Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce the latest drill results from the spring exploration drilling at the 100%-owned Tartan Lake deposit near Flin Flon, Manitoba. Satori's winter drill program focused on shallow holes targeting extensions of the South Zone mineralization down plunge to the west and initial drilling of the McFadden target, a broad area of intense quartz carbonate veining located approximately 1,600 metres south of the South Zone.
Table 1.0 summarizes the drill results from the South Zone drill holes. The most significant intersection was reported in hole TLSZ22-21 which intersected 29.06 g/t Au over 5.85 metres and included 198.5 g/t Au over 0.80 metres. Coarse visible gold was observed in the drill core.
The intersection, which has been named "SZHW Zone", appears to be a distinct new zone of gold mineralization and is located approximately 75 metres south of the interpreted South Zone. The SZHW Zone is well defined by historical surface and underground drilling. The same hanging wall mineralization was intersected in holes TLSZ21-06 and TLSZ21-07, drilled earlier in 2021. TLSZ21-06 intersected 3.00 g/t Au at a depth of 8.0 metres from surface averaged over 4.75. TLSZ21-07 intersected 4.91 g/t over 3.75 metres at a depth of 9.75 metres from surface. The three holes define an east-west striking zone that dips 70-80 degrees to the north and it appears as if it may converge with the south dipping South Zone mineralization approximately 250 metres below the current limit of drill coverage. The SZHW mineralization is open at depth to the east.
Jennifer Boyle, Chief Executive Officer, states that, "The high-grade intersection and multiple sites of visible gold observed in hole TLSZ21-21 were exciting on their own but the indication that this new zone of mineralization may converge with the historically defined South Zone mineralization at depth isolates a premium exploration opportunity for follow up drilling. The interpreted convergence of the two zones is only 450 metres from surface and the hanging wall mineralization is open to the east. The eastern extension is not truncated by Tartan Lake, which means it can be accessed for drilling on a year round basis. I am pleased to report that we have delivered on ALL our key exploration objectives at the Main and South Zones. Our limited drilling program has returned some of the highest grades ever reported at Tartan Lake. We have demonstrated continuity of high-grade mineralization down plunge at the Main Zone where drilling also intersected a potential new hanging wall zone averaging 47.56 g/t over 5.80 metres. We expanded the mineralization limits of the South Zone which remains open at depth, and we have now identified a potential new hanging wall opportunity at the South Zone. These outstanding exploration results were returned from a modest exploration drill program at a site which is road accessible in a premium mining jurisdiction. That's what I call a successful exploration program. We are currently designing a follow up drill program to extend the newly identified hanging wall zones at the Main and South Zone as soon as possible."
All three holes also intersected the South Zone as planned, approximately 50-75 metres below the previous deepest holes. All three holes intersected typical quartz-carbonate-tourmaline veining but gold grades were low tenor with the best result intersected in hole TLSZ22-20 which reported 5.00 metres averaging 1.22 g/t Au.
Table 1.0 - Summary of South Zone Results
Figure 1: Tartan Lake - South Zone Drill Plan To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3276/133498_e2d8536a043f9a58_002full.jpg
Figure 2: Tartan Lake - South Zone Cross Section 324725 E (Looking East) To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3276/133498_e2d8536a043f9a58_003full.jpg
The Company also completed seven (7) shallow holes testing a broad exposure of quartz-carbonate-tourmaline veining exposed at surface at the McFadden Zone, approximately 1,600 metres south of the South Zone. The McFadden target is preferably accessible during winter. No significant intersections were reported.
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133498
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Gold has historically been considered an inflation-resistant investment that is a reliable addition to any investor's portfolio. Even though the price of gold can experience drastic changes similar to a stock or bond, gold typically exhibits an overall consistent price increase when viewing it as a long-term investment.
While many investors may look for companies with new exploration projects, past-producing gold mines often offer some of the best exposure to gold. Companies that redevelop past-producing mines have a quicker path to production by leveraging existing infrastructure, workforce and historical data. Combined with the right management team, this provides ideal conditions for a successful mining venture.
