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Condor Gold Plc Announces the Appointment of John Seaberg as Chief Financial Officer

SURREY, UK / ACCESSWIRE / August 23, 2021 / Condor Gold Plc ("Condor Gold", "Condor" or the "Company") (AIM:CNR)(TSX:COG) is pleased to announce the appointment…

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SURREY, UK / ACCESSWIRE / August 23, 2021 / Condor Gold Plc ("Condor Gold", "Condor" or the "Company") (AIM:CNR)(TSX:COG) is pleased to announce the appointment of Mr. John Seaberg as Chief Financial Officer with effect from 1 st September 2021. Mr. Seaberg is a seasoned executive with over 25 years' experience in the mining industry.

Mark Child, Chairman and CEO comments:

"I am delighted that Mr. Seaberg has joined Condor as Chief Financial Officer. Mr. Seaberg has extensive experience as a CFO while also being actively involved in corporate development and investors relations. Until recently, he was Senior Vice President and CFO of Calibre Mining, which has two producing mines in Nicaragua.

"Furthermore, Mr. Seaberg strengthens our leadership team as Condor continues its twin strategy of constructing and operating a new processing plant, using the recently acquire new SAG Mill package, which has a capacity of 2,300tpd and is estimated to produce circa 100,000 oz gold per annum at its fully permitted, 100% own La India Project in Nicaragua, while demonstrating a 5M oz Gold District.

On behalf of the Board, I would like to thank Jeffrey Karoly who has served admirably as Condor's part time CFO for 4 years while simultaneously serving as CFO of Rupert Resources, listed on the TSX-V."

Background John Seaberg has held a number of executive roles within the mining industry throughout his career. From July 2019 to June 2021, he was the Senior Vice President and CFO of Calibre Mining. Prior to Calibre, he was the Executive Chairman of Paramount Gold Nevada Corp. Mr. Seaberg was previously Senior Vice President of Strategic Relations at Klondex Mines Ltd. In this role Mr. Seaberg was responsible for global investor relations and corporate development initiatives as an acting member of the senior executive team. Prior to Klondex, Mr. Seaberg was employed for more than 12 years by Newmont Mining Corporation where he last held the position of Vice President, Investor Relations. Mr. Seaberg has a Bachelor of Science Business Administration (BSBA) degree from Colorado State University and a Masters of Business Administration (MBA) from the University of Denver.

As part of Mr. Seaberg's remuneration package, he will be granted 750,000 options to subscribe for new ordinary shares in Condor Gold at a 10% premium to the 10 day VWAP or 45 pence, whichever is the higher, on the commencement date of 1 st September 2021. The Options will have a 5 year life and are subject to certain restrictions.

- Ends -

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and CEO

+44 (0) 20 7493 2784

Beaumont Cornish Limited

Roland Cornish and James Biddle

+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP

Ewan Leggat 
+44 (0) 20 3470 0470

H&P Advisory Limited

Andrew Chubb and Nilesh Patel

+44 207 907 8500

Blytheweigh

Tim Blythe and Megan Ray

+44 (0) 20 7138 3204

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit ("EP") for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold project ("La India Project"). The EP is considered the master permit for mining operations in Nicaragua. Condor Gold published a Pre-Feasibility Study ("PFS") on the project in December 2014, summarised in the Technical Report, as defined below. The PFS details an open pit gold Mineral Reserve in the Probable category of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold, producing 80,000 oz gold per annum for 7 years. La India Project contains a Mineral Resource of 9,850 Kt at 3.6 g/t gold for 1.14 Moz gold in the Indicated category and 8,479 Kt at 4.3 g/t gold for 1.18 Moz gold in the Inferred category. The Indicated Mineral Resource is inclusive of the Mineral Reserve. A gold price of $1,500/oz and a cut-off grade of 0.5 g/t and 2.0 g/t gold were assumed for open pit and underground resources, respectively. A cut-off grade of 1.5 g/t gold was furthermore applied within a part of the Inferred Resource. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources will be converted to Mineral Reserves.

