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LUNDIN GOLD ANNOUNCES ANOTHER STRONG QUARTER WITH PRODUCTION OF 121,635 OUNCES OF GOLD
https://www.newswire.ca/news-releases/lundin-gold-announces-another-strong-quarter-with-production-of-121-635-ounces-of-gold-880356432.html
Lundin Gold Inc. Oct 05, 2022, 18:00 ET
VANCOUVER, BC, Oct. 5, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
SolGold & Cornerstone Announce Friendly Merger
https://www.accesswire.com/719446/SolGold-Cornerstone-Announce-Friendly-Merger
Friday, October 7, 2022 2:25 AM
SolGold & Cornerstone Announce Friendly Merger Transaction
Consolidates 100% of the Cascabel Project
Strategic Review Process Initiated for Combined Group
BRISBANE, AUSTRALIA / OTTAWA, ON / ACCESSWIRE / October 7, 2022 / SolGold plc (LSE:SOLG)(TSX:SOLG) ("SolGold") and Cornerstone Capital Resources Inc. (TSXV:CGP; OTC:CTNXF; FWB:GWN1) ("Cornerstone") (together the "Parties" and individually, a "Party") are pleased to announce that they have entered into a definitive agreement (the "Agreement") whereby SolGold will acquire all of the issued and outstanding shares of Cornerstone ("Cornerstone Shares"), other than Cornerstone Shares already held, directly or indirectly, by SolGold, pursuant to a court-approved plan of arrangement (the "Transaction").
Under the terms of the Agreement, Cornerstone Shares will be exchanged for 15 SolGold ordinary shares ("SolGold Shares") for each Cornerstone common share held. Pursuant to the terms of the Agreement, SolGold may elect to pay up to 20% of the consideration in cash, in which case the cash would be pro rated among all Cornerstone shareholders and the number of SolGold Shares issuable to Cornerstone shareholders would be reduced. Upon completion of the Transaction, if SolGold elects not to pay any portion of the consideration in cash, existing SolGold and Cornerstone shareholders are expected to own approximately 80% and 20% of the combined entity (the "Combined Group"), respectively, on a fully diluted in-the-money basis which is consistent with the current effective exposure of approximately 80/20 to the Cascabel Project prior to the Transaction.
The merger of Cornerstone and SolGold will significantly strengthen the ability of the Combined Group to create value for shareholders by consolidating ownership of the Cascabel Project along with a robust portfolio of other projects primarily across Ecuador.
Darryl Cuzzubbo, CEO and Managing Director of SolGold, stated: "It has been my view from the start that SolGold and Cornerstone are more valuable together than apart. This is an exciting value enhancing transaction for all stakeholders. This Transaction also sets the stage for a strategic review of the Combined Group as we methodically assess options that are in the best interest of our shareholders."
Brooke Macdonald, President and CEO of Cornerstone, stated: "This merger transaction makes sense for both sets of shareholders. The merger allows our shareholders to maintain exposure to the world class Cascabel Project and is a step towards maximizing value. Having considered the landscape, we are convinced that combining forces with SolGold will unlock significant value for all shareholders. The strategic review for the combined group aligns with our views on the best path forward. Today represents a significant milestone for all Cornerstone stakeholders and I would like to thank them for their support over the years."
The PDF of the release is available through this link: http://www.rns-pdf.londonstockexchange.com/rns/1476C_1-2022-10-7.pdf
Transaction Summary
The proposed Transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (Alberta). The Transaction will require approval by two-thirds of the votes cast by the shareholders of Cornerstone and a majority of the votes cast by disinterested shareholders at a special meeting of Cornerstone shareholders expected to be held in the fourth quarter of 2022.
All Cornerstone directors, executive officers and certain shareholders, collectively representing 44.1% of the Cornerstone Shares (47.0% on a fully diluted basis) have entered into voting support agreements with SolGold, agreeing to, among other things, vote their Cornerstone Shares in favour of the Transaction. The Transaction is subject to obtaining customary approvals including applicable court and stock exchange approvals. The Agreement includes customary deal protection provisions in favour of SolGold.
In addition, the Parties have agreed to make any amendments to the Agreement or plan of arrangement if necessary or desirable in order to implement an exchangeable share structure to allow eligible Canadian Cornerstone shareholders to receive a tax-deferred roll-over under the Income Tax Act (Canada) to the extent that the non-share consideration received does not exceed the shareholder's cost base for Canadian tax purposes. The implementation of such amendments will not be a condition of closing of the Transaction and there is no assurance that such a structure will be implemented.
Upon closing of the Transaction, the SolGold board of directors will be comprised of up to ten individuals with Cornerstone entitled to nominate two directors.
Full details of the Transaction and the Agreement will be included in Cornerstone's management information circular which is expected to be filed with the regulatory authorities in Canada and mailed to shareholders of Cornerstone in the fourth quarter of 2022. Further, SolGold intends on filing a prospectus with the applicable regulatory authorities in the UK with respect to the shares to be distributed to Cornerstone shareholders pursuant to the Transaction, which is expected to be filed in the fourth quarter of 2022.
Pursuant to the Agreement, SolGold is pursuing a strategic review process with the goal of maximizing value for all shareholders (the "Strategic Review Process"). Accordingly, SolGold has appointed Citigroup Global Markets Inc. ("Citi") and Maxit Capital LP ("Maxit Capital") to act as financial advisors to assist with exploring value creating alternatives for the Combined Group. The Strategic Review Process may include, but shall not be limited to, evaluating and pursuing the following:
· evaluating financing alternatives for the Combined Group;
· a spin-out of assets, other than the Cascabel Project, to all shareholders of the Combined Group;
· the direct or indirect acquisition of an interest in ENSA and/or the Cascabel Project howsoever effected; or
· any other transaction or series of related transactions as may be agreed to between the Parties.
The completion of the Transaction is not contingent on the completion of the Strategic Review Process and there can be no assurance that the Strategic Review Process will lead to any transaction.
Board of Directors' Recommendation
The Transaction has been unanimously approved by the boards of directors of SolGold and Cornerstone including, in the case of Cornerstone, following the unanimous recommendation of a special committee of independent directors. The Cornerstone board of directors unanimously recommends that Cornerstone shareholders vote in favour of the Transaction.
Paradigm Capital Inc. ("Paradigm Capital"), financial advisor to Cornerstone, has provided a verbal opinion to the Cornerstone board of directors stating that, and based upon and subject to the assumptions, limitations, and qualifications set forth therein, the consideration to be received pursuant to the Transaction is fair, from a financial point of view, to the Cornerstone shareholders (other than SolGold).
Advisors
Citi is acting as financial advisor to SolGold and Bennett Jones LLP is acting as its legal advisor in connection with the Transaction.
Paradigm Capital and Maxit Capital are acting as financial advisors to Cornerstone and Davies Ward Phillips & Vineberg LLP is acting as its legal advisor in connection with the Transaction.
Investor Presentation
SolGold CEO and Managing Director Darryl Cuzzubbo and Interim Group Chief Financial Officer Keith Pollocks will host a live presentation on Wednesday, 12 October at 1:00pm (London time), 8:00am (Toronto time), 10:00pm (Brisbane time). Investors can register to view the live presentation at: https://www.investormeetcompany.com/solgold-plc/register-investor.
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. SolGold is exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for ~40% of global mined copper production.
SolGold 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.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including a direct & indirect interest in the Cascabel gold-enriched copper porphyry in northwest Ecuador.
For further information, please contact:
SolGold
Fawzi Hanano (Head of Investor Relations)
investors@solgold.com.au
Rufus Gandhi (Company Secretary)
+61 (0) 7 3303 0660
Tavistock (SolGold Media)
Jos Simson / Gareth Tredway
+44 (0) 20 7920 3150
Cornerstone
Brooke Macdonald (CEO)
ir@cornerstoneresources.ca
Certain information contained in this announcement would have been deemed inside information.
Cautionary Note - Forward Looking Statements
News releases, presentations and public commentary made by the Parties and their respective officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, among other things, to: expectations for the Combined Group; the possible payment of up to 20% of the consideration in cash; the proportionate ownership of SolGold and Cornerstone shareholders of the Combined Group following completion of the Transaction; the anticipated timing of the Cornerstone shareholders meeting, the filing of meeting materials, the mailing of meeting materials to Cornerstone shareholders, the filing of the SolGold prospectus and the closing of the Transaction; the timing and anticipated receipt of required approvals and the ability of SolGold and Cornerstone to satisfy the other conditions to, and to complete, the Transaction; the potential amendments to the Agreement and the plan of arrangement; the anticipated benefits of the Transaction; and the timing, structure, results and benefits of the Strategic Review Process. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Parties that could cause the actual performance or achievements of the Parties 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 stock exchange rules of the Toronto Stock Exchange, TSX Venture Exchange and London Stock Exchange or by applicable securities laws, the Parties do not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements.
This release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, forward looking statements related to the items discussed above. 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 Parties 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 mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Parties have 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 Parties 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 Parties to retain their key management employees and skilled and experienced personnel; and those risks set out in the Parties' public documents filed on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Parties do not undertake to update any forward-looking information, except as required by the stock exchange rules of the Toronto Stock Exchange, TSX Venture Exchange and London Stock Exchange or in accordance with applicable securities laws.
The parties and their respective officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on their respective websites.
Neither the Toronto Stock Exchange, TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy of this release.
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 and Salazar Provide a Development Update for the Curipamba-El Domo Copper-Gold Project
https://www.newswire.ca/news-releases/adventus-mining-and-salazar-provide-a-development-update-for-the-curipamba-el-domo-copper-gold-project-828964349.html
Adventus Mining Corporation Sep 12, 2022, 06:45 ET
TORONTO, Sept. 12, 2022 /CNW/ - Adventus Mining Corporation ("Adventus Mining") ( TSXV: ADZN) (OTC-QX: ADVZF) and Salazar Resources Limited ("Salazar") ( TSXV: SRL) (OTC-QX: SRLZF) (collectively the "Participants") are pleased to provide a technical update on development progress for the Curipamba - El Domo copper-gold project in central Ecuador (the "Project"). The 2022 work program continues to advance all facets of the Project from the feasibility study and environmental and social impact assessment ("ESIA") completed in the fourth quarter of 2021.
Mining Contract Agreement
The Participants have signed a Letter of Intent ("LOI") for the award of a mining and construction contract to a joint venture between STRACON S.A., a well-established Peruvian mining contractor with operations throughout Latin America, and RIPCONCIV, a large and respected Ecuadorian infrastructure construction contractor ("STRACON-RIPCONCIV JV"). The LOI allows the parties to immediately commence activities relating to local community-targeted training and employment, constructability reviews, logistics studies, and execution planning. These are value-add activities which directly support the Participants' plan to formally commence construction of the Project in the second quarter of 2023.
A definitive agreement is expected to be executed in the fourth quarter of 2022, which will be structured in an alliance-partnership model to ensure focus on the best solutions for the Project while ensuring that risks are allocated to the parties best equipped to manage and mitigate. The STRACON-RIPCONCIV JV will be responsible for the successful construction of the open pit, tailings facilities, and associated mine infrastructure as well as the first two years of mine operation.
Pre-Construction Site Activities
Focus on site work has been on drilling to support the detailed engineering program (see August 29, 2022 news release), and the implementation of health, safety, security, and environmental management plans in anticipation for formal construction commencement in the second quarter of 2023. Key additional hires in areas of security, community engagement, and technical field services have been completed. The Participants have also entered into a security contract with an Ecuadorian security provider to enhance safeguards and procedures to further protect the Project's personnel and facilities as the level of project activities continues to increase.
Work continues to advance on site with an ongoing pre-construction program involving activities such as geotechnical and hydrogeological drilling, camp installation, IT, infrastructure, logistics planning, community hiring, public and private security provisions, water management and electrical power systems.
Tailings & Waste Rock Facility Design – Optimization & Savings
A contract for the detailed engineering and design of the tailings storage facility ("TSF"), waste rock facilities ("WRF"), and associated infrastructure was awarded to engineering firm Klohn Crippen Berger ("KCB") in June 2022. Design work has commenced and is expected to be completed in the first quarter of 2023, prior to the start of construction. The detailed design builds upon the feasibility study design for which the Project received technical approval from the Government of Ecuador's Ministry of Energy and Mines (see May 31, 2022 news release).
In June 2022, KCB completed a study to optimize the use of waste rock during the pre-strip period for use as construction material. This work resulted in an anticipated overall reduction of pre-strip volume of approximately 3 million tonnes of waste which is expected to reduce construction costs and provide more schedule flexibility during the pre-production period of project development. An updated mine plan based on the reduced pre-strip quantities is expected to be completed in September 2022, which will then be used by the STRACON-RIPCONCIV JV to finalize fleet selection and manpower planning.
Engineering & Procurement
Engineering for the Project process plant and surface infrastructure is now well underway by engineering firm DRA Global Limited, the lead detailed engineering consultant for the Project (see February 15, 2022 news release). Work is on schedule and currently focused on the negotiation and award of long lead equipment packages from mining equipment vendors, with a 30% progress milestone review planned for late September 2022. The Participants intend to procure certified equipment data for long lead equipment in the fourth quarter 2022 in order to allow engineering to advance but will only release equipment for fabrication once full approval for construction is received from the Adventus Mining Board of Directors – anticipated for the second quarter of 2023. This approach will allow engineering to progress to greater than 80% completion prior to start of construction and the development of an updated control budget based on firm equipment pricing prior to a construction decision.
Environmental Licensing Progress
Following the successful receipt of ESIA technical approval from the Government of Ecuador in May 2022 (see May 31, 2022 news release), the Participants are continuing to plan for the public consultation process (Citizens Participation Process). The Government of Ecuador is in the process of redefining the requirements for this consultation process and the President of Ecuador is expected to enact a corresponding decree in 2022. The Participants anticipate that once signed into law, the improved consultation process is likely to require the first quarter of 2023 to be fully implemented nationally which would result in the receipt of approvals for the Project in the second quarter of 2023. This timeline is in alignment with current Project plans to commence construction in the second quarter of 2023. While the final environmental license issuance was previously expected by year-end 2022, the additional time required for the full approval and issuance is not expected to impact construction commencement due to a buffer included in the Project schedule to account for potential delays such as this. Processing delays across all sectors nationally were caused by the protests in Ecuador earlier in 2022 and subsequent government position changes.
