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Hemlo Explorers Completes Option for the Wire Lake Project

TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) — Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce the completion of the option…

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TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) — Hemlo Explorers Inc. (the “Company”) (TSXV: HMLO) is pleased to announce the completion of the option agreement (the “Option Agreement”) with All-Terrain Track Sales & Services Ltd. (the “Vendor”) to acquire a 100% interest in 245 mineral claim cells located 15 kilometres northeast of Marathon, Ontario, and generally referred to as the “Wire Lake Project”. As per the terms of the Option Agreement, the Company will grant the Vendor a 2.0% net smelter return (“NSR”) royalty. The royalty agreement provides that one-half of the 2.0% NSR royalty may be bought back by the Company for a lump sum payment of $1,000,000. The Company now controls 100% of the Wire Lake Project subject to the 2.0% NSR.

The Wire Lake Project

The Wire Lake Project (“Project”) consists of 245 claim cells covering approximately 4,047 hectares that are located in the Hemlo Greenstone Belt (Figure 1). The Project lies 29 kilometres northwest of the Hemlo Gold Mine operated by Barrick Gold Corporation and 40 kilometres to the southeast of past producing base metal mines near Manitouwadge.

Gold was first discovered on the property in 1985 and subsequent exploration programs successfully encountered gold mineralization over a 2.7-kilometre strike length through surface sampling and shallow diamond drilling. Gold mineralization at Wire Lake is associated with a highly altered, mineralized, and sheared zone of deformation known by previous work as the Wire Lake Shear Zone. Historical drilling of the shear zone began in 1987 and continued sporadically until 1994 (88 drillholes totalling 12,551.86 metres), after which the property remained dormant due to legal issues which were resolved prior to entering into the Option Agreement. The Company completed shallow diamond drilling in 2017 (3,069 metres in 22 holes) and 2018 (977 metres in 5 holes). The average vertical depth of drilling to date is less than 150 m. Drill hole collar locations are shown in Figure 2 and significant drill intersections greater than 0.5 g/t gold from the 2017 and 2018 drill programs are summarized in Table 1.

The Company is working to digitally compile, validate and interpret all the historical information, including in excess of 16,500 metres of diamond drilling, the results from which will be used in targeting areas for future exploration in 2022. Historical drill holes, stored in Timmins, Ontario, will be interpreted and incorporated into a 3D Leapfrog© drillhole geological model. Potential road access routes are currently being investigated. A 52-kms line cutting and soil sampling program is being assessed to better define parallel shear trends to the NE and SW of the main Wire Lake Shear Zone (Figure 3), both of which have had limited testing.

Brian Howlett, CEO of Hemlo Explorers, commented, “Management is very excited to resume exploration of one of our key assets, the Wire Lake Project. All of the near-term activities are in anticipation of a comprehensive 2022 drill program. This upcoming program really highlights the strength of the overall Hemlo Explorers project package as Wire Lake is only a small part of the larger Pic River Project of 24,000 hectares. We look forward to updating the market as we progress.”

Figure #1 – Wire Lake Project Location Map 
https://www.globenewswire.com/NewsRoom/AttachmentNg/836757b9-5699-44a1-affb-255c333a7ae1

Figure #2 – Wire Lake Project Drill Hole Collar Plan Map with 2017 IP Grid
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9f5ce76-fef8-4421-8bbf-1942f63fb784

Table 1: Wire Lake Project 2017 and 2018 Significant Drill Hole Intersections

Hole ID From (m) To (m) Intersection
Width

(m)
Au
(g/t)
1701 8.30 27.00 18.70 2.66
including 20.40 26.50 6.10 6.41
including 20.40 25.30 4.90 7.56
including 21.80 23.30 1.50 21.41
         
1702 14.40 27.40 13.00 1.35
including 16.40 18.90 2.50 2.30
including 23.00 27.40 4.40 1.92
         
