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American Lithium Significantly Extends Falchani Lithium Mineralization with Ongoing Drilling - Latest Results up to 5,025 ppm Lithium and 8,290 ppm Cesium
https://ca.finance.yahoo.com/news/american-lithium-significantly-extends-falchani-110000374.html
American Lithium Corp.
August 24, 2023
Cerro de Pasco Resources Reports Q2 2023 Results
https://www.newswire.ca/news-releases/cerro-de-pasco-resources-reports-q2-2023-results-862589074.html
Cerro de Pasco Resources Inc. 29 Aug, 2023, 12:05 ET
MONTRÉAL, Aug. 29, 2023 /CNW/ - Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP
Silver X Reports Second Quarter 2023 Financial Results and provides Management Update
https://www.accesswire.com/777469/Silver-X-Reports-Second-Quarter-2023-Financial-Results-and-provides-Management-Update
Monday, August 28, 2023 1:30 AM
Silver X Mining Corp.
www.silverxmining.com
(All dollar amounts expressed in US dollars unless otherwise noted)
VANCOUVER, BC / ACCESSWIRE / August 28, 2023 / Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF)(F:AGX)
Western Metallica Announces Acquisition of Copper Assets in Peru
https://ca.finance.yahoo.com/news/western-metallica-announces-acquisition-copper-213500434.html
Western Metallica Resources Corp.
August 10, 2023
TORONTO, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce that it has acquired all of the issued and outstanding shares of Consolidated Copper Corp. (“Consolidated Copper”) (the “Acquisition”) pursuant to a share purchase agreement dated August 10, 2023 (the “Agreement”). Consolidated Copper holds options to acquire 100% of the Caña Brava and Turmalina Projects, two highly prospective copper-molybdenum porphyry projects located in Northern Peru.
Highlights:
Complementary Portfolio of Assets: The Acquisition of Consolidated Copper marks a strategic option for Western Metallica, expanding its horizons beyond Spain and positioning the Company as a copper-focused mineral exploration firm.
Attractive Mining Jurisdiction: By acquiring 100% of the Caña Brava and Turmalina Projects, both located in Northern Peru, Western Metallica gains access to a region known for its rich mineral potential. Peru is a mining-friendly jurisdiction, which, coupled with its status as the second-largest copper producer globally, makes it an attractive destination for mining investment. The presence of major players like Rio Tinto, First Quantum and Hudbay Minerals in the vicinity of Caña Brava and Turmalina further reinforces the potential of these projects.
Favourable Market Conditions: Western Metallica’s timely acquisition aligns with an expected period of increasing strength in the copper market, making it an opportune moment to secure these prospective assets. With the increasing demand for copper as a crucial resource in the global energy transition, Western Metallica’s move positions the company favorably to cater to the growing market needs.
Untapped Exploration Potential: The Caña Brava and Turmalina Projects lie within a copper-porphyry region that has seen notable exploration and production success. However, the central and northern portions of the belt remain significantly under-explored, presenting a region of compelling interest for future discoveries. Western Metallica’s expertise in exploration and development puts the Company in a prime position to unlock the untapped potential of these projects.
Gregory Duras, CEO and Director of Western Metallica Resources commented, “Western Metallica is excited to enter into this Transaction to acquire Consolidated Copper, which we believe complements our existing portfolio by adding a new package of highly prospective assets in a region that is attractive for investment. Both projects lie on a copper-porphyry belt that has seen notable exploration and production success, but with much of the central and northern portions of the belt remaining significantly under-explored and, therefore, a region of compelling interest. Given the strength of the Company’s balance sheet and the current positive market dynamics for copper, this is an opportune time for the Company to make this strategic acquisition.”
Terms of the Share Purchase Agreement
Pursuant to the Agreement, Western Metallica has agreed to acquire 100% of the issued and outstanding shares of Consolidated Copper in exchange for an aggregate consideration of (i) 20,000,000 common shares of the Company (the “Common Shares”) and (ii) 5,000,000 common share purchase warrants of the Company (the “Warrant”), with each Warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.10 until the earlier of: (i) the date that is one (1) year from the date of issuance, and (ii) within twenty (20) days of the Company providing such holder with written notice accelerating the Warrant expiry date, provided that that the daily volume weighted average price (or closing bid price on days when there are no trades) of the Common Shares on the TSX Venture Exchange (the “Exchange”) is at least $0.15 for a minimum of twenty (20) consecutive trading days prior to such written notice from the Company being provided.
The Acquisition was an Arm’s Length Transaction, as such term is defined in the policies of the Exchange, and no finder’s fees are payable in connection with the Acquisition. The Acquisition was completed as an expedited transaction pursuant to Exchange Policy 5.3 - Acquisitions and Dispositions of Non-Cash Assets and remains subject to final acceptance of the Exchange.
A copy of the Agreement will be filed under the Company’s profile on www.sedar.com.
Caña Brava Project
Caña Brava is a highly prospective 5,100-hectare copper-molybdenum project, located in the La Libertad Department of northern coastal Peru, only 35 kilometers inland from the Peruvian coast. The Project is located at an elevation of 1,500 metres in the western Cordillera of the Peruvian Andes. The Project contains at least three partially eroded porphyry centers and there is potential at Caña Brava for a cluster of medium-sized porphyry copper-molybdenum systems of above average grade. At the westernmost (El Sausal) porphyry center, concentrically arranged propylitic, phyllic and potassic alteration have been mapped over an area of at least 800 metres x 600 metres, with visible copper and molybdenum mineralization associated with stockwork-style quartz veining present in the topographically lowest parts. The existence of a well-developed supergene enrichment profile at El Sausal is encouraging and suggests possible enrichment of copper grades near surface. Apart from first pass mapping work, the project has never been explored by systematic modern exploration and no drilling has ever been executed to test the porphyry centres. The proximity to the coast and potential port is a positive factor for future development and economic considerations.
Turmalina Project
The 2,600-hectare Turmalina Project is a highly prospective copper-molybdenum breccia-hosted system located in the Piura region of northern coastal Peru, approximately 170 kilometers by road from the Pan-American coastal highway to the west. The Project is located at an elevation of 2,600 metres in the western Cordillera of the Peruvian Andes. The existence of widespread (kilometer-scale) porphyry-style phyllic alteration, sulfidic veining and numerous small quartz-tourmaline breccia pipes suggests potential exists for a very large porphyry copper-molybdenum system at depth under the breccia systems. In addition, the Project contains a historic, high-grade copper-molybdenum-producing mine in one of these breccia pipes; historical development was from within a cylindrical, semi-vertical breccia pipe about 200 metres in diameter, over at least 400 metres of vertical extent. Ore grades were verified in eight production levels, exploiting high-grade copper-molybdenum arranged around the borders of the breccia pipe. The Company believes that there is a high chance for discovery of further productive high-grade, copper-molybdenum breccia pipes. Apart from the limited historical production from the breccia pipe, the Project has never been explored by systematic modern surface exploration and no drilling has ever been executed to test the porphyry concept.
About Consolidated Copper Corp.
Consolidated Copper Corp. is a private Canadian-based firm with mineral claims, rights and interests in two copper-molybdenum porphyry prospective projects located in Peru; Caña Brava and Turmalina. The projects lie on the Upper Cretaceous and Miocene Cu-Mo porphyry belt respectively, occurrences that extend for at least 900 kilometers along the Western Cordillera and the adjacent high plateaus province, defined by a large number of hydrothermal mineral deposits of different types. The Caña Brava Project is a copper-molybdenum property located in La Libertad Province, comprised of a total of six exploration concessions across 3,900 hectares, plus newly staked extensions of two exploration concessions for 1,200 hectares. The Turmalina Project is a copper-molybdenum past-producing mine which underwent limited production, located in the Piura Province, comprised of six exploration concessions across 2,033 hectares, plus a newly staked extension of a new exploration concession for 600 hectares.
Scheduled Investor Update Call
Western Metallica’s Chief Executive Officer and Director, Gregory Duras, and Vice President Exploration, Giovanni Funaioli, will discuss the Company’s key initiatives and expectations for Y2023-2024, including prospective exploration and drill programs, and will respond to shareholder and investor questions during a scheduled update call, on Tuesday, August 15, 2023 at 10:00 am Eastern Standard Time.
The participants may use the below information to join the call, accessible via the Zoom platform, by video conferencing and by dial-in:
Please click the link below to join the video call:
https://us06web.zoom.us/j/82088890032?pwd=c2JHTGxrS0NYZDBQdXB0Yk16UXpkQT09
Or join via telephone:
+1 438 809 7799 Canada
+1 587 328 1099 Canada
+1 647 374 4685 Canada
+1 689 278 1000 US
+1 929 205 6099 US
+34 84 368 5025 Spain
+44 208 080 6592 United Kingdom
+49 69 3807 9883 Germany
Webinar ID: 820 8889 0032
Passcode: 888888
Other international numbers available: https://us06web.zoom.us/u/kCpxQ9j5w
Qualified Persons
The technical and scientific information in this press release has been reviewed and approved by Mr. Giovanni Funaioli, Eur.Geol., Vice President Exploration of Western Metallica, who is a “Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Giovanni Funaioli is an employee of the Company and is not considered independent under NI 43-101.
The technical information relating to the Caña Brava and Turmalina Projects is historical in nature and has not been independently verified by the Company.
About Western Metallica Resources Corp.
Western Metallica is an Ontario company with its head office in Toronto, Ontario, trading on the TSX Venture Exchange under symbol WMS. Western Metallica is in the business of mineral resource exploration and development, its principal assets are its 100% owned Nueva Celti Copper Property in the Ossa Morena belt in Andalusia, Spain, and three other Spanish gold projects in the “Navelgas Gold Belt” in Asturias, Spain (Penedela, Valledor and Sierra Alta).
Further information of the Company can be found at: www.westernmetallica.com
For more information please contact:
Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com
Investor Relations
Email: info@westernmetallica.com
Cautionary Note Regarding Forward-Looking Statements
The Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the planned drill program and the development of the Company’s projects and other mining projects and prospects thereof, the final acceptance of the Acquisition by the Exchange; global demand for copper; and the potential and economic viability of the Caña Brava and Turmalina Projects. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Regulus Provides Update on Exploration Activities and Community Initiatives
https://www.accesswire.com/777834/Regulus-Provides-Update-on-Exploration-Activities-and-Community-Initiatives
Tuesday, August 29, 2023 8:30 AM
Regulus Resources, Inc.
http://www.regulusresources.com
VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Regulus Resources Inc. ("Regulus" or the "Company", (TSX-V:REG)(OTCQX:RGLSF) is pleased to provide an update on its exploration activities and ongoing community initiatives at the AntaKori copper-gold project in Cajamarca, Peru. With a substantial resource already defined, the Company is reviewing various pathways to unlock value at the AntaKori deposit. Management currently believes the best pathway forward is to integrate the AntaKori deposit with the neighbouring Tantahuatay Mine and sulphide project. As the Company actively pursues these opportunities, work continues on several fronts to set the stage for development of the project in the most efficient and profitable manner for the benefit of all stakeholders.
Exploration and Development Activities
The collaborative program with Nuton LLC, a Rio Tinto venture ("Nuton"), to evaluate primary copper sulphide and sulfosalt leaching is progressing well. The NutonTM technologies have the potential to process arsenic-bearing copper sulphides and sulfosalts with less impact on the environment and water resources than traditional concentrator processing (see news release dated December 22, 2022). The Company, working in collaboration with Nuton, has identified that the best pathway to provide near-term samples for Phase 2 column test work is to utilize the existing core the Company has stored in its warehouse. This means the Company can deliver samples to Nuton in the near-term instead of waiting for drilling to be completed. The Company plans to ship core samples to Nuton in Q3-2023 with complete Phase 2 column test results expected in approximately one year. This will result in significant cost savings for the Company as it means there is no requirement in the near-term to complete new drill holes specifically for metallurgical testing.
The Company has been working with the nearby community of Tingo over recent months to gain social license to begin exploration activities on the claims where Regulus can earn up to a 60% interest from Gold Fields Ltd. (the "GF Claims") (see news release dated February 16, 2021). As a result of dialogue with the community, the Company has gained access to the GF Claims, certain 100% owned Regulus claims, and claims owned by the Regulus/Buenaventura joint venture where Regulus has a 70% interest (see Figure 1) to complete geological mapping, geochemical sampling, and a ground magnetics geophysical survey (See Figure 2). A total of 190 surface geochemical samples have been collected and sent to the laboratory for full geochemical analysis. The ground magnetics geophysical survey has been completed and negotiations are underway to extend the area of surface access agreements to allow for the completion of an IP/Resistivity survey. This area is located immediately to the east of the Tantahuatay Mine and has several historical, small-scale underground and open-pit operations that mined high-grade copper-gold mineralization between the 1940s and 1970s. Limited exploration has been completed in this region since that time due to restricted access. The Company views investment in this area as strategic for several reasons: (1) it begins the investment requirements towards earning an interest in the GF Claims, (2) it strengthens the Company's relationship with the community of Tingo and (3) the area is prospective from an exploration perspective, given the historical mining activity. The Company anticipates this first stage of exploration activities in this area will define future drill targets, although more surface work may be required. The permitting process has been initiated to allow for drilling as warranted by Q2-2024.
Additionally, the Company has been actively completing a geological mapping and surface geochemical sampling program on its northern claims (see Figure 1), where 155 samples have been collected and sent to the laboratory for full geochemical analysis. This program was initiated to better understand the potential to extend mineralization to the north of the main AntaKori resource and the recently completed drilling. This program was completed on the GF Claims, 100% owned Regulus claims and claims owned by the Regulus/Buenaventura joint venture where Regulus has a 70% interest.
The Company is also evaluating opportunities to develop an exploration decline into the main AntaKori resource. The purpose of this decline would be to assist with potential future bulk sampling for metallurgical test work, as well as easier and more affordable access for future definition drilling of the existing AntaKori resource.
Community Initiatives
Regulus has accelerated its long-term involvement in the local community and environmental projects that benefit all stakeholders in the areas surrounding the AntaKori project, as the Company continues to advance and de-risk the project for future development. These programs, which will provide significant opportunities for the people of Cajamarca, include:
The installation and technical support of satellite internet antennas, which provide fast and reliable internet access to children and teachers at various educational facilities in areas of Chugur and Hualgayoc that previously lacked connectivity;
Initiatives to stimulate agricultural production with landowners in the vicinity of the AntaKori project, including livestock projects, guinea pig breeding, and the optimization of milk production, all with the aim of generating sustainable economic opportunities for the local population. The improvement and conservation of forage and vaccination campaigns in the dairy cattle-raising district of Chugur have been particularly successful - a project that will benefit over 500 families from the 14 villages in the sphere of influence of the AntaKori project, by increasing pasture production by more than 30%, which has downstream benefits of improving the quantity and quality of dairy products made in the region, and
The construction and inauguration of a town square in El Chencho, financed by Regulus in a joint venture with the NGO Prodia.
John Black, Chief Executive Officer of Regulus, commented as follows: "One of the pillars of our strategy is to ensure we maintain strong relations with local communities and maintain social license. We have been working with local communities to develop sustainable economic opportunities, not only that provide benefits today, but that can be maintained and potentially grow in the future. Our team has been very busy on the ground completing several exploration programs to help better understand the regional potential outside of the existing AntaKori resource. In particular, the work completed in the Tingo area is exciting because it could be a prospective area that has not had exploration work completed on it in nearly 50 years due to restricted access. The fact that we can work on this ground today is a testament to the work our social teams have been executing. As well, we're working with Nuton to collect and ship samples for the second phase of test work utilizing their sulphide leaching technology. With the availability of existing core to produce materials, there isn't a need to commence a drill program right now. This provides us time to develop new regional targets from the ongoing exploration programs and complete the evaluation of an exploration decline before we spend resources on additional drilling."
Qualified Person
The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified person (QP) under the definition of National Instrument 43-101.
ON BEHALF OF THE REGULUS BOARD
(signed) "John Black"
John Black
CEO and Director
Tel: +1 (604) 685-6800
Email: info@regulusresources.com
For further information, please contact:
Regulus Resources Inc.
Ben Cherrington
Tel: +1 347 394 2728
Email: ben.cherrington@regulusresources.com
About Regulus Resources Inc. and the AntaKori Project
Regulus is an international mineral exploration company run by an experienced technical and management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru) S.A., a Wood company, titled AntaKori Project, Cajamarca Province, Peru, NI 43-101 Technical Report, dated February 22, 2019 - see news release dated March 1, 2019). Mineralization remains open in most directions.
For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words 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 statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the expected use of proceeds of the Private Placement, receipt of exchange approvals, the proposed exploration and development of the AntaKori project described herein, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Regulus Resources, Inc.
First Quantum and Rio Tinto Announce Completion of the La Granja Agreement
https://ca.finance.yahoo.com/news/first-quantum-rio-tinto-announce-223000884.html
First Quantum Minerals Ltd.
Sun, August 27, 2023 at 3:30 p.m. PDT·4 min read
TORONTO, Aug. 27, 2023 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or “the Company”) (TSX: FM) and Rio Tinto have completed the previously announced transaction to progress the next phase of the La Granja project in Peru, one of the largest undeveloped copper deposits in the world.
“La Granja has the potential to be a large, long-life operation and supply the copper that will be needed as the world transitions to the greener economy and where responsible mining will be the only acceptable way to produce metals. Adding this major project to our portfolio will give First Quantum future optionality in the Company’s project pipeline while we focus on strengthening the balance sheet in the interim. As operator, we will leverage our core strengths in mine design, project development and community engagement and look forward to developing our partnership with Rio Tinto,” said Tristan Pascall, Chief Executive Officer of First Quantum. “We appreciate the support from the Government of Peru for the completion of this transaction.”
“Developing La Granja would provide a significant new supply of copper and further strengthen Rio Tinto’s portfolio of materials needed for the energy transition. Our partnership with First Quantum will bring our combined development capabilities and deep knowledge of La Granja to progress the project.” said Bold Baatar, Rio Tinto Copper Chief Executive.
Following the completion of conditions including regulatory approvals from the Government of Peru, First Quantum has acquired a 55% stake in the project for $105 million and becomes the operator of La Granja. The Company will invest up to a further $546 million (the “initial funding”) in the Project. Part of the initial funding will be used to complete a feasibility study over the next two to three years, after which the remaining balance of the initial funding is to be spent on construction of the Project contingent on a positive investment decision. Upon completion of the initial funding amount, all subsequent expenditures will be applied on a pro-rata basis according to the share ownership of the Project.
