1844 Resources Inc. (TSXV: EFF) (the "Company" or "1844") announces that it has acquired the final four (4) claims required to complete its land position on it Native Copper Project on the Gaspe Peninsula of eastern Quebec. This addition now brings the total land position to 299 claims covering over 98 square kilometres and includes seven (9) known copper showings and high-grade drilling, trenching and grab sample assays for both coppers.
(Map of Native Copper Project complete with showings and LIDAR background)
Mr. Bernard-Olivier Martel, Director of Exploration at 1844, states "we are exceptionally pleased with this addition as it closes off our land position and adds the remaining two (2) known showing in the Native Copper Project area. The high-grade samples taken to date on the limited exploration done in the area are highly prospective and strengthens our thesis that the Native Copper Project could become a copper exploration camp in the Gaspe Peninsula." Historic work results on these newly acquired claims are as follows:
* The GM report does not include any certificates of analysis or summary tables of results. These exposed values are selected from longitudinal section available in the report.
Under the terms of the purchase agreement (the "Agreement"), the Vendor, an arms-length party, will receive $5,000 and 500,000 common shares and a 2% net smelter returns royalty, 1% of which may be retired for a one-time payment of $750,000.
After detailed analysis 1844 has decided to postpone its previously announced drill program on the Vortex Project due to the proximity of a habitat of a vulnerable or threatened wildlife species (Forest Caribou, Gaspésie population). 1844's technical team has now shifted its exploration plans firmly to the Native Copper Project.
About 1844 Resources Inc.: 1844 is an exploration company with a focus in strategic and energetic metals and underexplored regions "Gaspé, Chibougamau Québec". With a dedicated management team, the Company's goal is to create shareholder value through the discovery of new deposits.
Bernard-Olivier Martel, P. Geo, the Company's Director of Exploration, is a qualified person (as such term is defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) and has reviewed and approved the technical disclosure contained in this news release.
(signed) "Sylvain Laberge"
Sylvain Laberge President and CEO 514.702.9841 slaberge@1844resourcesr.com
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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The Gaspe Peninsula in southeastern Quebec covers approximately 11,390 square miles of thick forest and free-flowing rivers and lakes. Despite its humble appearance, this region stands as one of the definitive districts for geological and mineral exploration in Canada, a reputation in the midst of making a strong comeback.
In 1844, Sir William Logan, founder and first director of the Geological Survey of Canada mapped the majestic Gaspe Peninsula, unknowing the exceptional copper mining opportunities the region would later present. After decades of under exploration, Gaspe presents investors and active copper and polymetallic companies the opportunity for exciting discovery and economic success.
1844 Resources Inc. (TSXV:EFF) is an exploration company with a focus on grossly underexplored regions of Gaspé and Chibougamau in Québec. The company’s robust project portfolio includes the Vortex, Native Copper, Davidson and Lac Arsenault projects.
1844 Resources’ strategic positioning in the Gaspe Peninsula allows it to leverage its rich past-producing mining history. The prolific Gaspe Copper Mine, a subsidiary of Noranda Mines Limited in Murdochville, produced approximately 141 million tons at 0.85 percent copper from 1954 to 1999. 1844 Resources could likely see similar margins with exploration and project development today.
The company’s other region of operation in Chibougamau presents exceptional exploration upside potential with its established roadways, railroad transportation access and widespread gold and copper mineralization discovered in the early 1950s. Both Chibougamau and Gaspe are primed for extensive revitalization and exciting first-mover exploration opportunities.
After finalising a purchase agreement to acquire 100 percent undivided interest of nine claims in the Chibougamau region in 2020, 1844 Resources began its initial exploration and prospecting work program on the Davidson Project.
1844 Resources’ secondary asset is the Native Copper project in the Municipality of Chandler, which is comprised of 156 claims. The project is part of the Mont Alexandre syncline, associated with an important metallotect volcanic horizon part of the Lake McKay Member, which lies within the greenstone belt present in the Gaspe Peninsula.