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category . The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India open pit Condor has 1.12 Moz gold open pit Mineral Resources permitted for extraction, inclusive of a Mineral Reserve of 6.9 Mt at 3.0 g/t gold for 675,000 oz gold.

Disclaimer

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The Mineral Resource Estimate has been completed by Ben Parsons, a Principal Consultant (Resource Geology) with SRK Consulting (U.S.), Inc, who is a Member of the Australian Institute of Mining and Metallurgy, MAusIMM(CP). He has some nineteen years' experience in the exploration, definition and mining of precious and base metals. Ben Parsons is a full-time employee of SRK Consulting (U.S.), Inc, an independent consultancy, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the type of activity which he is undertaking to qualify as a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators and as required by the June 2009 Edition of the AIM Note for Mining and Oil & Gas Companies. Ben Parsons consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears and confirms that this information is accurate and not false or misleading.

The technical and scientific information in this press release has been reviewed, verified and approved by Gerald D. Crawford, P.E., who is a "qualified person" as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a "qualified person" as defined by NI 43-101.

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled " Technical Report on the La India Gold Project, Nicaragua, December 2014 ", dated November 13, 2017 with an effective date of December 21, 2014 (the " Technical Report "), prepared in accordance with NI 43-101. The Technical Report was prepared by or under the supervision of Tim Lucks, Principal Consultant (Geology & Project Management), Gabor Bacsfalusi, Principal Consultant (Mining), Benjamin Parsons, Principal Consultant (Resource Geology), each of SRK Consulting (UK) Limited, and Neil Lincoln of Lycopodium Minerals Canada Ltd., each of whom is an independent "qualified person" as defined by NI 43-101.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are ‘forward-looking information' with respect to the Company within the meaning of applicable securities laws, including statements with respect to: the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "strategies", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", "could", "might", "will" and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation, resources and reserves; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading "Risk Factors" in the Company's annual information form for the fiscal year ended December 31, 2020 dated March 31, 2021 and available under the Company's SEDAR profile at www.sedar.com .

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 information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 statements. 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 unless required by law.

Technical Glossary

AssayThe laboratory test conducted to determine the proportion of a mineral within a rock or other material. Usually reported as parts per million which is equivalent to grams of the mineral (i.e. gold) per tonne of rock
AgSilver
AuGold
BrecciaA fragmental rock, composed of rounded to angular broken rock fragments held together by a mineral cement or in a fine-grained matrix. They can be formed by igneous, tectonic, sedimentary or hydrothermal processes.
Down-dipFurther down towards the deepest parts of an ore body or zone of mineralisation.
GradeThe proportion of a mineral within a rock or other material. For gold mineralisation this is usually reported as grams of gold per tonne of rock (g/t)
g/tgrams per tonne
Indicated Mineral ResourceThat part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.
Inferred Mineral ResourceThat part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited, or of uncertain quality and reliability,
KtThousand tonnes
Mineral ResourceA concentration or occurrence of material of economic interest in or on the Earth's crust in such a form, quality, and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, estimated from specific geological knowledge, or interpreted from a well constrained and portrayed geological model.
NI 43-101Canadian National Instrument 43-101 a common standard for reporting of identified mineral resources and ore reserves
Open pit miningA method of extracting minerals from the earth by excavating downwards from the surface such that the ore is extracted in the open air (as opposed to underground mining).
Strike lengthThe longest horizontal dimension of an ore body or zone of mineralisation.
VeinA sheet-like body of crystallised minerals within a rock, generally forming in a discontinuity or crack between two rock masses. Economic concentrations of gold are often contained within vein minerals.