Work over the initial years will continue to progress community engagement and the feasibility study. The feasibility study will focus on developing an updated geological resource and reserve model, which will require additional infill drilling to upgrade Inferred resources to Measured and Indicated categories. Additional metallurgical studies to establish optimal processing configurations are expected to be carried out in parallel, together with a high-level project layout and configuration of associated infrastructure requirements and logistical routes.
With work on La Granja focused mainly at the studies level, there is no change to the Company’s three-year guidance provided in January 2023 on capital expenditures.
About La Granja
La Granja is one of the largest undeveloped copper resources in the world with a published Inferred Mineral Resource of 4.32 billion tonnes at 0.51% copper, and has potential for substantial expansion. La Granja is located in the district of Querocoto in the northern region of Cajamarca, Peru, approximately 90 kilometres northeast of Chiclayo, at an altitude of between 2,000 and 2,800 metres.
For further information, visit our website at www.first-quantum.com or contact:
Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com
CAUTIONARY STATEMENT ON 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. The forward-looking statements in this news release include statements regarding the work, including feasibility and metallurgical studies, to be completed to progress the Project; the funding of expenditures related to the Project; the impact and expected benefits of the Acquisition and the Company’s partnership with Rio Tinto on the Company’s business and operations; and expectations regarding the future demand for copper. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions, including as to Rio Tinto and the Company maintaining strong local support for the Project; the successful completion of the feasibility and metallurgical studies required to progress the Project; and the ability of the Company to fund the first $546 million in study and development work and subsequent expenditures related to the Project. 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 actual results, performance or achievements 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, political stability in Peru, joint venture risks, potential social and environmental challenges, and events generally impacting global economic, political and social stability. There may also be other factors that cause actual results, performance, achievements or events not as anticipated, estimated or intended, including the risks, uncertainties and other factors discussed in the Company’s Annual Information Form. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law.
Tinka Reports Final Drill Hole Results from 11,000 metre Drill Program and Provides Exploration Update
https://www.accesswire.com/774753/Tinka-Reports-Final-Drill-Hole-Results-from-11000-metre-Drill-Program-and-Provides-Exploration-Update
Thursday, August 17, 2023 6:30 AM
Tinka Resources Ltd.
http://www.tinkaresources.com
VANCOUVER, BC / ACCESSWIRE / August 17, 2023 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) i
Xali Gold Turns Exploration Attention from Mexico to South America
https://ca.finance.yahoo.com/news/xali-gold-turns-exploration-attention-110000369.html
Xali Gold Corp.
Thu, August 3, 2023 at 4:00 a.m. PDT·5 min read
VANCOUVER, British Columbia, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to advise that it has decided to review exploration opportunities in South America including Peru and provides an update on Mexican assets.
“Our assets in Mexico are very attractive such that we expect to be able to generate cash flow in the near future, which would allow us to continue working on other opportunities without incurring equity dilution,” says Joanne Freeze, President and CEO of Xali Gold. “With the exception of El Oro, we are no longer incurring any costs to maintain exploration assets in Mexico. This includes the El Dorado property, which while still of interest, has taken too long to receive drill permits and the Company can no longer justify the holding costs.”
Peru Properties
With renewed interest in gold and silver exploration in South America, the Company is reviewing options to resume exploration in Peru and other countries. The Company still maintains some properties in Peru including the Lucero Gold Property acquired several years ago.
Lucero is a high sulphidation disseminated gold prospect occurring within a prolific mineral belt and located between the Tantahuatay and La Zanja mines in Cajamarca, Northern Peru. Gold mineralization has been found to date in three locations in an area extending over 1.3 by 1.0 kilometres (“km”) on the Lucero property. Gold mineralization occurs in silicified volcanic rocks and hydrothermal breccias with anomalous gold values ranging from 0.155 to 1.575 grams per tonne (“g/t”) over widths of 5 to 20 meters (“m”). The highest grade gold zone found to date (1.575 g/t over 10 m) occurs in a hydrothermal breccia body with vuggy silica fragments which is the typical host for high sulphidation disseminated gold deposits in Peru and elsewhere. The silicified and mineralized zones are hosted by volcanic rocks belonging to the Calipuy Formation which also hosts the Yanacocha (50 million ounces) and Pierina (8 million ounces) gold deposits amongst others. Lucero is located 34 km NW of the Yanacocha Mine, 18 km west of the Tantahuatay Mine and approximately 12 km NE of the La Zanja Mine.
Mexico Properties and Assets
The El Oro Project remains a highly valued asset of the Company with past production of 8 million ounces gold equivalent (gold-silver 1:10) and excellent discovery potential, however exploration focus for El Oro has been temporarily put on hold. The Company is now focused on building local partnerships for our two assets in Mexico, which have strong potential to provide near-term cash flow.
Sun River Gold (“SRG”), who holds an option on the Mexican Mine Tailings Project at El Oro, has been advancing permitting and providing some cash flow through advances on the Net Profit Interest (“NPI”) due once in production. SRG has recently advised the Company that they have received feedback from the Mexican government on the final permit for the El Oro Tailings Project and have now re-submitted the application with the requested updates.
The El Oro Tailings Project contains an Inferred Resource* of 1,267,400 Tonnes grading 2.94 gold grams per tonne (“g/t”), 75.12 silver g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver.
Negotiations are also underway with Mexican groups regarding both upgrades and financing commitments to make the San Dieguito de Arriba (“SDA”) Plant in Western Mexico fully operational. Xali Gold terminated the previously announced agreement (see January 18, 2023 News Release) with Minera Cinco Reales S.A. de C.V. (“MCR”) earlier this month due to MCR’s lack of progress. The Company has been advised that MCR’s funding is imminent, but Xali Gold believes there are better options for Xali Gold to realize profits with the SDA Plant. As proven by Vane Minerals, the original owner of the plant, there are many small and rich mines in the surrounding area and there is a scarcity of plants with economic proximity to the mines.
*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com
About Xali Gold
Xali Gold has gold and silver projects in Peru and Mexico. El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin Nr. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores).
Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.
Xali Gold is dedicated to being a responsible Community partner.
Joanne C. Freeze, P.Geo., President, CEO and Matthew Melnyk, CPG., Director Operations, are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to the mineral resource estimate for the Mexico Mine Tailings and information regarding references to historical resource estimates, the potential for discovery on the El Oro Property and other statements that are not historical facts. While such forward-looking information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Xali Gold’s MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Xali Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 (604) 689-1957
info@xaligold.com
NR 122
DLP Resources Intersects 301.65m of 0.56 % CuEq* Within a 700.55m Interval of 0.40% CuEq* on the Aurora Project in Southern Peru
https://www.newsfilecorp.com/release/174509
Cranbrook, British Columbia--(Newsfile Corp. - July 24, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF
Minera IRL Completes Phase 1 of the Ongoing Long-Hole Drilling Campaign at the Corihuarmi Gold Mine
https://ca.finance.yahoo.com/news/minera-irl-completes-phase-1-110000394.html
Minera IRL Limited
Mon, July 31, 2023 at 4:00 a.m. PDT·6 min read
LIMA, Peru, July 31, 2023 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF)
Silver X Reports Second Quarter 2023 Production Results, Places Operations Temporarily on Hold to Launch an Operations Improvement Plan, and Provides Update on the Extension of the Agreement with Local Community
https://www.accesswire.com/770419/Silver-X-Reports-Second-Quarter-2023-Production-Results-Places-Operations-Temporarily-on-Hold-to-Launch-an-Operations-Improvement-Plan-and-Provides-Update-on-the-Extension-of-the-Agreement-with-Local-Community
Wednesday, July 26, 2023 9:42 AM
Silver X Mining Corp.
www.silverxmining.com
VANCOUVER, BC / ACCESSWIRE / July 26, 2023 / Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF)(F:AGX)
SILVER MOUNTAIN IDENTIFIES HIGH GRADE GOLD AND SILVER FROM ITS 2023 DRILL PROGRAM, COMPLETES 11.37 KILOMETRES OF MINE REHABILITATION AT ITS RELIQUIAS PROJECT, CENTRAL PERU
https://www.newswire.ca/news-releases/silver-mountain-identifies-high-grade-gold-and-silver-from-its-2023-drill-program-completes-11-37-kilometres-of-mine-rehabilitation-at-its-reliquias-project-central-peru-855380765.html
Silver Mountain Resources Inc. 19 Jul, 2023, 07:00 ET
Key Highlights – Infill drilling and mine rehabilitation at Reliquias
Hole SMR97BQ-23-SCS
9.45 m @ 75.63 g/t Ag, 1.99% Pb, 3.09% Zn, 0.22% Cu and 0.22 g/t Au
Including 1.95 metres at 118.43 g/t Ag, 2.67% Pb, 5.05% Zn, 0.87% Cu and 0.18 g/t Au
Hole SMR103BQ-23-MTS
1.00 m @ 17.80 g/t Ag, 0.08% Pb, 3.09% Zn, 0.01% Cu and 28.30 g/t Au
And 0.80 m @ 482.00 g/t Ag, 1.10% Pb, 3.10% Zn, 0.34% Cu and 4.02 g/t Au
Hole SMR118BQ-23-PAS
0.60 m @ 629.00 g/t Ag, 1.20% Pb, 2.60% Zn, 0.08% Cu and 1.14 g/t Au
Hole SMR126BQ-23-PER
1.75 m @ 773.17 g/t Ag, 1.31% Pb, 1.28% Zn, 0.14% Cu and 5.23 g/t Au
11.37 km of tunnels have been rehabilitated to date, representing 77.7% of the overall program.
TORONTO, July 19, 2023 /CNW/ - Silver Mountain Resources Inc. ("Silver Mountain" or "the Company") (TSXV: AGMR) (OTCQB: AGMR
Peruvian Metals Production Update for the First Half of 2023 at Aguila Norte Processing Plant
https://www.newsfilecorp.com/release/173165
Edmonton, Alberta--(Newsfile Corp. - July 12, 2023) - Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide an update regarding the mineral processing at its 80-per-cent-owned fully permitted Aguila Norte processing plant ("Aguila Norte" or the "Plant") located in Northern Peru.
During the first six months of 2023 the Plant processed 13,786 tonnes of third-party mineral, compared with 14,886 tonnes in 2022 and 11,890 tonnes in 2021. The 2023 year-to-date production represents a decrease of 7.4 % compared to the same period for 2022, and a 16 % increase compared to the same period for 2021. The decrease in production during the first half of 2023 compared to the same period of 2022 was due to poor weather conditions whereby the Plant was closed from mid-March until the first week of April. The Plant was at near capacity in May and June. The Company anticipates a further increase in production during the remainder of 2023 and expects to report a record year of production.
Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: "We are pleased that we are back on track for a record processing year in 2023 at Aguila Norte. Our effort to add quality prospective mineral concessions by application continues and field work paid by cash flow from the Plant is being allocated to review and assess the mineral concessions. The Company is in a unique position compared to many in the junior mining space as we continue to strengthen the Company's financial position and advance our mineral assets without any share dilution."
The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Plant with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
About Peruvian Metals Corp.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.
Peruvian Metals Corp. is a Canadian resource company listed on the
TSX Venture Exchange: Symbol "PER", and the OTCQB Venture Market: Symbol "DUVNF".
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.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.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
Regulus Reports Positive Nuton(TM) Technologies Extraction Rates on AntaKori Mineralization From Phase One Program
https://www.accesswire.com/764524/Regulus-Reports-Positive-NutonTM-Technologies-Extraction-Rates-on-AntaKori-Mineralization-From-Phase-One-Program
Thursday, July 6, 2023 8:50 AM
Regulus Resources, Inc.
http://www.regulusresources.com
VANCOUVER, BC / ACCESSWIRE / July 6, 2023 / Regulus Resources Inc. ("Regulus" or the "Company", TSX-V:REG, OTCQX:RGLSF) is pleased to announce positive extraction rates on mineralization from the AntaKori property, using Nuton™ technologies as part of a phase one sulphide leach program with Nuton LLC, a Rio Tinto venture ("Nuton").
Highlights
Copper extraction rates up to 95% for samples from high sulphidation mineralization
Copper extraction rates up to 85% for samples from skarn-style mineralization
Copper extraction rates up to 75% for samples from breccia/porphyry style mineralization range
Nuton and Regulus have defined the phase two program which will entail column tests on larger-scale samples
The purpose of the phase 1 program was to explore whether primary sulphide copper ores from the AntaKori property were amenable to Nuton's proprietary sulphide leach technology, and to look at a variety of test conditions which will help guide future test work. The results of the phase 1 program indicate that mineralization from AntaKori is amenable to sulphide leaching, and that a phase two program is warranted. As well, the program helped identify which test conditions warrant further evaluation. In parallel to the Nuton sulphide leaching technology, the Company is also evaluating other processing methodologies.
John Black, Chief Executive Officer of Regulus, commented as follows:
"The results from the phase 1 program utilizing Nuton's sulphide leach technologies are very encouraging. They indicate that the ore from AntaKori appears to have very attractive copper extractions utilizing Nuton's technologies. This round of test work utilized relatively small samples and was completed in shaker flasks. The next phase of test work will utilize larger sample sizes and will be completed in columns and should help us refine our thinking regarding recoveries utilizing sulphide leaching as a processing pathway for AntaKori."
Adam Burley, Chief Executive Officer of Nuton, commented as follows:
"Nuton has a wide range of potential use cases. At AntaKori we are encouraged by the potential of Nuton to unlock copper resources in a district with substantial scale potential and in a way that is more environmentally efficient than conventional processes."
Sample Selection, Preparation and Methodology
A total of 12 coarse reject samples were taken from previously reported drill holes AK-18-021, AK-18-012, AK-18-010 (2 samples), AK-18-028, AK-19-034, AK-18-016, AK-18-013, AK-18-014, AK-19-034 (2 samples) and AK-19-026 (See figures 1 and 2 for locations). Samples were then composited into two high sulphidation, one skarn and one breccia/porphyry sample. Chemical and mineralogical analysis of each individual sample and each composite sample was completed by Nuton to obtain a full chemical and mineralogical understanding of the material introduced to each individual shaker flask. Chemical and mineralogical assay data were used to predict shaker flask test results. The mineralogy of individual samples can be found in figure 3 while composite samples can be found in figure 4. Composite samples were then placed into shaker flasks under a variety of test conditions to evaluate amenability to sulphide leaching. The copper extraction rates can be observed in figure 5, however, it should be noted that recoveries achieved on these small scale test do not necessarily provide an indication of results that may be expected at a larger scale.
Overview of Nuton Flowsheet
The Nuton flowsheet is a conventional crushed and agglomerated feed, bio-heap leach flow sheet, for heap leaching of copper sulphide minerals, however, it includes the addition of catalytic and other reagents, as well as a bacterial growth and inoculation facility.
Phase Two Sulphide Leach Program
The phase two sulphide leach program will expand on the phase 1 program and entail the Company delivering larger quantums of material to Nuton that is suitable for column test work. It is anticipated once material is delivered results can be expected approximately one year afterward. In order to provide material to Nuton, the Company can either complete new drill holes or utilize material from the existing core currently stored at its warehouse.
Qualified Person
The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified person (QP) under the definition of National Instrument 43-101.
ON BEHALF OF THE REGULUS BOARD
(signed) "John Black"
John Black
CEO and Director
Tel: +1 (604) 685-6800
Email: info@regulusresources.com
For further information, please contact:
Regulus Resources Inc.
Ben Cherrington
Tel: +1 347 394 2728
Email: ben.cherrington@regulusresources.com
About Nuton
Nuton is an innovative new venture that aims to help grow Rio Tinto's copper business. At the core of Nuton is a portfolio of proprietary copper leach related technologies and capability - a product of almost 30 years of research and development. The Nuton™ technologies offer the potential to economically unlock low-grade copper sulphides resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production outcome. One of the key differentiators of Nuton is the potential to deliver leading environmental performancethereby creating a net-positive impact, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.
About Regulus Resources Inc. and the AntaKori Project
Regulus is an international mineral exploration company run by an experienced technical and management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru) S.A., a Wood company, titled AntaKori Project, Cajamarca Province, Peru, NI 43-101 Technical Report, dated February 22, 2019 - see news release dated March 1, 2019). Mineralization remains open in most directions.
For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words 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 statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of the AntaKori project described herein, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1 - Plan map showing sample locations
Figure 2 - Cross section showing sample locations
Figure 3: Copper mineralogy of samples
Figure 4 - Copper mineralogy of composite samples
Figure 5 - Copper extraction utilizing Nuton sulphide leaching (VH - High sulphidation high grade, VL - High sulphidation low grade, SK - Skarn, PO - Breccia/Porphyry) under various test conditions
SOURCE: Regulus Resources, Inc.
Inca One Gold Reports May Sales of $3.9 Million, a 79% Month over Month Increase
https://www.newsfilecorp.com/release/169685
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2023) - INCA ONE GOLD CORP. (TSXV: INCA) (OTCQB: INCAF) (FSE: SU92)
Cerro de Pasco Resources:Santander Mine Exploration and Drilling Campaign Update
https://ca.finance.yahoo.com/news/santander-mine-exploration-drilling-campaign-133200591.html
MONTRÉAL, June 19, 2023 /CNW/ - Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (FRA: N8HP)
Newmont Defers Investment Decision for Yanacocha Sulfides Project to Advance Portfolio Optimization Strategy
https://ca.finance.yahoo.com/news/newmont-defers-investment-decision-yanacocha-113000845.html
Business Wire
Tue, June 20, 2023 at 4:30 a.m. PDT·13 min read
DENVER, June 20, 2023--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, TSX: NGT) today announced it will defer the full-funds investment decision for the Yanacocha Sulfides project in Peru (the Project) for at least two years to advance its portfolio optimization strategy designed to maximize returns for shareholders and create long-term value for other stakeholders1. The decision positions Newmont to prioritize other value-accretive opportunities and support its disciplined capital allocation strategy, which balances steady reinvestment in the business, maintaining financial strength and flexibility and providing leading returns to shareholders.
"Once complete, our proposed acquisition of Newcrest will create an industry-leading portfolio of Tier 1 operations and deepen our unmatched pipeline of value-accretive projects," said Tom Palmer, President and CEO of Newmont. "In connection with this transaction and our strategy to create lasting value, we are targeting at least $2 billion in near-term cash flow improvements through portfolio optimization within the first two years. The deferral of the Yanacocha Sulfides project represents the first step in delivering on this target, as we evaluate further opportunities to resequence project capital and rationalize the combined portfolio to build a more profitable and resilient future for the business."
