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Solaris Reports 475m of 1.03% CuEq from Surface in New Drilling as Further Productivity Gains Drive Record 10km Drilled in August
https://ca.finance.yahoo.com/news/solaris-reports-475m-1-03-110000583.html
Solaris Resources
Thu, September 19, 2024 at 4:00 a.m. PDT·9 min read
SLSR
+8.90%
QUITO, Ecuador, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR
SolGold Announces Company Update
https://www.accesswire.com/918314/solgold-plc-announces-company-update
Monday, 16 September 2024 02:30 AM
BISHOPSGATE, LONDON / ACCESSWIRE / September 16, 2024 / SolGold plc (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on its 100% owned Cascabel Project ("Cascabel" or "Project"), regional exploration projects, and additional strategic initiatives.
Highlights
SolGold is making significant progress across its portfolio:
Building on SolGold's previous efforts, preparations for the geotechnical program at Cascabel's Tailings Storage Facility ("TSF") are progressing, with drilling locations and depths established. In recent weeks, scouting efforts have been completed evaluating current operating conditions and access routes, ensuring readiness for the planned mobilization of drill rigs in the fourth quarter of 2024.
Assay results from the soil samples taken at the Cielito Norte target within the Blanca Nieves project in the first half of 2024 have been received and are undergoing detailed analysis to further understand the mineral potential at this highly prospective target. Cielito Norte covers approximately 6 km2 of variable altered and mineralised intrusive and volcanic rocks hosting previously reported high gold grade quartz veins indicative of a significant intrusive related copper and gold system located approximately 8 km north-northwest of Cascabel.1,2
SolGold is entering the consultation phase of permitting for the Porvenir Project ("Porvenir"), an essential part of Ecuador's permitting process to enhance community engagement and regulatory compliance. The Company completed the first stage of the permitting process in July, obtaining the advanced exploration permit for Porvenir from the Ministry of Energy and Mines. The successful completion of the consultation process, application submission, and the Ministry of Environment's approval are required for the issuance of the environmental license necessary to enable any potential future drilling activities at Porvenir.
Cascabel Project Update
In August and September, SolGold hosted site visits from Knight Piésold Pty Ltd (Australia and Peru), SRK Consulting (Canada) Inc., Sedgman Canada Ltd and other consultants. These industry experts, specializing in areas such as Block Caving, Geotechnical Studies, Mining, Geology, Mineral Processing, Metallurgy, TSF, Civil Engineering, Permitting, Environmental, Social, and Governance, engaged with senior management to review and refine Project development strategies, and identify opportunities for improvement in the recent Pre-feasibility Study outcomes for Cascabel.3,4
To accelerate Project de-risking, SolGold has issued tenders to several internationally recognized consulting firms. These contracts, once assigned, will contribute to advancing the Project to the feasibility study phase.
The Company has renewed option agreements with land and concession owners in areas identified as potential infrastructure zones for the Project's development that were due to expire earlier this year.
Exploration Update
Developments at the Cielito Norte Target in Blanca Nieves, 8 km north-northwest of Cascabel:
Geological Setting: The Cielito Norte target is strategically positioned between two key vein systems: the northeast-southwest El-Cielito vein system to the south and the northwest-southeast La Florida vein system to the east. This unique geological setting enhances the prospectivity of the area. The vein systems are interpreted to lie on the margins of a significant porphyry target.1,2
High-Grade Gold Occurrences: Bonanza gold grades have been identified within quartz veins at El Cielito, occurring at elevations between 1,000 and 1,150 metres above sea level and La Florida, between 1,200 and 1,250 metres above sea level. These findings indicate a consistent and significant level of gold deposition across the target area, reinforcing the potential for high-value mineralization and the potential for a targeted porphyry system at depth. 1,2
Extensive Geochemical Anomalies: A comprehensive soil grid covering an area of 3.4 km by 1.8 km was completed at Cielito Norte, yielding 566 soil samples. The results revealed a broad argillic alteration zone with notable anomalies in gold (Au), silver (Ag), antimony (Sb), arsenic (As), and mercury (Hg), predominantly between 1,300 and 1,700 meters above sea level. This extensive geochemical footprint underscores the robustness of the mineralized system.
Future Area Exploration Work: The soil anomalies at Cielito Norte, located at the side of and topographically at a higher elevation than the well-documented Au-Ag quartz veins, indicate a highly prospective zone to have a well-preserved mineralized system with the potential for hosting higher-grade epithermal Au-Ag mineralization for a vertical extent of at least 250 meters. The presence of high-grade gold values supports the rationale for exploration efforts that focus on delineating the vertical and lateral extents of these promising mineralized systems and potential related porphyry systems. 1,2
Corporate Governance
As part of SolGold's commitment to strong corporate governance, Director and Audit & Risk Committee Chair Charles Joseland, Director and Audit & Risk Committee member María Amparo Albán, Director John Liu, and Director and CEO Scott Caldwell accompanied SolGold's corporate advisors on a visit to the Cascabel site and attended meetings at the Company's office in Quito. The visit and meetings in September were integral to a comprehensive review of the Company's governance, highlighting SolGold's dedication to transparency and rigorous oversight.
Strategic Conferences and Industry Engagement
In September, SolGold is participating in key industry conferences, including the Denver Gold Forum and Beaver Creek Precious Metals Summit, followed by the CGES 2024: Colombia mining conference in October. These events offer opportunities to present the Company's recent technical and financial achievements and strengthen relationships with current and prospective shareholders and industry stakeholders. Management looks forward to engaging in strategic discussions to advance SolGold's objectives further.
Looking Ahead
As SolGold continues to advance its strategic objectives, the management team is focusing on several key initiatives designed to drive progress and enhance shareholder value:
Mobilization of Drill Rigs: Preparations are underway for the mobilization of drill rigs for geotechnical work at Cascabel, scheduled to begin in Q4 2024. This phase is critical for ensuring the structural integrity of the proposed infrastructure and tailings storage facilities.
Porvenir Permitting: The Company expects to complete the consultation phase for the Porvenir Project during calendar Q4 2024, followed by the submission of the application to the Ministry of Environment in calendar Q1 2025.
Expansion of the Project Team: Continuing the efforts outlined last month, SolGold is in the process of expanding its Project team with strategic hires and consultants, bringing expertise in civil engineering, environmental management, and community relations. These efforts are poised to enhance our Project execution capabilities as we gear up for critical phases ahead.
Enhanced Community Engagement: Plans are in progress to launch a series of community engagement initiatives aimed at ensuring the sustainable development of our projects. These initiatives include educational programs, local workforce training, and health and safety campaigns.
Strategic Exploration Planning: Leveraging the encouraging outcomes from the El Cielito and La Florida vein systems and at the Cielito Norte target, the team is drafting a detailed exploration program to investigate the vertical and lateral extents of these mineralized zones. The proposed program may include expanded soil sampling efforts in the La Florida area and incorporate Induced Polarization (IP) geophysics to trace the continuity of identified anomalies and structures, and a magnetic survey over selected parts of the area to complement an existing partial magnetic survey over Blanca Nieves. It is anticipated that integrative mapping of these data would equip our geological team with a more comprehensive understanding of the prospect's potential.
As SolGold advances and de-risks the Cascabel Project, Management remains focused on delivering results through diligent planning and responsible management, with our established commitment to excellence in environmental, social, and governance practices at the core. The Company anticipates sharing additional updates as the Board and Management advance SolGold's initiatives.
Endnotes
1. Refer to news release dated 05 December 2023 on Sedar+ and the Company's website. Link: 2023-12-05 Release
2. Refer to news release dated 19 March 2024 on Sedar+ and the Company's website. Link: 2024-03-19 Release
3. Refer to news release dated 16 February 2024 on Sedar+ and the Company's website. Link: 2024-02-16 Release
4. Refer to news release dated 12 March 2024 on Sedar+ and the Company's website. Link: 2024-03-12 Release
About SolGold SolGold is a leading exploration company focused on the discovery and definition of world-class copper-gold deposits. The company holds a portfolio of exploration projects in Ecuador. SolGold's primary objective is to discover and develop ecological copper and gold deposits through a disciplined exploration approach led by an experienced management team.
Qualified Person:
Above information relating to the exploration results is based on data reviewed by Mr. Santiago Vaca (M.Sc. P.Geo.). Mr. Vaca joined SolGold in 2014 as Chief Geologist for the Cascabel project and is an Ecuadorian geologist with over 19 years of experience in mineral Exploration and research. Mr. Vaca holds a Professional Geoscientist Certification (P.Geo) granted by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) in Canada and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr. Vaca consents to the inclusion of the information in the form and context in which it appears.
CONTACTS
Chris Robinson
Director of Corporate Operations
& Communications
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information. Follow us on X @SolGold_plc.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward looking information". Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
Solaris Identifies Additional Veins as Celestina Epithermal Target Takes Shape; Reports 16,019 g/t Silver and 25.3 g/t Gold in Follow-Up Sampling
https://ca.finance.yahoo.com/news/solaris-identifies-additional-veins-celestina-110000758.html
Solaris Resources
Tue, September 10, 2024 at 4:00 a.m. PDT·4 min read
SLSR
+0.99%
QUITO, Ecuador, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to provide an update on recent results from the Celestina target area as part of its continuing district exploration program. Celestina lies within the search domain for epithermal deposits east of the Warintza porphyry cluster and is defined by a 4.5km by 3km area of hydrothermal alteration and elevated zinc, lead, arsenic and mercury values in soil.
Additional prospecting in an overburden-covered area outside of these anomalies has identified three parallel vein exposures in creek beds within 100m either side of the original breccia outcrop (see press release dated June 25, 2024). Follow-up rock chip sampling has returned high values of 16,019 g/t silver and 25.3 g/t gold, with other samples supporting the presence of an underlying silver-gold-base metals vein system.
The exposures that have been identified to date are located in a soft and chemically-reactive mudstone unit that may have acted as a caprock to the hydrothermal system. The conceptual exploration target at Celestina therefore lies in the underlying volcanic rocks that had full exposure to the hydrothermal cell while also having the properties to support robust vein and fracture formation.
Ongoing field work is now focused on locating additional exposures that provide further views to the underlying vein system while expanding coverage to define its areal extent. More detailed mapping, sampling and alteration studies are aiming to better define zonation while nearby geotechnical drilling this month is expected to confirm the stratigraphic sequence. Together these efforts will aid in establishing vectors to support site selection for initial reconnaissance drilling.
District exploration efforts in other target areas continue to progress with recent geotechnical drilling in the Caya-Mateo target area encountering epithermal clay alteration beneath overburden in a sandstone unit and high-temperature alteration in the underlying volcanics. Geotechnical drilling in the Mateo area encountered the same high-temperature alteration in volcanics with follow-up mapping and sampling programs planned to extend coverage further southeast toward its interpreted core.
Figure 1 – Maps of Soil and Alteration Anomalies
Figure 1 – Maps of Soil and Alteration Anomalies
Figure 1: Left - map showing zinc and lead soil anomalies that are thought to reflect zonation within the Celestina hydrothermal system together with arsenic and mercury epithermal pathfinder elements. Right - hydrothermal clay alteration anomalies provide additional information to establish zonation.
Figure 2 – Cross-Section of Conceptual Exploration Target
Figure 2 – Cross-Section of Conceptual Exploration Target
Figure 2: Conceptual cross-section showing mudstone unit hosting surface exposures stratigraphically above the exploration target in competent volcanic rocks capable of supporting robust vein development. Specimens from three quartz-carbonate veins displaying semi-massive sulphides. Lines in the scale bar in the photographs are at mm intervals.
Figure 3 – Vein Specimen Closeup
Figure 3 – Vein Specimen Closeup
Figure 3: Specimen from quartz-carbonate vein which assayed 0.09 g/t Au, 21 g/t Ag, 42 ppm As, 11 ppm Sb. Lines in the scale bar in the photograph are at mm intervals.
Technical Information and Quality Control & Quality Assurance
Soil and rock sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located on site. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and silver contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. The technical data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards. The verification activities included a search for factual errors, completeness of the lithological and assay data, and suitability of the primary data. As part of the database verification activities, the assay information and certificates obtained directly from the analytical laboratory have been examined as well.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that other samples support the presence of an underlying silver-gold-base metals vein system, the mudstone unit may have acted as a caprock to the hydrothermal system, the conceptual exploration target at Celestina therefore lies in the underlying volcanic rocks that had full exposure to the hydrothermal cell while also having the properties to support robust vein and fracture formation, ongoing field work is now focused on locating additional exposures that provide further views to the underlying vein system while expanding coverage to define its areal extent, more detailed mapping, sampling and alteration studies are aiming to better define zonation while nearby geotechnical drilling this month is expected to confirm the stratigraphic sequence, together these efforts will aid in establishing vectors to support site selection for initial reconnaissance drilling, district exploration efforts in other target areas continue to progress with recent geotechnical drilling in the Caya-Mateo target area encountering epithermal clay alteration beneath overburden in a sandstone unit and high-temperature alteration in the underlying volcanics, geotechnical drilling in the Mateo area encountered the same high-temperature alteration in volcanics with follow-up mapping and sampling programs planned to extend coverage further southeast toward its interpreted core. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. The Company has based these forward-looking statements and information on the Company’s current expectations and assumptions about future events including assumptions regarding the exploration and regional programs. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2023 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a737196-abb1-4e5d-824e-44e0139995f6
https://www.globenewswire.com/NewsRoom/AttachmentNg/b901b063-a6cf-4de8-8117-83f8833b507b
https://www.globenewswire.com/NewsRoom/AttachmentNg/25a89450-159f-44fd-8989-75d9822c0b60
Solaris Submits Environmental Impact Assessment for Construction of Warintza; Announces Initial Steps to Emigrate to Ecuador
https://ca.finance.yahoo.com/news/solaris-submits-environmental-impact-assessment-110000568.html
Solaris Resources
Mon, September 9, 2024 at 4:00 a.m. PDT·5 min read
SLSR
+1.81%
QUITO, Ecuador, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to report that it has submitted an Environmental Impact Assessment (“EIA”) to the Ministry of Environment, Water and Ecological Transition (“MAATE”) for the construction of the Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
The EIA spans over 3,000 pages and represents the culmination of more than three and a half years of dialogue, traditional learning, baseline environmental monitoring, data collection and studies. It is compliant with Ecuadorean regulations, leading international practices, and aligns with the globally recognized Equator Principles framework and Performance Standards on Environmental and Social Sustainability promulgated by the International Finance Corporation.
This report builds on prior permitting, including an EIA and community consultations resulting in the granting of an environmental license for advanced exploration in 2023 which facilitated significant site infrastructure and Project development. To date, over US$170 million¹ has been invested in the Project, with nearly 100% procurement through Ecuadorean supply chains and 55% from local cantons. The Project employs over 500 people and is the only significant source of formal employment available locally and one of the largest job creators in the region.
The EIA was prepared by ESSAM Cía. Ltda. (“ESSAM”), an accredited Ecuadorean environmental consulting firm that has successfully completed several EIAs for mining projects in Ecuador, including the Mirador copper mine 40km south of Warintza, and a series of Environmental Compliance Audits for the Fruta del Norte gold mine south of that. ESSAM used input and technical data prepared by respected international firms, particularly Knight Piésold Consulting, a recognized expert in tailings, waste, water and closure design, and Ausenco, an expert in metallurgical studies and process plant design.
With the successful completion of this milestone, the Company has confirmed with its lender that the second tranche of US$15 million will be drawn on its previously announced Offtake Credit Facility in the coming days and remains well-funded with available liquidity of US$84 million. The next update on permitting is expected with the technical approval of the EIA in H1/25.
Mr. Antonio Goncalves, Minister of Energy and Mines, commented, “The steady progress of the Warintza Project is positive for Ecuador. The Project is advancing in compliance with all legal regulations and will soon generate thousands of jobs and major economic growth in the Province of Morona Santiago. The administration of President Daniel Noboa supports this type of mining Project – one that has the support of the communities in its direct area of influence and is designed to meet high social, environmental, and technical standards.”
Mr. Sixto Cóndor, Governor of Morona Santiago, commented, “Warintza is a project that will bring great opportunities and impetus to the development of the province. Like the Mirador project, which I recently visited, and its positive impacts in Zamora-Chinchipe, Warintza will be an engine for growth in Morona Santiago, with more generation of local employment sources, revitalization of the economy, social benefits, support for entrepreneurship, businesses and local suppliers. With Warintza, we will have a better province, with greater wealth to be distributed and better opportunities. We are ready to move forward.”
Mr. Antonio Castillo, Mayor of Limón Indanza, commented, “The people of Limón Indanza have benefited and will continue to benefit significantly through the creation of local employment and opportunities for the canton's suppliers with the Warintza Project. The communities of Warints and Yawi decided to sign an agreement with the Company, through the Strategic Alliance, for the advancement of the Project and, as a Municipality, we respect and support this decision to work together.”
Mr. Javier Toro, Chief Operating Officer of Solaris, commented, "The submission of the EIA and commencement of permitting for construction is a major milestone for the Warintza Project. We are very grateful to all our supporters, and in particular to our host communities and the Advisory Board of the Strategic Alliance of the Warintza Project who have been integral to the socialization of this EIA, the Mayor of Limón Indanza, the Governor of the Province of Morona Santiago, and the diligent professionals at MAATE.”
Initial Emigration Steps – Solaris is also pleased to announce initial steps towards aligning the Company and its management with stakeholders and regulators in Ecuador as Warintza enters the permitting stage. The Company is transitioning its head office to Quito, Ecuador, where certain of Solaris’ senior management team will work from. Solaris is continuing to evaluate further steps to complete a greater transition to Ecuador. The Company does not currently anticipate that any such further steps will pose adverse tax consequences for the Company or require a change of stock exchange listings.
Endnotes
Refer to Management’s Discussion and Analysis for the six months ended June 30, 2024 on the Company’s website.
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that the second tranche of US$15 million will be drawn on its previously announced Offtake Credit Facility in the coming days and the Company remains well-funded with available liquidity of US$84 million, The next update on permitting is expected with the technical approval of the EIA in H1/25, the Company is transitioning its head office to Quito, Ecuador, where certain of Solaris’ senior management team will work from, Solaris is continuing to evaluate further steps to complete a greater transition to Ecuador, the Company does not currently anticipate that any such further steps will pose adverse tax consequences for the Company or require a change of stock exchange listings. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. The Company has based these forward-looking statements and information on the Company’s current expectations and assumptions about future events including assumptions regarding the exploration and technical programs, permitting, that further emigration steps will be taken, and steps to emigrate to Ecuador. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including with respect to the Company’s future strategic plans, and the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2023 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
Salazar/Silvercorp Updates El Domo Development Plans and Staffing
https://www.newswire.ca/news-releases/silvercorp-updates-el-domo-development-plans-and-staffing-850929978.html
Silvercorp Metals Inc Aug 21, 2024, 08:00 ET
Trading Symbols:
SVM (TSX/NYSE American)
SRL (TSXV), SRLZF (OTCQB)
VANCOUVER, BC, Aug. 21, 2024 /CNW/ - With the successful acquisition of Adventus Mining Corporation on July 31, 2024 and the receipt of the Change of Phase for the El Domo copper-gold project (the "Project") (see August 6, 2024 news release), Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM), its Ecuadorian subsidiary, Curimining S.A. ("Curimining"), and Salazar Resources Limited (TSXV: SRL) (OTCQB: SRLZF) ("Salazar", collectively with Silvercorp, and Curimining, the "Companies"), are pleased to report that the Companies have initiated the process for construction with a goal to bring the Project into production some time in 2026, as previously planned.
Table 1. (CNW Group/Silvercorp Metals Inc)
Senior Mining Executives Added to the Team
Silvercorp has recently hired Jaymes Dircks to be the General Manager of Curimining, to lead the construction of the Project. Jaymes specializes in mine construction and project management. Previously, he worked at B2Gold Corp. where he was the General Manager of B2Gold Nunavut. Prior to that, he was with Sabina Gold & Silver Corp. where he was the construction director of the Backriver Project in Nunavut, and Aldridge Minerals Inc. where he was the EPC director for the Yenipazar mine in Turkey. Jaymes has over 30 years of experience in all aspects of mining development, with a focus on on-site construction leadership. Jaymes will spend the preponderance of his time in Ecuador at the Project site.
In addition to Jaymes, the Company has also hired a senior mining engineer with experience in building and operating large scale open pittable copper mines.
Construction Preparation and Flowsheet Improvement
The Company has also identified several priority and parallel projects, such as 1) further metallurgical test work to improve metal recoveries, 2) advancing the power supply for mine operation, as well as optimization and improvement of access infrastructure, 3) completing Detailed Engineering Design, including the improved operational efficiency of the process plant, mining pit optimization and construction planning based on the 2021 Feasibility Study1, and 4) reviewing and selecting suitable vendors, such as experienced mine, process plant and tailings storage facility builders, and processing equipment manufacturers for the mills.
