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Fabled Continues To Intercept Gold Bearing Sheeted Vein Structure, Intensity and Grade Increases With Depth

VANCOUVER, BC / ACCESSWIRE / September 14, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) announces the results…

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VANCOUVER, BC / ACCESSWIRE / September 14, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) announces the results of surface diamond drilling from the upgraded 14,200 meter drill program on the "Santa Maria" Property in Parral, Mexico.

Peter J. Hawley, CEO and President, remarks, "We are pleased to announce additional drill assay results for surface diamond drill holes SM20-28, SM20-29 and SM20-30, which continue to intercept the gold bearing sheeted vein structures with the grade and amount of sulphides increasing with depth. See Figure 1 below."

Preamble

A sheeted vein structure is a hydrothermal, intrusive related sets of parallel quartz sulphide veins spatially associated with a nearby intrusive. They are closely spaced, distinct parallel fractures or veins filled with mineralization and separated from one another by thin screens or areas of barren country rock. Typically, they will become closer and closer together and mineralization and an increase in silification will be seen as one approaches the intrusive body, which is the source of the mineralization.

Given these new assay results from this new sheeted gold domain system, we once again find ourselves refining the interpretation of structural controls as seen in Figure 1, which is an isopac contour of gold grade multiplied by thickness. The new results have yet to be added.

Figure 1 - Longitudinal View of Area of Current Drilling

The fence of drill holes SM20-28, 29 and 30 are located 75 meters to the west of drill collars SM20-25, 26, 27, last reported, and were designed to once again tighten up the interpretation of the boundaries of the new Santa Maria gold domain structure with respect the highly auriferous sheeted vein intersected to the east in the previous fence of hole.

The drill holes targeted intercepting the main gold structure at vertical depths of -100, -150, and -200 meters, respectively. As one can see, the interpreted mineral / structural thesis which includes gold mineralization is plunging 45 degrees to the west, has now a true width of 50 meters and continues to validate the interpretation. The gold domain remains open in all directions, especially at depth. See Figure 2, below.

Figure 2 - Cross Section for Drill Hole SM20-28, 29, 30

Any vein sheet, micro or macro in size, grading greater than 0.50 g/t gold is highly anomalous and of potential economic interest. Of the 3 holes being reported in this release, 28 and 29 reported 97% of sampled intervals above the gold detection limit and the deepest hole 30 reporting 100%. To try and explain the significance of this hydrothermal gold domain system, the holes and sections below will report all values greater than 0.10 g/t Au cut-off to demonstrate the gold population in the sheeted veins, hydrothermal breccias and mineralized diorite. As you will notice the grade and number of intercepts increases at depth as seen in hole SM20-30. We apologize that each hole results will be plotted on a duplicate section as there are too many intercepts to plot on one section.

SM20 - 28

A sheet vein silicified limestone, laminar or layered structure containing disseminated pyrite was intersected from the collar to approximately 200 meters, this was followed by a quartz cemented hydrothermal breccia with minor pyrite and sphalerite, then a gray porphyritic diorite dike with disseminated sulphides.

A total of 11 intercepts of 0.10 g/t gold were intersect in the hole either in sheeted vein structures, hydrothermal breccias or in the diorite dike including 1.15 meters of 0.51 g/t Au.

See Table 1, Photo 1 and Figure 3 below.

Table 1- Drill hole SM20-28 Assay Results

Drill Hole

From m

To m

Width m

Au g/t

Ag g/t

AgEq* g/t

Pb %

Zn %

Cu %

SM20-28

66.00

70.80

4.80

0.18

4.79

14.05

0.02

0.05

0.01

Including

66.00

66.60

0.60

0.41

4.50

25.74

0.01

0.03

0.01

Including

70.50

70.80

0.30

0.21

22.40

33.36

0.03

0.11

0.03

 

109.00

111.00

2.00

0.10

9.57

14.71

0.11

0.14

0.01

Including

109.00

109.50

0.50

0.14

14.70

21.95

0.12

0.27

0.02

Including

110.20

111.00

0.80

0.14

8.60

15.60

0.08

0.10

0.01

 

139.80

141.50

1.70

0.18

8.50

17.50

0.05

0.18

0.03

 

146.60

147.00

0.40

0.10

7.00

12.20

0.09

0.13

0.01

 

155.00

155.50

0.50

0.21

10.10

20.75

0.13

0.26

0.01

 

202.75

209.20

6.45

0.13

7.60

14.29

0.06

0.20

0.01

Including

204.40

205.55

1.15

0.51

26.50

52.73

0.21

0.63

0.01

Including

205.55

205.75

0.20

0.10

14.40

19.60

0.01

0.02

0.00

Including

208.70

209.20

0.50

0.15

11.00

18.72

0.23

0.79

0.03

 

223.55

224.50

0.95

0.21

7.30

18.15

0.03

0.12

0.06

  • ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au

Photo 1 - SM20-28

Figure 3 - Cross Section for Drill Hole SM20-28

SM20-29

Surface diamond drill hole SM20-29 was drilled underneath hole 28 at -45 degrees to target an intercept at -150 meters and was successful.