1844 Resources’ management team consists of world-class experts in the mining sector. The team combines over 100 years of experience in copper resources, finance and geological exploration. These attributes prime the company for outstanding economic success and mineral yield potential in the growing copper market.
The Vortex project is a copper, molybdenum and gold project, which adjoins the Glencore and Soquem property, situated at Sullipek East and 25 kilometers west of Murdochville. The project has seen extensive exploratory and developmental work since 2000, which significantly benefits 1844 Resources’ future plans for the project.
Between 2009 and 2011, the Vortex had over 4,700 meters of combined drilling, geophysics and soil surveys and an exciting discovery of 0.94 percent copper at 29 meters in 2012. Strategically positioned near the Glencore and Soquem portion of the property, estimated resources hover between 2,240,000 tons at 1.09 percent copper and 5,500,000 tons at 0.88 percent copper.
The next steps for Vortex include a 7,000-meter drill program planned for 2021. 1844 Resources remains excited for the future of this project and could see similar mineralization and discovery success as past projects from the prolific Gaspe Copper mine.
The Native Copper project is an exceptional greenfield copper exploration opportunity situated within the Gaspe greenstone belt, west of Chandler, Quebec. The property comprises 156 claims divided into four sectors: Native Copper South, North-west, North-East and Central. 1844 Resources has 100 percent undivided interest in the entirety of these claims.
This strategically positioned asset spans 28 kilometers in length on a horizon that is known to generate multiple mineralized copper zones and has already shown nine indicators in the area. To date, the project has seen extensive prospecting, trenching and drilling, which has revealed copper grades upwards of 5.38 percent.
The company intends to conduct an exciting Airborne geophysics program in mid-2021.
The Davidson project comprises 33 claims situated within the historic Chibougamau mining district. The asset is strategically located directly south of the past-producing Icon Mine. 1884 Resources has a 50/50 joint venture with J.A. MacLeod Exploration Reg’d for Davidson.
The project has produced over 1,616,567 tons of copper at grades of 3.07 percent copper across several known sources on the property. Davidson displays exceptional exploration upside with its close proximity to Route 167 North East of Chibougamau and several prospective copper showings, including Clero, Blondeau and Bouzan-Cuivre targets.
The company remains excited to continue exploring this highly prospective project.
The Lac Arsenault gold project consists of 75 mining claims equivalent to 3,918 hectares in the southern part of the Gaspé Peninsula and situated North-West of Port-Daniel and North-East of Bonaventure. 1844 Resources has 100 percent undivided interest in the entirety of these claims.
The project sits along the Grand Pabos Fault, which is known for high-grade gold, silver, copper and lead showings North of the Riviere Garin Fault. Between 2005 and 2006, Lac Arsenault saw preliminary prospecting and drilling on the property, but end results were not made available in any government report. In March 2021, the company also announced the commencement of a 2,000-meter diamond drilling program for the project.
After obtaining a degree in Hotel management Sylvain Laberge entered into a sales career in a different sector. He became part of a new company founded in 1999, Renmark Financial Communication, an enterprise specializing in Investor Relations, where he became VP and developed an interest in emerging companies and especially mining exploration. Laberge has been managing Gespeg since 2013 and also managed other junior companies during that period. He is presently a director of Omineca Mining.
A graduate of the University of Calgary (BComm), Andrew Davidson is a Chartered Accountant with Certification in both Saskatchewan and Alberta. Davidson’s extensive experience in junior natural resource finance and international financial reporting standards has been gained through years of experience in the Canadian junior resource markets and in public practice accounting in both the Alberta and Saskatchewan markets, focusing specifically on assurance for publicly listed enterprises. He is also involved as an officer or director in several other junior resource exploration and production.
Bernard-Olivier Martel graduated from the University of Quebec in Montreal in 1999. He is a member of the Geologist Order of Quebec and acts as a qualified person under the National Instrument 43-101. His experience includes government services, engineering and geological and mineral exploration. Before and after graduation, he worked on various mapping projects for the Quebec Department of Natural Resources. Since 2004,
Martel has worked exclusively for the mining industry as a consulting geologist for various exploration companies in Quebec and Ontario. In addition to his duties as technical director of geology for Gespeg Copper Resources, Martel acts as a geologist responsible for the exploration work for Explo-Logik Inc., a mineral exploration services company. projects in recent years: Nouveau-Monde Graphite, Maple Gold Mines, Laurion Mineral Exploration Inc. Tarkus Resources, Fancamp Exploration Ltd., Jourdan Resources and many others.