Satori Resources (TSXV:BUD) is one such company. Its flagship project is the 100 percent owned Tartan Lake Gold project near Flin Flon, Manitoba. The past-producing Tartan Lake Gold Mine was operational from 1986 to 1989 but was shut down when the price of gold fell below $400 per ounce in 1989
The Flin Flon Snow Lake Greenstone Belt, home of the Tartan Lake Gold project, is considered one of the largest and most prolific greenstone belts in the world. Greenstone belts are unique geologic features that can contain numerous minerals, such as copper, silver and zinc. More importantly, there is a strong presence of gold deposits in greenstone belts. The Tartan Lake Gold project contains 20 mineral claims across 2,670 hectares, and produced 47,000 oz of gold from 1987 to 1989.
In an interview with INN, Satori Resources CEO Jennifer Boyle shared that the company has a dual-track strategy to advance the Tartan Lake Gold project. This strategy includes a primary focus of resource expansion (exploration) while simultaneously evaluating putting the mine back into production.
The Tartan Lake Gold Mine covers 2,670 hectares and includes past-producing mines that have historically produced approximately 47,000 ounces of gold from 250,000 tonnes of ore. It is important to note that the previous mines did not shut down due to resource exhaustion, but due to the price of gold dropping below US$400/oz in 1989, which destroyed the profitability of the operation. The project area, while still rich in resources and containing over 20 mineral claims, has been overlooked until now.
The updated resource estimate for the Tartan Lake deposit released in 2017 stated an Indicated resource of 1,180,000 tonnes containing 240,000 ounces gold at 6.32 g/t and an Inferred resource of 240,000 tonnes containing 37,000 ounces gold at 4.89 g/t. making this an promising project.
The project has an existing 450 mt/day processing plant along with a decline that provides access to developed mining blocks. Satori Resources can leverage the existing infrastructure to achieve quicker production timelines. The project already contains a 450 TPD mill complex (refurbishment required), a 2,100-meter ramp, and a vent raised from the surface down to level 260. Additionally, the project area has intact and operational hydropower, full road access and an exploration database.
Satori Resources' dual-track strategy includes resource expansion and mine development evaluation. Satori Resources has expanded the main zone by 200 meters, a significant step in the company's roadmap. CEO Jennifer Boyle shared, "The Phase 1 results clearly demonstrate that the Main Zone continues to depth and offers an immediate opportunity to increase the mineral resources at Tartan Lake with additional drilling."
Much of the project's area has remained unexplored or underexplored, providing investor upside on its discovery potential.
Peter Shippen is an entrepreneur, investor and capital markets professional with 20 years of experience. Peter Shippen is the Chief Executive Officer of Britannia Life Sciences Inc., an international product development platform integrating services to companies launching products in the cosmetics, food and wellness industries. Peter was formerly senior executive at Purpose Investments, following Purpose's acquisitions of Redwood Asset Management. Peter was President and CEO of Redwood until its amalgamation with Purpose in March 2018. Prior to founding Ark Fund Management in 2007, Peter worked in investment research roles at BMO Nesbitt Burns and TD Waterhouse Canada Inc.
Peter Shippen holds a CFA designation, a CAIA designation and earned BA, Economics from Wilfrid Laurier University.
Jennifer Boyle is a Director and Founder, and former Executive Chair of Satori. Jennifer sat as a member of the board of directors of Carlisle Goldfields Limited (TSX:CGJ) before it was acquired by Alamos Gold Inc. in January 2016, and she sat as a member of the board of directors of Nevada Exploration Inc. (TSXV:NGE) (2010 to 2015). Boyle is a former securities lawyer who has been, for the past 22 years, working at founding or re-organizing early-stage junior resource issuers, and developing various growth strategies for various clients. Formerly, Boyle was Chief Executive Officer of St. Eugene Mining before the company was bought by Claude Resources Inc. and she was a founding director and Executive Vice President of Canadian Royalties Inc. (1997 to 2006); co-founder and Executive Vice President of Golden Valley Mines Ltd. (2002 to 2005); and co-founder and Chief Executive Officer of Takara Resources Inc. (2006 to 2013). She currently sits as a member of the national and the Toronto local advisory committee for the TSX Venture Exchange, and is General Counsel at an Institutional Forex and IIROC dealer.