The deferral of the full-funds investment decision results in a reduction of development capital expenditures, including an estimated $300 million included in Newmont’s outlook for 20242. The decision to defer the Project is based on a robust analysis led by Dean Gehring, Chief Development Officer – Peru, over the last nine months to further maximize the Project’s economics in a period of high global inflation and market volatility. This analysis and investment to date will be integral to preparing for a full-funds decision, and will continue to support the Project when construction resumes.
Mr. Palmer continued, "Newmont has a long history of operating in Peru, and Yanacocha is core to Newmont’s portfolio and long-term strategy. With the potential to operate as a Tier 13 gold and copper mine for several decades, we remain committed to managing Yanacocha’s operations and closure activities safely and responsibly. We will continue to work closely with government stakeholders, business partners and local communities in Peru as we prepare for a future investment decision on the Sulfides Project."
Dean Gehring will now shift his focus from leading the Yanacocha operation and Sulfides project to leading integration planning for Newmont’s proposed acquisition of Newcrest. In this role as Chief Integration Officer, Dean will lead key activities required for a safe and smooth integration, while setting up the organization for ongoing success.
The Yanacocha Sulfides Project4
The Yanacocha Sulfides project aims to develop the first phase of sulfide deposits at Yanacocha through an integrated processing circuit, including an autoclave to produce 45 percent gold, 45 percent copper and 10 percent silver. The first phase focuses on developing the Yanacocha Verde and Chaquicocha deposits to extend Yanacocha’s operations beyond 2040, with second and third phases having the potential to extend the operation’s life for multiple decades.
ABOUT NEWMONT
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.
_____________________________________
1 See endnote A regarding portfolio optimization.
2 Outlook provided on February 23, 2023. See cautionary statement regarding forward-looking statements.
3 See endnote B regarding Tier 1 assets.
4 Project estimates remain subject to change based upon uncertainties, including future market conditions, continued impacts from the COVID-19 pandemic, the Russian invasion of Ukraine, inflation, commodities and raw materials prices, supply chain disruptions, labor markets, engineering and mine plan assumptions, future funding decisions, consideration of strategic capital allocation and other factors, which may impact estimated capital expenditures, AISC and timing of projects. See end of this release for cautionary statement regarding forward-looking statements.
Additional Information about the Transaction and Where to Find It
This press release is not an offer to purchase or exchange, nor a solicitation of an offer to sell securities of Newmont or Newcrest nor the solicitation of any vote or approval in any jurisdiction nor shall there be any such issuance or transfer of securities of Newmont or Newcrest in any jurisdiction in contravention of applicable law. This press release is being made in respect of the transaction involving Newmont and Newcrest pursuant to the terms of a scheme implementation deed dated May 14, 2023 (the "Scheme Implementation Deed") by and among Newmont, Newmont Overseas Holdings Pty Ltd, an Australian proprietary company limited by shares, an indirect wholly owned subsidiary of Newmont, and Newcrest and may be deemed to be soliciting material relating to the transaction. In furtherance of the pending transaction and subject to future developments, Newmont will file one or more proxy statements or other documents with the Securities and Exchange Commission ("SEC"). This press release is not a substitute for any proxy statement, the Scheme Booklet or other document Newmont or Newcrest may file with the SEC and Australian regulators in connection with the pending transaction. INVESTORS AND SECURITY HOLDERS OF NEWMONT AND NEWCREST ARE URGED TO READ THE PROXY STATEMENT(S), SCHEME BOOKLET AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PENDING TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement will be mailed to Newmont stockholders. Investors and security holders may obtain a free copy of the proxy statements, the filings with the SEC that will be incorporated by reference into the proxy statement, the Scheme Booklet and other documents containing important information about the transaction and the parties to the transaction, filed by Newmont with the SEC at the SEC's website at www.sec.gov. The disclosure documents and other documents that are filed with the SEC by Newmont may also be obtained on https://www.newmont.com/investors/reports-and-filings/default.aspx or by contacting Newmont’s Investor Relations department at Daniel.Horton@newmont.com or by calling 303-837-5484.
Participants in the Transaction Solicitation
Newmont, Newcrest and certain of their respective directors and executive officers and other employees may be deemed to be participants in any solicitation of proxies from Newmont shareholders in respect of the pending Transaction between Newmont and Newcrest. Information regarding Newmont’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 23, 2023 and its proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the SEC on March 10, 2023. Information about Newcrest’s directors and executive officers is set forth in Newcrest’s latest annual report dated August 19, 2022 as updated from time to time via announcements made by Newcrest on the Australian Securities Exchange. Additional information regarding the interests of these participants in such proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in any proxy statement and other relevant materials to be filed with the SEC in connection with the pending Transaction if and when they become available.
Cautionary Statement Regarding Forward-Looking Statements
This press release, and the exhibits hereto, contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" within the meaning of applicable Australian securities laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements often address our expected future business and financial performance and financial condition; and often contain words such as "anticipate," "intend," "plan," "will," "would," "estimate," "expect," "believe," "target," "indicative," "pending," "preliminary," "proposed" or "potential." Forward-looking statements may include, without limitation, statements relating to (i) the pending transaction to acquire the share capital of Newcrest, the expected terms, timing and closing of the pending transaction, including receipt of required approvals and satisfaction of other customary closing conditions; (ii) expectations regarding Newmont’s outlook and future value creation; (iii) estimates of future costs and development capital; (iv) estimates of future cash flow enhancements through portfolio optimization, cost reductions, synergies, including pre-tax synergies, savings and efficiencies; (v) expectations regarding future exploration and the development, growth and potential of Newmont’s and Newcrest’s operations, project pipeline and investments; (vi) expectations regarding future investments or divestitures, including anticipated portfolio optimization and divestitures over the next two years; (vii) expected near-term cash flow improvements; (viii) expectations from the integration of Newcrest, including the combined company’s production capacity, asset quality and geographic spread, and (ix) expectations regarding the future of Yanacocha operation and Sulfides project, including, without limitation, future investment decision for the Yanacocha Sulfides project, duration of the deferral and project expectations, timeline and outlook. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of Newmont’s and Newcrest’s operations and projects being consistent with current expectations and mine plans, including without limitation receipt of export approvals; (iii) political developments in any jurisdiction in which Newmont and Newcrest operate being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, lead and oil; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Risks relating to forward looking statements in regard to the Company’s business and future performance may include, but are not limited to, gold and other metals price volatility, currency fluctuations, operational risks, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political risk, community relations, conflict resolution governmental regulation and judicial outcomes and other risks. In addition, material risks that could cause actual results to differ from forward-looking statements include: the inherent uncertainty associated with financial or other projections; the prompt and effective integration of Newmont’s and Newcrest’s businesses and the ability to achieve the anticipated synergies and value-creation contemplated by the pending transaction; the risk associated with Newmont’s and Newcrest’s ability to obtain the approval of the pending transaction by their shareholders required to consummate the pending transaction and the timing of the closing of the pending transaction, including the risk that the conditions to the pending transaction are not satisfied on a timely basis or at all and the failure of the pending transaction to close for any other reason; the risk that a consent or authorization that may be required for the pending transaction is not obtained or is obtained subject to conditions that are not anticipated; the outcome of any legal proceedings that may be instituted against the parties and others related to the Scheme Implementation Deed; unanticipated difficulties or expenditures relating to the pending transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; risks relating to the value of the Scheme Consideration to be issued in connection with the pending transaction; the anticipated size of the markets and continued demand for Newmont’s and Newcrest’s resources and the impact of competitive responses to the announcement of the transaction; and the diversion of management time on pending transaction-related issues. For a more detailed discussion of such risks and other factors, see Newmont’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC as well as the Company’s other SEC filings, available on the SEC website or www.newmont.com Newcrest’s most recent annual report for the fiscal year ended June 30, 2022 as well as Newcrest’s other filings made with Australian securities regulatory authorities and available on ASIC or www.newcrest.com. Newmont is not affirming or adopting any statements or reports attributed to Newcrest (including prior mineral reserve and resource declaration) in this press release or made by Newcrest outside of this press release. Newcrest is not affirming or adopting any statements or reports attributed to Newmont (including prior mineral reserve and resource declaration) in this press release or made by Newmont outside of this press release. Newmont and Newcrest do not undertake any obligation to release publicly revisions to any "forward-looking statement," including, without limitation, outlook, to reflect events or circumstances after the date of this press release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement. Continued reliance on "forward-looking statements" is at investors’ own risk.
Endnotes
Portfolio Optimization. Portfolio optimization as used in this press release is a management estimate provided for illustrative purposes and should not be considered a GAAP or non-GAAP financial measure. Because the enhancement to cash flow estimates the differences between certain actual cash flows and management estimates of cash flows in the absence of the integration of Newmont’s and Newcrest’s businesses, such estimates are necessarily imprecise and are based on numerous judgments and assumptions. Portfolio optimization to enhance cash flows is a "forward-looking statement" subject to risks, uncertainties and other factors which could cause enhanced cash flows to differ from expectations.
Tier 1 Asset. Defined as +500k GEOs/year consolidated, average AISC/oz in the lower half of the industry cost curve and a mine life >10 years in countries that are classified in the A and B rating ranges for each of Moody’s, S&P and Fitch.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230620512214/en/
Contacts
Media Contact
Omar Jabara
720.212.9651
omar.jabara@newmont.com
Investor Contact
Daniel Horton
303.837.5468
daniel.horton@newmont.com
Latin Metals Reports Rock Chip Sampling Results at Tillo Copper Project, Peru
https://ca.finance.yahoo.com/news/latin-metals-reports-rock-chip-124500523.html
Latin Metals Inc.
Tue, June 13, 2023 at 5:45 a.m. PDT·4 min read
Highlights Include up to 5.9% Copper
Figure 1:
Results of previous soil / talus sampling (left) and rock chip sampling results(right) at the Tillo project, Peru.
Figure 2:
Quartz monzonite porphyry with potassic alteration and multiple quartz veinlets (B veins) cutting earlier epidote veinlets, and all cross cut by later specularite-quartz veinlet.
VANCOUVER, British Columbia, June 13, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF) a leading mineral exploration company in South America, announces that it has received positive results from rock sampling completed at the 100%-owned Tillo Copper Project (“Tillo” or the “Project”) in Peru. The project is prospective for copper porphyry deposits, as demonstrated by previous soil and talus sampling which delineated an anomalous area of 2,500m x 1,000m (previous news release, January 30, 2023). Positive results from 140 rock samples add a great deal of confidence in this priority area.
Tillo Project Highlights
Priority Geochemical Target: Soil and talus sampling completed earlier this year defined an area of 2.5km by 1.0km area of consistent geochemical anomalism.
Rock Sampling Support: Results of rock sampling within the anomalous area provide good support for the target (Figure 1). Of 140 samples collected, 24 samples (17%) grade more than 0.2% copper, with a maximum grade of 5.9% copper and 421 ppm molybdenum.
The Right Rocks: Mapping has delineated a quartz monzonite porphyry rock unit with potassic alteration and multiple generations of veining (Figure 2).
Planned Exploration: Detailed mapping will continue within the anomalous area to outline vein density and vector towards potential centers of mineralization. A hyperspectral study will be carried out and used to help prioritize targets within the extensive geochemical anomaly.
“Latin Metals’ strategy to acquire grassroots properties by staking continues to pay off as we continue to delineate areas of significant copper mineralization at surface. Since first staking projects in Peru, the Company has successfully delineated copper mineralization at Lacsha, which is now fully drill permitted and ready for drill testing. At the Auquis project, porphyry-style and skarn mineralization has been delineated with exploration and drill permitting ongoing. With these two successes in hand, it is great that we now have a third copper project on which to focus,” stated Keith Henderson, Latin Metals’ CEO. “At Tillo we are encouraged by the extent of geochemical anomalies, by copper mineralization in rocks, by the identification of intrusive rocks with multiple generations of veining, and by the potential to generate quality drill targets; all of which features should be attractive to potential future exploration partners."
Figure 1
Figure 1: Results of previous soil / talus sampling (left) and rock chip sampling results(right) at the Tillo project, Peru.
Figure 2
Figure 2: Quartz monzonite porphyry with potassic alteration and multiple quartz veinlets (B veins) cutting earlier epidote veinlets, and all cross cut by later specularite-quartz veinlet.
About Latin Metals
Latin Metals is a mineral exploration company focused on acquiring a diversified portfolio of assets in South America. Operating under a Prospect Generator model, the Company aims to acquire exploration properties at a minimal cost, conduct cost-effective exploration to establish drill targets, and secure joint venture partners for funding advanced exploration. Shareholders benefit from exposure to the upside potential of significant discoveries without the dilution associated with funding high-risk drill-based exploration.
QA/QC
The work program at Tillo was designed and supervised by Eduardo Leon, the Company's Exploration Manager, who is responsible for all aspects of the work, including the quality control/quality assurance program. Rock chip samples were collected in a radius of 1m average, sample location was recorded, and the sample was security sealed and shipped to the Bureau Veritas laboratory in Lima. Samples used for the results described herein are prepared and analyzed by multi-element analysis using an inductively coupled mass spectrometer in compliance with industry standards.
Qualified Person
Keith J. Henderson, P.Geo., is the Company's qualified person as defined by NI 43-101 and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site (www.latin-metals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
For further information, please contact:
Keith Henderson
Suite 890 - 999 West Hastings Street,
Vancouver, BC, V6C 2W2
Phone: 604-638-3456
E-mail: info@latin-metals.com
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties, the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise, anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's latest Management Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35f802d1-af6b-4093-87bf-f0b5013032d7
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/afe47f5d-6931-463e-b11a-b986b22cfe2b
Tier One Identifies Drill Targets at Curibaya
https://www.accesswire.com/759718/Tier-One-Identifies-Drill-Targets-at-Curibaya
Wednesday, June 7, 2023 7:00 AM
VANCOUVER, BC / ACCESSWIRE / June 7, 2023 / Tier One Silver Inc. (TSXV:TSLV)(OTCQB:TSLVF) ("Tier One" or the "Company") is pleased to provide an update for its second phase of drilling at it's 100% owned Curibaya project, located in southern Peru. The Curibaya project consists of approximately 17,000 hectares and is situated in one of the most prolific porphyry mining trends globally, which is host to major mines such as Cerro Verde, Quellaveco and Toquepala. The Company has identified locations for 20 drill pads at Curibaya that would test several new targets as well as expand on intercepts from the inaugural drill program in 2021, which included 1.5 metres (m) of 1,129 g/t silver (Ag) and 1.04 g/t gold (Au) in a larger interval of 7 m of 272 g/t Ag and 0.33 g/t Au and 1 m of 1,431 g/t Ag and 0.39 g/t Au within a broader interval of 1.5 m of 965 g/t Ag and 0.26 g/t Au.
In the coming weeks, the Company will be resuming exploration work on additional adjacent potential porphyry targets within the project area and will continue its preparations for a second phase of drilling. The Company's second drill campaign is expected to consist of 2,000 m of drilling from five of the 20 drill pads and would focus on the preferred precious metal zonation at the Cambaya target area. The objective of the program is to test the epithermal veins and structures in the upper part of the system, with higher elevation and less erosion, where the Company has received the best silver - gold surface results to date.
A Message from Peter Dembicki, CEO & Director:
"The work completed over the last 14 months has proven to be extremely informative, and provided us with our most intriguing silver targets to date, located within the Cambaya corridor. These silver prospects are located within what we believe is the preferred precious metal zonation of the system where less erosion has occurred. We are excited with the results of our sampling, mapping and targeting programs and look forward to our next phase of exploration and drilling at Curibaya."
A Message from Christian Rios, SVP, Exploration:
"After a successful first phase of drilling at Curibaya, that returned several high-grade intercepts on a project that had never been drilled before, we are very excited to test our best targets on the project in the upper parts of the system. The inaugural drill program returned an intercept of 1.5 m of 1,129 g/t silver in hole 16 at an elevation of 1,900 m, which we believe opens up a range of opportunities at elevations of 2,200 m - 2,300 m, which is our focus for the next phase."
Targeting Overview:
The second phase of drilling at Curibaya is expected to consist of 10 drill holes distributed over five platforms (Figure 1). The proposed locations of the drill holes take into consideration the interpretation of all the geological, geochemical and geophysical results and data obtained from the project. Once drilling begins, the drill plan may evolve to adjust the angle, location and depth of the holes, according to observed results.
Platform 1:
This platform is located in the Cambaya I corridor, central zone, at an elevation of 2,250 m and has two proposed locations for diamond drill holes (23CUR-001 and 23CUR-002), which would drill vertically at 50 m and 100 m, respectively, below channel sample 80, which reported values ??of up to 4.5 m of 408 g/t Ag and 1.48 g/t Au, including 1 m of 1,768 g/t Ag and 6.33 g/t Au. There is also a vertical resistivity anomaly that is greater than 600 ohm-m within this corridor that coincides with the structures in the area (Figure 2).
Platform 2:
This platform is located in the Cambaya II corridor, southern zone, at an elevation of 2,300 m. This target has two proposed diamond drill holes (23CUR-003 and 23CUR-004), which would drill vertically at 50 m and 120 m, respectively, below channel sample 101, which reported values ??of up to 2.5 m of 136 g/t Ag and 0.82 g/t Au, including 0.5 m of 568 g/t Ag and 3.37 g/t Au. There is also a geophysical anomaly showing a conductive gradient that correlates with the structures within the corridor (Figure 3).
Platform 3:
This platform is located 150 m north of platform 2 in the Cambaya II Corridor at an elevation of 2,300 m. This target has two proposed diamond drill holes (23CUR-005 and 23CUR-006), which would drill vertically at 65 m and 135 m, respectively, below channel sample 97, which reported values ??of up to 1 m of 137 g/t Ag and 0.11 g/t Au as well as rock chip sample values of up to 337 g/t Ag and 263 g/t Ag. The proposed drill holes at this target would also test a contact of a geophysical conductive gradient that correlates with structures within the corridor (Figure 4).