SOURCE: Condor Gold plc



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Today’s News

FAR Resources Ltd. Announces New Discoveries of Lithium-Bearing Pegmatites on Jean Lake Property, Manitoba

VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) — FAR Resources Ltd. (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources”…

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VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd. (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”)  is pleased to report preliminary results of its recently completed field visit to the optioned Jean Lake Property near Snow lake, Manitoba. The newly acquired 1002 hectare property adjoins Far’s Zoro lithium project and the Thompson Brothers lithium project of Snow Lake Resources within the Snow Lake pegmatite field.

Following up on historical reports from the 1940s, the company’s prospecting program located two new spodumene-bearing pegmatites (see photos below). 

One of these may be the Beryl pegmatite mentioned in Manitoba mineral assessment files, although the location is different to that reported. The second occurrence is a totally new discovery. Both appear to strike in a WNW direction and display abundant coarse-grained spodumene crystals up to 40 cm in length, and are open to expansion in all directions. Character samples have been collected and submitted for confirmatory analysis. More systematic sampling requires clearing of overburden, organic cover and deadfall; the company has initiated this work to allow better definition of the size and grade of the occurrences. The area is well located to permit year-round access for accelerated exploration if warranted.

John Gammack, President and CEO of FAR, said, “We are excited to validate our acquisition of the Jean Lake Property so quickly. With the discovery of at least one previously unknown lithium pegmatite, and the lack of any modern exploration on the property we are very keen to expand our work on the project. As part of the planning for further work, we have lodged an application with the Manitoba Mineral Development Fund (MMDF) to support an expanded program which may include drone magnetometer and LiDAR surveys, additional prospecting and systematic geochemical sampling, and diamond drill testing of high priority targets.” 

All samples collected for analysis have been sent to the Ancaster laboratory of Activation Laboratories Ltd. 

The technical content of this release has been reviewed by Lindsay Bottomer P.Geo., who is a Qualified Person as defined by NI 43-101.

About FAR

FAR Resources' Winston Gold and Silver Project includes on-going exploration of their 100 percent owned property located in the Black Range of New Mexico USA. Recent results included exceptional numbers from property-wide confirmatory sampling completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic production of high-grade gold and silver ores, primarily developed prior to the 1930's with a brief revival in the 1980's but have seen little modern exploration.  Full data tables and info can be viewed here on pages 14, 17,19 and 20: https://farresources.com/images/investors/presentation/precious_metals_deck/precious_metals_deck_revised-26Mar2021.pdf
FAR Resources also has its 100 percent owned ZORO Lithium Project, in CANADA, located in the mining-friendly Snow Lake region of Manitoba containing numerous known lithium deposits. The company has completed five drill programs on the property leading to the discovery of at least 12 lithium-bearing pegmatite dykes.  FAR Resources also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories hosting at least 10 lithium bearing spodumene pegmatite dykes with average lithium concentration of 1.03% Li20 and individual samples grading up to 3.3% Li20. 
To read more on both lithium properties and past exploration details, click here: https://www.farresources.com/images/investors/presentation/sustainable_energy/REVISED_SUSTAINABLE_ENERGY_PRESENTATION.pdf 

For further information, please contact:

John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. 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 save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/eca59a01-994f-40a4-823d-8da9a6cc4564

https://www.globenewswire.com/NewsRoom/AttachmentNg/85795268-7868-4025-8fae-f204262daff6

https://www.globenewswire.com/NewsRoom/AttachmentNg/fdb667b1-fe66-4ace-a606-292599b98cf4

https://www.globenewswire.com/NewsRoom/AttachmentNg/ebc3b135-0e09-4a2e-aa89-c7a12e62d4d3


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Today’s News

Pampa Metals Reports Drilling Results from its Redondo-Veronica Project in Chile With Indications of Deep Porphyry Systems

VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide…

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VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide an update regarding its 6,600-hectare Redondo-Veronica Project in northern Chile, where the Company has received assay results from the seven-hole drill program focused on three separate target areas as previously reported (see news releases dated July 29; July 7; June 29; and June 16, 2021 for further technical information and updates).