A sheet vein, silicified limestone, gray to greenish in color, laminar, with calcite - carbonate veinlets with sulphide halos was intercepted to approximately 180 meters, followed by 12 meters of oxidized quartz cemented hydrothermal breccia with minor pyrite and sphalerite then 20 meters of sheeted veins as seen previously in the hole, followed by 19 meters of hydrothermal breccia, 8 meters of mineralized diorite dike and finally hydrothermal breccia

This time a total of 31 intercepts of 0.10 g/t gold were intersect in the hole either in sheeted vein structures, hydrothermal breccias or in the 14.50 meter diorite dike including base metal feeder type mineralization which reported 0.27 g/t Au with 75.59 g/t Ag Eq, 0.66% Pb, 11.90% Zn. The frequency of the mineralization has increase at depth. See Table 2, Photo 2 and Figure 4 below.

Table 2- Drill hole SM20-29 Assay Results

Drill Hole

From m

To m

Width m

Au g/t

Ag g/t

Ag Eq* g/t

Pb %

Zn %

Cu %

SM20-29

10.50

11.40

0.90

0.11

7.20

12.60

0.03

0.10

0.01

 

29.70

29.90

0.20

0.12

4.90

10.97

0.09

0.11

0.00

 

31.50

32.50

1.00

0.10

2.30

7.55

0.03

0.05

0.00

 

47.25

47.80

0.55

0.11

6.00

11.86

0.04

0.09

0.00

 

62.70

77.20

14.50

0.10

4.08

8.71

0.03

0.24

0.01

Including

62.70

63.55

0.85

0.23

28.32

40.15

0.39

2.97

0.02

Including

62.70

63.10

0.40

0.30

7.90

23.33

0.09

0.20

0.01

Including

63.35

63.55

0.20

0.27

61.70

75.59

0.66

11.90

0.05

Including

68.10

69.00

0.90

0.13

1.70

8.39

0.01

0.05

0.00

Including

69.80

71.00

1.20

0.16

4.40

12.63

0.01

0.04

0.01

Including

74.20

75.30

1.10

0.11

3.40

9.06

0.02

0.05

0.01

Including

75.30

76.30

1.00

0.10

3.10

8.24

0.01

0.05

0.01

 

86.20

95.05

8.85

0.15

2.36

10.08

0.02

0.03

0.00

Including

86.20

87.00

0.80

0.22

0.09

11.41

0.00

0.01

0.00

Including

87.00

87.30

0.30

0.58

6.60

36.44

0.04

0.05

0.01

Including

87.30

87.70

0.40

0.84

21.20

64.41

0.15

0.15

0.02

Including

87.70

88.10

0.40

0.12

2.80

8.97

0.01

0.01

0.01

Including

91.40

93.00

1.60

0.13

1.70

8.39

0.02

0.05

0.01

Including

94.30

94.80

0.50

0.14

1.20

8.40

0.01

0.01

0.00

Including

94.80

95.50

0.25

0.17

3.80

12.54

0.02

0.06

0.01

 

115.00

115.55

0.55

0.12

4.10

10.27

0.02

0.07

0.01

 

118.50

120.90

2.40

0.11

13.20

18.86

0.12

0.13

0.08

Including

118.50

119.60

1.10

0.15

11.30

19.07

0.13

0.06

0.07

Including

120.50

120.90

0.40

0.10

23.50

28.85

0.18

0.35

0.15

 

144.90

145.10

0.20

0.64

93.40

126.22

1.90

1.48

0.68

Drill Hole

From m

To m

Width m

Au g/t

Ag g/t

Ag Eq* g/t

Pb %

Zn %

Cu %

SM20-29

175.50

176.40

0.90

0.36

5.40

23.71

0.06

0.16

0.01

 

190.20

190.55

0.30

0.67

29.50

63.91

0.35

1.10

0.10

 

193.20

193.70

0.50

0.10

2.20

7.40

0.06

0.06

0.00

 

197.70

198.30

0.60

0.60

6.80

37.66

0.11

0.22

0.03

 

