Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has completed repayment of its senior secured US$40 million credit facility (" Credit Facility ") with Sprott Resource Lending Corp. (" Sprott ") subsequent to the completion of the sale of the Company's New Found Gold Corp. investment 1 . The Company is now free of long-term borrowings, with an unaudited consolidated cash balance of C$76.6 million.
The Company paid an aggregate amount of US$40,144,029 to Sprott in satisfaction of all amounts outstanding, including all accrued interest, on the Credit Facility. No early repayment penalties were paid. The Company is in the process of discharging all security previously granted to Sprott in connection with the Credit Facility.
Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
1 Refer to the Company's news release dated August 8, 2022 .
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on gold and nickel-copper targets at Purdy's North on EL471745 and on the Maitland Intrusion (EL473443) in the West Pilbara region of Western Australia. Purdy's North is adjacent to Azure Minerals Limited's ( "Azure" ) Andover VC-07 nickel-copper-cobalt massive sulphide discovery ( "Andover" ) and Artemis Resources Limited's ( "Artemis" ) Carlow Castle gold-copper-cobalt discovery ( "Carlow Castle" ). It should be noted that there is no certainty that EL471745 nor EL473443 contains the same levels of mineralization as either of these discoveries 1 .
" We are excited to get on the ground at these drill targets, " commented Mr. Mike Spreadborough, Novo's Executive Co-Chairman, Acting CEO, and director. " This is a highly prospective region and there has been well-documented recent exploration success from our neighbours, including Azure Minerals and Artemis Resources. These projects are an important part of our broader exploration strategy and we look forward to seeing what our drilling program returns. "
A 4,500m RC drilling program has commenced, representing the first part of a broader drilling campaign on multiple targets in the Purdy's North area and other significant prospects in the Karratha district. This initially includes drilling targets for orogenic gold (copper-cobalt) at Morto Lago and Morto Lago North, and intrusive related nickel-copper-cobalt (gold-platinum group elements) targets at Milburn, Southcourt and Bushmill. Additional targets for drilling currently undergoing heritage surveys include 47K, the Bullock Park area, Thorpe and the Bob's Well – East Well VHMS trend (Figure 1).
An initial 5-day heritage survey was completed at both Purdy's North and further south on the Maitland Intrusion, clearing several prospects for access, with a second 5-day survey currently in progress.
Several of the extensive high-order copper, nickel geochemical anomalies at Purdy's North, initially defined by surface soil sampling and mapping have now been tested by either IP or FLEM surveys or a combination of both. A high resolution aeromagnetic/radiometric survey was also completed across Purdy's North and the Bob's Well VHMS trend. Results from this detailed technical work have been utilised to finesse original targets generated by mapping and surface sampling in late 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4dd83164-a7c3-49b4-be0c-91c81e490a21 Figure 1 : Prospect location at the Purdy's North and Maitland/Dingo intrusive areas.
The Milburn and Morto Lago prospects are located 1.5 km due east of Carlow Castle. At Milburn, the target is a discrete Electromagnetic geophysical ("EM") anomaly up to 300 m long and 200 m wide, overlaying a gabbro and meta-basalt contact. Two copper-nickel-gold occurrences in historic workings are present on the edge of the EM anomaly and are associated with the NNW trending sheared basalt-gabbro (intrusion) contact with anomalous copper. At Morto Lago, the target is a gold-quartz vein system that manifests as a 70 m wide subcrop over 350 m in an outwash claypan, mostly obscured by regolith, but with significant rock chip gold assay results (up to 6.63 g/t gold). Recently discovered is the Morto Lago North trend, where a complex array of malachite bearing sulphidic veins sub-crop in outwash plains over several hundred metres strike and 100m width, with pXRF values of >2000 ppm arsenic and 101 ppm gold (these pXRF values are likely indicative of gold being present, but do not accurately reflect gold grade).
The Bushmill historic EM anomaly is located 5 km south of the Radio Hill nickel-copper-cobalt Project. The VTEM target is located in the sheared northwest corner of the Maitland Intrusion and manifests as a single weak to moderate conductor at a depth of approximately 75 m. The EM plate is obscured by sand, gravel, and clay which has previously made surface sampling ineffective. Down-hole EM (DHEM) will be conducted on all nickel targets drilled.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f64d66c1-dc9f-45a6-a5fb-9dde0a32744e Figure 2 : Field photo of the Stark Drilling RC rig at Morto Lago.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44b63ec8-0da5-4086-8d27-3495d515aca2 Figure 3 : Field photo of the Ngarluma heritage survey with six survey vehicles on the road to the Bushmill prospect in the Karratha district.