Summary & Highlights

  • Seven, wide spaced, reverse circulation ("RC") drill holes totalling 1,956 metres ("m") were completed by Pampa Metals at the Company's Redondo-Veronica project in June and July 2021, with final assay results received in September 2021.
  • Results point towards potentially deep porphyry copper mineralisation across two of the three target areas that were tested, at Cerro Redondo North and Redondo Southwest:
    • Assay results from the upper portions of the Cerro Redondo North target include copper up to 0.16% Cu together with anomalous arsenic values indicative of the upper parts of a porphyry system.
    • The Redondo Southwest target is characterised by multiple deep geophysical anomalies including a deep induced polarisation anomaly, with drilling only reaching the upper outer margins of the anomaly to date. Four, wide-spaced drill holes show hydrothermal alteration and mineralisation indicative of the outer margins of a deep porphyry copper system.
  • Follow up deeper diamond drilling on these two targets is being evaluated and prioritised against other opportunities within Pampa Metal's exciting portfolio of projects.

Results from the wide-spaced reverse circulation drill program together with geological, geochemical, and geophysical information, are consistently pointing to deep mineralisation at the Cerro Redondo North and Redondo Southwest targets, while Redondo Extreme North has been downgraded to second priority.

Drill testing at Cerro Redondo Norte returned the best geochemical results, at relatively shallow levels, but deeper drilling is required to properly test the indicative source porphyry.

A large, deep, 3D- Vector Induced Polarization (VIP) phase anomaly, coincident with a deep magnetic low and resistivity feature, suggests deep porphyry potential remains beneath the level of current drilling at Redondo Southwest. This is supported by the geological and geochemical results from the recent drilling, which appears to have cut the upper portions of a large, porphyry-related hydrothermal system.

Pampa Metals is continuing the process of integrating all the data collected from the project. Further 3D modelling of the geophysical data, with integrated drill data, is considered essential as a next step. The first pass of RC drilling has been very successful in showing that the Redondo-Veronica project has the potential to host deep porphyry copper style mineralisation, which will require diamond drill follow-up due to the limitations that the less-expensive RC drilling technique has faced with depth.

About Redondo-Veronica

Redondo-Veronica is situated approximately 40 Km north-northeast of the giant La Escondida - Zaldivar copper mining district, which is the world's largest single copper mining district centred on a series of porphyry copper deposits, with annual production of well over 1 million tonnes of fine copper. The project is also located approximately 55 Km south-southwest of the Gaby Sur copper mine. Redondo-Veronica and the copper mines mentioned all occur within the general north-south trending mid-Tertiary porphyry copper belt of northern Chile, known as the Domeyko Belt, the world's single most productive copper belt.

Work carried out by Pampa Metals at Redondo-Veronica includes reconnaissance-scale geological mapping and minor geochemical sampling, together with a state-of-the-art geophysical program consisting of drone-flown magnetics coverage and 3D Vector Induced Polarization (VIP) and Magneto-Telluric (MT) measurements. Porphyry type quartz veinlets and phyllic alteration outcrop at the Cerro Redondo North target area and several other porphyry-related hydrothermal alteration zones were identified within the property boundary by Pampa Metals, including Redondo Southwest centred some 3 Km to 4 Km southwest of Cerro Redondo Norte.

Technical Details from Redondo-Veronica Drill Program

Pampa Metals drilled seven, wide-spaced reverse circulation (RC) holes at its Redondo-Verónica project totaling 1,956m during June and July 2021. Two drill holes (RV-01 and 02) were drilled at Cerro Redondo North, while another four were drilled at Redondo Southwest (RV-03, 04, 05 and 07). One hole was drilled at Redondo Extreme North (RV-06). RV-05 at Redondo Southwest was inclined at 60° to the west, while all other holes were vertical. All the drill holes cut hydrothermally altered Paleozoic volcanic and intrusive rocks, but did not intersect mineralised inter-mineral porphyry bodies that are proposed to be the source of the porphyry-style hydrothermal alteration observed at surface and in drill holes. Brief summaries of the drill holes follow (also see accompanying maps):