Platform 4:
This platform is located in the Cambaya I Corridor, southern zone, at an elevation of 2,150 m. This target has two proposed diamond drill holes (23CUR-007 and 23CUR-008), which would drill vertically at 50 m and 100 m, respectively, below channel sample 34, which reported values ??of up to 11 m of 232 g/t Ag and 1.61 g/t Au, including 6 m of 387 g/t Ag and 2.74 g/t Au as well as rock chip samples with values ??of up to 3,510 g/t Ag and 751 g/t Ag. The proposed drill holes would also test the contact of a geophysical conductive - resistive gradient that correlates with the main structure in this corridor (Figure 5).
Platform 5:
This platform is located in the Sambalay corridor, northern zone, at an elevation of 2,200 m. This target has two proposed diamond drill holes (23CUR-009 and 23CUR-010), which would drill vertically at 50 m and 100 m, respectively, below channel samples 122 and 123, which reported values ??of up to 2.5 m of 272 g/t Ag and 0.83 g/t Au and 3 m of 154 g/t Ag and 0.32 g/t Au, respectively, as well as rock chip samples with values of ??up to 1,840 g/t Ag and 1,880 g/t Ag. These holes would be located 1.25 km north from hole 21CUR-16 in the inugural program at Curibaya, which intersected 1,129 g/t Ag and 1.04 g/t Au over 1.5 m of structure (see February 14, 2022 news release). This target would also test a geophysical conductive gradient that correlates to the structures in the corridor (Figure 6).
Strategy for H2 2023
In the next two weeks, with the funds raised from the recently closed non-brokered private placement, the Company will commence a regional geological reconnaissance program of the three main zones at the Curibaya project using data from the original 2021 BLEG program as a basis, which demonstrated geochemical anomalies with up to 40 parts per million (ppm) copper and 1.30 ppm molybdenum in sediments. Geological mapping, rock chip sampling and TerraSpec Halo analysis will also be completed in these areas (Figure 7).
The Company will also continue preparations for its second phase of drilling at Curibaya to test the epithermal silver - gold structures (drill holes extending to a depth of 150 m - 250 m) on the property which, subject to market conditions, it plans to finance and commence prior to the end of the year.
Following this, the Company would like to conduct a phase three program that would test the possible copper porphyry source mineralization (drilling to a depth of 500 m - 800 m).
If the results from the above listed programs warrant further drilling, the Company would commence a fourth stage of drilling, to a depth of 2,000 m to 5,000 m, that would follow the corridor of structures at Cambaya from platform 6 to platform 10. At this point in time, all phases of drilling are subject to raising additional capital.
Figure 1: Illustrates a general location map of the proposed five drill platforms for the second phase of drilling at the Curibaya project.
Figure 2: Illustrates the planned holes from Platform 1 in the central zone of the Cambaya I target area and the corresponding geophysical CSAMT survey results.
Figure 3: Illustrates the planned holes from platform 2, in the southern zone of the Cambaya II target area and the corresponding geophysical conductivity gradient.
Figure 4: Illustrates the planned holes from platform 3 in the southern zone of the Cambaya II target area and the corresponding geophysical conductivity gradient.
Figure 5: Illustrates the planned holes from platform 4 in the southern zone of the Cambaya I target area and the corresponding geophysical conductivity gradient.
Figure 6: Illustrates the planned holes from platform 5 in the northern zone of the Sambalay target area and the corresponding geophysical conductivity gradient.
Figure 7: Illustrates location of zones 1, 2 and 3 for regional geological reconnaissance, which is expected to include rock chip sampling, as well as Terraspec Halo mapping and sampling.
Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.
Peter Dembicki
President, CEO and Director
For further information on Tier One Silver Inc., please contact Natasha Frakes, VP, Communications, at (778) 729-0600 or info@tieronesilver.com
About Tier One
Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and base metal deposits in Peru. The Company's management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success. The Company's exploration assets in Peru include: Hurricane, Coastal Batholith, Corisur and the flagship project, Curibaya. For more information, visit www.tieronesilver.com.
Forward Looking Information and General Cautionary Language
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events which are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release. In particular, and without limitation, this news release contains forward-looking statements with respect to exploration plans.
Readers should refer to the risks discussed in the Company's Annual Information Form and Management's Discussion & Analysis for the year ended December 31, 2022, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.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.
SOURCE: Tier One Silver Inc.
Tinka Drills 98 Metres at 8.8% Zinc Including 36 Metres at 19.0% Zinc at Ayawilca and Provides Exploration Update
https://www.accesswire.com/759930/Tinka-Drills-98-Metres-at-88-Zinc-Including-36-Metres-at-190-Zinc-at-Ayawilca-and-Provides-Exploration-Update
Thursday, June 8, 2023 6:30 AM
Tinka Resources Ltd.
http://www.tinkaresources.com
VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF
Friday's Dog Holdings Announces Plan of Arrangement to Become Major Uranium Developer as American Lithium “Spins Out” Macusani Uranium
Brokered Financing for Gross Proceeds of $15,000,000
https://www.globenewswire.com/news-release/2023/06/07/2683853/0/en/Friday-s-Dog-Holdings-Announces-Plan-of-Arrangement-to-Become-Major-Uranium-Developer-as-American-Lithium-Spins-Out-Macusani-Uranium.html
June 07, 2023 09:15 ET | Source: Friday's Dog Holdings Inc.
VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) -- Friday’s Dog Holdings Inc. (to be renamed, “International Uranium Corp.”) (the “Company”) (TSXV: FRDY | OTCQB: FDOGF) is pleased to announce that management of the Company, after review and consultation with its advisors, has determined it is in the best interests of shareholders of the Company to complete a business combination transaction (the “Transaction”) with a wholly-owned subsidiary of American Lithium Corp. (TSX-V: LI | NASDAQ: AML | Frankfurt:5LA1) (“American Lithium”). The Transaction will be completed by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which, the Company will; acquire all of the outstanding securities of Macusani Uranium S.A.C. (“Macusani Uranium”), a wholly-owned Peruvian subsidiary of American Lithium incorporated on October 13, 2022; and change the business of the Company to uranium exploration and development as further outlined below. At the same time the Company will spin-out its existing business to existing shareholders of the Company (the “Shareholders”)
The Transaction, is subject to a number of closing conditions including: (i) the completion of a consolidation (the “Consolidation”) of the Company's outstanding share capital on the basis of one (1) post-Consolidation common share for every four-and-one-half (4.5) pre-Consolidation shares; (ii) the issuance to American Lithium of 80,000,000 post-Consolidation common shares (the “Consideration Shares”) in consideration of the issued and outstanding securities of Macusani Uranium; (iii) the completion of a concurrent brokered private placement of subscription receipts to raise gross proceeds of no less than $15,000,000 being coordinated by a syndicate lead by Eight Capital and National Bank Financial and including Canaccord Genuity Corp., Clarkson Securities AS and TD Securities (the “Concurrent Offering”); (iv) the completion of the spin-out of Friday's Dog Inc. (“FDI”), comprising the existing business of the Company, to the Shareholders; (v) the change of the Company's name to “International Uranium Corp.”; and (vi) the reconstitution of the current board of directors and management of the Company to consist of nominees of American Lithium (as further described below).
The Macusani uranium property consists of 85 mineral concessions in Peru covering approximately 51,800 ha forming the Macusani uranium project, located on the Macusani Plateau, Puno, in southeastern Peru (the “Macusani Project”). The Macusani Project comprises one of world’s largest undeveloped uranium projects with a large, at surface, resource and low-cost opex and capex profile as evidenced in its latest Preliminary Economic Assessment (PEA), available on American Lithium’s website (www.americanlithiumcorp.com). The Macusani Project offers numerous additional opportunities for expansion and a flow-sheet that has the potential to deliver strong economic returns. Management of the Company believes the proposed transaction provides compelling benefits for the Company and its Shareholders. It focuses the Company as a pure-play uranium exploration and development company by spinning out its current unrelated business. The resulting issuer will focus on unlocking asset value by applying existing proceeds and funds raised in the subsequent offering to advance the Macusani Project by infill and expansion drilling and updating the existing PEA and resource.
Jeremy Ross, Chief Executive Officer of the Company stated “We are delighted to be involved with the Macusani Project, which we believe is strategically positioned to capitalize on the growing global demand for nuclear energy and large, high-quality uranium deposits. With our robust financial resources and support from strategic investors, we have confidence in the project's ability to make a meaningful contribution to clean energy initiatives worldwide, while generating significant value for our existing Shareholders”.
American Lithium Arrangement Agreement
In connection with the Transaction, the Company entered into an arrangement agreement (the “American Lithium Arrangement Agreement”) with American Lithium, dated June 6, 2023, which sets out the proposed terms and conditions pursuant to which American Lithium and the Company will complete a business combination under a plan of arrangement in accordance with the Business Corporations Act (British Columbia) (the “American Lithium Plan of Arrangement”). Pursuant to the terms of the American Lithium Plan of Arrangement, American Lithium will complete an internal reorganization of its subsidiaries, such that following completion of the reorganization, Macusani Uranium will be a direct subsidiary of American Lithium; thereafter, the Company will issue to American Lithium the Consideration Shares in consideration of the acquisition of all of the issued and outstanding securities of Macusani Uranium. Immediately following receipt of the Consideration Shares, American Lithium intends to distribute (the “Distribution”) the Consideration Shares to its existing common shareholders of record on a pro rata basis.
In addition to the foregoing, the American Lithium Plan of Arrangement, is subject to a number of additional closing conditions including: (i) the approval of the shareholders of each of American Lithium and the Company; (ii) the approval of the Supreme Court of British Columbia (the “Court”); (iii) the approval of the TSX Venture Exchange (the “TSXV”) and all other applicable third party and regulatory consents for the Transaction; (iv) the Company having no less than CAD$5,000,000 in available cash of working capital prior to completion of the Concurrent Offering and after deducting the expenses associated with the Transaction; and (v) other customary closing conditions for a transaction of this nature.
The issuance of the Consideration Shares and acquisition of Macusani Uranium will constitute a 'Reverse Takeover' and 'Change of Business' of the Company (as such terms are defined in TSXV Policy 5.2 – Change of Business and Reverse Takeovers) and accordingly, the Transaction is subject to and conditional on TSXV approval.
Following completion of the Transaction, the Company (after the completion of the Transaction, the “Resulting Issuer”) will have ownership and control over the Macusani Project. Management of the Resulting Issuer will be comprised of nominees of American Lithium, and American Lithium will arrange for the continuity of the existing development team in Peru. Macusani Uranium is currently wholly owned by Macusani Yellowcake S.A.S. (“Macusani Yellowcake”), a wholly owned Peruvian subsidiary of American Lithium, that currently holds title to 169 mineral concessions in Peru, including the Macusani Project concessions. In connection with the Transaction, Macusani Yellowcake has transferred the 85 concessions underlying the Macusani Project to Macusani Uranium and American Lithium will retain the right to participate in any future commercially viable discoveries of lithium mineralization on the Macusani Project concessions. The Company will be permitted to participate in any future commercially viable discoveries of uranium mineralization on the remaining Macusani Yellowcake mineral concessions which have been retained by American Lithium. Subject to TSXV approval, the common shares of the Resulting Issuer will trade on the TSXV under a new trading symbol to be determined by the parties. The Resulting Issuer is expected to be listed on Tier 2 of the TSXV as a mining issuer. In connection with the Transaction, trading in the common shares of the Company has been halted and is expected to remain halted until closing of the Transaction.
The Company intends to rely on Section 2.11 of National Instrument 45-106 – Prospectus Exemptions, for an exemption from the prospectus requirements for the issuance of the Consideration Shares to American Lithium. Sponsorship of the Transaction is required by the TSXV unless exempt or waived in accordance with the policies of the TSXV. The Company intends to apply for a waiver from the sponsorship requirements. The Transaction is an arm’s length transaction in accordance with the policies of the TSXV.
The foregoing description is qualified by reference to the full text of the American Lithium Plan of Arrangement, set out at Schedule “A” to the American Lithium Arrangement Agreement, filed under the Company's profile on www.sedar.com
Concurrent Brokered Offering
As a condition of closing of the American Lithium Plan of Arrangement, the Company intends to complete a best efforts brokered private placement of subscription receipts (“Subscription Receipts”) to be led by Eight Capital (the “Agent”) as co-lead agent and joint bookrunner together with National Bank Financial Inc., and with Canaccord Genuity Corp., Clarkson Securities AS and TD Securities as syndicate partners, at a price per Subscription Receipt of $0.50 (the "Offered Securities") to raise aggregate gross proceeds of $15,000,000. Subject to the terms and conditions of the Subscription Receipt Agreement, each Subscription Receipt will be convertible into one unit (each a "Unit") consisting of one common share of the Company and one-half of one common share purchase warrant of the Company (each a “Warrant”) entitling the holder to purchase one common share of the Company at an exercise price of $1.25 until 24 months from the closing date of the Concurrent Offering. The Company will pay the Agent a cash commission (“Agent’s Commission”) equal to 6% of the aggregate gross proceeds of the Concurrent Offering (subject to a reduced commission for subscribers on an agreed upon president's list). The net proceeds of the Concurrent Offering, less 50% of the Agent’s Commission, will be placed in escrow pending the satisfaction of the escrow release conditions of the Subscription Receipts including the completion of the Arrangements. Subject to closing of the satisfaction of the escrow release conditions and the release of the escrowed funds from escrow, the Agent will also receive that number of compensation warrants equal to 6% of the number of Offered Securities, other than Offered Securities purchased by purchasers on the president’s list, with each such compensation warrant to be exercisable into one Unit at a price of $0.50 for a period of 24 months from closing of the Concurrent Offering (each a "Compensation Unit Warrant"). The Board contemplates using the net proceeds from the Concurrent Offering to fund the exploration and completion of a current preliminary economic assessment of the Macusani Project and for general corporate purposes. The Subscription Receipts, Warrants and common shares underlying the Warrants, Subscription Receipts, and Compensation Unit Warrants will be subject to a statutory four-month and one day hold period following closing of the Concurrent Offering and the policies of the TSXV.
Friday's Dog Plan of Arrangement
In connection with the Transaction, the Company also entered into an additional arrangement agreement (the “Friday’s Dog Arrangement Agreement”) with FDI (which currently controls the existing business of the Company) pursuant to which the Company will complete a spin-out of all of the issued and outstanding shares of FDI (the “FDI Shares”) to the existing Shareholders on a 1 to 1 ratio under a plan of arrangement in accordance with the Business Corporations Act (British Columbia) (the “Friday's Dog Plan of Arrangement”).
Pursuant to the Friday's Dog Arrangement Agreement, and in accordance with the Friday's Dog Plan of Arrangement, the Company will complete the following steps (prior to effecting the Consolidation):
the Company will alter its share capital to create the new common shares (the “New Common Shares”).
the Company will alter its authorized share structure to rename and re-designate all of the issued and outstanding common shares of Friday’s Dog as Class A common shares without par value (the “Class A Common Shares”).
Each Shareholder will transfer to the Company all of their Class A Common Shares and in exchange receive the following:
One New Common Share at an exchange ratio of 1 to 1; and
such number of FDI Shares as is equal to the pro-rata percentage ownership of Class A Common Shares of each Shareholder.
The Company will alter its share capital so that only the New Common Shares will remain.
Upon surrender of the Friday's Dog Shares, each Friday's Dog Share will be deemed after the closing of the Friday's Dog Arrangement to represent only the right to receive from the transfer agent, upon such surrender, such number of New Common Shares and FDI Shares that the Shareholder is entitled to pursuant to the Friday's Dog Plan of Arrangement;
Upon the Friday's Dog Plan of Arrangement becoming effective, FDI will cease to be a wholly-owned subsidiary of the Company and, as of the share distribution date, the Shareholders will hold all of the outstanding FDI Shares.
In connection with the proposed American Lithium Plan of Arrangement and the Friday's Dog Plan of Arrangement (collectively the “Arrangements”), the Shareholders will continue to own common shares of the Company subject to the completion of the Consolidation immediately following completion of the spin-out of the FDI Shares pursuant to the Friday's Dog Plan of Arrangement (the “Spin-Out”). The American Lithium Plan of Arrangement is conditional on the Spin-Out of FDI having been completed prior to closing. If either Arrangement does not receive all requisite shareholder and regulatory approvals the Transaction will not be completed.
The foregoing description is qualified by reference to the full text of the Friday's Dog Plan of Arrangement, set out at Schedule “A” to the Friday's Dog Arrangement Agreement, filed under the Company's profile on www.sedar.com. The Friday's Dog Plan of Arrangement is subject to approval of the Court, the Friday's Dog Shareholders, and the TSXV, and there can be no assurance that such approvals will be obtained or that the Friday's Dog Plan of Arrangement will be completed on the terms contemplated, or at all. Further information regarding the Friday's Dog Plan of Arrangement is expected to be contained in a management information circular (the “Circular”) that the Company intends to prepare and mail to the Friday's Dog Shareholders in connection with the holding of an annual and special meeting (the “Meeting”) to approve the Transaction.
Reasons for the Arrangement
The Board is of the view that the Arrangements will benefit the Company and its Shareholders. This conclusion is based on the following primary determinations:
By spinning out the existing FDI business consisting of canine care and grooming product manufacturing business, the Shareholders still retain their interest in the current business. Management believes that this business has a greater opportunity to be developed to its full potential realizable value as a separate reporting issuer not listed on an exchange which will help reduce operating costs and expenses for the current business as it continues to look for distributors for its products;
The acquisition of Macusani Uranium pursuant to the American Lithium Plan of Arrangement will provide the Shareholders a direct interest in a new company with one of the largest undeveloped uranium projects whose ease of extraction and “near surface” characteristics position it with the potential to be one of the lowest cost sources of uranium globally that will pursue the development of the Macusani Project as its sole initial priority. With mounting concerns around energy security and climate change, Macusani is strategically located in the Americas, and management believes it can play a large role in the transition to zero emission base-load electricity generation that the world requires;
As a separate company, FDI will have direct access to public and private capital markets and will be able to raise equity to fund development of the existing FDI business on a priority basis;
The Arrangements will create individual public reporting companies that are anticipated to result in separate and well-focused entities, each of which will provide a platform for transactions that management wishes to target; and
Following closing of the Arrangements, FDI will be a “reporting issuer” under securities legislation and accordingly, the Shareholders will continue to benefit from public company oversight from the securities commissions and the higher continuous disclosure, governance and financial statement requirements applicable to public companies, but no securities of FDI are expected to be listed on any regulated stock exchange upon closing of the Transaction.
