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Cirrus to Consolidate the Lordsburg Property in New Mexico from Waterton Global Resource Management and Hudbay Minerals and Announces Private Placement and Management Changes

Vancouver, British Columbia–(Newsfile Corp. – January 13, 2022) – Cirrus Gold Corp. (CSE: CI) ("Cirrus" or the "‎‎Company") announces that it has…

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Vancouver, British Columbia–(Newsfile Corp. – January 13, 2022) – Cirrus Gold Corp. (CSE: CI) (“Cirrus” or the “‎‎Company“) announces that it has entered into a binding letter agreement (the “Letter Agreement“) with Pyramid Peak Mining, LLC. (“PPM“), a wholly owned subsidiary of ‎Waterton Precious Metals Fund II Cayman, LP (“Waterton“), and Mason Resources (US) Inc., a wholly owned subsidiary of Hudbay Minerals Inc. (“Hudbay“, and collectively ‎with PPM, the “Vendors“), whereby Cirrus would consolidate adjacent mineral property interests, located in the State of New Mexico (collectively the “Lordsburg Property“) from the Vendors for a combination of cash and Cirrus common ‎shares (the “Proposed Transaction“).‎

At the completion of the Proposed Transaction, the board of directors of Cirrus (the “Board”) is expected to consist of five directors being Rick Van Nieuwenhuyse as Chairman, Daniel Schieber, James ‎Walchuck, Curt Freeman and Stuart Ross‎. ‎Management is expected to consist of Daniel Schieber as Chief Executive Officer and Blaine Bailey as Chief Financial Officer.

Rick Van Nieuwenhuyse (Proposed Chairman) comments: “Finalizing this agreement with Waterton and Hudbay is a huge milestone for Cirrus. This deal consolidates an entire past producing high grade porphyry copper district located in a safe, mining friendly jurisdiction with excellent infrastructure. We are all thrilled about this agreement because we believe there is no better place to explore for and develop a high-quality copper-gold-silver project. Plans are already underway to complete district-wide 3D IP and Magnetotelluric surveys to identify large-scale porphyry and skarn related targets with plans to drill later this year.”

Lordsburg Property

‎The Lordsburg property is located approximately 5 miles south of the town of Lordsburg in southwestern New Mexico. The area has abundant infrastructure including interstate, rail, and multiple power plants located nearby. The Lordsburg property represents multiple high quality, district scale porphyry related copper-gold-silver targets located immediately adjacent to excellent infrastructure on private patented mining claims and Bureau of Land Management (BLM) public lands. Freeport, BHP and Rio Tinto all have adjacent claim blocks. Targets include classic porphyry and skarn hosted copper-gold-silver mineralization and high-grade copper-gold-silver veins.

Historic mining focussed on the high-grade copper-gold-silver veins, most notably with higher copper grades mined from the Bonney and Misers Chest areas with grades ranging from 3-9% Cu (see Figure 1). Historical underground drilling intersected several high-grade zones particularly in the Bonney and Misers Chest areas (Table 1). However, deeper-seated porphyry and skarn targets were never tested except for a small portion of the BB claims where previous owner Entrée Gold drilled eight holes that intersected low grade copper and gold mineralization over significant widths (see Figure 1 and Table 2) indicating that the potential for more disseminated, bulk mineable targets exist. Of note are holes EG-L-09-012 and EG-L-08-02, both of which demonstrate improving grades with depth and yet still relatively shallow for a porphyry system. Furthermore, district scale magnetic surveys along with Aster/Hyperspectral and geologic mapping indicate that multiple deep-seated porphyry and skarn deposits remain completely untested. The Company plans to undertake district scale 3D IP and Magnetotelluric surveys to further identify high quality porphyry, skarn, and vein targets with drilling expected to take place later this year.

The Lordsburg district sits at the intersection of two major regional structural trends – the northwest trending Texas Lineament and the northeast trending Santa Rita Lineament (see Figure 2). Along the Santa Rita lineament there are two major porphyry districts operated by Freeport – the Tyrone Mine approximately 70 kilometers (45 mile) to the northeast and the Santa Rita-Chino Mine Complex ~100 kilometers (62 miles) northeast of Lordsburg and on the other side of the Burrow Uplift. The Santa Rita-Chino complex has mined over a billion tonnes of skarn and porphyry copper related copper ore. Along the northwest Texas Lineament are several groups of historic and active copper mines including: the Chino-Santa Rita-Tyrone cluster; the Morenci-Safford-Sanchez cluster; and the Miami-Superior-Resolution Cluster. Of particular interest is the Resolution project owned jointly by Rio Tinto and BHP. The regional geologic setting (graben structure filled with Mesozoic volcanics and sediments) and relationship of the porphyry center at the Resolution deposit (1.9 billion tonnes grading 1.5% copper1) to historic high-grade copper veins is very similar to the geologic setting of the Lordsburg district. The Company’s objective is to find a high-quality porphyry and skarn system similar to the Santa Rita-Chino or Resolution systems. Management believes that it is in the right geologic setting and neighborhood.

