Company starts 3,000-metre drilling program to test the new anomalies
CEO Interview today at 9:00 AM ET: Update on Obalski
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has received the report on the DAS Vision3D induced polarization (IP) survey carried out on the southern portion of its 100%-owned Obalski property, located 2 km south of Chibougamau, in Quebec.
The survey, conducted by Abitibi Geophysics of Val-d'Or, revealed the presence of at least six strong chargeability and/or resistivity anomalies south of the APo zone, which extend downward from peaks located at a vertical depth of 100 to 150 m and remain open at an average depth of 325 m. A number of less strong anomalies were also found.
As a result, TomaGold has initiated a 3,000-metre drilling program on the main anomalies located by the IP survey to assess their nature and the type of mineralization encountered. It should be noted that the southern portion of the property has seen only very limited shallow drilling to date, to a maximum vertical depth of 200 m. The Corporation expects to complete the current drilling program within the next couple of weeks.
Chargeability plan views at approximate vertical depths of 105 m, 205 m and 305 m
"This is a major find for us, as it warrants drilling in untested areas that show even stronger exploration potential than what we have seen in previous work," said David Grondin, President and CEO of TomaGold. "We have just started drilling the newly-discovered anomalies and we're eager to see where this next phase of exploration will take Obalski."
Holes OBA-01A and OBA-01B
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 and 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/97ac70d0-3c40-46c7-bf07-2106aef9beec https://www.globenewswire.com/NewsRoom/AttachmentNg/f571f3d5-d257-4e9d-85b7-03269d02993b https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e475f6-369c-4d15-bb8c-d09dd68f0469 https://www.globenewswire.com/NewsRoom/AttachmentNg/1e2d3385-a74e-443a-807d-981a44bc251e https://www.globenewswire.com/NewsRoom/AttachmentNg/8aa3b70f-9687-433f-96eb-3ba3450ef3b1 https://www.globenewswire.com/NewsRoom/AttachmentNg/ecf7ee7e-f481-4211-8e4f-8fbe743f2eab https://www.globenewswire.com/NewsRoom/AttachmentNg/fc6aa2ac-bbbc-4d81-b100-df12abe3e474 https://www.globenewswire.com/NewsRoom/AttachmentNg/db17088c-0af2-4196-9207-33a3f566c890
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Quebec and Ontario are more than Canada’s most populous provinces. These provinces are also hosts to some of the country’s most prolific mining jurisdictions, combining the perfect storm of stability, government support in mining and high-grade mineralization discovery potential. Jumping onto investment opportunities in these provinces can present investors with a head start on the next new commodity cycle. With a forecasted call for a 30 percent return increase on commodities like copper and gold in 2021, investment interest in Canada’s biggest provinces is very much warranted.
TomaGold (TSXV:LOT,OTCQB:TOGOF) is a well-funded mineral exploration company focused on acquiring and developing highly prospective gold mineral properties. The company combines an excellent asset profile with impressive strategic partnerships and trading volume.
The company currently has five gold projects under development near the Chibougamau mining camp in Northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. These assets leverage great infrastructure and resource networks within Northern Quebec’s safe mining-friendly jurisdictions.
TomaGold’s expertly chosen projects have fast-track potential, with many groundwork milestones already achieved. Ongoing GIS data collection and 3D modeling have helped determine overarching geochemical properties and recalibrate future drilling campaigns.
In January 2021, the company reported positive preliminary results from its 2,500-meter drilling program at its wholly owned flagship Obalski gold project. Discoveries of massive sulfides and pyrrhotite, pyrite and chalcopyrite passages point to potential high-grade silver, gold and copper discoveries.
Commencing drill campaigns for this property could present similar copper-gold mining success as seen in the project’s past-producing history and neighboring development projects. The Obalski is strategically positioned near the highly prospective Philibert deposit and the Nelligan gold project currently operated by IAMGOLD (TSX:IMG) and Vanstar Mining Resources (TSXV:VSR).
TomaGold has a joint venture with Evolution Mining (ASX:EVN) and New Gold (TSX:NGD) that gives the company 24.5 percent interest in the resource-rich Baird property near the Red Lake mining camp in Ontario. Exploration work on the property from the 1980s returned assay values of 172 g/t gold over 1.2 meters and 19 g/t gold over 1.8 meters. TomaGold believes that additional high-grade gold discoveries merit further drilling campaigns set for early February 2021.
TomaGold is very well positioned for growth and project advancement as a junior mining company. It currently has over C$8 million in liquidity and cash for intended project funding and operates with a tight and deeply connected shareholder structure. Major shareholders include IAMGOLD, closely tied family offices, family members and management.
TomaGold’s management team comprises world-class experts in capital markets, geology and mineral exploration. The company’s solid technical team primes it for significant mining success and economic prosperity.
