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Nevada Copper Provides Update on Accelerating Stope Production and Ramp-Up Progress and Announces Appointment of Chief Executive Officer

YERINGTON, Nev., Oct. 06, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDD) (“Nevada Copper” or the “Company”) today provided…

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YERINGTON, Nev., Oct. 06, 2021 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDD) (“Nevada Copper” or the “Company”) today provided a further update on positive September operational performance at the Company’s underground mine at its Pumpkin Hollow Project (the “Underground Mine”). In addition, the Company is pleased to announce the appointment of Randy Buffington as President and Chief Executive Officer, further strengthening its senior management team as operational productivity and production ramp-up at the Underground Mine.

September Operational Highlights

  • Higher Copper Production: Copper in concentrate produced during September increased by 265% compared to August driven by higher stope production. Approximately 30,386 tons of ore were processed yielding 682 tons of concentrate at an average grade of 22%, resulting in approximately 150 tons of copper production.
  • Improved rate of stope turnover: Stoping has accelerated significantly since mid-August, with the second and third stope panels fully mined and a fourth stope panel expected to be mined this week. Further stopes are planned in October and November, and the high-grade Sugar Cube zone is also expected to begin to be mined during Q4.
  • Increasing Development Rates: September saw the highest monthly development footage achieved since April 2021, with a 12% increase over August. Development activities included completion of the crossing of the water bearing dike, accessing additional stoping zones and installation of development infrastructure. A total of approximately 750 lateral equivalent feet was advanced in September.

Mike Brown, outgoing Interim President and Chief Executive Officer, commented: “I am very pleased to see the improved trajectory in our production ramp-up and a recovery in productivities. The increased ore production was a key objective for September, and together with the improving productivities on site, along with the ongoing management strengthening, provide further confidence in the mine ramp-up.”

Management Update

Randy Buffington will join Nevada Copper as President and Chief Executive Officer with immediate effect. With extensive experience in underground and open pit mining operations, both in Nevada and internationally, Mr. Buffington has successfully delivered multiple project ramp-ups and productivity improvements in an underground setting, in addition to overseeing the development and operation of multiple large open pit projects. Most recently at Hycroft Mining, he was responsible for the operational reforms, successfully executing a project turnaround and delivering significant shareholder value as President and Chief Executive Officer. Previously, he held various senior management positions with Barrick from 2003 to 2012, overseeing North American and Zambian operations. He also held senior management positions with Placer Dome and Cominco.

Mr. Buffington brings a deep industry network in Nevada and a strong track record of value delivery in both operating underground mines and large open pit projects, ideally positioning him to lead Nevada Copper towards the delivery of steady state production from its Underground Mine and realizing the full potential of its fully-permitted open pit project and extensive landholdings within the Yerington Copper District.

“The addition of Mr. Buffington further strengthens the Company’s senior management team and provides deeply experienced, long-term leadership as the Company moves to complete the ramp-up of the Underground Mine and go on to maximize the full value of its open pit project and exploration targets,” stated Stephen Gill, Chairman of Nevada Copper.

“I look forward to working with the team at Nevada Copper as we continue to push and improve productivity and accelerate our transition into a commercial producer,” stated Randy Buffington, President and CEO of Nevada Copper. “There is a tremendous foundation to build on at Pumpkin Hollow and I am pleased to be leading the Company towards realizing its full potential as a mid-tier copper producer.”

Mike Brown will step down as Interim President and Chief Executive Officer and continue his active involvement and oversight through his ongoing role as director.

“On behalf of the Company, I would like to thank Mike Brown for his commitment as Interim President and Chief Executive Officer, and I look forward to his continued active involvement going forward,” stated Mr. Gill.

Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., VP Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a consultant to Nevada Copper, who are both non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com
Randy Buffington, President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
[email protected]
+1 604 757 7179

Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development, production and ramp-up plans.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof 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. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Company’s amended and restated senior credit facility with KfW IPEX-Bank; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information or statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. 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 could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.

Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.


Today’s News

Ximen Mining Receives Drill Permit Approval for Silver Project in Greenwood – Historic Mining Camp – Greenwood BC

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has received…

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VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has received approval for exploration drilling on the Providence Property near Greenwood in southeastern BC.

Property map showing Providence Property near Greenwood, B.C.

The Providence Multi-Year Area Based permit approval for this year will allow 4 new drill sites. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 1,600 meters to be drilled this year.