Los Andes Copper Ltd. (TSXV: LA) (OTCQX: LSANF) ("Los Andes", "LA" or the "Company") is pleased to report continued consistent positive results from recent drilling completed at the 100% owned Vizcachitas Copper Project, located 120 kilometers from Santiago in Chile.
Further results from the drill program include a highlight of 404 meters grading 0.41% copper equivalent (0.36% copper, 136 parts per million ("ppm") molybdenum and 1.2 grammes per tonne ("g/t") silver) in hole CMV 014. The results also include 44 meters grading 0.46% copper equivalent on the southwestern edge of the deposit (0.42% copper, 96 ppm molybdenum and 1.1 g/t silver) in hole CMV 013. Hole 14 was stopped early in phase 1 and is planned to be extended when drilling resumes.
The drill results from the completed initial drill campaign have shown that the 1.2 billion tonnes at 0.45% copper equivalent Measured and Indicated Resource has considerable potential to grow both in scale and grade. Operating copper mines in the same area as Vizcachitas are among the largest in the world with resources more than 40 billion pounds of copper.
Drilling returned several new continuous intercepts in excess of 850 to 1,100 meters in length above the resource cut-off grade (0.18 % copper equivalent) and a 152-meter intercept of 1% copper equivalent clearly show the potential to continue growing the Vizcachitas resource. The deposit remains open to the east and west. Detailing high-grade near-surface mineralization in the south will be part of the ongoing Pre-Feasibility Study ("PFS"), which is in progress.
R. Michael Jones, CEO of Los Andes Copper, said, "The drilling program results, with the new approximately 1km intercepts of copper, clearly points to Vizcachitas becoming the next significant deposit in line for development in a district which hosts three of the largest porphyry copper mines in the world. We are only just now starting to see its full potential."
Large-scale, advanced copper projects like Vizcachitas are rare and are expected to be in high demand as the copper market heads towards an expected significant supply deficit in the years ahead. Los Andes Copper's 100% ownership of Vizcachitas with no copper offtake entanglements is also attractive to larger copper producers in the region.
Highlights of the initial 2022 Drill Program
East Side - New Area and Open
South Side - High Grade
The drill core assay results reported today will also be incorporated into the new resource assessment for the PFS targeted for the fourth quarter of 2022.
Current resources at Vizcachitas are Measured Resources of 254.4 million tonnes grading 0.489% copper equivalent and Indicated Resources of approximately 1.03 billion tonnes grading 0.442% copper equivalent. Drilling is expected to resume in Q3 2022. The Company has filed extensive scientific information with the Environmental Court asking to lift a preliminary injunction which currently prevents further drilling. The Company is confident that drilling can resume with no significant risk to the environment as outlined in its granted environmental permits. If the injunction is lifted, drilling is expected to resume in Q3 2022.
All thicknesses from the drill hole intersections are down-hole drilled thicknesses. True widths will be estimated as the deposit model is updated, and information becomes available. * Copper Equivalent grade has been calculated using the following calculation: CuEq (%) = Cu (%) + 0.000333 x Mo (ppm) + 0.00826 x Ag (g/t), using the metal prices: 3.00 USD/lb Cu, 10.00 USD/lb Mo and 17.00 USD/oz Ag. No allowance for metallurgical recoveries has been considered. These are the same reference prices as in reporting of 2019 PEA. This means that the reported intercepts can be compared directly with the results published in the PEA. Approximate relative value on the PEA pricing is 93% copper, 6% molybdenum and 1% silver.
About Los Andes Copper Ltd.
Los Andes Copper Ltd. is an exploration and development company with an 100% interest in the Vizcachitas Project in Chile. Los Andes Copper Ltd. is listed on the TSX-V under the ticker: LA.