Doug Flegg is a former Managing Director of Global Mining Sales for BMO Capital Markets, having over 30 years of mining and mining finance experience, supported by a technical background in Geology, augmented with over 20 years of mining-related capital markets experience in portfolio management and global equity sales. Doug started his career as an exploration geologist in Canada, and has more recently transitioned into a mining advisory and strategic consulting role, having built strong expertise and a solid network in the mining industry.
Wes Hanson worked at the Tartan Lake Gold Mine as Chief Geologist during the time that it produced gold in the late 80's. Subsequently, when the Tartan Lake Gold Mine was owned by Satori's predecessor company (St. Eugene Mining Corporation, prior to its acquisition by the then Claude Resources Inc.), Wes was involved with Tartan (2010-2012) as a board member of St. Eugene Mining. Wes Hanson re-joined the Tartan Lake team in 2020 as lead technical director, this being his third time working on the project
Mr. Kilborn currently holds the position of Chief Financial Officer at a private technology company, and previously held the position of Business Advisor, High Impact Firms, BDC Advisory Services, and also Chief Financial Officer of Satori Resources during the period 2011 through to 2016. Jeff has over nineteen years of finance experience, having held progressively senior positions at Canadian subsidiaries of two U.S.-based investment banks as well as well as a mid-market Canadian private equity firm. Mr. Kilborn has broad financial experience, including debt and equity capital raising and mergers and acquisitions advisory.
Satori Resources Inc. (TSXV: BUD) (OTCQB: STRRF They're currently focused on a dual track program of evaluating the former operating high-grade gold mine. BTV chats with President & CEO, Jennifer Boyle to learn more.
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Satori Resources Inc.(TSXV: BUD) (OTCQB: STRRF)
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127152
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Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce the completion of its 2022 Phase I drill program at Tartan Lake. A total of 10 holes (2,900 metres) were completed. Seven holes targeted the McFadden showing, an area of intense quartz-carbonate-tourmaline veining hosted in intensely sheared and deformed volcanics, approximately 1.5 kilometres south of the Main Zone.
The remaining three holes targeted the down-plunge extension of the South Zone approximately 100 meters below hole TLSZ21-05 which intersected 9.59 g/t Au over 11.75 metres, the highest value intercept ever reported at the South Zone (See news release dated October 14, 2021).
Assays for the 2022 Phase I program are expected in June 2022. The Company is currently planning its 2022 Phase II field program, which will: (i) test the extent of the new hanging wall zone identified in hole TLMZ21-12, intersecting 47.56 g/t Au over 5.8 meters, within a wider interval averaging 23.76 g/t Au over 12.6 meters - (See news release dated December 6, 2021); and (ii) conduct a ground reconnaissance program to investigate surficial geology and access to the large chargeability conductor shown in the north-west portion of the recently completed IP data (See Figure 1 below).
Jennifer Boyle, Chief Executive Officer, states that "Our focus has been to increase the mineral resource at Tartan Lake with the objective of outlining the potential to host a million ounces. Our drilling to date has successfully extended both the Main and South Zone to depth, along plunge, reporting grades and interval widths that are among the best intercepts ever reported at Tartan Lake. Our next step is to demonstrate additional mineralization distal to the two known resource areas. Based on the available data, McFadden was the most advanced target, demonstrating similar lithologies to the known gold bearing areas with promising surface results. The winter IP survey identified additional untested drill targets within the claim block that we plan to systematically test as part of our continued exploration effort. The Tartan Lake mine shut down in 1989 when the price of gold fell below USD$400, leaving behind a developed ramp system to the known mineral resource. The project has never been systematically evaluated since the closure of the mine. Tartan Lake is located in the heart of the most significant VMS district in the world, where several, high grade copper- zinc-gold deposits have been discovered and mined."