 and 36.40 47.00 10.60 1.62
including 36.40 41.40 5.00 2.66
         
 and 55.60 61.40 5.80 0.72
         
1705 21.50 39.90 18.40 1.06
including 35.00 39.90 4.90 1.96
         
1706 31.60 36.80 5.20 0.62
         
 and 41.00 48.10 7.10 1.25
including 43.15 45.60 2.45 2.06
         
1707 93.50 102.60 9.10 0.73
         
 and 117.00 119.00 2.00 0.63
         
 and 122.00 129.00 7.00 1.17
including 126.00 128.00 2.00 2.51
         
and  140.00 144.00 4.00 0.54
         
1708 188.50 193.00 4.50 0.55
         
1710 155.20 166.50 11.30 0.53
         
 and 187.30 193.00 5.70 2.23
including 188.80 192.00 3.20 3.62
         
1711 108.50 111.25 2.75 0.58
         
and  127.00 133.00 6.00 1.72
including 130.00 132.00 2.00 3.70
         
 and 155.00 166.00 11.00 0.78
including 161.00 165.00 4.00 1.39
         
 and 170.00 173.40 3.40 2.42
including 172.40 173.40 1.00 6.23
         
 and 175.70 187.40 11.70 2.28
including 180.40 185.40 5.00 4.22
         
1712 123.35 125.60 2.25 0.68
         
1713 69.80 72.85 3.05 5.32
         
and  74.15 88.60 14.45 0.64
including 76.30 78.20 1.90 1.22
         
 and 105.05 106.65 1.60 0.63
         
1715 3.90 20.50 16.60 0.88
including 5.00 7.00 2.00 2.48
including 11.00 13.10 2.10 1.64
         
 and 27.80 44.00 16.20 0.61
including 33.65 35.65 2.00 1.47
         
1716 6.40 15.00 8.60 0.88
including 11.50 14.00 2.50 1.97
         
 and 22.00 36.00 14.00 1.13
including 28.00 35.00 7.00 1.79
         
 and 48.70 56.00 7.30 0.85
including 51.00 54.00 3.00 1.23
         
and  59.40 64.70 5.30 0.69
         
1717 150.00 153.00 3.00 0.59
         
 and 168.60 172.90 4.30 0.76
         
 and 244.30 249.30 5.00 0.51
         
 and 266.50 270.50 4.00 0.57
         
1718 15.10 21.50 6.40 1.18
including 17.60 19.40 1.80 2.62
         
 and 26.00 29.10 3.10 0.75
         
1719 22.10 30.00 7.90 1.14
 including 25.65 27.50 1.85 2.37
         
 and 33.40 46.20 12.80 1.33
including 36.20 42.45 6.25 1.96
         
and  56.90 59.90 3.00 1.76
         
and 87.00 90.10 3.10 0.65
         
1720 51.00 69.00 18.00 1.35
including 60.20 68.00 7.80 2.52
         
1721 67.30 73.70 6.40 1.38
including 68.30 70.30 2.00 2.81
         
 and 79.50 99.00 19.50 1.15
including 94.00 98.00 4.00 2.11
         
1826 262.00 265.00 3.00 1.74
         
 and 272.20 279.00 6.80 1.54
including 274.00 278.00 4.00 2.23
         
 and 298.00 300.00 2.00 1.32
         

Note: Assay results reported over intersection length. Additional drilling is required to estimate the true width of the mineralized structures.

Figure #3 – Wire Lake Project Grab Sample Plan Map with Planned Grids Covering NE and SW Parallel Shear Zones
https://www.globenewswire.com/NewsRoom/AttachmentNg/18b11d8b-69c4-4cf4-8dd6-fbde39c2e7f9

Technical Information

Mr. Adrian Bray, P.Geo., Exploration Manager for the Company, is the “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for the accuracy of technical information contained in this news release.

About Hemlo Explorers Inc.

Hemlo Explorers is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. We are focused on generating shareholder value through the advancement of our main Hemlo area projects, including the North Limb, Pic and Hemlo West.

For more information please contact:

Brian Howlett, President & CEO
Hemlo Explorers Inc.
[email protected] 
(647) 227-3035
http://www.hemloexplorers.ca

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Hemlo Explorers Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. 







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Today’s News

Copper Mountain Mining Announces Positive Drill Results at Cameron Copper Project in Australia, Three Large Mineralized Zones Identified

Copper Mountain Mining Announces Positive Drill Results at Cameron Copper Project in Australia, Three Large Mineralized Zones Identified
Canada NewsWire
VANCOUVER, BC, Oct. 12, 2021

VANCOUVER, BC, Oct. 12, 2021 /CNW/ – Copper Mountain Mining Corpor…

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Copper Mountain Mining Announces Positive Drill Results at Cameron Copper Project in Australia, Three Large Mineralized Zones Identified