As such the final control capital budget for the Project is expected to be announced in the second quarter of 2023. To date, the Participants have seen some reductions in projected capital costs such as from improvements in the TSF design, which are tending to offset cost pressures associated with inflation and global geopolitical instability. Ecuador continues to experience monetary stability with the US dollar as legal tender since 2000, and lower inflation levels than seen in the G7.
Qualified Person
The technical information of this news release has been reviewed and verified as accurate by Mr. Dustin Small, P.Eng., Vice President Projects for Adventus Mining, a non-Independent Qualified Person, as defined by NI 43-101.
About Adventus Mining
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.
This press release contains "forward -looking information" within the meaning of applicable Canadian ?securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the ?management of the Participants as of the date the statement is published, and the Participants assume no ?obligation to update any forward-looking statement, except as required by law. In certain cases, forward–?looking statements can be identified by the use of words such as "plans", "expects", "outlook", ??"guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or ?variations of such words and phrases or statements that certain actions, events or results "may", "could", ??"would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable ?terminology.?
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining and Salazar expect or anticipate will or may occur in the future. Although Adventus Mining and Salazar have attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, and 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. Adventus Mining and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
*Precious Metals Summit Beaver Creek* – Adventus Mining will be attending the 2022 Precious Metals Summit Beaver Creek and is available to meet with interested investors on Tuesday, Sept. 13, Wednesday, Sept. 14, and Thursday, Sept. 15. To schedule a meeting, please contact Christian Kargl-Simard directly.
SOURCE Adventus Mining Corporation
For further information: 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 Merlin Marr-Johnson, Executive Vice President, at +1 604 685 9316 or merlin@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
Solaris Reports 124m of 0.82% CuEq within Broader Interval, Expanding Northeast Extension of ‘Indicative Starter Pit’
https://ca.finance.yahoo.com/news/solaris-reports-124m-0-82-110000599.html
Solaris Resources
September 7, 2022·6 min read
Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge
https://www.newswire.ca/news-releases/lumina-gold-extends-mineralization-at-the-cangrejos-deposit-and-continues-to-expand-the-gran-bestia-ridge-812780820.html
Lumina Gold Corp. Aug 17, 2022, 07:00 ET
LUNDIN GOLD UPGRADES 2022 GUIDANCE ON THE BACK OF A STRONG SECOND QUARTER
https://www.newswire.ca/news-releases/lundin-gold-upgrades-2022-guidance-on-the-back-of-a-strong-second-quarter-884829563.html
Lundin Gold Inc. Aug 09, 2022, 19:30 ET
Fruta del Norte achieves gold production of 233,555 oz and an AISC¹ of $771/oz sold in the first half of 2022
VANCOUVER, BC, Aug. 9, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF)
LUNDIN GOLD PROVIDES UPDATE ON REGIONAL EXPLORATION PROGRAM
https://ca.finance.yahoo.com/news/lundin-gold-provides-regional-exploration-223000200.html
Thu, August 4, 2022 at 3:30 p.m.
VANCOUVER, BC, Aug. 4, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
SolGold Announces Business Activity Update
https://www.accesswire.com/710094/SolGold-PLC-Announces-Business-Activity-Update
Thursday, July 28, 2022 3:20 AM
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR")
BISHOPSGATE, UK / ACCESSWIRE / July 28, 2022 /The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an update on the progress of activities within its exploration portfolio and the Cascabel project.
SolGold's regional exploration programme is focused on a number of highly prospective projects where extensive and systematic geological and geochemical field programmes are underway to rank the priority drill targets, notably at the Company's Porvenir and Helipuerto projects located in southern Ecuador.
Porvenir is the Company's second priority after Cascabel and SolGold has engaged M3 to progress the Porvenir project Pre-Economic Assessment ("PEA") that is on track for completion by year-end. Additionally, field programmes are continuing at numerous satellite targets to the Cacharposa deposit that comprises a Mineral Resource of 397Mt at 0.44% CuEq in the Indicated category and contained metal content of 1.40Mt Cu and 1.80Moz Au (1.75Mt CuEq). Cacharposa is the second Resource to be defined by SolGold as part of its strategy to define a multi project portfolio over the length of Ecuador.
Regional exploration activity has identified the Helipuerto project as the next most important target for the Company. The Helipuerto concessions lie on the southern margin of the Solaris Resources discovery at Warintza where Solaris has published an in-pit Mineral Resource of 579Mt at 0.59% CuEq in the Indicated category. Geophysical, geochemical and geological analysis indicates extension of the Warintza system into SolGold ground and SolGold is expediting the delivery of drilling and environmental permits to drill test extensions to the mineralised system. An initial focus at Helipuerto is on the delineation of the size and tenor of the Tinkimints copper prospect including mapping and sampling of the area directly south of Solaris's Warintza copper-gold porphyry deposit.
SolGold is investigating a number of strategic initiatives to provide the Company with funding options for the development of Cascabel and progression of regional projects.
Cascabel Project
Following the Pre-Feasibility Study ("PFS") for the Cascabel Project which was announced in April 2022, SolGold has continued to develop the funding path to achieve the next milestones in the form of delivering the PFS Addendum (targeting Q4 2022) and the Definitive Feasibility Study ("DFS") (targeting H2 2023. The purpose of the proposed funding exercise is to finance completion of the Cascabel DFS, further de-risk the project and realise its world class, Tier 1 potential. The Company is targeting total potential pre-tax NPV uplift of approximately US$1-1.8bn at the Cascabel project from the continued evaluation of optimisations and other upside opportunities to be incorporated within the upcoming studies.
In addition to the cash position of approximately US$26m as at 30 June 2022, SolGold continues to consider, and has had discussions with its major shareholders regarding possible financing structures and options to obtain funding to further progress the Cascabel development, including a potential equity raise. SolGold also continues to assess potential alternative funding structures which may involve strategic investors. The funds raised would be allocated to financing the completion of the Cascabel DFS, regional exploration and general corporate purposes through to the second half of 2023 to maintain momentum on development plans.
Upon completion Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador's emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future.
By order of the Board
Dennis Wilkins
Company Secretary
CONTACTS
Dennis Wilkins
SolGold Plc (Company Secretary)
dwilkins@solgold.com.au
Tel: +61 (0) 7 3303 0660
Ayten Saridas
SolGold Plc (Group CFO)
Tel: +61 (0) 7 3303 0660
Fawzi Hanano
SolGold Plc (Investor Relations)
fhanano@solgold.com.au
Tel: +44 (0) 20 3823 2130
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading resources company focussed 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. SolGold is exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for c40% of global mined copper production.
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.
Dedicated stakeholders
SolGold employs a staff of approximately 800 employees of whom 99% are Ecuadorian. This is expected to grow as the operations expand at Cascabel, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has close to 60 geologists on the ground in Ecuador exploring for economic copper and gold deposits.
About Cascabel
The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world's copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5million.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is a large and active concessionaire in Ecuador.
The Company wholly owns four other subsidiaries active throughout the country that are now focussed on a number of high priority copper and gold resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Cascabel.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,295,152,615 fully paid ordinary shares and 42,250,000 share options.
See www.solgold.com.au for more information. Follow us on twitter @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" within the meaning of applicable Canadian securities legislation. 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.sedar.com. 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, and where possible aims to circulate all available material on its website.
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 STARTS NEAR MINE EXPLORATION PROGRAM
https://ca.finance.yahoo.com/news/lundin-gold-starts-near-mine-223000280.html
Mon, July 18, 2022 at 3:30 p.m.·9 min read
VANCOUVER, BC, July 18, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce that the near mine exploration program at Fruta del Norte ("FDN") has begun. The Company's near mine program will focus on targets within and around the existing operation and explore sectors in the continuities of the FDN deposit and along the extension of major structures. The 2022 program, which is expected to cost US$4 million, is planned to include over 6,000 metres of drilling from both underground and surface, new geophysical surveys, geological mapping, and geochemical sampling. One underground rig is currently turning, with a second surface rig to be added shortly, focused on expanding the FDN mineral envelope and sectors adjacent to the mine site (see Figure 1).
PDF version.
The inception of this new near mine exploration program, which will run in parallel to the ongoing regional exploration program, is in line with Lundin Gold's commitment to expand and replace Mineral Resources and Mineral Reserves at FDN, to extend FDN's life of mine, and in turn, sustainably grow production.
Ron Hochstein, President and CEO commented, "I am excited to announce the start of our near mine exploration program at Fruta del Norte. The program represents an important step to creating a sustainable pathway to replace Mineral Reserves and grow Mineral Resources. With the significant cash flow from FDN, exploration is a core focus for Lundin Gold, and I believe that there is significant scope from these drilling activities to expand FDN and discover satellite deposits close to our infrastructure. Our objective is to increase the current life of mine and generate significant additional value. I look forward to keeping our shareholders updated on the drill program."
Near Mine Exploration Program to Drill Largely Untested Sectors
The FDN deposit is one of the premier high grade gold discoveries of the last 50 years. It is an impressive epithermal system with a significant mineral resource inventory comprised of approximately 7.35 million ounces as Indicated Mineral Resources and approximately 2.13 million ounces as Inferred Mineral Resources, all occurring in less than 1.5 kilometres of extension. Historically, exploration activities have concentrated on the delineation and conversion of FDN in the area where most of the underground development and drilling has occurred to date. A recent exploration data review demonstrated a much wider mineralization footprint nearby the deposit itself. Several targets of interest are essentially untested, with similar geological conditions to those at FDN, and present significant new exploration opportunities.
The FDN deposit is limited by two major faults, to the west and to the east, which are key geological structures controlling its mineralization. Limited drilling has been carried out beyond the confines of the deposit or adjacent to these major structures, where the same hosting sequences from FDN remain unexplored. Starting in 2022, the near-mine drilling program will test both structures along the continuity of the deposit and explore for new epithermal systems in the East, West and Downdip sectors (see Figures 2 and 3).
The Bonza West and Castillo sectors, located in the south extension of the FDN structural corridor, represent a large area that extends continuously for more than two kilometres, with rock and soil samples showing geochemical anomalous values for gold and pathfinder elements (arsenic, antimony) and the same favourable lithological hosting sequence as at FDN (see Figure 4). Only limited shallow drilling was undertaken in these areas in the past, and therefore these sectors remain largely untested, and a surface drilling program will be initiated imminently.
In parallel to the near-mine program, regional exploration drilling continues, with two drill rigs currently turning at Barbasco and Puente-Princesa. The aim of the 2022 program is to find buried "Fruta del Norte" type epithermal gold-silver systems in the southern Basin.
Qualified Persons
The technical information contained in this News Release has been reviewed and approved by Andre Oliveira, P. Geo, Vice President, Exploration of the Company, who is a Qualified Person in accordance with the requirements of NI 43-101.
The technical information contained in this News Release relating to the estimates of Mineral Resources is based on a Technical Report prepared for the Company entitled "Fruta del Norte Project, Ecuador, NI 43-101 Technical Report on Feasibility Study" dated June 15, 2016 with an effective date of April 30, 2016 (the "Technical Report"). For information with respect to the key assumptions, parameters and risks associated with the results of the Technical Report for Fruta del Norte, the Mineral Resource estimates included therein and other technical information, please refer to the Company's current annual information form and the Technical Report filed on SEDAR.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold 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. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on July 18, 2022 at 3:30 p.m. Pacific Time through the contact persons set out below.
Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.
This press release contains forward-looking information in a number of places, such as in statements relating to the Company's estimates of Mineral Resources and its exploration prospects, plans and activities. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 21, 2022, which is available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: risks associated with the Company's community relationships; risks related to political and economic instability in Ecuador; risks related to estimates of production, cash flows and costs; the impacts of a pandemic virus outbreak; risks inherent to mining operations; failure of the Company to maintain its obligations under its debt facilities; shortages of critical supplies; control of the Company's largest shareholders; risks related to Lundin Gold's compliance with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; the Company's reliance on one mine; exploration and development risks; risks related to the Company's ability to obtain, maintain or renew regulatory approvals, permits and licenses; uncertainty with the tax regime in Ecuador; risks related to the Company's workforce and its labour relations; volatility in the price of gold; the reliance of the Company on its information systems and the risk of cyber-attacks on those systems; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and risk to the health and safety of the Company's employees and contractors; the imprecision of Mineral Reserve and Resource estimates; key talent recruitment and retention of key personnel; volatility in the market price of the Company's shares; measures to protect endangered species and critical habitats; social media and reputation; the cost of non-compliance and compliance costs; risks related to illegal mining; the adequacy of the Company's insurance; risks relating to the declaration of dividends; uncertainty as to reclamation and decommissioning; the ability of Lundin Gold to ensure compliance with anti-bribery and anti-corruption laws; the uncertainty regarding risks posed by climate change; limits of disclosure and internal controls; security risks to the Company, its assets and its personnel; the potential for litigation; and risks due to conflicts of interest.
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources:
The mineral resource estimates included in this press release have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements. U.S. investors are cautioned that the disclosure the Company provides on its mineral properties in this news release may be different from the disclosure that an issuer subject to SEC reporting requirements would otherwise be required to provide. Therefore, the information contained in this news release containing descriptions of the Company's mineral properties may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
Figure 1: Near Mine Exploration Program (CNW Group/Lundin Gold Inc.)
Figure 1: Near Mine Exploration Program
Figure 2: Cross Section and Location of Fruta del Norte East, West and Downdip sectors (CNW Group/Lundin Gold Inc.)
Figure 2: Cross Section and Location of Fruta del Norte East, West and Downdip sectors
Figure 3: Fruta del Norte Longitudinal Sector and Location of Downdip Sector (CNW Group/Lundin Gold Inc.)
Figure 3: Fruta del Norte Longitudinal Sector and Location of Downdip Sector
Figure 4: Historical Near Mine Exploration (CNW Group/Lundin Gold Inc.)
Figure 4: Historical Near Mine Exploration
LUNDIN GOLD STARTS NEAR MINE EXPLORATION PROGRAM (CNW Group/Lundin Gold Inc.)
SOURCE Lundin Gold Inc.