Cerro Redondo North

  • RV-01 (320m) cut 12m of gravel cover, 68m of goethite-hematite leached capping, and pervasive phyllic alteration with tourmaline and fine and coarse pyrite disseminations in granitic rocks. The hole was stopped before reaching target depth due to drilling problems. Assay results show copper contents in the range of 100s ppm to a maximum of 0.16% between 100m and 330m depth, which correlate with anomalies in arsenic and halos with anomalous values in lead and zinc. The anomalous geochemistry occurs in the zone of pervasive quartz-sericite (phyllic) alteration associated with what is interpreted to be an epithermal, high sulfidation environment above a potential porphyry target.
  • RV-02 (308m), located approximately 1.5 Km northeast of RV-01, directly entered felsic volcanic rocks with intermediate argillic alteration, weak sericite (phyllic) alteration, low pyrite content (from 116m), and partially preserved magnetite. A resistive geophysical target was considered adequately tested. Assay results reveal lower-tenor copper-arsenic anomalies than RV-01, with sporadic spikes in molybdenum-antimony-lead-zinc values, and the hole is interpreted to be peripheral to the potential target.

Redondo Southwest

  • RV-03 (276m) cut 30m of gravel cover and entered felsic volcanic rocks with intermediate argillic alteration, weak disseminated pyrite (from 120m), some evidence of quartz veinlets and well-preserved magnetite at the end of the hole (from 220m). The hole was interpreted as being peripheral to the target and drilling was stopped. Assay results confirm the peripheral location of the drill hole, with modest arsenic and antimony anomalies, and sporadic, low-grade copper and gold values.
  • RV-04 (202m), located about 2 Km west-southwest of RV-03, directly entered a coarse-grained granitoid with weak phyllic alteration and wide-spaced "D"-type quartz veinlets, weak fine and coarse disseminated pyrite (from 58m), and weakly preserved magnetite. The hole failed to demonstrate consistent phyllic alteration at depth, and was stopped. Assay results confirm the peripheral location of the drill hole, with modest copper-gold-lead-zinc anomalies in the first 20m, and low-tenor arsenic-antimony anomalies along the length of the hole.
  • RV-05 (378m), located about 1 Km northwest of RV-03, directly entered Paleozoic granitoids with intermediate argillic alteration, weak phyllic alteration with wide-spaced "D"-type quartz veinlets, minor, fine "A"-type quartz veinlets, low pyrite content (from 82m), and weakly preserved magnetite (from 138m). The last 50m (from 328m) of the hole cut a hydrothermal-magmatic tourmaline breccia. The hole was abandoned due to technical problems without reaching target depth. Assay results show anomalous arsenic-antimony values along the length of the hole, with a higher frequency of anomalous copper values from 300m, which show a certain correlation with anomalies in molybdenum, zinc, and gold. Values up to 117.5 ppm Mo in this borehole are considered indicators of a fertile porphyry system.
  • RV-07 (198m), located 1 Km south of RV-03, cut 30m of gravel cover and entered a Paleozoic granitoid with intermediate argillic alteration, metasomatic magnetite in veins, and irregular disseminations of fine-and coarse pyrite. Some increase in pyrite was observed with depth. This hole was considered peripheral to the target, and drilling was stopped. Assay results show low-tenor anomalous values in copper, zinc and lead that increase with depth.

Redondo Extreme North

  • RV-06 (264m) directly entered volcanic rocks with predominant intermediate argillic alteration, weak phyllic alteration with wide-spaced "D"-type quartz veinlets and weak pyrite (from 170m). A Paleozoic granitoid predominates from 218m, affected by intermediate argillic with weak preserved magnetite and minor presence of pyrite. This distinct geological domain was instrumental in deciding to stop the drill hole. Modest copper-arsenic anomalies occur along the length of the drill hole, but are concentrated in the top 200m.