The metallurgical test work may have the most impact on the improvement of the economics of the Project. The current flow sheet, as defined in the 2021 Feasibility Study, floats all sulphide minerals ("bulk float") in the rougher circuit, including copper ("Cu"), zinc ("Zn"), lead ("Pb") and pyrite first, and then separates copper, zinc, and lead into three different concentrates, with approximately 36% of the gold ("Au") and 33% of the silver ("Ag") reporting to the copper concentrate, and approximately 15% of the Au and 24% of the Ag reporting to the zinc concentrate.
After reviewing the 2019 metallurgical study by Base Met Labs, located in Kamloops, British Columbia and Curimining, the Company has found that the tests that sequentially floating copper first yielded much higher Au and Ag recoveries (see table below) at the lower concentrate mass pull than the current bulk flotation flowsheet, especially the Test #26, which yielded a rougher copper concentrate with 87% Cu, 74% Au, and 53% Ag recoveries. For unknown reasons, these sequential selective flotation of copper upfront tests were not continued after 2019.
Based on this analysis, the Company plans to drill for metallurgical samples for further testing. Any potential process optimization arising from this test work will still result in the Project producing the same three different concentrates via a flotation process. In parallel to the metallurgical drilling, a five-hole geotechnical drilling campaign has also been planned to optimize open pit slope design and mine planning.
______________________________________
1 NI 43-101 Technical Report Feasibility Study Curipamba El Domo Project Central Ecuador, Effective Date October 26, 2021, available on www.sedarplus.ca
Qualified Person
Jinxing Ji, P. Eng., an independent consultant engaged by Silvercorp is a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and has reviewed and given consent to the scientific and technical information contained in this news release.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long-life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) a long-term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorpmetals.com.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
About the El Domo Project
El-Domo is a high grade copper-gold project located in Central Ecuador, approximately 150 km northeast of the major port city of Guayaquil – about a 3-hour drive. The project concessions span low-lying hills and plains between 300 to 900 masl. El Domo is a flat-lying tabular shaped VMS deposit, with mineralization beginning at 30 metres from surface and dimensions of approximately 800 x 400 metres. Three well-maintained gravel roads provide direct site access to El Domo.
For further information:
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
This news release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable securities laws relating to, among other things the discussions regarding strategies for the development of the Project; the start of construction at the Project and the timing of bringing it into production; the timing and results of further metallurgical tests, geotechnical drilling, advancing power supply, optimizing access infrastructure, completing detailed engineering design, improving process plant efficiency, mining pit optimization, and selecting vendors for mine, process plant, tailings storage, and mill equipment. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements and information 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. Such factors and assumptions include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at the Project, including, without limitation, that exploration, development and production activities will not occur or be as anticipated; business integration risks; the outcome of the appeal (the "Appeal") to the provincial court of the ruling made by the local court in Las Naves Canton, Bolívar Province, Ecuador in respect of litigation brought by a group of plaintiffs concerning the environmental consultation process for the Project; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; interpretations of scientific and technical information; fluctuations in spot and forward prices of copper or certain other commodities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; joint venture partners; our ability to comply with environmental, health and safety laws; environmental risks; foreign exchange rate fluctuations; key personnel; dependence on management; and the economic, business and political conditions in China, Ecuador and Canada. The foregoing list of assumptions is not exhaustive. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.
We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors, including the Appeal or subsequent developments in the litigation and potential impacts of the Appeal or such subsequent litigation developments on the Project, could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represent expectations as of the date of this news release and are subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.
A comprehensive discussion of other risks that impact Silvercorp can also be found in their public reports and filings which are available under its profile at www.sedarplus.ca.
CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum classification system, which differs significantly from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.
Additional information relating to the Company, including Silvercorp's Annual Information Form, can be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company's website at www.silvercorpmetals.com.
SOURCE Silvercorp Metals Inc
SolGold Announces Cascabel Project Update
https://www.accesswire.com/900618/solgold-plc-announces-cascabel-project-update
Wednesday, 14 August 2024 02:00 AM
BISHOPSGATE, LONDON / ACCESSWIRE / August 14, 2024 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide stakeholders with an update on SolGold's activities to de-risk and advance the Cascabel Project, underscoring Management and the Board's commitment to timely execution and project milestones.
Geotechnical Program Underway
SolGold is progressing with a comprehensive geotechnical program designed to determine the optimal locations for future infrastructure at Cascabel, including the process plant, tailings storage facility (TSF), camp, waste dumps, and surface workshops. The program will also provide information with respect to any unexpected mineralisation. The contract for the program has been awarded to an Ecuadorian company that specialises in geotechnical drilling, which will be supervised by SolGold's in-house geotechnical team. The first drill for this vital work is scheduled to be mobilised in the third quarter of this calendar year, marking a critical milestone in the project's lifecycle.
Project Team Formation
Management is actively establishing the Project team, targeting to secure all positions by early Q4 calendar 2024. The team will comprise experts in various fields such as Mining (Block Caving, Sublevel Caving, and Open Pit mining), TSF, Logistics, Infrastructure, Civil, Geology, Metallurgy, Process Plant, Environmental Management and Permitting, Scheduling and Cost Control, and Offtake Marketing. Several key roles have already been filled, bringing seasoned professionals on board to steer Cascabel toward its full potential. Management is also reviewing Expressions of Interest from various independent consultants and firms who will be engaged in additional components of the de-risking activities. A civil engineering consultant with extensive TSF experience has been retained, and a site visit was completed in August.
Permitting Milestones
SolGold is also pleased to report the successful acquisition of key permits that will further expedite the activities necessary to advance Cascabel's development:
Cascabel Underground Exploration Permit: The permit enables SolGold to proceed with the underground exploration plans and develop the mine's future portal and declines.
Geotechnical Drilling: The geotechnical drilling program is fully permitted for all areas of the Project to be examined.
Looking Forward
SolGold is preparing for the upcoming geotechnical drilling and the official selection of the project management group following the tender process. Regular updates on these activities will be shared to keep our stakeholders well-informed as progress continues.
CONTACTS
Scott Caldwell
SolGold Plc (CEO)
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information. Follow us on X @SolGold_plc.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward looking information". Forward looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
Solaris Reports 57m of 1.11% CuEq, 69m of 0.82% CuEq and 69m of 0.77% CuEq in Near Surface Results; Extends Mineralization North, Northwest and Southeast
https://ca.finance.yahoo.com/news/solaris-reports-57m-1-11-110000144.html
Solaris Resources
Thu, August 15, 2024 at 4:00 a.m. PDT·8 min read
SLSR
+5.83%
VANCOUVER, British Columbia, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
LUNDIN GOLD REPORTS SECOND QUARTER OF 2024 RESULTS
Record revenues and adjusted EBITDA achieved on the back of strong gold price
https://www.newswire.ca/news-releases/lundin-gold-reports-second-quarter-of-2024-results-807158827.html
Lundin Gold Inc. Aug 08, 2024, 19:32 ET
VANCOUVER, BC, Aug. 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
LUNDIN GOLD REPORTS HIGH-GRADE MINERALIZATION AT FDNS AS PART OF ITS NEAR-MINE DRILLING PROGRAM
ighest-grade drill holes reported at FDNS confirm high grade vein system close to mine infrastructure
https://www.newswire.ca/news-releases/lundin-gold-reports-high-grade-mineralization-at-fdns-as-part-of-its-near-mine-drilling-program-856276631.html
Lundin Gold Inc. Jul 31, 2024, 17:00 ET
VANCOUVER, BC, July 31, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce additional results from its ongoing 2024 near-min
SILVERCORP COMPLETES ACQUISITION OF ADVENTUS
https://www.newswire.ca/news-releases/silvercorp-completes-acquisition-of-adventus-856263511.html
Adventus Mining Corporation Jul 31, 2024, 15:45 ET
VANCOUVER, BC and TORONTO, July 31, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp") (TSX: SVM) (NYSE American: SVM) and Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) are pleased to announce, further to the news releases of Silvercorp and Adventus dated April 26, 2024 and July 31, 2024, the completion of Silvercorp's previously announced acquisition of all of the outstanding common shares of Adventus ("Adventus Shares") effective as of 12:01 a.m. (the "Effective Time") today by way of a statutory plan of arrangement under the provisions of the Canada Business Corporations Act (the "Arrangement").
Under the terms of the Arrangement, each former shareholder of Adventus, other than Silvercorp, is entitled to receive 0.1015 of one Silvercorp common share (a "Silvercorp Share") for each Adventus Share (the "Exchange Ratio"). All outstanding Adventus stock options and warrants are now exercisable for Silvercorp Shares, with the number of Silvercorp Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio. All outstanding Adventus restricted share units vested as of the Effective Time and have been settled in cash, funded by Silvercorp through Adventus.
With the Arrangement now complete, Adventus intends to cause the Adventus Shares to be delisted from the TSX Venture Exchange as soon as reasonably practicable following the closing of the Arrangement. In connection therewith, Adventus intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations. Adventus' President and CEO, Christian Kargl-Simard, and Frances Kwong, CFO and Corporate Secretary, have agreed to stay on in consultancy roles for a transition period post-closing.
Further details regarding the Arrangement are set out in Adventus' management information circular dated May 21, 2024 which is available on SEDAR+ (www.sedarplus.ca) under Adventus' issuer profile.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This news release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable securities laws relating to, among other things, statements with respect to the delisting of the Adventus Shares and Adventus applying to cease to be a reporting issuer. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.
We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. Without limiting the foregoing, the Project and its prospects could be materially affected by the Appeal or subsequent developments in the litigation concerning the Project. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represent expectations as of the date of this news release and are subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.
A comprehensive discussion of other risks that impact Silvercorp and Adventus can also be found in their public reports and filings which are available under their respective profiles at www.sedarplus.ca.
SOURCE Adventus Mining Corporation
For further information: Silvercorp Metals Inc., Lon Shaver, President, Phone: (604) 669-9397, Toll Free 1(888) 224-1881, Email: investor@Silvercorp.ca, Website: www.Silvercorp.ca
Adventus Mining: Protective Action Challenging Environmental License Issued for El Domo - Curipamba Project Rejected by Ecuadorian Court
Adventus Provides Update on Arrangement with Silvercorp
https://www.newswire.ca/news-releases/protective-action-challenging-environmental-license-issued-for-el-domo-curipamba-project-rejected-by-ecuadorian-court-851688614.html
Adventus Mining Corporation Jul 25, 2024, 10:24 ET
TORONTO, July 25, 2024 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSXV: ADZN) (OTCQX: ADVZF) provides the following update on the constitutional protective action filed against Ministry of Environment, Water, and Ecological Transition of Ecuador ("MAATE"), and the office of the Attorney General of Ecuador, on June 5, 2024, and accepted by the Court on June 12, 2024 (the "Protective Action").
The Company also provides an update on the status of plan of arrangement (the "Arrangement") under the Canada Business Corporations Act pursuant to the arrangement agreement dated April 26, 2024 (the "Arrangement Agreement") between Adventus and Silvercorp Metals Inc. ("Silvercorp").
The Protective Action challenged an environmental license issued to the Company's Ecuadorian subsidiary, Curimining S.A. ("Curimining"), on January 19, 2024, in relation to the El Domo - Curipamba Project (the "Project"). Curimining was named as an interested third party in the Protective Action.
The Protective Action did not raise allegations about the substance of the environmental permits issued in connection with the Project. Instead, the Protective Action raised procedural allegations about the sufficiency of the consultative process followed by MAATE in issuing the permits. The Protective Action was not accompanied by a precautionary measure that would seek to enjoin Adventus from continuing construction on the Project while the Protective Action was outstanding.
After the Protective Action was accepted by the Ecuadorian Court, a group of community members supporting the Project was added as an interested third party after the group submitted a petition with close to 800 signatures.
The Court proceeding was carried out in the Judicial Unit of the Canton of Las Naves, in Bolívar province of Ecuador, on July 23, 2024, and July 24, 2024. Following the conclusion of the hearing on July 24, 2024, the Court issued a binding oral ruling, rejecting the Protective Action. The Court concluded that the consultative process followed by MAATE in issuing the permits complied with applicable legal requirements. The Court will in due course issue a written ruling reflecting the oral ruling issued on July 24, 2024.
After the Court pronounced its ruling, the parties that filed the Protective Action advised the Court of their intention to appeal the Court's decision. The appeal will be heard by the Provincial Court of Justice of Bolívar in due course. No date for the appeal has been set.
As no precautionary measures were sought or granted, and as the Protective Action was rejected by the Court, Adventus remains free to continue construction on the Project.
As disclosed in the Company's July 5, 2024 press release, Silvercorp has advised Adventus that the Protective Action was a Material Adverse Effect ("MAE") as defined in the Arrangement Agreement, representing an unmet condition to closing.
Adventus has rejected Silvercorp's contention that the Protective Action constituted a MAE. Adventus has advised Silvercorp that it must close the Arrangement by the "Outside Date" under the Arrangement Agreement of July 31, 2024, failing which Adventus will take all necessary steps to protect the interests of Adventus and its securityholders in connection with the Arrangement.
On July 22, 2024, and on July 24, 2024, Adventus advised Silvercorp that it expected Silvercorp to close the Arrangement on July 31, 2024. On July 24, 2024, Adventus advised Silvercorp that Adventus intended to commence necessary pre-closing steps. In its response to this advice on July 24, 2024, which was received before the Ecuadorian court pronounced its ruling, Silvercorp advised that its position continued to be that there was presently an MAE, and that Silvercorp was not willing to close until there was no longer an MAE.
While Adventus disagrees that the Protective Action constituted a MAE, Adventus believes that Silvercorp's contention is untenable following the Court's ruling rejecting the Protective Action.
Adventus will take all steps within its power to close the Arrangement on July 31, 2024.
If Silvercorp fails to close the Arrangement on July 31, 2024, Adventus will seek appropriate remedies in the Ontario Superior Court of Justice on account of Silvercorp's breach of the Arrangement Agreement, including a claim for specific performance of the Arrangement Agreement.
About Adventus
Adventus is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares – one of the largest holdings in Ecuador. The company's strategic shareholders include Silvercorp, Ross Beaty's Lumina Group, Altius Minerals Corporation, Wheaton Precious Metals Corp., and significant Ecuadorian investors.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect Adventus' expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of El Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El Domo and the timing thereof; the start of construction at El Domo and the timing thereof; and the timing and resolution of the Court. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El Domo along with other key permits and approvals and to start construction; the Court will not have a favourable ruling or in the expected time period; and general economic, business and political conditions.
Forward-looking information are based on Adventus management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Adventus Mining Corporation
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
Solaris Reports In-Pit Mineral Resources Including Higher Grade Mineralization; Over 30,000m Drilling in H2/24 Targeting Open Extensions and Infill to Upgrade Resources; Concurrent District Exploration for Epithermal Gold/Silver and Porphyry Copper Discoveries
https://ca.finance.yahoo.com/news/solaris-reports-pit-mineral-resources-103000358.html
Solaris Resources
Mon, July 22, 2024 at 3:30 a.m. PDT·10 min read
SLSR
+1.20%
VANCOUVER, British Columbia, July 22, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
Aurania to Investigate Visible Gold Found at Crunchy Hill
https://www.newsfilecorp.com/release/216120
July 11, 2024 7:00 AM EDT | Source: Aurania Resources Ltd.
Toronto, Ontario--(Newsfile Corp. - July 11, 2024) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") announces that visible gold has been found in the area of the Company's Crunchy Hill target in southeastern Ecuador. The gold, as shown in figures 1 and 2 below, was found during basic prospecting by one of Aurania's reconnaissance exploration geologists. The source of this gold needs to be confirmed through further investigation including the completion of assays.
The Crunchy Hill target is being investigated following a review of stream sediment samples and other data from specific areas on Aurania's property where there has been indication of gold. Geologists are being sent to the Crunchy Hill area to determine and understand the source of the gold.
In 2019, a scout drilling campaign was conducted at Crunchy Hill and the presence of an epithermal gold system was confirmed. At that time it was decided that Aurania's geology teams would later return to this target for further sampling/fieldwork to determine the location of the heart of the system.
Figure 1: The ragged, irregular nature of the gold flakes suggests proximity to source.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/216120_d3b038b2a496baa7_001full.jpg
Figure 2: Gold recovery after 2-hour wash test.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2477/216120_d3b038b2a496baa7_002full.jpg
In other news, an Anaconda mapping program has been completed in the southern part of Aurania's Awacha porphyry copper target area and exploration teams continue to map the remaining area. An induced polarization geophysical survey is planned for the Kuri-Yawi epithermal gold target.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company's teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and copper; and those risks set out in the Company's public documents filed on SEDAR. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE: Aurania Resources Ltd.
LUNDIN GOLD REPORTS PRODUCTION OF 133,062 OUNCES OF GOLD IN THE SECOND QUARTER OF 2024
https://www.newswire.ca/news-releases/lundin-gold-reports-production-of-133-062-ounces-of-gold-in-the-second-quarter-of-2024-869650005.html
Lundin Gold Inc. Jul 08, 2024, 17:00 ET
VANCOUVER, BC, July 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
Solaris Reports 148m of 0.72% CuEq within 325m of 0.51% CuEq from Surface; Updated Mineral Resource Estimate Expected This Month
https://ca.finance.yahoo.com/news/solaris-reports-148m-0-72-110000909.html
Solaris Resources
Tue, July 9, 2024 at 4:00 a.m. PDT·6 min read
SLSR
-1.37%
VANCOUVER, British Columbia, July 09, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
Solaris Reports 11,570 g/t Silver and 12.3 g/t Gold in First Assays From Sampling Epithermal Mineralization Discovered As Part of Warintza Regional Exploration Program
https://ca.finance.yahoo.com/news/solaris-reports-11-570-g-103000229.html
Solaris Resources
Tue, June 25, 2024 at 3:30 a.m. PDT·5 min read
SLSR
-1.85%
VANCOUVER, British Columbia, June 25, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
Adventus Mining: Recent Developments at the El Domo - Curipamba Project
https://www.newswire.ca/news-releases/recent-developments-at-the-el-domo-curipamba-project-851089341.html
Adventus Mining Corporation Jun 17, 2024, 06:45 ET
TORONTO, June 17, 2024 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the Ministry of Environment, Water, and Ecological Transition of Ecuador ("MAATE") has granted Administrative Authorization over Public Hydric Domain for the Curipamba - El Domo project (the "Project"). This key permit allows the Project to carry out planned construction activities in accordance with the technical requirements stipulated in the Water Resources Law. With this approval, the last main step prior to the start of construction is the receipt of the final document outlining the transition from the medium scale exploration to exploitation phase as outlined in the Participants' news release on February 22, 2024.
However, on June 12, 2024, a constitutional protective action filed against MAATE and the Attorney General's office and naming Curimining as an interested third party, was admitted by the Judicial Unit of Las Naves canton in Bolívar province of Ecuador. Curimining is owned by the Participants, but the Participants have not been formally notified yet of these actions. The legal action has been submitted by a group of individuals and sponsored by an Ecuadorian non-governmental organization. The action requests that the environmental license be rendered void alleging non-compliance with the Environmental Consultation process, despite what the Participants believe to be ample well-documented evidence to the contrary.
The Project obtained the environmental license for the mine's construction and operation phase on January 19, 2024, after a lengthy process that took nearly 27 months (see news release dated January 22, 2024). As part of this process, MAATE conducted an Environmental Consultation complying with an Ecuadorian executive decree and international standards, which resulted in a 98% vote in favour for the issuance of the Environmental License (see news release dated December 27, 2023).
Based on an initial review of the legal action, the Participants are confident that MAATE has strong evidence to refute the allegations presented. The environmental license remains in effect unless the legal action is proven to be successful. These types of cases typically take two to three months to be decided by a local judge, after which, an appeal may be filed to the provincial court which typically takes an additional three to six months to resolve. There is no further appeal from the provincial court ruling. The Constitutional Court could then review the case if there are procedural flaws through an extraordinary protection action, or it could select the case if it considers it significant.
A number of community leaders have expressed deep concern over the filed action as they believe it seeks to delegitimize their voice and participation in the environmental consultation process. The case is expected to start trial in July 2024.