Cision
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Luminex Provides Tarqui Update and Drill Results
https://www.newswire.ca/news-releases/luminex-provides-tarqui-update-and-drill-results-874666825.html
Luminex Resources Corp. Jul 11, 2022, 17:00 ET
Solaris Identifies New Porphyry, Skarn and Epithermal Targets and Provides Update on Proposed Spin-Out of Solaris Exploration
https://ca.finance.yahoo.com/news/solaris-identifies-porphyry-skarn-epithermal-110000409.html
Solaris Resources
Thu, July 7, 2022 at 4:00 a.m.·7 min read
Figure 1 – Regional Map of Solaris Land Package in Ecuador
Figure 1 – Regional Map of Solaris Land Package in Ecuador
VANCOUVER, British Columbia, July 07, 2022 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) provides an update on activities at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador, including an update on its regional exploration program which has identified a number of new targets for further exploration in support of drilling, and progress on the proposed spin-out to create Solaris Exploration Inc.
Warintza Update
Exploration activities at the Warintza Project continue with seven drill rigs targeting high value growth of the recently reported Warintza Mineral Resource Estimate (refer to press release dated April 18, 2022), with drilling at Warintza Central targeting extensions to near surface, high-grade mineralization, and major growth targeted from the expansion of drill coverage at Warintza East within a largely undrilled footprint. With the protests in Ecuador having concluded on June 30, the flow of samples from the Company’s core processing facility to its prep lab, which has now resumed operations, and onward for final assay in Lima has restarted, with a considerable backlog of assays pending.
Regional Exploration Update
Solaris has undertaken the first significant program of regional exploration at Warintza since the original stream sediment sampling program that identified the Warintza porphyry cluster in the 1990s. This work has identified additional porphyry targets (refer to Figure 1), potentially expanding the footprint of the cluster to the northeast, and possibly a new area of porphyry emplacement to the west, approximately halfway to the adjacent San Carlos copper porphyry deposit.
In addition, this work has established a series of skarn targets, as well as a large high sulphidation epithermal target adjacent to the Warintza porphyry cluster where overlapping mineralized porphyries have intruded a layered sequence of carbonate and volcanic rocks that have provided a fertile setting to develop these styles of mineralization.
Porphyry Targets:
Mateo: 3km x 1.4km area of copper-molybdenum enrichment in soil samples located approximately 5km to the east of Warintza East. A program of detailed mapping and sampling is underway to refine the target in support of drilling.
Cora: 1.2km x 1.4km copper-molybdenum-gold soil anomaly in andesitic volcanic sequences cut by porphyry dikes approximately 3km to the northeast of Warintza East. This anomaly resembles those that defined the Warintza East and Warintza South discoveries. Detailed mapping and sampling are planned to refine the target in support of drilling.
Medio Camino: 3.5km x 1.5km area of porphyry-related alteration, and copper-molybdenum veining 5km to the west of Warintza West and 7km east of the adjacent San Carlos copper porphyry deposit. An extensive program of soil and rock chip sampling has been completed to refine the large target area, with results pending.
Skarn Targets:
Five skarn targets have been identified with three of these forming a partial arc on the northeastern side of the Warintza porphyry cluster, which is typical of skarn mineralization related to porphyry systems.
Playas and Justo: Extensive mineral alteration typical of skarn systems has been identified in an area of copper mineralization concentrated in a permeable horizon 3.5km northwest of Warintza West. Soil sampling of the 10km2 area surrounding the Justo target has been completed in an effort to refine the target, with results pending. Soil sampling is also planned at the Playas target, along with detailed mapping at both targets based on the results of soil sampling.
Betty and Yawi: Betty, a 1.2km x 1.4km skarn and potential carbonate replacement target located 0.5km north of Warintza Central, features significant copper values in rock samples in carbonate horizons within volcano-sedimentary sequences. Within the Yawi target, a 2km x 1km skarn/carbonate replacement target features strongly anomalous zinc values in limited soil sampling within a high conductivity anomaly interpreted from ZTEM. Additional soil sampling is planned at both targets.
La Celestina: Marble exposed in streams in this 1.7km x 1.2km area host copper-zinc veinlets that may represent leakage from a mineralized zone below, with soil geochemistry showing enrichment of pathfinder elements and anomalous copper. Two windows of garnet-bearing skarn containing copper mineralization are exposed through the marble. Detailed mapping and sampling of marble and exposed skarn are underway to help define drill targets.
High Sulphidation Epithermal Gold Target
Caya: Large 5km x 3km gold anomaly in stream sediments, 6km to the northeast of Warintza East, where recent follow-up soil and rock sampling in the southern part of the anomaly has identified a flat-lying volcano-sedimentary layer that has a high permeability over at least 300m in thickness. In this portion of the anomaly, an area of 0.7km x 1.3km features anomalous gold, copper and pathfinder element values in soil and rock samples, and a concentration of dickite clay and vuggy silica, characteristic of high sulphidation systems.
Figure 1 – Regional Map of Solaris Land Package in Ecuador
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d090a1de-675d-49a8-a3fc-cd04270c8443
Corporate Update on Proposed Solaris Exploration Spin-Out
Solaris continues to advance the proposed spin-out and has made considerable progress with the internal re-organization of the Company, its subsidiaries and mineral concessions including the transfer of its non-core assets held in Ecuador outside of the Warintza porphyry cluster (involving the authorization of the Ministry of Energy and Mines), Peru, Chile and Mexico into a newly incorporated wholly-owned subsidiary of Solaris named Solaris Exploration Inc. Following the internal re-organization, it is expected that 100% of the common shares of Solaris Exploration Inc. will be spun out to shareholders of Solaris relative to their shareholdings (refer to press release dated December 6, 2021).
Quality Control & Quality Assurance
Steam sediment, 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 duplicates. Samples are securely transported to ALS and Bureau Veritas Labs in Quito. Sample pulps are sent to ALS and Bureau Veritas Labs in Lima, Peru and Vancouver, Canada for analysis. Samples are analyzed for ICP-MS and ICP-AES for 48 elements using a four-acid and aqua this digestion. Gold is determined by fire assay of a 30-gram charge. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any factors that could materially affect the accuracy or reliability of the data referred to herein. The sample 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 advancing a portfolio of copper assets in the Americas, focused on its Warintza Project in Ecuador that features a broad cluster of outcropping copper porphyry deposits anchored by a large-scale, high-grade open pit resource inventory at Warintza Central. Ongoing efforts are focused on rapid resource growth and further discovery drilling. The Company offers additional discovery potential at its portfolio projects: Capricho and Paco Orco in Peru, Ricardo via joint-venture with Freeport-McMoRan and Tamarugo in Chile, and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture with 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 Solaris has identified a number of new targets for further exploration in support of drilling, exploration activities at the Warintza Project continue with seven drill rigs targeting high value growth of the recently reported Warintza Mineral Resource Estimate with drilling at Warintza Central targeting extensions to near surface, high-grade mineralization, and major growth targeted from the expansion of drill coverage at Warintza East within a largely undrilled footprint, regional exploration has identified additional porphyry targets, potentially expanding the footprint of the Warintza porphyry cluster to the northeast, and possibly a new area of porphyry emplacement to the west, approximately halfway to the adjacent San Carlos copper porphyry deposit, and that this work has established a series of skarn targets, as well as a large high sulphidation epithermal target adjacent to the Warintza porphyry cluster where overlapping mineralized porphyries have intruded a layered sequence of carbonate and volcanic rocks that have provided a fertile setting to develop these styles of mineralization, soil sampling results are pending at the Justo target, soil sampling is planned at the Playas target, along with detailed mapping at both Justo and Playas based on the results of soil sampling, additional soil sampling is planned at both Betty and Yawi targets, detailed mapping and sampling of marble and exposed skarn are underway to help define drill at the La Celestina targets, and that Solaris continues to advance the proposed spin-out and has made considerable progress with the internal re-organization of the Company, its subsidiaries and mineral concessions including the transfer of its non-core assets held in Ecuador outside of the Warintza porphyry cluster (involving the authorization of the Ministry of Energy and Mines), Peru, Chile and Mexico into a newly incorporated wholly-owned subsidiary of Solaris named Solaris Exploration Inc. Following the internal re-organization, it is expected that 100% of the common shares of Solaris Exploration Inc. will be spun out to shareholders of Solaris relative to their shareholdings. 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, 2021 available at www.sedar.com. 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 Resources Drilling Update - New Gold Zone Intersected at Los Santos
https://www.newsfilecorp.com/release/128547
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2022) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG)
Adventus Mining/Salazar Resources: The Government of Ecuador Commits to Complete an Investment Protection Agreement for the Curipamba - El Domo Copper-Gold Project
https://www.newswire.ca/news-releases/the-government-of-ecuador-commits-to-complete-an-investment-protection-agreement-for-the-curipamba-el-domo-copper-gold-project-850319657.html
Adventus Mining Corporation Jun 13, 2022, 06:45 ET
TORONTO, June 13, 2022 /CNW/ - Adventus Mining Corporation ("Adventus Mining") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (OTCQX: SRLZF) (collectively the "Participants") are pleased to announce a preliminary commitment between the Ministry of Production, Foreign Trade, Investments and Fisheries and Adventus Mining and Salazar with regard to an Investment Protection Agreement ("IPA") for the Curipamba - El Domo copper-gold project in Ecuador (the "Project"). Adventus Mining and Salazar have been advancing discussions with the Government of Ecuador on the terms and conditions of the IPA since the start of 2022.
The application submitted to the Ministry of Production, Foreign Trade, Investments and Fisheries of Ecuador in March 2022, includes a commitment to invest a total of approximately US$270 million over the next 12 years at the Project, which is located in the canton of Las Naves, Bolivar Province. This future investment is in addition to the historical investment of approximately US$50 million by the Participants up to the end of 2021. In return for the investment, Adventus Mining and Salazar are negotiating government guarantees on security of title and investment, reduced tax burdens on both income taxes and the capital outflow taxes, guarantees on infrastructure development, among other items, which are customary features in similar agreements the government has established on other major Ecuadorian mining projects.
Adventus Mining's President and Chief Executive Officer, Christian Kargl-Simard, stated: "The IPA commitment declaration by the Government of Ecuador is another significant milestone in the development of the Curipamba-El Domo Project. Adventus Mining and Salazar continue to transparently earn the support and cooperation of the national Government of Ecuador, local government representatives and project communities to realize the Project's benefits for all stakeholders."
About Adventus Mining
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.
This press release contains "forward -looking information" within the meaning of applicable Canadian ?securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the ?management of the Participants as of the date the statement is published, and the Participants assume no ?obligation to update any forward-looking statement, except as required by law. In certain cases, forward–?looking statements can be identified by the use of words such as "plans", "expects", "outlook", ??"guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or ?variations of such words and phrases or statements that certain actions, events or results "may", "could", ??"would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable ?terminology.?
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus Mining and Salazar expect or anticipate will or may occur in the future. Although Adventus Mining and Salazar have attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, and 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. Adventus Mining and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation
For further information: 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.; Salazar Resources: please contact Merlin Marr-Johnson, Executive Vice President, at +1 604 685 9316 or merlin@salazarresources.com. Please also visit the Salazar Resources website at www.salazarresources.com.
Luminex Expedites Drilling at the El Hito Copper-Molybdenum Porphyry Target at Central Condor
https://ca.finance.yahoo.com/news/luminex-expedites-drilling-el-hito-110000137.html
Thu, June 9, 2022 at 4:00 a.m.·5 min read
Tempus Resources: Phase 2 Exploration Results Valle del Tigre Project Ecuador
https://ca.finance.yahoo.com/news/phase-2-exploration-results-valle-110000408.html
Tue, June 7, 2022 at 4:00 a.m.
Aurania and Metron Find Lost City of Gold in Ecuador
https://www.newsfilecorp.com/release/125913
Toronto, Ontario--(Newsfile Corp. - May 31, 2022) - Aurania Resources Ltd. (TSXV: ARU) (OTCBQ: AUIAF) (FSE: 20Q) ("Aurania" of the "Company") is pleased to report that through a collaboration with Metron Incorporated ("Metron") of Reston, Virginia, USA, the "lost city" of Logroño de los Caballeros has been found in Ecuador. The site considered to be the ancient gold camp is not on Aurania's concession block, but is downstream, and is exclusively alluvial (placer) gold. No archaeology has been found. Aurania is now on the hunt to find Logroño's source of gold within its Lost Cities - Cutucu Project ("Project") in southeastern Ecuador. The location of Logroño, as inferred by Metron, is supported by a multitude of historical documents as well as geological information collected by Aurania and the increased presence of artisanal miners in the area.
Logroño de los Caballeros was one of seven historic mining areas operating during the time of the Spanish conquistadors in the land that became Ecuador. Its geographic location and that of a second site, Sevilla del Oro, have been lost over time. Aurania's Project is partly based, and is named on the premise, that the two lost cities would be within Aurania's large concession package.
Dr. Keith Barron, President and CEO of Aurania, commented, "More than four hundred years have passed since Spanish activity at Logroño ceased, and even though many of the records have been lost, what survives is a compelling narrative of gold mining in what would have been one of the most remote and isolated areas on Earth. It is sad that my colleague and mentor, Professor Octavio Latorre, did not live to see the fruit of his many thousands of hours of labor in the archives. To date, we have found many epithermal gold-silver prospects on our concession package, and I believe that this key discovery can ultimately lead us to Logroño's gold source."
Dr. Lawrence Stone, Chief Scientist of Metron, remarked, "Metron is pleased to have helped find the historic gold city of Logroño de los Caballeros. The success of this effort is another example of the power of Bayesian search theory, which has been used to find sunken ships and aircraft as well as vessels and people missing at sea. Our success in integrating historical documents with scientific data using Bayesian methods opens a range of potential applications in the mineral and energy exploration sectors as well as archeological and anthropological arenas. We are excited that we had the opportunity to continue to expand the limits of Bayesian theory."
Metron worked with the Company from the fall of 2019 to July 2020 to help refine the search for the two historic gold camps and locate prospective mineralized areas. Using Bayesian search theory, Metron churned through a mountain of historical, geological, geochemical, and geophysical information from the concessions to generate:
probability maps for the Lost Cities; and
likelihood ratio surfaces showing potential locations for deposits of copper, silver, and gold on the concession package.
Led by Dr. Lawrence Stone, Metron's team of scientists generated probability maps by weighting various historical accounts as likely, unlikely, or possible, and fusing this data with the historic 1574 map by Mendez (refer to the Background Information and History section below for further details), and current geography.