Ximen's Providence property adjoins the historic Providence mine, for which B.C. Minfile records indicate 1,368,075 ounces of silver, 5,896 ounces of gold, 402,690 pounds lead and 260,086 pounds of zinc were recovered from 10,426 tonnes mined.

Ximen received significant results for drill holes 2 and 3 on the property, including 147.25 grams per tonne silver over 1.0 meters in hole 20-02 (96.47 to 97.47 meters), and 94.9 grams per tonne silver over 0.83 meters in hole 20-03 (111.73 to 112.76 meters) as previously announced in a news release dated February 22, 2021. Drill holes planned for this year will follow-up these intercepts, located northeast of the historic Providence silver mine.

Perspective view of the historic Providence mine 3D model showing the 2020 drill hole intercepts.

Readers are cautioned that historical information including assay results referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.

The Company is pleased to announce that it has arranged a non-brokered private placement of 4,545,455 flow through shares at a price of $0.22 cents per share for gross proceeds of $1,000,000. Each Flow-Through share consists of one common share that qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act and one-half transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of Cdn$0.35 per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.55 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice.

The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties.

A finder's fee may be paid to eligible finders in accordance to the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders' fees are both subject to approval by the TSX-V.

The Company also announces that it has closed the first and second tranches of the non-brokered private placement first announced on October 4, 2021 for gross proceeds of $300,000. A total of 1,000,000 units were issued for the first tranche and 500,000 units for the second tranche. Each Unit consists of one common share at a price of $0.20 per share and one transferable common share purchase warrant (a "Warrant"). Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.35 per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.45 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice. The hold expiry date for the first tranche is February 8, 2022 and the second tranche is February 9, 2022. No finders' fees were paid on these tranches.

The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties and general working capital. The closing of the first tranche of the private placement financing is subject to final TSX-V approval

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:

Sophy Cesar
604-488-3900
[email protected]

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.

Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL.

This press release contains certain "forward-looking statements" within the meaning of Canadian securities This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

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.

Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

SOURCE: Ximen Mining Corp.



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https://www.accesswire.com/667795/Ximen-Mining-Receives-Drill-Permit-Approval-for-Silver-Project-in-Greenwood--Historic-Mining-Camp--Greenwood-BC

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Today’s News

Alma Gold Inc. to Commence Trading on the Canadian Securities Exchange on October 7, 2021

Vancouver, British Columbia – TheNewswire –  October 6, 2021 – Alma Gold Inc. (“Alma Gold” or the "Corporation")(CSE:ALMA), a spin-out company…

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Vancouver, British Columbia – TheNewswire -  October 6, 2021 – Alma Gold Inc. (“Alma Gold” or the "Corporation")(CSE:ALMA), a spin-out company from Red Lake Gold Inc. (CSE:RGLD),  is pleased to announce that its common shares will commence trading on the Canadian Securities Exchange (the “CSE”) on October 7, 2021, under the stock ticker symbol “ALMA”.

About Alma Gold Inc.

Alma Gold Inc. is a reporting issuer based in Vancouver, British Columbia. Alma Gold Inc. owns a 100%, royalty-free interest in the Clarence Stream North Gold Project, located in the emerging Clarence Stream Gold District in southwest New Brunswick, Canada. The company is also exploring for gold in West Africa through its subsidiary, Karita Gold Corp. For more information on Alma Gold Inc., please visit www.AlmaGold.ca.

On Behalf of the Board of Directors

Ryan Kalt

Chairman & Chief Executive Officer

Alma Gold Inc.

Email: [email protected]

  

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

 

Forward-Looking Statements

 

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.

 

Copyright (c) 2021 TheNewswire - All rights reserved.

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Today’s News

Drilling Underway at Diba Gold Project, Western Mali

 

TheNewswire – 07 October 2021 – Altus Strategies Plc (AIM:ALS) (TSXV:ALTS) (OTC:ALTUF) announces that  a 10,000m Reverse Circulation (“RC”) and…

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TheNewswire - 07 October 2021 - Altus Strategies Plc (AIM:ALS) (TSXV:ALTS) (OTC:ALTUF) announces that  a 10,000m Reverse Circulation (“RC”) and 1,300m Diamond Drilling (“DD”) programme is underway at the Company’s 100% owned Diba gold project (“Diba” or the “Project”) in western Mali. Diba hosts a shallow-dipping, near-surface gold deposit (the “Diba Deposit”) and a number of other prospective targets.