211.95

213.00

1.05

0.10

2.20

7.50

0.02

0.04

0.00

 

224.80

226.20

1.40

0.53

7.90

35.16

0.11

0.30

0.01

 

241.10

242.00

0.90

0.202

5.20

15.59

0.02

0.02

0.01

 

248.45

249.80

1.35

0.14

6.80

14.05

0.08

0.24

0.02

 

267.30

267.55

0.25

0.19

69.20

79.13

0.02

0.02

0.01

  • ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au

Photo 2- Hole SM20-29

Figure 4 - Cross Section for Drill Hole SM20-29

SM20-30

Surface diamond drill hole SM20-30 was drilled underneath hole 29 at -60 degrees to target an intercept at -200 meters and was again was successful.

Increased intensity in the sheeted veins in silicified limestone, gray in color, laminar with calcite - carbonate veinlets with sulphide halos was seen to approximately 220 meters, followed by 20 meters of oxidized diorite dike with sulphide bearing quartz veinlets as sheets followed by 18 meters of cemented hydrothermal breccia with replacement features, pyrite and sphalerite content increasing, then followed by 68 meters of silicified limestone breccia's with hydrothermal quartz filling matrix and fine pyrite.

Note the increase in intensity at depth and increase gold content, with over 22 intercepts in the hole greater than 0.10 g/t gold. Also intersected was the base metal feeder type mineralization seen in hole 29 and reported an increased grade of 1.57 g/t Au with 202.76 g/t Ag Eq, 3.68% Pb, 14.30% Zn and 0.14% Cu.

See Table 3, Photos 3, 4, 5 and Figure 5 below.

Table 3- Drill hole SM20-30 Assay Results

Drill Hole

From m

To m

Width m

Au g/t

Ag g/t

Ag Eq* g/t

Pb %

Zn %

Cu %

SM20-30

7.80

10.10

2.30

0.14

4.42

11.62

0.03

0.10

0.01

 

12.80

15.00

2.20

0.14

8.94

16.14

0.03

0.11

0.01

 

26.60

27.20

0.60

0.17

6.10

14.84

0.04

0.08

0.00

 

43.80

47.70

3.90

0.11

3.88

9.54

0.05

0.10

0.01

Including

43.80

44.10

0.30

0.19

2.90

12.67

0.01

0.02

0.00

 

56.40

59.20

2.80

0.15

4.43

12.15

0.04

0.17

0.01

Including

58.60

59.20

0.60

0.26

2.20

15.57

0.02

0.06

0.00

 

70.50

72.00

1.50

0.14

2.40

9.60

0.01

0.03

0.01

 

76.50

78.00

1.50

0.13

6.80

13.49

0.25

0.37

0.02

 

99.90

108.80

2.90

0.12

2.50

8.47

0.15

0.01

0.00

 

118.50

120.00

1.50

0.11

1.70

7.36

0.00

0.00

0.00

 

122.10

122.80

0.70

1.57

122.00

202.76

3.68

14.30

0.14

 

163.00

164.70

1.70

0.10

4.60

9.74

0.05

0.71

0.02

 

214.40

214.70

0.30

0.10

1.40

6.54

0.01

0.03

0.00

 

216.10

217.00

0.90

0.19

5.50

15.27

0.05

0.13

0.01

 

222.30

222.60

0.30

0.10

4.80

9.94

0.01

0.00

0.00

 

231.00

232.50

1.50

0.14

6.70

13.90

0.11

0.47

0.10

 

268.00

268.50

0.50

0.23

14.90

26.73

0.43

1.28

0.07

 

280.20

291.80

11.60

0.45

12.87

36.02

0.80

0.78

0.03

Including

280.20

281.30

1.10

0.14

15.40

22.60

0.54

0.97

0.04

Including

282.50

283.00

0.50

0.52

17.40

44.15

0.41

1.02

0.04

Including

284.20

285.10

0.90

2.60

40.40

174.14

0.58

2.27

0.13

Including

284.20

284.80

0.60

1.79

35.00

127.08

0.69

2.55

0.09

Including

284.80

285.10

0.30

4.22

51.20

268.28

0.36

1.70

0.21

Including

285.10

285.40

0.30

0.30

12.50

27.93

0.23

0.33

0.03

Including

286.20

286.70

0.50

0.42

9.70

31.30

0.16

0.63

0.02

Including

288.90

289.60

0.70

1.28

43.40

109.24

0.77

4.31

0.12

 

295.00

295.60

0.60

0.10

5.90

11.04

0.04

0.10

0.01

 