TomaGold’s wholly owned Obalski property hosts seven separated mineralized zones, one mining concession and one 85 meter shaft adjacent to two ramps. The property had seen limited exploration since the late 1980s when it was a considerable copper-gold producer. Covering approximately 345 hectares south of Chibougamau, Quebec, the project leverages strong government support, access roadways and rich resource networks close to major populous areas.
In 1964, United Obalski Mining mined 90,093 tonnes grading 3.0 g/t gold, 6.2 g/t silver and 1.53 percent copper. Since then, extensive drilling campaigns have resulted in 230 new open targets on the property for a total of more than 60,000 meters, most of which involves shallow drilling. A 2017 drill campaign later presented grades of 15.0 g/t gold, 46.8 g/t silver and 10.4 percent copper over 2 meters.
The property hosts widespread gold-copper mineralization with sulfide-rich quartz-carbonate veins and pyritized shear zones. This favorable geological profile primes the project for advanced development, including the continuation of a 2,500 drilling program to better define Obalski’s main PO zone.
The highly prospective Lac Doda project operates in the resource-rich Chibougamau mining camp in Northern Quebec. The property consists of eight mineral claims over an area of 4,478 hectares. Located approximately 20 kilometers southwest of the Monster Lake property, the Lac Doda property leverages many of the same existing infrastructure and geographical advantages.
TomaGold owns 100 percent interest in the project. In July 2020, the company announced an option agreement to sell up to 80 percent interest in the Lac Doda property to Goliath Resources (TSXV:GOT). This agreement presents an exciting stage in the project’s growth.
TomaGold strategically positions both projects to leverage the valuable mineralization of the Monster Lake property. Monster West consists of 21 mineral claims covering an area of 1,172.51 hectares and Monster East consists of 69 mineral claims covering an area of 4,269 hectares. The company owns 100 percent interest in both properties.
Monster Lake East is separated into three main sectors: Cookie Monster, Little Monster and Monster Island. A July 2018 IP survey revealed a large copper geochemical anomaly with a striking distance of several kilometers. Surveying also identified gold assay results just below 1 g/t gold and 14 potential high-priority gold and copper targets at depths of 100 to 350 meters.
Future plans include detailed airborne and ground geophysical surveying data compilation. TomaGold intends on using this analysis for drill recommendations and target generation for both properties.
The Hazeur project consists of 61 mineral claims and covers 2,863 hectares along the southern border of the Monster Lake property. TomaGold currently has 70 percent interest in the property and is strategically positioned as the project operator. The project covers the Joe Mann-Guercheville corridor with numerous gold occurrences along the property’s deformation zone.
Regional mineral grades include 0.24 g/t gold over 80.4 meters and 0.30 g/t gold over 70.0 meters. The company hopes to mimic some of its best drilling results of 24.55 g/t gold over 0.50 meters and 7.66 g/t gold over 1.25 meters in future development campaigns.
Since 2015, Hazeur has seen successful high-definition magnetic VTEM-type airborne surveying over the property and advanced drilling. This exploration reported significant gold intersections across seven drill holes. TomaGold intends to continue exciting exploration and property assessment of this valuable project into 2021.
TomaGold is currently in a joint venture with Evolution Mining and New Gold for the Baird property. The company holds a 24.5 percent interest in Baird, with Evolution owning a majority 51 percent as the project operator.
The Baird property lies in the prolific Red Lake gold belt 6 kilometers north of the Madsen Mine and 14 kilometers southwest of the Red Lake mine. The asset’s geological profile includes volcanic rock coverage and the famous structural and alteration system characteristics of Red Lake and Campbell mines. This profile could explain the impressive assay values of 172 g/t gold over 1.2 meters and 19 g/t gold over 1.8 meters reported from early drilling programs.
TomaGold plans to continue property assessment and development work for early 2021.
David Grondin has worked in the financial and mining sectors for over 20 years. He has been the president and CEO of TomaGold since December 2011 and is a director of AM Resources. He was also president and CEO of NQ Exploration Inc. and has acted as a financial analyst for CTI Capital Inc. Grondin has a bachelor degree in business administration (finance) from HEC Montréal and experience in initial public offerings, mergers and acquisitions and reverse takeovers.
Martin Nicoletti is a certified general accountant with more than 22 years of experience. He has been involved in global exploration activities with public junior mining companies since 2004. His duties include financial controls and financial reporting. He presently acts as CFO for several public companies.
André Jean was the chief engineer geologist for the Monster Lake project from its commencement until his departure in 2018. He has over 35 years of geology experience, having worked for multiple mining companies located in Quebec, Central and South America and Africa, including Les Mines Seleine, Louvem, Lac Minerals and Osisko. Jean graduated from Université du Québec à Chicoutimi in 1979 with a degree in geological engineering.