 

Highlights:

  • - Combined 11,300m DD & RC drilling programme at the Diba gold project in western Mali

    - Previous intersections from the Diba Deposit include (down-the-hole and not true widths):

    • - 3.34 grams per tonne (“g/t”) gold (“Au”) over 60m from 17m

      - 8.50 g/t Au over 24m from 20m (including 26.45 g/t Au over 7m)

      - 43.83 g/t Au over 5m from surface

    - Results returned from Diba NW prospect, where previous intersections include (down-the-hole and not true widths):

    • - 1.45 g/t Au over 22m from 55m

      - 1.87 g/t Au over 10m from 8m

    - Drilling programme designed to:

    • - expand the current Mineral Resource Estimate ("MRE") of the Diba deposit

      - test the strike and down dip potential of the Diba NW discovery

      - test the extent of the high-grade zone within the Diba deposit

    - Additional 7,500m Air Core (“AC”) drilling programme to test undrilled satellite targets

    - Diba is strategically located in a world-famous gold belt that hosts numerous open pit mines

 

Steven Poulton, Chief Executive of Altus, commented:

“We are delighted to report that drilling has recommenced at the Diba gold project in western Mali, following the end of the rainy season. A significant 11,300m combined DD and RC programme is now underway, which is being supplemented by up to 7,500m of AC drilling. The drilling programme has been designed to expand and infill the existing Diba Deposit and define a maiden resource at the 900m-long Diba NW discovery. The AC programme will be used to test numerous, as yet undrilled, satellite targets which are proximal to the Diba Deposit.

 

“Recent drilling from Diba NW has established a series of consistent shallow-dipping zones of gold mineralisation. Previous exploration drilling at Diba NW has returned an intersection of 1.45 g/t Au over 22m from 55m. The programme at Diba NW will focus on testing potential extensions to the mineralisation along strike and down dip, culminating in the completion of a maiden resource estimate for the prospect. We look forward to updating shareholders on the results of this programme when they are received.”

 

Diba Project: Drilling Programme

The drilling programmes are being undertaken by Capital Drilling Limited and comprise approximately nine DD holes to an average depth of 150m for a total of approximately 1,300m and approximately 60 RC drill holes to an average depth of 150m for approximately 10,000m.

 

The DD programme will primarily test the extent of the high-grade zone within the current MRE as well as the down-dip extension of mineralised lenses. In addition, the DD programme will produce orientated core to enable a better structural understanding of the Diba Deposit, and density measurement will increase knowledge of variations between the oxide, transitional and fresh rock domains.

 

The RC programme will primarily target expansion of the known lenses of mineralisation at both the Diba deposit and Diba NW prospect. The holes will target the along strike and down-dip extension to previously defined mineralisation. In addition, drill holes will test the potential for further lenses of mineralisation to occur beneath the currently modelled lenses.

 

Diba NW: RC Drilling Results

Assay results for the final 11 RC drill holes (totalling 1,769m) which were completed at the Diba NW prospect before the rainy season have been received and are summarised in Table 1 below. The holes were drilled at -60 degrees inclination and ranged between 78m to 138m in length. The drilling was orientated perpendicular to the interpreted structural orientation of the Diba NW prospect.


Table 1: Diba drill intersections from current programme

Hole ID

Prospect

From (m)

To (m)

Intersection (m)

Grade (g/t Au)

21KSRC-115

Diba NW

28.00

29.00

1.00

0.65

21KSRC-115

35.00

51.00

16.00

0.78

21KSRC-115

56.00

66.00

10.00

1.09

21KSRC-115

87.00

88.00

1.00

1.08

21KSRC-115

98.00

99.00

1.00

0.76

21KSRC-115

128.00

130.00

2.00

0.45

21KSRC-116

Diba NW

3.00

5.00

2.00

1.08

21KSRC-116

9.00

10.00

1.00

0.64

21KSRC-116

35.00

36.00

1.00

0.83

21KSRC-116

66.00

69.00

3.00

0.93

21KSRC-117

Diba NW

39.00

43.00

4.00

0.67

21KSRC-117

60.00

62.00

2.00

0.58

21KSRC-117

81.00

82.00

1.00

0.82

21KSRC-118

Diba NW

69.00

80.00

11.00

0.65

Including:

73.00

76.00

3.00

1.57

21KSRC-118

85.00

95.00

10.00

0.79

Including:

90.00

95.00

5.00

1.07

21KSRC-119

Diba NW

14.00

18.00

4.00

0.61

21KSRC-119

23.00

27.00

4.00

1.22

21KSRC-119

35.00

47.00

12.00

0.91

Including:

44.00

47.00

3.00

1.57

21KSRC-119

62.00

63.00

1.00

0.68

21KSRC-119

99.00

100.00

1.00

2.29

21KSRC-120

Diba NW

75.00

76.00

1.00

0.64

21KSRC-120

89.00

94.00

5.00

0.57

21KSRC-121

Diba NW

50.00

51.00

1.00

0.71

21KSRC-121

62.00

63.00

1.00

0.96

21KSRC-121

75.00

76.00

1.00

0.90

21KSRC-121

108.00

109.00

1.00

0.60

21KSRC-122

Diba NW

36.00

37.00

1.00

0.53

21KSRC-122

102.00

104.00

2.00

0.55

21KSRC-130

Diba NW

61.00

68.00

7.00

0.73

21KSRC-131

Diba NW

No significant intersections

21KSRC-132

Diba NW

10.00

11.00

1.00

0.57

21KSRC-132

48.00

49.00

1.00

0.61

21KSRC-132

57.00

58.00

1.00

0.61

Notes:

  1. 1. Intersections based on 0.5 g/t Au cut off and ≤ 3m consecutive internal waste 

  2. 2. Intersections are down-the-hole and do not represent true widths of mineralisation 

  3. 3. No grade capping has been applied 

  4. 4. Estimated true widths for the holes is from 75% to 100% of the intercept width 

 

Illustrations

The following figures relate to the disclosures in this announcement and are visible in the version of this announcement on the Company's website (www.altus-strategies.com) or in PDF format by following this link: https://altus-strategies.com/site/assets/files/5372/altus_nr_-_diba-_07_oct_2021.pdf

 
  • - Location of the Diba gold project in western Mali is shown in Figure 1.

    - Plan of drill holes with assay results returned from Diba Deposit is shown in Figure 2.

    - Plan of Diba Deposit and Diba NW Prospect is shown in Figure 3.

    - Selection of photos from the latest drilling programme is shown in Figure 4.

   

Figure 1: Location of the Diba gold project in western Mali


Click Image To View Full Size

 

Figure 2: Plan of drill holes with assay results returned from Diba Deposit


Click Image To View Full Size

 

Figure 3: Plan of Diba Deposit and Diba NW Prospect


Click Image To View Full Size

 

Figure 4: Selection of photos from the latest drilling programme


Click Image To View Full Size

            

Diba Project: Location

The 81km2 Diba project (Korali Sud licence) is located in the Kayes region of western Mali, approximately 450km northwest of the capital city of Bamako. The Project sits 5km west of the Company’s Lakanfla gold project, which is under joint venture with ASX-listed Marvel Gold Limited, and approximately 13km south of the multi-million ounce Sadiola gold mine and 35km south of the multi-million ounce Yatela former gold mine, both owned by Allied Gold Corp. Diba is contiguous with the Sadiola permit on its northern and eastern boundaries. Mineralisation hosted on these properties is not necessarily indicative of mineralisation hosted at Diba.

 

Diba Mineral Resource Estimate

Diba hosts a deposit for which an MRE of 217,000 ounces at 1.39 g/t Au (Indicated) and 187,000 ounces at 1.06 g/t Au (Inferred) in both oxide and fresh domains has been made, as set out in Table 2. The MRE was previously reported by the Company on 6 July 2020 (see Altus’ news release titled “Significant Gold Resource at Diba Project, Western Mali”). The Diba Deposit remains open down dip.

 

Table 2: Diba Mineral Resource Estimate

Domain

Indicated

Inferred

Tonnes

(t)

Grade (g/t)

Contained gold

(oz)

Tonnes

(t)

Grade

(g/t)

Contained gold (oz)

Oxide

3,900,000

1.46

183,100

939,000

1.10

33,200

Fresh

934,000

1.12

33,600

4,540,000

1.05

153,300

Total

4,834,000

1.39

217,000

5,479,000

1.06

187,000

Notes:

  • - The MRE has an effective date of 6 July 2020.

    - The Mineral Resources in the MRE are classified according to the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines", dated 29 November 2019, and CIM "Definition Standards for Mineral Resources and Mineral Reserves", dated 10 May 2014.