314.70

316.00

1.30

0.10

6.60

11.74

0.06

0.14

0.01

  • ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au

Photo 3- Hole SM20-30; Base Metal Feeder Mineralization

Photo 4- Hole SM20-30; Silicified Limestone, Quartz Breccia

Photo 5 - Hole SM20-30; Silicified Hydrothermal Breccia With Fine Pyrite

Figure 5 - Cross Section for Drill Hole SM20-30

Discussion

It now is the belief, that the mineralized diorite dike being encountered in present drilling or re-logged in past historical drilling is the direct cause of the hydrothermal gold domain system and increases with mineralization at depth. The emplacement of the dike caused breccias and sheeted veins to the sides of the walls over considerable widths. The sheeted veins may have been shatter veins replaced with quartz, carbonate and mineralization. See Figure 6 below of modeled diorite dike looking east and north. Modelling is ongoing.

Figure 6 - Mineralized Diorite Dike Model

FUTURE DRILLING UPDATE

The fence of drill holes SM20-31, 32 and 33 are located another 75 meters to the west of drill collars SM20-28, 29 and 30 and were designed to again tighten up the interpretation or boundaries of the new Santa Maria gold structure, see Figure 1 above.

Holes SM20-34,35,36 are the last fence of holes near our western boundary and located 150 meters west of drill set up 28, 29 and 30.

Drill holes SM20-31 - 36 have been completed and submitted for assay. Hole SM20-37 is in progress and sites for other holes are being planned, subject to assays results and structural / dike interpretation.

QA QC Procedure

Analytical results of sampling reported by Fabled Silver Gold represent core samples that have been sawn in half with half of the core sampled and submitted by Fabled Silver Gold staff directly to ALS Chemex, Chihuahua, Chihuahua, Mexico. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.

Over Limit Methods

For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:

Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.

Ag-GRA21 Ag by fire assay and gravimetric finish.

Fabled Silver Gold monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.

About Fabled Silver Gold Corp.

Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company's mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.

The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.

Mr. Peter J. Hawley, President and C.E.O.

Fabled Silver Gold Corp.
Phone: (819) 316-0919
peter@fabledfco.com

For further information please contact:
info@fabledfco.com

The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.

Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital

on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

SOURCE: Fabled Silver Gold Corp



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West High Yield (W.H.Y.) Resources Ltd. Announces Completion of Private Placement

Calgary, Alberta–(Newsfile Corp. – September 28, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is…

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Calgary, Alberta--(Newsfile Corp. - September 28, 2021) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce the completion of its previously announced placement offering (the "Offering") of units (the "Units"). The Company completed one closing under the Offering for gross proceeds of CAD$116,457.25.

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Contact Information:

West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: frank@whyresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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 OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97953

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Vancouver, British Columbia--(Newsfile Corp. - September 28, 2021) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that Premium Nickel Resources ("PNR") has executed a definitive asset purchase agreement ("APA") with the Liquidator of BCL Limited ("BCL") to acquire the Selebi, and Selebi North (together the "Selebi Assets") nickel-copper-cobalt ("Ni-Cu-Co") assets and related infrastructure formerly operated by BCL. PNR has announced that they are now targeting the closing of this transaction, and transfer of ownership of the assets, within 120 days. PNR is also negotiating a separate asset purchase agreement to finalize terms for any prioritized Tati Nickel Mining Corporation ("TNMC") assets that may be purchased.

PNR submitted an indicative offer to the BCL and TNMC liquidators in June 2020 to acquire the assets of the former producing BCL Mining Complex and separately the TNMC operations located in north-eastern Botswana. On February 10, 2021, PNR was selected as the preferred bidder and on March 22, 2021, PNR entered into a memorandum of understanding providing for a six-month exclusivity period to complete additional work and negotiate the asset purchase agreements (see news release dated March 24, 2021).

NAN CEO, Keith Morrison commented, "During the exclusivity period, NAN's team has continued to support PNR in acquiring new information to support the economic feasibility of redeveloping a combination of the former BCL assets. This agreement will separate the Selebi deposits from the Phikwe mines and processing infrastructure. PNR will advance the redevelopment of the Selebi deposits using an alternative beneficiation process to produce commercial concentrates of Ni-Cu-Co. This business model will reduce the environmental impact of the processing, by using less power and less water, while employing the use of advanced modern technologies to safeguard the environment and minimize the carbon footprint. PNR will now complete additional exploration activities and drilling with the ambition to fully characterize the size and grade of the remaining resource, and redevelop the Selebi deposits as a leading environmental, social and corporate governance mining development project."