Adventus is a party to an arrangement agreement with Silvercorp Metals Inc. ("Silvercorp") as announced on April 26, 2024, pursuant to which Silvercorp would acquire all the outstanding shares of Adventus. The final shareholder vote is on June 26, 2024, as outlined in the news release on June 4, 2024. Such transaction is on track to close on or about July 5, 2024, subject to approval by shareholders and all conditions to closing being satisfied. Adventus and Silvercorp are working closely together.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus Mining owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares – one of the largest holdings in Ecuador. The company's strategic shareholders include Silvercorp, Ross Beaty's Lumina Group, Altius Minerals Corporation, Wheaton Precious Metals Corp., and significant Ecuadorian investors.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants' expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of the Project; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the Project and the timing thereof; the start of construction at the Project and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at the Project, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the Project along with other key permits and approvals and to start construction; the Court will not have a favourable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Adventus Mining Corporation
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com; For further information from Salazar Resources, please contact Freddy D. Salazar, Manager - Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
Solaris Reports 81m of 0.73% CuEq within 544m of 0.50% CuEq from Surface; Announces Major Expansion of 2024 Drill Program Supported by Record Productivity
https://ca.finance.yahoo.com/news/solaris-reports-81m-0-73-110000584.html
Solaris Resources
Tue, June 11, 2024 at 4:00 a.m. PDT·6 min read
SLSR
-4.37%
VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
BacTech Signs Letter of Intent to Sell a Portion of it's Annual Silver Production to Silver Crown
Adds $4 Million in Assets to Balance Sheet
https://thenewswire.com/press-releases/1AG9F7ZbG-bactech-signs-letter-of-intent-to-sell-a-portion-of-it-s-annual-silver-production-to-silver-crown.html
Toronto, Canada – TheNewswire - June 3, 2024 - BacTech Environmental Corporation (“BacTech" or "the Company") has announced the signing of a Letter of Intent (“LOI”) with Silver Crown Royalties (“SCRI”) for the sale of a portion of its anticipated annual silver production. The silver will be produced as a by-product of its planned bioleach gold production in Tenguel, Ecuador.
Under the terms of the LOI, BacTech will deliver 90%, but no less than 35,000 ounces of silver per annum for a period of ten years. The key terms of the agreement are outlined as follows:
1. C$1.0 million worth of SCRI units upon execution of the definitive agreement. Each unit will consist of one common share of SCRI and one 3-year warrant. The first tranche will be 2,000,000 shares and 2,000,000 common share purchase warrants (exercise price is $0.80 for 3 years).
2. C$1.0 million worth of SCRI shares upon successful completion of the financing to build the Tenguel plant. For the subsequent issuances, the price of issuance will be $0.50 or the trailing Volume Weighted Average Price (“VWAP”) of the Common Shares, whichever is greater.
3. C$1.0 million worth of SCRI shares at the onset of construction.
4. C$1.0 million worth of SCRI shares at the commencement of production.
The transaction is subject to due diligence and the signing of a definitive agreement, with the closing expected within the next three months. SCRI shares are anticipated to listed to trade in the third quarter of this year. It is expected that each tranche will have a 4-month hold period.
“Given the relatively low contribution of silver to BacTech’s revenue, we deemed it prudent to monetize it and add $4.0 million in assets to the Company's balance sheet. At current silver prices (~US$30), the expected annual revenue for the first phase is approximately $1,050,000, accounting for 1.3% of total revenues. Essentially, as long as we hold the shares in SCRI, we will remain exposed to any increases in the price of silver,” concluded Ross Orr, President and CEO of BacTech.
BacTech anticipates gold production ranging between 31,000 and 35,000 ounces per annum, along with silver production ranging between 45,000 and 50,000 ounces from the project’s first phase. The second phase, expected to increase throughput fourfold, will significantly boost the production of both metals.
BacTech continues to work with interested parties to finance the construction of the plant. All of the necessary permits have been issued including the Environmental Impact Study and the Consultation permit. Construction time is estimated to be 12-14 months from receipt of the funding.
About BacTech Environmental Corporation
BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper, while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we can neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.
About Silver Crown Royalties
Founded by industry veterans, SCRi is a pre-IPO stage revenue-generating silver-only royalty company focusing on silver as byproduct credits. SCRi aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCRi presently has two sources of revenues and continues to build on this foundation, targeting additional operational silver-producing projects.
Stock Option Grant
Additionally, pursuant to the Company’s Stock Option Plan, the Company has granted on May 31, 2024, stock options (the “Options“) to certain directors, officers, and employees to purchase an aggregate of 1,900,000 common shares (the “Optioned Shares”) of the Company at an exercise price of $0.10 per Optioned Share for a period of five years from the date of grant. Some of these options replace previously granted, now expired, options. Subsequent to the grant of such Options, an aggregate amount of 4,453,883 common shares of the Company remains available for issuance under the Company’s stock option plan. Total options outstanding
For further information contact:
Ross Orr
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222,
Email: borr@bactechgreen.com
Website: https://bactechgreen.com/
Investor Presentation: https://bactechgreen.com/investors/
Follow us on:
Facebook http://www.facebook.com/BacTechGreen
Twitter http://twitter.com/BacTechGreen
LinkedIn http://www.linkedin.com/company/1613873
Vimeo http://vimeo.com/bactechgreen
YouTube https://www.youtube.com/channel/UCBgXr3ej2_BMOtoeFoKIgEg
Special Note Regarding Forward-Looking Statements
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company’s ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether because of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Lumina Gold Provides a Cangrejos Project Update
https://www.newswire.ca/news-releases/lumina-gold-provides-a-cangrejos-project-update-840871217.html
Lumina Gold Corp. May 21, 2024, 06:00 ET
VANCOUVER, BC, May 21, 2024 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) ("Lumina" or the "Company") is pleased to provide an update on the progress of its Feasibility Study ("FS") work with Ausenco Engineering Canada ULC ("Ausenco") and other developments that will support the Cangrejos gold-copper project (the "Project") in southwest Ecuador.
Feasibility Study
Work on the FS is progressing on schedule and to plan. Ausenco, the consultant working group and the teams conducting field work at Cangrejos have been achieving the milestones required to have the FS finalized in Q2 2025. Accomplishments and recommendations from the ongoing work and trade-off studies include:
increasing the initial processing plant throughput to 40,000 tonnes per day, compared to 30,000 tonnes per day planned for in the 2023 Pre-feasibility Study, thus simplifying construction and future expansions, and bringing forward gold and copper production;
resequencing the mine plan to mine out the higher grade Cangrejos deposit first, before commencing mining at Gran Bestia;
placing over 300 million tonnes of waste rock into the Cangrejos pit once mining is complete, significantly reducing the required land area for the waste rock storage facility and reducing the haul distances to move the waste rock;
relocating the waste rock storage facility to land already owned by Lumina, which has the additional benefit of increasing the distance between the Project and the nearest communities; and,
rerouting access roads to avoid local population centers.
Field crews are currently digging test pits and two drill rigs will be at site in late May drilling geotechnical boreholes to support facility siting.
Investment Protection Agreements
In the second half of 2023, the Company formally requested to start the pre-contractual negotiation of the terms for the Mining Exploitation Contract with the Government of Ecuador. Such negotiations will allow the Company to eventually request the change of phase of the Project, allowing for construction and exploitation. Lumina plans to advance these negotiations throughout 2024.
In March 2024, at the Prospectors and Developers Association of Canada convention, in Toronto, Canada, the Company signed a joint declaration with the Government of Ecuador in preparation for the execution of the extension to the existing Exploration Investment Protection Agreement ("EIPA") and Complementary Investment Protection Agreement ("CIPA") related to the future construction of the Project. The signing was conducted by the Minister of Production, Foreign Trade, Investments and Fisheries, Ms. Sonsoles García, and Marshall Koval, CEO of Lumina Gold, in advance of the definitive EIPA extension and definitive CIPA to be signed in Ecuador.
In addition to the US$36 million investment addressed by the existing EIPA executed on November 30, 2021, the planned extension and addendum will revise the protected investment amount between 2019 to 2024 to US$79 million. This extension and addendum is expected to be signed in the second half of 2024.
Lumina also plans to execute a CIPA in the second half of 2024, which will commit Lumina to investing a total of US$721 million in the Project between 2025 and 2031. This CIPA will cover activities related to the construction and pre-production period for the Cangrejos mining concession. Investment amounts above the committed investment amount will also be protected under the CIPA.
Permitting and Environmental Social Impact Assessment
Lumina expects to finalize the site infrastructure layout for the Project by the end of June 2024, at which point it will engage an Ecuadorian Government approved environmental and social impact assessment consultant to begin the normal course permitting process. Lumina expects that this process will take approximately 18 months to complete.
Qualified Persons
Ron Halas, P.Eng., Chief Operating Officer of Lumina and a Qualified Person as defined by NI 43-101 has reviewed, verified, and approved the contents of this news release.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. In 2023, the Company completed a Pre-Feasibility Study for Cangrejos, which is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.
Follow us on: Twitter, Linkedin or Facebook.
Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.
LUMINA GOLD CORP.
Signed: "Marshall Koval"
Marshall Koval, President & CEO, Director
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 news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the timing and signing of the EIPA extension and the increase in the protected investment amount to US$79 million; the timing and signing of the CIPA; the negotiation of the Mining Exploitation Contract; the Company's ability to mine out the higher grade Cangrejos deposit first; the Company's expectations that it will reduce the land needed for waste rock disposal and haul distances; and any changes or plans to the FS when compared to the 2023 Pre-feasibility Study including the increase of throughput to 40,000 tonnes per day. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Lumina Gold Corp.
For further information: Scott Hicks, info@luminagold.com, T: +1 604 646 1890
LUNDIN GOLD REPORTS FIRST QUARTER OF 2024 RESULTS
https://www.newswire.ca/news-releases/lundin-gold-reports-first-quarter-of-2024-results-834015009.html
Lundin Gold Inc. May 08, 2024, 21:30 ET
Results Provide Strong Foundation to Meet 2024 Guidance
VANCOUVER, BC, May 8, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
Solaris Provides Update on Warintza Operations, Optimization Progress, and Appointment of Leading Consultants for the EIA and PFS
https://ca.finance.yahoo.com/news/solaris-provides-warintza-operations-optimization-110000018.html
Solaris Resources
Tue, May 7, 2024 at 4:00 a.m. PDT·6 min read
SLSR
-4.38%
VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR
Solaris Announces Award of Option to Acquire Key Concessions Hosting Porphyry Copper and Epithermal Gold Potential Adjacent to Warintza
https://ca.finance.yahoo.com/news/solaris-announces-award-option-acquire-110000241.html
Solaris Resources
Tue, April 30, 2024 at 4:00 a.m. PDT·6 min read
SLSR
-1.03%
VANCOUVER, British Columbia, April 30, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”) is pleased to announce that the Ecuadorian state-owned mining company, Empresa Nacional Minera (“ENAMI EP”), has awarded the Company an option to acquire up to a 100% interest in 10 new explorations concessions. These concessions comprise a land package of ~40,000 hectares adjacent to the Warintza Project (“Warintza” or “the Project”) and San Carlos-Panantza porphyry copper-molybdenum deposits within the prolific Zamora belt that hosts Ecuador’s largest copper and gold mines to the south.
Highlights
The new concessions are interpreted to host porphyry copper and epithermal gold potential based on analysis of multiple layers of data, including the Company’s comprehensive heliborne magnetic survey, a portion of which is included in Figure 2
A number of porphyry copper targets are represented by open-ended annular magnetic highs enclosing magnetic lows and erosional depressions, consistent with outcropping deposits within the Warintza porphyry cluster
Structural interpretation supports epithermal gold potential within dilational jogs and pull-apart basins, a common setting for deposits in this belt, with adjacent areas representing similar settings to the Caya epithermal target (refer to press release dated April 23, 2024)
Fieldwork is set to begin with two field crews on the ground in May
Figure 1 - Warintza Project and Surrounding Land Package in Ecuador
Figure 1 - Warintza Project and Surrounding Land Package in Ecuador
Note: San Carlos-Panantza, Mirador and Fruta del Norte are independent of Solaris and no inferences can be drawn.
Figure 2 - Warintza Structural Framework and Target Concepts
Figure 2 - Warintza Structural Framework and Target Concepts
Zamora Intrusive Complex
Most of the significant copper and gold deposits in southeastern Ecuador are located within or immediately adjacent to the Zamora Intrusive Complex that forms a belt approximately 300km long, bounded to the north and south by northeast-trending shear zones. In addition to the Company’s Warintza porphyries, major deposits not owned by the Company include the adjacent San Carlos-Panantza porphyries, and to the south, the Mirador porphyries, Fruta del Norte epithermal deposit, and Nambija skarn deposits.
Porphyry Targets
The main cluster of Warintza porphyries lie in a fault-bounded wedge that opens to the east. North-south compression at the time of mineralization resulted in the expulsion of the wedge towards the east, creating local transtensional areas into which porphyries were intruded. The Warintza cluster is enclosed by an open-ended annular magnetic high which corresponds to magnetite accumulation in the outer rim of the cluster, with the porphyries represented by magnetic lows. Warintza South sits outside the main cluster and is represented by a large standalone magnetic low adjacent to a wedge-bounding fault.
A similar structural wedge is interpreted from magnetic, LIDAR and other data on the concessions to the southeast of the Warintza cluster. Magnetic imagery of the concession shows several open-ended annular magnetic highs, like the one that rims the main cluster of Warintza porphyries, with associated topographic depressions formed from preferential weathering of the quartz-sericite mineral alteration zone located in the upper part of the deposits. The largest of these magnetic features has an east-west strike length of nearly 5km and is associated with several hundred meters of topographic relief in the area of the magnetic low.
Epithermal Targets
The same convergence of tectonic blocks that resulted in the north-south orientated compression and expulsion of fault-bounded wedges noted above is also thought to have formed dilational jogs and pull-apart basins from lateral movement on the wedge-bounding faults. These structures may also have formed conduits for mineralizing hydrothermal fluids to have entered, potentially forming epithermal gold-silver deposits. The fertile faults in the new concessions to the southeast and north of the Warintza concession block highlight the exploration potential of the new areas. The Caya epithermal target is located in an area that would have been subjected to transtension and the ingress of hydrothermal fluids during left-lateral movement on an adjacent regional-scale, NE-trending fault.
Strong Government Support
Mr. Emmanuel Delaune, Manager of ENAMI EP, stated: “For Enami, signing an agreement with Solaris means expressing its vision in terms of transparency, citizen participation, environmental care and social development. As a state-owned company, we have the duty to protect the environment of our projects and Solaris is an example to follow with its Warintza Model, which contributes to the local development of the Shuar community through job creation, skills training, security and protection of rights, and programs in health, education and gender equality. These are the principles which Solaris has earned the necessary credentials to operate in new areas of the country.”
Concession Terms
The award follows a process established by ENAMI EP pursuant to which credentialed bidders submit non-binding proposals for proposed minimum investments on the new concessions. The award is subject to entry into a definitive framework agreement for the concessions, with the terms expected to include: (i) an upfront payment to ENAMI EP of US$0.25 million; (ii) a proposed exploration program of up to US$25 million over the exploration phase; and (iii) the exclusive option to acquire the claims from ENAMI EP at a price to be determined by independent experts. The award to Solaris follows similar awards in Ecuador by ENAMI EP to subsidiaries of Barrick Gold Corporation and Hancock Prospecting Pty Ltd pursuant to which such parties have agreed to invest up to US$148 million in exploration programs according to ENAMI EP.
Technical Information and Quality Control & Quality Assurance
Heliborne magnetic, LIDAR and other layers of data quality were validated by a qualified external professional using data validation procedures under high industry standards. The data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075). On behalf of the Board of Solaris Resources Inc.
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes a world class copper resource with expansion and discovery potential at its Warintza Project in Ecuador; a series of grass roots exploration projects with discovery potential in Peru and Chile; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that the new concessions are interpreted to host porphyry copper and epithermal gold potential based on analysis of multiple layers of data, including the Company’s comprehensive heliborne magnetic survey, structural interpretation supports epithermal gold potential within dilational jogs and pull-apart basins with adjacent areas representing similar settings to the Caya epithermal target, fieldwork is set to begin with two field crews on the ground in May, the same convergence of tectonic blocks that resulted in the north-south orientated compression and expulsion of fault-bounded wedges is also thought to have formed dilational jogs and pull-apart basins from lateral movement on the wedge-bounding faults, these structures may also have formed conduits for mineralizing hydrothermal fluids to have entered the pull-apart basins, potentially forming epithermal gold-silver deposits, the award is subject to entry into a definitive framework agreement for the concessions, with the terms expected to include: (i) an upfront payment to ENAMI EP of US$0.25 million; (ii) a proposed exploration program of up to US$25 million over the exploration phase; and (iii) the exclusive option to acquire the claims from ENAMI EP at a price to be determined by independent experts. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. The Company has based these forward-looking statements and information on the Company’s current expectations and assumptions about future events including entry into a definitive framework agreement for the concessions as well as community agreements to allow for initial field work to begin in May. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2023 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
Images accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c53d70a5-0681-4f85-be9b-d4f2d4f40e6bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f11c1af9-5381-4c28-b200-381eed36ce25
SILVERCORP TO ACQUIRE ADVENTUS, CREATING A GEOGRAPHICALLY DIVERSIFIED MINING COMPANY BY ADDING THE ADVANCED EL DOMO PROJECT
https://www.newswire.ca/news-releases/silvercorp-to-acquire-adventus-creating-a-geographically-diversified-mining-company-by-adding-the-advanced-el-domo-project-887484848.html
Adventus Mining Corporation Apr 26, 2024, 05:34 ET
Trading Symbols: TSX/NYSE AMERICAN: SVM
TSXV: ADZN / OTCQX: ADVZF
VANCOUVER, BC and TORONTO, April 26, 2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp") (TSX: SVM) (NYSE American: SVM) and Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) are pleased to announce that the parties have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which Silvercorp has agreed to acquire all of the issued and outstanding common shares of Adventus (the "Transaction") by way of a plan of arrangement (the "Arrangement").
Under the terms of the Arrangement Agreement, each holder of the common shares of Adventus (each, an "Adventus Share") will receive 0.1015 of one Silvercorp common share (each, a "Silvercorp Share") in exchange for each Adventus Share (the "Exchange Ratio") at the effective time of the Transaction. The Exchange Ratio implies consideration of C$0.50 per Adventus Share based on the 20-day volume-weighted average prices ("VWAP") of Silvercorp Shares on the Toronto Stock Exchange (the "TSX") on April 25, 2024. This represents a premium of 31% based on the 20-day VWAP of Silvercorp on the TSX and Adventus on the TSX Venture Exchange (the "TSXV"), both as at April 25, 2024. The implied equity value of the Transaction is approximately C$200 million on a fully-diluted in-the-money basis. At closing, existing Silvercorp and Adventus shareholders will own approximately 81.6% and 18.4%, respectively, of Silvercorp shares outstanding on a fully-diluted in-the-money basis.
Strategic Rationale for Silvercorp
Provides immediate asset, geographic and metal diversification
Pro forma asset portfolio consists of exposure to China and Ecuador, increased gold exposure, as well as metals (silver, copper, lead and zinc) that are key for a low-carbon future
Addition of the high margin, advanced El Domo project should significantly enhance Silvercorp's near-term production profile
Investment Protection Agreement for the project in place with the Government of Ecuador
Key permits secured, including the Environmental License and tailings storage approval
Existing US$175.5 million stream with Wheaton Precious Metals International Ltd. ("Wheaton"), combined with Silvercorp's existing cash and cash equivalents of approximately US$200 million is more than sufficient to fully fund El Domo through construction
Silvercorp has the technical capabilities to bring El Domo into production on an accelerated basis, having built eight mines in its current operations, along with three flotation mills of similar size to El Domo (with a new 1,500 tpd flotation mill under construction at Ying), and three tailings storage facilities
Transaction is accretive on a net asset value per share, as well as on a Mineral Reserves and Mineral Resources basis
Adventus' PEA stage Condor asset provides further optionality and upside, including:
2021 PEA for Condor North highlighted a 12-year mine life with average annual payable production of 187 thousand oz of gold and 758 thousand oz of silver at a by-product AISC of US$839/oz over the life of the mine
Indicated Mineral Resources containing 2.3 million oz of gold and 12.8 million oz of silver and Inferred Mineral Resources containing 4.3 million oz of gold and 18.1 million oz of silver
Re-rating opportunity resulting from increased scale, significantly enhanced growth profile and establishing a presence in an emerging, mining-friendly jurisdiction
Silvercorp Chairman and CEO, Dr. Rui Feng, said:
"This transaction will create a new globally diversified green metals producer. It presents the opportunity for us to leverage our technical expertise and strong balance sheet to unlock value for all shareholders by constructing the El Domo project. We look forward to working with the Government of Ecuador and local communities, as well as leveraging the existing Adventus and Curimining teams, to grow our business in Ecuador which will generate sustainable economic, social, and environmental value for all stakeholders.
We would also like to acknowledge the hard work and contributions to the El Domo project by our future partners at Salazar Resources. Silvercorp will continue to work collaboratively with Salazar as El Domo is advanced into construction and ultimately operations."
