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Imperial Reports Red Chris Production and Exploration Update for 2021 Second Quarter

VANCOUVER, British Columbia, July 21, 2021 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris metal production…

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VANCOUVER, British Columbia, July 21, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports Red Chris metal production (100%) for the second quarter of 2021 was 17.6 million pounds copper and 15,451 ounces gold, compared to 15.9 million pounds copper and 15,850 ounces gold produced during the first quarter of 2021. Improved throughput and recovery for the quarter were offset by lower head grades of 0.40% copper and 0.35 g/t gold compared to 0.43% copper and 0.42g/t gold in the first quarter. Imperial’s 30% portion of the first quarter production was 5.3 million pounds copper and 4,635 ounces gold.

The newly installed cleaner column was commissioned during the quarter and is now operating. Early results have shown improved gold recovery over results prior to the installation of this cleaner column cell. 

The portal site excavation has been completed and the exploration decline is progressing, having advanced 21 metres as of July 14, 2021. The East Zone high grade pod is being drilled at a tighter spacing to provide the information required to consider “early mining” as part of the Red Chris Block Cave Pre-Feasibility Study. Mining of this particularly high-grade section of the East Zone prior to the block cave mining may increase initial cash flow and help fund the development of block caving operations. The Pre-Feasibility Study is expected to be released by the end of September 2021.

Exploration Update 

Drilling continues to expand the higher-grade mineralization at East Ridge, the recently discovered extension of the Red Chris deposit. Drill hole RC700 intersected 366 metres grading 1.1g/t gold and 0.93% copper from a depth of 738 metres, including 146 metres grading 2.1g/t gold and 1.6% copper from a depth of 780 metres. The discovery of such wide zones of high-grade mineralization, which are comparable to some of the better intercepts from the East Zone, clearly illustrates the potential for the East Ridge to develop into an important new development area. Hole RC700 was drilled 100 metres above the previously reported hole RC688. Drill hole RC692 targeted the 100 metre down-plunge projection of mineralization intersected in hole RC684. Hole RC692 successfully intersected 274 metres of 0.40g/t gold and 0.41% copper from 1090 metres to 1364 metres.

Brian Kynoch, President of Imperial Metals Corporation, said “RC700 has yielded the highest grades to date from the East Ridge. This intercept is similar to those encountered in the high-grade pods in the East Zone and shows that this eastern extension of mineralization at Red Chris has the potential to contain high-grade pods similar to those in the East Zone.

Red Chris - Significant results since June 9, 2021 drilling update:

Hole ID From (m) To (m) Width (m) Gold (g/t) Copper (%) 
RC700 738 1104 366 1.1 0.93 
including 774 1000 226 1.6 1.3 
including 780 926 146 2.1 1.6 
RC6921090 1364 274 0.40 0.41 
including1242 1336 94 0.61 0.49 

During the second quarter there were up to eight drill rigs in operation, completing 26 drill holes for a total of about 30,055 drilled metres. All the holes, except six geotechnical drill holes, intersected mineralization. Since the commencement of the Joint Venture in 2019, 137 drill holes totalling about 166,686 metres have been drilled.

Drilling is ongoing at East Ridge to further define the extent and continuity of this zone, with ten holes completed and three in progress. The follow up drilling is being completed on a nominal 100 x 100 metre grid to determine the footprint of the mineralization and demonstrate the continuity of the higher-grade mineralization. The East Ridge is open in all directions and has extended the eastern limit of copper and gold mineralization.

Approximately 50,000 metres of growth-related drilling is planned this calendar year.

Jim Miller-Tait, P.Geo., Imperial Metals Vice President Exploration, is the designated Qualified Person as defined by National Instrument 43-101 for the Red Chris exploration program and has reviewed this news release. Red Chris samples for the 2021 drilling reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. 

Cross section and plan view maps are available on imperialmetals.com.

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia.

Company Contacts

Brian Kynoch | President | 604.669.8959
Darb Dhillon | Chief Financial Officer | 604.488.2658
Jim Miller-Tait | Vice President Exploration | 604.488.2676

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements and inferences regarding the potential for continued improved gold recovery from the newly installed cleaner column, the Company’s expectations and timing with respect to the Red Chris Block Cave Pre-Feasibility Study, current and planned drilling programs at Red Chris, including mining of the East Zone high grade pod and plans to define the extent and continuity of the mineralization in the East Ridge and the potential importance of the East Ridge as a development area, and statements regarding cash flow and the funding of block caving operations.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR 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 statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company’s ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements. Such information is given only as of the date of this news release. The Company does not assume any obligation to update its forward-looking information to reflect new information, subsequent events or otherwise, except as required by law.


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Ceylon Graphite Corp. Late Filing of Financial Statements and Management Cease Trade Order

VANCOUVER, British Columbia, July 30, 2021 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE:…

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VANCOUVER, British Columbia, July 30, 2021 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces that it has encountered delays in completing its audited financial statements for the year ended March 31, 2021 because Ceylon and its various Sri Lankan subsidiaries all share a fiscal year ending March 31, 2021 and these entities have encountered COVID-19 related delays in preparing their respective financial statements. As a result, the Company has applied for, and has been granted, a Management Cease Trade Order (“MCTO”) by the British Columbia Securities Commission. Because of the delays, the Company will file its annual audited financial statements, management’s discussion and analysis, and CEO and CFO certificates (collectively, the “2021 Annual Financial Statements”) after the filing deadline of July 29, 2021 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”).

The Company currently expects to file the 2021 Annual Financial Statements on or before September 29, 2021 and will issue a news release announcing completion of such filings at such time. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.