Caitlin Jeffs received her Honors B.Sc. in Geology from the University of British Columbia in 2002. Caitlin has worked for several junior and major companies since 2002 in both gold and base metal exploration. Most of her experience has been with Placer Dome CLA Inc. and Goldcorp Inc. managing all aspects of in-depth exploration projects and specializing in GIS technology and 3D modeling of ore bodies. She is a founding partner and 33 percent owner of Fladgate Exploration Consulting Corporation of Thunder Bay, ON, a full-service mineral exploration consulting firm.
TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to report the results of its annual general and special meeting of shareholders, which was held today on a hybrid basis. All the nominees listed in the Corporation's management proxy circular dated May 30, 2022, were re-elected as directors.
Shareholders holding 53,106,180 shares, or 33.04% of TomaGold's issued and outstanding shares were present or represented by proxy at the meeting.
Detailed results of the vote for the election of directors are set out below:
At the meeting, the shareholders also approved resolutions regarding:
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has completed the induced polarization (IP) survey announced on May 13, 2022 over the southern portion of its 100%-owned Obalski property, located 2 km south of Chibougamau, Quebec. The Corporation expects to receive the results integrating the December 2021 and May 2022 surveys from Abitibi Geophysics in the coming weeks.
The survey results will provide important data for the next drilling program on Obalski, scheduled for June-July 2022.
The Corporation has also granted 3,900,000 stock options under its stock option plan to directors, officers and consultants of the Corporation, entitling them to acquire the same number of common shares of the Corporation at a price of $0.10 per share for a period of five years.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to announce that it has retained the services of Abitibi Geophysics of Val-d'Or to conduct an induced polarization (IP) survey over the southern portion of its 100%-owned Obalski property, located 2 km south of Chibougamau, Quebec. In preparation for the survey, the Corporation has cut an additional 9 km of lines covering the southern portion of the property.
In December 2021, Abitibi Geophysics conducted an IP survey and produced a preliminary report that demonstrated the presence of large geophysical anomalies to the west and south of the Obalski deposit, right at the edge of the survey grid. The same report also indicated that the geophysical coverage was insufficient, leading the Corporation to undertake this new survey and carry out linecutting during the winter of 2021-22.
The new survey will also provide input for the next drilling program, scheduled for June-July 2022. The integrated results for the December 2021 and May 2022 surveys are expected in June 2022.
Setting up of new media platforms
In the coming weeks, the Corporation will roll out new media platforms to enable investors to further engage with TomaGold senior management through webinars, videos and one-on-one meetings. More information on the initiative will be made available in the coming weeks on the Corporation's website, at www.tomagoldcorp.com , and on its LinkedIn , Facebook , Twitter and Instagram social media channels.
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to report the last results of its 11,500-metre drilling program on its wholly-owned Obalski property in Chibougamau, Quebec. In this latest phase, the Corporation drilled five holes for a total of 2,409 m.
* True width is estimated at 65-70% of core length.
"This program was a true success as it allowed us to expand the mineralization at depth on Obalski with significant gold intersections, further demonstrating the mineral potential of our property," said David Grondin, President and CEO of TomaGold. "The upcoming program slated for June will be even more exciting as we will continue to test the extensions of the mineralization, in addition to drilling anomalies detected to the west of the property following the results of the induced polarization survey."
Table 2: Results of the 2021-22 drilling program on Obalski
* True width is estimated at 65-70% of core length.
Sample preparation and analysis TomaGold has implemented and is adhering to a strict Quality Assurance/Quality Control program for the current drilling program. The core is sawed in half, with one half kept as a witness sample in Chibougamau and the other half shipped directly by bus to ALS Chemex in Val-d'Or, Quebec. ALS grinds the half core to 1/8", split it into two halves and keeps one half as a witness (reject) in Val-d'Or. ALS pulverizes the other half to minus 150 mesh, takes a 50 g sample for analysis and keeps the rest, identified as "pulp".
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.tomagoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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TomaGold Corporation (TSXV: LOT) (OTCQB: TOGOF) (" TomaGold " or the " Corporation ") is pleased to report the results for the first three holes of phase 2 of the 11,500-metre drilling program on its wholly-owned Obalski property in Chibougamau, Quebec.
Results of the first three holes of phase 2
Figure 1: Plan view of the Obalski drilling program Figure 2: Section 150+00 E, Obalski property Figure 3: Section 250+00 E, Obalski property
In December 2021, Abitibi Geophysics of Val-d'Or conducted an induced polarization (IP) survey on behalf of the Corporation over approximately 6 line-km. A preliminary report indicated the presence of large geophysical anomalies to the west and southwest of the Obalski deposit. The Corporation has forwarded its full drilling database for more than 525 holes to Abitibi Geophysics to enable them to correlate the geophysical data with the drilling data. The report also shows that geophysical coverage is insufficient, with a strong anomaly located on the southwestern edge of the grid. Some 9 line-km of additional linecutting will begin in the next few days, to be followed by IP surveying.