Benefits for Adventus Shareholders
Immediate and significant premium to Adventus shareholders of 31% on a 20-day VWAP basis
Exposure to Silvercorp's high quality and profitable silver mines, strong balance sheet and track record of returning capital to shareholders, while retaining participation in future upside from El Domo, Condor and Adventus' exploration portfolio
De-risks development of El Domo by leveraging Silvercorp's technical capabilities and financial strength, its history of successful project construction, and its in-depth access to equipment supply chains that could result in cost savings for El Domo construction
Potential for a further premium through a re-rating of Silvercorp shares as El Domo is advanced to production
Option to realize cash proceeds given trading liquidity of Silvercorp shares (~US$8 million per day on the TSX and NYSE American)
Continued commitment to best in class ESG practices by Silvercorp, which has an ESG rating of A from MCSI as well as EMS ISO 14001 and ISO 45001 certifications across its operations
Adventus President, CEO and Director, Christian Kargl-Simard, said:
"I am very proud of the accomplishments of our entire Adventus team, together with Salazar Resources and other partners since 2017, highlighted by the advancement of El Domo from an inferred resource to the construction ready project that it is today and the consolidation of our significant exploration portfolio in Ecuador. Our commitment to, and public record of transparency, technical excellence, environmental stewardship, and the highest standards of social responsibility have been the backbone of our success. I believe that Silvercorp strongly shares our values, in addition to bringing financial strength and experience from global operations. Combining the companies positions us well to deliver on El Domo and our other projects in collaboration with the government, local communities, and all stakeholders."
About the El Domo Project
The advanced high-grade copper-gold El Domo project, 75% owned by Adventus, covers approximately 172 ha with a buffer of 118 ha (2.9 km2 in total). El Domo is located in central Ecuador, approximately 150 km northeast of the major port city of Guayaquil - about a 3-hour drive. The project spans low-lying hills and plains between 300 to 900 m above sea level.
In 2017, Adventus entered into an agreement with Salazar Resources Ltd. ("Salazar") pursuant to which Adventus earned its majority interest in the Curipamba project by funding exploration and development expenditures of US$25 million over five years and meeting certain development obligations. In 2021, Adventus announced it had completed its earn-in option to obtain majority ownership (75%) of the Curipamba project. Adventus will fund capital costs to production and receive 95% of the free cash flows until all of its investments since 2017 are repaid, after which the project cash flows will be shared 75% to Adventus and 25% to Salazar.
In December 2021, Adventus published a feasibility study covering the open-pit Mineral Reserve of the El Domo – Curipamba project, outlining attractive operating metrics and robust economics:
Proven and Probable Mineral Reserves of 6.5 million tonnes at 1.93% Cu, 2.52 g/t Au, 2.49% Zn, 45.7 g/t Ag, 0.25% Pb
A 10-year mine life with average annual production of 10,463 tpa copper and 21,390 tpa copper equivalent over the life-of-mine
Production C1 cash cost of US$1.14/lb and AISC of US$1.26/lb copper equivalent
Initial capital cost (including refundable VAT) of US$248 million with a payback period of 2.6 years, after-tax IRR of 32% and NPV8% of US$259 million, utilizing US$3.50/lb Cu, US$1,700/oz Au, US$1.20/lb Zn, US$23.00/oz Ag and US$0.95/lb Pb
Concurrent Private Placement
Concurrent with entering into the Arrangement Agreement, Silvercorp and Adventus entered into an investment agreement pursuant to which Silvercorp will subscribe for 67,441,217 Adventus Shares at an issue price of C$0.38 per share, or C$25,627,662 in the aggregate (the "Placement"). Upon completion of the Placement, Silvercorp will hold approximately 15% of the total issued and outstanding shares of Adventus. Proceeds from the Placement will be used to (i) repay the amounts outstanding under a credit facility with Trafigura Pte Ltd. (the "Trafigura Facility") in the amount of approximately C$9.9 million, which includes penalties payable for the early repayment under the facility, (ii) fund the settlement of the outstanding amounts payable pursuant to a convertible loan agreement (the "Altius Loan") between Adventus and Altius Resources Inc. ("Altius") in the amount of approximately C$9.6 million, (iii) fund normal course activities at the El Domo project in the amount of approximately C$2.7 million, and (iv) fund general working capital expenses in the amount of C$3.4 million, which expenses are expected to include funding of early development expenditures to advance construction of the El Domo project and fund general and administrative expenses between announcement and closing of the Transaction.
The funding of the above listed expenses through the Placement was a critical factor in Silvercorp determining to proceed with the Transaction, as the majority of the expenses must be paid prior to the closing of the Transaction and Adventus does not have sufficient cash on hand to fund these costs. Silvercorp has requested the repayment of the Altius Loan as under the terms of this loan, Altius has the right to increase its royalty on the El Domo project. It is Silvercorp's view that if this royalty right was exercised, it would have a negative impact on the project economics. Silvercorp has also requested the repayment of the Trafigura Facility, which matures on June 30, prior to the closing of the Transaction. The remaining use of proceeds as set out above, are being directed towards general, administrative, project maintenance and project advancement expenditures, which expenditures will allow Adventus to keep the projects in good standing and continue or commence project development activities. Silvercorp views the funding of these expenses to be essential in terms of maintaining the goodwill of the Company within the local community and the various levels of government.
The completion of the Placement has been conditionally approved by the TSXV and remains subject to final acceptance by the TSXV on behalf of Adventus for the listing of the Adventus Shares to be issued to Silvercorp. The Adventus Shares to be issued to Silvercorp will be subject to a statutory four-month hold period under applicable securities laws. Completion of the Placement and the repayment of indebtedness does not provide a guarantee that the Transaction will be completed.
Transaction Summary
Under the terms of the Transaction, Silvercorp will acquire all the issued and outstanding Adventus Shares (other than Adventus Shares owned by Silvercorp at the effective time of the Transaction) and Adventus shareholders will receive 0.1015 Silvercorp Shares for each existing Adventus Share held. All outstanding Adventus stock options and warrants will become exercisable for Silvercorp Shares, with the number of Silvercorp Shares issuable on exercise and the exercise price adjusted in accordance with the Exchange Ratio. All outstanding Adventus restricted share units will immediately vest upon closing of the Transaction and be settled in cash, funded by Silvercorp through Adventus.
The Transaction will be carried out by way of a court-approved Arrangement under the Canada Business Corporations Act and a resolution to approve the Transaction will be submitted to Adventus shareholders and holders of Adventus stock options and restricted share units at a special meeting of securityholders expected to be held on or about June 28, 2024 (the "Special Meeting"). The Transaction will require approval by (i) 66 2/3% of the votes cast by Adventus shareholders and holders of options and restricted share units voting as a single class, and (ii) a simple majority that excludes those not entitled to vote in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. Each of the directors and senior officers of Adventus, Mr. Ross Beaty and Wheaton Precious Metals Corp., representing in aggregate approximately 23% of the issued and outstanding Adventus Shares, have entered into voting support agreements with Silvercorp and have agreed to vote in favour of the Transaction at the Special Meeting in accordance with those agreements. In addition, Salazar has entered into an agreement with Silvercorp whereby they have indicated they will support the Transaction.
In addition to Adventus securityholder and court approval, the Transaction is also subject to the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction has been conditionally approved by the TSXV but remains subject to final approval of the TSXV on behalf of Adventus, and approval of the TSX and NYSE American on behalf of Silvercorp, including the acceptance for listing of the Silvercorp Shares to be issued in connection with the Transaction. The Transaction is expected to be completed in the third quarter of 2024.
The Arrangement Agreement includes representations, warranties, covenants, indemnities, termination rights and other provisions customary for a transaction of this nature. In particular, the Arrangement Agreement provides for customary deal protections, including a non-solicitation covenant on the part of Adventus and a right for Silvercorp to match any Superior Proposal (as defined in the Arrangement Agreement). The Arrangement Agreement includes a termination fee of C$10 million, payable by Adventus, under certain circumstances (including if the Arrangement Agreement is terminated in connection with Adventus pursuing a Superior Proposal).
Boards Approvals and Recommendations
The board of directors of Adventus (the "Adventus Board") has unanimously approved the Transaction and recommends that Adventus shareholders vote in favour of the Transaction at the Special Meeting.
Cormark Securities Inc., financial advisor to Adventus, has provided an opinion to the Adventus Board, stating that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Adventus shareholders pursuant to the Transaction is fair, from a financial point of view, to Adventus shareholders. Additionally, Raymond James Ltd., has provided an independent opinion to the Adventus Board, stating that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Adventus shareholders pursuant to the Transaction is fair, from a financial point of view, to Adventus shareholders.
Further details regarding the terms of the Transaction are set out in the Arrangement Agreement, which will be publicly filed by Adventus under its profile on SEDAR+ at www.sedarplus.ca. Additional information regarding the terms of the Arrangement Agreement, the background to the Transaction, the rationale for the recommendations made by the Adventus Board and how Adventus shareholders can participate in and vote at the Special Meeting to be held to consider the Transaction will be provided in the management information circular for the Special Meeting which will also be filed at www.sedarplus.ca. Adventus shareholders are urged to read these and other relevant materials when they become available.
Advisors and Counsel
BMO Capital Markets is acting as financial advisor to Silvercorp. McCarthy Tétrault LLP and FBPH Abogados are acting as Silvercorp's Canadian and Ecuadorian legal advisors, respectively.
Cormark Securities is acting as financial advisor to Adventus. Bennett Jones LLP and AVL Abogados are acting as Adventus' Canadian and Ecuadorian legal advisors, respectively.
Conference Call / Webinar Details
Silvercorp and Adventus will host a joint conference call to discuss the Transaction on April 26, 2024 at 8:00 am EST / 5:00 am PST. Participants are advised to dial in five minutes prior to the scheduled start time of the call. A presentation will be made available prior to the webcast. Participants may dial in using the numbers below or by accessing the webcast link.
Toll-free in the U.S. and Canada: 1-888-664-6383
All other callers: 1-416-764-8650
Register to join via webcast: https://app.webinar.net/zj1waBlAZdb
Qualified Persons
Guoliang Ma, P. Geo., Manager of Exploration and Resources of Silvercorp Metals Inc. and Christian Paramo, P. Geo., Senior Geologist of Adventus Mining Corporation, both qualified person under NI 43-101, have approved the scientific and technical information related to the operations matters contained in this news release.
Early Warning Information
Silvercorp does not currently own any Adventus Shares. Following completion of the Placement, Silvercorp will own 67,441,217 Adventus Shares (the "Placement Shares"), representing approximately 15% of the issued and outstanding Adventus Shares. The Placement Shares were issued to Silvercorp at an issue price of C$0.38 per share or C$25,627,662 in the aggregate. Following the completion of the Transaction, Silvercorp will own 100% of the issued and outstanding Adventus Shares. An early warning report will be filed by Silvercorp in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca or may be obtained directly from Silvercorp upon request at (604) 669-9397. Silvercorp's head office is located at Suite 1750-1066 W. Hastings Street Vancouver, BC Canada V6E 3X1.
Adventus Personnel Update
Adventus announces that Luc Vets, has been appointed as Project Consultant effective May 1, 2024. Luc will succeed Dustin Small who will be leaving Adventus by April 30, to pursue other opportunities. We wish Dustin every success in his future endeavours. Luc is a seasoned engineer and project manager with over 30 years of end-to-end project execution experience in both the mining and industrial sectors throughout various continents in the world. Luc has a dual mechanical & electrical degree from University of Port Elizabeth with a Master in High Voltage Engineering as well as a general MBA from James Cook University.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. Silvercorp's strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus Mining owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares – one of the largest holdings in Ecuador. The company's strategic shareholders include Ross Beaty's Lumina Group, Altius Minerals Corporation, Wheaton Precious Metals Corp., and significant Ecuadorian investors.
This announcement has been approved for distribution by the Board of Directors of each of Silvercorp and Adventus.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This news release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable securities laws relating to, among other things, the anticipated benefits of the Transaction, the strategic rationale for the Transaction, the anticipated use of the proceeds of the Placement, the timing and anticipated receipt of required shareholder, regulatory court, stock exchange or other approvals, the ability of the parties to satisfy the other conditions to the closing of the Transaction and the anticipated timing for closing of the transaction. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.
We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represent expectations as of the date of this news release and are subject to change after such date. However, we are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.
Forward-looking information is provided herein for the purpose of giving information about the Transaction referred and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes. Completion of the Transaction is subject to customary closing conditions, termination rights and other risks and uncertainties including court and shareholder approval. Accordingly, there can be no assurance that the Transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The Transaction could be modified, restructured or terminated. There can also be no assurance that the strategic benefits expected to result from the Transaction will be fully realized. In addition, if the transaction is not completed, and each of the parties continues as an independent entity, there are risks that the announcement of the Transaction and the dedication of substantial resources of each party to the completion of the Transaction could have an impact on such party's current business relationships (including with future and prospective employees, customers, distributors, suppliers and partners) and could have a material adverse effect on the current and future operations, financial condition and prospects of such party.
A comprehensive discussion of other risks that impact Silvercorp and Adventus can also be found in their public reports and filings which are available under their respective profiles at www.sedarplus.ca.
SOURCE Adventus Mining Corporation
For further information: Silvercorp Metals Inc., Lon Shaver President, Phone: (604) 669-9397, Toll Free 1(888) 224-1881, Email: investor@Silvercorp.ca Website: www.Silvercorp.ca; Adventus Mining Corporation, Christian Kargl-Simard, President, CEO and Director Phone: (416) 230 3440, Email: christian@adventusmining.com, Website: www.Adventusmining.com
Solaris Reports First Drilling Results from 2024 Program and Exploration Update, Including 150m of 0.67% CuEq within 384m of 0.51% CuEq and 284m of 0.53% CuEq from Near Surface
https://ca.finance.yahoo.com/news/solaris-reports-first-drilling-results-110000667.html
Solaris Resources
Tue, April 23, 2024 at 4:00 a.m. PDT·8 min read
SLSR
-0.55%
VANCOUVER, British Columbia, April 23, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
Aurania Announces Exploration Plan and Non-Brokered Private Placement of up to C$4.0 Million
https://www.newsfilecorp.com/release/205804
April 17, 2024 6:45 AM EDT | Source: Aurania Resources Ltd.
Toronto, Ontario--(Newsfile Corp. - April 17, 2024) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") announces its 2024 exploration plan at its project in southeastern Ecuador. In conjunction with this, the Company intends to complete a non-brokered private placement financing of up to 20,000,000 units of the Company (the "Units") at a price of C$0.20 per Unit (the "Issue Price") for total gross proceeds to the Company of up to C$4,000,000 (the "Offering").
Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share (a "Warrant Share") at an exercise price of C$0.45 per Warrant Share for a period of 24 months following the closing of the Offering. Details about eligible finder's fees/warrants can be found below under the heading 'Finders'.
Exploration Program
The Company intends to focus its 2024 exploration program on the Kuri-Yawi epithermal gold target area. Kuri-Yawi is considered a high priority target for further exploration and target refinement due to encouraging surface indications. During 2020 and 2021, nine scout holes were drilled to test the soil geochemistry anomalies along with a geophysical anomaly detected during the 2021 MobileMT survey. The results at that time showed intense and pervasive hydrothermal clay mineral alteration (illite with areas of kaolinite) and silica-carbonate veinlets exhibiting epithermal textures which are encouraging features consistent with proximity to an epithermal system.
A TerraSpect survey conducted in the field has shown the presence of typical epithermal alteration zonation coinciding with chalcedony veins and a low magnetic anomaly. A low magnetic anomaly can result from the demagnetization of the rock due to the hydrothermal alteration. Many sinter boulders are present in the vicinity of the Kuri-Yawi area.
The proposed exploration program and its timing is subject to the successful completion of the Offering.
Finders
Subject to the approval of the TSX Venture Exchange (the "TSXV"), the Company may pay finders' fees to certain eligible finders of up to 7% in cash of the gross proceeds raised in the Offering from subscribers introduced to the Company by such finders and up to 7% in finders warrants (the "Finder Warrants") of the aggregate number of Units placed by such finders. Each Finder Warrant will entitle the holder thereof to purchase one (1) Unit at the Issue Price and will be exercisable for a period of 24 months from the closing of the Offering. Each Finder Warrant will be comprised of one Common Share and one Warrant.
Additional Details about the Offering
The Company reserves the right to increase the size of the Offering by up to 25%, such that up to an additional 5,000,000 Units may be issued to raise additional gross proceeds of up to C$1,000,000.
Subscription Procedure
Existing shareholders and other investors interested in subscribing to the Offering should register their interest via email to carolyn.muir@aurania.com.
Closing
Closing of the Offering is anticipated to be completed on or about May 8, 2024, or such other date or dates that the Company may determine and may close in tranches. Closing is subject to the receipt of all necessary regulatory approvals including (but not limited to) the receipt of approval from the TSXV of the listing of the Common Shares and the Warrant Shares issuable upon the exercise of the Warrants. The Warrants are not eligible to be listed, and therefore will not be tradeable.
Debt Settlement
Aurania's board of directors have approved a debt settlement arrangement with Dr. Keith Barron, the CEO and a director of the Company, whereby Dr. Barron will convert up to C$1.0 million of the loans owed to him by the Company into Common Shares at a price of C$0.20 per Common share (the "Debt Settlement"). There are no warrants associated with the Debt Settlement. The Company has elected to settle the indebtedness through the issuance of Common Shares to preserve cash and strengthen the Company's balance sheet.
Hold Period
The securities issued pursuant to the Offering and the Debt Settlement shall be subject to a four-month plus one day hold period commencing on the day of the closing of the Offering or the Debt Settlement, as applicable, under applicable Canadian securities laws. The Offering and the Debt Settlement are subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.
The Company intends to use the net proceeds raised from the Offering for exploration and target refinement at the Kuri-Yawi target area in Ecuador, and for general working capital purposes.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
Insider Participation
Certain directors and officers of the Company are expected to acquire more than 25% of the Units under the Offering and to participate in the Debt Settlement. Such participation will be considered to be a "related party transaction" as defined under the policies of the TSXV and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Units to be acquired or the participation in the Debt Settlement by the participating directors and officers nor the consideration to be paid by such directors and officers is anticipated to exceed 25 percent of the Company's market capitalization.
Qualified Person
The geological information contained in this news release has been verified and approved by Aurania's VP Exploration, Mr. Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes statements regarding the anticipated Offering, including the maximum size thereof, the Debt Settlement, the expected timing to complete the Offering and the Debt Settlement, the ability to complete the Offering and the Debt Settlement on the terms provided herein or at all, the anticipated use of the net proceeds from the Offering, the receipt of all necessary approvals, including the approval of the TSXV of the listing of the Common Shares and the Warrant Shares (and the timing thereof), Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, and estimates of market conditions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure to comply with environmental regulations and a weakening of market and industry reliance on precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
SOURCE: Aurania Resources Ltd.
LUNDIN GOLD REPORTS DISCOVERY OF A NEW HIGH-GRADE ZONE AT FDN EAST
https://www.newswire.ca/news-releases/lundin-gold-reports-discovery-of-a-new-high-grade-zone-at-fdn-east-801044520.html
Lundin Gold Inc. Apr 17, 2024, 18:00 ET
Positive results from ongoing 2024 exploration program indicates Bonza Sur continues to grow and the potential to extend FDN at depth
VANCOUVER, BC, April 17, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
LUNDIN GOLD REPORTS Q1 2024 PRODUCTION OF 111,572 OUNCES OF GOLD
https://www.newswire.ca/news-releases/lundin-gold-reports-q1-2024-production-of-111-572-ounces-of-gold-835757890.html
Lundin Gold Inc. Apr 10, 2024, 17:00 ET
VANCOUVER, BC, April 10, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
Aurania Reports on Renewal of Mineral Properties in Ecuador
https://www.newsfilecorp.com/release/203398
March 27, 2024 8:30 PM EDT | Source: Aurania Resources Ltd.
Toronto, Ontario--(Newsfile Corp. - March 27, 2024) - Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) ("Aurania" or the "Company") announces that it has filed all the appropriate documentation for the renewal of its 42 mineral exploration concession in Ecuador. The Company also reports that it is filing a request to enter into an agreement for payment of the associated annual concession fees. Further details will be reported once an agreement is reached.
The Company considers that by filing the concession renewals prior to the March 31st deadline, it maintains its property in Ecuador in good standing while an agreement is being finalized.
About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities - Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes statements regarding Aurania's objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation's portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, and estimates of market conditions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to settle a schedule for the payment of annual concession fees on terms which are satisfactory or all with the result that the mineral concession renewals may be of no effect and the property interests are jeopardized, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure to comply with environmental regulations, a weakening of market and industry reliance on precious metals and copper and the additional risks identified in our filings with Canadian securities regulators on SEDAR+ (available at www.sedarplus.ca). Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.
SOURCE: Aurania Resources Ltd.
