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Renforth’s Polymetallic Victoria West Delivers a Suite of Battery Metals Near Surface with 2.2kms mineralized strike drilled within 5km structure, in a 20km magnetic anomaly

– SUR-21-20 resulted in a 111.05m mineralized interval starting at 57m down the hole, averaging 0.17% Ni and 139.58ppm Co (cobalt) over the entire interval,…

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  • – SUR-21-20 resulted in a 111.05m mineralized interval starting at 57m down the hole, averaging 0.17% Ni and 139.58ppm Co (cobalt) over the entire interval, within which the highest grading sub-interval of 40m assayed 0.22% Ni and 168.98ppm Co

    – SUR-21-19 resulted in a 107.2m mineralized interval starting at 130.5m down the hole, averaging 0.15% Ni and 112.64ppm Co over the entire interval, within which the highest-grade sub-interval of 14.4m assayed 0.22% Ni and 196.4ppm Co

    – SUR-21-04 resulted in a 119.7m mineralized interval starting at 81.3m down the hole, averaging 0.13% Ni and 90.49ppm Co over the entire interval, within which the highest grading sub-interval of 0.55m assayed 0.95% Cu, 0.17% Ni and 217ppm Co

TheNewswire – November 10, 2021 – Renforth Resources Inc. (CSE:RFR) (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to deliver to shareholders the results from our 21 holes drilled over a strike length of 2.2 kms at Victoria West, with each hole delivering mineralization and the four deeper holes demonstrating an increase in grade. The results reported on include the two 2021 drill programs and the results from resampling of the 2.5 holes drilled in 2020 in the intervals presented below. Surimeau is a wholly owned 260 km2 property in the Pontiac, south of the Cadillac Break and contiguous to the Canadian Malartic Mine. There are 5 areas of known polymetallic mineralization on the property, including the Huston target, 18kms NW of Victoria West, where Renforth recently reported a grab sample assaying 1.9% Ni, 1.38% Cu, 1170ppm Co and 4 g/t Ag and several gold showings.

 

Our Surimeau District Property hosts our first exploration for nickel, copper, cobalt – 3 of the primary metals required for batteries and, in particular, Electric Vehicles. While still at a very early stage, the extent of the findings outlined in this press release and the magnitude of additional potential within the 260 km2 property, its known targets and unexplored prospective ground warranting further exploration, Surimeau presents an exciting new path for Renforth Resources in metals that are forecast to be in high demand as the EV and energy storage market grows.

 “This press release, summarizing our successful initial exploration at Victoria West, is quite long and detailed, I sincerely appreciate shareholders reading this in its entirety. Surimeau is very important to Renforth, with significant potential, our future focus will be on establishing our battery metals assets, backed by our gold deposit” states Nicole Brewster, President and CEO of Renforth.

Victoria West Drill Results

Victoria West, the first target to be drilled by Renforth, has a current mineralized strike length, comprised of Renforth’s drilling and surface sampling, along with prior drilling and surface sampling by Lac Minerals and other historic operators, of ~5km, co-incident with a mag high anomaly clearly visible on government geophysics, which continues to the east for ~15kms, where it ends on the Surimeau property at the Colonie target, which hosts polymetallic mineralization. It is the opinion of management and consulting geoscientists that Renforth’s results are sufficient to support historic results, confirming the strike length of Victoria West.  To the east, within the ~20km magnetic trend, the ground seems to be, upon brief field inspection, of low relief with little outcrop and unexplored, with no historic documentation available. The results of this drill program, including the measurement of magnetic susceptibility while logging core, demonstrate that the government survey is registering the magnetic signature of the nickel and cobalt bearing ultramafic body at Victoria West.  Renforth’s future plans include investigation of the ~14km of magnetic anomaly between Victoria West and Colonie in order to determine whether the mineralized ultramafic mineralization occurring with the magnetic anomaly over a 5 km portion of the anomaly continues the length of the anomaly.

Drilling has taken place at Victoria West in 3 different phases;

  • – October 2020 – a total of 2.5 holes were drilled in 194m using a track mounted drill which broke down 32m down the 3rd hole, ending the program. Each hole returned visible sulphides.

    – March/April 2021 – a total of 15 holes were drilled in 3456m over a strike length of 2.2km, these holes were drilled south in pairs, designed to cross the north-south “width” of the east-west striking magnetic ultramafic body, targeted with the government aeromagnetic survey.