Expansion of the Obalski property to the west
On February 10, 2022, the Company signed a property acquisition agreement with Yorbeau Resources Inc. (" Yorbeau ") to acquire Yorbeau's 51% interest in the 5 claims immediately west of the Obalski property, giving TomaGold a 100% interest in the claims. As a result, the Obalski property will consist of 74 claims covering an area of 2 724 hectares or 27 km 2 . As consideration, the Company will issue 1,500,000 common shares to Yorbeau, along with a 2% net smelter return royalty, with half (1%) redeemable by TomaGold for $1 million. The agreement is subject to regulatory approval.
Figure 1: Obalski property south of Chibougamau, Quebec https://www.globenewswire.com/NewsRoom/AttachmentNg/c00d8736-f1b6-405b-8008-9846aa61f881
"Hole OBS-21-015A continues to demonstrate that the Obalski property has excellent exploration potential at depth in terms of grade and width, and the results of the IP survey also seem to indicate exploration potential to the west of the deposit," said David Grondin, President and CEO of TomaGold. "Acquiring the claims to the west was therefore a logical choice for us. The prospects for work on Obalski look very promising for TomaGold."
Current drill program under way
Drilling continues on the property, with three holes totalling approximately 2,000 m currently being drilled on section 300+00 E and an additional 500 m planned on section 175+00 E.
Best results for the 2021 drilling program on Obalski
Sample preparation and analysis TomaGold has implemented and is adhering to a strict Quality Assurance/Quality Control program for the current drilling program. The core is sawed in half, with one half kept as a witness sample in Chibougamau and the other half shipped directly by bus to ALS Chemex in Val-d'Or, Quebec. ALS grinds the half core to 1/8", split it into two halves and keeps one half as a witness (reject) in Val-d'Or. ALS pulverizes the other half to minus 150 mesh, takes a 50 g sample for analysis and keeps the rest, identified as "pulp".
The technical content of this press release has been reviewed and approved by André Jean, P.Eng., the Corporation's Director of Exploration and a qualified person under National Instrument 43-101.
About the Obalski property The Obalski property covers 345 hectares about 2 km south of Chibougamau, Quebec. Discovered in 1928, the Obalski deposit produced 100,273 tonnes at grades of 1.14% Cu, 2.08 g/t Au and 6.04 g/t Ag from the A zone between 1964 to 1972, and around 9,000 tonnes at a reported grade of 8.5 g/t Au from the D zone in 1984 (Source: SIGEOM and Camchib Exploration internal reports).
About TomaGold TomaGold Corporation (TSXV: LOT) is a Canadian mineral exploration corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. TomaGold has interests in five gold properties near the Chibougamau mining camp in northern Quebec: Obalski, Monster Lake East, Monster Lake West, Hazeur and Lac Doda. It also participates in a joint venture with Evolution Mining Ltd. and New Gold Inc., through which it holds a 24.5% interest in the Baird property, near the Red Lake mining camp in Ontario.
Contact: David Grondin President and Chief Executive Officer (514) 583-3490 www.TomaGoldcorp.com
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Some of the statements contained in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Corporation's control. Readers are cautioned that such statements are not guarantees of future performance and that 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 press release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) announces that Metals Creek and Quadro Resources Ltd (Quadro) have amended the Yellow FoxCareless Cove LOI.
Metals Creek and Quadro has signed an agreement amending the terms of the Aug. 11, 2020, Yellow Fox/Careless Cove letter of intent with Metals Creek Resources Corp. (see Oct. 8, 2020, news release for details of the original agreement).
Under the terms of the amending agreement and subject to TSX Venture Exchange approval, in lieu of the second-anniversary cash payment of $20,000, Quadro will issue to Metals Creek 500,000 additional common shares of the company for a total of 900,000 common shares at a deemed price of four cents per share.
Careless Cove/Yellow Fox Property
The Careless Cove and Yellow Fox properties are located southwest of Glenwood in east-central Newfoundland (see Quadro's press release dated April 28, 2021). Previous work on the two claim blocks that comprise the properties resulted in the discovery of gold mineralization up to 11.38 grams per tonne gold and 59.413 grams per tonne gold as described in Quadro's May 27, 2021, press release.
Quadro has an option to earn a 100-per-cent interest in the Careless Cove/Yellow Fox claim groups, totalling 40 claim units. The Careless Cove properties are adjacent to New Found Gold Corp.'s claims, which have seen promising early results. Prospecting and soil geochemistry were carried out in mid-2021 (see Quadro's news release dated May 27, 2021), with exploration and drilling planned for winter 2022.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a junior exploration Company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of Ontario.
Metals Creek also has multiple quality projects available for option in Ontario and Newfoundland which can be viewed on the Corporation's website. Parties interested in seeking more information about properties available for option can contact the Corporation at the number below.
Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Alexander (Sandy) Stares, President and CEO Metals Creek Resources Corp telephone: (709)-256-6060 fax: (709)-256-6061 email: astares@metalscreek.com www.MetalsCreek.com Twitter.com/MetalsCreekRes Facebook.com/MetalsCreek
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135841
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Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") announced today that the Company has obtained a final order from the Supreme Court of British Columbia approving the previously announced acquisition of Alexco by 1080980 B .C. Ltd. (" 108 "), a subsidiary of Hecla Mining Company (NYSE: HL) (" Hecla ") by way of a plan of arrangement (the " Arrangement "). Under the terms of the Arrangement, Alexco's shareholders (the " Shareholders ") will receive 0.116 common shares in the capital of Hecla for each Alexco share held (the " Consideration ").
The Arrangement remains subject to the satisfaction or waiver of customary closing conditions and is expected to close on September 7, 2022 . Following completion of the Arrangement, the common shares of Alexco are expected to be delisted from the Toronto Stock Exchange and the NYSE American. An application is also expected to be made for the Company to cease to be a reporting issuer in the applicable jurisdictions upon closing of the Arrangement.
Information regarding the procedure for exchange of shares for Consideration is provided in the Company's management information circular dated July 28, 2022 (the " Circular "). The Circular is available on SEDAR under the Company's profile at www.sedar.com and on the Company's website at https://alexcoresource.com/investors/special-meeting-of-shareholders/ .
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.
This news release contains forward-looking statements, which relate to future events or future performance. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements herein include, without limitation, statements with respect to the consummation and timing of the Arrangement; the satisfaction or waiver of the conditions precedent to the transaction; the Consideration to be received by Shareholders; the expected benefits of the Arrangement; the timing and receipt of any other regulatory consents and approvals; the delisting of the Alexco shares; and the intention that Alexco will cease to be a reporting issuer. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, including assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory and other third party approvals; the satisfaction or waiver 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, as assigned and amended (the "Arrangement Agreement") and agreements related thereto; the adequacy of our and Hecla's financial resources; favourable equity and debt capital markets; and stability in financial capital markets. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other 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 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 (as defined in the Arrangement Agreement); 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; future prices of silver, gold, lead, zinc and other commodities; market competition; and the geopolitical, economic, permitting legal climate that Alexco and Hecla operate in; and the additional risks and uncertainties identified in Alexco's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com ) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml ). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
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Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report new results from its 2022 Phase 1 exploration program in the Minto Mine South Deposit. Red Pine drilling continues to increase the footprint of mineralization within the Minto Mine South Deposit.
Quentin Yarie, President, and CEO of Red Pine Exploration commented: " The Minto mine drilling results demonstrate that the current Minto Mine Resource is likely of higher grade than currently calculated. Increased drill density of the Minto Mine South Deposit is mitigating the nugget affect we are conscious of. These recent drill results represent an important step forward on our progress expanding the current resources at the Wawa Gold Project. Based on our results the high-grade Minto mineralization could very well become an exciting focal point for Red Pine.
With continued drilling success, we anticipate updating the Minto Mine South resource in the following fiscal year."
High-grade gold in the Minto Mine Deposit
Red Pine continued to infill strategic gaps in the current resource of the Minto Mine Deposit. In SD-22-377, high-grade gold mineralization was intersected in a gap in the Minto resource 30 meters up-plunge of the intersection of 68.71g/t gold over 4.72 meters in SD-22-373 (Table 1; see press release of July 14 th , 2022). In addition, SD-22-373 identified a network of high-grade quartz veins above the Minto Mine Shear Zone. In SD-22-371, located down-plunge of the intersection in SD-22-373, visible gold was observed in the Minto vein, but assays remain pending.
Table 1– Minto Mine Deposit (refer to Figure 1)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90b4e224-309d-4ade-8eeb-765ce7e5a21c
Red Pine is actively continuing its exploration program. The company is awaiting results from the Surluga North, Surluga South and Jubilee Shear Zone south of the Parkhill Fault.
Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.
Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees' and contractors' safety, thereby reducing the potential for community contact and spreading of the virus.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Or contact: Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com
Carrie Howes, Director Corporate Communications, (416) 644-7375, chowes@redpineexp.com
1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.
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.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Whitehorse Gold Corp. (TSXV: WHG) (OTCQX: WHGDF) ("Whitehorse Gold" or the "Company") announces that its wholly-owned subsidiary, Stannum Metals Corp., on August 22, 2022 signed an agreement to acquire a 100% interest in a private Bolivian incorporated mining company (the "Porvenir Tin Company") from its three shareholders (the "Vendors"). The Vendors are Bolivian nationals and arm's length parties.
The Porvenir Tin Company's main asset is the Porvenir tin-zinc-silver-lead polymetallic mineral Project (the "Property"), or ATE (Temporary Special Authorization), located in the Oruro Department, Bolivia (see Figure 1 for location). The Property was subjected to some small-scale, historic mining and was explored and drilled by Japanese mining company, Dowa Metals and Mining Company ("Dowa") in 2005 (see Figure 2 for Property map and drill locations). In total, Dowa completed 88 diamond drill holes in approximately 25,000 metres ("m") based on the data acquired by the Company from an independent source.