The pXRF assay technique utilized a Niton XL5 handheld XRF machine. The Niton is calibrated daily, with 4 QAQC standards (fit for purpose including certified Ni, Cu and Co values) run concurrently, with an additional 2 standards checked per 100 readings and 4 QAQC standard assayed before the machine is shut down. pXRF is utilized as a preliminary exploration technique for base metals. Rock chip samples are point analysed for 90 seconds using 4 machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize effect, especially on rock samples where peak results represent a window of
Rock chip samples were assayed by Intertek Genalysis in Perth, Western Australia and were crushed and pulverized and assayed for Au by four acid digest and 50 g charge fire assay FA50/OE and for 48 multielement using four acid digest – MS finish (4A/MS). QAQC protocols included 12 standards and blanks in the two batches with Morto Lago rock chip samples, representing 10% QAQC. No QAQC issues were detected. All relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ") by reviewing analytical procedures undertaken by Intertek Genalysis.
Table 1 – All rock chip samples from the Morto Lago subcrop
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under NI 43-101, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
Novo operates its flagship Beatons Creek Project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that DHEM will be conducted on all nickel targets drilled at Bushmill. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the three-month period ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
___________________________ 1 Refer to the Company's news release dated November 30, 2021 .
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) advises that the Chair of the Western Australian Environmental Protection Authority (the " EPA ") has determined that the Company's approvals submission regarding the Fresh mineralization component of the Company's Beatons Creek gold project (" Beatons Creek ") does not require assessment under Part IV of the Western Australian Environmental Protection Act 1986 .
The Company will now promptly initiate discussions with the Western Australian Department of Mines, Industry Regulation and Safety (" DMIRS ") to seek approval to mine the Beatons Creek Fresh mineral resource. The Company expects to transition to Phase Two mining of the Beatons Creek Fresh mineral resource upon receipt of requisite approval from DMIRS and a make final investment decision post receipt of results of the feasibility study 1 .
The Company appreciates the efforts of the EPA to diligently progress the Company's submission while managing the impacts of COVID-19 and workforce shortages.
Commenting on the EPA's decision, Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said, "We are very pleased with the response from the EPA and will now turn our attention to advancing discussions with DMIRS to progress key documents and our approval to ensure we can commence Phase Two mining at the Beatons Creek fresh mineral resource. We are aware of the importance of this process and will keep stakeholders regularly updated."
The decision by the Company to produce at the Beatons Creek Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production has not achieved forecast to date. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
The Company cautions that its declaration of commercial production effective October 1, 2021 2 only indicates that the Beatons Creek Project was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that the Company will promptly initiate discussions with DMIRS to progress approval to mine the Beatons Creek Fresh mineral resource, and that the Company expects to transition to Phase Two mining of the Beatons Creek Fresh mineral resource upon receipt of requisite approvals from DMIRS and a final investment decision post receipt of results of the feasibility study. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the three months ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
_________________________________________ 1 Refer to the Company's news releases dated June 14, 2021 and June 14, 2021 . 2 Refer to the Company's news release dated October 12, 2021 .
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Table 1: Key Operational and Financial Figures 2
Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a 2022 second quarter (" Q2 2022 ") operational update from the Beatons Creek gold project (" Beatons Creek ") and the Golden Eagle processing facility (" Golden Eagle Plant "), located in Nullagine, Western Australia.
" Q2 2022 and H1 2022 have been critical periods for Novo, " commented Mr. Mike Spreadborough, Novo's Executive Co-Chairman, Acting CEO, and director. " Despite operational setbacks with the Golden Eagle Plant in late May 4 and the decision to pause operations at Beatons Creek, our safety and operational performance has been excellent, which is a credit to our operations team. As outlined in our recent operations update 1 , we have a detailed growth plan in place and are focused on delivering the feasibility study in Q4 2022, continuing aggressive exploration, and working with government on the approvals to restart Beatons Creek. "
During Q2 2022 and H1 2022, Novo did not record any lost time injuries.
