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Gold State Announces LOI for the Acquisition of the Panteria Copper-Gold Porphyry Project

 

Vancouver, British Columbia – TheNewswire – November 23, 2021 – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or…

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Vancouver, British Columbia – TheNewswire – November 23, 2021 – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or the “Company”) (TSXV: GOST | OTCQB: CYNXF | FSE: C2YD) is pleased to announce that the Company, on November 22, 2021, has signed a binding letter of intent (“LOI”) with Peruvian Metals Corp. (TSXV: PER) (“Peruvian Metals”) to acquire a 100% interest in the Panteria copper-gold (Cu-Au) porphyry project (the “Project”). The project is located approximately 210 kilometres southeast of Lima, Peru, in the Huancavelica department and is considered highly prospective for both Cu-Au porphyry style mineralization and high-level gold-silver (Au-Ag) epithermal mineralization. Approximately US $5 million has been spent to date on the Project that has several untested exploration targets.

The Project is comprised of several mineral concessions covering an area of 2,000 hectares and is believed to be situated in the northern extension of the Southern Coastal porphyry belt. Peruvian Metals acquired the Project in 2010 and conducted extensive surface sampling and mapping programs followed by a small geophysical program in 2014. Peruvian Metals recognized the porphyry potential of the area and through field work identified the Renaldo Au-Ag zone 4.5 kilometres east of the main Panteria zone. First Quantum Minerals Ltd. (“First Quantum”) optioned the Project and explored the area from 2016 to 2018. A total of 8,699 metres were drilled by First Quantum in 11 holes. Five main mineralized zones were identified on the Project by Peruvian Metals and First Quantum: Kisosko, El Corral, NW Corral, La Quebrada and the Renaldo zones. The El Corral and NW Corral Zones have proven the most prospective for Cu-Au porphyry mineralization. The Renaldo and Kiosko zones are considered high-level Au-Ag precious metal target and have not been drill-tested.

The drilling by First Quantum mainly focused on the El Corral and La Quebrada zones. Porphyry-style mineralization and alteration, defined by the drilling, have a minimum 1,300-metre horizontal extent and an over 700-metre vertical extent in the subsurface. Highlights included diamond drill hole (“DDH”) PANDD_006 located in the El Corral zone that intersected tourmaline-healed and hydrothermal breccias starting at 320 metres returning 31.30 metres of 0.497% copper and 0.676 gram per tonne (g/t) gold, or 0.94% copper equivalent, within a broader interval of 125.80 metres of 0.252%copper and 0.283 g/t gold, or 0.44% copper equivalent. DDH PANDD_002 drilled 750 metres wouthwest of PANDD_006 intersected two intervals of intense phyllic altered diorites, 127.1 metres of 0.15% copper and 0.143 g/t gold, or 0.24% copper equivalent, and 0.13% copper and 0.13 g/t Au, or 0.21 % copper equivalent, starting at 195 and 413 metres respectively. Hole PANDD_004 drilled 350 northeast of PANDD_006 intersected classic style quartz stockworks commonly associated with Cu-Au porphyry systems, returning 0.16% copper and 0.07 g/t gold or 0.21% copper equivalent. The large horizontal and vertical extent of the porphyry style mineralization and alteration indicates a large hydrothermal system is present, typical of porphyry systems.  Copper equivalent values for by-product gold are calculated using a copper price of US $3 per pound and a gold price of US $1,340 per ounce.

The untested Renaldo zone is considered a gold-silver precious-metal target, located 4.5 kilometres east of the main Panteria zone. Since 2014, a total 323 rock samples have been taken by Peruvian Metals and First Quantum. Rock chip sampling from this prospective zone covers an area measuring one by two kilometres. Ronaldo zone sampling and mapping encountered gold and silver mineralization in a high-sulphidation lithocap that is hosted in shallow-dipping volcanics at higher elevations.

Transactions Details

An initial payment of CAN $10,000 was paid to Peruvian Metals upon entering the LOI. The LOI allows Gold State to conduct its due diligence in order to execute a definitive agreement (the “Definitive Agreement”) by January 15, 2022. Upon signing the Definitive Agreement, the Project will be transferred to a Peruvian subsidiary owned by Gold State, and Gold State will pay Peruvian Metals US $200,000 and issue 9,275,000 common shares of Gold State (the “Payment Shares”). The Payment Shares will be escrowed, with 50% being delivered on the closing date of the Definitive Agreement and the remaining 50% being delivered eight months from the closing of the Definitive Agreement. This is an arm’s length transaction and no finder’s fee is being paid.