Interpretation

Drilling of two holes at Cerro Redondo North has confirmed the presence of relatively shallow copper mineralisation, particularly in RV-01. RV-02 appears to have been drilled on the northeastern periphery of the hydrothermal system. Hole RV-01 confirms the reason for the presence of a cluster of relatively shallow historic drill holes at this location, the results of which are unknown to Pampa Metals. The results in RV-01 also ratify that deeper drilling is required to cut any potentially mineralised porphyry body that is causing the hydrothermal alteration and mineralisation observed at shallower levels.

Drilling of four holes at Redondo Southwest has confirmed a large hydrothermal alteration zone with porphyry characteristics, as recognised from earlier surface geological mapping. Drill hole RV-05 shows anomalous geochemistry with increasing base metals values with depth. Quartz veinlets and copper oxides occur at surface close to the location of the RV-05 collar. Drill holes RV-03, 04 and 07 all show anomalous geochemistry but appear to be more peripheral to the centre of the system.

The hydrothermal alteration and anomalous geochemistry coincide with a consistent zone with loss of magnetic properties (magnetite destruction) below the 1500m elevation level according to the 3D magnetic inversion model (Figure 1), which extends for about 2 Km north-south and more than 2.5 Km east-west, and extends to depth.

3D inversion modelling of the 3D VIP survey along section 7.357.100 N is illustrative of a significant IP phase (chargeability) anomaly at depth beneath drill holes RV-05 and RV-03, with RV-05 being more central (Figures 2, 3, 4 & 5). This coincides with a resistivity anomaly as well as the large, low magnetic anomaly. Together, the geophysical anomalies and the hydrothermal alteration associated in parts with anomalous geochemistry including elevated copper intersections, represent, and provide vectors towards, a potential sulphide-rich centre at depth related to a deep porphyry copper system. Results are encouraging and drilling to date only penetrates the upper edges of the IP anomaly. This consequently represents a significant target that merits follow-up with deep diamond core drilling.

Drilling of one hole at Redondo Extreme North, although confirming the continuation of hydrothermal alteration observed at surface to depth, does not show the consistent phyllic alteration required to encourage deeper drilling. This target has consequently been downgraded.

QA/QC

Pampa Metals employs rigorous sampling and analytical protocols to meet industry standards. 927 drill cutting samples from 2m sampling of the drill holes, together with 117 control samples comprising analytical standard samples, analytical blank samples, and duplicate samples, were prepared (PREP 31B) and analysed by Au-fire-assay (Au AA23) and 4-acid multielement packages (MEMS61) at ALS Patagonia S.A. QA/QC analysis of the results indicates good compliance for standards according to the deviations proposed by the manufacturer, and acceptable differences for duplicates.

Qualified Person

Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

Note: The reader is cautioned that the Redondo-Veronica Project is an early-stage exploration property and reference to existing mines and deposits, or mineralization hosted on adjacent and nearby properties, is not necessarily indicative of any mineralization hosted on the Redondo-Veronica Project.

COVID-19

The global outbreak of COVID-19 has led governments worldwide to enact emergency measures to combat the spread of the virus. Such measures may result in a period of business disruption including reduced operations, which could have a material adverse impact on the Company's results of operations, financial condition and the market and trading price of the Company's securities.

As of the date of this news release, the duration and immediate and eventual impact of the COVID-19 pandemic remain unknown. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company. The outbreak of COVID-19 has not caused significant disruptions to the Company's business to date, with field activities being conducted by Chile-based specialists and consultants, although international travel to Chile for management has not been possible to date. Important business communication is largely reliant on digital media. Notwithstanding progress to date, the COVID-19 outbreak may yet cause disruptions to the Company's business and operational plans.