The Company is still experiencing impacts from COVID-19, particularly with respect to its workforce; mandatory isolation for positive personnel and close contacts is temporarily impacting staffing levels for the Company and its contractors. Supply chain issues are resulting in elevated production costs, particularly with respect to fuel and other consumables, however best efforts have been made to mitigate the impacts of the pandemic through the adoption of sound risk management processes. The Company intends to manage such impacts throughout remaining operations at Beatons Creek but remains cautious that they may also affect other aspects of the Company's business, including exploration activities.
422 kt of mineralized material were mined from the Edwards and Gold Crown areas of Beatons Creek ( refer to Figure 1 and Figure 2 below ). Backfilling of the Grant's Hill pit will be completed in compliance with environmental requirements during the pause in operations 1 (refer to Figure 3 below )
https://www.globenewswire.com/NewsRoom/AttachmentNg/cdee5a37-a124-4e4c-a916-1c2f554a7b4f Figure 1: Gold Crown mining areas (Looking North).
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2201e01-eeb7-4df6-bb99-5f4ab28abb4c Figure 2: Edwards mining area (looking South-East).
https://www.globenewswire.com/NewsRoom/AttachmentNg/392ccb19-7acf-45ba-9e8e-807494532caa Figure 3: Grant's Hill pit with requisite backfilling complete.
The Golden Eagle Plant processed 399 kt in Q2 2022, with an average head grade of 1.02 g/t Au.
Gold production totalled 12,610 ounces and recovery rates of approximately 93.5% were achieved in Q2 2022.
The Company expects to produce 9 – 11 koz Au in Q3 2022 and an additional 1 koz Au via the drawdown of inventory through October 2022 1 , assuming the Company's ability to manage any impact to operations from COVID-19.
Novo's cash balance as at June 30, 2022 was C$74.8 million 2 .
In addition to its existing cash reserves, the Company has an investment portfolio with a fair value of approximately C$58 million as at June 30, 2022 5 . This includes the Company's 6.75 million remaining shares of New Found Gold Corp. which the Company has agreed to sell to Eric Sprott, the closing of which is scheduled to occur in August 2022 6 .
Q2 2022 gold sales totalled 12,378 ounces of gold and 1,502 ounces of silver for gross revenue of C$29.7 million (A$32.6 million) 2 . Novo sells its gold in Australian dollars to ABC Refinery of Sydney, Australia and continues to enjoy strong gold price performance in Australian dollar terms.
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
The decision by the Company to produce at Beatons Creek was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production has not achieved forecast to date. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
The Company cautions that its declaration of commercial production effective October 1, 2021 7 only indicates that Beatons Creek was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.
Novo operates its flagship Beatons Creek Project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that Novo will produce 9 – 11 koz Au in Q3 2022 and an additional 1 koz Au in Q4 2022 from the drawdown of inventory, that Novo's cash balance will support on-going exploration programs and completion of resource and extension drilling at the Beatons Creek Fresh mineral resource, that the feasibility study is expected to be completed in Q4 2022, that Novo intends to manage the impacts of COVID-19 throughout remaining operations at Beatons Creek, and that Novo expects to complete the sale of its 6.75 million shares in New Found Gold Corp. to Eric Sprott in August 2022. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the three-month period ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
________________________________________________ 1 Refer to the Company's news release dated June 14, 2022 . 2 These financial figures are unaudited and may differ from final results due to foreign exchange and rounding differences. 3 Refer to the Company's news release dated June 14, 2022 . 4 Refer to the Company's news release dated May 24, 2022 . 5 This value excludes the fair value of warrants held in GBM Resources Ltd. Novo's ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company's management discussion and analysis for the three months ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com . Novo's investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo's holdings in Elementum 3D, Inc. (" E3D ") is based on E3D's most recent financing price of US$8.00 per unit. Except for its investment in E3D, the fair value of Novo's investments is based on closing prices of its investments and relevant foreign exchanges rate as at June 30, 2022. 6 Refer to the Company's news release dated April 12, 2022 and April 27, 2022 , as well as the Company's management discussion and analysis for the three-month period ended March 31, 2022 which is available on the Company's profile on SEDAR at www.sedar.com . 7 Refer to the Company's news release dated October 12, 2021 .