Additional bonus/milestone payments will be paid based on exploration success which will be based on the amount of drilling on the Project. Gold State will pay to Peruvian Metals CAN $750,000 on or before the completion date of 10,000 metres of drilling on the Project, and an additional CAN $750,000 on or before the completion date of 20,000 metres of drilling on the Project. At the sole election of the Company, these payments can be made in cash or by issuance of the equivalent value in Gold State common shares at a value to be determined at the time of issuance based on market value, provided that such issuance would not result in Peruvian Metals holding 10% or more of the issued and outstanding shares of Gold State following such issuance.

In addition, Gold State will grant upon the signing of the Definitive Agreement, a one percent (1.0%) net smelter return royalty (the “Royalty”) on the Project. Gold State will have a right of first refusal in the event that Peruvian Metals receives a third-party offer for the Royalty, to purchase the Royalty on the same terms and conditions as such third-party offer.

Brian Thurston, CEO of Gold State commented: “I am excited to have the opportunity to acquire this prospective property from Peruvian Metals. I have worked with Peruvian Metals’ CEO, Jeffrey Reeder, on various projects in Canada and Peru, at various times since 1993. Separately, we have worked on several BC and Yukon copper-gold porphyry deposits such as Red Chris, Mt. Milligan, South Kemess, Fish Lake and Casino. Mr. Reeder has discovered two additional porphyry deposits in Peru that resulted in resource estimates: the Aguila copper-molybdenite porphyry deposit and the Pinaya copper-gold porphyry deposit. I am looking forward to adding the Pantaria Project to the list of Cu-Au discoveries in Peru.

Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has prepared, supervised the preparation of, and approved the scientific and technical disclosure contained in this news release.

About Peruvian Metals Corp.

 

Peruvian Metals Corp. is a Canadian exploration and mineral processing company. Its business model is to provide toll milling services for clients and to produce high-grade concentrates from mineral purchases. The company also acquires and develops precious and base metal properties in Peru.

 

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com .

 

About Gold State

 

Gold State is engaged in the acquisition, exploration, and development of mineral properties in North and South America.  The Company is currently focused on its Black Rock Canyon gold property that is favourably located within the Cortez gold trend of the Battle Mountain-Eureka belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada, approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain open pit.  

 

Gold State Resources Inc.

Per: “Brian Thurston”

 

Brian Thurston

President and CEO

 

Tel: +1 778 928-6565

 

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

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company 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” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes on the Company’s Black Rock Canyon, Jumping Jack and other properties, positive due diligence related to the Peruvian Metals Project and Definitive Agreement, continued availability of capital and financing, and general economic, market or business conditions, laws in the state of Nevada and other jurisdictions where the Company operates. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

 

Copyright (c) 2021 TheNewswire – All rights reserved.





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Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid

Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
Canada NewsWire
TORONTO, Dec. 6, 2021

TORONTO, Dec. 6, 2021 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) announces th…

Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid

Canada NewsWire

TORONTO, Dec. 6, 2021 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the notice of Lundin Mining’s intention to renew its normal course issuer bid (the “NCIB”).

The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares of the Company (the “Common Shares”).

This approval allows the Company to purchase up to 63,762,574 Common Shares, representing 10% of the 735,122,870 issued and outstanding Common Shares as of November 30, 2021, minus those Common Shares beneficially owned, or over which control or direction is exercised by the Company, the senior officers and directors of the Company and every shareholder who owns or exercises control or direction over more than 10% of the outstanding Common Shares, over a period of twelve months commencing on December 9, 2021. The NCIB will expire no later than December 8, 2022.

All purchases made pursuant to the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 565,398 Common Shares, which represents 25% of the average daily trading volume of 2,261,595 Common Shares on the TSX for the six months ended November 30, 2021. The price that Lundin Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase.

In connection with the NCIB renewal, Lundin Mining entered into an automatic repurchase plan with its designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise (any such period being an “Operating Period”). Before entering an Operating Period, the Company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the plan. Purchases made pursuant to the plan, if any, will be made by the Company’s designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement entered between the Company and its designated broker. Outside of these Operating Periods, Common Shares will be purchasable by Lundin Mining at its discretion under its NCIB.