Canada NewsWire

VANCOUVER, BC, Oct. 12, 2021 /CNW/ – Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) is pleased to announce positive results from 48 drill holes, totaling 7,936 metres, drilled on the C6, C1 and C2 targets at its Cameron Copper Project (“Cameron”), as part of ongoing exploration at the property.  The drill program encountered intercepts of high-grade mineralization, within long, low-grade mineralized envelopes, with lateral continuity between intercepts of up to 1 kilometre. The Company plans to carry out further drilling that will also include new undrilled targets with significant copper-gold anomalies in surface soil and rock samples. Cameron is situated 40 kilometres south of the Company’s Eva Copper Project (“Eva”), located in the Mount Isa region of Queensland, Australia, near Cloncurry. See Appendix 1 for a regional location map. View PDF

Highlights

Please see Appendices 2 to 11 for drill hole locations and plans.  Appendices 12 and 13 have a complete drill hole table and associated data. Highlights from the drill program:

C6 Target

  • Hole QMR018 returned 39 metres of 0.50% Cu and 0.13 g/t Au.
  • Hole QMR021 returned 28 metres of 0.58% Cu and 0.03 g/t Au.
  • Hole QMR022 returned 80 metres of 0.44% Cu and 0.02 g/t Au.
  • Hole QMR023 returned 91 metres of 0.25% Cu and 0.02 g/t Au.
  • Hole QMR025 returned 135 metres of 0.37% Cu and 0.03 g/t Au.
  • Hole QMR026 returned 40 metres of 0.36% Cu and 0.02 g/t Au.
  • Hole QMR027 returned 29 metres of 0.45% Cu and 0.04 g/t Au.

C1 Target

  • Hole CPR660 returned 11 metres of 1.35% Cu and 0.74 g/t Au.
  • Hole CPR661 returned 30 metres of 0.64% Cu and 0.25 g/t Au.
  • Hole CPR667 returned 25 metres of 0.73% Cu and 0.13 g/t Au.
  • Hole CPR670 returned 84 metres of 0.56% Cu and 0.97g/t Au.
  • Hole CPR671 returned 36 metres of 0.57% Cu and 0.28g/t Au.
  • Hole CPR673 returned 20 metres of 0.32% Cu and 1.13g/t Au.

C2 Target

  • Hole RED010 returned 95 metres 0.30% Cu and 0.04 g/t Au.
    • Includes: 8 metres of 0.78% Cu and 0.12 g/t Au.
    • Includes: 11 metres of 0.45% Cu and 0.05 g/t Au.
  • Hole RED011 returned 123 metres of 0.24% Cu and 0.01 g/t Au.
  • Hole RED013 returned:
    • 79 metres of 0.25% Cu and 0.01 g/t Au.
    • 51 metres of 0.41% Cu and 0.01 g/t Au.
  • Hole RED020 returned 139 metres of 0.22% Cu and 0.01 g/t Au.

“These results are very promising and validate these priority targets,” commented Gil Clausen, Copper Mountain’s President and CEO. “They indicate that there is a potential for a larger mineralized system. This was an initial exploratory drill program to test the geophysical and geochemistry work done to date. These mineralized zones show more continuity with increased drilling. The drilled zones remain open to expansion, and there are numerous targets yet to be drill tested. More drilling is required, and we plan on putting a systematic program in place to develop these targets with additional drilling this year and into 2022. The current results confirm our belief that there is potential for discovery of copper resources.”

Overview

Systematic definition of large mineralized systems at Cameron is the goal of the current exploration program. The ongoing drill program will test mineralization laterally and to depth to establish economic potential.   The C6, C1 and C2 targets were the focus of the initial phase of this work plan. The drill program included 7 diamond core and 41 reverse circulation (RC) hammer holes.  At C6, C1 and C2 targets, the drilling intersected both oxide and sulphide mineralization at varying depths. Mineralized zones are open, and the extent of mineralization as indicated by surface geochemistry or geophysical data have not been fully tested.  The host rocks, intersected mineralization, and the element association is typical of IOCG (Iron Oxide Copper Gold) deposits. The Company is undertaking further exploration drilling at Cameron in 2021, with a more extensive resource drill program proposed for 2022.

Cameron mineralization combines disseminated, fracture-controlled and strata-bound styles similar to the Eva IOCG deposits. The drilled C6, C1 and C2 targets are part of a cluster of copper-in-soil anomalies along a broad North-South structural corridor. Eva’s Mineral Resource sits within the northern half of this same corridor. Eva has a Measured and Indicated Mineral Resource (inclusive of Mineral Reserves) of 261 million tonnes grading 0.42% copper and 0.04 g/t gold, containing an estimated 2.4 billion pounds of copper and 330,000 oz of gold (for further information please see the technical report titled “NI 43-101 Technical Report for the Eva Copper Project Feasibility Study Update, North West Queensland, Australia“, dated May 7, 2020 with an effective date of January 31, 2020). See Appendix 14.