The Selebi Assets include two shafts and related infrastructure (rail, power and water). Shaft sinking and plant construction started in 1970. Mining concluded in October 2016 when the operations were placed on care and maintenance due to a failure in the processing facility. The redevelopment plan is based on the re-characterization of the remaining resources and the ability to produce both a Cu concentrate and a separate Ni-Co concentrate.

NAN maintains a 10% equity ownership position in PNR following their pro-rata participation in a recent private placement financing (see news release dated August 26, 2021). NAN also holds a 5-year Warrant effective as of February 26, 2020, to purchase an additional 15% undiluted equity interest in PNR for USD$10M and is providing the corporate management and technical expertise to PNR on a contractual basis.

There can be no assurance that PNR will move from exclusivity to successful completion of the proposed acquisition.

About North American Nickel

North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, the Company became a founding shareholder in Premium Nickel Resources ("PNR") a private Canadian company, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR completed a Memorandum of Understanding to acquire the assets, in liquidation, formerly operated by BCL Limited in Botswana. In addition, the Company is expanding its area of exploration interest into Morocco and building a relationship with the Office National des Hydrocarbures et des Mines ("ONHYM"), the leading resource crown corporation and the single largest permit holder in Morocco.

The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Chief Executive Officer
North American Nickel Inc.

For more information contact:

North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
+1 (604) 770-4334

Neither 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.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but is not limited to, statements about the future prospects of any assets or properties of the Company, the ability of the Company to successfully complete due diligence, the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97938

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Monarch Mining Reports its Results for the Quarter and 232-Day Period Ended June 30, 2021

MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported…

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MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the quarter and 232-day period ended June 30, 2021. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(In dollars, except per share data)

232-DAY PERIOD ENDED
JUNE 30,
2021
 THREE MONTHS ENDED
JUNE 30,
2021
 
Administration1,761,466 1,176,022 
Care and maintenance2,757,758 1,794,899 
Exploration3,471,155 2,229,013 
Income tax recovery deferred mining taxes(1,766,907) (1,790,126) 
Net loss(5,598,402) (2,837,751) 
Net loss per share, basic and diluted(0.12) (0.04) 

“Since being listed on January 26 as the new entity Monarch Mining Corporation, we have made great progress and are now well on our way to restarting operations at the Beaufor Mine, aiming to increase the mine’s previous annual production,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “At the moment, we are getting the Beaufor Mine and Beacon Mill ready to start the pre-production phase start this fall, and we are continuing to recruit personnel to that we can start commercial production by June 2022. On the exploration side, the 42,500-metre drilling program is ongoing at Beaufor, with four underground drills currently on site, and we are extremely pleased with the results to date.”

“Thanks to strategic financings undertaken during the year, we have managed to increase our cash and balance-of-sale-receivable position to approximately $38 million as at September 15, 2021, while minimizing share dilution for our shareholders. We also continue to move work forward on our other advanced projects, McKenzie Break and Croinor Gold, which both have excellent exploration potential,” concluded Mr. Lacoste.

About Monarch
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.

Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION:

Jean-Marc Lacoste1-888-994-4465
President and Chief Executive Officerjm.lacoste@monarchmining.com
  
Mathieu Séguin1-888-994-4465
Vice President, Corporate Developmentm.seguin@monarchmining.com
  
Elisabeth Tremblay1-888-994-4465
Senior Geologist – Communications Specialiste.tremblay@monarchmining.com
  
www.monarchmining.com 
 

Table 1: Monarch combined gold resources

 Tonnes
(metric)
Grade
(g/t Au)
Ounces
Beaufor Mine1   
Measured Resources328,5005.759,900
Indicated Resources956,4005.2159,300
Total Measured and Indicated1,284,9005.3219,200
Total Inferred818,9004.7122,500
Croinor Gold2   
Measured Resources80,1008.4421,700
Indicated Resources724,5009.20214,300
Total Measured and Indicated804,6009.12236,000
Total Inferred160,8007.4238,400
McKenzie Break3   
In-pit   
Total Indicated1,441,3771.8083,305
Total Inferred2,243,5621.44104,038
Underground   
Total Indicated387,7205.0362,677
Total Inferred1,083,5034.21146,555
Swanson4   
In-pit   
Total Indicated1,864,0001.76105,400
Total Inferred29,0002.462,300
Underground   
Total Indicated91,0002.868,400
Total Inferred87,0002.878,000
TOTAL COMBINED5
Measured and Indicated Resources
Inferred Resources
  714,982
421,793
 
1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo. and Dario Evangelista P. Eng., BBA Inc.
2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
5 Numbers may not add up due to rounding.

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