    – June 2021 – a total of 4 holes were drilled in 773.2m, using the pads cleared for the prior drill program. These holes were each drilled north, at a steeper angle than the prior drilling, designed to undercut visually interesting results from the March/April drill program.

 

Victoria West Assay Highlights

 

Presented below is a highlight table for the 4,423.2m drilled at Victoria West. The intervals given are as measured in the core box, true width is not known at this time. Intervals in blue denote long measured lengths, intervals in red denote higher grade results, provided to aid in a quick review.

 

The mineralized body at Victoria West is currently interpreted to be an ultramafic intrusive body, carrying consistent nickel and cobalt mineralization, within which there are areas of higher grade. In the drilling the shoulders of the ultramafic, or the hanging and footwalls, demonstrate copper and zinc mineralization, including occasional zones of “mixing”.

 

The interpreted structure is currently considered consistent along the drilled strike, with variation in the width of the shoulder zones. Interestingly, the recently concluded stripping at Victoria West encountered much more copper and zinc on surface than was seen in the drilling, currently this is considered to be due to the variable presence of the ultramafic nickel/cobalt body and the magmatic copper/zinc body, consistent with our “Outokumpu style” model that suggests two different mineralized bodies juxtaposed in one location due to the circumstances of the mineralizing event.

 

Hole ID

From

To

Length (m)

Cu %

Ni %

Co ppm

Zn %

SUR-20-01

0.75

6

5.25

0.11

   

0.94

includes

0.75

4.78

4.03

0.13

   

1.16

SUR-20-01

14.1

22

7.9

 

0.15

127.94

 

includes

15

16.2

1.2

0.10

0.16

 210

 1.2

includes

14.1

16.2

2.1

0.08

0.14

 

0.94

SUR-20-01

21

23

2

 

0.10

 

0.21

SUR-20-02

3

14

11

0.13

     

including

9

14

5

0.15

0.09

 

0.45

SUR-20-02

9

19

10

     

0.43

SUR-20-02

35.6

56.1

20.5

 

0.13

   

including

37

38

1

0.17

0.29

 

0.43

including

37

42.75

5.75

     

0.35

SUR-20-02

42.75

56.1

13.35

 

0.14

   

SUR-20-02

58.7

61.5

2.8

 

0.14

   

SUR-20-03

2

32

30

 

0.14

113.50

 

incl

2

3

1

 

0.48

365.00

 

or

2

9.5

7.5

 

0.19

143.50

 

SUR-21-04

28.5

31.5

3

     

0.13

SUR-21-04

40.3

45

4.7

     

0.49

SUR-21-04

48

50.3

2.3

 

0.12

   

SUR-21-04

51.5

60

8.5

     

0.35

SUR-21-04

69.5

74.1

4.6

     

0.41

SUR-21-04

79

81.3

2.3

     

0.27

SUR-21-04

81.3

121.4

40.1

 

0.12

90.93

 

or

81.3

201

119.7

 

0.13

90.49

 

SUR-21-04

126.45

201

74.55

 

0.14

95.43

 

including

182.7

193.2

10.5

0.52

0.09

79.66

0.44

including

192.65

193.2

0.55

0.95

0.17

217.00

 

SUR-21-04

193.2

201

7.8

 

0.28

165.65

 

SUR-21-05

9.1

11.3

2.2

     

0.51

SUR-21-05

11.3

84

72.7

 

0.13

97.27

 

SUR-21-05

85.3

96.7

11.4

0.12

   

0.81

SUR-21-05

96.7

114

17.3

 

0.13

87.00

 

SUR-21-06

68.1

69.8

1.7

     

0.26

SUR-21-06

77.75

95.2

17.45

     

0.62

includes

77.75

87.5

9.75

0.11

   

0.78

includes

79

81

2

0.15

   

1.46

SUR-21-06

99.3

99.65

0.35

     

1.83

SUR-21-06

100.45

128.7

28.25

 

0.14

105.90

 

includes

100.45

104

3.55

 

0.19

140.60

 

includes

125

128.7

3.7

 

0.17

143.60

 

SUR-21-06

132.05

133.15

1.1

     

1.20

SUR-21-06

133.15

204

70.85

 

0.13

112.47

 

includes

133.15

144.5

11.35

 

0.19

165.20

 

SUR-21-07

4.5

80.65

76.15

 

0.13

105.92

 

includes

63.5

68.65

5.15

     