C6 Target (Quamby)

At C6 (Appendix 3), copper mineralization has been drill tested by 3 diamond and 19 RC holes with broad spacing over a 1 kilometre strike length. The target area includes the historic Quamby gold mine, from which 75,600 ounces of gold were recovered from leaching operations in the 1980’s and 1990’s.  The reported drilling herein tested mineralization southwest of the mine workings beneath a large copper and gold-in-soil anomaly. 

The RC drilling was relatively shallow and consisted of 15 holes on sections spaced at 60 to 100 metre intervals with the objective of testing the copper-gold soil anomaly. The drilling indicates a continuous zone of copper mineralization, which is up to 145 metres wide and consists of lower-grade copper, with higher-grade zones localized in a major fold hinge. Mineralization occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments below the weathered zone, which is approximately 25 to 75 metres deep.  Oxide mineralization in the weathered zone consists of malachite, native copper and chalcocite, similar to Eva’s ‘copper-only’ type deposits. All mineralization is open along strike and at depth.

C1 Target (Companion)

At C1 (Appendix 6), the mineralized system appears extensive, with soil anomalies defined over an area of 0.6 kilometres by 3 kilometres. The southern part of the anomaly remains undrilled. Drilling to date has only tested 1.2 kilometres of the surface strike length. Appendix 6 provides a drilling plan related to soil anomalies and illustrates the broad zone of multiple intercepts and the relationship to the much larger copper-in-soils anomaly.

The new drill results combined with those from previous campaigns, together with geology and soil geochemistry, confirm the discovery of a large, structurally controlled copper-gold system.  Mineralization consisting of chalcopyrite and pyrite, is hosted in variably altered metasediments. In the weathered zone, mineralization occurs as malachite and goethite, commonly to depths of 20 metres but locally up to 75 metres. The higher grade mineralization formed within the primary structures as discrete lodes and shoots.  The mineralization is open along strike and at depth.

C2 Target (Reaper)

At C2 (Appendix 9), copper mineralization has been drilled systematically within zones having lateral extents of 1.2 kilometers by 0.55 kilometers, within a more extensive 3-kilometre-long area of coincident geochemical and geophysics anomalies.

Drilling consisted of 4 diamond and 7 RC holes. Holes were drilled on 200 metre spaced sections on the larger northern zone, and 100 metre sections on the southern zone. The drilling identified multiple higher-grade tenor zones within broader lower grade mineralization envelopes, which were drilled to vertical depths of 160 metres in the southern zone and 200 metres in the northern zone. Copper mineralization varies from disseminated to fracture-fill veinlets of chalcopyrite, chalcocite, and native copper hosted in strongly altered metasediments. However, malachite and goethite form the mineralization in the near surface oxide zone. Mineralization is open along strike and at depth.

QA/QC and Core Sampling Protocols

Drillholes were logged by geologists at the rig (RC) or at the Company’s central exploration office (DD) using company standard logging procedures. DD core and RC samples are transported to the Company’s exploration office area by geological staff.  RC samples were rotary split at the drill rig with a typical sub-sample sizes of 2kg.  RC duplicate sub-samples were rifle split. Sample intervals are marked on DD core which is halved by diamond saw; quarter core used for duplicates.  Sample length is usually 1m for RC and for diamond core.  Blanks, field duplicates and certified standards are inserted into the sample stream at a 1:10 ratio. The RC chip and half core samples are sent in sealed shipping crates to an accredited commercial laboratory (ALS) where samples are dried, crushed, split, pulverized and assayed. Such laboratory is independent from Copper Mountain.  The pulverized sample is analyzed by 50 g fire assay and multielement ME-ICP that includes copper, with a detection limit of 10,000 ppm. On return of gold values > 100 ppm Au and copper values  >1% Cu; a second series of analyses are completed using appropriate ‘ore grade’ methods. The drill samples were collected in accordance with accepted industry standards. The results from QA/QC samples are routinely analyzed by the database manager and geologist on a batch and campaign basis.  There are no known issues that would materially affect the accuracy or reliability of the analytical data from the drill program presented herein.

Competent Persons Statement
The information in this report that relates to exploration targets, exploration results, Mineral Resources or ore reserves is based on information compiled by Peter Holbek, B.Sc (Hons), M.Sc. P. Geo. Mr. Holbek is a full time employee of the Company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Holbek consents to the inclusion in this news release of the matters based on the information in the form and context in which it appears.

Peter Holbek is a qualified person as defined by National Instrument 43-101 (“43-101”) and has reviewed and approved the technical content of this release.