Figure 1. Lordsburg location map in southwestern New Mexico

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Table 1. Historical drilling on the Lordsburg property

Hole From (m) To (m) Length (m) Cu% Ag (ppm) Au (ppm) Pb% Zn%
WO-1 29.75 31.85 2.10 9.20 92.89 0.72 n/a n/a
WO-2 41.36 43.22 1.71 6.19 42.96 0.18 n/a n/a
B-DDH70 48.77 50.60 1.83 4.52 8.03 0.05 n/a n/a
B-DDH-74 19.32 22.65 3.32 5.22 28.91 0.42 n/a n/a
85-42 51.82 54.86 3.05 15.00 7.89 1.03 0.24 0.13
DDH-320 105.00 107.59 2.59 6.29 40.97 0.17 0.00 0.00
SFP L-35 32.00 33.53 1.52 5.50 350.00 0.02 0.40 1.20
DDH-338 202.08 203.91 1.83 4.38 16.29 0.51 0.00 0.00
SFP L-21 33.53 36.58 3.05 4.20 19.00 1.00 0.12 0.18
L-2 167.70 168.55 0.85 3.33 0.14 17.14 0.05 0.11
SFP L-35 33.53 35.05 1.52 3.20 100.00 0.02 0.23 0.64
DDH-320 116.13 116.28 0.15 3.18 37.71 0.17 0.00 0.00

 

Table 2. Entrée Gold drill results (2008-2009), Lordsburg Project

Hole No. Interval
(m)
Length
(m)
Cu
%
Au
(g/t)
CuEq*
(%)
EG-L-08-002 156.0 – 466.0 310.0 0.14 0.08 0.19
Including 182.0 – 211.3 29.3 0.21 0.12 0.28
Including 240.0 – 254.0 14.0 0.33 0.26 0.49
EG-L-08-005 0.0 – 134.0 134.0 0.13 0.12 0.20
EG-L-08-006 11.2 – 130.0 118.8 0.20 0.20 0.32
EG-L-08-007 6.0 – 152.0 146.0 0.13 0.16 0.23
EG-L-08-008 280.0 – 332.0 52.0 0.18 0.05 0.21
EG-L-09-010A 34.0 – 84.0 50.0 0.18 0.21 0.31
And 216.0 – 256.0 40.0 0.15 0.13 0.23
EG-L-09-011 28.0 – 66.0 38.0 0.15 0.20 0.27
EG-L-08-012 96.0 – 252.0 156.0 0.19 0.12 0.26
Including 118.0 – 212.0 94.0 0.25 0.15 0.34
Including 152.0 – 212.0 60.0 0.31 0.21 0.44

* Copper Equivalent (CuEq) has been calculated using assumed metal prices (US$3.00/pound for copper and US$1,250/ounce for gold) and no metallurgical factor.

Figure 2. Lordsburg Location map in southwestern New Mexico showing Texas Lineament and Santa Ria Lineament and large porphyry copper districts along regional trends

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/b406dd275c77dc58c46e5ef36867c453.jpg

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Proposed Transaction

The Letter Agreement sets out the principal terms and conditions upon which Cirrus will ‎acquire the Lordsburg Property from the Vendors, in consideration for Cirrus common shares, cash and NSR royalties as described below.‎ On the closing of the Proposed Transaction ‎‎(the “Closing“) Cirrus would pay to Hudbay, or its designee, the greater of 9,860,000 (pre-Consolidation) common shares of Cirrus (“Cirrus Shares“) and 12% ‎of the pro forma capitalization of Cirrus following the Concurrent Equity Offering (as described ‎below); and to PPM or its designee, the greater of (i) 18,000,000 (pre-Consolidation) Cirrus Shares and ‎‎(ii) 19.99% of the pro forma capitalization of Cirrus following the Concurrent Equity Offering, plus ‎‎CAD$500,000 in cash.‎

