indicate extension to known mineral systems or new zones. Notable soil sample results are shown in Table 2.
Table 2. Eliza Notable Soil Sample**
**Please refer to the news release dated October 25, 2022 for related Quality Assurance and Quality Control Sampling Security for results in Table 2.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9597/173772_table2.jpg
Qualified Person
Scientific and technical data herein have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Mulholland recently visited the property again in June 2023 and supervised the previous sampling referenced herein from 2022.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, 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; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including 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, and general market and industry conditions. 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.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/173772
News Provided by Newsfile via QuoteMedia
Silver Hammer Mining Commences Property-Wide Airborne Magnetic and Radiometric Survey at Its Eliza High-Grade Silver and Copper Project in Nevada
Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to announced that it has commenced a property-wide airborne magnetic and radiometric survey at its 100%-owned high-grade Eliza Project in Nevada. The geophysical survey that commenced at the Silverton Project is now complete and awaiting analysis. The Company has engaged Precision GeoSurveys to complete surveys at both its Silverton and Eliza projects in Nevada.
"We are pleased to commence an airborne magnetic and radiometric survey at our high-grade silver and copper Eliza Project ahead of schedule,"commented, President & CEO, Peter A. Ball."With the completion of a survey at our Silverton Project a few days ago, we continue to accelerate exploration efforts at our projects in Nevada, as we prepare for a busy season at our three projects located in Idaho and Nevada. Eliza continues to be of high interest to explore noting the significant silver and copper grades sampled in 2022. After the Eliza geophysical survey, the Company will be onsite in June in Idaho at our Silver Strand Project completing a property review based on the 15 priority exploration targets identified from the spring data compilation of the last 20 plus years of geophysical surveys."
Eliza Project Survey Highlights
The helicopter supported surveys will use magnetic sensors flown in non-magnetic and non-conductive nose stinger configuration, with gamma sensors internal to the aircraft away from variable fuel cell attenuation, to allow for reduced terrain clearance minimizing noise and improving resolution and accuracy.
Eliza Project (refer to Figure 1):
- 269 total line kilometres
- 50 metre line spacing
- 12.1 square kilometres coverage
Figure 1. Eliza Project Airborne Survey Map
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/9597/168597_1e81edc1a4f319fe_001full.jpg
About Eliza Project
The Eliza Silver Project is a 5.52 square kilometre land package, which includes the past-producing California Mine Patent claim, is located along strike of the Hamilton Mining District, Nevada's highest-grade silver district. It has been noted by the USGS mineral resource data system (MRDS), that the district produced over 30 million ounces silver ("Ag") with grades up to 20,000 grams per tonne (g/t) between 1865-1888.
Information gained from a detailed geologic map indicate that Eliza and the Hamilton District contain high-grade silver mineralization hosted by the same formation. No modern-day exploration or significant work/drilling has been completed on the project in over half a century. Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's project.
Assay results from a 2022 sampling program confirmed the existence of a well-developed silver-rich mineral system, which also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn), suggesting the potential for the existence of a blind copper porphyry.
2022 samples include:
- PN662703: 1290 g/t Ag
- PN662717: 1180 g/t Ag; 7.70% Cu; 11.00% Pb; 13.40% Zn
- PN662715: 632 g/t silver; 2.2% Cu; 1.49% Pb; 0.55% Zn
The Company significantly expanded mineralized footprint through 2022 soil sampling, identifying four primary target areas and plans to further evaluate the project in 2023.