About Copper Mountain Mining Corporation
Copper Mountain’s flagship asset is the 75% owned Copper Mountain Mine located in southern British Columbia near the town of Princeton. The Copper Mountain Mine currently produces approximately 100 million pounds of copper equivalent per year, with average annual production expected to increase to approximately 140 million pounds of copper equivalent.  Copper Mountain also has the development-stage Eva Copper Project in Queensland, Australia and an extensive 2,100 km2 highly prospective land package in the Mount Isa area. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.

Additional information is available on the Company’s web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION
“Gil Clausen”        

Gil Clausen, P.Eng.
President and Chief Executive Officer

Website: www.CuMtn.com

Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements in this news release include statements concerning, among other things: the timing of the Company’s drilling program; the results of the Company’s exploration and development programs; the potential for discovery of significant resources at Cameron similar to Eva, the timing of studies, announcements, and analysis; the potential to add the expected increase in the Company’s average annual production; the Company’s intentions regarding its objectives, goals or future plans; and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com.  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This press release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission (“SEC”) set out in the SEC rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this press release may not be comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning  mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Appendix 12: Significant Drill Intercept Summary

Hole ID

From

To

Interval

Grade

Grade

(m)

(m)

(m)

Cu%

Au (ppm)

C6 Target (Quamby)

QMR018

12

51

39

0.50

0.13

inc.

16

48

32

0.56

0.16

66

73

7

0.11

0

QMR019

49

64

15

0.11

0.02

QMR020

No significant intercepts to report.

QMR021

1

33

32

0.18

0.01

38

66

28

0.58

0.03

inc.

56

66

10

1.28

0.01

QMR022

1

81

80

0.44

0.02

inc.

1

7

6

0.51

0.05

and

22

57

35

0.43

0.02

and

65

81

16

0.80

0.02

QMR023

2

93

91

0.25

0.02

inc.

50

83

33

0.36

0.04

QMR024

15

69

54

0.24

0.01

inc.

21

26

5

0.43

0

and

48

56

8

0.34

0

and

63

67

4

0.60

0

QMR025

33

168

135

0.37

0.03

inc.

34

66

32

0.42

0.04

and

71

83

12

0.38

0.05

and

88

95

7

0.59

0.02

QMR026

7

47

40

0.36

0.02

inc.

14

23

9

0.48

0.07

and

33

41

8

0.78

0

QMR027

48

77

29

0.45

0.04

inc.

51

69

18

0.65

0.06

QMR028

105

132

27

0.14

0.06

QMR029

7

13

6

0.17

0.01

38

60

22

0.30

0.04

inc.

50

59

9

0.48

0.03

66

75

9

0.19

0

QMR030

38

65

27

0.23

0.06

inc.

55

65

10

0.37

0.06

QMR031

72

88

16

0.19

0.04

QMR032

0

55

55

0.22

0.02

C1 Target (Companion)

CPD656

67

72

5

0.07

0.04

CPD657

181

189

8

0.58

0.01

CPR658

46

65

19

0.21

0.09

74

99

25

0.45

0.17

inc.

85

98

13

0.63

0.25

CPR659

No significant intercepts to report.

CPR660

3

8

5

0.12

0.03

52

63

11

1.35

0.74

CPR661

12

42

30

0.64

0.25

inc.

23

41

18

0.98

0.38

103

121

18

0.70

0.16

inc.

103

112

9

0.78

0.17

CPR662

No significant intercepts to report.

CPR663

24

33

9

0.41

0.01

CPR664

0

26

26

0.19

0.07

inc.

18

23

5

0.47

0.17

CPR665

7

13

6

0.39

0.40

32

46

14

0.71

0.57

CPR666

18

25

7

0.71

0.72

CPR667

1

26

25

0.73

0.13

inc.

1

16

15

1.15

0.18

40

47

7

0.20

0.12

CPR668

55

73

18

0.34

0.36

CPR669

84

100

16

0.22

0.06

CPR670

0

84

84

0.56

0.97

90

95

5

0.50

0.97

CPR671

19

55

36

0.57

0.28

inc.

22

53

31

0.64

0.31

CPR672

23

29

6

0.09

0.06

34

38

4

0.50

1.85

58

70

12

0.30

0.11

inc.

58

67

9

0.35

0.09

CPR673

15

35

20

0.32

1.13

inc.

28

32

4

1.13

5.39

CPR674

35

40

5

0.19

0.05

82

91

9

0.58

0.3

CPR675

4

15

11

0.39

0.26

inc.