A review of Dowa's historic drill assay results shows they had selectively sampled cores with obvious massive pyrite/sphalerite. Dowa identified more than 19 tin-zinc veins assaying up to 941 grams per tonne silver, 6.34% lead, 28.1% zinc, 10.20% tin, and 500 grams per tonne indium (see Figure 3 & 4 for two drill sections).
Two best historic drill holes are hole PV-41, which intercepted a 15.05 m interval (from 316 m to 331 m) grading 2.04% tin, 2.4% zinc, and 11 grams per tonne silver (Figure 3), and hole PV-01, which intercepted a 6.05 m interval (from 191 m to 197 m) grading 2.27% tin, 3.23% zinc, and 13 grams per tonne silver (Figure 4).
The Company's geologists sampled a 0.5 m long uncut Dowa core with alteration but no obvious sulfide and returned 0.56% tin and 0.34% zinc, suggesting Dowa may have missed tin mineralization intervals that are low in other sulfide mineralization (see figure 5). After closing the acquisition and before being granting a drilling permit by the Bolivia Government, the Company plans to cut, and re-sample Dowa's historical drill cores stored on site.
Major Terms of the Agreement
The Company will pay a total of US$1.75 million to acquire 100% of the Porvenir Tin Company in the following instalments:
Payment of US$750,000 to the Vendors for 51% as an initial, non-refundable down-payment following the signing of the Agreement.
On the first anniversary of signing, Whitehorse Gold will pay a further US$750,000 to the Vendors for the remaining 49% of the Tin Company.
On the second anniversary of signing, a further US$250,000 will be payable to the Vendors.
There is no finders fee payable in connection with this transaction.
Closing of the transaction is subject to regulatory approval, and other conditions as set out in the Agreement.
Figure 1. Location of Porvenir in Bolivia To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/7553/135545_figure1whitehorse1.jpg
At an elevation of approximately 4,100 m, the 11.25 square kilometres (km²) Property is located in the Oruro Department of Bolivia (Figure 1), approximately 25 km Southwest of the Huanuni Mine, the largest tin mine in Bolivia. Access is relatively easy with paved access from Oruro for 60 km and dirt road access for 10 km from the town of Venta Y Media.
The mineralization is hosted within near vertical NNW to NW trending structures which occur within Silurian age (423 - 419 Ma) clasticsediments comprising interbedded and layered units of sandstone and shale. The mineralization comprises a stockwork framework formed by a series of mineralized stringers,
Tin is hosted within cassiterite (SnO2), while sphalerite (ZnS) is the primary zinc mineral, with silver being hosted in tetrahedrite. Quartz, pyrite, siderite, barite, and kaolinite account for the majority of gangue and alteration mineral assemblages.
In 2005 Dowa conducted a 25,000 m, 88 hole diamond drill program (Figure 2) at Porvenir. Five clusters of Dowa drill holes (mineralized zones) were completed by Dowa. Figure 2 shows the Property boundary highlighting the location of the historic drill holes, mineralized zones, and the location of the two cross sections included herein.
Figure 2: Property boundary at Porvenir To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_018full.jpg
Table 1: Historic, Tin (Sn), Zinc (Zn), and Silver (Ag) Mineralized Drill Intercepts
To view an enhanced version of Table 1, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_022full.jpg
Figures 3 and 4 show two NE-SW drill cross sections (A-B and C-D) of historic drilling results (looking NW). In the cross sections, Dowa's drill core samples are marked in black and clearly show selective sampling practice that might have missed tin intervals with low sulfide contents.
Figure 3: Drill cross section A-B To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_023full.jpg
Figure 4: Drill cross section C-D. To view an enhanced version of Figure 4, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_024full.jpg
Figure 5: A 0.5m long section of Dowa core with alteration but no obvious sulfide and returned 0.56% tin and 0.34% zinc from WHG assay testing. To view an enhanced version of Figure 5, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_025full.jpg
Donald J. Birak, independent consultant geologist and Qualified Person as defined under National Instrument 43-101, has conducted a site visit to this Property and has reviewed and approved the scientific and technical information in this news release. As only a limited amount of historic core and no assay samples exist for inspection or resampling, the Qualified Person was not able to validate the historic drill results and the Qualified Person is relying on the historic drill results only as indicative of the style of mineralization on the Property.
Whitehorse Gold is a mineral exploration and development company focusing on tin projects in Bolivia and a gold development project in the Yukon. The company owns 51% of the Porvenir tin project 70 km southeast of Oruro Bolivia, and the right to increase ownership to 100%. The company also has the right to acquire a 100% interest in a second tin project 65 km southeast of Oruro Bolivia. The company also owns 100% of the Skukum Gold project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Skukum Gold project hosts the formerly producing Mt. Skukum high-grade gold mine. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold (Total Energold Corporation, 1989).