The likelihood ratios that the team generated for porphyry style copper, epithermals and PbZn deposits based on stream sediments, geology, and magnetics were later combined with land use, structural setting, LiDAR features and radiometric response. To our knowledge, this is the first use of Bayesian search theory applied to "Big Data" generated through mineral exploration. We believe that the technique would prove useful for companies holding huge data sets over extensively mineralized belts (e.g., the Carlin Trend), enabling them to extract insights currently "swamped" within the data. The Bayesian approach has the advantage over many machine learning techniques applied to large amounts of data in that it can incorporate valuable knowledge and opinion from geologists, geophysicists, geochemists, and other experts.
Critical pieces of data that pinpointed the valley of the Rio Santiago as Logroño were: Juan Lopez de Avendaño reported in 1588 that Logroño was half a league from the Rio Zamora; that same year, two soldiers were drowned crossing the river to fight an uprising; in the mid l590s, seven soldiers drowned in an overturned canoe trying to reach the downstream garrison at Santiago de los Montañas; and Jesuit Lorenzo Lucero's 1684 account, found in the Vatican, in which he recounts interviewing a very old woman who claimed that she could remember as a small girl hearing the church bells of Logroño from her village at the mouth of the Rio Zamora.
Despite the preponderance of evidence, the location of ancient Logroño can never be known with absolute certainty. There will be no stone signposts, and any archeological site along the river would likely have been swept away long ago during high water or by modern mining activity. Aurania's task now is to find the source of the gold in the Rio Santiago placers. Recent events led the Company to reinvestigate this area. Already, the Company has located a site upstream where gold can be panned in a landslide and epithermal chalcedonic quartz blocks have been found in nearby streams. The siliceous sinter "Apai," which is a target in the southwest corner of Aurania's concessions, is only a couple of kilometres north of the river. It is believed that dedicated and intensive geological mapping and prospecting will ultimately locate the source or sources of the alluvial gold.
Background Information and History
What follows is a synthesis of Aurania's involvement in the search for the Lost Cities. A full description of this work can be found at:
http://www.aurania.com/exploration/16th-century-spanish-gold-mines/pre-history/
http://www.aurania.com/exploration/16th-century-spanish-gold-mines/history/
Dr. Barron first visited Ecuador in 1998 and through a set of serendipitous circumstances met Professor of History, Dr. Octavio Latorre Tapia, who was lecturing at the Universidad Internacional in Quito at the time and specializing in cartography of the age of the Spanish conquistadors in the New World.
Dr. Latorre had been formerly engaged by the Ecuadorian government to perform archival research with the objective of finding lost gold settlements and mines. The premise being that mining in the 1600s was low-tech and inefficient and there is no conceivable way that all the gold could have been extracted/recovered from these mines. Interest in this activity was piqued after the accidental discovery of the Nambija mine complex in 1981 by two boys hunting in the forest. The mine had been abandoned after a smallpox epidemic killed the labour force circa 1603. It was reactivated, and by 2000 it had officially produced some 2.7 million ounces of gold. Later research revealed there were abundant references to Nambija in the archival literature, including a map from 1750 which gave the location, and the Government believed that its rediscovery could have been considerably hastened had there been dedicated effort to find it using the clues in the archives.
Octavio disclosed to Dr. Barron that his research had uncovered two lost gold settlements (described optimistically by the Spanish as "Cities") that had still not been relocated: Logroño de los Caballeros, and Sevilla del Oro. The first, named after the founder, Juan de Salinas Loyola's home in Rioja, Spain, and the second named after the Royal Seat of Seville. Both settlements were founded around 1560-1568, and the last mention of them in the literature was in 1605. By 1630, they had vanished off all maps. Dr. Latorre worked for the Dirección de Industrias del Ejército (a branch of the Ecuadorian military) which commissioned the Investigación Histórica de la Minería en el Ecuador (Navarro Cárdenas, 1986). He continued the research privately after the government-funded study concluded.
In 2000, Dr. Barron returned to Ecuador and discussed the possibilities of forming a company with the express purpose of re-locating the "Lost Cities" using both geological data and the historical documentation. Following a second trip to Ecuador, Dr Barron read the book, The Ship of Gold in the Deep Blue Sea by Gary Kinder (1998) which discussed the novel use of historical data of variable reliability in the application of Bayesian search theory. The book detailed the search for the wreck of the SS Central America, a side-wheel steamer that had gone down in a hurricane off the coast of South Carolina in September, 1857 while carrying a shipment of gold from the San Francisco US Mint. The Columbus-America Discovery Group engaged Dr. Lawrence (Larry) Stone to use their historical data search matrix to develop a probability map of geographic cells with weighted probability coefficients. Those cells of highest probability were examined first by marine sonar. Ultimately, this work was successful, locating the wreck in September, 1988. It is considered the richest shipwreck of all time, and to date $1 billion US in bullion bars and coins has been recovered. Dr. Barron gifted Dr. Latorre a copy of the book which he quickly devoured; but the verdict was that they lacked sufficient historical geographical clues to proceed in a similar direction.
In January 2001, after receiving information from the Regional Director of Mines Mr. Daniel Philco, Dr. Barron visited a gold showing in the border area in the Province of Zamora-Chinchipe and realized that artisanal gold miners vacuum-dredging in the rivers were only 4 kilometres from the drainage divide that marked the international border. As the streams had their origins at the top of the Cordillera, not on the other side in Peru, the source of the gold in these rivers was likely somewhere in the narrow strip between the miners and the border line. In April 2001, Dr. Barron, mainly through personal funds, began amassing exploration concessions, including the one which now contains the Fruta del Norte (FDN) gold mine. After the Aurelian company went public in June, 2003 other lands were acquired to ultimately reach a package of 93,000 hectares. FDN was discovered in March, 2006, and Aurelian was acquired by Kinross Gold Corp in 2008 for $1.2 billion CAD. FDN is currently being mined by Lundin Gold.
Later in 2008, Dr. Barron again joined forces with Dr. Latorre to find the Lost Cities, having this time the advantage of well-funded archival research. Besides examining archives in Ecuador, they travelled further afield to the Archivo Historico Arzobispal and the Riva Agüero Institute, Lima; the Biblioteca Nacional de España, Madrid; the Rare Book Division of the New York Public Library; the British Museum Library, London; the Archive of the Indies (Archivo General de Indias) in Seville, Spain; and the Manuscript Section of the Apostolic Library of the Vatican, Rome. Over 100 historic documents relating to Logroño and Sevilla del Oro were discovered in Seville alone.
During a 2011 visit to the Vatican, Drs. Barron and Latorre found an anthology referencing the Compendium and Description of the West Indies written in 1628-29 by Carmelite priest Antonio Vazquez de Espinosa. Although this document was eventually unearthed in the Manuscript Section of the Apostolic Library in the Vatican (Barb Lat. 3584), it was housed in a different part of the library than Dr. Latorre visited and would not be located until a digitally scanned version became available online in 2015. Modern editions include a translation of the work into English (Vol. 102, Smithsonian Miscellaneous Collections, 1942) and a Spanish transcription from the handwritten original (1948 by the Smithsonian).
Dr. Barron was able to examine and obtain photographic reproductions of the original volume in the Vatican in May, 2016. The book gave a description of how to get to Sevilla del Oro with place names that were still recognizable today and established that the Cordillera de Cutucu, some 100 km north of Fruta del Norte, was the site of the two lost settlements. Dr. Barron had applied for 208,000 hectares in the Cutucu in March, 2016, but a long-standing moratorium on staking ground was in effect. During the Prospectors & Developers Association of Canada (PDAC) conference, the moratorium was lifted. At 12:01 am, while others were at the Ecuador Ministry of Mines cocktail reception, Barron and his VP Exploration were typing in coordinates. The concessions were awarded in December.
One of Dr. Barron's prized possessions is a framed map purchased from an antiquarian bookseller in New York City for $30,000, it is labelled in Latin "Peruviae Auriferae Regionis Typus" (Gold Regions of Peru) and dates from 1584. Duke University maintains an online copy of this highly sought-after map. Contributing to its demand is that in addition to the map of Peru, it also includes the first ever map of Florida. The map by cartographer Diego Mendez, states that it is itself a copy from an older 1574 map. It clearly shows the positions of Logroño and Sevilla, but as it predates the invention of the determination of longitude by some 200 years, it is only a rough approximation.
In March, 2017, Dr. Barron contacted Dr. Stone at Metron in Reston Virginia, to explore the possibilities of cooperating together to find the Lost Cities. True analysis was not feasible until the land package of 208,000 hectares was granted and a general first pass geological reconnaissance carried out. By 2019, regional geochemical stream sediment surveys, geological mapping, soil sampling, geophysical surveys, and other exploration techniques were completed and their data available to be married with the historical data by Metron.
In July 2020, Metron presented a report proposing the valley of the Rio Santiago as the potential site of Logroño and a site in the northern part of Aurania's concessions as Sevilla. Dr. Barron was skeptical of the site chosen as Logroño de los Caballeros by Metron since it was a 15-kilometre stretch of the Rio Santiago, and not a point in the jungle as was anticipated. The second site proved not to be of interest for gold and therefore not the ancient settlement. It did however coincide with the Awacha Porphyry prospect, which came into prominence for the Company until December, 2021. The significance of this is discussed later in this release.
In 2008, Dr. Carmen Martinez Martin published her book Una ciudad perdida en la Amazonia: Logroño de los Caballeros. (A lost city in the Amazon: Logroño de los Caballeros). In this 199-page book predominantly focused on ethno- and historical background material, a site at the confluence of the Rio Bomboisa and Rio Sangurima "discovered" by Fray Antonio José Prieto, a Franciscan missionary in 1816 is confirmed as "Logroño". This premise has one obvious problem. There is no gold there!
When Aurania acquired its property in 2016, there was no known gold resource at the Rio Santiago, although there were scattered reports of placer. There were also no concessions staked along the river for alluvials and no mining activity. All that was to change though, especially as the price of gold surged to over $2000/oz.
In January of this year, Aurania gained access to the area of "Kim" (see press release dated Feb 15, 2022) along the Rio Santiago and was alerted that there were many artisanal miners in the area. Subsequently, the Company became aware of an archived television news report from November, 2021, that discussed the presence of a sophisticated and well-funded group of "invaders" who had claim-jumped legitimately held concessions owned by the local mining cooperative. These invaders had more than 50 excavators along the river in the lower reaches (Tiwintza), east of the Aurania concessions and all the way to the Peruvian border. Since the Company had been focussed on the Awacha porphyry target, more than 80 kilometres to the north, it had been unaware of the clandestine activity. To date, the Company is not aware of any illegal activity on Aurania's Property. The Ecuadorian military has impounded much of the heavy equipment, and most of the illegal miners have been run off.
https://www.facebook.com/expresatems/photos/a.218828324850041/5199727660093391
https://www.facebook.com/groups/1590378594470468/permalink/1778616948979964/
The Rio Santiago begins at the junction of the Rio Zamora and the Rio Upano. It then flows due east and enters a narrow 600-metre-deep vertical-walled canyon with very fast water. Further to the east, the river is confined on one side or the other by vertical cliffs, and it emerges about 15 kilometres downstream into a flat area where it broadens and becomes braided. This flat area is considered a "classic" drop zone for placer gold that has been brought downstream in suspension or by saltation (bouncing and rolling along the bottom). As the water velocity drops, its carrying capacity diminishes. The excavators were mainly concentrated in this flat area.
Figure 1. Map showing area of mining activity downstream from Aurania's concessions (not on Aurania's concessions). The concessions for alluvial gold are not property of the Company.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2477/125913_5ae5a272e40d7bcb_001full.jpg
We can speculate that 50 excavators might be yielding hundreds of thousands of dollars in gold each day of operation. Our own sampling upstream shows very abundant fine gold in the pan in every sample taken. Presuming that today's miners are extracting only the dregs of the resource, perhaps 450 years ago the Rio Santiago was as rich as Bonanza Creek in the Klondike when first discovered. The richness of the area conforms with Governor Juan de Alderete's account that in the first year of mining almost 30,000 pesos of gold were produced at Logroño. One peso was equal to 4.6g of "buen oro" (22.5 carat purity - Lane, 1996) making this approximately 4,100 troy ounces. A 1591 document contains one man's report that in one week he and six other miners extracted 350 pesos (more than 1.5 kg) of gold by hand. He said under oath, "this land was the richest in gold of all the Kingdoms of Peru".
More work needs to be performed by the Company's technical team to find the potential source(s) of this gold. Further updates will be provided as information becomes available from the field.
Qualified Person
The geological information contained in this news release has been verified and approved by 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 Metron
Metron is a consulting company delivering principled, tailored, scientific solutions that guide decisive actions for solving complex real-world problems and scenarios. Metron is dedicated to developing technical solutions through rigorous innovation grounded in first principles, advanced mathematics, computer science, physics, and engineering.
Metron has 35 years of experience in Bayesian search theory and has developed sophisticated computer algorithms to generate probability maps that identify specific targets even in cases where the data is ambiguous and contradictory. Metron is an established scientific consulting company with a long history of solving very difficult problems. Earlier in his career, Metron Chief Scientist, Dr. Lawrence D. Stone, was part of the team that located the lost nuclear submarine USS SCORPION. He later led the technical team that generated probability maps that led to the discovery of the SS CENTRAL AMERICA: the fabled "Ship of Gold" that went down in the Atlantic during an 1857 hurricane while carrying 21 tons of California gold. The CENTRAL AMERICA discovery was based largely on the use of historical documentation. More recently, Metron assisted the French government in its search for Air France flight 447 lost over the Atlantic in 2009. Metron's analysis and probability maps guided searchers to the location of the black boxes on the ocean seafloor in 2011.
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 about Aurania, please contact:
Carolyn Muir
VP Investor Relations
Aurania Resources Ltd.
416-367-3200
Carolyn.muir@aurania.com
For information about Metron, please contact:
Robert P. Judd
Vice President, Corporate and Business Development
Metron
Reston, Virginia
707 787 8700
juddr@metsci.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.
Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania's future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to 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. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania's public documents filed on SEDAR. Although Aurania 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. Aurania 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.
Sunstone Metals/Cornerstone Capital: Brama–Alba porphyry system at Bramaderos Project in Ecuador now 1.1km long, 400m wide and open
https://ca.finance.yahoo.com/news/brama-alba-porphyry-system-bramaderos-122200487.html
Cornerstone Capital Resources Inc.