6

13

7

0.51

0.35

CPR676

85

94

9

0.84

0.31

C2 Target (Reaper)

RED010

4.1

17

12.9

0.12

0.01

29

124

95

0.30

0.04

inc.

37

45

8

0.78

0.12

inc.

71

82

11

0.45

0.05

inc.

89

94

5

0.43

0.04

RED011

72

195

123

0.24

0.01

inc.

155

161

6

0.43

0

and

178

182

4

0.50

0

and

188

194.4

6.4

0.77

0

RED012

59

96.8

37.8

0.32

0

inc.

72

83

11

0.58

0.01

103.9

123

19.1

0.21

0.01

129

172.6

43.6

0.23

0

RED013

4.5

46

41.5

0.28

0.01

inc.

4.5

14

9.5

0.58

0.01

68

82.7

14.7

0.13

0

89.9

168.7

78.8

0.25

0.01

inc.

155

163

8

0.72

0.01

170

221.4

51.4

0.41

0.01

inc.

172

180

8

0.48

0.01

and

185

205

20

0.56

0.01

RER014

0

65

65

0.15

0.01

101

171

70

0.19

0.01

RER015

10

68

58

0.25

0.02

inc.

14

22

8

0.53

0.04

85

123

38

0.42

0.01

inc.

86

94

8

1.30

0.03

RER016

0

89

89

0.16

0.03

inc.

40

44

4

0.65

0.11

102

119

17

0.41

0.04

inc.

104

110

6

0.75

0.06

RER017

10

67

67

0.23

0.03

inc.

14

25

11

0.54

0.07

RER018

120

128

8

0.51

0.02

156

170

14

0.12

0.01

RER019

15

33

18

0.13

0.02

52

75

23

0.15

0.01

RER020

0

97

97

0.16

0.01

132

271

139

0.22

0.01

inc.

148

154

6

0.53

0.01

inc.

230

239

9

0.55

0.01

*Intercepts calculated at 4 m minimum interval, and maximum 4 m internal dilution with a cut-off grade of 0.10% Cu (0.3% Cu inclusive).

Appendix 13: Drill Hole Location Details

Hole ID

Easting

Northing

Elevation

Azimuth

Dip

Maximum
Depth

(m)

(m)

(m)

(o)

(o)

(m)

C6 Prospect (Quamby)

RC

QMR018

413931

7745721

215

358

-61

90

QMR019

414017

7745724

215

359

-61

120

QMR020

414079

7745741

216

358

-61

120

QMR021

414146

7745805

217

309

-60

120

QMR022

414168

7745841

217

270

-60

168

QMR023

414165

7745900

219

269

-60

114

QMR024

414152

7745979

220

252

-60

102

QMR025

414268

7745901

219

269

-59

186

QMR026

414101

7746075

222

251

-59

96

QMR027

414084

7746181

224

252

-59

108

QMR028

414052

7746266

224

220

-61

132

QMR029

413949

7746305

224

222

-60

96

QMR030

413897

7746361

221

221

-61

96

QMR031

413856

7746449

222

220

-59

96

QMR032

414084

7745833

216

170

-61

96

C1 Prospect (Companion)

Diamond

CPD655

413604

7740706

208

93

-65

101.5

CPD656

413550

7740600

212

90

-42

197

CPD657

413774

7740591

207

91

-43

211.9

RC

CPR658

413371

7740596

212

89

-61

108

CPR659

413607

7740808

208

90

-60

78

CPR660

413588

7740848

208

89

-61

78

CPR661

413878

7740953

210

90

-57

132

CPR662

413950

7741025

208

270

-60

102

CPR663

413831

7741104

213

90

-60

102

CPR664

413854

7741105

212

89

-60

54

CPR665

413878

7741170

211

93

-61

84

CPR666

413853

7741171

212

90

-60

102

CPR667

413949

7741241

208

272

-60

78

CPR668

413999

7741184

207

273

-60

102

CPR669

414019

7741200

208

272

-61

138

CPR670

413992

7741241

208

276

-60

114

CPR671

413649

7741164

214

93

-60

78

CPR672

413648

7741248

215

96

-60

96

CPR673

413822

7741416

211

273

-60

78

CPR674

413564

7740849

209

90

-61

102

CPR675

413578

7740803

207

89

-59

78

CPR676

413554

7740800

209

90

-61

102

C2 Prospect (Reaper)