ABOUT PAMPA METALS

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE: PM) as well as the Frankfurt (FSE: FIRA) and OTC (OTCQB®: PMMCF) exchanges. Pampa Metals owns a highly prospective 59,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts in Chile, one of the world's top mining jurisdictions. The Company has a vision to create value for shareholders and all other stakeholders by making a major copper discovery along the prime mineral belts of Chile, using the best geological and technological methods. For more information, please visit Pampa Metals' website www.pampametals.com .

ON BEHALF OF THE BOARD

Julian Bavin | Chief Executive Officer

INVESTOR CONTACT

Ioannis (Yannis) Tsitos | Director
investors@pampametals.com
www.pampametals.com

Neither the CSE nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.

Figure 1: Redondo-Veronica - Drone Magnetics - MVI @ 1,500m Elevation
Showing Surface Locations of RC Drill Holes

Figure 2: Redondo-Veronica - 3D Vector IP - Average Vector Phase
Showing Surface Locations of RC Drill Holes

Figure 3: Redondo-Veronica - 3D Vector IP - 3D Inverted Phase @ 750m Depth
Showing Surface Locations of RC Drill Holes

Figure 4: Redondo-Veronica - MT Resistivity @ 1,000m Depth
Showing Surface Locations of RC Drill Holes

Figure 5: Redondo-Veronica - Interpretive Section 7.357.100 with Drill Holes RV-03, RV-05 - 3D Inversion Model of VIP Survey - Showing MVI Magnetics, Geology, IP Phase (Chargeability) and IP Resistivity

SOURCE: Pampa Metals Corp.



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Commerce Resources Corp. Initiates Mineral Processing Program to Determine Final Prefeasibility Flowsheet Design Criteria

VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCWX:CMRZF) (the "Company" or "Commerce") is pleased to…

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VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCWX:CMRZF) (the "Company" or "Commerce") is pleased to announce that it has initiated a mineral processing program to determine the final Prefeasibility Study (PFS) design criteria of the front-end flowsheet for the Ashram Rare Earth and Fluorspar Deposit. The program has been developed in coordination with the Qualified Persons for the Project's PFS flowsheet design and will be carried out at Hazen Research, where the Company's conventional base flowsheet has been developed.

The program is designed to confirm the mineral processing components in order to establish the front-end flowsheet design for the PFS. The design of the downstream hydrometallurgical flowsheet for the PFS is currently being confirmed as part of the ongoing program to produce mixed rare earth carbonate concentrate to satisfy several requests by global processors (see news release dated September 9, 2021). Specifically, the mineral processing program will include,

  • Incorporation of the advancements to the flotation circuit, made by academic and government institutions, into the Company's base flowsheet developed at Hazen Research.
  • Final flotation and magnetic separation development testwork to confirm the optimal reagent suite and conditions of the front-end flowsheet.
  • Phase II comminution variability testing on nine (9) domain composites of drill core collected throughout the deposit.
  • Front-end flowsheet variability testing on early/mid mine-life deposit material using domain composites.
  • Filtration testing on flotation concentrate and tailings to determine material handling and tailings management facility design.

Company President, Chris Grove comments, "The Company has significantly advanced the flowsheet's development through focused work in past programs at Hazen Research as well through the numerous optimizations and discoveries from our institutional collaborations, which continue today. As we advance through the later stages of the PFS for Ashram, it is now time to confirm the flowsheet's PFS design criteria which is the next step in advancing the study to completion. Flowsheet development remains an ongoing process through to Feasibility and is commonly refined during operation, and as such, the Company will continue to advance the test work and unlock the considerable potential for optimization that remains in which Hazen and our institutional metallurgical partners have outlined."