During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares; however, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company’s shares.

About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture Exchange, that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A license for its K1 mine and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.

Further information regarding the Company is available at www.ceylongraphite.com

Don Baxter, Chief Executive Officer

info@ceylongraphite.com

Corporate Communications

1 604-765-8657

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 as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management's current expectations and assumptions. The forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and to develop a mine plan, and to commence establishing mining operations. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to Ceylon Graphite, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various Local Government Licenses and the market. Investors 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. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to reach a final acquisition agreement, inaccurate results from the drilling exercises, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, a failure to comply with environmental regulations and a weakening of market and industry reliance on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.


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Norseman Silver Inc. Updates $1,500,000 Non-Brokered Private Placement

Vancouver, British Columbia – TheNewswire – July 30, 2021 – Norseman Silver Inc. (TSXV:NOC) (“Norseman” or the “Company”) would like to amend…

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Vancouver, British Columbia - TheNewswire – July 30, 2021 – Norseman Silver Inc. (TSXV:NOC) (“Norseman” or the “Company”) would like to amend the proposed non-brokered private placement financing (the ''Offering'') announced on July 19, 2021. In the Company’s July 19, 2021 news release, the Company noted that each warrant in the $1,500,000 non-brokered private placement composed of up to 4,545,454.55 units (“Units”) at a price of CAD$0.33 per Unit and entitled the holder to purchase one common share at a price of CAD $0.43 per common share until the date which is twelve (12) months from the date of issuance. The warrant terms have been amended to allow the holder to purchase one common share at a price of CAD $0.43 until the date which is twenty-four (24) months from the date of issuance”.

The Company intends to use the net proceeds from the Offering for general corporate and working capital purposes, as well as drilling on the Silver Vista property and exploration on Norseman’s silver assets in British Columbia and Argentina. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. All securities issued and issuable pursuant to the Offering will be subject to a four month and one day statutory hold period.

On behalf of the Board

Sean Hurd
President & CEO

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

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" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, 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, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such 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. 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, other than as required by law.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

 

Copyright (c) 2021 TheNewswire - All rights reserved.

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Amended News Release Belmont Closes $190,501 FT Private Placement

This amended and restated news release reproduces the news release of originally filed on July 22, 2021.

Correction are made to the original news release…

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This amended and restated news release reproduces the news release of originally filed on July 22, 2021.

Correction are made to the original news release such as:

  • -closed the private placement and not the first tranche of the private placement 

 

Vancouver, B.C. Canada – TheNewswire - July 30, 2021 - Belmont Resources Ltd. (“Belmont”), (or the “Company”), (TSXV:BEA) (FSE:L3L2) announces that it has closed the private placement announced on July 12, 2021 for aggregate gross proceeds of $190,501.50 (the “FT Financing”). The FT Financing consists of 2,721,450 Units – (the “FT Units”) of the Company at a price of $0.07 per Share.

 

FT Units:

Subject to approval, the Company will issue 2,721,450 Units.  Each FT Unit consists of one common share of the Company (a “Common Share”) and one transferable NFT share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.12 for a period of two years from the initial closing date of the financing.

 

The use of proceeds of the financing will be used to conduct a 3D-IP Survey which will help delineate specific drill targets for an upcoming drill program on the Come By Chance (“CBC”) copper-gold porphyry project. The proceeds may also be used for other exploration as deemed necessary on its properties located in the Greenwood Mining district of southern British Columbia.

 


Click Image To View Full Size

View Come By Chance Planned IP Grid:  https://bit.ly/2V2A9xB

 

View Come By Chance Video: https://bit.ly/3liQ0ji

 

All securities issued under this private placement, and the shares that may be issuable on the exercise of the warrants, are subject to a statutory hold period expiring four-months and one day from issuance and to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including approval of the TSX-V.

 

The Company will be paying finder’s fees (8%) totaling $11, 200.12 in cash and 160,002 brokers warrants to PI Financial Corp.  

 

There are 10 subscribers of which one (1) is an insider (subscribing for 100,000 units-$7,000).

 

Insider participation in this private placement, constitutes a related party transaction pursuant to TSX.V Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions {"Ml 61-101"). The Company relied on Section 5.S{a) of Ml 61-101 for an exemption from the formal valuation requirement and Section 5.7{l){a) of Ml 61-101 for an exemption from the minority shareholder approval requirement of Ml 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

 


Click Image To View Full Size

View Belmont Property Map:  https://bit.ly/3eIpcbG

  

The Company’s project portfolio includes:

 

–  Athelstan-Jackpot, B.C. – *Athelstan & Jackpot Gold mines

 

–  Come By Chance, B.C. – *Betts Copper-Gold mine

 

–  Kibby Basin, Nevada – Lithium

 

–  Lone Star, Washington – *Copper-Gold mine

 

–  Pathfinder, B.C. – *Bertha & Pathfinder Gold–Silver mines

 

–  Crackingstone, Sask – Uranium

 

*  past producing mine

   

ON BEHALF OF THE BOARD OF DIRECTORS

 

“George Sookochoff”

 

George Sookochoff, CEO/President

 

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

 

This Press Release may contain forward-looking statements that may involve a number of risks and uncertainties, based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control.   Actual events or results could differ materially from the Companies forward-looking statements and expectations.  These risks and uncertainties include, among other things, that we may not be able to obtain regulatory approval; that we may not be able to raise funds required, that conditions to closing may not be fulfilled and we may not be able to organize and carry out an exploration program in 2020, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Copyright (c) 2021 TheNewswire - All rights reserved.

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