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New High-Grade Gold Exploration Discovery at the Golden Marmot Zone Affirms the District-Scale Potential of Brucejack with 72.5 g/t Gold Over 53.5 Meters, including 6,700 g/t Gold Over 0.5 Meters

VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) — Pretium Resources Inc. (TSX/NYSE: PVG) (“Pretivm” or the “Company”) today announced…

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VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) — Pretium Resources Inc. (TSX/NYSE: PVG) (“Pretivm” or the “Company”) today announced a new high-grade gold exploration discovery at the Golden Marmot Zone on its Brucejack Property in Northern British Columbia. The Golden Marmot Zone is located 3.5 kilometers north of the Valley of the Kings deposit.

To date, assays have been received for the first nine drill holes of which eight drill holes intersected gold. A highlight was drill hole SU-786, which intersected four bands of high-grade gold mineralization over 53.5 meters.

Selected highlights include:

  • SU-786 intersected 72.5 grams per tonne gold over 53.5 meters, including 6,700 grams per tonne gold and 3,990 grams per tonne silver over 0.5 meters and including 787 grams per tonne gold over 0.5 meters.
  • SU-778 intersected 46.1 grams per tonne gold over 5.8 meters, including 208 grams per tonne gold over 1.0 meter.
  • SU-772 intersected 22.8 grams per tonne gold over 38.0 meters, including 268 grams per tonne gold over 1.0 meter and including 188.4 grams per tonne gold over 2.13 meters.

See Table 1 below for assays received to date from the 2021 exploration program at Golden Marmot. For a plan and section view of the 2021 Golden Marmot Zone drill program and photos of the drill core please see the following link: http://ml.globenewswire.com/Resource/Download/749bcf27-7b97-4cc1-8410-a4735215a7f3.

“Initial results from Golden Marmot are exciting and affirm the district-scale potential of the Brucejack property,” said Jacques Perron, President and Chief Executive Officer of Pretivm. “The gold mineralization intersected at Golden Marmot occurs in the same host rocks and with the same alteration signature as the nearby Valley of the Kings deposit, which is a strong indication it could be a new high-grade deposit. Its proximity and existing trail access would make it relatively easy to integrate into future mine plans as an independent source of ore to supply the Brucejack mill.”

“The drilling completed in 2021 intersected gold mineralization over a zone that is approximately 150 meters in width, 250 meters in length, and 275 meters in depth. A historic drill hole intersected high-grade gold mineralization a further 225 meters below the currently drilled zone. The Golden Marmot Zone remains open and could be of similar size to the Valley of the Kings deposit. We are eagerly awaiting the assay results from the remaining 17 drill holes which we expect to release early next year.”

“These results continue to support our view that additional deposits and sources of high-grade mineralization will be identified near the Valley of the Kings deposit opening up the potential for a significantly longer mine life and continued impressive cash flow generation. Golden Marmot is only the first of several zones drill tested this year with results still to come from Gossan Hill, Bridge Zone and Hanging Glacier. All of these targets have the potential to deliver game-changing results and are within four kilometers of the Brucejack Mine infrastructure. We look forward to continuing to grow the potential of this exceptional property and will release results as they become available.”

District-Scale Potential

The Golden Marmot Zone is located 1.75 kilometers east of the Hanging Glacier Zone where a gold discovery was made last year (see news release dated December 16, 2020). Both zones are part of a four-kilometer trend of highly altered rocks which outcrop from Hanging Glacier Zone northwest of the Brucejack Mine to Bridge Zone southeast of the mine.

The 2021 drill program at Golden Marmot consisted of 26 drill holes totaling 8,466 meters. Previous drilling completed in 2011 at Golden Marmot intersected 2.8 grams per tonne gold over 17.3 meters, including 23 grams per tonne gold over 1.3 meters in hole SU-197 (see news release dated September 12, 2011). This mineralized structure is located approximately 225 meters below the deepest mineralization intersected in the 2021 drilling.

Golden Marmot Zone

The Golden Marmot Zone is accessible via an exploration trail from the Brucejack camp and is marked by a prominent gossan on the hill side. Mineralization occurs as coarse-grained electrum hosted within silicified and quartz-sericite-pyrite altered conglomerates and sandstones, which is the same as the Valley of the Kings deposit.

The 2021 Golden Marmot drill target was defined by prospecting during the 2019 and 2020 field programs, with grab samples assaying up to 8.73 grams per tonne gold. To compliment this field work and aid in target selection, a prospectivity mapping and target ranking initiative was initiated with GoldSpot Discoveries Corp earlier this year. Artificial intelligence and machine learning algorithms were applied to synthesize the geochemical, geophysical and hyperspectral data available from the Brucejack Property. This program identified 65 targets on the Brucejack Property, with Golden Marmot ranking as a high priority drill target for quartz vein hosted gold mineralization.

Stephanie Wafforn, PhD, P.Geo., Pretivm’s Resource Manager is the Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects responsible for the Near Mine Exploration drill program and has reviewed and approved the scientific and technical information in this news release related thereto.