Figure 1: Induced Polarization Survey Tartan Lake Mine Project - Winter 2022 To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3276/125236_18e529e24469d9e3_002full.jpg
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125236
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Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that drilling at the South Zone has now commenced at the Tartan Lake Gold Mine Project, after having completed diamond drilling at a remotesatellite target area (McFadden) located 1 kilometre south-east of the known Main ZoneSouth Zone deposit.
Ongoing drilling at South Zone is testing the down plunge extent of the known mineralization, where three holes are planned to target a potential high-grade chute within the South Zone at depths below Satori's previous drilling, along 150 meters of strike length.
The Company further announces that it has engaged the services of Rayleigh Capital Ltd. to co-ordinate and manage all investor awareness activities. Further, the Company has entered into an advertising and investor awareness campaign with Dig Media Inc.'s Investing News Network ("INN") of Vancouver, British Columbia. INN's function is focussed on advertising and not investor relations or market making services.
Rayleigh shall be engaged for a six month period at a rate of $3,000 per month, and INN has been paid $3,300 per month (six months) plus a flat rate of $12,000 for news dissemination and internet exposure through the INN site.
Jennifer Boyle, Chief Executive Officer, states that "We believe that Satori's recent exploration success at Tartan Lake is not widely understood, and we are aggressively moving to communicate our exploration successes to a broader audience. The historical database at Tartan Lake includes of 500 holes (79,698 meters). In the past 11 months, we have added 12 holes at the Main and South Zones, extending both to depth along an interpreted plunge line that had not been tested historically. Results of our limited drill programs to date include some of the highest grades ever returned at both targets, including TLMZ21-12 in the hanging wall of the Main Zone, which possibly represents a new zone, returning 47.56 g/t Au over 5.8 meters, and TLSZ21-05 (South Zone) which averaged 9.59 g/t Au over 11.75 meters. Our drill programs are designed to demonstrate the potential for expansion at both the Main and South Zone deposits, at depth, and to identify the potential for additional mineralization at satellite targets such as McFadden."
The Company also announces the granting of 525,000 incentive stock options to officers and directors of the Company, exercisable at a price of $0.15 for 5 years.
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121012
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Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that a drilling campaign and preliminary work to complete an IP survey are underway at the Tartan Lake project, Flin Flon, Manitoba.
The first 2,000 metres of a 5,000 metre drilling campaign has commenced at the McFadden Zone, a 30 metre by 40 metre stripped shear zone outcrop located 1 kilometre south-east of the known Main Zone deposit. Drilling at McFadden will precede the 3,000+ metre drill program planned to further test the Main Zone, the South Zone, and the interpreted new Hanging Wall Zone, which returned the second highest value intercept ever recorded at Tartan Lake at hole TLMZ21-12, intersecting 47.56 g/t Au averaged over 5.8 meters, within a wider interval averaging 23.76 g/t Au over 12.6 meters (See news release dated December 6, 2021).
The Company plans to drill the Hanging Wall Zone and the Main Zone at greater depths with a drill rig that has deep-drilling capacity. The drilling equipment currently on site has depth capacity for South Zone and McFadden Zone, and allows Satori to access McFadden at this time by winter road.
Jennifer Boyle, Chief Executive Officer, states "The McFadden Zone has been on our radar for quite some time. Drilling at McFadden provides Satori with the opportunity to make a potential new discovery outside of the known Main Zone and South Zone deposits. We are following up on a historical stripped area with surface expressions of extensive quartz-carbonate-tourmaline veining within a significant shear zone, similar to what we are seeing at Main Zone and South Zone. Our recently constructed snow-packed trail system to McFadden has provided more efficient access to four (4) drill pad set-ups, which may have otherwise been more difficult during summer months without helicopter support."
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3276/118129_b239233db4f8bac0_002full.jpg
The Company further announces that it has completed the first phase of a two-phase 45 line kilometre Induced Polarization survey. The survey shows several narrow resistive zones and corresponding IP chargeability anomalies that could represent quartz veins within a sulphide enriched shear expression at McFadden.
The survey has also produced several anomalies elsewhere and has generated preliminary targets for drill testing. The grid covers the Main Zone, the South Zone, as well as nearby targets of Ruby Lake, McFadden and N229.