Flotation and Wet High Intensity Magnetic Separation (WHIMS)
Approximately 5 tonnes of Ashram Deposit bulk sample material, at a grade of 2.0% rare earth oxide (REO), have been crushed and ground to use as feed for the test program. The initial focus of the program will be to incorporate into the base flowsheet the discoveries and advancements made by the academic and government institutional groups, namely CanmetMINING (a branch of Natural Resources Canada - NRCan) and Université Laval, whose test programs have been supported by various provincial and federal grant programs. The successes of these programs include significant reductions in reagent quantities, alternative reagent suites, and improved recoveries in cleaner-stage flotation (see news releases dated May 13, 2020, and December 17, 2019, respectively). Once the flotation component of the flowsheet has been confirmed and the optimal flotation reagent scheme and conditions have been determined, a scale-up will be completed, which may include additional piloting.

Following confirmation of the flotation circuit design, the magnetic separation circuit will be further advanced and optimized. The initial work on the magnetic separation stage (WHIMS) proved extremely successful with a strong upgrading factor at very high stage recoveries (high 80s to mid-high 90s) resulting in the high-grade monazite concentrates (>40% rare earth oxide) comparable to global producers. As such, significant room remains for additional improvement and the test work planned herein for the magnetic separation stage will target further optimization of this circuit including the evaluation of different types of magnetic separator equipment.

Comminution and Variability
The Phase II comminution test work is currently being carried out by SGS Canada on nine (9) rock unit domain composites and will include Bond low energy impact testing (CWi), JK drop-weight testing (DWT), SAG mill comminution testing (SMC), Bond rod mill grindability testing (RWi), Bond ball mill grindability testing (BWi), and Bond abrasion testing (Ai). The Phase II comminution test work will complement the Phase I work completed in 2012 on near-surface drill core intersections (<71 m depth) located in the central areas of the deposit. Comminution data is a critical component of a PFS and is required to determine appropriate equipment sizing, maintenance cycles, and energy requirements at the mill.

As part of the overall program, variability testing will be completed to expand upon previous work, including applying the base case flotation flowsheet to the nine (9) domain composites currently being used for the comminution testwork. The information will complement the comminution data and further constrain equipment sizing and other critical design criteria for the process plant. A specific focus will be placed on material which is expected to comprise the initial years of mine-life.

Variability testing is a critical component of flowsheet development and ensures that the process plant can handle the natural variability of the deposit mineralization. Some of this work has already been completed throughout the test programs over the past few years and include testwork on drill core at different locations within the deposit, as well as bulk sample material from surface outcrop.

Filtration
As part of the overall program, filtration testing will be completed on flotation concentrate and tailings to determine material handling and tailings management facility design. Tests will include static settling, vacuum, and pressure filtration and complement the preliminary filtration testing completed as part of the 2015 flotation pilot plant operation. The data collected will be used to determine the appropriate filtration methods and equipment sizing for operation at the process plant, as well as determine the optimal handling, transport, and storage methods for the concentrate and tailings.

The current flowsheet for the Ashram Rare Earth and Fluorspar Deposit, developed by Hazen Research, uses conventional unit processes to produce a high-grade rare earth mineral (monazite) concentrate that is comparable to active global hard-rock REE producers. Specifically, the Ashram flowsheet utilizes a flotation - HCl leach - magnetic separation process approach to achieve high-grade (>40% REO) monazite concentrates at high recovery, similar in nature to those which are commonly processed globally today.

NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.

About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

"Chris Grove"
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

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.

Forward Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include, but are not limited to, statements regarding the progress of the Company's metallurgical program and any future methods employed therein, the Company's ability to reduce downstream processing costs and risk, the Company's ability to repeat and produce high-grade monazite concentrates, the Company's ability to become one of the lowest cost rare earth producers globally as well as its potential ability to be a long-term supplier to the met-spar and acid-spar markets. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the methods proposed do not work as well as expected, the leach residue may not be usable, that the Company may experience difficulties producing concentrate or achieving an upgrade to the concentrate; changing costs for mining and processing; increased capital costs; the timing and content of the work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; that testing of the Company's process may not prove successful and even if tests are successful, the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.



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