LUNDIN GOLD ANNOUNCES INCREASE IN MINERAL RESERVES TO 5.50 MILLION OUNCES
https://www.newswire.ca/news-releases/lundin-gold-announces-increase-in-mineral-reserves-to-5-50-million-ounces-883033069.html
Lundin Gold Inc. Mar 27, 2024, 09:00 ET
VANCOUVER, BC, March 27, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
SolGold Announces Blanca-Nieves Project Update
https://www.accesswire.com/844393/solgold-plc-announces-blanca-nieves-project-update
Tuesday, 19 March 2024 03:00 AM
Blanca-Nieves Project Update - Outcrop results 6.15m @ 7.46 g/t Au
BISHOPSGATE, LONDON / ACCESSWIRE / March 19, 2024 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on the Blanca-Nieves Project ("Project"). SolGold holds a 100% interest in the Project through its Ecuadorian subsidiary, Carnegie Ridge Resources S.A.
Exploration identified a significant porphyry target at El Cielto Norte covering approximately 2.5 x 2.5 km and is greater in extent than the Alpala system to the south at the Cascabel Project
At Florida, new assays from channel samples of gold-bearing epithermal quartz vein outcrops with up to 6.15m true thickness, returned results of 6.15m @ 7.46 g/t Au, including 2.2m @ 21.1 g/t Au
Advancing new target areas towards drill-ready status
Potential for future integration of Blanca-Nieves with the Tier 1 Cascabel Project, due to the proximity of approximately 8 km
Santiago Vaca, SolGold's Chief Geologist, commented:
"Our team is excited about the overall prospect of the Blanca-Nieves Project, including the potential for future integration with the Cascabel Project. The district scale opportunity reinforces our view that mining has the potential to be a significant, multi-generational sector in Ecuador."
Further Information
The Blanca-Nieves Project is situated approximately 8 km north of the Company's Tier 1 Cascabel Project in northern Ecuador, which holds 3.7 Bt of ore, 12.4 Mt of copper and 31.3 Moz of gold in the measured plus indicated category, and 854 Mt of ore, 2.0 Mt of copper and 5.3 Moz of gold in the inferred category. The Cascabel Project is the largest undeveloped copper-gold resource in South America and one of the largest in the world; with its recently published pre-feasibility study indicating an initial capex of $1.55B and the initial block cave yielding a peak annual production of 216 kt of copper, 734 koz of gold and 1.16 Moz of silver. The Project is situated in the Northern Andean Copper-Gold Belt, a region that promises to deliver a significant proportion of the copper and gold necessary to meet the growing global demand over the coming decades.
High-grade "bonanza-style" gold and silver mineralisation with visible gold has been discovered outcropping at numerous locations within the Blanca-Nieves Project area. This includes the previously reported presence of epithermal quartz veins with over 100 g/t gold grades at Cielito and Florida. The ongoing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate significant potential for complex high-grade epithermal vein systems, and recent work has also identified the potential for a parent mineralised porphyry body beneath the outcropping gold system.
SolGold is advancing new target areas towards drill-ready status as exploration continues with both epithermal vein and porphyry gold-copper as objectives. SolGold intends ultimately to extend the definition of the gold-bearing epithermal veins at Cielito and Quiroz beyond the range of previous historical artisanal mining and drilling to date and to extend the size of the discovery at Florida, further demonstrating the Company's commitment to realising the full potential of the Blanca-Nieves Project with a view to integration with Cascabel.
Recent and historic exploration at the Blanca-Nieves Project, immediately north of the Company's Cascabel Project, has identified a widespread epithermal gold and silver precious metal field which covers more than 80 square kilometres.
New assays of channel samples from gold-bearing epithermal quartz vein outcrops, with up to 6.15m true thickness, returned 6.15m @ 7.46 g/t Au at Florida, including 2.2m @ 21.1 g/t Au ( Figure 1 ). A significant thickening of quartz veins is observed along with an increase in clay alteration at Florida, and more recent fieldwork has identified a significant porphyry target at El Cielito Norte, immediately west of Florida.
El Cielito Norte lies central to peripheral high-grade gold-silver and base metal vein occurrences at Cielito, Florida, Quiroz and Las Chorreras. The El Cielito Norte porphyry target is characterised by a central magnetic high anomaly, surrounded by an annular magnetic low, typical of the inner potassic and outer hydrothermal alteration zones observed in many large porphyry deposits around the globe ( Figure 2 ).
High-grade quartz-gold-silver epithermal vein systems at Cielito, Florida, Quiroz, and Las Chorreras occur peripheral to the El Cielito Norte porphyry target defined by a central diorite porphyry intrusion coincident with a kilometre scale RTP magnetic high with annular magnetic low. Zones of argillic clay alteration lie coincident with the magnetic low ( Figure 2 ).
Additional porphyry-style magnetic signatures are evident, overlapping on the northern edge of the main anomaly ( Figure 2 ).
The porphyry target alteration footprint at El Cielito Norte covers approximately 2.5 x 2.5 km and is greater in extent than the Alpala system to the south.
Ongoing surface rock chip float and channel and soil sampling programs are in preparation to map extensions of this exciting discovery and outline drill targets.
Figure 1 : High-grade quartz-gold-silver epithermal vein systems at Cielito, Florida, Quiroz, and Las Chorreras are peripheral to the El Cielito Norte porphyry target which is defined by a central diorite porphyry intrusion coincident with a kilometre-scale magnetic high anomaly with annular magnetic low. Zones of argillic clay alteration lie coincident with the magnetic low.
Figure 2 : High-grade quartz-gold-silver epithermal vein systems at Cielito, Florida, Quiroz, and Las Chorreras peripheral to the El Cielito Norte porphyry target defined by a central diorite porphyry intrusion coincident with a kilometre scale magnetic high anomaly with annular magnetic low. Zones of argillic clay alteration lie coincident with the magnetic low.
Qualified Person:
Above information relating to the exploration results is based on data reviewed by Mr Santiago Vaca (M.Sc. P.Geo.). Mr. Vaca joined SolGold in 2014 as Chief Geologist for the Cascabel project and is an Ecuadorian geologist with over 18 years of experience in mineral Exploration and research. Mr Vaca holds a Professional Geoscientist Certification (P.Geo) granted by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) in Canada and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Vaca consents to the inclusion of the information in the form and context in which it appears.
CONTACTS
Scott Caldwell
SolGold Plc (CEO)
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition, and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).
See www.solgold.com.aufor more information. Follow us on "X" @SolGold_plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the " Company ") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward-looking information". Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca . Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
The Company recognises that the term World Class is subjective and for the purpose of the Company's projects the Company considers the drilling results at the Alpala porphyry copper-gold deposit at its Cascabel project to represent intersections of a World Class deposit on the basis of comparisons with other drilling intersections from World Class deposits, some of which have become, or are becoming, producing mines and on the basis of available independent opinions which may be referenced to define the term "World Class" (or "Tier 1").
The Company considers that World Class deposits are rare, very large, long life, low cost, and are responsible for approximately half of total global metals production. World Class deposits are generally accepted as deposits of a size and quality that create multiple expansion opportunities and have or are likely to demonstrate robust economics that ensure development irrespective of position within the global commodity cycles, or whether or not the deposit has been fully drilled out, or a feasibility study completed.
Standards drawn from industry experts (1Singer and Menzie, 2010; 2Schodde, 2006; 3Schodde and Hronsky, 2006; 4Singer, 1995; 5Laznicka, 2010) have characterised World Class deposits at prevailing commodity prices. The relevant criteria for World Class deposits, adjusted to current long run commodity prices, are considered to be those holding or likely to hold more than 5 million tonnes of copper and/or more than 6 million ounces of gold with a modelled net present value of greater than US$1billion.
The Company cautions that the Cascabel Project remains an early-stage project at this time and there is inherent uncertainty relating to any project at prior to the determination of pre-feasibility study and/or defined feasibility study.
On this basis, reference to the Cascabel Project as "World Class" (or "Tier 1") is considered to be appropriate.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com .
SOURCE: SolGold PLC
Adventus Mining Announces US$5 Million Earn-in Agreement with Japan Organization for Metals and Energy Security (JOGMEC) for the Tres Picachos Project in Ecuador
https://www.newswire.ca/news-releases/adventus-mining-announces-us-5-million-earn-in-agreement-with-japan-organization-for-metals-and-energy-security-jogmec-for-the-tres-picachos-project-in-ecuador-822003736.html
Adventus Mining Corporation Mar 04, 2024, 06:45 ET
US$5 million earn-in to 75% ownership over approximately four years, with field work to commence in April 2024
TORONTO, March 4, 2024 /CNW/ - Adventus Mining Corporation ("Adventus" or the "Company") (TSXV: ADZN) (OTCQX: ADVZF)
SolGold Announces MOU for Sustainable Hydro-Solar Energy at Cascabel
Monday, 04 March 2024 02:00 AM
https://www.accesswire.com/838763/solgold-plc-announces-mou-for-sustainable-hydro-solar-energy-at-cascabel
Sustainable Hydro-Solar Energy at Cascabel Project
BISHOPSGATE, LONDON / ACCESSWIRE / March 4, 2024 / SolGold PLC (LSE:SOLG)(TSX:SOLG) is pleased to announce the signing of a Memorandum of Understanding ("MOU") with Grupo Empresarial Semaica (Semaica Business Group), a major construction company in Ecuador, and Enerhydra, an American company, whose partners have participated in large projects throughout Latin America, and have developed seven hydroelectric projects in Ecuador, and Constructora Nacional S.A., a prominent construction company with extensive experience in hydroelectric development in Ecuador. This collaboration aims to spearhead a significant hydro-solar initiative to power SolGold's flagship Cascabel Project ("Cascabel") in Northern Ecuador. The MOU delineates the shared objectives and responsibilities of each party towards the development of a sustainable Power Project ("Project") that will deliver approximately 200 megawatts of clean, renewable energy to the Cascabel site.
The MOU encompasses key considerations such as a potential Power Purchase Agreement (PPA), financing arrangements, construction responsibilities, technical aspects, project operation, and the ultimate end-user of generated energy. This agreement sets the stage for further technical assessments, facilitating progress toward a more definitive agreement while concurrently advancing Cascabel. SolGold will not be directly responsible for financing, building, or operating the power project; instead, its role will focus on leveraging its position as an end-user to qualify for discounted power rates upon Project completion. Additionally, SolGold is committed to supporting its partners in fundraising efforts. Importantly, all terms of the agreement align with the shared commitment of both parties to environmental stewardship and sustainable economic development.
Scott Caldwell, CEO and President of SolGold Ecuador expressed his enthusiasm, stating, "Cascabel is already a remarkable project, but the prospect of harnessing clean hydroelectric and solar energy elevates its potential even further. When we speak of world-class mines, it is about more than tonnes of ore; it is about the impact and legacy of the project locally and globally. This endeavour could position Cascabel as one of the world's largest copper-gold mines aiming to achieve a carbon-neutral footprint. By embracing green energy to extract copper, we are actively contributing to the green revolution and leading the way for others to do the same. I am delighted to formalize this MOU with Semaica Business Group, Enerhydra, and Constructora Nacional, esteemed innovators and leaders in their fields."
It is envisioned that the Project's financing will be secured through a combination of sources, including international financial institutions and other global entities specializing in sustainable energy investments. These partnerships could provide the necessary capital to fund construction and operational expenses, ensuring the Project's successful implementation. The utilization of hydroelectric and solar power sources offers the Project significant potential cost savings over traditional energy sources, ensuring long-term operational efficiency and sustainability. These renewable energy sources provide a reliable and consistent power supply, minimizing the risk of disruptions and enhancing operational stability.
Furthermore, this initiative is expected to have a profound positive impact on local communities surrounding the Cascabel. Through job creation, skill development, and infrastructure improvements, the Project will support economic growth and enhance the overall quality of life for residents in the region.
Grupo Empresarial Semaica, with a rich history dating back to 1956, has established itself as a leading construction company in Ecuador, renowned for its expertise and commitment to quality. Semaica has successfully executed various projects across various sectors, including infrastructure development, commercial construction, and renewable energy initiatives. Notable examples of Semaica's projects include the construction of highways, mine tunnels, bridges, and hydroelectric power plants, demonstrating its capabilities in delivering large-scale, complex projects that contribute to Ecuador's economic growth and development.
Ing. Mauricio Martinez Fernández, President of Semaica Business Group, added, "We are thrilled to embark on this partnership with SolGold. The world's demand for copper is ever-growing, and Ecuador requires increased energy capacity. Semaica is honoured to address these global and local needs by collaborating on one of Ecuador's largest private energy initiatives. We are dedicated to advancing this Project sustainably in cooperation with all stakeholders involved."
Enerhydra is a Brazilian-Argentinian engineering firm based in the United States with a strong presence in Ecuador, specializing in the design and implementation of innovative energy solutions. Utilizing its extensive experience and technical expertise, Enerhydra has played a pivotal role in the development of numerous hydroelectric projects throughout the Americas. From feasibility studies to project execution, Enerhydra has consistently delivered tailored solutions that optimize energy production and minimize environmental impact. Notable examples of Enerhydra's projects include the design of hydroelectric power plants in Brazil, Peru, and Ecuador, demonstrating a proven track record in developing sustainable energy infrastructure that meets the needs of local communities while promoting long-term environmental sustainability.
Bénard Torres, CEO of Enerhydra, remarked, "This MOU marks an auspicious beginning for what we envision as a world-class renewable energy project in Ecuador. With our engineers' extensive experience in hydro projects across the Americas, this initiative holds immense promise for Ecuador's energy security, supporting its economic and social development goals."
Constructora Nacional is an Ecuadorian construction company operating in Ecuador since 1974. They are experts in surface work and have worked closely with the Semaica Business Group in the past. Executive President José Rafael Armijos commented, "The proposed energy solution presents an exceptional opportunity for all collaborating entities and carries profound significance for Ecuador's energy landscape. The integration of clean hydro and solar energy holds the promise of substantial benefits for local communities and the environment."
The Project will adhere to stringent regulatory standards and environmental safeguards throughout every development phase. By fully complying with local and international regulations, the partners are committed to ensuring that the Project is developed responsibly and ethically.
Recognizing the importance of stakeholder engagement, the partners will actively involve local communities, government agencies, and environmental organizations in the Project's planning and implementation. By fostering open dialogue and addressing concerns, the partners aim to build trust and create shared value for all stakeholders.
CONTACTS
Scott Caldwell
SolGold Plc (CEO)
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information. Follow us on X @SolGold_plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward-looking information." Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
LUNDIN GOLD REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
https://www.newswire.ca/news-releases/lundin-gold-reports-fourth-quarter-and-full-year-results-856742526.html
Lundin Gold Inc. Feb 22, 2024, 19:00 ET
Production and Cost Performance Meets Upgraded Guidance
VANCOUVER, BC, Feb. 22, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG); (Nasdaq Stockholm: LUG); (OTCQX: LUGDF
Ecuador Ministry of Energy and Mines Defines Development Phase Transition Rules for Medium Scale Mining Projects
https://www.newswire.ca/news-releases/ecuador-ministry-of-energy-and-mines-defines-development-phase-transition-rules-for-medium-scale-mining-projects-824244021.html
Adventus Mining Corporation Feb 22, 2024, 16:00 ET
TORONTO, Feb. 22, 2024 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to inform that the Ministry of Energy and Mines of Ecuador has issued a reform to the existing instructive including regulations and conditions for the transition of medium-scale mining projects from the exploration to production phases (the "Instructive"). This announcement provides clarity to the national regulatory framework and supports the advancement and development of medium-scale mining projects like the El Domo - Curipamba copper-gold project located in central Ecuador ("El Domo" or the "Project").
Transition to Production Phase Rules
The Instructive outlines the regulations and conditions under which the Government of Ecuador will provide authorization for medium-scale mining projects to transition from the exploration to the production phase. Given that medium-scale mining projects are not required to sign production contracts with the Government of Ecuador, this instructive provides the needed clarity to advance.
Key elements of the Instructive and transition authorization resolution include:
Recognition by the Ecuadorian State of pre-operational investments made within the mining concession area;
Explicit acknowledgment of sectoral regulations applicable to the mining concessionaire;
Specification of authorized activities during the production phase;
Provision for extending the production phase period if new mineral resources are discovered or if the original term is deemed insufficient for full production from mineral reserves;
Authorization for the construction of necessary mining infrastructure and associated civil works;
Responsibility of the concessionaire to diligently fulfill its environmental obligations as outlined in its environmental license.
Responsibilities of the State during the production phase, including coordination and support for normal mining operations, provision of timely precautionary measures, and collaboration in relationships with public sector entities and third parties, and;
Rights granted to the mining concessionaire, such as freedom to trade minerals, suspension of terms due to exceptional events, and prompt response from competent authorities in case of threats or illegal activities.
This Instructive provides the framework for the Participants to advance El Domo from the exploration phase to production. The process is expected to be completed during the first half of 2024 which clears the way for the start of construction which is consistent with previous guidance.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is advancing the 215 sq. km majority-owned Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. With the recent merger with Luminex Resources Corp., Adventus Mining also owns the Condor gold project and a large exploration project portfolio that spans over 135,000 hectares – one of the largest holdings in Ecuador. The company's strategic shareholders include Ross Beaty's Lumina Group, Altius Minerals Corporation, Wheaton Precious Metals Corp., and significant Ecuadorian investors. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of El Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for El Domo and the timing thereof; and the start of construction at El Domo and the timing thereof?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that parts of environmental licensing will not be approved; failure to obtain parts of environmental licensing approval for El Domo along with other permits and approvals and to start construction; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Adventus Mining Corporation
For further information: For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com and follow us on Twitter: https://twitter.com/AdventusMining and LinkedIn: https://ca.linkedin.com/company/adventus-mining-corporation; For further information from Salazar Resources, please contact Freddy D. Salazar, Manager - Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SolGold Announces Completion of New Cascabel Pre-Feasibility Study
https://www.accesswire.com/834415/solgold-plc-announces-completion-of-new-cascabel-pre-feasibility-study
Friday, 16 February 2024 02:20
Announces Successful Completion of New Cascabel Pre-Feasibility Study with
Significantly Reduced Initial Capital Cost and 24% Internal Rate of Return
$5.4bn pre-tax Net Present Value ("NPV8%") and 33% internal rate of return ("IRR")
$3.2bn after-tax NPV8%, 24% IRR and 4-year payback period from the start of processing[1]
Average production[2] of 123ktpa of copper, 277kozpa of gold and 794kozpa of silver - 182ktpa copper equivalent ("CuEq")[3] - with peak[4] copper production of 216ktpa (370ktpa CuEq)
Pre-production capital of $1.55bn for the initial mine development, first process plant module and infrastructure
85% of Mineral Reserves are classified as Proven in updated Mineral Reserve Estimate
Initial 28-year mine plan of 540Mt containing 3.2Mt Cu @ 0.60%, 9.4Moz Au @ 0.54 g/t and 28Moz Ag @ 1.62 g/t based on the updated Mineral Reserve Estimate[5]
The Project economics have been calculated based on the economic terms and conditions previously negotiated with the Ecuadorian Government[6]
BISHOPSGATE, UK / ACCESSWIRE / February 16, 2024 / SolGold (LSE:SOLG)(TSX: SOLG)
Adventus Mining/Salazar Resources: El Domo - Curipamba Project is Granted the Environmental License for Construction and Operation
https://www.newswire.ca/news-releases/el-domo-curipamba-project-is-granted-the-environmental-license-for-construction-and-operation-817369625.html
Adventus Mining Corporation Jan 22, 2024, 06:45 ET
TORONTO, Jan. 22, 2024 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the Ministry of Environment, Water, and Energy Transition of the Government of Ecuador ("MAATE") has granted the Environmental License for the construction and operation of the El Domo-Curipamba project ("Environmental License").
Christian Kargl-Simard, President and CEO of Adventus, commented: "The granting of the Environmental License is the culmination of 17 years of diligent effort starting with exploration in 2007 that led to the discovery of the El Domo deposit in 2008 and included the publication of the NI 43-101 compliant feasibility study in October 2021. This Environmental License is a tremendous achievement for our team and stakeholders, who worked tirelessly to transparently advance the El Domo-Curipamba project. We look forward to building on this significant milestone."
Fredy Salazar, President and CEO of Salazar, commented: "On behalf of the Salazar team, I would like to take this opportunity to thank the many people who have been involved each step of the way from initial discovery to today's Environmental License. This approval will allow the construction and operation of El Domo, which will provide a new generation of opportunities for the people of central Ecuador."
The environmental licensing process began on November 4, 2021, with the submittal of the Environmental and Social Impact Assessment ("ESIA") and the Environmental Management Plan ("EMP"). The 7,000-page ESIA and EMP comply with Ecuadorian legislation and international best practices which include physical, biotic, socioeconomic, and cultural baselines, determination of areas of influence, analyses of environmental risks and social and environmental impacts as well as a plan that comprises the prevention and mitigation of impacts, contingencies, training, waste management, community relations, rehabilitation of affected areas, wildlife rescue, environmental monitoring, and mine closure.