Figure 2: Satellite Image Tartan Lake Gold Mine Project
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3276/118129_b239233db4f8bac0_003full.jpg
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118129
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Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that it has received its Exploration Permit for the 100% owned Tartan Lake Project, Flin Flon, Manitoba, which is valid for a three-year period and allows for 155,000 meters of drilling. The Company plans to resume drilling early in this first quarter with a 5,000 metre phase II drill program that will include a series of deep holes testing the extent of the recently announced high grade mineralization in hole TLMZ21-12, which intersected an average 47.56 gt Au over 5.8 meters, within a wider interval averaging 23.76 gt Au over 12.6 meters. This is the second highest value intercept ever recorded at Tartan Lake with over 500 holes completed to date, and was one of the top 5 high grade drill intercepts reported last year according to Streetwise Reports (122821) (Counting Down Top Drill Holes of 2021 (streetwisereports.com). In addition to following up on the high grade intercept, the Company plans continue to expand the South Zone to depth, and to begin drill testing targets along the property's wide shear zone, outside of the current resource areas.
The high-grade mineralization intersected in hole TLMZ21-12 was found in the hanging wall of the Main Zone, and is associated with pyrite rich felsic volcanics, not the massive quartz-carbonate veins that typically denote high grade mineralization at both the Main and South Zones. The interval returned consistent gold grades throughout the entire interval (Ref. Table 1.0). This new mineralization is interpreted to be sub-vertical and is open in all directions. The association of the high grade intercept with a felsic volcanic unit, the absence of quartz-carbonate veining, the increased sulphide content, and the location in the hanging wall of the Main Zone, collectively, indicate that this may be a potential new zone of mineralization. This new zone lies to the west and is deeper than all the historical drilling tracing the Main Zone.
Jennifer Boyle, Satori's President and CEO, states that "We are looking forward to following up on the spectacular high grade results reported in TLMZ21-12. Our phase one drill program at the Main and South Zones delivered on every one of our stated objectives. We demonstrated continuity of the mineralized system at depth, down plunge, and we are thrilled that of the twelve holes drilled, two reported intersections which ranked as the second highest results ever at both the Main and South Zone deposits. We have a strong balance sheet going into 2022 and the phase 2 drilling in Q1 is intended to expand the high-grade Hanging Wall Zone intersected in TLMZ21-12."
Figure 1: Long Section Hanging Wall Zone / Main Zone
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/3276/112993_f306cd684468ab3c_002full.jpg
To view an enhanced version of Table 1.0 - TLMZ21-12, please visit: https://orders.newsfilecorp.com/files/3276/112993_f306cd684468ab3c_004full.jpg
True width is estimated based on the currently available interpretation of the mineralization and drill hole orientation surveys.
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B. President and Chief Executive Officer Satori Resources Inc. (416) 904-2714 jennifer@capexgroupinc.com
Mr. Pete Shippen Chair, Satori Resources Inc. (416) 930-7711 pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112993
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Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has completed repayment of its senior secured US$40 million credit facility (" Credit Facility ") with Sprott Resource Lending Corp. (" Sprott ") subsequent to the completion of the sale of the Company's New Found Gold Corp. investment 1 . The Company is now free of long-term borrowings, with an unaudited consolidated cash balance of C$76.6 million.
The Company paid an aggregate amount of US$40,144,029 to Sprott in satisfaction of all amounts outstanding, including all accrued interest, on the Credit Facility. No early repayment penalties were paid. The Company is in the process of discharging all security previously granted to Sprott in connection with the Credit Facility.
Novo operates its flagship Beatons Creek project while exploring and developing its prospective land package covering approximately 11,000 square kilometres in the Pilbara region of Western Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Executive Co-Chairman and Acting CEO
1 Refer to the Company's news release dated August 8, 2022 .
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Nomad Royalty Company Ltd. (TSX: NSR) (NYSE: NSR) (" Nomad " or the " Company ") is pleased to announce that the Superior Court of Québec has issued a final order approving the previously announced acquisition of the Company by Sandstorm Gold Ltd. (the " Purchaser ") by way of a plan of arrangement in accordance with the Canada Business Corporations Act (the " Arrangement "). Pursuant to the terms of the Arrangement, the Purchaser will acquire all of the outstanding shares of the Company for a consideration of 1.21 common shares of the Purchaser per Nomad share.