About Precision
Precision GeoSurveys is a full-service airborne geophysical contractor and industry leader in providing high resolution surveys in mountainous and remote terrain having acquired and processed high resolution multi-sensor airborne geophysical data in mountainous terrain on over 700 surveys since 2007. The company utilizes state-of-the-art geophysical instrumentation attached directly to the helicopter. The magnetic sensors are flown in a non-magnetic and non-conductive nose stinger configuration, and the gamma sensors are flown internal to the aircraft away from variable fuel cell attenuation. Compared to conventional slung bird-type survey systems, this innovative design allows the survey to be safely flown at reduced terrain clearance to minimize noise, improve resolution, and reduce the need for complex corrections to the data. The geophysical data and maps will be prepared using industry standard Geosoft algorithms and mapping software to show the geomagnetic and radiometric properties of the survey area.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, (CPG). Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource exploration company advancing its flagship past-producing Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world's most prolific mining jurisdictions in Nevada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately explored. The Company's portfolio also provides exposure to high-grade copper and gold at its projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
T: 778.344.4653
E: investors@silverhammermining.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, 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; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, including 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, and general market and industry conditions. 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.
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168597
News Provided by Newsfile via QuoteMedia
Chen Lin: Silver's Move to US$50 Will be Quick, How I'm Investing Now
Speaking to the Investing News Network, Chen Lin of Lin Asset Management shared his outlook for silver, explaining that the white metal could move quickly to the US$50 per ounce level once market participants realize how large the divide between supply and demand really is.
When asked about the most important drivers for silver right now, he pointed to the solar industry, noting that two to three years ago it was consuming 100 million ounces of silver; that amount rose to 200 million ounces last year.
This year, the Silver Institute is projecting a further 40 million ounces of solar demand, but Lin thinks the sector may end up requiring an extra 100 million ounces, bringing its total usage to 300 million ounces for 2024.
"From all the data I get, it's 100 million ... so from 200 million to 300 million," he said. A new report out of Germany has an even higher projection, forecasting that the solar market could consume 400 million ounces of silver this year.
"My point is that once investors see the huge deficit, they truly see the huge deficit in silver, silver will go to US$50 just like that — just in a heartbeat," Lin said, adding that so far most market participants haven't gotten there.
When asked how he's getting exposure to silver, Lin said he's heavily exposed in the future market. However, he doesn't recommend that path for everyone as the leverage involved can be highly risky.
He's also looking at silver miners, which he believes are cheap. "Silver miners are going to have a huge Q2 — gold miners too, but silver in particular," he said, noting that the average silver price will be much higher than it was in Q1.
"If they are not making money at US$20 (silver), at US$30 suddenly there's a huge profit," he said.
Watch the interview above for more from Lin on his outlook for silver and ways to invest.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Diversifying with Precious Metals: Top Strategies for Silver Investment
Like gold, silver is considered a safe haven for investors and has long been viewed as a hedge against inflation. In addition to its precious metal status, silver has numerous industrial applications, making it an attractive investment target.
Investing in silver offers a plethora of advantages, including portfolio diversification and protection against inflation. Silver's industrial demand, stemming from its exceptional conductivity and utility in various sectors, bolsters its value beyond mere ornamentation. Moreover, its relative affordability compared to gold makes it accessible to a broader range of investors.
Ways to invest in silver
For both long-term and short-term investors, investing in silver can offer several advantages. When currency values decrease, the value of silver often increases. It can also diversify investment portfolios, providing a balance against stocks and bonds, which might perform poorly under certain economic conditions.
Silver has a wide range of industrial applications, including in electronics, solar panels and medical devices. This industrial demand can drive the price up, adding to its investment appeal. Demand also fluctuates based on technological advancements and changes in manufacturing processes.
Investors looking at this precious metal will benefit from a deeper understanding of the different avenues for investing in silver and the pros and cons of each option.
Mining stocks
While silver itself is a valuable commodity, silver mining stocks offer a different avenue for potential growth. One of the main benefits of investing in silver mining companies is the leverage they can offer. As the price of silver increases, mining companies can potentially see a significant rise in profits, which may be reflected in the stock price. Additionally, mining stocks often come with the possibility of dividend payments, providing an income stream for investors.
However, there are also risks to consider. Mining companies are subject to operational risks, such as the cost of operations and potential disruptions. Moreover, their performance is not only tied to the price of silver but also to the success of their individual operations and management decisions. Market volatility can also affect mining stocks, making them a potentially riskier investment compared to holding physical silver.