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) reports that all resolutions proposed to shareholders at the annual general meeting of shareholders held today passed, including the election of all of the director nominees listed in the management information circular dated May 2, 2022. Voting as to each of the director nominees was as follows:
Refer to the report of voting results filed today under Novo's profile at www.sedar.com for further details.
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides an update on its mechanical sorting program.
The Phase Two mechanical sorting trial has been completed, with samples from Comet Well, Purdy's Reward, and Egina processed through the Sorter which was assembled adjacent to the Golden Eagle processing plant at the Nullagine Gold Project (" Nullagine ").
The Phase Two trials represent a culmination of four years of test work conducted by Novo to determine the amenability of mechanical sorting across its 11,000 sq km of Pilbara tenure in Western Australia.
The Phase Two trial involved thirty-three samples, primarily from the Comet Well and Purdy's Reward tenements, which were processed though the Sorter. The Comet Well and Purdy's Reward samples were taken from areas peripheral to the main mineralized zone representing lower-grade tenor material and contained approximately 145 tonnes of bulk sample material. Concentrates from each sample were collected in their entirety and the tails or ‘rejects' stream was sub-sampled and sent for assay via Chrysos™ PhotonAssay.
The Phase Two trial confirmed that the mass pull to concentrate averaged 1.05% for lower-grade tenor material, which aligns with previously collected results from higher-grade lab scale test work. Preliminary Phase Two results are outlined in Table 1 below.
Following completion of the Phase Two trial, the Sorter was scheduled to be transported to Comet Well for the Phase Three trial, which is designed to process up to 20,000 tonnes of potentially mineralized material from the Comet Well and Purdy's Reward projects.
Detailed project planning has confirmed that the expected cost of the Phase Three trial has significantly increased from earlier estimates. Work completed as part of the project plan development confirms the nuggety nature of the Comet Well and Purdy's Reward mineralization and the difficulty in confirming gold inventory. The use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, and it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects.
Following the production pause at Beatons Creek 1 and requirement to direct immediate attention towards development of the Fresh mineral resource, along with exploration across high potential Pilbara-wide targets in the short-to-medium term, the Novo Board of Directors has made the decision to defer the Phase Three trial at Comet Well until the first half of CY2023. Novo's Sorter project team has been reassigned to assist with the Beatons Creek Fresh feasibility study 2 .
Novo is dedicated to prioritizing resources to deliver key workstreams at the Beatons Creek Fresh mineral resource including completion of the Feasibility Study 2 , upgrading the current Fresh mineral resource, and continued resource and extensional drilling to expand potential for life-of-mine operations. Additionally, Novo is also focused on aggressively advancing the high-potential exploration targets at Becher for gold in the Egina district and at Purdy's North for nickel in the West Pilbara district.
Commenting on the mechanical sorting update, Executive Co-Chairman, acting Chief Executive Officer, and director Mike Spreadborough said, "While we are disappointed to defer the Phase Three trial at Comet Well, all work to date shows that innovative use of sorting technology for the Comet Well and Purdy's Reward projects is expected to generate positive results. Our immediate focus is on delivering shareholder value through the plan we outlined for Phase Two operations at Beatons Creek."
"We have a very busy second half planned and once we complete those various workstreams, we will re-consider the timing of the Phase Three trial at Comet Well and make a decision on the path forward."
SAMPLE PREPARATION, ASSAYING AND QUALITY ASSURANCE/QUALITY CONTROL
Concentrate samples from the Sorter were collected in their entirety. The tails or ‘rejects' stream was sub-sampled at regular intervals manually. This was achieved by placing a container through the full width of the sample stream as it transferred by gravity from one conveyor belt to another. A composite of approximately 20kg from the ‘rejects' stream was collected across the sample run. All samples and sub-samples were then weighed (wet), recorded, and submitted for transport to Intertek's mineral laboratory in Maddington, Western Australia.