0.40

includes

68.65

80.65

12

 

0.21

187.41

 

SUR-21-07

83

87.95

4.95

0.19

   

0.15

SUR-21-07

113.70

114.65

1.00

0.39

   

1.44

SUR-21-07

125.5

133.1

7.6

     

0.54

SUR-21-07

142.15

144

1.85

 

0.21

176.00

 

SUR-21-07

146

155.4

9.4

     

0.37

SUR-21-08

52.5

54.3

1.8

     

0.56

SUR-21-08

64.5

65.25

0.75

     

1.18

sur-21-08

65.25

170

104.75

 

0.11

93.75

 

SUR-21-08

175.5

193

17.5

 

0.11

92.04

 

SUR-21-08

194

201.1

7.1

     

0.77

includes

199.2

201

1.9

0.16

   

1.34

SUR-21-08

201.1

222

20.9

 

0.14

109.26

 

includes

201.1

205.5

4.4

 

0.18

164.25

 

SUR-21-09

6.5

59.35

52.85

 

0.13

92.59

 

SUR-21-09

67.3

68.3

1

0.29

   

1.48

SUR-21-09

82.5

121

38.5

 

0.12

94.40

 

SUR-21-10

4.8

80.5

75.7

 

0.12

92.36

 

or

6

15

9

 

0.13

97.93

 

or

36.2

42

5.8

 

0.16

135.97

 

or

64.5

69

4.5

 

0.14

98.33

 

SUR-21-10

89.65

120

30.35

 

0.13

95.16

 

or

111

120

9

 

0.14

100.50

 

SUR-21-10

125

142.3

12

 

0.18

136.00

 

SUR-21-10

144.8

150

5.2

0.07

   

0.59

SUR-21-11

4

21

17

 

0.15

103.27

 

includes

18

21

3

 

0.19

128.50

 

SUR-21-11

21

23

2

     

0.64

SUR-21-11

43.5

79

35.5

 

0.12

90.17

 

includes

51

55.5

4.5

 

0.14

94.30

 

and

75

78

3

 

0.14

88.27

 

SUR-21-12

3.9

15

11.1

 

0.12

113.47

 

SUR-21-12

16.5

30

13.5

0.07

   

0.32

includes

22

27

5

0.10

   

0.52

SUR-21-12

31

32

1

     

1.08

SUR-21-12

34

38

4

     

0.48

SUR-21-12

55.6

68.8

13.2

 

0.14

95.37

 

includes

66.7

68.8

2.1

 

0.20

118.04

 

SUR-21-13

58.35

60.6

2.25

     

0.60

SUR-21-13

64.7

144

79.3

 

0.12

   

includes

64.7

65.6

0.9

0.10

0.12

169.00

1.21

includes

65.6

69

3.4

 

0.18

120.91

 

SUR-21-13

169.5

195

25.5

 

0.12

95.62

 

SUR-21-14

38.45

39.5

1.05

     

1.68

SUR-21-14

44

153.3

109.3

 

0.12

88.38

 

includes

50.5

56.5

6

 

0.14

92.88

 

includes

64.5

70

5.5

 

0.14

91.84

 

includes

91.5

96

4.5

 

0.14

87.90

 

includes

110.75

116

5.25

 

0.18

109.71

 

includes

110.75

111.7

0.95

 

0.32

179.00

 

SUR-21-14

166

182.2

16.2

 

0.13

95.27

 

SUR-21-14

184.7

192

7.3

 

0.13

92.87

 

SUR-21-15

52.6

177.65

125.05

 

0.13

92.37

 

includes

52.6

55.5

2.9

 

0.21

152.83

 

includes

85

91.5

6.5

 

0.14

93.93

 

includes

120.1

121.3

1.2

 

0.24

194.00

 

includes

125.5

145.3

19.8

 

0.15

89.05

 

or

125.5

129.6

4.1

 

0.16

88.60

 

includes

176.1

177

0.9

 

0.22

163.00

 

SUR-21-15

186.1

187.1

1

 

0.14

126.30

 

SUR-21-15

193.95

201

7.05

 

0.13

103.16

 

SUR-21-16

25.5

114

88.5

 

0.13

97.31

 

includes

66

70.5

4.5

 

0.24

106.66

 

SUR-21-16

126.15

130.85

4.7

 

0.15

107.62

 

SUR-21-16

130.85

133.45

2.6

     