The securities to be issued under the Friday's Dog Plan of Arrangement have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. It is anticipated that any securities to be issued under the Friday's Dog Plan of Arrangement will be offered and issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act of 1933 provided by Section 3(a)(10) thereof.
Meeting Details
The Meeting date, time, and location is to be determined. A notice of meeting and record date will be available under its profile on www.sedar.com once finalized.
Only Shareholders of record at the close of business on the record date will be entitled to vote at the Meeting. The Friday's Dog Arrangement is subject to Shareholder approval of not less than 66 2/3% of the votes cast at the Meeting and the approval of the American Lithium Arrangement Agreement is subject to Shareholder approval of not less than 51% of the votes cast at the Meeting.
Interim and Final Order
The Friday's Dog Plan of Arrangement is subject to Court approval by way of receipt of an interim order (the “Interim Order”) and a final order (the “Final Order”). The Interim Order will provide for, among other things, the holding of the Meeting to approve the Friday's Dog Plan of Arrangement. The Interim Order will also set out other conditions that must be met for the Company to apply for the Final Order of the Court to approve the Friday's Dog Plan of Arrangement.
Management of the Resulting Issuer
Subject to the applicable shareholder, Court and TSXV approval of the Arrangements, upon completion of the Arrangements, the board of directors and management of the Resulting Issuer will be comprised of the following individuals:
Alex Tsakumis, Chief Executive Officer
Mr. Tsakumis is a public markets specialist with over 30 years of experience in all aspects of mining from exploration to production. He has represented mining resource companies listed on major stock exchanges including TSX, NYSE and Nasdaq. Responsibilities have included corporate governance, finance, corporate communications, and maintaining strong relationships within investment banking and institutional investors. He was former VP of Belcarra Group, Alio Gold/Timmins Gold, and Orko Silver and currently an Advisor to Prime Mining Corp. and Director of American Lithium Corp.
Ted O’Connor, President
Ted O’Connor, P.Geo., M.Sc., is a professional geoscientist with over 30 years of experience in the exploration industry. Mr. O’Connor was involved with Plateau Energy Metals since shortly after its inception, until its acquisition by American Lithium. Previously, as director of corporate development for Cameco, he was responsible for evaluating, directing and exploring for uranium deposits worldwide. He has led new project generation from early exploration through discovery on multiple uranium projects and was also part of the discovery team for the Falchani project. Mr. O’Connor is currently EVP of American Lithium.
Philip Gibbs, Chief Financial Officer
Philip Gibbs, former chief financial officer of Plateau Energy Metals Inc., has extensive experience in corporate financial management which includes global multi-national as well as TSXV-listed mining and mineral exploration companies operating in Canada, Africa and South America. Mr. Gibbs is also CFO of American Lithium.
Paul Charlish, VP-Finance and Corporate Secretary
Mr. Charlish has over 30 years of financial experience, including audit and tax in public practice, and financial reporting and tax for public companies. He has extensive knowledge of financial reporting in accordance with IFRS, risk management, international tax, ICFR/SOX and internal controls, as well as in-depth knowledge of public equity offerings in Canada. During the course of his career, Mr. Charlish has been a key member of several successful management teams, in the position of CFO and Corporate Secretary, and has also played an instrumental role in mergers, acquisitions, spin outs and divestments for public companies. Mr. Charlish is currently VP Finance and Corporate Secretary of American Lithium.
Simon Clarke, Director
Mr. Clarke brings over 25 years of experience in building companies and implementing successful capital markets and growth strategies focused on mining, energy, and energy technology. Mr. Clarke is currently the CEO and a Director of American Lithium and prior to that was the founder, CEO, and director of M2 Cobalt Corp. (cobalt/copper exploration in East Africa), which was acquired by Jervois Global in June 2019. Jervois is a world leader in the development and mining of cobalt and nickel projects and operates cobalt and nickel refineries. The transaction involved Mr. Clarke remaining with Jervois for 12 months as a director and senior executive. Mr. Clarke was also a co-founder, executive, and director of Osum Oil Sands Corp. a company valued in excess of US$1 billion at its peak market capitalization. Osum grew its production to approximately 20,000 bopd before being acquired by Watreous Energy Fund for around CDN $400 million in 2021. Mr. Clarke benefits from extensive experience and knowledge of the battery metals and energy space spanning 20 years. This includes his current and past senior executive roles with American Lithium, M2 Cobalt and Jervois Mining, as well as senior roles in the energy technology and energy sectors sector. Mr. Clarke holds an LLB and Diploma in Legal Practice from Aberdeen University, Scotland.
Dr. Laurence Stefan, Director
Dr. Laurence Stefan, COO of American Lithium and the founder of Plateau Energy Metals Inc., has over 30 years of experience in the mining industry (exploration, development, mining, processing and marketing), serving as managing director in Peru since 2007. Dr. Stefan previously worked at Gold Fields of South Africa and JCI Pty. Ltd., where he was involved in the beneficiation of a wide variety of solid metal/non-metal commodities. He has vast experience covering over 100 projects on six continents and led the discovery team for the Falchani lithium project.
Cathy Fitzgerald, M.Sc., P.Geo., Director
Cathy Fitzgerald is a geologist with over 20 years’ experience in technical leadership roles associated with the exploration and development of early-stage projects through to feasibility stage across various commodities. Previously Director Resource Evaluation, Ivanhoe Electric (formerly High Power Exploration).
Anthony Paterson, Director
Mr. Paterson is an accomplished venture and private equity investor skilled in financing, business development, and operations. He has significantly contributed to the success of numerous start-ups by raising over $50M in capital across industries such as life sciences, consumer packaged goods, and natural resources. As a lead investor with Zephyr Venture Partners, Anthony has raised $10M for biotech and biopharmaceutical firms like Ashvathha Therapeutics and Breathe Diagnostic. He has also secured over $20M for CPG companies Friday's Dog and Healthy Hippo Naturals. Notably, his involvement in Prime Mining's bridge loan financing during its early stage led to a market capitalization increase from $20M to $500M. Anthony has served as a director for a number of publicly listed companies and has developed a strong financing expertise and significant experience guiding start-ups with strong growth potential.
Steve Vanry, Director
Mr. Vanry is a Chartered Financial Analyst and registered Canadian Investment Manager and member of the CFA Institute as well as the Vancouver Society of Financial Analysts. His business career includes over 25 years with publicly traded natural resource companies at both management and board level during which time he focused on strategic planning, fund raising, mergers and acquisitions, regulatory compliance and financial reporting.
The Macusani Uranium Property
The Macusani Project is located within the Macusani District of the Carabaya Province in the southeastern corner of Peru, 220 km by road north of the city of Juliaca, the region’s largest city, and approximately 650 km east-southeast of Lima. The Macusani Project consists of 85 mining concessions covering approximately 51,800 ha.
Avrom E. Howard, M.Sc., P.Geo. is a Qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this news release relating to the Macusani Project.
On Behalf of the Board of Friday's Dog Holdings Inc.
“Anthony Paterson”
Anthony Paterson, Director
For further information, please contact:
Anthony Paterson
Friday's Dog Holdings Inc.
Email: investors@fridaysdog.com
Visit our website at www.investors.fridaysdog.com
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities to be issued in connection with the Arrangements have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Completion of the Arrangements is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Arrangements cannot close until the required shareholder approval is obtained. There can be no assurance that the Arrangements will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or listing application to be prepared in connection with the Transaction, any information released or received with respect to the Arrangements may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in the polices of the TSX Venture Exchange) has in any way passed upon the merits of the Arrangements and associated transactions and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Cautionary Statements Regarding Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the proposal to complete the Arrangements, Transaction, Concurrent Offering and associated transactions, including statements regarding the terms and conditions of the Arrangement and the Concurrent Offering, the business plans and objectives of the Company and the Resulting Issuer, expectations for other economic, business and competitive factors and approvals of regulatory bodies. Although the Company believe in light of the experience of its directors and officers, current conditions and expected future developments and other factors that have been considered appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, determination of acceptable terms for the proposed spinout transaction, risks and uncertainties relating to the receipt of approvals to proceed with and complete the Transaction and the satisfaction of all conditions precedent to the Arrangements, unexpected tax consequences, the benefits of the spin-out transaction not being realized or as anticipated, the listing of the common shares of the Resulting Issuer on the TSXV, the timing and completion of the Concurrent Offering, and any and all future remedies pursued by American Lithium and its subsidiary Macusani Yellowcake to resolve the title for 32 of its concessions; the Company’s strategic plans and the parties’ ability to satisfy closing conditions and receive necessary approvals as planned. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that the Arrangements will occur or that, if the Arrangements do occur, it will be completed on the terms described above. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
Cautionary Note Regarding Macusani Yellowcake Concessions
Thirty-two of the 151 concessions held by American Lithium’s subsidiary Macusani Yellowcake, are currently subject to Administrative and Judicial processes (together, the “Processes”) in Peru to overturn resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared Macusani’s title to 32 of the concessions invalid due to late receipt of the annual validity payments. In November 2019, Macusani Yellowcake applied for injunctive relief on 32 concessions in a Court in Lima, Peru and was successful in obtaining such an injunction on 17 of the concessions including three of the four concessions included in the Macusani Uranium Project PEA. The grant of the Precautionary Measure (Medida Cautelar) has restored the title, rights and validity of those 17 concessions to Macusani Yellowcake until a final decision is obtained at the last stage of the judicial process. A Precautionary Measure application was made at the same time for the remaining 15 concessions and was ultimately granted by a Court in Lima, Peru on March 2, 2021 which has also restored the title, rights and validity of those 15 remaining concessions to Macusani Yellowcake, with the result being that all 32 concessions are now protected by Precautionary Measure (Medida Cautelar) until a final decision on this matter is obtained at the last stage of the judicial process. The favourable judge’s ruling confirming title to all 32 concessions from November 3, 2021 represents the final stage of the current judicial process. However, this ruling has recently been appealed by MINEM and INGEMMET. American Lithium has no assurance that the outcome of these appeals will be in American Lithium's favour.
MANTARO PRECIOUS METALS COMPLETES DRILL PAD CONSTRUCTION AT SANTAS GLORIA AHEAD OF MAIDEN DRILL PROGRAM
https://www.newswire.ca/news-releases/mantaro-precious-metals-corp-completes-drill-pad-construction-at-santas-gloria-ahead-of-maiden-drill-program-847549104.html
Mantaro Precious Metals Corp. 02 Jun, 2023, 00:01 ET
VANCOUVER, BC, June 2, 2023 /CNW/ - MANTARO PRECIOUS METALS CORP. (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (the "Company") ") is pleased to announce the completion of drill pad construction at the Santas Gloria Project ahead of its planned maiden 2500 meter drill program.
Highlights:
Figure 1: Map of the Santas Gloria Property showing planned drill pads, hole traces and channel sampling results. (CNW Group/Mantaro Precious Metals Corp.)
Figure 2: Long section of the San Jorge mine highlighting drill target areas with blue circles. (CNW Group/Mantaro Precious Metals Corp.)
Figure 3: Multiphase, 3 to 5 m wide, sub-vertical Paquita vein. (CNW Group/Mantaro Precious Metals Corp.)
Figure 4: Completed drill pad at San Jorge Vein. (CNW Group/Mantaro Precious Metals Corp.)
Drill Pad Construction: Following the cessation of the wet season, the Company has constructed 10 drill pads at Santas Gloria.
2500 m Diamond Drill Program: The Company has planned a 15 to 20 hole angled diamond drill program totaling 2500 meters subject to completion of a future financing. The program is planned to commence in summer 2023.
Drilling will initially target the strike and depth extensions of high-grade gold-silver-base metal mineralised segments of the Tembledara, San Jorge, Paquita and Maribel veins, which have been defined by channel sampling of surface veins and underground workings. The majority of pads are located at 40-meter step backs from the veins in order to target near-surface depth extensions beneath areas of highest surface silver and gold geochemistry (Figure 1). One pad is positioned at an 80 meter step-back to enable drill testing beneath high-grade shoots identified by UG channel sampling at San Jorge (Figure 2) mine.
Four drill pads were built at San Jorge. San Jorge is a multiphase silver-rich intermediate sulphidation epithermal vein system, that is up to 6 meters wide at the surface and has been mapped over 2 strike kilometres. Three pads are 40-meter step backs to test the down dip extensions of a high-grade zone that returned surface channel samples assays of between 93 to 2500 g/t Ag over 450 m strike length. One pad is an 80-meter step back to the vein and will target a high-grade ore shoot beneath historical underground mine workings which returned underground channel samples grades of up to 3210 g/t Ag.
One drill pad has been built at Tembledara to test the downdip and strike extensions of the vein where underground channel sampling by Mantaro returned grades of >10,000 g/t Ag, >20% Pb and up to 9.1% Zn. Two additional drill pads will test the near surface down dip extensions of high-grade silver mineralization which has been defined in surface channel samples over a strike length of 400 meters along the Tembladera 1 and Tembladera 2 veins. The Tembladera vein system is a complex of silver-rich intermediate vein splays and breccia's in the south of the Santas Gloria Property, with a cumulative vein strike length of over 4 kilometers.
In the north of the project area, three pads are planned to target the down-dip extensions of the high-grade, gold-silver mineralized Paquita (Figure 3) and Maribel veins. Paquita and Maribel are multiphase-brecciated, intermediate sulphidation epithermal veins — highly oxidized and leached at surface. The veins have been mapped over 2 strike kilometers, are up to 5 meters wide, multiphase and returned grades up to 585 g/t Ag and 8.57 g/t Au from surface channel samples taken by Mantaro. Paquita and Maribel have never been formally mined or drill tested. The pads are 40-meter step backs from the veins designed to test the near surface depth extension of high grade mineralization.
Darren Hazelwood, Chief Executive Officer of the Company states, "After several months of extensive geologic work and preparation, the Mantaro team is excited to have completed drill pad construction leading up to its maiden 2,500-meter drill program on the Santas Gloria Property. Santas Gloria presents us with a rare opportunity to be the first company to drill test an extensive, high-grade, gold-silver mineralisaed intermediate sulphidation epithermal system in central Peru, where small scale historical mining has demonstrated underground silver-base metal grades."
The Santas Glorias property is approximately 100 km from Lima, is at a relatively low altitude of 3300 m, and benefits from a community access agreement that is valid until 2028. The Company was awarded three archaeology certificates (CIRA) that cover key drill targets and confirm that there are no archaeological impediments to drilling. The Company's environmental application (Ficha Tecnica Ambiental) and water permits have been accepted and an authorization for drilling (AIA) up to 20 pads. The Company elected to initially construct only 10 of the possible 20 pads allowing for optionality of pad location for a second round of drilling. While the Company has planned an initial 15-20 hole (2500 m) program from the first 10 drill pads, it is possible to drill "fans" of multiple holes from each, such that additional meters could be drilled without construction of additional pads. In this manner, the Company could drill between 40 to 50 holes from the first 10 pads, and a similar number from the next 10 pads. The Company is well placed to drill extensively drill test the highest grade parts of each vein.
Qualified Person
Dr. Christopher Wilson, Ph.D., FAusIMM (CP), FSEG, FGS, a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
About Mantaro Precious Metals Corp.
Mantaro Precious Metals Corp. is a British Columbia company that holds a diversified portfolio of gold and silver focused mineral properties in Bolivia and Peru. The Company holds an option to acquire up to an 80% interest in the advanced Golden Hill orogenic gold property ("Golden Hill"), located in the underexplored Precambrian Shield, Bolivia.
In Peru, the Company has a 100% interest in the high-grade Santas Gloria silver property as well as a 100% interest in each of the La Purisima, Cerro Luque and Huaranay properties.
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, ability to obtain sufficient financing to carry out its exploration programs and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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 Mantaro Precious Metals Corp.
For further information: Darren Hazelwood, Phone: +44 (0) 7971 957685, E-mail: darren@mantaropreciousmetals.com
DLP Resources intersects 221.4m of 0.95% CuEq* within a 693.4m interval of 0.64% CuEq* on the Aurora Project in Southern Peru
https://www.newsfilecorp.com/release/168269
Cranbrook, British Columbia--(Newsfile Corp. - June 1, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF)
Glencore plans $1.5 billion investment to expand Peru copper mine
https://ca.finance.yahoo.com/news/exclusive-glencore-plans-1-5-161228214.html
Marco Aquino
Tue, May 30, 2023 at 9:12 a.m. PDT·2 min read
By Marco Aquino
LIMA (Reuters) - Mining giant Glencore Plc plans to invest $1.5 billion on an expansion project at its Antapaccay mine in Peru, up from $590 million announced previously, a company executive said, in a bid to unlock the stalled plan key to maintaining copper output.
Carlos Cotera, general manager of Antapaccay Mining Co, told Reuters the Glencore unit was pushing forward the "Coroccohuayco" project, which aims to extend the mine's lifespan by decades. In recent years, production has been stalled as the quality of ore grades declined.
"The Coroccohuayco project means expanding the life of the mine until at least 2045 or 2050, that's our forecast," Cotera said on Monday evening on the sidelines of a mining forum in Lima. "We estimate the investment will exceed $1.5 billion."
The electric car revolution has sharply boosted forecasts for global copper demand in the coming years with many analysts expecting a supply deficit after production and investment has slowed in key regions. Peru is the world's No. 2 copper producer, with neighbor Chile No. 1.
Cotera said annual production at Antapaccay, one of Peru's largest copper mines, has fallen steadily from 221,000 tonnes in 2016 to around 150,000 tonnes now, making the expansion project important.
"We are confident that for at least the first 10 years of Coroccohuayco's operation copper production will be around 250,000 tonnes of copper per year," Cotera said.
The project has been delayed by social unrest in the province where the mine is located. In September 2022, residents of Espinar opposing the expansion project blocked part of an Andes mining corridor for a few days.
Antapaccay said at that time the plan was "under review." The corridor was also blocked during recent unrest following former President Pedro Castillo's ouster.
Cotera said the firm is now examining Coroccohuayco's "pre-feasibility study" and expects approval in the second half of 2024 before moving to a full feasibility study.