For those interested in exploring silver mining stocks, companies like Pan American Silver (TSX:PAAS,NASDAQ:PAAS) and Hecla Mining (NYSE:HL) are notable examples. These companies have established operations and a history in the market. It's important to conduct thorough research and consider the stability and growth potential of any company before investing.
Silver coins and bars
Silver is generally more affordable than gold, making it accessible to a wider range of investors, including those who are just starting out. Tangible assets like bullion, coins and bars can be particularly appealing in times of economic uncertainty or market volatility. Unlike financial instruments, physical silver doesn't depend on another party's solvency, and can be bought and sold privately.
However, tangible silver requires secure storage, which can be costly. Insurance also adds to the investment's overall cost. The sale of such silver is often subject to capital gains tax, and the tax treatment can be less favorable compared to other investment vehicles. In some jurisdictions, silver is taxed at higher rates.
Investors should be aware that selling large quantities of physical silver can be challenging and time consuming. Finding a buyer at the desired price may take time, and this investment requires active management from storage to selling. Coins, like the American Silver Eagle or Canadian Maple Leaf, are recognized worldwide, enhancing their liquidity.
ETFs and mutual funds
Silver exchange-traded funds (ETFs) can be a gleaming prospect for those looking to diversify their portfolio with precious metals. Silver ETFs offer a convenient way to gain exposure to the silver market without the need to physically hold the metal. The Motley Fool recommends considering ETFs that provide exposure to a broad array of silver companies.
The iShares Silver Trust (ARCA:SLV), Global X Silver Miners ETF (ARCA:SIL) and Amplify Junior Silver Miners ETF (ARCA:SILJ) are names to consider.
One of the main advantages of silver ETFs is the ease of trade. Unlike physical silver, ETFs can be bought and sold like stocks on major exchanges, providing liquidity and flexibility.
Royalties and streaming companies
Royalty companies provide upfront capital to mining companies in exchange for a percentage of the revenue generated from the mine. Streaming companies, on the other hand, receive physical silver at a predetermined price, providing a steady supply and a hedge against silver price volatility.
One of the main advantages is risk reduction. Unlike traditional mining companies, royalty and streaming companies are not directly exposed to the operational challenges of mining. This translates to lower operational costs and reduced risks such as labor disputes or geopolitical complications. Companies like Franco-Nevada (TSX:FNV,NYSE:FNV) and Wheaton Precious Metal (TSX:WPM,NYSE:WPM) have established themselves as leading players in the industry, offering investors stability and exposure to multiple mining operations.
Silver Crown Royalties has positioned itself as a notable player in the silver investment landscape. As a revenue-generating, silver-only royalty company, Silver Crown Royalties has demonstrated strategic growth initiatives aimed at maximizing shareholder value.
“We're the only company that is a pure silver proxy that's an equity vehicle. So unlike investing in silver metals, because we have organic growth, we have exploration upside, we have all the things that a company would have. We also aim to pay a dividend. There's no other vehicle out there that has that,” Peter Bures, founder, chairman and CEO of Silver Crown Royalties said of his company’s value proposition.
Founded by industry veterans, Silver Crown Royalties is a pre-IPO stage company, focusing on silver as byproduct credits. The company's recent amalgamation agreement and upsizing of its royalty in the Elk Gold Mine underscore its commitment to expanding its portfolio and enhancing its revenue streams.
Investor takeaway
Investing in silver can be a wise decision for those looking to diversify their portfolio and protect against economic uncertainties. With various avenues available, from physical silver to silver streaming companies, investors have the flexibility to choose the path that best aligns with their investment strategy and risk tolerance.
This INNSpired article is sponsored by Silver Crown Royalties. This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Silver Crown Royaltiesin order to help investors learn more about the company. Silver Crown Royaltiesis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Silver Crown Royalties and seek advice from a qualified investment advisor.