MAATE issued the technical approval of the ESIA and EMP in May 2022. The final phase of the permitting process, the Environmental Consultation ("Consultation"), was carried out by MAATE between July and December 2023 pursuant to the Regulation of the Environmental Organic Code as modified by Presidential Decree 754 and in accordance with guidelines issued by the Constitutional Court of Ecuador, which incorporate Escazú principles and other international standards related to community participation in development projects. The Consultation was overwhelmingly supported by the communities in the direct area of influence of the project, with 98% voting in favour of issuing the Environmental License – see December 27, 2023, news release.
With this important news, the Participants confirm previous guidance on start of construction, and reaffirm their commitment to responsible, sustainable development in Ecuador through strict compliance with local legislation and adoption of international best practices. The Participants strive for excellence in all aspects of their operations by putting responsible environmental stewardship, community participation and development, and technical excellence at the forefront of all endeavours.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof; the start of construction at El Domo and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El-Domo along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation
Adventus Mining and Luminex Resources Complete Previously Announced Merger
https://www.newswire.ca/news-releases/adventus-mining-and-luminex-resources-complete-previously-announced-merger-833387586.html
Adventus Mining Corporation Jan 25, 2024, 10:50 ET
TORONTO, Jan. 25, 2024 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) ("Luminex") are pleased to announce the successful completion of the previously announced transaction pursuant to which Adventus acquired all of the issued and outstanding common shares of Luminex (the "Luminex Shares") by way of a court-approved plan of arrangement (the "Arrangement").
Pursuant to the Arrangement, former Luminex shareholders received 0.67 (the "Exchange Ratio") of an Adventus common share (each whole share, an "Adventus Share") in exchange for each Luminex Share held. Adventus issued an aggregate of ?117,432,403 ?Adventus Shares to former Luminex shareholders. The Adventus Shares issued under the Arrangement are expected to be listed and posted for trading on the TSX Venture Exchange.
Options to acquire Luminex Shares that were outstanding at the time of completion of the Arrangement were exchanged in accordance with the Exchange Ratio for similar securities to purchase Adventus Shares on substantially the same terms and conditions, and outstanding warrants of Luminex have become exercisable, based on the Exchange Ratio, to purchase Adventus Shares on substantially the same terms and conditions.
As a result of the Arrangement, Adventus acquired a 98.7% interest in Luminex's Condor gold project, the Pegasus earn-in project with Anglo American, and a large portfolio of greenfield assets in Ecuador.
Subscription Receipt Conversion
In connection with the Arrangement, Adventus issued a total of 76,203,838 subscription receipts (the "Subscription Receipts") at a price of C$0.29 or US$0.2117 per Subscription Receipt, as part of its previously announced offering of equity securities for aggregate gross proceeds of US$17.9 million (the "Offering"). On closing of the merger between Adventus and Luminex, each Subscription Receipt automatically converted to one Adventus Share without payment of additional consideration or further action on the part of the Subscription Receipt holders. The net proceeds of the Offering will be used by Adventus to advance the El Domo - Curipamba project, select exploration programs across the newly combined exploration portfolio of Adventus, costs related to the transaction and for working capital and general corporate purposes. All Adventus Shares issued upon conversion of the Subscription Receipts are subject to a statutory hold period of four months and one day from the date the Subscription Receipts were issued.
Delisting of the Luminex Shares
It is anticipated that the Luminex Shares will be de-listed from the TSX Venture Exchange as of the close of trading on or about January 29, 2024, and that Luminex will apply to the Canadian securities regulators for it to cease to be a reporting issuer thereafter.
Altius Loan Amendment
As previously announced, the Adventus and Altius Minerals Corporation ("Altius") entered into an agreement to amend (the "Loan Amendment") the terms of Altius' outstanding US$4 million unsecured convertible debenture (the "Loan Agreement"). In connection with the terms of the Loan Amendment, the maturity date under the Loan Agreement was extended from December 31, 2023 to December 31, 2024 (the "Extension"), and the conversion price of the principal amount under the Loan Agreement was amended from C$0.31 per Adventus Share to C$0.30 per Adventus Share (the "Repricing"). The Extension and the Repricing have been approved by the TSX Venture Exchange.
Other Updates
The Japan Organization for Metals and Energy Security ("JOGMEC") has notified Luminex of its plan to withdraw from the Orquideas earn-in arrangement on February 18, 2024. Adventus is evaluating options for the Orquideas project and is considering potential partnerships on other greenfield Luminex properties.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Luminex
Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex's inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information in this news release includes: the de-listing of Luminex Shares from the TSXV and the timing thereof; Luminex ceasing to be a reporting issuer; the expected use of proceeds from the Offering; Adventus' evaluation of options for the Orquideas project and potential partnerships on other greenfield Luminex properties; and the companies' assessments of, and expectations for, future periods.
Forward-looking statements relate to future events or future performance and reflect Adventus and Luminex's expectations or beliefs regarding future events. Forward-looking information are based on Adventus and Luminex management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
Adventus and Luminex undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Adventus Mining Corporation
For further information: from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
Solaris Commences 2024 Drilling Program at Warintza Project
https://ca.finance.yahoo.com/news/solaris-commences-2024-drilling-program-120000592.html
Solaris Resources
Mon, January 22, 2024 at 4:00 a.m. PST·4 min read
SLSSF
+0.66%
VANCOUVER, British Columbia, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce a corporate update including the commencement of the 2024 drilling program at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
Warintza 2024 Drilling Program Underway
The 2024 drilling program has commenced with the first rig turning at Warintza East and a total of six rigs planned to be in operation by the end of February. An updated mineral resource estimate is expected in late Q2/24 to take in nearly double the meterage of the prior estimate and deliver major growth at Warintza Central, East and the recent discovery of Warintza Southeast within a common pit shell.
Drilling will continue through the updated mineral resource estimate with a focus on opportunities for further growth and infill drilling of at least 30km, taking advantage of additional permitted platform locations to optimize the drilling pattern, with some of these holes doubling as metallurgical and geotechnical and hydrogeological holes for mine design purposes.
Regional Exploration Underway
Field programs are underway to define drill targets at prospective areas identified in the regional exploration program (refer to press release dated January 8, 2024). This includes further detailed sampling at the Mateo prospect where a 3km x 1.4km arc of copper-molybdenum enrichment in soil samples is expressed around the margin of an overlapping sandstone unit that may cover a blind porphyry.
Financing Update
The Company has closed US$40 million (C$54 million) in funding including US$10 million (C$14 million) in equity financing and the drawdown of the first US$30 million (C$40 million) of the senior secured debt facility as part of the previously announced US$80 million offtake financing package (refer to press release dated December 11, 2023). This financing package funds the baseline programs for 2024 and 2025.
Upon closing the C$130 million strategic investment by an affiliate of Zijin Mining Group Co., Ltd. (refer to press release dated January 11, 2024), the Company plans to aggressively expand its 2024 and 2025 programs to bring ten rigs into operation, and significantly scale up its regional exploration programs, including land consolidation, and commencing infrastructure and site development for fast-tracking the Project, with details to follow.
Technical Information and Quality Control & Quality Assurance
Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. Details on the surface sampling conducted at the Project are set out in the technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that a total of six rigs planned to be in operation by the end of February, an updated mineral resource estimate is expected in late Q2/24 to take in nearly double the meterage of the prior estimate and deliver major growth at Warintza Central, East and the recent discovery of Warintza Southeast within a common pit shell, drilling will continue through the updated mineral resource estimate with a focus on opportunities for further growth and infill drilling of at least 30km, taking advantage of additional permitted platform locations to optimize the drilling pattern, with some of these holes doubling as metallurgical and geotechnical & hydrogeological holes for mine design purposes, field programs are underway to define drill targets at prospective areas identified in the regional exploration program including further detailed sampling at the Mateo prospect where a 3km x 1.4km arc of copper-molybdenum enrichment in soil samples is expressed around the margin of an overlapping sandstone unit that may cover a blind porphyry, the Company has closed US$40 million (C$54 million) in funding including US$10 million (C$14 million) in equity financing and the drawdown of the first US$30 million (C$40 million) of the senior secured debt facility which funds the baseline programs for 2024 and 2025, upon closing the C$130 million strategic investment by an affiliate of Zijin Mining Group Co., Ltd., the Company plans to aggressively expand its 2024 and 2025 programs to bring ten rigs into operation, and significantly scale up its regional exploration programs, including land consolidation, and commencing infrastructure and site development for fast-tracking the Project, with details to follow; that the remaining portions of the US$80 million will close; and that the C$130 million strategic investment will close. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about all conditions required to close the remaining portions of the US$80 million being satisfied including, but not limited to, the submission of an Environmental Impact Assessment and filing of pre-feasibility study at Warintza; all conditions required to close the C$130 million being satisfied including, but not limited to, obtaining all required regulatory approvals, including receipt of the requisite approval of the TSX, receipt of regulatory approval under the Investment Canada Act, and receipt of regulatory approval from the relevant authorities in the People’s Republic of China; the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2022 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
Chinese company Zijin Mining signs deal to invest $130M in Solaris Resources
https://ca.finance.yahoo.com/news/chinese-company-zijin-mining-signs-161145508.html
The Canadian Press
Thu, January 11, 2024 at 8:11 a.m. PST·1 min read
601899.SS
+0.49%
SLSSF
+4.24%
VANCOUVER — A Chinese company has signed a deal to invest $130 million in Solaris Resources Inc. that it plans to use to fund the development of its Warintza copper project in Ecuador.
Zijin Mining Group Co. Ltd. will own about a 15 per cent stake in Solaris once the private placement of nearly 28.5 million shares at a price of $4.55 per share closes.
The investment is subject to customary conditions including regulatory approval under the Investment Canada Act.
Under the deal, Zijin will be allowed to nominate a member to the Solaris board as long as it owns, controls or directs at least a five per cent stake in the company.
The agreement also entitles Zijin to buy additional shares in certain circumstances to maintain its proportionate stake in Solaris.
In addition to Warintza, Solaris has projects in Chile, Peru and Mexico.
LUNDIN GOLD MEETS 2023 GUIDANCE WITH GOLD PRODUCTION OF 481,274 OUNCES
https://www.newswire.ca/news-releases/lundin-gold-meets-2023-guidance-with-gold-production-of-481-274-ounces-820275264.html
Lundin Gold Inc. 11 Jan, 2024, 17:00 ET
VANCOUVER, BC, Jan. 11, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
Solaris Provides 2024 Preview Including Planned NYSE American Listing and Updated Warintza Mineral Resource Estimate in Q2/24
https://ca.finance.yahoo.com/news/solaris-provides-2024-preview-including-120000518.html
Solaris Resources
Mon, January 8, 2024 at 4:00 a.m. PST·6 min read
SLSSF
0.00%
VANCOUVER, British Columbia, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce a preview of its 2024 plans for the Company and its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.
Key Milestones:
NYSE American Listing – The Company intends to list on the NYSE American stock exchange (“NYSE American”) to satisfy the appetite of many U.S. retail and institutional investors seeking to add exposure to Solaris. In advance of listing on the NYSE American, Solaris will file a Form 40-F Registration Statement with the United States Securities and Exchange Commission. Subject to the review and approval of the listing application and satisfaction of all applicable listing and regulatory requirements, the Company expects its common shares to commence trading on the NYSE American in H1/24.
Mineral Resource Update in Q2/24 – The Company is nearing the completion of its second phase of mineral resource drilling at Warintza, which is expected to nearly double the meterage available for inclusion in the updated mineral resource estimate and deliver major growth through expansion of the deposit in extensional drilling at Warintza Central and Warintza East, and through the inclusion of the recent discovery of Warintza Southeast within a common pit shell.
Extension and Infill Drilling – The third phase of drilling at Warintza is set to commence imminently and includes extensional drilling in areas in which the Warintza East and Warintza Southeast deposits are still open, and approximately 30km of infill drilling to further delineate and define mineral resources within the pit shell in advance of studies, with some of these holes doubling to provide technical data for mine design and mine planning purposes.
Warintza Exploration – Plans include following up on the recent Patrimonio discovery, where the first reconnaissance holes intercepted 144m of 0.50% CuEq¹ and 148m of 0.52% CuEq¹, respectively (refer to press release dated September 12, 2023). Notably, these intercepts included skarn mineralization (in addition to porphyry) for which the source has not yet been located. Vectors for this mineralization trend northwest and are untested for over 1km toward Warintza West while the strongest soil geochemical anomalism is untested in the southern part of Patrimonio.
In addition, the Company plans to revisit the El Trinche area that forms the southern, low grade margin of Warintza Central where a near surface intercept of high-grade mineralization within a broader low grade interval has been interpreted as a dyke with veinlet orientations and alteration suggesting it may form a high level expression of a potentially deeper, higher grade system that has not yet been located.
Regional Exploration – Field investigation is planned to define drill targets at prospective areas identified in the regional exploration program to date, including:
Medio Camino: a 3.5km x 1.5km porphyry target defined in soil geochemical data roughly equidistant between the Warintza porphyry cluster to the east and the neighboring San Carlos - Panantza porphyry cluster to the west
Clemente: a series of porphyry targets on trend to the north of the San Carlos - Panantza porphyry cluster
Mateo: a 3km x 1.4km area of copper-molybdenum enrichment in soil samples approximately 5km east of Warintza East that is expressed around the perimeter of an overlapping sandstone unit that may cover a porphyry
Caya: a 5km x 3km gold anomaly in stream sediments 6km northeast of Warintza East, where follow-up sampling has identified an area of 0.7km x 1.3km of anomalous gold, copper and epithermal pathfinder element values, and a concentration of dickite clay and vuggy silica alteration minerals characteristic of high sulphidation epithermal systems
Studies – The Company anticipates finalizing and submitting the Environmental Impact Assessment for the Warintza Project for regulatory review and approval in H2/24, after more than three years of baseline environmental monitoring, data collection and studies from prior permitting efforts. Follow-up programs for metallurgy, geotechnical and hydrogeological drilling, together with detailed access, internal/external infrastructure, and water and power studies will proceed under the direction of Javier Toro, recently appointed as Chief Operating Officer (refer to press release dated November 6, 2023), and run through the end of the year.
Endnotes
Copper-equivalence calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work. For additional details on the intervals, refer to press release dated September 12, 2023 for SLSP-01: 144m of 0.50% CuEq (0.34% Cu, 0.03% Mo, 0.09 g/t Au) and SLSP-02: 148m of 0.52% CuEq (0.38% Cu, 0.02% Mo, 0.09 g/t Au).
Technical Information and Quality Control & Quality Assurance
Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. Details on the surface sampling conducted at the Project are set out in the technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.
Qualified Person
The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).
On behalf of the Board of Solaris Resources Inc.
“Daniel Earle”
President & CEO, Director
For Further Information
Jacqueline Wagenaar, VP Investor Relations
Direct: 416-366-5678 Ext. 203
Email: jwagenaar@solarisresources.com
About Solaris Resources Inc.
Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.
Cautionary Notes and Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that the Company intends to list its common shares on the NYSE American stock exchange in H1/24, the Company is nearing the completion of its second phase of mineral resource drilling at Warintza, which is expected to nearly double the meterage available for inclusion in the updated mineral resource estimate to be issued in Q2/24 and deliver major growth through expansion of the deposit in extensional drilling at Warintza Central and Warintza East, and through the inclusion of the recent discovery of Warintza Southeast within a common pit shell, that the third phase of drilling at Warintza is set to commence imminently and includes extensional drilling in areas in which the Warintza East and Warintza Southeast deposits are still open, and approximately 30km of infill drilling to further delineate and define mineral resources within the pit shell in advance of studies, with some of these holes doubling to provide technical data for mine design and mine planning purposes, Warintza exploration plans include following up on the recent Patrimonio discovery, revisiting the El Trinche area that forms the southern, low grade margin of Warintza Central where a near surface intercept of high-grade mineralization within a broader low grade interval has been interpreted as a dyke with veinlet orientations and alteration suggesting it may form a high level expression of a potentially deeper, higher grade system that has not yet been located, and further field investigation is planned to define drill targets at areas identified in the regional exploration program, including Medio Camino, Clemente, Mateo and Caya, the Company anticipates finalizing and submitting the Environmental Impact Assessment for the Warintza Project for regulatory review and approval in H2/24, and follow-up programs for metallurgy, geotechnical and hydrogeological drilling, together with detailed access, internal/external infrastructure, and water and power studies will proceed and run through the end of the year. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis, for the year ended December 31, 2022 available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.
Adventus Mining/ Salazar Resources: Final Stage of the Environmental Consultation Process for the El Domo - Curipamba Project has been Completed - Clearing the Way for Issuance of the Environmental License
https://www.newswire.ca/news-releases/final-stage-of-the-environmental-consultation-process-for-the-el-domo-curipamba-project-has-been-completed-clearing-the-way-for-issuance-of-the-environmental-license-837614672.html
Adventus Mining Corporation 27 Dec, 2023, 06:45 ET
98% of People from the Direct Areas of Influence of the Project Voted in Support
of the Issuance of the Environmental Licence
TORONTO, Dec. 27, 2023 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSX-V: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the Ministry of Environment, Water, and Ecological Transition of Ecuador ("MAATE") has completed the final consultation phase of the environmental consultation process for the El Domo - Curipamba project in central Ecuador (the "Project"), on December 15, 2023.
The final consultation phase was carried out by MAATE in accordance with instructions and guidelines given by the Constitutional Court in ruling 51-23-IN/23 published on November 17, 2023. Six consultation assemblies, open to the public, were held in the canton of Las Naves in both the direct and indirect areas of influence of the Project. As part of the process, MAATE presented changes and inclusions to the Project Environmental Management Plan and Environmental Impact Assessment based on community observations and feedback collected during the 14-day information phase carried out by MAATE in July 2023. Following the presentation of the updated environmental management plan, the community participants deliberated and then voted with 98% of people from the direct areas of influence of the Project voting in favour of issuing the environmental license for the Project.
This positive outcome is a testament to the many years that the Participants have worked closely and transparently with local stakeholders to maintain and build the Project's social license to operate. This result now clears the way for the expected issuance of the environmental license for the Project. The Participants are pleased to continue the advancement of the Project in line with recent guidance.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of the Project; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the Project and the timing thereof; the start of construction at the Project and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at the Project, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the Project along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation
SolGold Announces Espejo Project Update
https://www.accesswire.com/814788/solgold-plc-announces-espejo-project-update
Friday, 08 December 2023 02:00
High-Potential Porphyry Cu-Au-Mo Target Identified
BISHOPSGATE, UK / ACCESSWIRE / December 8, 2023 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on its exploration activities at the Espejo Project ("Project"), part of the SolGold-ENAMI strategic exploration alliance ("SEA") in Northern Ecuador. The Espejo Project, situated approximately 20km northeast of the Company's Cascabel Project, has identified a promising porphyry Cu-Au-Mo target.
The Espejo Project, positioned within the Northern Andean Copper-Gold Belt, is located along the Toachi Fault. This fault is a deep-seated, arc-parallel tectonic structure bisecting the length of the Northern Ecuador Cordillera Occidental ("NECO") trend. The Project is in close proximity to the Company's Alpala and Tandayama-America porphyry copper-gold deposits. This region is renowned for hosting various major exploration projects and notable porphyry deposits such as SolGold's Cascabel (2.66Bt @ 0.37% Cu, 0.25 g/t Au) and Llurimagua (1.55Bt @ 0.51% Cu, 10 ppm Mo) (Figure 1).
SolGold's geological team, supported by expert advisors, believes the under-explored Toachi Fault zone in the NECO trend is a highly prospective area for the discovery of significant Cu, Cu-Au, and Cu-Mo porphyry deposits, alongside high-grade epithermal Ag and Au-Ag deposits.
Recent Developments at the Espejo Project
The Espejo Project now includes a newly identified porphyry Cu target at Anomaly 4, in addition to Anomalies 1, 2, and 3, initially characterized as three porphyry Cu targets (See News Release dated 28 June 2022 by Cornerstone Capital Resources Inc., now known as SolGold Canada Inc., ).
Recent exploration at Anomaly 4 has revealed a 2km x 1.5km area with porphyry intrusive rocks exhibiting Cu, Mo, and Cu/Zn soil geochemical anomalies (Figures 2-5). These findings include zones of outcropping B-type quartz veining within intrusive diorite and granodiorite rocks associated with biotite (± magnetite) potassic alteration overprinted by chlorite-sericite intermediate argillic alteration. Anomaly 4 also shows classic porphyry geochemical zonation, alteration, and mineralisation patterns, along with evidence of related epithermal and skarn Au-Ag systems. Rock sampling has yielded encouraging results, including significant Au, Ag, and Cu grades in various mineralized forms.
Rock sampling (Figure 6-9) assays yielded the following results, including significant grades of Au, Ag, and Cu in various mineralised forms:
multi-mineralic Au-Ag-Cu skarn: 4.15 g/t Au, 77.8 g/t Ag, and 2.63% Cu;
multi-mineralic Au-Ag skarn: 34.5 g/t Au and 38.7 g/t Ag;
magnetite-pyrite Au skarn: 10.80 g/t Au; and
epithermal quartz veins: 36.8 g/t Au.