On sample receipt at Intertek Maddington, all samples and sub-samples were dried for 24 hours. They were then fed through a Smart Crusher, where their material particle size was reduced to P90 -3 mm. The crushed concentrate and ‘rejects' samples were then placed into Chrysos™ PhotonAssay pots. The pots were then assayed in their entirety by Chrysos™ PhotonAssay. Chrysos™ PhotonAssay is a non-destructive method, based on technology that measures gold concentration via X-ray excitation to produce gamma rays. Intertek Chrysos™ PhotonAssay is NATA accredited (3244) via ISO/IEC 17025 (2017) for method PA W0002. Program design, quality assurance/quality control, and interpretation of results is performed by qualified persons employing quality control (" QC ") analysis consistent with industry best practices. Chrysos™ PhotonAssay certified CRMs and blanks are included at a rate of 1 in 40 samples for QC purposes by Intertek, the results of which are provided to Novo. Novo does not know of any factors of sampling that could materially affect the accuracy or reliability of the assay data disclosed.
All data was verified without limitation by a qualified person by reviewing analytical procedures undertaken.
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
The decision by the Company to produce at the Beatons Creek Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production has not achieved forecast to date. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
The Company cautions that its declaration of commercial production effective October 1, 2021 3 only indicates that Beatons Creek was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that Phase Three trials at Comet Well will begin in the first half of CY2023, that the Beatons Creek Fresh feasibility study and upgrade of the current Beatons Creek Fresh mineral resource and continued resource and extensional drilling is expected to expand life-of-mine operations, that the use of the Sorter to complete processing of a test parcel of potentially mineralized material remains the most appropriate means of determining potential gold deposition and project economics, that it is expected that the Phase Three trial will assist with establishing a modest mineral inventory for the Comet Well and Purdy's Reward projects, and that funds will be allocated to aggressively explore key sulphide and oxide prospects along the Mosquito Creek formation to extend operations at Nullagine beyond Beatons Creek. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the three-month period ended March 31, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
Table 1 shows the assay and mass pull data from the first ten samples of the Phase Two trial, confirming strong upgrade ratios from low grade material can be achieved through the Sorter in a single pass.
___________________ 1 Refer to the Company's news release dated June 14, 2022 . 2 Refer to the Company's news release dated June 14, 2022 . 3 Refer to the Company's news release dated October 12, 2021 .
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Nomad Royalty Company Ltd. (TSX: NSR) (NYSE: NSR) (" Nomad " or the " Company ") is pleased to announce that the Superior Court of Québec has issued a final order approving the previously announced acquisition of the Company by Sandstorm Gold Ltd. (the " Purchaser ") by way of a plan of arrangement in accordance with the Canada Business Corporations Act (the " Arrangement "). Pursuant to the terms of the Arrangement, the Purchaser will acquire all of the outstanding shares of the Company for a consideration of 1.21 common shares of the Purchaser per Nomad share.
The Company has now received all regulatory and competition approvals required to complete the Arrangement. Subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement dated May 1, 2022 between the Company and the Purchaser, the Arrangement is expected to be effective on or about August 15, 2022 .
Following completion of the Arrangement, the Company expects to delist its common shares from the Toronto Stock Exchange (" TSX "), the New York Stock Exchange and the Frankfurt Stock Exchange and to delist its listed warrants from the TSX. The Company has also applied to the Canadian securities regulators for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
For a more detailed description of the Arrangement, please see the Company's Management Information Circular dated July 11, 2022 , available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml .
Nomad Royalty Company Ltd. is a gold & silver royalty company that purchases rights to a percentage of the gold or silver produced from a mine, for the life of the mine. Nomad owns a portfolio of 21 royalty, stream and other assets, of which 8 are on currently producing mines. Nomad plans to grow and diversify its low-cost production profile through the acquisition of additional producing and near-term producing gold & silver streams and royalties. For more information please visit: www.nomadroyalty.com .
Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. After the closing of the Nomad Acquisition announced on May 2, 2022 , Sandstorm will hold a portfolio of 250 royalties, of which 39 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: www.sandstormgold.com .
This press release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbour provisions (collectively, " forward-looking statements "). The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and readers are cautioned not to put undue reliance on them.