The Project is a copper-molybdenum porphyry deposit, located 120 kilometres north of Santiago, in an area of very good infrastructure. The Company's Preliminary Economic Assessment (the "PEA"), delivered in June 2019, highlights that the Project has a post tax NPV of $ 2.7 billion and an IRR of 26.7%, based on a $3.50 per pound copper price.
Please refer to the technical report, compatible with NI 43-101, dated June 13, 2019, with an effective date of May 10, 2019 and titled "Preliminary Economic Assessment of the Vizcachitas Project", prepared by Tetra Tech.
The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Qualified Person ("QP") and Quality Control and Assurance
Antony Amberg CGeol FGS, the Company's Chief Geologist, is the qualified person who has reviewed and approved the scientific and technical information contained in this news release. The QP has validated the data by, supervising the sample collection process, through chain of custody records and inspecting the detailed technical data and quality control and assurance information.
Los Andes Copper has a strict Quality Assurance and Quality Control ("QA QC") protocol, which is consistent with industry best practices. There is a strict chain of custody from the project site to laboratory via the Company's core cutting facility. The QA QC protocol includes the insertion of field duplicates, coarse duplicates, pulp duplicate, pulp and coarse blanks and Certified Reference Materials supplied by Ore Research and Exploration, Australia.
The core was analysed by ALS in Lima, Peru. All samples were assayed using the method ME-MS61, a four-acid digestion with an ICP-MS finish. Samples with grades above 0.7 % Cu were analysed using ALS method Cu-OG62, a four-acid digestion with an ICP-AES finish. The Company uses a program of detailed QA QC and monitors the performance of the laboratory.
For more information please contact:
R. Michael Jones, P.Eng CEO rmj@losandescopper.com +44 203 4407982
BlytheRay, Financial PR Megan Ray Rachael Brooks Tel: +44 207 138 3203
E-Mail: info@losandescopper.com or visit our website at: www.losandescopper.com Follow us on twitter @LosAndesCopper Follow us on LinkedIn Los Andes Copper Ltd
Certain of the information and statements contained herein that are not historical facts, constitute "forward-looking information" within the meaning of the Securities Act (British Columbia), Securities Act (Ontario) and the Securities Act (Alberta) ("Forward-Looking Information"). Forward-Looking Information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions. More specifically, Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-Looking Information. Such Forward Looking Information includes, without limitation, the timing of and ability to obtain TSX-V and other regulatory approvals and the prospects, details related to and timing of the Vizcachitas Project. Such Forward-Looking Information is based upon the Company's assumptions regarding global and Chilean economic, political and market conditions and the price of metals and energy and the Company's production. Among the factors that have a direct bearing on the Company's future results of operations and financial conditions are changes in project parameters as plans continue to be refined, a change in government policies, competition, currency fluctuations and restrictions and technological changes, among other things. Should one or more of any of the aforementioned risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the Forward-Looking Information. Accordingly, readers are advised not to place undue reliance on Forward-Looking Information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Information, whether as a result of new information, future events or otherwise.
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.
View Looking North of the PEA Resources + 0.5% Cu Eq and Position of Large or High-Grade Intercepts from 2022 Drilling indicating the deposit is open for potential expansion. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/916/128607_losandescopperimage1.jpg
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Vancouver, B.C. TheNewswire - June 22 nd 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to provide an update on its first phase of drilling at the Company's Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.
Twelve holes have been completed on the Arrowhead, comprising 3,603 metres. Core logging and sampling are ongoing.
The drill program was designed to target the well-known Cadillac shear zone and the campaign has intersected prospective geology with varying amounts of visible gold, quartz veining, brecciation and silicification, and quartz stockwork with associated sulphides.
The Company has intersected a section of 16.9 meters (AR-22-04) of silicified mafic tuff interbedded with felsic lapilli tuffs, quart-feldspar veins, and quartz veins.