The four anomalies at Espejo have been delineated through geological mapping of rock types, alteration, and sulphide minerals and by multi-element soil geochemistry with rock geochemistry. The mineralisation discovered at Espejo suggests that anomalies 1-4 represent a cluster of porphyry systems warranting drill testing. The presence of porphyry-related epithermal and skarn mineralization suggests a potential source of intrusion or intrusions in the area.
Statement from the CEO
Scott Caldwell, CEO and President of SolGold Ecuador acknowledged the significant progress this year and the support from stakeholders:
"The recent identification of another high-potential target at the Espejo Project, coupled with our discovery at Blanca Nieves, highlights the expertise and commitment of our geology team. It also emphasizes the patience and trust shown by our stakeholders in 2023 while we carefully evaluated and prioritized SolGold's consolidated property list and effectively carried out our exploration program. My sincere thanks go to our team, whose exceptional work, combined with the collaborative spirit within SolGold, has been crucial in advancing our exploration projects. As we look ahead to 2024, we are filled with energy and optimism about the opportunities that lie before us. With the team's continued dedication and our shareholders' support, SolGold is well-positioned to explore these new frontiers and drive further growth."
Figure 1: Location of the Espejo Project area, situated occurs along the Toachi Fault, a deep-seated, arc-parallel tectonic structure that bisects the length of the Northern Ecuador Cordillera Occidental (NECO) trend, part of the Northern Andean Copper-Gold Belt. This is a location that hosts several growing exploration plays and the very large Cascabel (2.66Bt @ 0.37% Cu, 0.25 g/t Au) and Llurimagua (1.55Bt @ 0.51% Cu, 10 ppm Mo) porphyry deposits. This region promises to deliver significant portions of the copper and gold necessary to meet the growing global demand over the coming decades. The inset diagram illustrates the location of SolGold tenements in Ecuador.
Figure 2: Interpreted geology of the Anomaly 4 area, showing extent of porphyritic intrusive rocks and the local structural framework (refer to Figure 1 for the location of Anomaly 4 within the Espejo project area. The locations for the rock samples are illustrated in Figures 6-9.
Figure 3: Copper geochemistry in soil, rock and stream sediment at Anomaly 4 shown over a background of RTP magnetics, indicating a generalised outline of copper anomalism and locations of rock samples A, B, C, D, E and F.
Figure 4: Molybdenum geochemistry in soil, rock and stream sediment at Anomaly 4 over RTP magnetics, showing a generalised outline of molybdenum anomalism and locations of rock samples A, B, C, D, E and F.
Figure 5: Cu/Zn ratio geochemistry in soil, rock and stream sediment at Anomaly 4 over a background of RTP magnetics, showing generalised outline of anomalous Cu/Zn, and locations of rock samples A, B, C, D, E and F.
Figure 6: (A) Epidote-garnet-magnetite skarn: 4.15 g/t Au, 77.8 g/t Ag, and 2.63% Cu. (B) Magnetite-pyrite skarn: 10.80 g/t Au, 7.28 g/t Ag.
Figure 7: (C) Granodiorite hosting stockwork porphyry B-type quartz veining. (D) Skarnified andesite, showing epidote and iron-oxide minerals: 6.93 g/t Au.
Figure 8: (E) Skarnised andesite, showing epidote, pyrite, and chalcopyrite: 2.6 g/t Au, 0.14% Cu. (F) Skarnised volcanic rock, showing epidote, magnetite and pyrite: 34.5 g/t Au, 38.7 g/t Ag.
Figure 9: (G) Skarnised volcanic rock showing epidote, pyrite, magnetite, 36.8 g/t Au, 30.9 g/t Ag.
Qualified Person:
The above information relating to the exploration results is based on data reviewed by Mr. Santiago Vaca (M.Sc. P.Geo.); Mr. Vaca joined SolGold in 2014 as Chief Geologist for the Cascabel project and is an Ecuadorian geologist with over 18 years of experience in mineral Exploration and research. Mr Vaca holds a Professional Geoscientist Certification (P.Geo) granted by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) in Canada. He is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Vaca consents to the inclusion of the information in the form and context in which it appears.
This announcement was approved for release by Scott Caldwell - Chief Executive Officer.
Certain information contained in this announcement would have been deemed inside information.
CONTACTS
Scott Caldwell
Chief Executive Officer
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX:SOLG).
See www.solgold.com.au for more information.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward-looking information". Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). For gold and silver, samples are analysed by fire assay and gravimetric finishing, 30g nominal weight (AU-GRA21, and Ag-GRA21). The ALS laboratory performance is routinely monitored using the umpire BUREAU VERITAS certified laboratory, using check batch rejects for inter-laboratory comparisons.
In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.
See www.solgold.com.aufor more information. Follow us on 'X' @SolGold_plc
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
SolGold Announces Blanca-Nieves Project Update
https://www.accesswire.com/813319/solgold-plc-announces-blanca-nieves-project-update
Tuesday, 05 December 2023 02:50
Blanca-Nieves Project Update:
New Au-Ag Discovery at La Florida
BISHOPSGATE, UK / ACCESSWIRE / December 5, 2023 / SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on the exploration of two targets within the Blanca-Nieves Project ("Project") held by the Company's Ecuadorian subsidiary, Carnegie Ridge Resources S.A.
Recent exploration at the La Florida target, located approximately 3km northeast of the Cielito target, has led to the discovery of high-grade epithermal quartz vein floats. These veins exhibit visible gold within quartz intermingled with bladed calcite, indicating an exposed "boiling zone." Assay results from rock samples have delivered remarkable values of up to 276 g/t Au and 141 g/t Ag, signalling the potential for another Au-Ag bonanza zone. Furthermore, subsequent work has led to the discovery of a 15m wide zone hosting epithermal quartz veins and a breccia outcrop in the intersection of NE and NW trending geologic structures (Figure 1, 2). Grab samples from quartz veins within the outcrop have yielded encouraging assay results of up to 4.15 g/t Au and 3.35 g/t Ag. The close proximity of the La Florida target to the Cielito target highlights a potential interconnection between these two significant areas.
Previous project work at the Cielito target concentrated on drill-testing zones with a history of artisanal mining. The vein systems at Cielito and Quiroz areas yielded substantial quantities of free gold from epithermal quartz veins. During the latter half of 2023, an impressive collection of 48 check rock-channel samples obtained at Cielito returned gold grades of over 50g/t Au, and of those, 28 surpassed gold grades of 100g/t Au, and 11 returned gold grades over 200g/t Au, with the highest recording a grade of 545g/t Au.
Structural interpretation suggests a possible connection between the recently discovered La Florida epithermal vein-breccia and the Cielito vein system. Currently, our exploration efforts are focused on collecting rock-saw channel samples from the outcrop and the initiation of trenching to locate and sample the vein extensions at La Florida.
The Blanca-Nieves Project is strategically positioned approximately 8km north of the Company's Cascabel Project in northern Ecuador, which features the large Alpala and the Tandayama-America porphyry copper-gold deposits. These Projects are situated on the Northern Andean Copper-Gold Belt.
Significant high-grade gold and silver mineralization has been discovered at multiple locations within the Project area, including the presence of quartz epithermal veins exhibiting visible gold at Cielito and the recent discovery at La Florida (Figure 3). SolGold's ongoing exploration efforts at the Blanca-Nieves epithermal gold-silver vein field continue to demonstrate its considerable potential.
SolGold is making steady progress toward preparing the new target areas at La Florida for drilling, in alignment with a strategy centred around potential epithermal vein targets. This development aligns with plans to drill for extensions of the veins at Cielito and Quiroz, extending beyond the range of previous historic artisanal mining. Furthermore, SolGold aims to expand the size of the discovery at La Florida, underscoring the Company's commitment to fully realizing the Blanca-Nieves Project's potential.
SolGold Founder and Non-Executive Director, Mr. Nick Mather commented on the Blanca-Nieves Project, stating:
"I am enthusiastic about the new discovery at La Florida and the potential connection to Cielito. In the coming months, our exploration team will work diligently to define the extensions of the gold-silver quartz structure. Recent outcrop rock chip sampling has unveiled widespread surface gold and soil geochemical gold and silver, further confirming the Project's extensive epithermal gold and silver precious metal field, covering an area exceeding 80 square kilometres.
The Northern Ecuador Cordillera Occidental trend has already yielded world-class discoveries at SolGold's Cascabel Project and Codelco/Enami's Llurimagua Project. The Company holds prospective ground along select segments of this 90km-long trend."
FURTHER INFORMATION
The Blanca Nieves Project is characterized by the presence of NE-SW and NW-SE trending Au-Ag epithermal quartz veins and comprises six main target areas across a 14km x 6km region (Figure 2).
The scout drilling completed to date has substantiated the conceptual model that the mineralised Au-Ag vein systems at the Blanca-Nieves Project consist of multiple stacked gold lodes with sub-vertical bonanza-style feeder zones. The Cielito vein system remains open beyond the initial drill testing range towards the NE and the SW.
Additionally, the presence of Au-Ag quartz veins at Chorreras, Cielito, Quiroz, Florida, Escobar, and San Patricio (Figure 2) is a testament to the significant extent of the Blanca-Nieves epithermal gold-silver system.
Figure 1: New discovered outcrop of epithermal quartz veins and breccia in La Florida target.
Figure 2: Blanca-Nieves Project target areas at Chorreras, Cielito, Quiroz, Florida, Escobar, and San Patricio, showing locations and dominant structural trends of outcropping epithermal quartz veining at surface across the Blanca-Nieves Project area.
Figure 3: Example of outcropping quartz vein sample from Cielito area, upon a centimetre scale background grid, showing occurrences of visible coarse gold (red circles; TOP LEFT). Epithermal quartz veining float from the Florida area (TOP CENTER), containing quartz with lattice-bladed texture, showing visible gold and wire-gold (within the view of a 40x binocular; TOP RIGHT). High-grade quartz-gold-silver epithermal veins inside Cielito prospect underground small scale near surface workings returned check assay results comprising 'Bonanza' gold grades (BOTTOM).
Qualified Person:
Above information relating to the exploration results is based on data reviewed by Mr Santiago Vaca (M.Sc. P.Geo.), Mr. Vaca joined SolGold in 2014 as Chief Geologist for the Cascabel project and is an Ecuadorian geologist with over 18 years of experience in mineral Exploration and research. Mr Vaca holds a Professional Geoscientist Certification (P.Geo) granted by the Association of Professional Engineers and Geoscientists of Alberta (APEGA) in Canada and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Vaca consents to the inclusion of the information in the form and context in which it appears.
This announcement was approved for release by Scott Caldwell.
Certain information contained in this announcement would have been deemed inside information.
CONTACTS
Scott Caldwell
Chief Executive Officer
Tel: +44 (0) 20 3807 6996
Tavistock (Media)
Jos Simson/Gareth Tredway
Tel: +44 (0) 20 7920 3150
ABOUT SOLGOLD
SolGold is a leading resources company focused on the discovery, definition and development of world-class copper and gold deposits and continues to strive to deliver objectives efficiently and in the interests of shareholders.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing the environmental impact.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG).
See www.solgold.com.au for more information.
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for further exploring and developing the Project currently being studied, the anticipated results of such exploration efforts as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward-looking information". Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: exploration risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). For gold and silver, samples are analysed by fire assay and gravimetric finishing, 30g nominal weight (AU-GRA21, and Ag-GRA21). The ALS laboratory performance is routinely monitored using the umpire BUREAU VERITAS certified laboratory, using check batch rejects for inter-laboratory comparisons.
In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.
See www.solgold.com.au for more information. Follow us on X @SolGold_plc
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC
SolGold Announces Porvenir Project Update
https://www.accesswire.com/812230/solgold-plc-announces-porvenir-project-update
Friday, 01 December 2023 08:45
SolGold plc Porvenir Project Update Advancing Exploration Across a Cluster of Porphyry Copper-Gold Targets
BISHOPSGATE, LONDON / ACCESSWIRE / December 1, 2023 / SolGold ("SolGold" or the "Company")(LSE:SOLG)(TSX:SOLG)
Lumina Gold Completes Metallurgical and Resource Drilling and Commences Feasibility Study Metallurgical Testing
https://www.newswire.ca/news-releases/lumina-gold-completes-metallurgical-and-resource-drilling-and-commences-feasibility-study-metallurgical-testing-881039042.html
Lumina Gold Corp. 05 Dec, 2023, 06:00 ET
Recent Project Highlights:
Completed 7,767 metres for the purpose of upgrading some of the Indicated Resource to the Measured category.
Completed 3,065 metres of dedicated diamond drill holes for the collection of metallurgical samples and comminution testing samples.
Samples have arrived in Peru, which allows for confirmatory and optimization metallurgical test work to begin.
Additional samples have arrived at the material testing facility in the US for the comminution testing.
Test work is on schedule and will support the proposed completion of the feasibility study in H1 2025.
VANCOUVER, BC, Dec. 5, 2023 /CNW/ - Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce the initiation of a major work program to support the development of the Cangrejos and Gran Bestia gold-copper deposits. The key components of the program include the collection of twenty metallurgical composite samples from dedicated drill holes within the Cangrejos and Gran Bestia deposits, comminution test work, detailed mineralogy and flotation test work for gold and copper recovery estimates and providing concentrate samples for marketing studies. Test work has been awarded to C. H. Plenge & CIA S.A. ("Plenge"), an independent metallurgical laboratory based in Lima, Peru, which has previously provided metallurgical support to the Company and Metso USA.
In past metallurgical test work programs, the Cangrejos and Gran Bestia deposits demonstrated good metallurgical performance using traditional flotation processes to produce a gold-rich flotation copper concentrate that should be saleable into the copper smelting market. This upcoming program will allow some optimization of process parameters and provide significant engineering data supporting process design criteria for the feasibility study.
The Company has now completed the drilling of 3,065 metres across fourteen dedicated diamond drill holes for the collection of metallurgical samples and comminution testing samples. Lumina has also completed the drilling of 7,767 metres across ninety-one drill holes for the purpose of potentially upgrading some of the Indicated mineral resource containing 16.8 million ounces gold and 2.2 billion pounds of copper to the Measured mineral resource category.(1) 6,842 metres of the 8,375 metres of planned geotechnical drilling is complete and the balance is expected to conclude before the holiday break in December.
Qualified Persons
Jeffrey B. Austin, P.Eng., is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Austin has previously visited Plenge's laboratory in Lima Peru, and has reviewed, verified and approved the content of this news release.
Leo Hathaway, P.Geo., Senior Vice President of Lumina and a Qualified Person as defined by NI 43-101 has reviewed, verified, and approved the contents of this news release.
Notes
Details on the mineral reserves and mineral resource can be found in the NI 43-101 technical report titled 'Cangrejos Gold-Copper Project, NI 43-101 Technical Report on the Pre-feasibility Study' with an effective date of April 7, 2023. The report can be found on SEDAR or on the Company's website. The Indicated mineral resource is estimated at 1,080 million tonnes grading 0.48 grams per tonne gold and 0.09% copper.
About Lumina Gold
Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. In 2023, the Company completed a Pre-Feasibility Study for Cangrejos, which is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.
Follow us on: Twitter, Linkedin or Facebook.
Further details are available on the Company's website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.
LUMINA GOLD CORP.
Signed: "Marshall Koval"
Marshall Koval, President & CEO, Director
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 news release
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to potential conversion of Indicated Resources to Measured Resources, future test work and future studies at Cangrejos and impact and timing of such test work and studies. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Lumina Gold Corp.
For further information: Scott Hicks, info@luminagold.com, T: +1 604 646 1890
LUNDIN GOLD THREE YEAR OUTLOOK ANTICIPATES SUSTAINED STRONG FREE CASH FLOW GENERATION FROM FRUTA DEL NORTE
https://www.newswire.ca/news-releases/lundin-gold-three-year-outlook-anticipates-sustained-strong-free-cash-flow-generation-from-fruta-del-norte-895699673.html
Lundin Gold Inc. 04 Dec, 2023, 17:00 ET
2024 highlights include expansion to 5,000 tpd by year end and the largest exploration program ever conducted at Fruta del Norte
VANCOUVER, BC, Dec. 4, 2023 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
Adventus and Luminex Announce Merger to Create a Growth-Focused Copper-Gold Company in Ecuador
https://ca.finance.yahoo.com/news/adventus-luminex-announce-merger-create-220300394.html
Adventus Mining Corporation ; Luminex Resources Corp.
Tue, November 21, 2023 at 2:03 p.m. PST·23 min read
ADVZF
-4.72%
LUMIF
+28.00%
Concurrent US$17.1 Million of Equity Financing with Participation by Ross Beaty and Wheaton Precious Metals Corp.
Not for distribution to U.S. newswire services or dissemination in the United States
TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Adventus Mining Corporation (“Adventus”) (TSXV: ADZN) (OTCQX: ADVZF) and Luminex Resources Corp. (“Luminex”) (TSXV: LR) (OTCQX: LUMIF) are pleased to announce that they have entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which Adventus will acquire all of the issued and outstanding common shares of Luminex (the “Luminex Shares”), in exchange for common shares of Adventus (the “Adventus Shares”), by way of a plan of arrangement (the “Transaction”, with the resulting entity referred to as the “Resulting Issuer”). The Transaction will create a combined company that intends to lead the advancement of the El Domo-Curipamba copper-gold project (the “El Domo Project”) towards production and consolidates a large and prospective gold-copper development and exploration portfolio in Ecuador totalling over 135,000 hectares which includes the preliminary economic assessment (“PEA”) stage Condor gold project (the “Condor Project”). Further details of the Transaction are outlined below.
Transaction Highlights
Exceptional Shareholder Base & Renewed Support – Brings together the support of members of Mr. Ross Beaty’s Lumina Group, local Ecuadorian investors and strategic and equity investors that include Altius Minerals Corporation (“Altius”) and Wheaton Precious Metals Corp. (“Wheaton”). A concurrent financing for approximately US$17.1 million, with participation by Mr. Ross Beaty and Wheaton is expected to be completed as part of the Transaction (described below).
Well-Capitalized Copper-Gold Company – Transaction establishes a well-capitalized copper-gold company focused on the advancement of the El Domo Project and consolidation of one of the largest exploration portfolios in Ecuador for future growth potential. The El Domo Project, with a completed feasibility study centred on a shallow and high-grade copper-gold dominant deposit1 , is supported by an investment contract with the Government of Ecuador and is on track for a construction decision in the first half of 2024.
Large Pipeline Gold Project – 98.7% ownership of the gold-copper Condor Project, adjacent to Lundin Gold’s Fruta del Norte project and Tongling / China Rail’s Mirador project. A PEA was completed in 2021 highlighting a 12-year operation producing 187k ounces of gold per year and a US$562 million after-tax NPV5% and a 20.3% after-tax IRR at US$1,760/oz gold2.
Industry Leading Exploration Portfolio – Combined exploration portfolio totalling over 135,000 hectares across 13 projects will be one of the largest land packages in Ecuador with approximately US$50 million in joint venture partner spending to date, and which continues to see funding interest from third parties.
Synergy & Cost Savings – Post Transaction, the Resulting Issuer will be led by a strengthened board, and a management team with a proven history and in-country track record of discovery, exploration success, mine building, operations, community engagement and monetization. The Resulting Issuer is expected to save approximately US$2 million per annum through synergies.
Value Creation & Potential for Shareholders – Expected to directly add liquidity and a greater following, while establishing a path to production at the El Domo Project: one of the highest grade and lowest capital intensity copper-gold projects globally.
___________________________________________
1 The El Domo Project feasibility study is a NI 43-101 Technical Report entitled: “NI 43-101 Technical Report - Feasibility Study - Curipamba El Domo Project - Central Ecuador”, filed on SEDAR+ on December 10, 2021.
2 The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral resources, and there is no certainty the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Condor Project PEA was based on the July 28, 2021 mineral resource estimate and base case economics were calculated using a gold price of $1,600 per ounce and a silver price of $21.00 per ounce, details of which, together with a summary of capital and operating expenditure estimates, assumptions and qualifications used by the qualified persons in preparing the PEA and the underlying mineral resource estimate, are disclosed in the report.
Christian Kargl-Simard, President and CEO of Adventus, commented: “This Transaction is an exciting opportunity to unite complementary assets, teams, and investors to create value for all Adventus and Luminex shareholders. Adventus is pleased to welcome Mr. Ross Beaty, members of the Lumina Group, and new investors as we continue the advancement of the El Domo Project towards future cash flowing operations. For Adventus shareholders, the new capital and acquisition of Luminex’s Condor Project and other properties allows the creation of a stronger and more diversified company with one of the largest copper-gold exploration portfolios in Ecuador.”