All statements other than statements of historical fact included in this release, are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "have potential" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements, including but not limited to statements with respect to the anticipated completion and timing of completion of the Arrangement, the delisting of the Company's common shares and listed warrants, and the Company's reporting issuer status following completion of the Arrangement. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
Please consult the section titled "Risk Relating to the Arrangement and the Combined Company" in the Circular as well as section titled "Risk Factors" in Nomad's annual information form dated March 30, 2022 for the fiscal year ended December 31, 2021 , and section titled "Risks and Uncertainties" in Nomad's management's discussion and analysis of Nomad for the fiscal year ended December 31, 2021 and Nomad's interim management discussion and analysis of Nomad for the three months ended March 31, 2022 , each of which can be found under Nomad's profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov . 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.
Forward-looking statements contained in this press release are made as of the date of this press release. Nomad disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. If Nomad updates any one or more forward-looking statements, no inference should be drawn that Nomad will make additional updates with respect to those forward-looking statements.
SOURCE Nomad Royalty Company Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2022/12/c2081.html
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August 11, 2022 TheNewswire - Vancouver, British Columbia, Canada Jazz Resources Inc. (the " Company " or " JZR ") (TSXV:JZR) is pleased to announce that it intends to undertake a non-brokered private placement offering of convertible debentures (the " Debentures ") to raise gross proceeds of up to $1,000,000 (the " Offering "). The principal sum of each Debenture will be $1,000. The Debentures will bear interest at a simple rate of eight percent (8%) per annum and will mature on the date that is two (2) years from the date of issuance (the " Maturity Date "). For the first year of the term of the Debentures, interest will be paid in arrears in cash to the holders of the Debentures on the earlier of the conversion date or the date of the first anniversary of the Debentures. For the second year of the term of the Debentures, interest will be paid in arrears in cash on the earlier of the conversion date and the Maturity Date for interest accrued during the second year. The principal amount of the Debentures may, at the election of the holders and at any time prior to the Maturity Date, be converted into common shares in the capital of the Company (the " Conversion Shares ") at a conversion price of $0.85 per Conversion Share. The Debentures will be offered pursuant to one or more prospectus exemptions set out in National Instrument 45-106 Prospectus Exemptions .
The Company intends to use the net proceeds of the Offering for development expenditures on the Vila Nova gold project located in the State of Amapa, Brazil and for general working capital purposes.
Closing of the Offering is expected to occur in one or more tranches, with the first tranche expected to close on or about August 24, 2022. Insiders of the Company may participate in the Offering. The Company may pay participating registered dealers finder's fees in connection with the Offering comprised of cash or securities of the Company, or a combination thereof, as permitted by the TSX Venture Exchange (the " Exchange ").
The Offering is subject to certain conditions including, but not limited to, receipt of Exchange approval. The Debentures, and any Conversion Shares issuable upon the conversion thereof, will be subject to a statutory hold period of four months and one day from the date of issuance.
The Company also announces that it has elected to relinquish and allowed to expire four (4) mineral claims totaling 2,000 hectares on the Teddy Glacier property located 40km southeast of Revelstoke, B.C. The Company still holds one (1) claim on the Teddy Glacier property which totals approximately 50 hectares.
For further information please contact:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the Offering, the expected participation in the Offering by certain insiders, the Company's expected use of net proceeds of the Offering, and the receipt of Exchange approval. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to; the state of the capital markets, and the market for commodities and precious metals; changes in laws and Exchange policies, macroeconomic and geopolitical events or events of third parties beyond the Company's control; and other risks detailed from time to time in filings made by the Company with the securities regulatory authorities. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking statements. Such statements although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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Copyright (c) 2022 TheNewswire - All rights reserved.
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GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements ("Financial Statements") and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2022. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with " NG ". For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company's MD&A.
Second Quarter and First Half 2022 Highlights
(1) First half 2021 includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris. (2) Refer to "Non-IFRS Measures" in the Company's MD&A. (3) The Company is maintaining a portion of its liquidity in gold bullion. As at June 30, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 – 2,500 ounces). (4) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At June 30, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $296.9 million (December 31, 2021 - $294.8 million, including $8.1 million of accrued interest). (5) The Convertible Debentures are recorded in the Financial Statements at fair value. At June 30, 2022, the carrying amount of the Convertible Debentures outstanding was $14.0 million (December 31, 2021 - $19.5 million). Second Quarter and First Half 2022 Results Webcast
As a reminder, GCM Mining will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
Participants should note that for the Q&A portion of the webcast, questions must be submitted through the live event webcast portal noted above.