The Company has now received all regulatory and competition approvals required to complete the Arrangement. Subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement dated May 1, 2022 between the Company and the Purchaser, the Arrangement is expected to be effective on or about August 15, 2022 .
Following completion of the Arrangement, the Company expects to delist its common shares from the Toronto Stock Exchange (" TSX "), the New York Stock Exchange and the Frankfurt Stock Exchange and to delist its listed warrants from the TSX. The Company has also applied to the Canadian securities regulators for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
For a more detailed description of the Arrangement, please see the Company's Management Information Circular dated July 11, 2022 , available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml .
Nomad Royalty Company Ltd. is a gold & silver royalty company that purchases rights to a percentage of the gold or silver produced from a mine, for the life of the mine. Nomad owns a portfolio of 21 royalty, stream and other assets, of which 8 are on currently producing mines. Nomad plans to grow and diversify its low-cost production profile through the acquisition of additional producing and near-term producing gold & silver streams and royalties. For more information please visit: www.nomadroyalty.com .
Sandstorm is a gold royalty company that provides upfront financing to gold mining companies that are looking for capital and in return, receives the right to a percentage of the gold produced from a mine, for the life of the mine. After the closing of the Nomad Acquisition announced on May 2, 2022 , Sandstorm will hold a portfolio of 250 royalties, of which 39 of the underlying mines are producing. Sandstorm plans to grow and diversify its low-cost production profile through the acquisition of additional gold royalties. For more information visit: www.sandstormgold.com .
This press release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbour provisions (collectively, " forward-looking statements "). The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and readers are cautioned not to put undue reliance on them.
All statements other than statements of historical fact included in this release, are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might", "have potential" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements, including but not limited to statements with respect to the anticipated completion and timing of completion of the Arrangement, the delisting of the Company's common shares and listed warrants, and the Company's reporting issuer status following completion of the Arrangement. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
Please consult the section titled "Risk Relating to the Arrangement and the Combined Company" in the Circular as well as section titled "Risk Factors" in Nomad's annual information form dated March 30, 2022 for the fiscal year ended December 31, 2021 , and section titled "Risks and Uncertainties" in Nomad's management's discussion and analysis of Nomad for the fiscal year ended December 31, 2021 and Nomad's interim management discussion and analysis of Nomad for the three months ended March 31, 2022 , each of which can be found under Nomad's profile on SEDAR at www.sedar.com and EDGAR at www.sec.gov . There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained in this press release are made as of the date of this press release. Nomad disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. If Nomad updates any one or more forward-looking statements, no inference should be drawn that Nomad will make additional updates with respect to those forward-looking statements.
SOURCE Nomad Royalty Company Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2022/12/c2081.html
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August 11, 2022 TheNewswire - Vancouver, British Columbia, Canada Jazz Resources Inc. (the " Company " or " JZR ") (TSXV:JZR) is pleased to announce that it intends to undertake a non-brokered private placement offering of convertible debentures (the " Debentures ") to raise gross proceeds of up to $1,000,000 (the " Offering "). The principal sum of each Debenture will be $1,000. The Debentures will bear interest at a simple rate of eight percent (8%) per annum and will mature on the date that is two (2) years from the date of issuance (the " Maturity Date "). For the first year of the term of the Debentures, interest will be paid in arrears in cash to the holders of the Debentures on the earlier of the conversion date or the date of the first anniversary of the Debentures. For the second year of the term of the Debentures, interest will be paid in arrears in cash on the earlier of the conversion date and the Maturity Date for interest accrued during the second year. The principal amount of the Debentures may, at the election of the holders and at any time prior to the Maturity Date, be converted into common shares in the capital of the Company (the " Conversion Shares ") at a conversion price of $0.85 per Conversion Share. The Debentures will be offered pursuant to one or more prospectus exemptions set out in National Instrument 45-106 Prospectus Exemptions .