Company President and chief executive officer Blake Morgan commented, "The drilling has progressed very well, and I really like what I am seeing, especially from hole AR-22-04. It looks like we are on the right track, in the right part of the world. We know this area holds elephant sized deposits at depth, as the La Rhonde mine held by Agnico Eagle is located next door to the Arrowhead Property and goes to depths over 3,000m. The Opawica team is thrilled to be hitting visually exciting mineralisation at shallow depths."
In drill hole AR-22-04, at 129.9m to 146.8m a section of well silicified mafic tuff interbedded with felsic lapilli tuffs, quart-feldspar veins, and quartz veins, with bedding measured at 60⁰-50⁰ to core angle, pyrite varied from 1% to 10%, and trace amounts of pyrrhotite were intersected. Drill hole AR-22-04 was drilled at dip of 55⁰ at 187Az to a depth of 270 m. The true thickness of this section is not known. ( See figure below for picture of the drill core from AR-22-04. )
The Arrowhead Project is mainly covered by the metavolcanites of the Blake River Group. Strata are oriented east-west and present a subvertical dip. Volcanic and sedimentary rocks form a series of east-west-trending, steeply dipping monoclinal panels. The sequences are separated by longitudinal contacts parallel to the lithologies. In the southern part of Joannes township, the Cadillac Fault runs along an east-west axis over a lateral distance of about 150 kilometres. In the province of Quebec, more than 40 gold deposits that have produced over 60 million ounces of gold in the past hundred years and are associated with this major structure and its subsidiary faults. *
Click Image To View Full Size
Figure 1 Drill Hole AR-22-04 129.9m to 146.8m
Initial prospecting on the Arrowhead started in 1920 on the major shear zone located in the northern part of Opawica's property. In 1926, the exploration works consisted of prospecting, pitting, trenching and diamond drilling, mainly to test two shear zones containing quartz-carbonate veins with free gold. Gold values of up to 45.05 g/t were obtained over appreciable widths. Two main veins, designed as A and B, were explored. This work led to underground exploration that started in 1936. A three-compartment shaft was sunk to a depth of 154 metres. Levels were established at depths of 60.96 m (200 feet), 106.68 m (350 feet) and 152.40 m (500 feet). Drifting and crosscutting were carried out on all three levels on the A and B veins.
Assays are still pending on the Bazooka property which is an ongoing frustration. The Company is working with the labs to exercise a timelier process.
Derrick Strickland, P. Geo (OGQ No. 35402), has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Nova Royalty Corp. (" Nova " or the " Company ") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce the voting results for its annual general meeting of shareholders held on June 21, 2022 (the " Meeting "). Brett Heath Alex Tsukernik E.B. Tucker, Johanna Fipke Andrew Greville and Luke Leslie were re-elected to serve as directors of the Company. A total of 41,317,681 common shares were represented at the Meeting, representing 48.51% of the Company's issued and outstanding common shares.
Shareholders approved all matters brought before the Meeting as follows:
Approval of Share Compensation Plan
Nova is also pleased to provide a Company update via a letter to shareholders written by President and CEO, Alex Tsukernik . The letter can be accessed on the Nova Royalty website, by clicking here .
Nova Royalty is a company focused on providing investors with royalty exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".
ON BEHALF OF Nova Royalty CORP.,
(signed) "Alex Tsukernik" President and Chief Executive Officer
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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 29, 2022 and other filings available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, 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. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
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Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") and, together (the "Alliance")today announced that the Alliance has initiated drilling on the Grey River Gold Project, located in southern Newfoundland. In addition, the Alliance has nearly completed the camp construction at the Kraken Lithium discovery, located in southwest Newfoundland near the village of Burgeo, and the drill rig is on-site ready to start drilling
At the Grey RiverGold Project, the first two holes have been completed and are being logged, cut and sampled for gold analysis. This current campaign will include a planned 20-hole program to follow up on the successful five-hole 2021 program that saw significant gold mineralization intersected in all holes spread over a five km strike length (See March 16, 2022 press release). The first three holes will be 25 m to 50 m step-out holes centered around GR-21-01, the furthest hole to the east which intersected three parallel zones of gold mineralization including 1.80 m of 10.58 g/t Au.) The fourth hole will be drilled one km east of GR-21-01 to test a new 1.0 g/t Au surface sample collected in the early summer of this year. The mineralization on the Grey River property is associated with large zones of silica associated with disseminated and stringer pyrite (from 2% - 20% pyrite) within the >10 km-long quartz/silica body. In addition, the Alliance is also looking at various technologies for more precise targeting of high-grade mineralization along the large structural zone which will be ongoing as drilling is complete. Further prospecting and mapping will be conducted to assist with drill targeting.