Sorby Hills Project FEED Study
Boab Metals Limited (ASX: BML) (“Boab” or the “Company”) is pleased to announce the results of its Front-End Engineering & Design (“FEED”) Study for its 75% owned Sorby Hills Lead-Silver- Zinc Project (“Sorby Hills” or “the Project”), located in the Kimberley Region of Western Australia. The FEED Study augments and enhances the Sorby Hills Definitive Feasibility Study (“DFS”) released by the Company in January 2023.
HIGHLIGHTS
Project updates (excluding any change in macroeconomic assumptions) have delivered an increase of +A$73M Net Cash Flow and +A$41M NPV8 compared to the DFS.
Key Base Case Project Metrics include upfront Capital Expenditure of A$264M, average C1 Cost of US$ 0.36/lb payable Lead (including silver credits), pre-tax NPV8 of A$411M, pre-tax IRR of 37%, and average annual EBITDA of A$126M.
Importantly, the net change to pre-production Capital Expenditure is limited and project pre- tax cash flows over the initial 5 years of production have improved by +A$150M providing a stronger profile to support debt financing.
Assuming current spot pricing1 for Lead, Silver, Exchange Rate and current Benchmark Lead Treatment and Silver Refining Charges results in an NPV8 of A$596M, pre-tax IRR of 47% and average annual EBITDA of A$160M.
Key Project updates include:
- Updated post FEED pricing for the Process Plant EPC Contract provided by GR Engineering Service (“GRES”).
- Updated mining schedule bringing forward mining of the high-grade Norton Deposit.
- Updated metal recovery and concentrate grades for the Norton Deposit based on new metallurgical testwork on core recovered during the Phase VII drilling program.
- Updated pricing for the Mining and Earthworks Contracts provided on a bundled basis and based on the optimised site layout and mining schedule.
- Updated tailings strategy with above-ground tailings disposal being employed for the Life of Mine as opposed to in-pit deposition previously adopted in the DFS.
Boab Managing Director and CEO, Simon Noon, stated:
“Following the DFS, we identified clear opportunities to optimise and de-risk the Project both technically and economically. Over the past year, we have pursued these opportunities in conjunction with completing Front End Engineering & Design on our Process Plant with GRES.
We are pleased to present the results of our work during this period in the form of this FEED Study. We now look forward to accelerating our engagement with financiers and further advancing Sorby Hills toward a Final Investment Decision.”
Click here for the full ASX Release
This article includes content from Boab Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top Stories This Week: Expert Calls for US$50 Silver, Paladin Offers C$1.14 Billion for Fission
Strength in the US dollar briefly pushed the gold price below US$2,300 per ounce midway through the week, but the yellow metal soon bounced back, finishing Friday (June 28) at the US$2,325 level.
The latest US Personal Consumption Expenditures (PCE) price index data came out that day, and it shows that in May core PCE was up 0.1 percent month-on-month and 2.6 percent year-on-year — in line with expectations.
PCE is the US Federal Reserve's preferred measure of inflation, and can help shed light on its interest rate plans.
“The lack of surprise in today’s PCE number is a relief and will be welcomed by the Fed,” Seema Shah, chief global strategist at Principal Asset Management, told CNBC after the new numbers were released.
Even so, the Fed's path forward isn't yet clear. "A further deceleration in inflation, ideally coupled with additional evidence of labor market softening, will be necessary to pave the way for a first rate cut in September," she added.
Currently CME Group's (NASDAQ:CME) FedWatch tool shows about a 58 percent likelihood of a cut in September.
Silver continued to trade below US$30 per ounce this week, although some experts believe the white metal has much further to go. The Investing News Network recently heard from Chen Lin of Lin Asset Management, who explained that it could move quickly to US$50 once market participants realize how large the divide between supply and demand really is.
Here's how he explained it:
"My point is once investors see the huge deficit, they see truly the huge deficit in silver, silver will go to US$50 just like that — just in a heartbeat. So I hope while you're enjoying the summer you don't miss one of the greatest runs of silver" — Chen Lin, Lin Asset Management
Bullet briefing — Victoria Gold shares drop, Paladin to buy Fission
Heap leach pad fails at Eagle gold mine
Shares of Victoria Gold (TSX:VGCX,OTC Pink:VITFF) fell over 80 percent this week after a heap leach pad failure and landslide at its Eagle gold mine in Canada's Yukon. No injuries were reported at the site, but Trevor Ellis, mayor of the nearby Mayo community, described the situation as "catastrophic" in an interview with CBC.