Diamond

RED010

413939

7732161

273

127

-60

155.5

RED011

413784

7733375

245

90

-60

242.3

RED012

413784

7733376

245

87

-45

211.8

RED013

413722

7733771

268

88

-61

221.8

RC

RER014

413885

7732108

269

136

-71

174

RER015

413887

7732107

269

137

-55

150

RER016

413809

7731997

247

139

-70

150

RER017

413811

7731995

247

136

-55

150

RER018

413847

7733174

245

111

-60

204

RER019

413754

7733968

263

95

-60

180

RER020

413708

7733609

252

88

-60

300

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SOURCE Copper Mountain Mining Corporation









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Today’s News

Golden Arrow Executes Definitive Agreement for Libanesa Silver-Gold Project, Argentina

Golden Arrow Executes Definitive Agreement for Libanesa Silver-Gold Project, Argentina
Canada NewsWire
VANCOUVER, BC, Oct. 12, 2021

VANCOUVER, BC, Oct. 12, 2021 TSX Venture Exchange (TSX-V): GRG Frankfurt Stock Exchange (FSE): G6A OTCQB Venture Mar…

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Golden Arrow Executes Definitive Agreement for Libanesa Silver-Gold Project, Argentina

Canada NewsWire

VANCOUVER, BC, Oct. 12, 2021 TSX Venture Exchange (TSX-V): GRG
Frankfurt Stock Exchange (FSE): G6A
OTCQB Venture Market (OTCQB): GARWF

/CNW/ – Golden Arrow Resources Corporation (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF), (“Golden Arrow” or the “Company”) is pleased to announce that it has executed a definitive option agreement (the “Option”) to acquire a 75% undivided interest the Libanesa project (“Libanesa”) in Santa Cruz province, Argentina.

Libanesa is a 14,500-hectare silver-gold (lead) project located at the north eastern margin of the Deseado Massif Gold-Silver metallogenic province, approximately 70 km west from the port of Puerto Deseado, 40 km northwest of the Cerro Moro Mine operated by Yamana Gold and 100 km northeast of the Don Nicolas mine operated by Cerrado Gold. Figure 1: Libanesa location in Santa Cruz Province. Libanesa hosts several diversified geological, geochemical and geophysical supported targets and is permitted for drilling.

“Our team is eager to move forward on this highly prospective project and we are finalizing the field programs to quickly and efficiently advance the targets towards discovery,” commented Joseph Grosso, Golden Arrow’s Executive Chairman, President and CEO.

Golden Arrow is planning to mobilize an exploration team to Santa Cruz this month. The initial plan is to complete additional surface work which may include geophysical surveying, with the intent of refining the targets for a drill program to start in the first quarter of 2022.

Project Highlights

Cerro Plomo is the principal prospect and is characterized by a well mineralized Au/Ag hydrothermal breccia that is exposed at surface and supported by both chargeability and resistivity geophysical anomalies at depth. Peripheral polymetallic veins at the Libanesa Main prospect represent secondary targets and are supported by strong base metal +/- Au mineralization. The Lagunita prospect is a third prospective zone, which has reported some encouraging rock chip Au values from more typical low sulfidation type epithermal veins and breccias. This prospect will require additional surface exploration to vector into the potentially better mineralized parts of this extensive vein system, where intermittent vein occurrences, outcropping/subcropping through post mineral cover, have been mapped over a strike length of at least 2.3 km. (see News Release June 1st, 2021 for a summary on previous work completed at Libanesa).

Summary of Terms

Mirasol Resources Ltd. (“Mirasol”) has granted Golden Arrow an option to earn a 75% interest in Libanesa over six years (the “Option Period”) by:

  • incurring exploration expenditures totaling US$4,000,000 
    • US$500,000 per year during the first 2 years; and
    • US$750,000 per year thereafter
  • making cash payments to Mirasol totaling US$1,000,000
    • US$100,000 to be paid on the 2nd, 3rd and 4th anniversaries.
    • US$250,000 on the 5th anniversary; and
    • US$450,000 on the 6th anniversary.

The initial US$500,000 in exploration expenditures is a firm commitment, but it may be incurred over 24 months instead of 12 months, if all permits required for exploration are not in place by the end of March 2022. In addition, Golden Arrow is required to complete a minimum of 2,000m of drilling by the end of the second year. Golden Arrow will be the operator during the Option Period.

Upon completion of the Option, Mirasol and Golden Arrow will hold 25% and 75%, respectively, in a participating JV company holding Libanesa. If either party’s equity interest is diluted below 10%, it will convert to a 2% net smelter return royalty.