    - Mineral Resources are reported within a pit shell and are reported to a base-case cut-off grade of 0.5 g/t gold.

    - The quantity and grade of Inferred Resources in the MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Resource category.

    - Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The MRE may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.

    - All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

    - Tonnages are rounded to 1,000t and gold to 1,000oz as this is an estimate.

    - Altus is the operator and 100% owner of Diba.

 

Diba Deposit: Geology and Mineralisation

Mineralisation at Diba is sediment-hosted within a series of stacked lenses, typically between 20m and 40m thick. The lenses are shallow-dipping at approximately 30 degrees angled to the east/east-southeast. The Diba deposit is considered to be controlled by a number of northwest and northeast orientated structures, with gold occurring as fine-grained disseminations in localised high-grade, calcite-quartz veinlets. Alteration at Diba is typically albite-hematite+/-pyrite, although pyrite content is generally very low (<1 %). The weathering profile at the Project is estimated to be up to 70m vertical depth, resulting in extensive oxidation from surface. The oxide gold mineralisation at the Diba deposit is predominantly found in saprolite within 50m of surface and across a compact 700m x 700m area.

 

QAQC

All drilling samples are collected by the Company following industry best practices with an appropriate number and type of certified reference materials (standards), blanks and duplicates inserted to ensure an effective QAQC regime. RC samples are collected at 1m intervals with representative samples split at the site. Half core DD samples are collected at between 0.5 and 1.5m intervals based on lithological and mineralisation boundaries. Samples from Diba are sent for analysis at SGS SARL (Bamako, Mali) by fire assay technique FAE505.  All standard, blanks and duplicates from results discussed in this release have been reviewed and no significant issues with the data have been identified.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by Steven Poulton, Chief Executive of Altus. A graduate of the University of Southampton in Geology (Hons), he also holds a Master's degree from the Camborne School of Mines (Exeter University) in Mining Geology. He is a Fellow of the Institute of Materials, Minerals and Mining and has over 20 years of experience in mineral exploration and is a Qualified Person under the AIM rules and NI 43-101.

 

For further information you are invited to visit the Company’s website www.altus-strategies.com or contact:

 

Altus Strategies Plc

Steven Poulton, Chief Executive

Tel: +44 (0) 1235 511 767

E-mail: [email protected]

SP Angel (Nominated Adviser)

Richard Morrison / Adam Cowl

 

Tel: +44 (0) 20 3470 0470

SP Angel (Broker)

Grant Barker / Richard Parlons

 

Tel: +44 (0) 20 3470 0471

Shard Capital (Broker)

Isabella Pierre / Damon Heath

 

Tel: +44 (0) 20 7186 9927

Yellow Jersey PR (Financial PR & IR)

Charles Goodwin / Henry Wilkinson

Tel: +44 (0) 20 3004 9512

E-mail: [email protected]

 

About Altus Strategies Plc

Altus Strategies (AIM: ALS, TSX-V: ALTS & OTCQX: ALTUF) is a mining royalty company generating a diversified and precious metal focused portfolio of assets. The Company’s differentiated approach of generating royalties on its own discoveries in Africa and acquiring royalties globally through financings and acquisitions with third parties, has attracted key institutional investor backing. The Company engages constructively with all stakeholders, working diligently to minimise its environmental impact and to promote positive economic and social outcomes in the communities where it operates. For further information, please visit www.altus-strategies.com.

 

Cautionary Note Regarding Forward-Looking Statements

Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Directors or estimates of future performance constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.

 

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.

 

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organisation of Canada accepts responsibility for the adequacy or accuracy of this release.

 

Market Abuse Regulation Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

Glossary of Terms

“AC” means air core

“Au” means gold

“DD” means diamond drilling

“g” means grams

“g/t” means grams per tonne

“grade(s)” means the quantity of ore or metal in a specified quantity of rock

“km” means kilometres

“m” means metres

“MRE” means Mineral Resource Estimate

“NI 43-101” means National Instrument 43-101 “Standards of Disclosure for Mineral Projects” of the Canadian Securities Administrators

“Oz” means ounces

“QAQC” means Quality Assurance Quality Control

“Qualified Person” means a person that has the education, skills and professional credentials to qualify as a qualified person under NI 43-101

“RC” means reverse circulation

“t” means a metric tonne

Altus Strategies Plc / Index (EPIC): AIM (ALS) TSX-V (ALTS) OTCQX (ALTUF) / Sector: Mining

 

**END**

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