A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 2022.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the proposed Aris Merger, production guidance, the Toroparu Project construction, mining license and technical studies, and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@gcm-mining.com
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(All amounts in CDN$ unless otherwise indicated)
Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today reports financial results for the three and six month periods ended June 30, 2022 (" Q1 2022 " and " YTD 2022 ") compared to the three and six month periods ended June 30, 2021 (" Q2 2021 " and " YTD 2021 ").
Acquisition by Hecla Mining Company
Mill throughput (tonnes per operating day) 1
Silver (grams per tonne ("g/t"))
Contained metal in concentrate produced
(expressed in thousands of Canadian dollars, except per share amounts)
Basic and diluted net income (loss) per common share
Adjusted basic and diluted loss per common share 2
Mill throughput (tonnes per operating day) is based on the number of days that the mill was operational during the period. The mill was operational for 31 days and 62 days during Q2 2022 and Q2 2021 and for 55 days and 98 days during YTD 2022 and YTD 2021, respectively.
See "Non-GAAP Measures" in the MD&A for the three and six month periods ended June 30, 2022.
Total assets decreased primarily due to a write-down of mineral properties, plant and equipment
Sum of quarters may not add up to the yearly totals due to rounding.
The disclosure in this news release of scientific and technical information has been reviewed and approved Sebastien D. Tolgyesi , P.Eng., P.Geo., Keno Hill Operations Manager, who is a Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District, in Canada's Yukon Territory , one of the highest-grade silver mines in the world. Alexco started concentrate production and shipments in 2021 and is currently advancing Keno Hill toward steady state production. Upon reaching commercial production, Keno Hill is expected to produce an average of approximately 4.4 million ounces of silver per year contained in high quality lead/silver and zinc concentrates. Keno Hill retains significant potential to grow and Alexco has a long history of expanding the operation's mineral resources through successful exploration.
Some statements ("forward-looking statements") in this news release contain forward-looking information concerning Alexco's anticipated results and developments in Alexco's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements may include, but are not limited to, statements with respect to the consummation and timing of the Arrangement, approval of the Arrangement by securityholders, the satisfaction of the conditions precedent to the Arrangement, timing, receipt and anticipated effects of court, regulatory and other consents and approvals, statements with respect to the future remediation and reclamation activities, future mineral exploration including the potential structural geology of mineral properties, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, future mine construction and development activities, future mine operation and production, estimated production headings through the remainder of 2022, the timing of activities and reports, the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, and requirements for additional capital and sources and uses of funds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors, which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the Arrangement may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the failure of the Company and Hecla to obtain the necessary regulatory, court, securityholder, and other third-party approvals, or to otherwise satisfy the conditions to the completion of the Arrangement, in a timely manner, or at all, may result in the Arrangement not being completed on the proposed terms, or at all; changes in laws, regulations and government practices; if a third party makes a Superior Proposal (as defined in the Arrangement Agreement), the Arrangement may not be completed and the Company may be required to pay the Termination Fee; if the Arrangement is not completed, and the Company continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of the Company to the completion of the Arrangement could have an impact on the Company's current business relationships and could have a material adverse effect on the current and future operations, financial condition and prospects of the Company; risks related to actual results and timing of exploration and development activities; actual results and timing of mining activities; actual results and timing of environmental services activities; actual results and timing of remediation and reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineable resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory, Court, securityholder and other third party approvals, the satisfaction of the conditions to closing of the Arrangement in a timely manner and completion of the Arrangement on the expected terms, the expected adherence to the terms of the Arrangement Agreement and agreements related to the Arrangement Agreement, the adequacy of our and Hecla's financial resources, the assumption that Alexco will be able to raise additional capital as necessary, that the proposed exploration and development will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco 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 otherwise required by applicable securities legislation.
View original content: https://www.prnewswire.com/news-releases/alexco-announces-second-quarter-2022-results-301604678.html
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Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) (Freegold) announces that South32 Limited (South32) has provided notice of its intention and election not to further fund any further Tranche Payments as defined in, and in terms of, the Option Agreement, and accordingly the Option Agreement has been terminated. Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.