Wed, June 1, 2022, 5:22 a.m.·13 min read
OTTAWA, June 01, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1)
Solaris Reports 154m of 0.90% CuEq, within 930m of 0.77% CuEq from Surface; Increases Strike of Northeast Extension Zone by 200m
https://ca.finance.yahoo.com/news/solaris-reports-154m-0-90-110000885.html
Solaris Resources
Thu, May 26, 2022, 4:00 a.m
Cornerstone Capital/SolGold Announce Cascabel - Tandayama-America Resource Update
https://ca.finance.yahoo.com/news/solgold-plc-announces-cascabel-tandayama-060000094.html
Wed, May 25, 2022, 11:00 p.m.·22 min read
BISHOPSGATE, UK / ACCESSWIRE / May 26, 2022 / The Board of Directors of SolGold (LSE & TSX:SOLG
Lucky Minerals' Trenching Continues At Wayka: A One-metre-wide Magnetite Lens Returns 7.81 g/t Gold
https://ca.finance.yahoo.com/news/trenching-continues-wayka-one-metre-123000737.html
Tue, May 10, 2022, 5:30 a.m.·4 min read
VANCOUVER, BC / ACCESSWIRE / May 10, 2022 / Lucky Minerals Inc.(TSXV:LKY),(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it continues with the trenching program for the upcoming drill program at the Wayka epithermal gold discovery at its 100% owned Fortuna Property ("Fortuna") in southern Ecuador.
Wall Zone trenching identifies additional altered mineralized structures that will be tested in upcoming drilling
Trenching in the Wall Zone (trenches T-22, T-23 and C-7) in weakly altered meta granites returned anomalous gold. The foliation in trench T-22 strikes 118 degrees and dips 38 degrees SE.
Kelly Zone trenching returns 1.21 g/t gold over 10 metres and also identifies anomalous altered structures
Trenching in the Kelly Zone which includes trench T-12 located approximately 700 metres north of trench T-5 (Discovery Zone) returned an average of 1.21 g/t gold over 10 metres (Please see news release October 25, 2021). Mineralization in this area is mainly of sericite-quartz type in contrast to that of mainly strong silicification found in the Discovery Zone trenches T-5 and T-6. Other trenches in the Kelly Zone, T-24 and T-25 are in silicified hydrothermal breccias and returned anomalous gold. Trench T-26 in silicified schists also returned anomalous gold.
First prospecting effort in area of significant soil anomaly yields 7.8 g/t gold over 1 metre
Approximately 1 km ENE of the Wall Zone a massive lens of magnetite with pyrite veinlets and disseminations was identified hosted in a leucocratic coarse-grained granite. The magnetite lens strikes northwest and has a vertical dip. A sample taken across one metre returned 7.81 g/t gold. The lens lies approximately 1.2 km east of the El Buitre porphyry prospect. See map below.
Lucky Minerals Inc., Tuesday, May 10, 2022, Press release picture
Map showing trench and channel locations by zones
Lucky Minerals Inc., Tuesday, May 10, 2022, Press release picture
Map showing Wall Zone trenches and location of magnetite lens
Francois Perron, CEO stated, "Field work continues to add information about the alteration systems at Wayka. The upcoming drilling campaign, slated to begin in June, will start to expand this knowledge to depth as we follow up our trenches in the Discovery Zone. Hopefully by understanding the intensity of alteration in all of these structures we will better understand how to direct our exploration efforts towards higher potential areas. The new sample from a magnetite vein located 1 km east of our current trenching efforts adds a new avenue of exploration as this type of mineralization is distinct from what we have encountered thus far.
Wayka - Next Steps
Mobilization for drilling campaign (underway)
Drilling (June)
Trenching (ongoing)
Prospecting in other areas to deepen our understanding of overall Wayka area (ongoing).
QA/QC Protocols
All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
Samples are submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.
ON BEHALF OF THE BOARD
"Francois Perron"
Chief Executive Officer
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.
The Company's Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Covid-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Qualified Person
Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration
program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.
Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Or by contacting:
Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.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.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.
SOURCE: Lucky Minerals Inc.
View source version on accesswire.com:
https://www.accesswire.com/700668/Trenching-Continues-At-Wayka-A-One-metre-wide-Magnetite-Lens-Returns-781-gt-Gold
Luminex Resources has Resumed Drilling at Condor North
https://ca.finance.yahoo.com/news/luminex-resources-resumed-drilling-condor-110000428.html
Mon, May 9, 2022, 4:00 a.m.·3 min read
VANCOUVER, BC, May 9, 2022 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce it has resumed drilling at Condor North, the gold-silver epithermal area of Condor, which was the basis of the 2021 Preliminary Economic Assessment. Initially, the drilling will target the new high-grade discovery adjacent to the Los Cuyes open pit mineral resource (see March 14, 2022 news release). An additional 1,500 metres, over a planned five holes, will help Luminex to better understand the extent of this discovery (see Figures 1-3).
Figure 1: Condor Geology map and location of drill target and resource areas. (CNW Group/Luminex Resources Corp.)
The drill program is designed to test the lateral continuity of the new zone at Los Cuyes West and may be modified to also test the depth extent, depending on results (see Figures 2 and 3).
Figure 2. Los Cuyes Plan Map (CNW Group/Luminex Resources Corp.)
Figure 3. Los Cuyes Vertical Longitudinal Section (CNW Group/Luminex Resources Corp.)
Following completion of drilling at Los Cuyes, Luminex plans to move to the Camp resource area and drill approximately 2,000 metres in a series of holes to extend and infill gaps within the current mineral resource (see news release dated July 28, 2021). The goal of this effort will be to enhance the size and continuity of the existing gold-silver underground mineral resource at Camp.
Work at Central Condor in the area between where past El Hito drilling was performed and Wanwintza Alto ("El Hito North") indicates that the best copper mineralization, including the centre of the porphyry system, lies to the north of the historic drilling. The best drill interval returned at El Hito was 332m from surface, grading 0.44% copper and 53ppm molybdenum. Gold was not analysed in this historic drilling. Luminex is awaiting final results from rock, soil and magnetic work programs before determining El Hito North drill targets. The Company expects the completion of this preliminary work to align with the end of drilling at Condor North, enabling it to drill the most prospective copper targets in Central Condor later this year.
Prometedor is the final planned target of this campaign. After drilling is completed in Central Condor, the Company intends to drive access north with new trails and drill its best gold targets there.
Qualified Persons
Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Condor Project in this news release and has verified the data underlying that scientific and technical information.
About Luminex Resources
Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) 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, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.
Further details are available on the Company's website at https://luminexresources.com/.
To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.
Follow us on: Twitter, Linkedin or Facebook.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and 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 planned drilling and work programs at Condor. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or variations of that word and phrases or statements that certain actions, events or results "will", "could" or are "intended 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.
Cision
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SOURCE Luminex Resources Corp.
Cision
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LUNDIN GOLD REPORTS EXCEPTIONAL RESULTS IN THE FIRST QUARTER OF 2022
https://www.newswire.ca/news-releases/lundin-gold-reports-exceptional-results-in-the-first-quarter-of-2022-806336296.html
Lundin Gold Inc. May 03, 2022, 20:30 ET
Inaugural Dividend Anticipated Following Q2 Results under Recently Approved Policy
Lucky Minerals: Targeting of Trenched Discovery Zone Completed, Mobilization for Drilling Begins
https://www.accesswire.com/699633/Targeting-of-Trenched-Discovery-Zone-Completed-Mobilization-for-Drilling-Begins
Monday, May 2, 2022 8:30 AM
VANCOUVER, BC / ACCESSWIRE / May 2, 2022 / Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has completed targeting for the upcoming drill program at the Wayka epithermal gold discovery at its 100% owned Fortuna Property ("Fortuna") in southern Ecuador.
After a detailed review of the recent high-grade trenching results including 5.24 g/t gold across 14 metres, 8.02 g/t gold over 9 metres, 1.67 g/t gold over 61 metres by company geologists and external consultants a drill hole program layout has been completed. This first phase of drilling will include 3,000 metres of HQ core targeted initially within the area of multiple sub-parallel stacked strongly silicified lenses known as the Discovery Zone (Area of trenches T-5, T-6, T-14, T-17, T-18, T-19 and T-21). Drill holes DDHW-01 to DDHW-4 will be drilled into this zone.
Highlights from the Discovery Zone:
Combined Length of Trench T-5 and T-6: Averages 1.67 g/t gold over 61 metres
(see November 9, 2021 News Release)
Trench T-14: Averages 8.02 g/t gold over 9 metres
(see November 18, 2021 News Release)
Trench T-21: Averages 5.24 g/t gold across 14 metres
(see April 13, 2022 News Release).
Francois Perron, Lucky's CEO stated, "We are extremely pleased with our progress to date having only discovered the Wayka target last year in March 2021. Over the last 12 months the entire team in Ecuador has worked diligently to get the company to this current moment. It is very exciting to be drilling below the trenches where strong mineralization was sampled at surface. The main goal of the drilling program will be to extend these two-dimensional discoveries into the third dimension. We are hopeful that our understanding of the multiple mineralized structures that appear to be parallel and relatively close at surface will be improved."
The drill program is expected to begin in June. Drill holes DDHW-5 to DDHW-8 will be drilled based on the results of the initial drill hole results.
Drill holes DDHW-9 to DDHW-12 will be drilled into strongly silicified outcrops with alunite and pyrophyllite (known as the Wall Zone). See maps below of the drill hole layout.
The first 4 drill holes will be drilled into the area of multiple sub-parallel stacked strongly silicified lenses that were cut in trenches T-5, T-6, T-14, T-17, T-18 and T-19. See map below.
Map of drill hole layout at Wayka with trench locations in the Discovery and Wall Zones
Map of drill hole layout at Wayka with trench locations in the Discovery and Wall Zones (Alteration Map-left; Mag Map-right)
Current mineralization is interpreted to be controlled by pre-existing vertical faults. This will be tested as proposed drill holes will traverse several alteration zones.
Alteration Map showing interpreted potentially parallel stacked lenses in Discovery Zone
Wayka - Next Steps
Mobilization for drilling campaign (underway)Drilling (June)Trenching (ongoing)Prospecting in other areas to increase understanding of overall Wayka area (ongoing)QA/QC Protocols
All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
Samples are submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.
ON BEHALF OF THE BOARD
"Francois Perron"
Chief Executive Officer
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.
The Company's Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Covid-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Qualified Person
Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration
program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.
Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Or by contacting:
Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.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.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.
SOURCE: Lucky Minerals Inc.
Cornerstone Capital/SolGold Announce Cascabel Pre-Feasibility Study
https://www.accesswire.com/698099/SolGold-PLC-Announces-Cascabel-Pre-Feasibility-Study
Wednesday, April 20, 2022 2:00 AM
Pre-Feasibility Study supports long-life, high-value Cascabel project
BISHOPSGATE, UK / ACCESSWIRE / April 20, 2022 / The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce the results of the Pre-Feasibility Study ("PFS") for the Cascabel project, held by Exploraciones Novomining S.A. ("ENSA"), an 85% owned subsidiary of SolGold.
The PFS confirms the Cascabel project's world class, Tier 1 potential to be a large, low-cost, and long-life mining operation that is based on achievable, proven, and tested mining and processing assumptions. Once constructed, Cascabel is expected to be a top 20[1] South American copper & gold mine benefiting from a high-grade core, advantageous infrastructure and an increasingly investor friendly government. The mine is expected to produce a clean copper-gold-silver concentrate, to be sold to Asian and European smelters as part of a project construction financing package.
KEY HIGHLIGHTS
Ø Estimated US$5.2bn pre-tax Net Present Value ("NPV") and 25.3% Internal Rate of Return ("IRR")
Ø Estimated US$2.9bn after-tax NPV, 19.3% IRR and 4.7 year payback period from start of processing[2], [3], [4], [5]
Ø After-tax NPV would be US$4.1bn (US$7.9bn pre-tax) and IRR 23.4% (30.5% pre-tax) at current spot commodity prices[6]
Ø Estimated average production[7] of 132ktpa of copper, 358kozpa of gold and 1Mozpa of silver - 212ktpa copper equivalent ("CuEq")[8] - with peak[9] copper production of 210ktpa (391ktpa CuEq8)
Ø Initial project Life-of-Mine ("LOM") All-In-Sustaining Cost ("AISC") of US$0.06/lb of copper, placing Cascabel well within the first decile of the copper industry cost curve1
Ø On achieving nameplate capacity, average of approximately 190ktpa of copper, 680kozpa of gold and 1.3Mozpa of silver (>330ktpa CuEq8) over initial 5 years at an average negative AISC of US$(1.38)/lb
Ø Estimated pre-production capital expenditure of US$2.7bn for the initial cave development, first process plant module and infrastructure
Ø Initial Mineral Reserve of 558Mt containing 3.3Mt Cu @ 0.58%, 9.4Moz Au @ 0.52g/t and 30Moz Ag @ 1.65g/t over an initial 26-year mine life
Ø Potential mine life upside in excess of 50 years following initial LOM[10]
Ø Annual after-tax free cash flow ("FCF") to average US$740m5, 7, peaking at over US$1.6bn5, 9
Ø Average annual EBITDA[11] of nearly US$1.2bn5, 7, peaking at over US$2.4bn5, 9
Ø Additional optimisations being progressed for a PFS Addendum planned for completion in H2 CY22
Ø Cascabel project Definitive Feasibility Study ("DFS") planned for completion in H2 CY23
Ø SolGold will host a PFS presentation on 20 April 2022 at 9:30am London time. Please register at: https://www.investormeetcompany.com/solgold-plc/register-investor
SolGold's MD & CEO, Darryl Cuzzubbo, commented on the PFS:
"I am extremely pleased to announce the results of the pre-feasibility study for the proposed Cascabel mine in Ecuador. In essence, it supports what we have believed all along - that this project is no ordinary mining asset. Cascabel will be a significant, multi-decade and very low cost producer of copper that can help enable Ecuador's emergence as the next copper frontier at a time when the world needs copper the most as we transition to a net zero carbon emissions future.
This project is economically attractive and based upon assumptions that we believe can be delivered upon. There is further upside that will be explored over the coming months and the next phase of the project as we seek the necessary Government approvals to move into early works and execution.