At the Kepenkeck Gold-Uranium Project, the Alliance has recently made the annual option payments to the vendors of the property and is planning further prospecting, mapping, and soil sampling to begin shortly. The 2021 summer exploration season returned results from trace elements up to 5.46 g/t Au in selective sampling along with several areas grading > 1.0 g/t that will be subject to follow-up.
Tim Froude, President and CEO of Sokoman comments; "In addition to our aggressive drill campaign on our 100%-owned Moosehead Gold Property, we are very excited to have a drill turning at Grey River and drilling to commence shortly at the Kraken Lithium prospect at the Golden Hope property. The Grey River program will represent the most significant gold exploration program undertaken on the extensive quartz +/- sulphide system that we now know to host significant gold mineralization from our 2021 drilling. We expect to be completing up to 20 holes across the length of the silica zone which should take us into early Fall."
Stephen Stares, President and CEO of Benton states; "We're confident that this year will be very productive for our shareholders as our plans represent the most aggressive, multi-project exploration program we have ever undertaken. The quality of these projects is second to none and I'm very optimistic that our upcoming work will return favourable results. We look forward to providing updates as the summer season progresses."
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration for Benton Resources Inc., both of whom are 'Qualified Persons' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Benton and Sokoman are operating under federally and provincially mandated and recommended COVID-19 guidelines.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance more than 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold district. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Sokoman's property.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most-recently Lithium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow value.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland and Labrador that are now being explored.
For further information, please contact:
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
Sokoman Minerals Corp. Timothy Froude, P.Geo., President & CEO Phone: 709-765-1726 Email:tim@sokomanmineralscorp.com
Benton Resources Inc. Stephen Stares, President & CEO Phone: 807-475-7474 Email:sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com, www.bentonresources.ca Twitter: @SokomanMinerals, @BentonResources Facebook: @SokomanMinerals, @BentonResourcesBEX LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.
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Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that it has begun exploration work at its Jackpot Lake Lithium Brine Project in Clark County, Nevada . The Company has contracted Rangefront Mining Services to provide geological services and now plans to increase the scope of its maiden drilling program.
The upcoming program is focused on sourcing a domestic supply of lithium in Nevada in line with President Biden's initiative:
"To help make electric vehicles work, we need also to increase the production of lithium-ion batteries and we need responsible and sustainable domestic sourcing of the critical materials used to make lithium-ion batteries such as lithium, cobalt, nickel, and graphite," infrastructure implementation coordinator and senior Biden adviser Mitch Landrieu told reporters on May 2, 2022 .
The Company is pleased to announce that a site visit has been completed at the Jackpot Lake Lithium Brine project and that permitting for its maiden drilling program is underway. The purpose of the visit was to assess the Site to review drill sites for the construction of access roads and drill pads in preparation for drilling.
Rangefront Mining Services (Rangefront), a local Nevada firm, has been selected to provide geological services for the design, execution, and management of exploration work at Jackpot Lake. Rangefront is a comprehensive geology and mining consulting firm with personnel that specialize in the planning and execution of lithium brine exploration, including resource estimation, as the Company works towards its goal of completing a 43-101 resource estimate by Q4 of 2022 ( https://bit.ly/3tD9ndz ).
Furthermore, based on its review and discussion with Rangefront and the successful completion of its oversubscribed private placement for gross proceeds of $2,895,401 , the Company has elected to increase the planned scope of its maiden drilling program from 900 metres over 3 holes to 2,700 metres over 6 holes to better define a 43-101 resource. Pending permit approvals, the Company anticipates commencing drilling in the late summer, early fall.