In connection with ‎the completion of the Proposed Transaction, Cirrus will consolidate its outstanding Cirrus Shares (the “Consolidation“) on the basis of two (2) pre-Consolidation common shares for each ‎one (1) post-Consolidation common share (the “Post-Consolidation Shares“) (subject to corporate and regulatory approval). As at the date ‎hereof, Cirrus has 14,375,000 common shares outstanding. Immediately upon completion of the Consolidation, it is ‎anticipated that Cirrus will have 7,187,500 Post-Consolidation Shares issued and outstanding (excluding the Cirrus Shares to be issued pursuant to the Concurrent Equity Offering).‎

Royalties

At Closing, Cirrus will also enter into royalty agreements with the Vendors, under which Cirrus will grant Net ‎Smelter Return Royalties (the ‎‎‎”‎Royalties“) on the Lordsburg Property as follows:

  • on the lands purchased from PPM (except for certain excluded claims subject to pre-existing royalties), a 2% ‎NSR will be payable, with PPM to receive a 1.5% NSR and Hudbay 0.5%. Each of these will be ‎subject to a buyback provision whereby half of each royalty (0.75% and 0.25% respectively) ‎can be purchased by Cirrus for $5,000,000 ($3,750,000 to PPM and $1,250,000 to Hudbay);
  • on ‎the lands purchased from Hudbay, a 2% NSR will be payable, with Hudbay to receive a 1.5% ‎NSR and PPM 0.5%. Each of these will be subject to a buyback provision whereby half of each ‎royalty (0.75% and 0.25% respectively) can be purchased by Cirrus for $5,000,000 ($3,750,000 ‎to Hudbay and $1,250,000 to PPM); and
  • In each case, the buyback right will be exercisable until the ‎earlier of 10 years from Closing or the commencement of commercial production on the ‎Lordsburg Property.

Milestone Payments ‎

In addition to the consideration paid at the Closing as described above, Cirrus will make the following time-‎dependent payments (the “Milestone Payments“) to PPM:

  • the first ‎Milestone Payment due 12 months from Closing (CAD$500,000 cash and $500,000 in Post-‎Consolidation Shares);
  • the second Milestone Payment due 24 months from Closing ‎‎(CAD$750,000 cash and $750,000 in Post-Consolidation Shares); and
  • the final Milestone Payment ‎due 36 months from Closing (CAD$1,250,000 in cash and $1,250,000 in Post-Consolidation Shares).

‎Each of the above share issuances is to be calculated using the 20-day volume-weighted ‎average price as at the issuance date, and if any such share issuance, or portion thereof, would result in PPM owning more than 19.99% of the issued and outstanding shares of Cirrus, Cirrus will be required to pay such amount to PPM in cash. ‎

Concurrent Equity Offering

Cirrus intends to complete a best efforts ‎private placement at a price of $0.50 per Post-Consolidation ‎Share, for gross proceeds of $10,000,000 ‎‎(the “Concurrent Equity Offering“), in order to finance Cirrus’ ‎proposed exploration activities on the Lordsburg Property and for general administrative ‎and working capital.‎

Definitive Agreement

The Letter Agreement is to form the basis from which the Parties will negotiate and enter into a Definitive Agreement for the Proposed Transaction (the “Definitive Agreement“). It is anticipated that the Definitive Agreement will contain standard representations, warranties, covenants and closing conditions for a transaction of this nature. While the Letter Agreement governs the relationship between the parties, there can be no assurance that a definitive agreement will be completed or entered into amongst the parties.

CSE Matters

It is currently expected that the Proposed Transaction would be regarded by the Canadian ‎Securities Exchange (the “CSE“), on which the Cirrus Shares are listed, as a ‎‎”Fundamental Change” under CSE Policies. As a result, Closing will be subject to the approval of the CSE and all related filing, disclosure and other requirements (including shareholder approval, if applicable).‎

Directors and Officers

At the completion of the Proposed Transaction, the Board is expected to consist of five directors being Rick Van Nieuwenhuyse as Chairman, Daniel Schieber, James ‎Walchuck, Curt Freeman and Stuart Ross.‎ Management is expected to consist of Daniel Schieber as Chief Executive Officer and Blaine Bailey as Chief Financial Officer. Until such time that each of the Vendors cease to hold more than 10% of the outstanding Post-‎Consolidation Shares, or three years following the Closing, whichever is later, PPM and Hudbay ‎will each have the right to nominate one director nominee to the Board.