Silver X Reports First Quarter 2023 Financial Results
https://www.accesswire.com/756904/Silver-X-Reports-First-Quarter-2023-Financial-Results
Wednesday, May 24, 2023 7:45 AM
Silver X Mining Corp.
www.silverxmining.com
Generated revenues of $4.6 million, sustaining capital expenditures at Tangana while production ramp up continues
(All dollar amounts expressed in US dollars unless otherwise noted)
VANCOUVER, BC / ACCESSWIRE / May 24, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(FRA:AGX
Silver X Reports First Quarter 2023 Financial Results
https://www.accesswire.com/756904/Silver-X-Reports-First-Quarter-2023-Financial-Results
Wednesday, May 24, 2023 7:45 AM
Silver X Mining Corp.
www.silverxmining.com
Generated revenues of $4.6 million, sustaining capital expenditures at Tangana while production ramp up continues
(All dollar amounts expressed in US dollars unless otherwise noted)
VANCOUVER, BC / ACCESSWIRE / May 24, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(FRA:AGX)
Winshear Receives Authorisation to Initiate Activities at Its Gaban Gold Project in Puno, Peru
https://ca.finance.yahoo.com/news/winshear-receives-authorisation-initiate-activities-120000708.html
Winshear Gold Corp.
May 16, 2023·2 min read
VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Winshear Gold Corp. (TSX-V: WINS), (“Winshear” or “the Company”) is pleased to report that it has received approval of its Authorization to Initiate Exploration Activities (“AIEA”) from the Ministry of Energy and Mines of Peru and is fully permitted to carry out a drilling program at its Gaban gold project in the Puno Orogenic Gold Belt of Peru. The environmental impact study or Declaración de Impacto Ambiental permit (DIA) for the project, previously received in October 2022, allows for the construction of up to 40 drill platforms in the Coritiri gold anomaly area. Gaban is being investigated as a possible hard rock source of the extensive alluvial goldfields being mined downstream at Madre de Dios which now cover over 1,900 square kilometers.
Richard Williams, Winshear’s CEO, commented, “Winshear’s receipt of the authorization to initiate activities is the last major permitting milestone in order to carry out a drill program on the Coritiri gold target area at the Gaban Gold Project. Winshear is contemplating bringing in a joint venture partner while it awaits a judgement on its arbitration case against the government of Tanzania which concluded in February of 2023. Winshear is seeking damage in excess of CDN$130M with the tribunal’s decision expected in the fall of 2023. The Company has just completed an oversubscribed $585,000 financing with a view to receiving the arbitration judgement before it seeks a larger financing to drill at Gaban.”
GEOLOGY OF THE GABAN GOLD PROJECT
The Gaban gold project is located in the Puno Orogenic Gold Belt (POGB) on the east side of the Andes. The geology of the area comprises fine-grained sedimentary rocks, locally carbonaceous, which show evidence of low-grade regional metamorphism. Gold-bearing shear zones are commonly located near granitic intrusions found throughout the belt.
The Coritiri Target was originally identified through the discovery of gold in stream sediment anomalies along the Yanamayo river basin which were coincident with a large aeromagnetic anomaly. Follow-up field work led to the discovery of outcropping shear zones containing gold-bearing quartz veins in areas with evidence of historic hard-rock mining activity and current artisanal placer gold mining.
To date, Winshear has defined a 1 kilometre by 2.2 kilometre area containing numerous outcrops of shear zone hosted gold mineralization (see Figure 1). Channel sampling across the quartz-veined shear zones has returned up to 32.35 grams per tonne gold over 1 metre. The target delineated at Coritiri has never been drill tested.
About Winshear Gold Corp.
Winshear holds 100% ownership in the Gaban Gold, Yang Gold and Ica I.O.C.G. projects in Peru. At Gaban, Winshear is fully permitted to carry out an inaugural drill program in the Coritiri zone. In February of 2023, Winshear concluded arbitration proceedings against the Government of Tanzania for the expropriation of its SMP gold project in Tanzania. Winshear’s claim now exceeds CDN $130 million with accrued interest. Any settlement or judgement paid to Winshear from the Tanzanian government is subject to a formula whereby a portion of any proceeds are paid to Winshear’s funders and legal counsel. The Company expects a judgement to be issued by the Tribunal in the fall of 2023.
For more information please contact:
Irene Dorsman (604) 200-7874 or irene@winshear.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P.Geo
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.
Cautions Regarding Forward-Looking Statements:
This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including, if any, those related to the likelihood of commercial mining or the ability to fund future mine development are forward-looking statements and contain forward-looking information. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Company plans at the Gaban, Yang or Ica projects, the Company’s ability to fund either of those projects, and any Company plans in relation to any interest it has or may have in the SMP project in Tanzania. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are 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 statements or forward-looking information, including the risks normally involved in the exploration, development and mining business or as may be otherwise set out in the Company’s filings with Canadian securities regulatory agencies. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities law.
C3 Metals Reports Maiden Resource of Over 560 Million Lbs. of Contained Copper, 320,000 Oz. Gold in First of 13 Skarn Targets at Jasperoide, Peru
https://www.newsfilecorp.com/release/167014
Toronto, Ontario--(Newsfile Corp. - May 23, 2023) - C3 Metals Inc. (TSXV: CCCM) (OTCQB: CUAUF) ("C3
Silver X Reports Steady Performance During First Quarter of Commercial Production
https://www.accesswire.com/754098/Silver-X-Reports-Steady-Performance-During-First-Quarter-of-Commercial-Production
Thursday, May 11, 2023 7:30 AM
Silver X Mining Corp.
www.silverxmining.com
Solid results amid improving efficiencies and throughput while ramp up of production continues at Nueva Recuperada
VANCOUVER, BC / ACCESSWIRE / May 11, 2023 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX)
SILVER MOUNTAIN REPORTS NEW UNDERGROUND CHANNEL SAMPLING RESULTS FROM THE SACASIPUEDES AND MATACABALLO VEINS, RELIQUIAS MINE
https://www.newswire.ca/news-releases/silver-mountain-reports-new-underground-channel-sampling-results-from-the-sacasipuedes-and-matacaballo-veins-reliquias-mine-859282415.html
Silver Mountain Resources Inc. May 09, 2023, 07:00 ET
Teck Announces Regulatory Approval for the Zafranal Project
https://www.globenewswire.com/en/news-release/2023/05/12/2667827/0/en/Teck-Announces-Regulatory-Approval-for-the-Zafranal-Project.html
May 12, 2023 08:45 ET | Source: Teck Resources Ltd
VANCOUVER, British Columbia, May 12, 2023 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today that the Zafranal copper project in Peru has received regulatory approval from SENACE, Peru´s National Service of Environmental Certification for Sustainable Investments. Zafranal is a highly competitive, mid-sized copper-gold development project located in the porphyry copper belt of Southern Peru in the Arequipa Region. The deposit is owned by Compañía Minera Zafranal S.A.C. (“CMZ”), of which Teck owns 80% and Mitsubishi Materials Corporation (“MMC”) owns 20%.
“Regulatory approval of the Zafranal Project is an important step forward in our strategy to grow our copper business and unlock significant value for shareholders,” said Jonathan Price, CEO, Teck. “Zafranal will be a low-cost, long-life operation, and is a key part of Teck’s industry-leading pipeline of high-quality, low-cost copper assets in well-established mining jurisdictions in the Americas.”
Located in the Arequipa region, in southern Peru, Zafranal has an expected mine life of 19 years and will produce copper-gold concentrates through an open-pit mining and conventional concentration process. Copper ore processing, including crushing, grinding, flotation, thickening and filtering, will be carried out in a concentrator plant with a processing capacity of up to 80,000 tonnes of ore throughput per day. The mine and concentrator are expected to produce an average of 133,000 tonnes of copper contained in concentrate during its first 5 years of production.
A Feasibility Study of the Zafranal Project was completed in June 2019 by Ausenco which was updated in January 2020 to include discrete value-added engineering updates. Moving forward, the Zafranal team will update project capital and operating cost estimates and will develop detailed engineering plans as well as minor permitting activities through 2023. The project could be positioned for a formal project sanction decision as early as H1 2024.
Receiving regulatory approval for the Zafranal Project is another positive step in Teck’s strategy to advance its industry leading Copper Growth portfolio in a timely and prudent manner.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information are statements other than historical fact and can be identified by statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or achieved. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements in this release include statements concerning: the expectations regarding the timeline for initiating permitting, development and sanctioning of Zafranal and expectations regarding mine life, production capacity, run-rates, and operating costs for Zafranal.
Forward-looking statements and information are made based upon certain assumptions, including but not limited to, assumptions that Zafranal can and will be developed and sanctioned in accordance with Teck’s current plans, will operate as expected, and regarding capital and operating costs. Factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, Teck’s ability to advance permitting and development of Zafranal, including challenges to our permits, risks related to mineral reserves and resources estimation, metallurgical recoveries and mine life, development risks, regulatory restrictions (including environmental and other regulatory restrictions and liabilities), activities by governmental authorities, increases in expected capital and operating costs, and changes in expectations with respect to sanction decisions. The foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or implied by our forward-looking statements and information. Certain of these risks are described in more detail in Teck’s 2022 Annual Information Form and Form 40-F and in subsequent public filings by Teck with Canadian securities administrators and the US Securities and Exchange Commission. None of Teck, MMC or CMZ assume any obligation to revise or update these forward-looking statements and information after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as required under applicable securities laws.
About Teck
As one of Canada’s leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal. Copper, zinc, and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.
About MMC
Mitsubishi Materials Corporation, founded in 1950, is a Japan-based company principally engaged in the processing and manufacturing of non-ferrous metals and products. The group operates businesses in over 30 countries across the world and employs around 23,000 people. Its extensive scope of operations ranges from mining, smelting/refining and recycling, to high-performance processed products, providing solutions for a sustainable society. For more information, visit our website at https://www.mmc.co.jp/corporate/en/.
Teck Media Contact:
Chris Stannell
Public Relations Manager
604.699.4368
chris.stannell@teck.com
Teck Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Analysis
604.699.4621
fraser.phillips@teck.com
MMC Contact:
Corporate Communications Dept., Strategic Headquarters,
Mitsubishi Materials Corporation
Tel:+81-3-5252-5206
American Lithium unit gets green light to explore new area in Peru
https://ca.finance.yahoo.com/news/american-lithium-unit-gets-green-002951664.html
Reuters
Wed, May 10, 2023 at 5:29 p.m. PDT·1 min read
LIMA, May 10 (Reuters) - The Peruvian arm of Canadian miner American Lithium Corp said on Wednesday it received authorization from the South American nation's authorities to carry out additional explorations near its current lithium project.
The new exploration will allow the firm to expand its existing resources in the southern Puno region, bordering Bolivia, said Ulises Solis, chief executive of the subsidiary, known as Macusani Yellowcake S.A.C.
Along with Chile, Argentina and Bolivia, Peru forms part of the "lithium triangle," which is believed to contain more than half of the world's resources of the metal across extensive salt flats.
Solis said in a speech during an industry event that the company received authorization last Friday to develop exploration activities in the Quelcaya area, located a few kilometers from the company's Falchani project.
Last month, Peru's economy minister, Alex Contreras, said "conditions were being established" to develop lithium mining projects in the country, a week after Chile launched a plan to boost state control of the industry.
DLP Resources Intersects 198.90m of 0.98% CuEq* Within a 700.90m Interval of 0.72% CuEq* on the Aurora Project in Southern Peru
https://www.newsfilecorp.com/release/164437
Cranbrook, British Columbia--(Newsfile Corp. - May 2, 2023) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF
Cerro de Pasco Resources Successfully Completes First Full Year of Production
https://www.newswire.ca/news-releases/cerro-de-pasco-resources-successfully-completes-first-full-year-of-production-836073017.html
Cerro de Pasco Resources Inc. May 01, 2023, 10:05 ET
CDPR Reports Fourth Quarter and Full Year Results and Provides 2023 Guidance
MONTRÉAL, May 1, 2023 /CNW/ - Cerro de Pasco Resources Inc. (CSE: CDPR) (OTCPK: GPPRF) (Frankfurt: N8HP)
Element79 Gold Reports High Grade Results from Lucero Gold - Silver Project, Arequipa, Peru
https://ca.finance.yahoo.com/news/element79-gold-reports-high-grade-100100853.html
News Direct
Thu, April 27, 2023 at 3:01 a.m. PDT·11 min read
VANCOUVER, BC / THENEWSWIRE / April 27, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)
Tinka Drills 7.1 Metres At 604 g/t Silver In High-Grade Silver Zone At South Ayawilca
https://www.accesswire.com/752282/Tinka-Drills-71-Metres-At-604-gt-Silver-In-High-Grade-Silver-Zone-At-South-Ayawilca
Tuesday, May 2, 2023 6:30 AM
Tinka Resources Ltd.
http://www.tinkaresources.com
VANCOUVER, BC / ACCESSWIRE / May 2, 2023 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV & BVL:TK)(OTCQB:TKRFF)
Inca One Gold Reports Calendar Q1 2023 Sales of US$8.7 Million
https://www.newsfilecorp.com/release/163713
Vancouver, British Columbia--(Newsfile Corp. - April 26, 2023) - INCA ONE GOLD CORP. (TSXV: INCA) (OTCQB: INCAF) (FSE: SU92
Solis Announces Exploration Update for Peru Copper Projects
Highlights
Solis has 42 mining concessions and applications totalling 32,400 Ha in prospective areas of Southern Peru, 17 concessions fully granted with a further 25 currently being processed.
New target areas now identified on both Ilo Norte and Ilo Este through processing and interpretation of new remote sensing Worldview-3 data in conjunction with historic data sets.
Extensive historic dataset recently acquired, data includes airborne geophysics plus ground magnetics and geochemistry for updated interpretation and review.
Boots on the ground with field season now commencing, follow up ground checking of recently identified remote sensing anomalies and field mapping at Ilo Este, Cinto and Ilo Norte.
Areas to be identified for potential drilling will lead to submission of environmental permitting applications.
Exploration season commencing in Peru.
https://www.newsfilecorp.com/release/163174
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - Solis Minerals Ltd. (ASX: SLM) (TSXV: SLMN) (OTCQB: SLMFF) (FSE: 08W)
Silver X Reports Fourth Quarter and Year End 2022 Financial Results
https://www.accesswire.com/749211/Silver-X-Reports-Fourth-Quarter-and-Year-End-2022-Financial-Results
Friday, April 14, 2023 7:35 AM
Silver X Mining Corp.
www.silverxmining.com
Revenues of $13.9 million on 0.9 million AgEq ounces produced; 2023 expected to build on momentum with increasing production and exploration maximizing the potential of the Nueva Recuperada Silver District
(All dollar amounts expressed in US dollars unless otherwise noted)
VANCOUVER, BC / ACCESSWIRE / April 14, 2023 / Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF)(F:AGX)
SILVER MOUNTAIN DELIVERS INITIAL NI 43-101 COMPLIANT MINERAL RESOURCE ESTIMATE FOR RELIQUIAS MINE
https://www.newswire.ca/news-releases/silver-mountain-delivers-initial-ni-43-101-compliant-mineral-resource-estimate-for-reliquias-mine-833299216.html
Silver Mountain Resources Inc. Apr 12, 2023, 07:00 ET
Palamina Receives Approval to Drill in the Cayos and Sol De Oro Zones at the Usicayos Gold Project in Peru
https://www.newsfilecorp.com/release/161357
Toronto, Ontario--(Newsfile Corp. - April 5, 2023) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has received approval of the modification of its Environmental Impact Study or Declaración de Impacto Ambiental permit ("DIA") to include the newly acquired Sol de Oro ("SDO") and Cayos Zones. The DIA allows for up to 40 drill pads. Five drill pads were constructed in the Veta Zone during the initial drill program and 35 permitted drill pads sites remain available under the DIA. The diamond drill rig remains at site where construction of pads and roads to newly selected drill target areas in the SDO and Cayos zones is set to commence at the end of the rainy season in late April.
"In May of 2022, Palamina made the decision to shut down its inaugural drill program in the Veta Zone to focus on consolidating the entire 4.5 km mineralized gold trend at the Usicayos Gold Project before resuming drilling. Palamina has since acquired 100% interest of the entire gold trend and intends to next drill in the newly permitted Sol de Oro and Cayos zones which have never been drill tested. The drill remains at site and Palamina will recommence exploration once the rainy season concludes." commented Andrew Thomson, President of Palamina.
Usicayos Gold Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/161357_67a23e23646479c6_002full.jpg
Select Assay results from the Sol de Oro gold zone:
The SDO gold zone was acquired in June of 2022 At SDO North informal miners have excavated short adits into the hillside and dug out small pits targeting two gently-dipping quartz vein structures where channel samples returned assays values grading up to 5.1 g/t Au over 6.2 m at surface and 15.4 g/t Au over 2.7 m from underground workings. The highest grade rock sample from an underground adit returned 46.2 g/t Au over 0.3 m.
At SDO South, channel sampling returned a broader zone of up to 3.4 g/t Au over 14.0 m at surface and 23.0 g/t Au over 0.7 m underground. The best chip sample from surface returned 200 g/t Au over 0.9 m. A channel sample from SDO South West returned up to 37.5 g/t over 1.8 m at surface with the broadest zone returning up to 1.4 g/t Au over 18.8 m. A chip sample from SDO South East returned up to 2.0 g/t Au over 16.0 m with the broadest zone returning 1.10 g/t Au over 21.1 m.
Select Assay results from the Cayos Gold Zone:
The Cayos Zone returned up to 30.5 g/t Au over 3.0 m in a continuous channel sample at surface and a grab sample from surface up to 75.4 g/t Au.
These results, along with completed heliborne geophysical survey work and a comprehensive structural study have played an important role in defining the SDO and Cayos zones as priority drill target areas. SDO is a 1.5 km wide zone of intermittent quartz veining at the heart of the 4.5 km mineralized Usicayos gold trend. Nine zones of quartz veining, which returned anomalous gold values, have been identified in the SDO zone post its acquisition in 2022. Further underground channel sampling is planned in SDO North and at the Cayos zone to further refine individual drill targets.
Palamina has applied for its Authorization to Initiate Exploration Activities ("AIEA") permit to commence drilling at Usicayos. The AIEA is expected to be issued in 1 to 3 months. While awaiting the AIEA, road construction to provide access is expected to commence from the west side of the property, across to the SDO north zone, then northeast to the Cayos Zone. A separate road will be built south from SDO North down through the SDO South East, SDO South and SDO South West zones. The drill remains at site in the Veta Zone 300 m from the Cayos Zone.
The reported assays herein are summarized from previous exploration results disclosed by Palamina on July 7, 2020, September 18, 2022 and January 30, 2023. Readers can see fully reported results for these programs in press releases available at the Company's website and on SEDAR.