On Behalf of Whitehorse Gold Corp.
signed "Gordon Neal"
Gordon Neal, CEO & Director
For further information please contact: Investor Relations, Whitehorse Gold Corp., Phone: (604) 336-5919 Email: info@whitehorsegold.ca www.whitehorsegold.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 news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information 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", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing for payments under the Agreement including the acquisition of an initial 51% of the Tin Company and the remaining 100%; that the Project could be successful exploration venture for the Company that the tin market will see further growth; and the timing for receipt of regulatory approvals required under the Agreement; the assembling of a Bolivian drilling team; completion of the confirmation drilling; the acquisition by the Company of the Tin Company pursuant to the terms of the Agreement; and the implementation of the drilling program by the common standards of the best practices best practices of industry..
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: regulatory approvals for the acquisition of the Tin Company; the ability of the Company to finance the acquisition of the Tin Company; the inability or failure of the Company and the Vendors to satisfy the conditions to the completion of the acquisition of the Tin Company; the ability of the Company to integrate the Tin Company into the Company's existing operations; the devotion of management time and resources required to complete the acquisition of the Tin Company; the advancement globally of electrification with decarbonization; current global financial conditions the availability of a Bolivian drilling team and the ability to complete the confirmation drilling within the time permitted under the Agreement; the possibility that the confirmation drilling and future exploration results will not be consistent with the Company's expectations; the ability of Company to obtain the necessary permits and consents required to complete the confirmation drilling; operating in Bolivia including possible expropriation or nationalization without adequate compensation, changing political and fiscal regimes, and economic and regulatory instability, unanticipated changes to royalty and tax regulations, unreliable or undeveloped infrastructure, labour unrest and labour scarcity, difficulty obtaining key equipment and components for equipment, regulations and restrictions with respect to imports and exports; high rates of inflation, extreme fluctuations in currency exchange rates and the imposition of currency controls, the possible unilateral cancellation or forced re-negotiation of contracts, and uncertainty regarding enforceability of contractual rights, inability to obtain fair dispute resolution or judicial determinations because of bias, corruption or abuse of power, difficulties enforcing judgments generally, and in particular those obtained in Canadian courts against assets located outside of those jurisdictions, difficulty understanding and complying with the regulatory and legal framework respecting the ownership and maintenance of mineral properties, mines and mining operations, and with respect to permitting, local opposition to mine development projects, which include the potential for violence, property damage and frivolous or vexatious claims, violence and more prevalent or stronger organized crime groups; terrorism and hostage taking, military repression and increased likelihood of international conflicts or aggression, and increased public health concerns; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; competition; operations and political conditions; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; and dependence on management..
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended December 31, 2021 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135545
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Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") announced today that the Company's Securityholders (as defined below) approved the previously announced acquisition of Alexco by 1080980 B .C. Ltd. (" 108 "), a subsidiary of Hecla Mining Company ( NYSE: HL ) (" Hecla ") by way of a plan of arrangement (the " Arrangement ") at a special meeting of Securityholders held earlier today (the " Meeting ").
The special resolution approving the Arrangement was approved by (i) 92.04% of the votes cast by Alexco's shareholders (the " Alexco Shareholders ") present or represented by proxy at the Meeting; (ii) 92.92% of the votes cast by Alexco Shareholders, optionholders, restricted share unit holders and deferred share unit holders of Alexco (collectively, " Securityholders "), voting as a single class, present or represented by proxy at the Meeting; and (iii) 91.50% of votes cast by Alexco Shareholders other than votes attached to Alexco shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions .
Under the terms of the Arrangement, Alexco Shareholders will receive 0.116 common shares in the capital of Hecla for each Alexco share held (the " Consideration "). Information regarding the procedure for exchange of shares for Consideration is provided in the Company's management information circular dated July 28, 2022 , related to the Meeting (the " Circular "). The Circular and accompanying letter of transmittal (the " Letter of Transmittal ") are available on SEDAR under the Company's profile on SEDAR at www.sedar.com and on the Company's website at https://alexcoresource.com/investors/special-meeting-of-shareholders/ . If you are a holder of Alexco restricted share units, you will need to wait to submit your Letter of Transmittal until you have received details from the Company following the effective date of the Arrangement regarding your shares of Alexco.
The Arrangement remains subject to approval of the Supreme Court of British Columbia (the " Court ") and the satisfaction or waiver of other customary conditions. On July 27, 2022 , the Commissioner of Competition issued an advance ruling certificate. The Court hearing for the final order to approve the Arrangement is currently scheduled to take place on September 1, 2022 and closing of the Arrangement is expected to close on September 7, 2022 . Following completion of the Arrangement, Alexco's shares are expected to be delisted from the Toronto Stock Exchange and NYSE American. An application is also expected to be made for the Company to cease to be a reporting issuer in the applicable jurisdictions upon closing of the Arrangement.