Notes:

1. See Rio Tinto Annual Report on Production, Reserves and Operations dated 2020 and https://www.resolutioncopper.com/about-us.html

Qualified Person

James Walchuk, a director of Cirrus and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.

About the Company

Cirrus is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Chuchi South Property. The Chuchi South Property consists of thirteen mineral claims covering an area of 3,118.7 hectares located approximately 185 km northwest of the City of Prince George, within the Omineca Mining Division, British Columbia.

For more information, please refer to the Company’s prospectus dated July 7, 2021, available on SEDAR (www.sedar.com).

Cirrus Gold Corp.‎

For further information, please contact:‎

James Walchuck
Chief Executive Officer, President and Director
Phone: (778) 372-9888
Email: [email protected]

2710 – 200 Granville Street
Vancouver, British Columbia
V6C 1S4

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking ‎information” under applicable Canadian securities legislation. ‎Forward-looking information involves risks, uncertainties, and other factors that could cause ‎actual results, performance, prospects, and opportunities to differ materially from those ‎expressed or implied by such forward-looking information. Forward-looking information in this ‎news release includes, but is not limited to, statements with respect to: the structure, terms ‎and conditions of the Proposed Transaction; the Concurrent Equity Offering; the Milestone ‎Payments; the Royalties; the proposed slate of directors to be appointed to the Board; the Company’s objectives, goals or future plans; the requisite approvals with respect to the Proposed ‎Transaction; and the business, operations, management and capitalization of Cirrus following closing. Forward-looking information is necessarily based on a number of estimates and ‎assumptions that, while considered reasonable, are subject to known and unknown risks, ‎uncertainties and other factors which may cause actual results and future events to differ ‎materially from those expressed or implied by such forward-looking information. Such factors ‎include, but are not limited to: general business, economic and social uncertainties; litigation, ‎legislative, environmental and other judicial, regulatory, political and competitive ‎developments; delay or failure to receive Board, shareholder or regulatory approvals; those ‎additional risks set out in Cirrus’ public documents filed on SEDAR at ‎http://www.sedar.com; and other matters discussed in this news release. ‎Accordingly, the forward-looking information discussed in this release, including the ‎completion of the Proposed Transaction and Concurrent Equity Offering, may not occur and ‎could differ materially as a result of these known and unknown risk factors and uncertainties ‎affecting Cirrus. Although Cirrus believes that the assumptions and factors used in ‎preparing the forward-looking information are reasonable, undue reliance should not be placed ‎on this information, which only applies 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 law, Cirrus disclaims any intention or obligation to update or revise any forward-‎looking information, whether as a result of new information, future events, or otherwise.‎

Reader Advisory

Completion of the Proposed Transaction and Concurrent Equity Offering is subject to a number of conditions, ‎including but not limited to CSE acceptance. The Proposed Transaction and Concurrent Equity Offering ‎cannot close until these conditions are satisfied or, if applicable, waived. There can be no assurance that the ‎Proposed Transaction and Concurrent Equity Offering will be completed as proposed or at all. Investors are ‎cautioned that, except as disclosed in the listing statement or other disclosure document to be prepared in connection with the Proposed ‎Transaction and Concurrent Equity Offering, any information released or received with respect to the ‎Proposed Transaction and Concurrent Equity Offering may not be accurate or complete and should not be ‎relied upon. Trading in the securities of Cirrus should be considered highly speculative.‎

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110066









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Lithium Chile Upsizes Its Previously Announced $0.70 Unit Financing

CALGARY, ALBERTA – TheNewswire – January 24, 2022 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased…

CALGARY, ALBERTA – TheNewswire – January 24, 2022 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce that it has closed its subscription books, and due to strong investor demand for its recently announced non-brokered private placement of units of the Company (“Units”) at a price of $0.70 per Unit, it has additionally increased the maximum size of the offering from up to 7,500,000 Units for aggregate gross proceeds of up to $5,250,000 to up to 10,060,000 Units for gross proceeds of up to $7,042,000 (the “Offering“). Each Unit will be comprised of one (1) common share of the Company (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant shall be exercisable at $0.85 per Common Share for a period of 24 months from the date of closing of the Offering. Further to the Company’s news release of December 20, 2021, the one institutional investor that was expected to purchase the Offering was unable to complete its subscription within the deadlines set by Lithium Chile so the Company has terminated that potential subscription. The Offering is now expected to be purchased by several subscribers including a strategic Asian investor that is anticipated to purchase up to $3,000,000 of the Offering.