The technical information reported herein has been reviewed and approved by William McGuinty (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. McGuinty is a technical advisor to Palamina.
About Palamina Corp.
Palamina has participation in nine gold projects in south-eastern Peru hosted within the Puno Orogenic Gold Belt (POGB). The Company also has rights to the Galena silver-copper project in the Santa Lucia district and two additional copper-gold projects in Southern Peru. Palamina holds a 19.9% equity interest in Winshear Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase. Winshear is also awaiting a judgement after concluding its arbitration proceedings against the Government of Tanzania in February of 2023 for the expropriation of its SMP gold deposit. Winshear is seeking in excess of CDN$130M for the loss of its investment in Tanzania.
Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the Company's future business plans. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
Minera IRL Announces Initial Results of the Ongoing Long-Hole Drilling Campaign at the Corihuarmi Gold Mine
https://ca.finance.yahoo.com/news/minera-irl-announces-initial-results-113000861.html
Minera IRL Limited
Wed, April 12, 2023 at 4:30 a.m. PDT·6 min read
LIMA, Peru, April 12, 2023 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF)
Peru will mine more copper in 2023, lithium permits pending
https://www.miningweekly.com/article/peru-will-mine-more-copper-in-2023-lithium-permits-pending-2023-04-11
11th April 2023
By: Reuters
LIMA - Peru expects to produce 2.8-million tonnes of copper this year, a senior official said on Monday, representing an almost 15% jump from 2022, in a bright spot for the Andean nation's top export.
Peru, the world's no. 2 copper producer, saw output affected since December following anti-government protests and road blockades spurred by the ouster and jailing of former President Pedro Castillo.
The mining sector is now "working as normal," Energy and Mines Minister Oscar Vera told reporters after providing the new forecast. A Reuters analysis in early March showed that major copper mines were cranking up.
The country mined some 2.44-million tonnes of copper last year, according to ministry data.
Vera added officials are also working to reduce approval times for mining projects, from about two years to about six months.
"We hope to reach that goal by the end of the year," he said.
Through this year and next, around $7-billion in mining investments is expected, Vera said, including the expansion of the Altamina copper mine, Teck Resources' Zafranal project and Newmont's Yanacocha Sulfuros project.
Vera added that he expects to approve lithium exploration projects permissions "in the coming months".
"We've spoken with potential investors from Canada and as a country we're interested in industrializing another mineral," said Vera, referring to lithium, the key rechargeable battery metal.
In August, the government formed a working group to oversee development of the ultra-light metal.
Just one lithium exploration project is currently ongoing, in southern Puno region near the border with Bolivia.
Canada's Plateau Energy Metals, which operates the project, has estimated that some 4.7-million tonnes of lithium carbonate lie in the Falchani rock deposits.
Neighbors Chile, Argentina and Bolivia form a so-called "lithium triangle" believed to hold major deposits of the metal in sprawling salt flats.
Lara Expands Mineralized Footprint at the Kenita Project in Central Peru
https://www.newsfilecorp.com/release/161081
Vancouver, British Columbia--(Newsfile Corp. - April 4, 2023) - Lara Exploration Ltd. (TSXV: LRA) is pleased to provide an update on work at its Kenita Polymetallic Project, located in the Huancavelica Department of Central Peru. The Company's 2022 field programs have substantially expanded the mineralized footprint, along six major breccia veins and five related mantos (mineralized limestone beds) with significant silver, zinc, and lead values. During the most recent mapping program a further 44 channel samples (from 0.5 meters to 5 meters in length) were collected in the central part of the property, with values ranging from less than detection limit of <1 ppm to 287 g/t silver (length weighted average of 46.49 ppm Ag), less than the detection limit of 20 ppm to 16.4% zinc (length weighted average of 4.37% Zn and with one sample assaying over 30 % Zn); and less than detection limit of 20 ppm to 10.1% lead (length weighted average of 2.99% Pb. Fourteen (14) samples (32% of the total samples) assayed in excess of 50 ppm Ag, 13 samples (29% of the samples) assayed in excess of 5% Zn and 15 samples (34% of the samples) assayed in excess of 4% Pb.
Mineralization comprises hydrothermal breccias filling NE-SW oriented tension structures (related to a major regional structure, the NW-SE oriented Chonta Fault) and related mantos, where fluids have been driven laterally into the Cretaceous-age limestone beds and recrystallized, brecciated and mineralized them. These veins and mantos are thought to be the upper part of a regional lead-zinc-silver system, with similar values as those reported by Inca Minerals from their Riqueza project located adjacent to the south of Kenita, and at Kuya Silver's Bethania polymetallic deposit located to the northwest.
A series of veins were also identified in the western portion of the property where they are hosted by Tertiary-age volcanics along the edge of the Huayta Caldera, which is host to the Bethania deposit. Sixteen channel samples (from 0.5 meters to 3 meters in length) were collected in this first pass review of the area, with anomalous lead-zinc-silver values returned in places (maximum of 410 ppm Pb, 2040 ppm Zn and 6 ppm Ag). An additional claim has been registered to cover the western extension of these veins and more systematic mapping and sampling is planned both here and in the central portion of the property in 2023.
Quality control and Qualify Person
A total of 60 channel samples were collected from veins and mantos within the project by Lara's consultant Juan Carlos Fernández and delivered by him and Lara's staff to the ALS Peru SA laboratory in Lima. These samples were collected manually from channels between 0.5 and 5 meters in length and between 3 and 5 cm depth using a hammer and chisel. The samples were analyzed for base metals and silver by 32 element ICP, with high grade samples for zinc, lead and silver being re-analyzed with a four-acid digest and AAS finish.
About the Kenita Project
The Kenita Project comprises the original 400 hectares of Puituco licenses acquired by Lara at government auction, and where the Company has completed a mapping and surface channel sampling program in 2018 (see Company release of June 12, 2018, for details) and the 2,200 hectares of Kenita licenses acquired from BHP in 2021 (see Lara news release of August 31, 2021 for details). For simplicity the Company has elected to now call the project Kenita. The Project is located on a major NW-SE oriented regional structure, the Chonta fault, between the Bethania polymetallic deposit being redeveloped by Kuya Silver Corp., and the Riqueza project held by Inca Minerals Ltd., both of which are host to mineralization similar in style. Minera IRL Ltd.'s Corihuarmi high sulphidation epithermal gold mine also lies on the same trend to the northwest.
About Lara Exploration
Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".
Michael Bennell, Lara's Vice President Exploration and a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this news release.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Latin Metals Discovers New Copper Porphyry and Skarn Mineralization at Auquis, Peru
https://ca.finance.yahoo.com/news/latin-metals-discovers-copper-porphyry-124500917.html
Latin Metals Inc.
Tue, April 4, 2023 at 5:45 a.m. PDT·5 min read
Figure 1.
Location of mineralized zones at Auquis, including newly discovered zones at Tinto and Blanco. Photos of outcrops taken at sample locations A to E are shown in Figure 2.
Figure 2.
Samples showing porphyry and skarn type mineralization in the new Tinto and Blanco Zones
VANCOUVER, British Columbia, April 04, 2023 (GLOBE NEWSWIRE) -- Latin Metals Inc. (“Latin Metals” or the “Company”) – (TSXV: LMS, OTCQB: LMSQF) announces that ongoing mapping and prospecting has identified two additional mineralized zones with high-grade copper and base metal mineralization at the Company’s Auquis Project (“Auquis” or the “Project”). Several styles of mineralization have been identified including newly discovered porphyry-style copper mineralization, and skarn mineralization. The property now hosts three distinct mineralized zones (Figure 1).
Keith Henderson, the Company’s President & CEO stated, “Our work at Auquis continues to deliver excellent results, with the recognition of two mineralized porphyry centers and a separate zone of skarn mineralization so far, giving all the indications of a large and robust hydrothermal system with potential to define both porphyry and skarn deposits. We eagerly await the results of a ground magnetic survey recently completed over the property which will aid our interpretation and continued exploration over the property.”
Tinto and Blanco Zone Details
Newly discovered mineralized areas are in the western portion of the property (Figure 1). Grab samples of outcropping mineralization are photographed (Figure 2). Highlights from 23 rock grab samples are discussed below.
At the Tinto Zone porphyry target, strongly developed sulfide stockworks (pyrite-chalcopyrite) are associated with intense sericite alteration and partial oxidation to hematite and goethite. Grab sampling of outcropping mineralization returned grades of 1.8% copper and 54 g/t silver with trace molybdenum (Sample A) and confirms the Tinto Zone as a priority target for porphyry style mineralization.
At the Blanco Zone, prograde garnet-dominated skarn alteration has been identified as well as retrograde epidote and magnetite alteration (Samples C & D). The Blanco Zone is proximal to a dark fine-grained limestone, where marble has been recognized but not yet fully mapped. Veins and structures with base metal mineralization and jasperoid have been identified cutting the limestone package, with one grab sample returning 1.4% lead, 0.7% zinc, 0.08% copper, and 17 ppb gold (Sample B).
Sampling at the Blanco Zone returned values of up to 9.3% zinc, 6.1% lead, 2.8% copper, 176 g/t silver and 82 ppb gold. The skarn alteration does not appear to be related to either the Tinto Zone to the west, or the previously identified porphyry mineralization at the Rose Zone to the east, where sampling outlined a large area of copper and molybdenum mineralization measuring 1.5 km x 1.5 km (see news release November 3, 2022). The skarn mineralization at the Blanco Zone is tentatively interpreted as being related to an intrusive at depth.
Grab samples (23 samples) are taken across an area of approximately 8 km by 1 km and results are variable ranging from 1.5 ppm to 28,000 ppm (2.8%) copper, 8 ppm to 93,000 ppm (9.3%) zinc, 4.5 ppm to 60,400 ppm (6.0%) lead, 1 ppm to 19.4 ppm molybdenum, 0.01 ppm to 176 ppm (176 g/t) silver and below detection to 82 ppb gold.
Figure 1
Figure 1. Location of mineralized zones at Auquis, including newly discovered zones at Tinto and Blanco. Photos of outcrops taken at sample locations A to E are shown in Figure 2.
Figure 2
Figure 2. Samples showing porphyry and skarn type mineralization in the new Tinto and Blanco Zones
Next Steps
Once processing of the recently collected magnetic data is complete, the data will be interpreted and used to refine the exploration model before additional follow-up sampling is undertaken at the new zones of mineralization and throughout the remainder of the property.
Coastal Copper Belt
The Coastal Copper Belt in Peru is a Cretaceous belt hosting a variety of deposit types including Porphyry, Epithermal, VMS and IOCG. Latin Metals has a total of six 100%-owned copper exploration properties in the Coastal Belt. The Company’s Lacsha copper-molybdenum project is drill ready and fully permitted for drilling. The Auquis copper-molybdenum-gold project is advanced and expected to be drill ready in 2023 and Tillo and Para properties are in the starting process of exploration.
QA/QC
The work program at Auquis was designed and supervised by Eduardo Leon, the Company's Exploration Manager, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to the ALS laboratory in Lima. Samples used for the results described herein are prepared and analyzed by multi-element analysis using an inductively coupled mass spectrometer in compliance with industry standards.
Qualified Person
The technical content of this release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the Company’s CEO. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.
About Latin Metals
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.
On Behalf of the Board of Directors of
LATIN METALS INC.
“Keith Henderson”
President & CEO
For further details on the Company readers are referred to the Company's web site (www.latin-metals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
For further information, please contact:
Keith Henderson
Suite 890
999 West Hastings Street
Vancouver, BC, V6C 2W2
Phone: 604-638-3456
E-mail: info@latin-metals.com
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties, the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise, anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSX-V acceptance for filing of the Option Agreements, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's latest Management Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c0c7e1d2-4cdf-44ee-bfc0-37639c299c06
https://www.globenewswire.com/NewsRoom/AttachmentNg/6384027a-4176-493a-b74c-2702f184f5d8
Rio and First Quantum strike copper deal
https://www.miningweekly.com/article/rio-and-first-quantum-strike-copper-deal-2023-03-31
31st March 2023
By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia
PERTH (miningweekly.com) – Diversified major Rio Tinto has struck a joint venture (JV) agreement with First Quantum Minerals to partner on the development of the La Granja copper project in Peru.
Under the proposed transaction, First Quantum will acquire a 55% stake in the project for $105-million, and commit to further invest up to $546-million into the JV to sole fund capital and operational costs to take the project through a feasibility study and toward development.
Upon completion of the sole funding commitment, all subsequent expenditures will be applied on a pro-rata basis according to the share ownership of the project. As majority owner, First Quantum will then operate the La Granja project with initial work focussed on completing the feasibility study.
The transaction is expected to complete by the end of the third quarter of 2023, subject to the satisfaction of regulatory approvals.
Rio Tinto acquired the La Granja project from the Peru government in 2006 and has since carried out an extensive drilling programme that significantly expanded the declared resource and understanding of the orebody, and established partnerships with host communities, and local and national governments.
The project is considered to be one of the largest undeveloped copper deposits in the world, hosting an indicated and inferred mineral resource of 4.32-billion tonnes at 0.51% copper.
“La Granja is an exciting but complex project that has the potential to be a significant new source of the copper that is needed for the energy transition. We are pleased to enter into this agreement with First Quantum that will bring our combined development capabilities and deep knowledge of La Granja to progress the project,” Rio Tinto copper CEO Bold Baatar said.
“This partnership underscores not only La Granja’s potential to be a significant copper producer, but Peru’s position as one of the world’s most important mining investment destinations. Developing La Granja would also further strengthen Rio Tinto’s copper portfolio following the acquisition of Turquoise Hill Resources and commencement of underground mining at Oyu Tolgoi in Mongolia.”
First Quantum CEO Tristan Pascall said Rio’s work on La Granja had been extensive to date and that the company shared Rio’s view that the project had the potential to be a tier one copper mine.
“We look forward to working together to build on this foundation, leveraging First Quantum’s core strengths in mine design, project development and community engagement to progress La Granja to the next stage.
“First Quantum is excited about broadening our existing relationships in Peru and we are appreciative of the support provided by the Government of Peru to this important partnership for its future major investment in the country.”
First Quantum told shareholders that work over the initial years would continue to progress community engagement and the feasibility study. The feasibility study will focus on developing an updated geological resource and reserve model, which will require additional infill drilling to upgrade inferred resources to the measured and indicated categories.
Additional metallurgical studies to establish optimal processing configurations are expected to be carried out in parallel, together with a high-level project layout and configuration of associated infrastructure requirements and logistical routes.
Peru copper mines aim for output boost in 2023 after protest impact fades
https://ca.finance.yahoo.com/news/peru-copper-mines-aim-output-150925760.html
Marco Aquino
Thu, March 30, 2023 at 8:09 a.m. PDT·2 min read
By Marco Aquino
LIMA, March 30 (Reuters) - Peru's copper miners hope to increase output in 2023 after recovering from the impact of major protests at the start of the year, industry executives said, despite simmering anti-government anger in the world's no. 2 producer of the red metal.
The South American country saw a number of key mines reduce or temporarily halt production in January and February during the deadliest protests that have hit Peru in over 20 years, with the worst violence in the copper-rich Andean south.
However, protests and blockades that snarled transport to and from mines have largely been lifted, despite ongoing public anger since the dramatic ouster late last year of leftist leader Pedro Castillo. Voters are still pushing for snap elections.
"The southern (mining) corridor is operating normally, all the inventories of concentrates that the mines had are been sent to the coast," said Víctor Gobitz, president of mining sector body SNMPE and chief executive of Peru's top mine Antamina.
Power data from Peru's private power sector body COES, analyzed by Reuters, shows activity at Peru's top mines has stabilized since early March following the disruptions earlier this year, which stalled production and shipments.
That's a boost for mines, including Chinese state-owned MMG Ltd's Las Bambas, Glencore PLC's Antapaccay, Hudbay's Constancia, and Antamina, co-owned by Glencore, BHP Group Ltd, Teck Resources Ltd and Mitsubishi Corp.
Gobitz said the easing of protests and new mines coming fully online like Anglo American's $5.5 billion Quellaveco would push up overall copper production this year.
"If we manage to resolve the issue of the mining corridor and the 100% effect of Quellaveco, then without a doubt Peru will produce more copper in 2023 than in 2022," he said.
Peru produced some 2.44 million tonnes of copper last year, 4.8% more than in 2021 and very close to the maximum level before the global effects of the COVID-19 pandemic.
Ratings agency Moody's said in a March report that most miners in Peru had survived relatively unscathed from the protests, though the impact would likely "delay mining company permits for projects already under construction."
In southern Puno, the San Rafael de Minsur tin mine, the world's fourth largest, has slowly restarted operations since March 20 after a roughly 10-week halt due to protests, though blockades continue on weekends.
A Minsur spokesperson told Reuters the mine was "on track to be operating at full capacity, but it takes some time to get there. It will depend on there being no other interruptions."
Tartisan Has Completed a First Pass Exploration Review of the Manganese ('Mn') Potential on the 100% Owned Don Pancho Property, Located in Central Peru
https://www.newsfilecorp.com/release/159677
Toronto, Ontario--(Newsfile Corp. - March 24, 2023) - Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce that the company has conducted a first pass exploration review of the manganese ("Mn") potential on our 100% owned Don Pancho property ("Don Pancho") located in central Peru. The concessions cover an area of 917 hectares and is located 9 kilometres west of the Santander Mine previously operated by Trevali Mining. Infrastructure is considered excellent with road access and power.
The polymetallic mineralization at Don Pancho is hosted in an extensive north-northwest-south-southeast-trending breccia zone called "Yanapallaca" and measures over 800 metres in length and 150 to 200 metres in width. Peruvian Metals Corp. drilled six diamond drill holes in 2014 totaling 2021 metres. The results show that several lead-zinc-silver ("Pb-Zn-Ag") intervals were intersected including 40 metres of 0.88 per cent Zn, 0.40 per cent Pb and 7.7 grams per tonne Ag, 22.65 metres of 1.00 per cent Zn, 0.26 per cent Pb, and 6.85 g/t Ag and 1.15 metres of 4.38 per cent Zn, 3.25 per cent Pb and 61.1 g/t Ag. Previous underground sampling located a massive sulphide zone returning 106 g/t Ag, 3.26 per cent Pb and 17.56 per cent Zn over 2 metres.