The company has suspended operations at Eagle as it works to assess the situation, but questions are unsurprisingly being raised about the mine's future, and about how the incident may impact Yukon's mining sector.
Paladin Energy to acquire Fission Uranium
Australia's Paladin Energy (ASX:PDN,OTCQX:PALAF) revealed plans to acquire Fission Uranium (TSX:FCU,OTCQX:FCUUF) in a deal valued at C$1.14 billion. Announced on Monday (June 24), the move will give Paladin ownership of Fission's Patterson Lake South project in Saskatchewan's Athabasca Basin, a well-known uranium hotspot.
Paladin's main asset is its 75 percent owned Langer Heinrich uranium mine in Namibia, where it recently restarted production. The company also has a portfolio of exploration and development assets in Canada and Namibia.
The companies are aiming to complete the transaction in the September quarter, although it remains to be seen whether it will be voted through. Some analysts have suggested that shareholders may want to see a better offer.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Thomson Project Sold for $200,000 Plus 1.5% Net Smelter Royalty
Divestment of non-core asset will streamline Eastern Metals’ asset portfolio, enabling it to focus on exploration of its high-potential Cobar and Arunta projects
Eastern Metals Ltd (ASX: EMS) (“Eastern Metals” or “the Company”) is pleased to announce that it has signed a binding Heads of Agreement (“HoA”) for the sale of the Thomson Project in New South Wales to Legacy Minerals Holdings Ltd (ASX: LGM, “Legacy Minerals”) for $200,000 in cash and a 1.5% Net Smelter Royalty (“NSR”).
- Eastern Metals has finalised a binding agreement to sell its Thomson Project in NSW to Legacy Minerals Holdings Ltd (ASX:LGM) for $200,000 in cash plus a 1.5% royalty.
- The cash sale allows Eastern Metals to focus its funds and human resources on the exploration of the Cobar and Arunta Projects.
- Approvals process is underway to drill newly identified high-priority targets at the Cobar Project in NSW, with work programs also progressing at the Arunta Project in the NT following the recent award of a co-funding grant from the NTGS1.
The sale will streamline Eastern Metals’ asset portfolio, enabling the Company to focus its funds and resources on the high-potential, advanced base metals Cobar Project in New South Wales and Arunta Project in the Northern Territory.
Eastern Metals’ Chief Executive Officer Ley Kingdom said: “The sale of the Thomson Project to Legacy Minerals represents a great outcome for Eastern Metals, providing the Company with an all- cash consideration of $200,000 plus a 1.5% NSR, while enabling us to prioritise our efforts on the more advanced assets within our portfolio.
“The prioritisation of time and funds is vital for successful exploration companies. With our prospective portfolio of tenements, we are constantly evaluating which projects have the best potential for exploration success and shareholder growth. In the near future, this includes continuing to progress Browns Reef and Home of Bullion through target generation and drilling. We wish Legacy Minerals all the best with the acquisition, which represents a complementary land position to their existing projects in NSW where they are actively exploring on a number of fronts.”
Click here for the full ASX Release
This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Investor Presentation Gold Coast Investment Showcase
Eastern Metals Ltd (ASX:EMS) (“Eastern Metals” or “the Company”) is pleased to advise that its Chief Executive Officer, Ley Kingdom, will be presenting at Vertical Events’ Gold Coast Investment Showcase on Thursday 20 June 2024 at 11:30am AEST.
Investors can register to watch a livestream of the conference at: https://www.goldcoastinvestmentshowcase.com.au/livestreamingregistration
A copy of the conference presentation is provided below.
Click here for the full ASX Release
This article includes content from Eastern Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest News
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.