0.93

SUR-21-16

138

153.45

15.45

 

0.12

89.70

 

SUR-21-17

58.7

76.4

17.7

 

0.11

85.53

 

SUR-21-17

100.35

109.6

9.25

 

0.17

131.76

 

includes

106.25

109.6

3.35

 

0.24

200.04

 

includes

108.35

109.6

1.25

0.10

0.27

247.00

0.26

SUR-21-18

30.15

51.2

21.05

0.06

   

0.51

includes

39

40

1

0.11

   

0.85

SUR-21-18

56.4

81

24.6

 

0.13

110.37

 

includes

56.4

59

2.6

 

0.19

143.34

 

includes

76.15

77.5

1.35

 

0.22

200.00

 

SUR-21-18

85.95

88.5

2.55

0.11

   

0.52

SUR-21-18

90.25

151.4

61.15

 

0.14

104.91

 

includes

90.25

90.9

0.65

0.13

0.20

262.00

2.05

includes

92

98

6

 

0.22

167.57

 

SUR-21-18

157.85

187.2

29.35

 

0.11

97.49

 

SUR-21-18

191

212

21

 

0.11

87.98

 

SUR-21-18

225.5

283.65

58.15

 

0.12

92.22

 

includes

271

282.5

11.5

 

0.14

103.38

 

SUR-21-19

1.5

57

55.5

 

0.13

96.89

 

includes

54

55.5

1.5

 

0.27

228.00

 

SUR-21-19

69

72

3

 

0.18

158.00

 

SUR-21-19

75

123

48

 

0.14

97.75

 

including

99

121.5

22.5

 

0.15

98.69

 

SUR-21-19

130.5

237.7

107.2

 

0.15

112.64

 

includes

160.5

163.5

3

 

0.21

156.00

 

includes

169.6

184

14.4

 

0.22

196.40

 

SUR-21-20

18

54

36

 

0.14

100.40

 

includes

49

54

5

 

0.21

163.00

 

SUR-21-20

57

168.05

111.05

 

0.17

139.58

 

includes

72.5

112.5

40

 

0.22

168.98

 

includes

122.5

128.3

5.8

0.08

0.13

128.67

1.22

SUR-21-20

167.1

180.35

13.25

0.11

0.09

144.00

1.59

SUR-21-20

180.35

195

14.65

 

0.15

148.08

 

includes

185.4

188

2.6

 

0.23

247.04

 

SUR-21-21

10.5

22.5

12

 

0.12

86.71

 

SUR-21-21

45

57

12

 

0.13

88.78

 

SUR-21-21

64.5

78

13.5

 

0.12

90.53

 

SUR-21-21

118.5

181.5

63

 

0.14

89.96

 

*lengths given in this table are as measured in core, true width is not known

 

“We, as a team, are very pleased to present Victoria West to shareholders as an interesting new battery metals discovery, this is very early stage with much more work to do as we are still open on strike, within a 20km structure, and at depth, with our best intersection in this program occurring between only approximately 50 and 80m vertical depth. Well located with road access and hydro-electric power Surimeau, with several known areas of polymetallic mineralization, is at the very beginning of its exploration and development cycle. It is quite exciting to work on an old occurrence, thought to be small scale and, as it was not gold, not of much interest in the 1980’s which, now that we are beginning to unlock the true size of the occurrence and identify the metals it contains, grows in importance each day” states Nicole Brewster, President and CEO of Renforth.

 

Victoria West Drilling and Stripping Plan


Click Image To View Full Size

 

Above is a plan view of the drill collar locations, as well as the location of the recently stripped area.  Access for drilling was obtained via the municipal road “Rapide Sept” shown at the right-hand edge of the map, then a lumber road which runs over the magnetic anomaly, with chipped trails off the lumber road. This allows vehicle access directly to the collar locations. Also visible is one of the hydroelectric power lines from the dam to the south which runs on the property, it is the vertical line over the cleared power line just inside the right-hand side of the image.

 

Indicated in yellow is the area of Oct/Nov. 2021 stripping at Surimeau where approximately 300m in east-west strike of mineralization has been uncovered and washed. This program revealed more copper on surface than we expected, based on the amount of copper observed in drill core. Channel samples have been taken and submitted for assay.

 

Initial Metallurgical Test Work (Previously Reported Feb. 18, 2021)

 

Renforth has only undertaken initial metallurgical work at Victoria West with grab samples from the summer of 2020. The work done is very limited and not reflective of all the lithologies and types of mineralization now seen at Victoria West. Planning for additional metallurgical work has begun, this may utilize the newly stripped ground which exposes several mineralization types on surface.