Tartisan's wholly owned subsidiary, Minera Tartisan Peru S.A.C ("MTP") commenced a field review in late 2022 focused on the manganese potential at Don Pancho. The field work revealed that the manganese is associated with elevated lead-zinc-silver mineralization. Twenty-six surface samples were collected by MTP throughout the Yanapallaca Zone. Twenty-four of these samples were further assayed because of Mn over limits greater than 10% and averaged 0.81 oz Ag/MT, 0.66% Pb, 1.89% Zn, and 19.23% Mn. The range of the Mn from these assays were from 10.70% Mn to 31.17% Mn.
Historical sampling by Peruvian Metals Corp. returned extensive manganese values with values up to 43% Mn. Channel sampling in an underground adit at Don Pancho showed three distinct intervals returning 31 metres of 9% Mn, 26 metres of 10.88% Mn and 17 metres 10% Mn. All three intervals have combined low grade Pb and Zn ranging from 0.60% and 1.32%.
Compañia de Minas Buenaventura's ("Buenaventura") silver-lead-zinc Uchucchacua mine located 63 kilometers to the north of Don Pancho is in the same geological belt as the Don Pancho is also rich in manganese. The Uchucchacua Mine produced over 10 million ounces of silver in 2011. The similarities between Don Pancho and Buenaventura's Uchucchacua Mine include the same age host rocks and elevated manganese content associated with the Ag-Pb-Zn mineralization. Records and reports from Buenaventura show that the manganese content of the ore from Uchucchacua is approximately 10% Mn. The silver-lead concentrates with highly elevated manganese values were sent to Buenaventura's Rio Seco Manganese Plant located in the agricultural town of Huaral located 80 kilometres southwest of Don Pancho.
Mark Appleby, CEO of Tartisan states, "The Company is excited to start the next phase of exploration at Don Pancho targeting the manganese potential along the Yanapallaca Breccia Zone. There is significant interest in battery metals which includes manganese and with Covid related restrictions lifted, future work will include metallurgical testing, mineralogical studies and surface work. We believe the Don Pancho Property is a significant battery metals opportunity for the company."
Jeff Reeder, P. Geo, a qualified person in the context of National Instrument 43-101, has reviewed and approved the technical content of this news release.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based battery metals and mine development company whose flagship asset is the Kenbridge Nickel Deposit located in northwestern Ontario. Tartisan also owns; the Sill Lake Silver Property in Sault St. Marie, Ontario, and the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru. Tartisan Nickel Corp. also owns equity stakes in: Class 1 Nickel & Technologies Corp. and Peruvian Metals Corp.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA). Currently, there are 114,297,128 shares outstanding (127,338,959 fully diluted).
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
SILVER MOUNTAIN ANNOUNCES 2023 EXPLORATION PROGRAM AND OUTLOOK
https://www.newswire.ca/news-releases/silver-mountain-announces-2023-exploration-program-and-outlook-817294716.html
Silver Mountain Resources Inc. Mar 21, 2023, 07:00 ET
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES/
TORONTO, March 21, 2023 /CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain", "AGMR" or the "Company") is pleased to provide its outlook for 2023 in addition to a brief review of 2022.
2022 Highlights
Completion of a 72-hole underground drill program at the Reliquias mine for a total of 16,955.3 m. The objective of this campaign was to validate historical resources within the most promising structures, primarily the Matacaballo, Sacasipuedes, and Meteysaca veins (typical cross sections of the principal veins with assay results are shown in Fig.1 to 3). The Matacaballo vein was investigated over 650 m along strike and drilled to a depth of 130 m below the currently lowest mine level. The Sacasipuedes structure was shown to extent at least 160 m below the lowest existing exploitation drift, while drilling tested the vein over a horizontal distance of 480 m. At the Meteysaca vein, drilling confirmed silver-rich mineralization for at least another 165 m to depth below the lowest existing mine level and over 425 m along strike. Several vein splays were identified during drilling and incorporated into the geological model. The mineralization at all principal veins in the Reliquias mine remains open at depth and along strike.
The last eleven bore holes of the 2022 program were aimed at exploring additional structures with limited historic exploitation and included step-out drill holes >400 m from previous drill sites (press release – March 8, 2023). Promising intercepts were identified in the Perseguida and Pozo Rico vein systems, which warrant follow-up drilling during the 2023 campaign.
Facilitated by the rehabilitation of 5,925 m of underground workings, an extensive underground mapping and sampling program in the historic mine workings was carried out to update the 3D geological - structural model for future mineral resource estimations. 2400 channel samples were collected from existing and rehabilitated workings at Reliquias. The detailed sampling identified various zones of high-grade mineralization (press releases, September 8, October 4, and December 7, 2022) that will be incorporated into the initial mine development work programmed to start in Q3 2023.
Purchase of a 100% interest in the Lira de Plata project from Pan American Silver (news release, November 3, 2022), securing close to 800 ha of highly prospective ground in the vicinity of Reliquias and consolidating the Company´s position in the Castrovirreyna district.
Started a brownfield exploration program around the Reliquias mine, including reconnaissance mapping and sampling of the newly acquired Lira de Plata claims, as well as the Pozo Rico, Anabel, and Dollar prospects adjacent to Reliquias. Several prospective zones with high-grade Ag-Pb-Zn-Cu-Au mineralization on surface were recognized, but require follow-up work to determine the most promising drill targets.
Identification of a concealed porphyry copper target at the Yahuarcocha and Guanajato zones, in the central part of the Reliquias claim block (press release – February 23, 2023). Geological and geochemical characteristics as well as alteration features indicate the presence of a porphyry copper system at depth. A 7x3 km-sized, untested lithocap with advanced argillic alteration at Poetas-Carmela offers further exploration potential.
At the Dorita concession block, 25 km to the northwest of Reliquias, more than 14 km2 were mapped at 1:2000 scale, covering the Dorita, Pucasora, and Huancarpusca targets. Extensive zones of intermediate sulphidation-style mineralization with highly elevated gold and silver anomalies were identified at the Dorita Mine and Dorita North zones (press release - July 7, 2022). At Pucasora, a high-sulphidation epithermal Au-Ag target was recognized over an area of 2.0 x 1.2 km (press release - September 14, 2022).
Environmental Permitting: Obtained archaeological permits (CIRA) for the entire Dorita claim block, a pre-requisite for achieving the approval of a surface drilling permit.
A National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report on the El Milagro project was finalized, declaring 873,250 t @ 2.01 oz/t Ag, 2.78% Zn, and 1.1% Pb in historic resources in the inferred category. Please refer to the Company's technical report entitled "NI 43-101 Technical Report for El Milagro Project, Huancavelica and Ayacucho Regions, Peru", dated October 17, 2022 and available on the Company's profile on www.sedar.com.
Outlook 2023
Based on the information compiled during the successful 2022 exploration campaign, an initial NI 43-101 compliant resource estimate of the Reliquias deposit is expected to be published in early Q2 2023.
In 2023, exploration efforts will be focused on expanding the identified resource base, to be incorporated into a subsequent resource update as part of the planned Preliminary Economic Analysis ("PEA"). This includes at least 14,500 m of diamond drilling, divided into:
Underground drilling program with a total of 8,000 m of HQ/NQ diameter holes, to identify near-resource additions along strike within the principal veins and to add mineral resources in other vein structures such as Pozo Rico, Perseguida, Escondida Pasteur, and Vulcano.
Underground drilling campaign of approximately 3,500 m, utilizing smaller rigs that are able to operate in sublevels and other narrow workings. This 60-hole drill program with BQ and XRP diameter core is targeting subparallel vein splays and tensional structures, as well as providing infill drilling in certain areas.
Once the respective permits have been granted, a 3,000 m surface drill program will be carried out. It has the objective of testing the Pasteur, Vulcano, and Matacaballo veins in the upper part of the deposit, to evaluate the potential for near-surface resources amenable to open-pit mining.
Together with ongoing mine rehabilitation and development, the detailed underground mapping and channel sampling program will continue. It is planned to incorporate newly rehabilitated levels and additional vein structures, to add further mineral resources.
The development of the principal underground infrastructure such as haulage levels, drifts, and access ramps is programmed to commence in Q2 2023. In H2 2023, this will be followed by starting to prepare the blocks of economically viable mineralization for future exploitation.
The refurbishment of the existing plant at Caudalosa will continue during 2023. Building on initial metallurgical test-work started in 2022, additional metallurgical optimization studies are planned.
Further studies planned for 2023 include a hydrological evaluation of the Reliquias area, a geotechnical study of the Reliquias mine, an update of existing studies on the stability of the tailings dams, and environmental baseline studies.
All the studies mentioned above will be incorporated into a PEA, programmed for Q3 2023. The PEA will include an update of the applicable resource estimate, determination of economically viable mineralization, mine plan and design.
The Company intends to expand the brownfield exploration program around the large, underexplored Reliquias and Caudalosa concession block. This includes advancing the highly prospective Yahuarcocha – Guanajato target.
Alfredo Bazo, President and CEO, commented: "In 2022, our team set itself ambitious milestones to advance the Company´s projects, at both the Reliquias and Dorita claim blocks. The team´s consistent efforts to deliver on our goals show our commitment to our shareholders and stakeholders. We are convinced that with the planned exploration program, the potential resources at the Reliquias deposit will continue to grow, facilitating a mine start-up envisioned for H2 2024."
Silver Mountain Announces Amended Advertising Agreement
The Company announces that, further to its previous press release dated September 12, 2022, the Company has entered into an amended and restated advertising agreement dated March 20, 2023 (the "Agreement") with Gold Standard Media, LLC ("Gold Standard"), amending and restating the Company's prior advertising agreement with Gold Standard dated September 12, 2022 (the "Original Agreement"). Pursuant to the Agreement, Gold Standard has agreed to provide the Company with certain additional advertising services (the "Additional Services"). In consideration for the Additional Services, the Company has agreed to pay an aggregate fee of USD$200,000 (the "Additional Fee"), which Additional Fee shall be payable in six (6) installments of USD$33,333 (with the sixth and final installment in the amount of USD$33,335), payable weekly during each of the first six (6) weeks following the date of the Agreement. Aside from the provision of the Additional Services and the payment of the Additional Fee, the terms and conditions of the Original Agreement remain unchanged. The provision of the Additional Services and payment of the Additional Fee are subject to the approval of the TSX Venture Exchange.
The Additional Services are to be provided by Gold Standard together with its affiliates, Future Money Trends LLC, Wealth Research Group LLC and Portfolio Wealth Global LLC (collectively, the "Service Providers"). The individual providing the Additional Services on behalf of the Service Providers is Kenneth Ameduri located at 723 W. University Ave. Ste 110-283, Georgetown TX 78626. Mr. Ameduri can be reached by telephone at (626) 733-3678 or by email at Kennethameduri@gmail.com. To the knowledge of the Company, the Service Providers together with certain affiliates or entities controlled by Mr. Ameduri currently own 750,000 class A common shares of the Company.
On Behalf of the Board of Directors of Silver Mountain Resources Inc.
Alfredo Bazo, Chief Executive Officer and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of NI 43-101.
About Silver Mountain
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.
For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101 Technical Report—Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at https://sedar.com.
For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 39,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.
Silver Mountain Resources Inc
82 Richmond Street East
Toronto, ON M5C 1P1
647-262-4017
info@agmr.ca
www.agmr.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under "Forward-Looking Statements" and "Risk Factors" in the Company's final prospectus dated January 26, 2022, and other disclosure documents available on the Company's profile at www.sedar.com. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE Silver Mountain Resources Inc.
For further information: Alfredo Bazo, President, CEO & Director, abazo@agmr.ca; Jean Pierre Fort, Chief Financial Officer, jpfort@agmr.ca
Hannan Signs Agreement with an Option to Acquire 100% of the Cerro Rolando Copper Porphyry Project in the Paleocene Metallogenic Belt of Northern Chile
https://www.accesswire.com/744861/Hannan-Signs-Agreement-with-an-Option-to-Acquire-100-of-the-Cerro-Rolando-Copper-Porphyry-Project-in-the-Paleocene-Metallogenic-Belt-of-Northern-Chile
Tuesday, March 21, 2023 6:15 AM
Hannan Metals Ltd.
https://hannanmetals.com/
VANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Hannan Metals Ltd. ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to announce that it has entered into a Letter of Agreement with arm's length private parties that provide an option for Hannan to acquire up to 100% of the Cerro Rolando Copper Porphyry Project, located within the Paleocene metallogenic belt 100 km northwest of Calama, in Region 2 of northern Chile.
Highlights:
Letter of Agreement with arm's length private parties pursuant to which Hannan has been granted the option to acquire up to 100% of the Cerro Rolando Copper Porphyry Project, a high value porphyry copper target in the Paleocene Belt of Region 2, Chile.
Airborne EM data models a conductor at the base of 200 metre thick pampa cover over 1.2 km of strike. The conductor is interpreted to be a potential chalcocite enrichment blanket lying above a modelled magnetic body, interpreted to be the potassic core of a copper-bearing porphyry;
The project presents a low cost entry and short timeframe to drilling, while the Company awaits drill permits across its vast Peruvian grassroots copper programs in San Martin and Valiente, Peru.
Michael Hudson, Chairman & CEO of Hannan states, "The Cerro Rolando project represents a key strategic move for the Company into Chile, one of Latin America's premier and endowed copper mining jurisdictions and plays to the Company's strengths in defining grassroots copper opportunities in Latin America. Critically the acquisition provides Hannan with a low-cost entry to drill test a high value porphyry copper exploration target in the short term, while awaiting drill permits on our vast and extensive Peruvian holdings."
GEOLOGICAL DISCUSSION
The Cerro Rolando project is located within the Paleocene metallogenic belt about 100 km northwest of Calama, in Region 2 of northern Chile. The project consists of 16 contiguous exploration concessions covering a total of 48km2. Elevation in the area ranges from 1290m in the east to 1050m in the west. The project is accessible using existing roads and tracks.
The Cerro Rolando Copper Porphyry Project is a high value porphyry copper target in the Paleocene Belt of Region 2, Chile. Around 80% of Chilean copper production comes from copper-gold porphyry deposits, with most situated in northern Chile (Figure 1). The Paleocene Belt hosts important porphyry copper deposits and mines such as Cerro Colorado (BHP), Spence (BHP), Sierra Gorda (KGHM & Sumitomo) and Relincho (part of Nueva Union - Teck-Goldcorp), yet the belt has seen less exploration as it is mostly under pampa cover.
Regional magnetics shows Cerro Rolando to be located on a major north-south trending structure. This structure is thought to be the control for a regional basement high. Historic airborne EM data models a 1.2 km long conductor at the base of 200-metre-thick pampa cover (overburden defined by seismic surveys), just above a modelled magnetic body from historic airborne data. This is interpreted to be a potential conductive chalcocite enrichment blanket above the magnetic potassic core of a copper-bearing porphyry.
Rapid and cost-effective ground geophysical surveys are planned immediately to define accurate drill targets and includes ground magnetics followed by moving-loop ground EM surveys. Hannan is now seeking quotes and will mobilize a geophysical contractor at the start of April, 2023.
The Transaction
Stage 1: Letter of Agreement
The Letter of Agreement grants Hannan the sole and exclusive right to conduct initial assessment work to determine if the property merits entering into a detailed option to purchase agreement. Under the terms of the Letter of Agreement Hannan will pay US$32K and complete the following minimum exploration expenditures on the Property in three work stages within 12 months following the date that Hannan obtains all the necessary permits to perform drilling on the Property:
(a) Stage A: US$15,000 of ground magnetic surveys;
(b) Stage B: US$30,000 of electromagnetic surveys; and
(c) Stage C: up to US$400,000 of drilling.
Each stage of work represents a "gated hurdle", such that if each work program (Stages A-C above) does not merit additional exploration, Hannan can exit at any point.
Stage 2: Option to Purchase
Assuming positive results from the Stage 1 Letter of Agreement exploration program, Hannan can then enter into a Stage 2 Property Option Agreement that grants Hannan the right to earn up to an undivided 100% right, title and interest in and to the property. The option is exercisable in three stages over a total period of seven years by spending a total of US$15m in exploration expenditures and issuing 6.0m Hannan ordinary shares, as follows:
(a) An option to acquire an initial 51% interest in the Property within 12 months following the date that Hannan or its affiliate obtained all the necessary permits to perform drilling on the Property (the "Phase 1 Option") by issuing 1.7m Hannan common shares;
(b) An option to acquire an additional 29% interest in the Property, for a total 80% interest, within a total of 4 years from Hannan exercising the Phase 1 Option by spending an additional US$5m on exploration on the project and issuing 2.3m additional Hannan common shares; and
(c) An option to acquire an additional 20% interest in the Property, for a total 100% interest, within a total of 7 years of Hannan exercising the Phase 1 Option by spending an additional US$10m on exploration of the project and issuing 2.0m additional Hannan common shares.
Once the Company completes the exercise of the Stage 2 Option, a 2.0% Net Smelter Return ("NSR") Royalty on the property will be payable by Hannan but Hannan has the right to buy one percent (1.0%) of the NSR Royalty at a fair and reasonable valuation provided by an independent valuation, at any time during the pre-feasibility stage of the property. The Optionor will also grant Hannan a right of first refusal for the acquisition of the remaining NSR Royalty up to pre-feasibility.
Hannan will be the operator of the project and has already conducted significant legal, social and environmental due diligence to advance towards the signing of the option and purchase agreement. If the Company exercises its right pursuant to the Stage 1 Letter of Agreement, the Company and the Optionor will enter into the Stage 2 Property Option Agreement which will be subject to TSX Venture Exchange ("TSXV") approval.
About Hannan Metals Limited (TSXV:HAN) (OTCPK:HANNF)
Hannan Metals Ltd. is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Latin America. Hannan is a top ten in-country explorer by area in Peru and has recently optioned a copper-porphyry project in Northern Chile.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Further Information
www.hannanmetals.com
1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, info@hannanmetals.com
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. Forward-looking statements in this news release include statement regarding completing the conditions under the Stage 1 Letter of Agreement and the Stage 2 Property Option Agreement and the planned exploration on the Cerro Rolando property. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: Successful completion of the Stage 1 Letter of Agreement, Hannan's exercise of its right under the Stage 1 Letter of Agreement, TSXV approval of the Stage 2 Property Option Agreement, the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Figure 1: Cerro Rolando is located in Region 2 of northern Chile in the highly productive Northern Paleocene belt. Tenements cover 48km2. Elevation slopes gently from 1290m in the east to 1050m in the west. The project is accessible using existing roads and tracks.
SOURCE: Hannan Metals Ltd.
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