Such a project will create over 6,000 indirect and direct jobs, not to mention will bring significant royalty and tax revenue benefiting all Ecuadorians."
SolGold's Chair of the Cascabel Project Steering Committee, Keith Marshall, commented on the PFS:
"I am very encouraged with the pre-feasibility study. It offers, what I consider to be, a robust but flexible solution for the development of the underground mine at Cascabel. The study focused on the "right sizing" of the project, with the objective of reducing the technical and execution risk. It also provides a straightforward approach to mining the deposit that optimises selectivity, without compromising any of the resource and maintaining optionality.
I am confident that the study lays the solid groundwork for the next steps in the Cascabel project. I am particularly looking forward to progressing the study work and being able to expand our operational activities in Ecuador."
Former CEO and now Non-Executive Director and a direct and indirect shareholder with 12.9% of SolGold Nick Mather said:
"The various upsides at Cascabel offered by additional mineralised porphyry systems still being outlined and assessed, potential for additional production and treatment plant capacity, refinements to the mine plan, continued low cost of capital and what I see as the opportunity for long run higher copper prices as the world electrifies, suggest that this project indeed has considerable further upside to be evaluated.
More importantly, SolGold's comprehensive exploration footprint and ongoing exploration success will, in my view, establish not just one project of significance but a string of them throughout Ecuador, defining a globally important copper province and the potential to have a significant impact on Ecuador's economy. In a world of visionary enterprise looking to address escalating metal demand to facilitate global electrification and limit global warming to 2oC in an economically, socially and environmentally just manner, SolGold's position is unique."
Click or paste the following link on to your web browser to view the full announcement.
http://www.rns-pdf.londonstockexchange.com/rns/6712I_1-2022-4-19.pdf
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 In-Pit Resources of 579 Mt at 0.59% CuEq (Ind) & 887 Mt at 0.47% CuEq (Inf), Includes ‘Indicative Starter Pit’ of 180 Mt at 0.82% CuEq (Ind) & 107 Mt at 0.73% CuEq (Inf); Targeting High-Grade Extensions and Major Growth in Cluster
https://ca.finance.yahoo.com/news/solaris-reports-pit-resources-579-100000345.html
Solaris Resources
Mon, April 18, 2022, 3:00 a.m
Luminex Acquires the Chalapo Concessions from Codelco
https://ca.finance.yahoo.com/news/luminex-acquires-chalapo-concessions-codelco-103000808.html
Mon, April 18, 2022, 3:30 a.m.·2 min read
Highlights:
Prospective undrilled epithermal gold-silver prospect in southern Ecuador
US$60,000 and a 1.0% NSR to acquire an 8,087-hectare concession package
VANCOUVER, BC, April 18, 2022 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce that it has signed a binding agreement with Corporación Nacional del Cobre de Chile ("Codelco") to acquire its 100% owned Chalapo concessions (the "Project") in the Loja province of Ecuador for US$60,000 of consideration and a 1.0% NSR. 0.5% of the NSR can be purchased by Luminex for US$5.0 million before the year 2030.
Leo Hathaway, SVP Exploration stated: "Chalapo is an early stage, undrilled high sulphidation epithermal gold-silver prospect, that is an exciting addition to Luminex's Southern Ecuador project portfolio. It is easily accessed and proximal to the area that Luminex already operates in. Mapping and sampling to delineate drill targets is planned for later this year."
Figure 1: Project location map (CNW Group/Luminex Resources Corp.)
The concessions are comprised of two contiguous claims Chalapo (4,242ha) and Chalapo 1 (3,845ha) and carry no required annual investment commitment. The Project is located in southern Ecuador approximately 45 km south southwest of the regional capital, Loja and 7Km from the town of Vilcabamba. Chalapo is part of the Oligocene-Miocene porphyry/epithermal belt that hosts significant mines with similar geology further south in Peru, such as Lagunas Norte, Pierina and Sipan.
Rock chip sampling by Codelco has identified a zone of anomalous gold with pathfinder elements typical of a high sulphidation gold system, including silver, arsenic, mercury and copper. Luminex rock chip sampling during due diligence retuned gold values up to 1.78 g/t (see Figure 2) from a hydrothermal breccia with intense vuggy silica/alunite alteration, indicative of intense hydrothermal acid sulphate leaching.
Figure 2: Project map with rock sampling results (CNW Group/Luminex Resources Corp.)
Qualified Persons
Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Condor Project in this news release and has verified the data underlying that scientific and technical information.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) 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, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.
Further details are available on the Company's website at https://luminexresources.com/.
To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.
Follow us on: Twitter, Linkedin or Facebook.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and 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 regarding future work programs at the Project. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" 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; changes in laws (including regulations respecting mining concessions); 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.
Cision
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SOURCE Luminex Resources Corp.
Cision
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Lucky Minerals: Trench T-21 Assays 5.24 g/t Gold Across 14 Metres Including 10.75 g/t Across 5 Metres
https://www.accesswire.com/697176/Trench-T-21-Assays-524-gt-Gold-Across-14-Metres-Including-1075-gt-Across-5-Metres
Wednesday, April 13, 2022 8:30 AM
VANCOUVER, BC / ACCESSWIRE / April 13, 2022 / Lucky Minerals Inc. (TSXV:LKY), (OTC PINK:LKMNF), (FRA:LKY)
LUNDIN GOLD KICKS OFF 2022 WITH ALL TIME HIGH PRODUCTION OF 121,665 OUNCES OF GOLD IN THE FIRST QUARTER
https://www.newswire.ca/news-releases/lundin-gold-kicks-off-2022-with-all-time-high-production-of-121-665-ounces-of-gold-in-the-first-quarter-897736503.html
Lundin Gold Inc. Apr 11, 2022, 18:30 ET
VANCOUVER, BC, April 11, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
Solaris Reports 616m of 0.6% CuEq in Additional Drilling at Warintza East, Establishes Continuity of Mineralization with Warintza Central
https://ca.finance.yahoo.com/news/solaris-reports-616m-0-6-113000575.html
Solaris Resources
Mon, April 11, 2022, 4:30 a.m.·10 min read
VANCOUVER, British Columbia, April 11, 2022 (GLOBE NEWSWIRE) -- Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF)
Cornerstone Capital/SolGold Announce Cascabel Pre-Feasibility Study Update
https://www.accesswire.com/696845/SolGold-PLC-Announces-Cascabel-Pre-Feasibility-Study-Update
Monday, April 11, 2022 2:00 AM
SolGold to release Cascabel Pre-Feasibility Study on 20 April 2022
BISHOPSGATE, LONDON / ACCESSWIRE / April 11, 2022 / The Board of Directors of SolGold (LSE:SOLG))(TSX:SOLG) is pleased to provide an update on the ongoing Pre-Feasibility Study ("PFS") for the Cascabel project in Northern Ecuador. SolGold expects to release the results of the PFS to the market on 20 April 2022 at 7am BST.
SolGold MD & CEO Darryl Cuzzubbo will host a live presentation on 20 April at 9:30am BST. Investors can register to view the live presentation at: https://www.investormeetcompany.com/solgold-plc/register-investor
By order of the Board
Dennis Wilkins
Company Secretary
CONTACTS
Dennis Wilkins
SolGold Plc (Company Secretary)
dwilkins@solgold.com.au
Tel: +61 (0) 417 945 049
Ingo Hofmaier
SolGold Plc (Acting CFO)
ihofmaier@solgold.com.au
Tel: +44 (0) 20 3823 2130
Fawzi Hanano / Lia Abady
SolGold Plc (Investors / Communication)
fhanano@solgold.com.au / labady@solgold.com.au
Tel: +44 (0) 20 3823 2130
Tavistock (Media)
Jos Simson / Gareth Tredway
Tel: +44 (0) 20 7920 3150
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold's management team was recognised by the "Mines and Money" Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for c40% of global mined copper production.
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.
Dedicated stakeholders
SolGold employs a staff of approximately 800 employees of whom 98% are Ecuadorean. This is expected to grow as the operations expand at Cascabel, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has close to 60 geologists on the ground in Ecuador exploring for economic copper and gold deposits.
About Cascabel and Alpala
The Alpala deposit is the main target in the Cascabel concession, located on the northern section of the heavily endowed Andean Copper Belt, the entirety of which is renowned as the base for nearly half of the world's copper production. The project area hosts mineralisation of Eocene age, the same age as numerous Tier 1 deposits along the Andean Copper Belt in Chile and Peru to the south. The project base is located at Rocafuerte within the Cascabel concession in northern Ecuador, an approximately three-hour drive on sealed highway north of the capital Quito, close to water, power supply and Pacific ports.
Having fulfilled its earn-in requirements, SolGold is a registered shareholder with an unencumbered legal and beneficial 85% interest in ENSA (Exploraciones Novomining S.A.) which holds 100% of the Cascabel concession covering approximately 50km2. The junior equity owner in ENSA is required to repay 15% of costs since SolGold's earn in was completed, from 90% of its share of distribution of earnings or dividends from ENSA or the Cascabel concession. It is also required to contribute to development or be diluted, and if its interest falls below 10%, it shall reduce to a 0.5% NSR royalty which SolGold may acquire for US$3.5million.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is a large and active concessionaire in Ecuador.
The Company wholly owns four other subsidiaries active throughout the country that are now focussed on a number of high priority copper and gold resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,293,816,433 fully paid ordinary shares and 32,250,000 share options.
See www.solgold.com.au for more information. Follow us on twitter @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" within the meaning of applicable Canadian securities legislation. 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.sedar.com. 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, and where possible aims to circulate all available material on its website.
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
Lucky Minerals: Trench T-17 Assays 0.86 G/T Gold Across 36 Metre Width
https://www.accesswire.com/696188/Trench-T-17-Assays-086-GT-Gold-Across-36-Metre-Width
Wednesday, April 6, 2022 8:30 AM
VANCOUVER, BC / ACCESSWIRE / April 6, 2022 / Lucky Minerals Inc.(TSXV:LKY) (OTC PINK:LKMNF) (FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has received assay results for trenches T-17, T-18 a
With court's backing, Ecuador's indigenous block Amazon mining
https://www.reuters.com/world/americas/with-courts-backing-ecuadors-indigenous-block-amazon-mining-2022-04-01/
By Alexandra Valencia
SINANGOE, Ecuador April 1 (Reuters) - Armed with spears, their faces painted, members of the A'i Cofan community's indigenous guard prepare to patrol the banks of the Aguarico River in Ecuador's Amazon, ready to confiscate equipment and call in the police if they find miners on their ancestral land.
"We go down (the river) and document all the people who have entered," guard coordinator Nixon Andy, 24, said. "When we come across strangers on our territory we speak peacefully, but if there isn't respect there are authorities to whom we can report."
The guard's work is backed by the Constitutional Court, which in February ruled indigenous communities have the right to give prior consent to major extractive projects which take place in their territories or which could affect their way of life. They can veto both major mining and oil projects and small-scale informal production.
Legal success for the Cofan and challenges from other communities are undermining the investment ambitions of President Guillermo Lasso, who wants to attract foreign capital to mining projects.
The Cofan community, located in Sinangoe near the Colombian border, launched its fight against mining in 2017, arguing the industry was damaging the Aguarico, the main source of food for 53 families living along its banks.
Disagreement over the scope of the ruling remains, and the mining industry says the decision is an abrupt change which will affect investment and create more legal instability.
The mining industry and authorities say the ruling affects only future projects and should not halt those already cleared for development, like Chinese consortium Ecuagoldmining's Rio Blanco gold-silver project or Canadian company Dundee Precious Metals' Loma Larga gold project.
But indigenous communities and activist groups argue the decision applies to all projects, requiring companies to get consent as they move ahead to different stages.
Indigenous groups also have warned, including at a recent meeting of leaders from 500 communities across the Amazon basin, that rulings could be ineffectual without action from the government. read more
"Now if any community says no, the state must respect that decision and guarantee what we want for our home," said Cofan community leader Wider Guaramag. "We are the ones who suffer from mining."
The government - which has targeted a doubling in mining exports to $4 billion in the next three years, but not given a figure for how much investment could leave Ecuador if projects are halted - has said it is reviewing the decision.
"An extractive project rejected by the community could go ahead in exceptional circumstances, but subject to very clear rules," said Jorge Acero, a lawyer for the Amazon Frontlines advocacy group. "The risk is that the government considers that (situation) to be the rule when it's the exception."
As part of their decision, the court also ratified a ruling ordering gold concessions in Cofan territory be reversed because the community was not consulted.
"The court rulings upset the apple cart from one moment to the next," said Andres Ycaza, a lawyer for the private Ecuadorean Chamber of Mining. "In the Cofan case, it sets standards that are without a doubt an untimely change in the rules."
Indigenous communities in Peru - the world's second-largest producer of copper - are also fighting new projects, while large-scale mines in Colombia have been scuppered by referendums and rulings.
JUST THE BEGINNING
Ecuador's mining industry could benefit from political instability in Peru, a new leftist government in Chile and uncertainty over Colombian presidential elections, but the ruling may thwart that.
"Ecuador has an opportunity: its neighbors are not having a good time and mineral prices are rising," Ycaza said. "All these opportunities could disappear thanks to this."
Though the government has questioned the ruling, it is analyzing how to reverse concessions to comply, Deputy Minister of Mines Xavier Vera Grunauer told Reuters.
"We are concerned because the government is working hard to make the mining sector a pillar of the economy," Vera Grunauer said.
If a project is rejected by the community, the state must either adjust it to benefit the affected group or justify why it must go ahead despite opposition.
Other indigenous communities in Ecuador's Amazon like the Waorani and the Shuar Arutam are also fighting to block oil and mining and have filed a lawsuit before the court to stop Lasso's extractive plans.
While the Cofan have so far been one of few communities to successfully suspend mining in its territory, other threats remain.
The 26 young people who make up the indigenous guard - Ecuador's first - also confront loggers, poachers and fishermen.
The community has laws - recognized by the court - which allow it to order violators out, confiscate equipment and bring in police.
"It won't be easy to enter our territories because we are going to continue standing up," Alexandra Narvaez, the guard's first woman, told Reuters before the patrol.
"This struggle is just beginning."