The Company intends to use the net proceeds of the Offering for development expenditures on the Vila Nova gold project located in the State of Amapa, Brazil and for general working capital purposes.
Closing of the Offering is expected to occur in one or more tranches, with the first tranche expected to close on or about August 24, 2022. Insiders of the Company may participate in the Offering. The Company may pay participating registered dealers finder's fees in connection with the Offering comprised of cash or securities of the Company, or a combination thereof, as permitted by the TSX Venture Exchange (the " Exchange ").
The Offering is subject to certain conditions including, but not limited to, receipt of Exchange approval. The Debentures, and any Conversion Shares issuable upon the conversion thereof, will be subject to a statutory hold period of four months and one day from the date of issuance.
The Company also announces that it has elected to relinquish and allowed to expire four (4) mineral claims totaling 2,000 hectares on the Teddy Glacier property located 40km southeast of Revelstoke, B.C. The Company still holds one (1) claim on the Teddy Glacier property which totals approximately 50 hectares.
For further information please contact:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the Offering, the expected participation in the Offering by certain insiders, the Company's expected use of net proceeds of the Offering, and the receipt of Exchange approval. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to; the state of the capital markets, and the market for commodities and precious metals; changes in laws and Exchange policies, macroeconomic and geopolitical events or events of third parties beyond the Company's control; and other risks detailed from time to time in filings made by the Company with the securities regulatory authorities. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking statements. Such statements although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Copyright (c) 2022 TheNewswire - All rights reserved.
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GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements ("Financial Statements") and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2022. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with " NG ". For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company's MD&A.
Second Quarter and First Half 2022 Highlights
(1) First half 2021 includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris. (2) Refer to "Non-IFRS Measures" in the Company's MD&A. (3) The Company is maintaining a portion of its liquidity in gold bullion. As at June 30, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 – 2,500 ounces). (4) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At June 30, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $296.9 million (December 31, 2021 - $294.8 million, including $8.1 million of accrued interest). (5) The Convertible Debentures are recorded in the Financial Statements at fair value. At June 30, 2022, the carrying amount of the Convertible Debentures outstanding was $14.0 million (December 31, 2021 - $19.5 million). Second Quarter and First Half 2022 Results Webcast
As a reminder, GCM Mining will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.
Webcast and call-in details are as follows:
Participants should note that for the Q&A portion of the webcast, questions must be submitted through the live event webcast portal noted above.
A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 2022.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the proposed Aris Merger, production guidance, the Toroparu Project construction, mining license and technical studies, and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact: Mike Davies Chief Financial Officer (416) 360-4653 investorrelations@gcm-mining.com
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(All amounts in CDN$ unless otherwise indicated)
Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today reports financial results for the three and six month periods ended June 30, 2022 (" Q1 2022 " and " YTD 2022 ") compared to the three and six month periods ended June 30, 2021 (" Q2 2021 " and " YTD 2021 ").
Acquisition by Hecla Mining Company
Mill throughput (tonnes per operating day) 1
Silver (grams per tonne ("g/t"))
Contained metal in concentrate produced
(expressed in thousands of Canadian dollars, except per share amounts)
Basic and diluted net income (loss) per common share
Adjusted basic and diluted loss per common share 2
Mill throughput (tonnes per operating day) is based on the number of days that the mill was operational during the period. The mill was operational for 31 days and 62 days during Q2 2022 and Q2 2021 and for 55 days and 98 days during YTD 2022 and YTD 2021, respectively.
See "Non-GAAP Measures" in the MD&A for the three and six month periods ended June 30, 2022.
Total assets decreased primarily due to a write-down of mineral properties, plant and equipment
Sum of quarters may not add up to the yearly totals due to rounding.
The disclosure in this news release of scientific and technical information has been reviewed and approved Sebastien D. Tolgyesi , P.Eng., P.Geo., Keno Hill Operations Manager, who is a Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District, in Canada's Yukon Territory , one of the highest-grade silver mines in the world. Alexco started concentrate production and shipments in 2021 and is currently advancing Keno Hill toward steady state production. Upon reaching commercial production, Keno Hill is expected to produce an average of approximately 4.4 million ounces of silver per year contained in high quality lead/silver and zinc concentrates. Keno Hill retains significant potential to grow and Alexco has a long history of expanding the operation's mineral resources through successful exploration.