Marshall Koval, CEO of Luminex, commented: “We are very pleased to be entering into this combination with Adventus. The Adventus team has done a tremendous job advancing the El Domo Project from an exploration and PEA stage project to the expected start of construction in the first half of 2024. This combination gives Luminex shareholders a more immediate re-rating and return potential from the advancement of the El Domo Project, while reinforcing the growth and new discovery potential of the combined exploration portfolio.”
Concurrent with the Transaction, Adventus and Luminex plan to raise approximately US$17.1 million in equity, as a combination of US$13.5 million in a fully committed non-brokered private placement (the “Non-Brokered Private Placement”) of subscription receipts of Adventus (the “Subscription Receipts”), and approximately C$5 million (approximately US$3.64 million based on the US$/C$ exchange rate on November 21, 2023) in a brokered “bought deal” private placement (the “Bought Deal Private Placement”, and together with the Non-Brokered Private Placement, the “Concurrent Financing”) of units (the “Units”) of Adventus, co-led by Raymond James Ltd. and National Bank Financial Inc?., on their own behalf and on behalf of a syndicate of investment dealer?s (collectively, the “Underwriters”). In respect of the Non-Brokered Private Placement, Adventus and Luminex have received firm commitments for US$13.5 million in total, comprised of lead orders from Mr. Ross Beaty, Wheaton, and certain of Luminex’s existing Ecuadorian investors. Further details of the Concurrent Financing are outlined below.
Altius, Adventus’ largest shareholder, has agreed to extend its outstanding US$4 million unsecured convertible debenture until December 31, 2024, subject to completion of the Non-Brokered Private Placement (the “Loan Amendment”). As Altius is an insider of Adventus, the Loan Amendment constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Loan Amendment is exempt from the formal valuation and minority approval requirements of MI 61-101 as, at the time it was agreed to, neither the fair market value thereof, nor the fair market value of the consideration therefor, exceeds 25% of Adventus’ market capitalization.
Transaction Terms
Pursuant to the terms and conditions of the Arrangement Agreement, the holders of the issued and outstanding Luminex Shares will receive 0.67 Adventus Shares for each one (1) Luminex Share held (the “Exchange Ratio”). Luminex options that are outstanding at the time of completion of the Transaction shall be exchanged in accordance with the Exchange Ratio for similar securities to purchase Adventus Shares on substantially the same terms and conditions, and outstanding warrants of Luminex will become exercisable, based on the Exchange Ratio, to purchase Adventus Shares on substantially the same terms and conditions. The Transaction will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia).
Upon completion of the Transaction, the Resulting Issuer will continue to be listed as a Tier 1 mining issuer on the TSX Venture Exchange (“TSXV”) under the same Adventus name and ticker symbol, as well as on the OTCQX. Prior to completion of the Concurrent Financing, existing shareholders of Adventus will own approximately 61% of the Resulting Issuer and existing shareholders of Luminex will own approximately 39% of the Resulting Issuer on an undiluted basis. Mr. Ross Beaty is expected to be the only shareholder post completion of the Transaction and the Concurrent Financing to own greater than 10% of the issued and outstanding shares of the Resulting Issuer, owning approximately 13% on an undiluted basis.
The Arrangement Agreement contains customary reciprocal deal-protection provisions including non-solicitation covenants and a right to match any superior proposal as defined in the Arrangement Agreement. Under certain circumstances, Adventus or Luminex would be entitled to a termination fee of US$1,200,000. In connection with the Transaction, certain officers of Luminex shall agree to receive part of any change of control amounts owed in the form of Luminex Shares, which shall have a deemed value per Luminex Share equal to C$0.194 per share (the “Change of Control Share Settlement”). Any Change of Control Share Settlement is subject to the approval of the TSXV.
Complete details of the Transaction will be included in a management information circular to be delivered to Luminex securityholders in the coming weeks.
Conditions to Completion
The completion of the Transaction is subject to a number of terms and conditions, including without limitation the following: (a) approval of the Luminex securityholders, as described below; (b) approval of the TSXV; (c) approval of the British Columbia Supreme Court; (d) there being no material adverse changes in respect of either Adventus or Luminex; (e) a minimum of US$13.5 million in gross proceeds from the Concurrent Financing (which is fully committed, see Concurrent Financing below), and other standard conditions of closing for a transaction of this nature. There can be no assurance that all of the necessary approvals will be obtained or that all conditions of closing will be satisfied.
The Transaction is subject to the approval at a special meeting of Luminex securityholders by (i) 662/3% of the votes cast by Luminex ?shareholders, (ii) ??662/3 % of the votes cast by Luminex shareholders ?and optionholders, voting together as a single class, and (iii) if required, a simple majority of the votes cast by the Luminex shareholders, excluding the votes cast by certain persons as required by MI 61-101. Adventus and Luminex are arm’s length parties and, accordingly, the Transaction is not a related party transaction.
Board of Directors and Management
Upon closing of the Transaction, the board of directors of the Resulting Issuer (the “Resulting Issuer Board”) will be comprised of eight (8) members, including three (3) nominees from Luminex. Mr. Christian Kargl-Simard will remain serving as President, CEO and Director of the Resulting Issuer and lead the combined management and project team. The head office will continue to be in Toronto, Canada.
The Resulting Issuer Board is expected to be led by Mr. Mark Wellings and is anticipated to include Ms. Karina Rogers, Mr. Leif Nilsson, Mr. David Darquea Schettini, Mr. David Farrell and Mr. Ron Halas as independent directors, and Mr. Christian Kargl-Simard and Mr. Marshall Koval as non-independent directors. Advisors to the Resulting Issuer Board will continue to be Mr. Christian Aramayo and Mr. Gerardo Fernandez; Adventus also anticipates the addition of Mr. Leo Hathaway in an advisory role.
Concurrent Financing
The Concurrent Financing will consist of two tranches, for total gross proceeds of approximately US$17.1 million, of which US$13.5 million is fully committed and the balance of approximately C$5M (approximately US$3.64 million) has agreed to be purchased on a “bought deal” private placement basis.
The first tranche is the Non-Brokered Private Placement, a US$13.5 million fully committed offering of Subscription Receipts of Adventus at a price of C$0.29 per Subscription Receipt.
Each Subscription Receipt shall entitle the holder thereof to receive, without payment of any additional ?consideration or further action on the part of the holder, one Common Share in the capital of Adventus upon the satisfaction or waiver of all conditions to the completion of the Transaction in ?accordance with the terms of the Arrangement Agreement ?(collectively, the “Escrow Release Conditions”).? Mr. Ross Beaty, Wheaton and certain of Luminex’s existing Ecuadorian shareholders have committed to participating in this tranche. No commission is being paid on the Non-Brokered Private Placement.
In connection with the second tranche, the Bought Deal Private Placement, Adventus and Luminex have entered into an engagement letter with Raymond James Ltd. and National Bank Financial Inc., on their own behalf and on behalf of the Underwriters, pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis 1,725,000 Units of Adventus at a price of C$2.90 per Unit (the “Unit Offering Price”) for gross proceeds of approximately C$5 million, which the parties may agree to increase in the context of the market by an amount of up to an additional C$5 million. Each Unit shall consist of four (4) Adventus Shares and six (6) Subscription ?Receipts, with 40% of the price per Unit allocated to the Adventus Shares underlying each Unit and 60% of the price per ?Unit allocated to the Subscription Receipts underlying each Unit.? Adventus has granted the Underwriters an over-allotment option to purchase at the Unit Offering Price up to such number of an additional Units as is equal to 15% of the number of Units sold pursuant to the Bought Deal Private Placement (the “Over-Allotment Option”). The Over-Allotment Option is exercisable by the Underwriters in whole or in part at any ?time until 48 hours prior to the closing date of the Bought Deal Private Placement. Adventus shall pay to the Underwriters a commission equal to 6.0% of the gross proceeds from the Bought Deal Private Placement, 50% of which will be paid to the Underwriters at closing of the Bought Deal Private Placement and 50% of which will be placed in escrow (the “Escrowed Commission”) as described below.
The gross proceeds of the Non-Brokered Private Placement, the gross proceeds from the sale of the Subscription Receipts underlying the Bought Deal Private Placement and the Escrowed Commission (collectively, the “Escrowed Proceeds”), will be placed into escrow. Provided that the Escrow Release Conditions are satisfied or waived (where permitted) prior to 5:00 p.m. (Toronto time) on March 31, 2024 (the “Escrow Release Deadline”), the Escrowed Commission will be released to the Underwriters from the Escrowed Proceeds, and the balance of the Escrowed Proceeds (less certain expenses of an escrow agent to be appointed) will be released to or as directed by Adventus and the Subscription Receipts shall be automatically converted into Adventus Shares, without payment of any additional consideration or further action on the part of the subscribers. In the event that the Escrow Release Conditions are not satisfied by the Escrow Release Deadline, the Escrowed Proceeds, together with interest earned thereon, will be returned to the holders of Subscription Receipts and such Subscription Receipts will be cancelled.
The net proceeds of the Concurrent Financing will be used to advance the El Domo Project, select ?exploration programs across the combined exploration portfolio of Adventus and ?Luminex, costs related to the proposed Transaction and for working capital and general corporate ?purposes?.
The Concurrent Financing is being conducted in all of the provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to available exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable state securities laws?, and in such other jurisdictions outside of Canada and the United States, in ?each case, in accordance with all applicable laws, provided that no prospectus, ?registration statement or similar document is required to be filed in such foreign ?jurisdiction?. Completion of the Concurrent Financing is subject to obtaining the required TSXV approvals and satisfaction of customary closing conditions. The Subscription Receipts and the Adventus Shares to be issued in connection with the Concurrent Financing, and the Adventus Shares underlying the Subscription Receipts, will be subject to a statutory four-month and one day hold period from the closing date. The closing date of both the Non-Brokered Private Placement and the Bought Deal Private Placement is expected to be on or around December 8, 2023.
Luminex and Adventus intend to rely on the “part and parcel exception” under the policies of the TSXV with respect to the Concurrent Financing and the Change of Control Share Settlement, as each is integral to the Transaction by ensuring the Resulting Issuer is sufficiently capitalized to complete mine construction at the El Domo Project.
The securities to be offered in the Concurrent Financing and the Change of Control Share Settlement have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Transaction Timeline
Pursuant to the Arrangement Agreement and subject to satisfying all necessary conditions and receipt of all required approvals, the parties anticipate completion of the Transaction in January 2024. Following completion of the Transaction, Luminex Shares will be de-listed from the TSXV and Luminex will cease to be a reporting issuer under Canadian securities laws.
Recommendations by the Boards of Directors and Fairness Opinion
After consultation with its financial and legal advisors, the board of directors of Adventus unanimously approved the entering into of the Arrangement Agreement. Raymond James Ltd. provided a fairness opinion to the board of directors of Adventus, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid by Adventus is fair, from a financial point of view, to Adventus.
After consultation with its financial and legal advisors, the board of directors of Luminex (the “Luminex Board”) unanimously approved the entering into of the Arrangement Agreement, following the unanimous recommendation of a special committee of the Luminex Board (the “Luminex Special Committee”). The Luminex Board recommends that Luminex securityholders vote in favour of the Transaction. Haywood Securities Inc. provided a fairness opinion to the Luminex Special Committee, stating that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be received by Luminex shareholders under the Transaction is fair, from a financial point of view, to such Luminex shareholders.
Advisors and Counsel
Bacchus Capital Advisors is acting as financial advisor to Adventus. DLA Piper (Canada) LLP, DLA Piper LLP (US) and AVL Abogados are acting as legal counsel to Adventus in Canada, the U.S. and Ecuador, respectively.
Haywood Securities Inc. is acting as financial advisor to Luminex. Borden Ladner Gervais LLP, Troutman Pepper Hamilton Sanders LLP, and Tobar ZVS are acting as legal counsel to Luminex in Canada, the U.S. and Ecuador, respectively.
Analyst and Investor Webcast and Conference Call
Adventus and Luminex will host a joint conference call on Tuesday, November 22, 2023, at 12:00 pm (noon) ET to discuss the Transaction. Conference call and webcast details:
Date:
Wednesday, November 22, 2023
Time:
12:00 pm noon ET
Webcast link:
https://events.6ix.com/preview/adventus-mining-corporation
Qualified Person and Technical Reports
The technical information of this news release has been reviewed and approved by Mr. Dustin Small, P.Eng., Vice President Projects of Adventus, a non-Independent Qualified Person, as defined by National Instrument 43-101 (“NI 43-101”). Technical information for the El Domo Project is derived from the Technical Report for the El Domo Project titled: “NI 43-101 Technical Report - Feasibility Study - Curipamba El Domo Project - Central Ecuador”, filed on SEDAR+ on December 10, 2021. Technical information for the Condor Project is derived from the Technical Report for the Condor Project titled: “Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment”, filed on SEDAR+ on September 13, 2021.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and significant Ecuadorian shareholders. Adventus is based in Toronto, Canada, and is listed on the TSXV under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Luminex
Luminex Resources Corp. is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador.
For further information from Adventus, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus website at www.adventusmining.com
For further information from Luminex, please contact Scott Hicks, VP Corporate Development and Communications, at +1-604-646-1890 or info@luminexresources.com. Please also visit the Luminex website at https://luminexresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as “forward-looking information”). Forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this news release includes: expected timing and completion of the Transaction; the strengths, characteristics and expected benefits and synergies of the Transaction; receipt of court approval; approval of the Transaction by Luminex shareholders and optionholders at the special meeting of Luminex securityholders; obtaining TSXV acceptance to complete the Transaction; certain officers of Luminex agreeing to receive the Change of Control Share Settlement, and obtaining TSXV acceptance to complete the Change of Control Share Settlement; the completion of the Concurrent Financing; the participation of the identified persons in the Concurrent Financing; the expected use of proceeds from the Concurrent Financing; the satisfaction of the Escrow Release Conditions; the conversion of the Subscription Receipts into shares of the Resulting Issuer; the exercise of the Over-Allotment Option; obtaining TSXV acceptance to complete the Concurrent Financing; the payment of commissions by Adventus with respect to the Concurrent Financing; the anticipated holdings of Ross Beaty and Altius after the completion of the Transaction; the completion of the Loan Amendment; obtaining TSXV acceptance to complete the Loan Amendment; the anticipated timing of the special meeting of Luminex securityholders to vote on the Transaction and the related management information circular; the expected delisting of the Luminex Shares from the TSXV; the composition of the Resulting Issuer board and management team; and the companies’ assessments of, and expectations for, future periods. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances, including information in this news release regarding the Transaction and the Concurrent Financing, contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the companies’ expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this news release is based on the companies’ opinions, estimates and assumptions in light of their experience and perception of historical trends, current conditions and expected future developments, their assumptions regarding the Transaction and the Concurrent Financing (including, but not limited to, their ability to close the Transaction and the Concurrent Financing on the terms contemplated, and to derive the anticipated benefits therefrom), as well as other factors that they currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this news release is also based upon a number of assumptions, including the companies’ ability to obtain the required securityholder, court and regulatory approvals in a timely matter, if at all; their ability to satisfy the terms and conditions precedent of the Arrangement Agreement in order to consummate the Transaction; their ability to satisfy the Escrow Release Conditions; assumptions in respect of current and future market conditions and the execution of the companies’ business strategies, that operations in Adventus’ and Luminex’s properties will continue without interruption, and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, failure to receive the required shareholder, court, regulatory and other approvals necessary to effect the Transaction; the potential for a third party to make a superior proposal to the Transaction; that the Resulting Issuer and its shareholders will not realize the anticipated benefits following the completion of the Transaction; that all tranches of the Concurrent Financing will not be completed; that the proceeds of the Concurrent Financing will not be used as announced; that the Loan Amendment will not be completed; that the special meeting of Luminex securityholders to vote on the Transaction will not occur at the anticipated timeframe; and those set forth under the caption “Risk Factors” in Adventus’ annual information form, the companies’ most recent respective management’s discussion and analysis, and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR+ website at www.sedarplus.ca.
Although the companies have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to them or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents the companies’ expectations as of the date of this news release and is subject to change after such date. Adventus and Luminex each disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Adventus Mining/Salazar Resources: Constitutional Court of Ecuador Issues Ruling on Constitutionality of Environmental Consultation Decree: Leaving the Decree and Consultation Process in Effect Pending Law from National Assembly
https://www.newswire.ca/news-releases/constitutional-court-of-ecuador-issues-ruling-on-constitutionality-of-environmental-consultation-decree-leaving-the-decree-and-consultation-process-in-effect-pending-law-from-national-assembly-860475742.html
Adventus Mining Corporation 17 Nov, 2023, 22:48 ET
TORONTO, Nov. 17, 2023 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) (collectively the "Participants") are pleased to announce that the Constitutional Court of Ecuador (the "Court") has issued a ruling with regards to the constitutionality of Presidential Decree 754 (the "Decree"). The Decree, signed in May 2023, modified the Environmental Regulation of the Environmental Organic Code to include detailed steps for carrying out the Environmental Consultation (the "Consultation") in accordance with international human rights instruments and guaranteed by article 398 of the Ecuadorian Constitution.
The Consultation is a prerequisite for the issuance of environmental licenses for all projects across all sectors in Ecuador (not limited to the metals and mining sector) classified as medium and high impact, but also those classified as low impact for the extractive industries. The Consultation seeks to ensure people in the impact areas are duly informed and consulted with regards to impacts, mitigations, and environmental management plans of the proposed projects.
The Decree was challenged by an Act of Unconstitutionality filed with the Court in June 2023 and accepted by the Court in August 2023 along with a precautionary measure that ordered the provisional suspension until the Court could resolve the case (see news release dated August 2, 2023). In September 2023, the Court prioritized the case (see news release dated September 11, 2023) and the hearing was held on September 18, 2023. On November 17, 2023, the Court issued its ruling that declared Decree 754 to be unconstitutional in form, and indicated that the Consultation process must be regulated through an organic law which can only be issued by the National Assembly of Ecuador (the "Assembly") and not by Presidential decree. Notwithstanding, the ruling defers the effects of the unconstitutionality decision until the Assembly passes an organic law to regulate the Consultation process. The ruling also expressly revokes the temporary suspension of the Decree and indicates that the Decree will remain in-effect until the Assembly passes a new law regulating the Consultation.
This decision by the Court allows over 170 projects to resume their respective Consultation processes by proceeding under the terms the Decree. These important projects span across all industries and sectors in Ecuador, which include but are not limited to hospitals, water treatment plants, roads, clean energy projects, and three mining related projects, including the El Domo-Curipamba project. Therefore, the Participants are pleased to continue the advancement of the El Domo-Curipamba project in line with recent guidance.
About Adventus
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus Mining is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ADZN and trades on the OTCQX under the symbol ADVZF.
About Salazar
Salazar Resources Limited is focused on creating value and positive change through discovery, exploration, and development in Ecuador. The team has an unrivalled understanding of the geology in-country and has played an integral role in the discovery of many of the major projects in Ecuador, including the two newest operating gold and copper mines. Salazar Resources has a wholly owned pipeline of copper-gold exploration projects across Ecuador with a strategy to make another commercial discovery and farm-out non-core assets. The Company actively engages with Ecuadorian communities and together with the Salazar family it co-founded The Salazar Foundation, an independent non-profit organization dedicated to sustainable progress through economic development. The Company already has carried interests in three projects. At its maiden discovery, Curipamba, Salazar Resources has a 25% stake fully carried through to production. At two copper-gold porphyry projects, Pijili and Santiago, the Company has a 20% stake fully carried through to a construction decision.
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 news release.
This release contains certain "forward looking statements" and certain "forward-looking information" as "defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements relate to future events or future performance and reflect the Participants expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to: the discussions regarding strategies for the development of El-Domo; the adoption of a strategy and the timing thereof; the obtaining of key approvals, permits and environmental licensing approval for the El-Domo and the timing thereof; the start of construction at El Domo and the timing thereof;? and the timing and resolution of the Court?. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, amongst others, risks related to the exploration, development, production, recoveries and other anticipated or possible future developments at El Domo, including, without limitation, that exploration, development and production activities will not occur or be as anticipated and that environmental licensing will not be approved; failure to obtain the environmental licensing approval for the El-Domo along with other key permits and approvals and to start construction; the Court will not have a favorable ruling or in the expected time period; and general economic, business and political conditions?.
Forward-looking information are based on management of the parties' reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Such factors, among other things, include: business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of copper or certain other commodities; change in national and local governments, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.
The Participants undertake no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on the information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
For further information from Adventus Mining, please contact Christian Kargl-Simard, President and Chief Executive Officer, at +1-416-230-3440 or christian@adventusmining.com. Please also visit the Adventus Mining website at www.adventusmining.com.
For further information from Salazar Resources, please contact Freddy D. Salazar, Manager – Corporate Development, at +593 98 548 9355 or dsalazar@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
SOURCE Adventus Mining Corporation
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