Solaris Adds to Near Surface, High-Grade Northeast and Southeast Extensions, Priorities for Further Growth Beyond Mineral Resource
https://ca.finance.yahoo.com/news/solaris-adds-near-surface-high-110000478.html
Solaris Resources
Mon, April 4, 2022, 4:00 a.m.·11 min read
Lucky Minerals: Soil Alteration Mapping Expands Southern Alteration Zone at Wayka
https://www.accesswire.com/694929/Voyager-Metals-Reports-Final-Assay-Results-from-Its-2021-Infill-Drill-Program-at-Its-Mont-Sorcier-Iron-and-Vanadium-Project
Tuesday, March 29, 2022 8:30 AM
VANCOUVER, BC / ACCESSWIRE / March 29, 2022 / Lucky Minerals Inc.(TSX-V:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has received Terraspec analysis results for the soil samples from its ongoing work at the Wayka high sulfidation epithermal gold discovery at its 100% owned Fortuna Property ("Fortuna") in southern Ecuador.
A total of 1,027 soil samples were taken along a 50 x 50 metre grid at Wayka. The total grid area covered approximately 2.43 km2.
Alteration at surface now identified over a kilometric scale
Soil samples were submitted for Terraspec analysis. This work was done in order to complement the information from the alteration mapping of rock chip samples. It is important to note that outcrop availability is relatively low over the area.
The added information from the soil alteration mapping now confirms that the scale of the system at surface is approximately 2.4 km by 1.4 km at surface along a northeast trend. If we include the areas where only rock chip sampling was done, the scale expands to 3.2 km by 1.8 km which is also along a northeast trend.
Surface alteration mapping - Wayka
François Perron, CEO of Lucky Minerals comments, "Wayka's alteration footprint at surface continues to expand and confirms the significant potential of the project. Our team of geologists is integrating all this information with the balance of the data that it has been gathering over the recent months. There are still a few pieces of information to integrate, and we expect target definition to be ready in the coming week or two. While the target areas are being defined by the geology team, work on logistics and socialization continues in order to start the drilling program."
Wayka - Next Steps
Work including drill hole targeting continues in preparation for the upcoming first 3,000 m phase of drilling.
Targeting will be informed by the following:
Soils (just completed);
Alteration mapping of Wayka project area (just completed);
Geophysics (just completed, finalizing inversions);
Trenches (ongoing);
Structural analysis of Wayka area (field work completed awaiting final report);
Prospecting on anomalous areas.
Preparation work for mobilization of drilling equipment is underway.
QA/QC Protocols
All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
A total of 191 soil samples were submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work was completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. A total of 836 soil samples were submitted to Bureau Veritas Labs in Quito for preparation work, and the analytical work was completed at their lab facility in Lima, Peru. Bureau Veritas is an ISO certified and accredited laboratory.
Further analytical results will be released as they are received.
ON BEHALF OF THE BOARD
"Francois Perron"
Chief Executive Officer
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.
The Company's Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
COVID-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Qualified Person
Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.
Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Or by contacting:
Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.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.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.
SOURCE: Lucky Minerals Inc.
Sunstone Metals/Cornerstone Capital: Geophysical Survey (Bramaderos Project, Ecuador) indicates high-grade Alba gold-copper porphyry continues to 1km depth – More Alba style targets about to be drilled
https://ca.finance.yahoo.com/news/geophysical-survey-bramaderos-project-ecuador-120000677.html
Cornerstone Capital Resources Inc.
Thu, March 17, 2022, 5:00 a.m.·9 min read
OTTAWA, March 17, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1
Lucky Minerals: Soil Sampling Outlines Two Large Anomalous Gold Areas at Wayka
https://www.accesswire.com/693037/Soil-Sampling-Outlines-Two-Large-Anomalous-Gold-Areas-at-Wayka
Tuesday, March 15, 2022 8:30 AM
VANCOUVER, BC / ACCESSWIRE / March 15, 2022 / Lucky Minerals Inc.(TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) ("Lucky" or the "Company") is pleased to announce it has received soil sample Geochem results from its ongoing work at the Wayka high sulfidation epithermal gold discovery at its 100% owned Fortuna Property ("Fortuna") in southern Ecuador.
A total of 1,027 soil samples were taken along a 50 x 50 meter grid at Wayka. The total grid area covered approximately 2.44 km2. A total of 191 soil samples were assayed at ALS Chemex Labs and 836 soil samples were assayed at Bureau Veritas Labs. All Geochem results have been received and two large anomalous gold areas in the northern section of Wayka have been outlined.
Large area of anomalous gold identified
For gold in soils, a threshold value of 0.020 ppm was determined. Samples in the survey included values ranging from 0.001 up to 1.43 ppm gold. Approximately 37% of the samples were found to be anomalous covering an area of approximately 1.19 km2.
Some trenches coincide with anomalous soil samples
Current trenching work has focused around three areas.
The areas including T5-T6 (reporting 61 meters at 1.67 g/t gold, please see press release November 9, 2021) and the area including T12 (reporting 10 meters of 1.21 g/t gold, please see press release October 25, 2021) were both in anomalous areas with values above the threshold but below 0.084 ppm gold. The area including trench T2 (reporting 27 meters of 1.91 g/t gold, please see press October 7, 2021) was not anomalous based on the soils sampled other than immediately where the trenches were dug.
Two new areas of anomalous gold identified
Anomalous area "A" (strongest anomalous gold area) measures approximately 700 x 400 meters and lies approximately 950 meters NE of trenches 5,6 and 14. Soil gold values in this area range from 0.035 up to 1.43 ppm gold. Please see map below.
Anomalous area "B" measures approximately 425 x 300 meters and lies approximately 540 meters NNW of trenches 5,6 and 14. Soil gold values in this area range from 0.031 up to 0.19 ppm gold. Please see map below.
Gold Soil Geochem Map of Wayka
François Perron, CEO of Lucky Minerals comments "The potential at Wayka continues to increase in scale. We are very excited at following up the mineralization identified in the trenches. At the same time, the systematic exploration work that the team is doing is providing for potential targets that will be considered in our drilling program. The scale of the system appears to be getting larger and I look forward to reporting on the balance of the team's pre-drilling fieldwork as it is completed."
Wayka - Next Steps
Field work, including targeting, continues in preparation for the upcoming first 3,000-meter phase of drilling.
Targeting will be informed by the following:
Soils (just completed);
Alteration mapping of Wayka project area (in compilation);
geophysics (just completed, finalizing inversions);
trenches (ongoing);
Structural analysis of Wayka area (ongoing);
Prospecting on anomalous areas.
Preparation work for mobilization of drilling equipment is underway.
QA/QC Protocols
All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.
A total of 191 soil samples were submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work was completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. A total of 836 soil samples were submitted to Bureau Veritas Labs in Quito for preparation work, and the analytical work was completed at their lab facility in Lima, Peru. Bureau Veritas is an ISO certified and accredited laboratory.
Further analytical results will be released as they are received.
ON BEHALF OF THE BOARD
"François Perron"
Chief Executive Officer
About Lucky
Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.
The Company's Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.
Covid-19 Safety Protocols
Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.
Qualified Person
Victor Jaramillo, M.Sc.A., P.Geo., Lucky's Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.
Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Or by contacting:
Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.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.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.
SOURCE: Lucky Minerals Inc.
Luminex Discovers High-grade Zone Adjacent to Los Cuyes Resource; First Hole Intercepts 8.60m at 5.39 g/t AuEq
https://ca.finance.yahoo.com/news/luminex-discovers-high-grade-zone-110000603.html
Mon, March 14, 2022, 4:00 a.m.·4 min read
Sunstone Minerals/Cornerstone Capital: Latest assays reveal Alba (Bramaderos Project, Ecuador) is a high-grade gold-copper porphyry discovery
https://ca.finance.yahoo.com/news/cornerstone-capital-resources-inc-latest-130000523.html
Mon, March 7, 2022, 5:00 a.m.·12 min read
Cornerstone Capital Resources Inc.
OTTAWA, March 07, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1)
Solaris Reports Highest Grades to Date, 100m of 1.64% CuEq Near Surface in Emerging NE Extension
https://ca.finance.yahoo.com/news/solaris-reports-highest-grades-date-120000849.html
Solaris Resources
Mon, February 28, 2022, 4:00 a.m
Luminex Commences Drilling at Orquideas
https://www.newswire.ca/news-releases/luminex-commences-drilling-at-orquideas-852998267.html
Luminex Resources Corp. Feb 23, 2022, 07:00 ET
Highlights:
2,500 metre initial drill program planned across five holes
Targeting surface copper highs and Induced Polarization chargeability anomalies with supporting geological mapping used to rank porphyry copper-molybdenum drill targets
VANCOUVER, BC, Feb. 23, 2022 /CNW/ - (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce that it has commenced drilling the first hole at Orquideas as part of the JOGMEC earn-in on the project.
Figure 1: Plan map of Orquideas with planned holes and previous drilling (CNW Group/Luminex Resources Corp.)
The total planned drill program will consist of 2,500 metres across five holes (see Figure 1 for Targets 1-5). The targets represent a mix of geological, geochemical and geophysical anomalies. Host rock alteration and structure, as interpreted through geological mapping and geophysical contrasts and characteristics, also played a role in target selection. Overlapping of multiple anomaly types was key in identifying and prioritizing areas for drill testing. The Companies' geologists believe that porphyry intrusions are at the core of the targeted anomalies.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) 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, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.
Further details are available on the Company's website at https://luminexresources.com/.
To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and 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 regarding future drilling and work programs at Orquideas. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results "will" 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; changes in laws (including regulations respecting mining concessions); 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 Luminex Resources Corp.
For further information: Scott Hicks, info@luminexresources.com, T: +1 604 646 1899
Salazar Reports 20.2 g/t Au and 1,217 g/t Ag in Grab Sample, and Visible Gold in Drill Core at Los Santos, Partial Assays Received from Ruminahui
https://www.newsfilecorp.com/release/114545
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2022) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG)
Luminex Provides a Condor Property Update
https://www.newswire.ca/news-releases/luminex-provides-a-condor-property-update-821465605.html
Luminex Resources Corp. Feb 09, 2022, 07:00 ET
Luminex Resources Increases Condor Ownership Stake
https://www.newswire.ca/news-releases/luminex-resources-increases-condor-ownership-stake-868981119.html
Luminex Resources Corp. Jan 31, 2022, 07:00 ET
Highlights:
Luminex's ownership on its five mineral deposits rises to 98.7% from 90.0%
Increased ownership resulted from capitalization of existing inter-company loans
VANCOUVER, BC, Jan. 31, 2022 /CNW/ - Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the "Company" or "Luminex") is pleased to announce the increase of its ownership interest on certain concessions within its Condor project. Luminex's move from 90.0% to 98.7% ownership resulted from capitalizing existing intercompany loans with its Condormining subsidiary. The Condormining subsidiary directly or indirectly holds the Viche Congüime I, II, III; Chinapintza and Hitobo concessions. These concessions encompass Luminex's Los Cuyes, Soledad, Enma and Camp, collectively "Condor North", and Santa Barbara deposits. The five deposits host 2.3 million ounces of contained indicated gold resources and 4.3 million ounces of contained inferred gold resources (1).
Notes:
(1) Condor has 110.7 million tonnes of indicated resources with a gold grade of 0.65 g/t and 224.3 million tonnes of inferred resources with a gold grade of 0.60 g/t. For further details on the mineral resource estimates for the Condor project, please see the Company's technical report entitled "Condor Project NI 43-101 Technical Report on Preliminary Economic Assessment" with an effective date of July 28, 2021, authored in part and compiled by Ausenco Engineering Canada Inc., and the mineral resources estimate contained therein prepared by Independent Mining Consultants, Inc. and SIM Geological Inc.. The report can be found on SEDAR or at https://luminexresources.com/projects/condor-project/technical-report/.
Qualified Persons
Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information in this news release and has verified the data underlying that scientific and technical information.
About Luminex Resources
Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) 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, including the Tarqui, Pegasus and Orquideas projects, which are being co-developed with BHP Group plc, Anglo American and JOGMEC respectively.
Further details are available on the Company's website at https://luminexresources.com/.
To receive news releases please sign up at https://www.luminexresources.com/contact/contact-us/.
LUMINEX RESOURCES CORP.
Signed: "Marshall Koval"
Marshall Koval, CEO and 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.
SOURCE Luminex Resources Corp.
For further information: Scott Hicks, info@luminexresources.com, T: +1 604 646 1899
Cornerstone Capital: Newcrest withdraws from Option and Farm-in Agreement for the Caña Brava/Tioloma gold-copper Project in Ecuador
https://ca.finance.yahoo.com/news/newcrest-withdraws-option-farm-agreement-124500398.html
Cornerstone Capital Resources Inc.
Tue, January 25, 2022, 4:45 a.m.·5 min read
OTTAWA, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) announces that Newcrest International Pty Limited (“Newcrest”), a subsidiary of Newcrest Mining Limited (ASX: NCM) has notified Cornerstone and its subsidiary Cañabrava Mining S.A. that Newcrest intends to withdraw from the option and farm-in Agreement Cornerstone’s Caña Brava and Tioloma properties in Ecuador (Figures 1 and 2) (the “Project”) targeting epithermal gold-silver and porphyry gold-copper deposits in south central Ecuador (see news release 19-11 dated April 22, 2019).
Figures related to this news release can be seen in PDF format by accessing the version of this release on the Company’s website (www.cornerstoneresources.com) or by clicking on the link below:
https://cornerstoneresources.com/site/assets/files/5840/nr22-03figures.pdf.
President and CEO Brooke Macdonald said:
"Newcrest is one of the largest gold mining companies in the world, operating mines in Australia, Papua New Guinea, and Canada, and we are disappointed they have decided to withdraw from the Project. They have spent approximately US$2.9 million on the Project to date, more than satisfying their minimum commitment of US$2 million, and have been an excellent partner. They have told us their withdrawal is as a result of the delays related to permitting, and the need to prioritize other projects where they can get drilling started sooner.
“Teams from both companies are liaising to define activities to be implemented in the following weeks to wind down activities at the Project until Cornerstone can secure another funding partner.
“Cornerstone remains optimistic about the still untested geological potential of the Project and appreciates the strong support received from the Gualel community.
“Newcrest continues its involvement at Cornerstone’s Miocene gold project in Chile where drilling is ongoing (see news release 21-19 dated November 17, 2021).”