       

The previous press release stated that 16 grab samples from Victoria West which assayed over 0.1% Ni using four acid digestion were re-assayed using Aqua Regia, a comparison of the results leads to a simplistic conclusion regarding the percentage of silicate vs. sulphide content of each sample. Each sample was tested twice with the duplicates giving similar values using the Aqua Regia analysis method. The results, summarized, are one sample was less than 10% Ni in sulphide, one sample was in the 42% Ni in sulphide range, 3 samples in the 52% range, four samples in the 60% range, 3 samples in the 70% range, 3 in the 80% range and one in the 90% range. The mathematical average of the results for samples taken on Victoria West is 65.27% Ni in sulphide. Full results are available in the original press release.

 

Rock Value Calculators

 

Shareholders may find it helpful to calculate the total metal value of the polymetallic results in this release.

 

Calculators do the math of giving a USD/t value, however, users should be aware that this is a gross value, with no consideration for mining or smelting costs, transport etc.

 

https://www.juniorminingnetwork.com/drill-hole-calculator.html

https://www.kitco.com/pop_windows/kitcorockcalc.html

 

Drill samples reported on in this press release were all selected in the field from logged drill core, bagged, tagged, and sealed and delivered to initially AGAT Laboratories in Val D’Or where they were processed for Sodium Peroxide Fusion – ICP-OES/ICP-MS Finish Multi Element Analysis.

To date no testing has been done for platinum group elements.

 

Grab samples referred to in this press release (from Feb. 18, 2021 release) were obtained in the field, bagged, tagged and sealed and delivered to ALS in Val d’Or. Samples were split after crushing, with one split subjected to four-acid digestion. Subsequent to this the reject split was digested with aqua regia. Both splits were assayed by ICP-MS analysis.

 

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101.

 

For further information please contact:

Renforth Resources Inc.

Nicole Brewster

President and Chief Executive Officer

C:416-818-1393  

E: [email protected]

#269 – 1099 Kingston Road, Pickering ON L1V 1B5

 

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About Renforth

Renforth wholly owns the ~260 km2 Surimeau District Property, which hosts numerous areas of polymetallic and gold mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. In addition to this the Lalonde, Surimau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.

In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.

 

Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  

 

No securities regulatory authority has approved or disapproved of the contents of this news release.

 

Forward Looking Statements

 

This news release contains forward-looking statements and information under applicable securities laws.  All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

 

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Whitehorse Gold Appoints Gordon Neal as CEO and Director

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2021) – Whitehorse Gold Corp. (TSXV: WHG) ("Whitehorse Gold" or the "Company") has appointed…

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2021) – Whitehorse Gold Corp. (TSXV: WHG) (“Whitehorse Gold” or the “Company”) has appointed Gordon Neal as the CEO and a director of the Company.

Mr. Neal has extensive experience in the metals and mining sector, capital markets, and government communications. He was most recently the president of New Pacific Metals Corp., and was the former vice-president corporate development at Silvercorp Metals Inc. Prior to that, he held the vice-president corporate development position at Mag Silver Corp. Mr. Neal’s career also saw him working in the office of the Prime Minister of Canada as a senior communications adviser.

In connection with his appointment, the Company granted 500,000 stock options (the “Options”) to Mr. Neal pursuant to the terms of the Company’s stock option plan (the “Plan”). The Options are exercisable for a period of five years from the date of grant at price of $0.60 per share, being the closing price of the Company’s shares on the TSX Venture Exchange (the “TSXV”) on November 26, 2021. The Options vest in six equal tranches over a period of three years. The Options are subject to the provisions of the Plan and the policies of the TSXV.

ABOUT WHITEHORSE GOLD CORP.