The automatic repurchase plan will commence on the effective date of the NCIB and will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the Company terminates the automatic repurchase plan in accordance with its terms. The automatic repurchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and the agreement governing the plan has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.

Under the Company’s current NCIB that commenced on December 9, 2020 and expires on December 8, 2021, the Company previously sought and received approval from the TSX to purchase up to 63,682,170 Common Shares. As of November 30, 2021, the Company has purchased 4,323,100 Common Shares under its current NCIB through open market transactions at a weighted average price of approximately $11.25 per Common Share.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on December 6, 2021 at 22:00 Eastern Time.

Cautionary Statement in Forward-Looking Information

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements with respect to Lundin Mining’s proposed normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Common Shares, and the number of Common Shares that may be purchased under the normal course issuer bid. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; the Common Shares will, from time to time, trade below their value; the Company will complete purchases of Common Shares pursuant to the NCIB; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: the market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders; and other risks and uncertainties, including but not limited to those described in the “Risk and Uncertainties” section of the Annual Information Form and the “Managing Risks” section of the Company’s MD&A for the year ended December 31, 2020, which are available on SEDAR at www.sedar.com under the Company’s profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. There can be no assurance that the Common Shares will, from time to time, trade below their value and that the Company will complete purchases of Common Shares pursuant to the NCIB. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corporation





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Bessor Announces the Passing of Director Richard T. Kusmirski

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Bessor Minerals Inc. (TSXV:BST) ("Bessor" or the "Company") is sad to report the recent…

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Bessor Minerals Inc. (TSXV:BST) (“Bessor” or the “Company“) is sad to report the recent passing of Richard (“Rick”) T. Kusmirski, P.Geo.,M.Sc. Bessor wishes to extend its sincere condolences to Rick’s family, friends, and business associates.

An accomplished and well respected exploration geologist, Rick had served as a Director of the Company since its establishment and his collegiality, technical competence and sage advice will be sorely missed.

BESSOR MINERALS INC.

Kieran Downes, Ph.D., P.Geo.
President, CEO & Director

For further information, contact:
Investor Relations
Email: [email protected]
Website: www.bessorminerals.com

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 news release.




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Corrected: Secova Announces Flow-Through Financing to Raise up to $500,000

  

VANCOUVER, BRITISH COLUMBIA – TheNewswire – December 6, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK) (CNSX:SEK.CN)…

  

VANCOUVER, BRITISH COLUMBIA – TheNewswire – December 6, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK) (CNSX:SEK.CN) USA (OTC:SEKZF) is pleased to announce a non-brokered private placement to raise gross proceeds to the Company of up to $500,000 (the “Offering”) by the issuance of up to 2,702,703 flow through common shares  (the “Flow-Through Shares”) at a purchase price of $0.185 per Flow Through Share.

 

The Company will use the proceeds from the sale of the Flow-Through Shares to incur flow-through expenditures which qualify as 100% Canadian Exploration Expense (“CEE”), and will renounce said flow-through expenditures to the investors for the taxation year ending December 31, 2021. For subscribers residing in Quebec, they will be eligible for maximum deductions for Quebec income tax purposes.

All securities issued in connection with the Offering will be subject to a statutory hold period expiring in accordance with applicable securities legislation.  

The Company may pay eligible finders a fee (the “Finder’s Fees”) on the Offering within the amount permitted by the policies of the Canadian Securities Exchange (the “CSE”).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

Pour une traduction française de ce communiqué de presse, veuillez visiter notre site Web à www.secova.ca.

About the Company

 

Secova Metals Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova’s principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. The Company is proposing to commence operations by the middle of 2022. The Company’s main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. Secova will use its expertise in early-stage exploration to create shareholder value by attempting to prove out the resource in these assets.

 

For more information on Secova Metals Corp. please contact [email protected], Tel: +1 604-803-5229 or visit the website at www.secova.ca for the French version of this news release, past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.

On Behalf of the Board of Directors, SECOVA METALS CORP.

“Brad Kitchen”

Chairman, CEO, and Director

 

Tel: +1 604-803-5229

Email: [email protected]

This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

 

Copyright (c) 2021 TheNewswire – All rights reserved.






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