About Caña Brava and Tioloma
Caña Brava - Gold/Copper - (Cornerstone has the right to earn 100%)
On February 26, 2015, the Company announced results from prospecting and geological mapping surveys carried out during 2014 on the Caña Brava property located in south-central Ecuador.
https://cornerstoneresources.com/news-releases/15-04-cornerstone-announces-exploration-results-for-the-cana-brava-property-ecuador/.
The surveys identified (1) two significant porphyry Cu-Au targets well defined by coincident geological, geochemical and ground magnetic anomalies, (2) an intermediate sulphidation, higher grade, epithermal Au-Ag-Cu veins-breccia system mapped on the northern margin of the porphyry targets, and (3) a high sulphidation epithermal Au-Ag system recognized in the northeast corner of the property. Subsequently, a trenching program was completed (20 trenches, 599 metres, 301 channel samples), spectrometry (Terraspec) work carried out on soil samples (552), rock chips and channel samples (706) and a Phase 1 drill program has been prepared.
In August 2021, data from the detailed ground magnetic survey was reprocessed using a 3D inversion modeling technique. Results show strong and extensive magnetic bodies coincident with altered and mineralized zones at surface. The geological model was then adjusted and the drill program refined.
Caña Brava is “drill-ready” from a technical standpoint with well-defined drill targets, has a scout drilling permit and is in the process of obtaining a water use permit.
Cañabrava Mining S.A. (CBMSA) has the right to earn a 100% interest in the Caña Brava project from the original owner/underlying optionor in return for cash option payments of $40,000 every 6 months until CBMSA decides to exercise the option by making a final payment of $350,000. The $350,000 payment may be made early, the option exercised at any time, and the underlying NSR to the underlying optionor may be purchased for $150,000 at any time.
Tioloma – Gold/Copper (100% Cornerstone)
Cornerstone acquired the Tioloma property in March 2017 for strategic purposes; the property wraps around three sides of the Caña Brava property, thereby enlarging, and effectively creating a protective area of interest around, the Caña Brava property and on strike with a well-defined regional mineralized trend. Tioloma is at an earlier stage, but also has a permit for scout drilling.
Reconnaissance geological mapping and systematic soil and rock sampling were carried out in 2021, defining anomalous areas for follow up. 695 soil and 111 rock samples were collected, covering about 40% of the property.
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
Due to anti-spam laws, many shareholders and others who were previously signed up to receive email updates and who are no longer receiving them may need to re-subscribe at http://www.cornerstoneresources.com/s/InformationRequest.asp
Cautionary Notice:
This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements.’ Although Cornerstone believes that its expectations reflected in these ‘Forward-Looking Statements’ are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
On Behalf of the Board,
Brooke Macdonald
President and CEO
Neither 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.
Sunstone Metlas/Cornerstone Capital: Well mineralized Gold-Copper Porphyry intersected below Alba gold discovery, Bramaderos Project, Ecuador
https://ca.finance.yahoo.com/news/well-mineralized-gold-copper-porphyry-130000990.html
Cornerstone Capital Resources Inc.
Thu, January 20, 2022, 5:00 a.m.
STM.AX
-6.00%
OTTAWA, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP; OTC:CTNXF; FWB:GWN1)
Solaris Announces Significant New Discovery at Warintza South
https://ca.finance.yahoo.com/news/solaris-announces-significant-discovery-warintza-110000906.html
Solaris Resources
Tue, January 18, 2022, 3:00 a.m
Tempus Resources: Phase 2 Exploration Commences at Valle del Tigre
https://www.accesswire.com/683073/Phase-2-Exploration-Commences-at-Valle-del-Tigre
Wednesday, January 12, 2022 7:00 AM
PERTH, AUSTRALIA / ACCESSWIRE / January 12, 2022 / Tempus Resources Ltd ("Tempus" or the "Company") (ASX:TMR)(TSX.V:TMRR)(OTCQB:TMRFF) is pleased to announce that it has commenced the Phase 2 exploration program at its Valle del Tigre Project (VdT) located in south-eastern Ecuador. The Phase 2 program is a larger scale follow-up to the initial reconnaissance work conducted during February 2021 where areas with anomalous gold and copper were discovered (see Tempus announcement dated 25 March 2021).
Phase 2 exploration will include a Mobile Metals Ion (MMI) geochemistry sampling program over an area of focus of approximately 12.5 square kilometres, where approximately 1,100 MMI samples will be taken. Sample spacing is planned at 200 m x 50 m. Where possible, stream sediment and grab samples will also be collected. The Phase 2 program will overlap Phase 1 and cover the airborne geophysics chargeability anomaly identified by Tempus in 2019 (see Tempus announcement dated 16 December 2019). Trends identified by the geophysics coincide with known regional structures important to mineralization in the area. The geophysics highlights the NNW-SSE structure bound by NE-SW structures at VdT, which is similar to the controlling structures present at Fruta del Norte.
Results from the initial Phase 1 sampling program confirmed the presence of gold and copper mineralization at Valle del Tigre. Mobile Metal Ion (MMI) analysis used for the soil samples successfully demonstrated trends of over 2 km that are anomalous in gold and copper, bismuth, molybdenum, and nickel. MMI analysis is proving to be very effective as a vectoring tool for gold, copper, and other pathfinder elements in the Rio Zarza ("RZ") and VdT area.
Tempus President and CEO, Jason Bahnsen commented "The Phase 2 exploration program at Valle del Tigre will provide a comprehensive expansion of the survey of mineralised areas identified in 2021 soil sampling and 2019 geophysics. With the prolific mineralisation in the region, we are looking for something of significant scale."
The Valle del Tigre project is an early stage, exploration project in the highly prospective Cordillera del Condor mineral belt of southeast Ecuador. VdT's licence boundary is situated approximately 2.5km northwest of Lundin Mining's Fruta del Norte (FdN), epithermal gold-silver mine and approximately 15km southwest of the Mirador copper-gold porphyry deposit, owned by CRCC-Tongguan Investment Co., as shown in Figure 1. The property is underlain by the same sedimentary and volcanic rock formations and lies within the same rift faulting corridor as Fruta del Norte and the Jurassic Mineral Belt.
Figure 1 - Valle del Tigre & Rio Zarza Location
Figure 2 - Valle del Tigre - Phase 1 sample results map with geophysics background showing In-phase 90 hertz Total Divergence
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Piepgrass has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
For further information:
TEMPUS RESOURCES LTD
Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181
About Tempus Resources Ltd
Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Elizabeth-Blackdome Project, a high-grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Elizabeth-Blackdome that will form the basis of an updated NI43-101/JORC resource estimate. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements 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 may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed on Page 27 under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the quarter ended September 30, 2021 dated November 15, 2021 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Tempus Resources Ltd
Related Documents:
TMR TSX 20220112 - Phase 2 Exploration Commences at Valle del Tigre
LUNDIN GOLD BEATS 2021 GUIDANCE WITH GOLD PRODUCTION OF 428,514 OUNCES
https://www.newswire.ca/news-releases/lundin-gold-beats-2021-guidance-with-gold-production-of-428-514-ounces-822957940.html
Lundin Gold Inc. Jan 10, 2022, 17:00 ET
VANCOUVER, BC, Jan. 10, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
ADVENTUS MINING AND SALAZAR RESOURCES ENTER INTO JOINT VENTURE TO DEVELOP THE CURIPAMBA COPPER-GOLD PROJECT
https://www.newswire.ca/news-releases/adventus-mining-and-salazar-resources-enter-into-joint-venture-to-develop-the-curipamba-copper-gold-project-831961262.html
Adventus Mining Corporation Jan 04, 2022, 17:25 ET
TORONTO, Jan. 4, 2022 /CNW/ - Adventus Mining Corporation ("Adventus") (TSXV: ADZN) (OTCQX: ADVZF) and Salazar Resources Limited ("Salazar") (TSXV: SRL) (collectively the "Participants") are pleased to announce that the formal earn-in mechanics have been completed and Adventus is now a 75% owner of the Curipamba copper-gold project in Ecuador ("Curipamba"). The Participants have executed a shareholders' agreement which will manage the respective rights and obligations as shareholders of the incorporated joint venture company that controls and owns the Curipamba project.
Adventus Mining Corporation - Curipamba Feasibility Study - Mill Model (CNW Group/Adventus Mining Corporation)
Curipamba Ownership Highlights
Adventus acquires 75% ownership stake in the Curipamba project, with the responsibility for initial development capital costs and receives 95% of future net cash flows from operations from Ecuadorian Curipamba holding company Curimining S.A. ("Curimining") until all earn-in option expenditures ("Earn-in Expenditures") and project capital costs funded by Adventus have been repaid 1
Total Earn-in Expenditures of US$44.1 million have been spent by Adventus on Curipamba up to September 30, 2021
Adventus continues to advance detailed discussions with potential financing partners for the capital to construct Curipamba. The start of detailed engineering, hiring of key construction personnel and completion of the investment agreement with the government of Ecuador is expected in Q1 2022, while the ongoing review of the Environmental Social Impact Assessment by the government of Ecuador continues
1 Less Salazar historical investment credit of US$19.8 million, after which the Curimining free cash flows from operations shall be shared 75% Adventus and 25% Salazar.
About Adventus
Adventus Mining Corporation is an Ecuador focused copper-gold exploration and development company. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador. Adventus has completed a feasibility study report on the copper-gold El Domo project at Curipamba and is continuing to explore the broader 215 square kilometre district. In addition, Adventus is engaged in a country-wide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Adventus also owns an exploration project portfolio in Ireland with South32 Limited as funding partner. Adventus 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 press release contains "forward -looking information" within the meaning of applicable Canadian ?securities laws. Forward-looking statements are based on the beliefs, expectations, and opinions of the ?management of the Participants as of the date the statement is published, and the Participants assume no ?obligation to update any forward-looking statement, except as required by law. In certain cases, forward–?looking statements can be identified by the use of words such as "plans", "expects", "outlook", ??"guidance", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or ?variations of such words and phrases or statements that certain actions, events or results "may", "could", ??"would", "might", "will be taken", "occur" or "be achieved" or the negative of these terms or comparable ?terminology.?
Forward-looking information herein includes, but is not limited to, statements that address activities, events, or developments that Adventus and Salazar expect or anticipate will or may occur in the future. Although Adventus and Salazar have attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, and 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. Adventus and Salazar undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Adventus Mining Corporation
For further information: 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 Salazar, please contact ir@salazarresources.com.
Related Links https://www.adventusmining.com/
Cornerstone Capita: Ecuador Constitutional Court Reaffirms Revocation of the Environmental Permit for Early Stage Exploration at the Rio Magdalena Project within the ENAMI EP Strategic Exploration Alliance in NW Ecuador
https://www.globenewswire.com/news-release/2022/01/03/2360345/0/en/Ecuador-Constitutional-Court-Reaffirms-Revocation-of-the-Environmental-Permit-for-Early-Stage-Exploration-at-the-Rio-Magdalena-Project-within-the-ENAMI-EP-Strategic-Exploration-All.html
January 03, 2022 18:14 ET | Source: Cornerstone Capital Resources Inc.
OTTAWA, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (OTC:CTNXF) (FWB:GWN1) announces that, further to its news release dated December 2, 2021: https://cornerstoneresources.com/news-releases/21-23-ecuador-constitutional-court-rules-on-exploration-activities-in-the-los-cedros-protected-forest-in-the-rio-magdalena/ it was notified today of a final decision by Ecuador’s Constitutional Court dated December 21, 2021 in response to ENAMI’s December 6th petition for clarification (recurso de aclaración y ampliación) of parts of the decision referred to in the December 2, 2021 news release.
The final decision of the Constitutional Court reaffirms the revocation of the environmental permit (registro ambiental) for the Rio Magdalena Project.
Cornerstone is consulting with legal counsel to determine what rights and remedies Cornerstone may have, including under the 1996 Canada-Ecuador Bilateral Investment Treaty, unilaterally terminated by Ecuador in 2018 but which has a 15 year survival/sunset clause.
Cornerstone will provide an update after such consultations.
About the ENAMI EP - Cornerstone Strategic Exploration Alliance (SEA)
On June 14, 2016, Cornerstone announced that its Ecuadorean subsidiary, Cornerstone Ecuador S.A. (“CESA”), had signed a Spanish language Agreement, or Acuerdo de Colaboración e Inversión para el Desarrollo Conjunto de Proyectos de Exploración Minera with Ecuador’s State Mining Company, Empresa Nacional Minera Empresa Pública (“ENAMI EP”), creating a structure to jointly prospect and explore for mineral deposits in Ecuador (the “ENAMI-CESA Strategic Exploration Alliance” or “SEA”).
The Espejo, Rio Magdalena, and Playa Rica blocks were identified and ranked by Cornerstone in 2015-2016 as highly prospective after an exhaustive analysis of public and private information available at the time, reserved by CESA after the opening of the cadastral map and then the reservations were transferred to ENAMI for inclusion in the SEA.
On March 6, 2017, Cornerstone announced that ENAMI had been granted a number of mineral concessions in Imbabura and Carchi provinces in the same area as the Cascabel (SolGold/Cornerstone) and Llurimagua (Codelco/Enami) concessions, for exploration by the SEA. Nine concession titles totaling around 42,000 hectares were granted in 2017 by the Ministry of Mining (now the Ministry of Energy and Non-Renewable Natural Resources).
For more information about the ENAMI-CESA SEA, please see Cornerstone news release 16-12 dated June 14, 2016 https://cornerstoneresources.com/news-releases/16-12-cornerstone-signs-definitive-joint-exploration-agreement-with-ecuadors-state-mining-company-enami-ep/
About Cornerstone
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.
Qualified Person
Yvan Crepeau, MBA, P.Geo., Cornerstone’s Vice President, Exploration and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Rio Magdalena project for Cornerstone and has reviewed and approved the information contained in this news release.
Investor Inquiries
Further information is available on Cornerstone’s website: www.cornerstoneresources.com and on Twitter. For investor, corporate or media inquiries, please contact ir@cornerstoneresources.ca, or:
Investor Relations:
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
Due to anti-spam laws, many shareholders and others who were previously signed up to receive email updates and who are no longer receiving them may need to re-subscribe at http://www.cornerstoneresources.com/
Cautionary Notice:
This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements.’ Although Cornerstone believes that its expectations reflected in these ‘Forward-Looking Statements’ are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
On behalf of the Board,
Brooke Macdonald
President and CEO
Neither 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.
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09/14/05
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Free
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Moderator Lone Clone | |||
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