Whitehorse Gold is a responsible mineral exploration and development company focused on its 170-square-km Skukum Gold Project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Project hosts the advanced-stage Skukum Creek and Goddell deposits, and the formerly producing Mt. Skukum high-grade gold mine, all of which remain open for expansion, plus additional untested mineralized occurrences. 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 “Mark Cruise”
Dr. Mark Cruise, Chairman

For further information please contact:
Steve Stakiw, Vice President – Corporate Affairs
Phone: 1-778-998-7356
Email: [email protected]
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.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105401




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Rio2 Limited and Sixth Wave Innovations Inc. Sign Contract for Further IXOS® Mining Technology Trials

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth…

NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES

HALIFAX, Nova Scotia and VANCOUVER, British Columbia, Aug. 16, 2021 (GLOBE NEWSWIRE) — Sixth Wave Innovations Inc. (CSE:SIXW) (OTCQB:ATURF) (FSE:AHUH) (“Sixth Wave or SIXW or Company”) and Rio2 Limited (“Rio2) (TSXV:RIO) (OTCQX: RIOFF) (BVL: RIO) are pleased to announce the signing of a contract (“Contract”) which provides for the continuation of testing of SIXW’s patented IXOS® purification polymer (the “IXOS® Mining Technology”) at Rio2’s Fenix Gold Project in Chile using Rio2’s nearby Lince Infrastructure facilities. The Contract follows successful completion of testing done on representative samples of ore from Rio2’s Fenix Gold Project at Sixth Wave’s Salt Lake City, Utah facility undertaken pursuant to the non-binding Letter of Intent (“LOI”) entered into between Sixth Wave and Rio2 in September 2020. See Sixth Wave’s and Rio2’s joint press release dated September 14, 2020 for additional information regarding the LOI. The move to near-site testing represents a significant step forward, and investment by the two companies, in the trial test project.

Under the terms of the LOI, Rio2 sent representative ore samples from its Fenix Gold Project to Sixth Wave for testing and analysis. The testing confirmed that IXOS® Mining Technology outperformed activated carbon on several key metrics including gold adsorption efficiency, ease of elution, and overall adsorption kinetics. A comprehensive costs/benefit analysis was performed using the data obtained in the laboratory testing along with ongoing testing performed by Rio2 on activated carbon as part of their pilot operations. The analysis also detailed the expected plant size, potential CAPEX and OPEX savings, and expansion capability/pathways. IXOS® polymer is reusable and the potential for favorable usage life over activated carbon especially with scaling agents in the mine’s water source provided sufficient encouragement that the project should proceed to the next phase of test work.

Sixth Wave will perform recovery tests from leach solution using its IXOS® Mining Technology and the leaching columns already commissioned and utilized by Rio2 to evaluate adsorption kinetics and other parameters. Testing is expected to start in Q4 2021, post winter months, assuming that current COVID-19 restrictions in Chile will abate. The testing will include 50 days of on-site operation of the system under a variety of testing scenarios to validate IXOS® performance and determine additional details regarding the cost/benefit analysis. Tests with a parallel set of activated carbon columns will allow for direct comparison between the two adsorbents under common testing conditions. Potential positive environmental impact and reduced carbon footprint (CO2 emissions) of using IXOS® over activated carbon for the process plant will also be explored during this phase of the project. The IXOS® Mining Technology operates at significantly reduced power consumption with fewer reagents than activated carbon. Therefore, opportunities exist for enhancing Rio2’s environmental, social, and governance (ESG) posture should IXOS® Mining Technology continue to show advantages in overall process efficiency.

Consistent with the terms of the LOI, Rio2 will pay travel expenses, external test work, and the operation of the pilot equipment during the test. The SIXW team will be lead by Mr. Nicol Newton, Sixth Wave’s Director of Technical Services and a 20 year gold mining veteran. Mr. Newton will be accompanied by Dr. Glen Southard, one of the inventors and developers of IXOS® Mining Technology. Sixth Wave will provide in-kind labor to support testing and analysis and all of the testing apparatus/pilot equipment for use during the project. The field kit will be returned to SIXW upon completion of the pilot.

Upon successful completion and receipt of positive results from the column test pilot program, the companies will move to a second near site testing phase incorporating the IXOS® Mining Technology into a long term pilot plant that will operate alongside the currently planned carbon adsorption circuit, This will provide long-term operational data including the determination of the useful life of the IXOS® polymer beads, and specifications for full-scale implementation pegged to the mine operation and potential future mine expansion plans.

Sixth Wave continues to be very positive on the project and working relationship with Rio2. Moving to near-site testing with a solid and well focused test plan will validate and extend the laboratory testing already completed and help both companies make defensible, data driven decisions about next steps toward adoption,” noted Dr. Jon Gluckman, President and CEO of Sixth Wave. He went on to say, “We have really been impressed by the Rio2 team and the investment in time and resources that they are making to further this program. We will continue to do our part to deliver a positive return on this investment through our contributions to the cost sharing and delivering tangible benefits to Fenix Gold Project.”