Qualified Persons

The technical portions of this news release have been reviewed and approved by Brian McEwen, P.Geol., VP Exploration and Development to the Company and a Qualified Person as defined in National Instrument 43-101.

About Golden Arrow:

Golden Arrow Resources Corporation is a mining exploration company with a successful track record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is well leveraged to the price of gold, having monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining Inc.

Golden Arrow is actively exploring a portfolio that includes an epithermal gold project in Argentina, a district–scale frontier gold opportunity in Paraguay, a base-metal project in the heart of a leading mining district in Chile and more than 180,000 hectares of properties in Argentina.

The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

ON BEHALF OF THE BOARD

          “Joseph Grosso”
_________________________________
Mr. Joseph Grosso,
Executive Chairman, President and CEO

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

This news release may contain forward-looking statements.  Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company’s plans for its mineral properties; the Company’s business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements. 

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations.  Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company’s public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/golden-arrow-executes-definitive-agreement-for-libanesa-silver-gold-project-argentina-301396604.html

SOURCE Golden Arrow Resources Corporation






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Today’s News

Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option

Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option
Canada NewsWire
THUNDER BAY, ON, Oct. 12, 2021

THUNDER BAY, ON, Oct. 12, 2021 /CNW/ – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (F…

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Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option

Canada NewsWire

THUNDER BAY, ON, Oct. 12, 2021 /CNW/ – Clean Air Metals Inc. (“Clean Air Metals” or the “Company”) (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to announce that it has paid,  for and on behalf of Benton Resources Inc. (“Benton”) (TSX:V BEX), the sum of CAD $1 Million directly to Rio Tinto Exploration Canada Inc. (“RTEC”) as Vendor, pursuant to the terms of the definitive option agreement (the “Option Agreement”) entered into between the Company and Benton in order to satisfy a payment requirement of Benton under its pre-existing option with RTEC (see previous press release dated January 6, 2020 and May 14, 2020). The Company acquired an option to acquire a 100% right, title and interest in and to the Escape Lake Property (the “Escape Lake Property”), subject to a 1.0% net smelter return royalty to be retained by RTEC, from Benton under the Option Agreement, with such option conditional on Benton exercising its pre-existing option to acquire the Escape Lake Property from RTEC and under the Option Agreement, the Company has agreed to make all of the payments of Benton to RTEC that are required in order for Benton to exercise the pre-existing option.  Clean Air Metals agreed to pay to RTEC an aggregate of C$6 million in order for Benton to exercise the pre-existing option, C$3 million of which was originally paid by Benton to RTEC on October 9, 2019, and C$1 million of which was paid by the Company to RTEC on October 9, 2020. The remaining financial obligation to RTEC on behalf of Benton is $1 million due October 9, 2022.

In addition, pursuant to the Option Agreement outlining the terms of a definitive share purchase agreement dated January 6, 2020 entered into between the Company and Magma Metals Pty Ltd. (“Magma”), the Company completed the acquisition of 100% of Panoramic Resources Limited’s indirect subsidiary, Panoramic PGMs (Canada) Ltd. (“Pan PGMs”), which owns the Thunder Bay North Property (the “TBN Property”), hosting the Current Lake Deposit. Pan PGM’s is now a 100% wholly-owned subsidiary of Clean Air Metals. In consideration of the acquisition of Pan PGMs, Clean Air Metals has also agreed to pay to Magma in equal installments over a three-year period, an aggregate of C$9 million, C$4.5 million of which was paid on closing of the transaction on May 14, 2020, and C$1.5 million of which was paid on May 14, 2021. Two payments of $1.5 million remain by May 13, 2022 and May 13, 2023 respectively.

The Escape Lake Property and the TBN Property are collectively referred to as the “TBN Project”. The Company has the right to prepay all remaining property payments at any time. There are no additional exploration or other spending commitments required to fully vest the Option Agreement.

Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Project is on the traditional territories of the Fort William First Nation, Red Rock First Nation and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021.

The Company is also in discussions with Red Sky Metis Independent Nation and the Metis Nation of Ontario and other non-proximate First Nation communities. Woodland Heritage Northwest, a Metis-owned consultancy has been retained to conduct archaeological studies on the Thunder Bay North Project and surrounding areas.

About Clean Air Metals Inc.
Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Clean Air Metals project hosts the Current Lake Deposit and magma conduit and the Company is actively exploring the Escape Lake Deposit, a twin structure to the Current Lake Deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

Abraham Drost

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.

Website: www.cleanairmetals.ca

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

Cautionary Note

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses; results of technical studies, benchmark reports, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projections.

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SOURCE Clean Air Metals Inc.







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