Some statements ("forward-looking statements") in this news release contain forward-looking information concerning Alexco's anticipated results and developments in Alexco's operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future, made as of the date of this news release. Forward-looking statements may include, but are not limited to, statements with respect to the consummation and timing of the Arrangement, approval of the Arrangement by securityholders, the satisfaction of the conditions precedent to the Arrangement, timing, receipt and anticipated effects of court, regulatory and other consents and approvals, statements with respect to the future remediation and reclamation activities, future mineral exploration including the potential structural geology of mineral properties, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and mineral resource estimates, future mine construction and development activities, future mine operation and production, estimated production headings through the remainder of 2022, the timing of activities and reports, the amount of estimated revenues and expenses, the success of exploration activities, permitting time lines, and requirements for additional capital and sources and uses of funds. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors, which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, the risk that the Arrangement may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the failure of the Company and Hecla to obtain the necessary regulatory, court, securityholder, and other third-party approvals, or to otherwise satisfy the conditions to the completion of the Arrangement, in a timely manner, or at all, may result in the Arrangement not being completed on the proposed terms, or at all; changes in laws, regulations and government practices; if a third party makes a Superior Proposal (as defined in the Arrangement Agreement), the Arrangement may not be completed and the Company may be required to pay the Termination Fee; if the Arrangement is not completed, and the Company continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of the Company to the completion of the Arrangement could have an impact on the Company's current business relationships and could have a material adverse effect on the current and future operations, financial condition and prospects of the Company; risks related to actual results and timing of exploration and development activities; actual results and timing of mining activities; actual results and timing of environmental services activities; actual results and timing of remediation and reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of silver, gold, lead, zinc and other commodities; possible variations in mineable resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; First Nation rights and title; continued capitalization and commercial viability; global economic conditions; competition; and delays in obtaining governmental approvals or financing or in the completion of development activities. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements included in this news release, Alexco has applied several material assumptions, including, but not limited to, the assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory, Court, securityholder and other third party approvals, the satisfaction of the conditions to closing of the Arrangement in a timely manner and completion of the Arrangement on the expected terms, the expected adherence to the terms of the Arrangement Agreement and agreements related to the Arrangement Agreement, the adequacy of our and Hecla's financial resources, the assumption that Alexco will be able to raise additional capital as necessary, that the proposed exploration and development will proceed as planned, and that market fundamentals will result in sustained silver, gold, lead and zinc demand and prices. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Alexco expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
View original content: https://www.prnewswire.com/news-releases/alexco-announces-second-quarter-2022-results-301604678.html
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Freegold Ventures Limited (TSX: FVL) (OTCQX: FGOVF) (Freegold) announces that South32 Limited (South32) has provided notice of its intention and election not to further fund any further Tranche Payments as defined in, and in terms of, the Option Agreement, and accordingly the Option Agreement has been terminated. Shorty Creek lies approximately 125 road km northwest of Fairbanks, Alaska and 4 kms to the south of the abandoned mining town of Livengood and the all-weather paved Elliott Highway.
The work funded by South32 over the last three years, has provided additional understanding of the mineralization at Shorty Creek with most of the work focused outside of the Hill 1835 target area, where Freegold previously focused its attention. The Hill 1835 area covers a 1,000 metre by 1,500 metre target area with copper mineralization associated with the magnetic high. Additional work by Freegold is expected to focus on the geochemical anomalies, with coincident magnetic highs located throughout the project area as well as additional follow-up in the Hill 1835 Area.
The Qualified Person for this release is Alvin Jackson , PGeo – Vice President of Exploration and Development for Freegold.
About Freegold Ventures Limited Freegold is a TSX-listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project near Fairbanks where a significant drill program remains ongoing as well as the Shorty Creek Copper-Gold Project near Livengood.
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and/or re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit in order to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
View original content: http://www.newswire.ca/en/releases/archive/August2022/11/c4713.html
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