Deepak Varshney , CEO of Usha Resources stated: "USHA is very excited to have begun our journey at Jackpot Lake and capitalize on our geographical advantage on US soil and to partner with the team at Rangefront. We believe they are the right team to work with and their engagement will provide us with consistency and accessibility to a variety and depth of innovative approaches that will accelerate our goals. With a well-funded treasury, we anticipate the remainder of 2022 to be an extremely active year and we look forward to a busy and productive field season at Jackpot Lake as we also proceed with our other catalysts including the Nicobat Nickel spinout."
The Jackpot Lake Lithium Brine Property is located within Clark County , 35 kilometres northeast of Las Vegas, Nevada , and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a "playa" which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle's Silver Peak Nevada Lithium Mine which has operated continuously since 1966, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
The project is considered to be "drill-ready" based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:
The Company is also pleased to premiere its corporate introduction video, which allows shareholders and the general public to meet Deepak Varshney , CEO of USHA, and learn about the Company and its project. The video can be accessed at the Company's homepage and at the following link: https://youtu.be/3rCA9SjUpps .
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson , P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada ; Nicobat, a nickel‑copper‑cobalt project in Ontario ; and Lost Basin, a gold-copper project in Arizona . Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
Usha Resources LTD. "Deepak Varshney" CEO and Director
For more information, please call Tyler Muir , Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com , or visit www.usharesources.com .
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.
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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/22/c1439.html
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Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to announce it is rebranding and transitioning with a name change to FIREWEED METALS CORP. Fireweed will now operate as and market itself as Fireweed Metals Corp., but formal adoption of the new name will occur when regulatory approvals are received. Fireweed will continue to trade under the same symbols on stock exchanges (TSXV: FWZ; OTCQB: FWEDF; FSE:20F) and the number of shares outstanding will not change.
The rebranding features a new redesigned website, www.FireweedMetals.com, which launches today. Readers are encouraged to explore the new website which features a new look and new content with enhanced visuals and videos.
Executive Statement Fireweed CEO Brandon Macdonald stated: "Fireweed has quickly grown into much more than a zinc company. The purpose of this rebranding and the new website is to reflect that we are now a leading critical minerals company. Our projects host major deposits of zinc and tungsten, each with unique supply dynamics and compelling demand growth. Our flagship Macmillan Pass Project is one of the largest undeveloped zinc projects in the world. Nearby, our recently acquired Mactung Project is one of the world's largest and highest grade tungsten deposits. To the north, we have also recently acquired the Gayna River zinc-gallium-germanium project. All our projects are in the safe jurisdiction of Canada. With both zinc and tungsten being designated as critical minerals by Canada, the US, and the EU, Fireweed is positioned to be a significant critical minerals player on the world stage and to help enable the transition to a sustainable low-carbon economy."
New Website In coordination with the rebranding, Fireweed is pleased to launch a new redesigned website, www.FireweedMetals.com. The new website features a new look and content, and will have new content released regularly. Fireweed's ambition is to have industry leading data transparency, and will be working towards that goal in the coming months. Readers are encouraged to explore the new website and learn more about Fireweed and its projects.
Name Change Detailed Information The name change to Fireweed Metals Corp. was approved by a special resolution at the recent Annual General and Special Meeting of the shareholders held on May 25, 2022 (see Fireweed news release dated June 10, 2022) as well as by the Board of Directors. To finalize the name change, regulatory approvals are needed including TSX Venture Exchange approval. After the name change, Fireweed will continue to trade under the same symbols on stock exchanges (TSXV: FWZ; OTCQB: FWEDF; FSE:20F) but under a new CUSIP number, and the number of shares outstanding will not change.
About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F ): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. The Company is current in its reporting, and undergoes an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.
Additional information about Fireweed and its projects can be found on the Company's website at www.FireweedMetals.com and at www.sedar.com .
ON BEHALF OF FIREWEED METALS CORP.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements This news release may contain "forward-looking" statements and information relating to the Company and its projects that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Contact: Brandon Macdonald Phone: (604) 646-8361
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