The work funded by South32 over the last three years, has provided additional understanding of the mineralization at Shorty Creek with most of the work focused outside of the Hill 1835 target area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 metre by 1,500 metre target area with copper mineralization associated with the magnetic high. Additional work by Freegold is expected to focus on the geochemical anomalies, with coincident magnetic highs located throughout the project area as well as additional follow-up in the Hill 1835 Area.
The Qualified Person for this release is Alvin Jackson , PGeo – Vice President of Exploration and Development for Freegold.
About Freegold Ventures Limited Freegold is a TSX-listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project near Fairbanks where a significant drill program remains ongoing as well as the Shorty Creek Copper-Gold Project near Livengood.
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. 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. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and/or re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit in order to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
View original content: http://www.newswire.ca/en/releases/archive/August2022/11/c4713.html
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Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce the latest drill results from the spring exploration drilling at the 100%-owned Tartan Lake deposit near Flin Flon, Manitoba. Satori's winter drill program focused on shallow holes targeting extensions of the South Zone mineralization down plunge to the west and initial drilling of the McFadden target, a broad area of intense quartz carbonate veining located approximately 1,600 metres south of the South Zone.
Table 1.0 summarizes the drill results from the South Zone drill holes. The most significant intersection was reported in hole TLSZ22-21 which intersected 29.06 g/t Au over 5.85 metres and included 198.5 g/t Au over 0.80 metres. Coarse visible gold was observed in the drill core.
The intersection, which has been named "SZHW Zone", appears to be a distinct new zone of gold mineralization and is located approximately 75 metres south of the interpreted South Zone. The SZHW Zone is well defined by historical surface and underground drilling. The same hanging wall mineralization was intersected in holes TLSZ21-06 and TLSZ21-07, drilled earlier in 2021. TLSZ21-06 intersected 3.00 g/t Au at a depth of 8.0 metres from surface averaged over 4.75. TLSZ21-07 intersected 4.91 g/t over 3.75 metres at a depth of 9.75 metres from surface. The three holes define an east-west striking zone that dips 70-80 degrees to the north and it appears as if it may converge with the south dipping South Zone mineralization approximately 250 metres below the current limit of drill coverage. The SZHW mineralization is open at depth to the east.
Jennifer Boyle, Chief Executive Officer, states that, "The high-grade intersection and multiple sites of visible gold observed in hole TLSZ21-21 were exciting on their own but the indication that this new zone of mineralization may converge with the historically defined South Zone mineralization at depth isolates a premium exploration opportunity for follow up drilling. The interpreted convergence of the two zones is only 450 metres from surface and the hanging wall mineralization is open to the east. The eastern extension is not truncated by Tartan Lake, which means it can be accessed for drilling on a year round basis. I am pleased to report that we have delivered on ALL our key exploration objectives at the Main and South Zones. Our limited drilling program has returned some of the highest grades ever reported at Tartan Lake. We have demonstrated continuity of high-grade mineralization down plunge at the Main Zone where drilling also intersected a potential new hanging wall zone averaging 47.56 g/t over 5.80 metres. We expanded the mineralization limits of the South Zone which remains open at depth, and we have now identified a potential new hanging wall opportunity at the South Zone. These outstanding exploration results were returned from a modest exploration drill program at a site which is road accessible in a premium mining jurisdiction. That's what I call a successful exploration program. We are currently designing a follow up drill program to extend the newly identified hanging wall zones at the Main and South Zone as soon as possible."
All three holes also intersected the South Zone as planned, approximately 50-75 metres below the previous deepest holes. All three holes intersected typical quartz-carbonate-tourmaline veining but gold grades were low tenor with the best result intersected in hole TLSZ22-20 which reported 5.00 metres averaging 1.22 g/t Au.
Table 1.0 - Summary of South Zone Results
Figure 1: Tartan Lake - South Zone Drill Plan To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3276/133498_e2d8536a043f9a58_002full.jpg
Figure 2: Tartan Lake - South Zone Cross Section 324725 E (Looking East) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3276/133498_e2d8536a043f9a58_003full.jpg
The Company also completed seven (7) shallow holes testing a broad exposure of quartz-carbonate-tourmaline veining exposed at surface at the McFadden Zone, approximately 1,600 metres south of the South Zone. The McFadden target is preferably accessible during winter. No significant intersections were reported.
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
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 of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133498
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