 

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares and Warrants issued under the Offering will be subject to a four month hold period from the date of the closing of the Offering.

 

About Lithium Chile

Lithium Chile is advancing a lithium property portfolio consisting of 69,200 hectares covering sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns 5 properties, totaling 20,429 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.  

Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-BB under the symbol “LTMCF”.

To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via email: [email protected] or alternately, Jose de Castro Alem, Argentina Manager via email [email protected]   

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

NOT FOR RELEASE IN THE UNITED STATES OF AMERICA

 

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. Any securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act“) and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person in the absence of such registration or an exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws.

 

Forward Looking Statements

 

This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “expected”, “anticipated”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. In particular, this news release contains forward-looking statements relating to, among other things: the Company’s ability to obtain necessary approvals from the TSX Venture Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Company believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new lithium exploration tender process does not yield the anticipated benefits to the Company, if at all; the risk that the Offering will not be completed as anticipated or at all, including the risk that the Company will not receive the approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-19 pandemic. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Copyright (c) 2022 TheNewswire – All rights reserved.

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Court of Appeals Rules Favorably on PolyMet Water Permit

MPCA to conduct "Maui" testSt. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects…

MPCA to conduct “Maui” test

St. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects of the water discharge permit for the NorthMet Project, overruling six of the seven challenges to the permit made by mining opponents, according to Poly Met Mining, Inc., a wholly owned subsidiary of PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (together “PolyMet” or the “company”).

The Court of Appeals affirmed virtually every aspect of PolyMet’s permit at issue. In particular, the court endorsed the district court’s factual findings regarding the Minnesota Pollution Control Agency’s (MPCA) and the Environmental Protection Agency’s interactions during the permitting process; agreed with MPCA’s application of state law governing groundwater discharges; upheld the agency’s conclusion that PolyMet’s project has no reasonable potential to violate water quality standards; agreed with MPCA’s finding that PolyMet’s project will not violate the Fond du Lac Band’s water quality standards; and affirmed the agency’s denial of mining opponents’ requests for a contested case hearing.

In its decision the panel concluded that the MPCA should still consider whether “any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges.” The Court remanded the permit to the MPCA to conduct this functional-equivalence analysis, which the U.S. Supreme Court established in County of Maui v. Hawaii Wildlife Fund, a new precedent set more than a year after PolyMet’s permit was issued.

“We are pleased that we have prevailed on the majority of the issues and the court has narrowed the case to just this single issue regarding Maui, where considerable scientific data already exists,” said Jon Cherry, chairman, president and CEO. “MPCA has already determined there is not a permittable discharge to groundwater and we are optimistic the agency will reach the same conclusion from the Maui test. This will mean a little more process, but it gives us a clear roadmap to the reactivation of this permit,” Cherry said.

The NorthMet mine will feed the mineral supply chain to meet the growing global demand for copper, nickel, cobalt and other metals needed for the U.S. and global transition to clean energy technologies such as solar and wind farms, battery storage and electric mobility, Cherry said. Most of the known resources of nickel and cobalt in the U.S. are found in Minnesota according to the U.S. Geological Survey.

* * * * *

About PolyMet

PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.

Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.

For further information, please contact:

Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
[email protected]

Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
[email protected]

PolyMet Disclosures

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2020, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.

The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.

No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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Discovery Harbour Announces Fortuity 89, Nevada Drilling Underway

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest“), has confirmed that its planned drill program at Fortuity 89, Nevada is underway.

Subject to the continued impacts of COVID-19, Newcrest plans to drill a minimum of eight drill holes and 3,400 metres to test a series of low sulphidation epithermal gold targets on Fortuity 89. Newcrest has implemented a comprehensive safety plan for the drill program, including extensive COVID-19 protocols.

Newcrest completed an initial exploration program in 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop on Fortuity 89 and extend into a large plain overlain by a gravel cover.

Newcrest’s program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.

Mark Fields, President & CEO of Discovery Harbour comments, “Newcrest has planned this drill program so it can be executed in the most effective manner to test the targets they identified. We are looking forward to the results as they become available.”

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

About Newcrest

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world’s largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects – predominantly in the Asia-Pacific and North and South America.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111334





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