Additional information regarding the terms of the Arrangement is set out in the Circular which is available under Alexco's profile at www.sedar.com .
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future performance. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements herein include, without limitation, statements with respect to the consummation and timing of the Arrangement; the satisfaction or waiver of the conditions precedent to the transaction; the Consideration to be received by Alexco Shareholders; the expected benefits of the Arrangement; the timing, receipt and anticipated approval of the Court, and of any other regulatory consents and approvals; the delisting of the Alexco shares; and the intention that Alexco will cease to be a reporting issuer. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, including assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory, Court and other third party approvals; the satisfaction or waiver 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, as assigned and amended (the "Arrangement Agreement") and agreements related thereto; the adequacy of our and Hecla's financial resources; favourable equity and debt capital markets; and stability in financial capital markets. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other 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, 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 (as defined in the Arrangement Agreement); 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; future prices of silver, gold, lead, zinc and other commodities; market competition; and the geopolitical, economic, permitting legal climate that Alexco and Hecla operate in; and the additional risks and uncertainties identified in Alexco's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com ) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml ). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
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Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to report two major milestones on its Phase 2 Expansion at the ATO Gold Mine.
Steppe Gold's ATO Gold Mine has received relevant approvals from the Ministry of Energy and National Dispatching Center to build and connect a high voltage power line system of 110/35/10 kVand use 10MW from the Dornod Province State Power Plant. This is a major milestone in the Phase 2 Expansion, and a special purpose company Steppe Power LLC has been established to manage the development and connection to the state grid system.
The Company retained a leading global engineering firm to advise on available energy options for the Phase 2 Expansion, including renewable alternatives. Renewable options are generally too expensive at this scale, with traditional energy sources more economic.
With the recent significant rise in fuel prices, connecting to the state grid power system will dramatically reduce projected energy costs by 75%, or from approximately $32M to $8M annually at the Phase 2 Expansion and will reduce expected cash costs by well in excess of $100/oz.
The Company plans to commence the construction of a high voltage power line system in 2023-2024, and the flotation plant should be complete by Q3 2024.
Steppe Gold reports that the Phase 2 Expansion continues to ramp up with the new fixed crusher nearing completion in October.
All equipment for the new crushing unit has arrived via 15 open-top railway wagons and 62 trucks.
Currently, 160 tonnes of equipment have been installed out of a total of 220 tonnes, and installation work is 72% complete.
The new 1,000 tonnes per hour crushing unit consists of 2 jaw crushers, 4 hydraulic cone crushers, 5 vibration screens and 5 vibration feeders, 17 conveyor systems, 3 sets of buffer bins with steel structure, 3 underground buffer bins with steel structure and central control system.
Once operational, the new crushing unit will increase Steppe Gold's current capacity by 4 times, up to 4Mt per annum/ at 50% of its power.
Learn more about our new crushing unit in this video: https://youtu.be/gy4W7ZPW2bU
Fig 1: Fixed Crushing Unit Work in Progress
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Fig 2: Fixed Crushing Unit Work in Progress
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As of August 20, the Company has mined 3.24 million tonnes, crushed and stacked 2.46 million tonnes @ 1.93 g/t ~ 152,510 ounces on the leach pad and 781,500 tonnes of ore at an average grade of 1.17 g/t on the ROM pad. At an estimated 70% recovery, the total inventory on the leach pad, ROM pad and pit floors is approximately 80,000 ounces of recoverable gold.
The Company has received a new batch of reagents via rail and will increase the rate of production in the coming months.
President and CEO of Steppe Gold, Bataa Tumur-Ochir, commented, "We are pleased to report solid progress on the new fixed crusher, which is a critical step in the Phase 2 Expansion. Despite a challenging period with COVID-related lockdowns in China and continued border closures, we have shipped all heavy equipment and installation work is rapidly advancing.
The Company has over 781,500 tonnes of ore on the ROM pad in addition to 735,000 tonnes of blasted material on the pit floors, and the new crushing unit will significantly increase daily crushing rates at the Phase 1 project in the winter months. We are also delighted to announce government approval to connect to the state grid power system and quota to use 10MW, which will significantly reduce operating costs for the Phase 2 Expansion of the ATO Gold Mine. This is a major milestone for us as we accelerate the major capital items for this next phase.
We also continue to work on optimizing the Phase 2 Expansion through exploration drilling and we plan to announce updates to the mine plan in the coming month or so. We are well advanced with design work on the expansion facilities, and new fuel and chemical storage facilities are complete."
Fig. 3: Leach Pad at ATO Gold Mine with Lift Complete
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Fig. 4: ROM Pad at ATO Gold Mine
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Fig 5: Fixed Crushing Unit Work in Progress
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Fig 6: Fixed Crushing Unit Work in Progress
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Fig 7: Fixed Crushing Unit Work in Progress
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Steppe Gold Limited Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact: Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street19A, Sukhbaatar District 1,Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135360
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