“Rio2 is always looking to embrace and trial new technology with the objective of bringing enhanced value to our stakeholders through the reduced capex/opex opportunities that innovative technologies may bring. The Fenix Gold Project is currently the largest undeveloped gold heap leach project in the Americas and we look forward to working alongside Sixth Wave during the development phase of the project,stated Mr. Alex Black, President and CEO of Rio2 Limited.

About RIO2 Limited

Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2’s SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex Black
President, CEO & Director
Email: [email protected]
Tel: 1 (604) 260-2696

About Sixth Wave

Sixth Wave is a development stage nanotechnology company with patented technologies that focus on extraction, purification, and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs). The Company is in the process of commercializing its, IXOS®, a line of extraction polymers for the gold mining industry.

Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for detection, purification, and separation of viruses, biogenic amines and other pathogens, and nutraceuticals for which the Company has products at various stages of development.

For more information about Sixth Wave, please visit our web site at: www.sixthwave.com

ON BEHALF OF THE BOARD OF DIRECTORS

Jon Gluckman
Jonathan Gluckman, Ph.D., President & CEO

For information, please contact the Company:
Phone: (801) 582-0559
E-mail: [email protected]

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws, including statements regarding Rio2’s planned development of its Fenix Gold Project, other aspects of Rio2’s anticipated future operations and plans, and the testing and performance of Sixth Wave’s IXOS® Mining Technology.

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by management of Rio2 and Sixth Wave, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labor and services; and Rio2’s ability to access capital on satisfactory terms.

Rio2 and Sixth Wave believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in disclosure documents of both Rio2 and Sixth Wave on the SEDAR website at www.sedar.com or the websites of Rio2 (www.rio2.com) and Sixth Wave (www. www.sixthwave.com), ‎respectively.‎ In particular, successful commercial deployment of the IXOS® technology is subject to ‎the risk that the technology may not prove to be successful in achieving sufficient ‎environmental or production efficiencies, uncertainty of timing or availability of required ‎regulatory approvals, lack of track record of developing products for mining applications ‎and the need for additional capital to carry out product development activities.‎ Forward-looking statements included in this press release are made as of the date of this press release and such information should not be relied upon as representing its views as of any date subsequent to the date of this press release. Rio2 and Sixth Wave have attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 and Sixth Wave 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 expressly required by applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.






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Cartier Iron Announces Closing of Marketed Private Placement of Units & Flow-Through Units

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES (In Canadian Dollars unless otherwise stated)…

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(In Canadian Dollars unless otherwise stated)

TORONTO, July 07, 2021 (GLOBE NEWSWIRE) — Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce that it has closed its previously announced fully marketed private placement offering (the “Offering”) (see press releases dated June 14, 2021 and June 17, 2021) with Cormark Securities Inc. (“Cormark”) acting as the agent. Under the Offering, which includes the exercise in full of the option granted to Cormark, the Company issued: (i) 19,166,667 units of the Company (the “Units”) at a price of $0.09 per Unit for gross proceeds of $1,725,000.03, and (ii) 28,750,000 flow-through units of the Company (the “Flow-Through Units”, collectively with the Units, the “Offered Units”) at a price of $0.12 per Flow-Through Unit for gross proceeds of $3,450,000.

Each Unit consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant of the Company (a “Warrant”). Each Flow-Through Unit consists of one Common Share (a “Flow-Through Share”) and one Warrant, each of which qualifies as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.14 for a period of 36 months following the closing of the Offering.

The net proceeds from the sale of the Units will be used for exploration expenditures and for working capital and general corporate purposes. The proceeds from the sale of the Flow-Through Units will be used on exploration expenses as permitted under the Income Tax Act (Canada) to qualify as “Canadian exploration expenses”.

Additionally, the Company would like to again welcome as a new Company shareholder Peter Marrone, the founder and Executive Chairman of Yamana Gold Inc., who has known Dr. Bill Pearson, P. Geo., Chief Technical Advisor for Cartier, since 2006.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:    
     
Thomas G. Larsen   Jorge Estepa
Chief Executive Officer   Vice-President
(416) 360-8006   (416) 360-8006


The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements”
and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”. 

PDF available: http://ml.globenewswire.com/Resource/Download/ffc200a8-d187-476c-9faf-5e463809baaa





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