Table 1: Selected Golden Marmot Phase 1 Results, October 2021 (SU-766 to SU-786)(1,2)

Hole ID Dip/
Azimuth
From
(meters)
To
(meters)
Length
(meters)
Gold (g/t) Comments
SU-766 -45/200 196.5  210  13.5  5.39   
SU-772 -45/200 75  97.5  22.5  1.52   
  And 114  152  38  22.8   
  Incl 124  125  268   
  Incl 130.87  133  2.13  188.4   
  Incl 149  152  58.3   
  And 171  193.5  22.5  0.99   
SU-773 -45/250 66  139.5  73.5  0.61   
SU-778 -60/200 105  127.1  22.1  3.95   
  Incl 126.6  127.1  0.5  144.5   
  And 141.5  173  31.5  1.78   
  Incl 170  173  8.36   
  And 235.5  241.3  5.8  46.1   
  Incl 239.4  240.4  208   
  And 352.8  367.5  14.7  3.5   
SU-783 -45/125 253.5  258  4.5  3.51   
SU-784 -60/125 156  158.4  2.4  2.66   
  And 229.5  240  10.5  0.89   
SU-785 -45/75 73  104.96  31.96  1.11   
  And 129  165  36  4.05   
  Incl 151  159  13.7   
  And 222  229.5  7.5  2.87   
  And 273  283  10  3.94   
SU-786 -60/75 61  74  13  7.10   
  And 151  174  23  4.16   
  And 251  304.5  53.5  72.5   
  Incl 270.5  271  0.5  6700  3990 g/t silver
  And 285  285.5  0.5  787  445 g/t silver

1) True thickness to be determined.        
(2) All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP-MS finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and one in 20 samples had a sample cut from assay rejects assayed as a field duplicate at ALS Chemex in North Vancouver, B.C. ALS Chemex is independent of Pretivm.

About Pretivm

Pretivm is a growing intermediate gold producer with the 100%-owned, high-grade gold underground Brucejack Mine located in northwestern BC. We strive for operating excellence and our first priority is the health and safety of our employees, contractors and neighbouring communities. We are committed to the principles of sustainable development and conducting our activities in an environmentally and socially responsible manner.

For further information contact:

Troy Shultz
Director, Investor Relations &
Corporate Communications

Pretium Resources Inc.
Suite 2300, Four Bentall Centre, 1055 Dunsmuir Street
PO Box 49334 Vancouver, BC V7X 1L4
(604) 558-1784
[email protected]
(SEDAR filings: Pretium Resources Inc.)

Regarding Forward-Looking Information

This news release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively herein referred to as “forward-looking information”), including the “safe harbour” provisions of Canadian provincial securities legislation and the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and Section 27A of the U.S. Securities Act of 1933, as amended. Wherever possible, words such as “plans”, “expects”, “guidance”, “projects”, “assumes”, “budget”, “strategy”, “scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”, “intends”, “modeled”, “targets” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information may include, but is not limited to: the district-scale potential of Brucejack and the affirmation of this potential by the discovery of the Golden Marmot Zone, the potential for the Golden Marmot Zone to be a new high-grade deposit, integration (and ease of integration) of the Golden Marmot Zone into future mine plans as an independent source of ore to supply the Brucejack mill, the potential size of the Golden Marmot Zone including that it could be of similar size to the Valley of the Kings deposit, the expected announcement of assay results from the remaining 17 drill holes of the 2021 Golden Marmot exploration program, our views that additional deposits and sources of high-grade mineralization will be identified near the Valley of the Kings deposit opening up the potential for a significantly longer mine life and continued impressive cash flow generation, the potential for drill results from the Gossan Hill, Bridge Zone and Hanging Glacier exploration programs to deliver game-changing results and the expected announcement of assay results from these exploration programs; results, analyses and interpretations of exploration and drilling programs; our mining (including mining methods), expansion, exploration and development activities, including the reverse circulation drill program, our definition, sustaining, expansion and underground exploration drill programs, our follow-up and near-mine exploration programs and our grassroots exploration program, and the specifications, targets, results, benefits, costs and timing thereof; expectations around grade of gold and silver production; Brucejack Mine production rate and gold recovery rate; our operational grade control program, including plans with respect to our infill drill program and our local grade control model; grade reconciliation, updated geological interpretation and mining initiatives with respect to the Brucejack Mine; our management, operational plans and strategy; capital, sustaining and operating cost estimates and timing thereof; the future price of gold and silver; our liquidity and the adequacy of our financial resources (including capital resources); our intentions with respect to our capital resources; capital allocation plans; the estimation of mineral reserves and mineral resources including any updates thereto; parameters and assumptions used to estimate mineral reserves and mineral resources; realization of mineral reserves and mineral resource estimates; our estimated life of mine and life of mine plan for the Brucejack Mine; production and processing estimates and estimated rates; estimated economic results of the Brucejack Mine; predicted metallurgical recoveries for gold and silver; geological and mineralization interpretations; development of our Brucejack Mine and timing thereof; timelines and similar statements relating to the economic viability of the Brucejack Mine, including mine life, total tonnes mined and processed and mining operations; updates to our mineral reserves and mineral resources and life of mine plan for the Brucejack Mine, and the anticipated effects and timing thereof; timing, receipt, and anticipated effects of, and anticipated capital costs in connection with, approvals, consents and permits under applicable legislation; and the effects of the novel coronavirus (2019-nCoV) outbreak as a global pandemic, including anticipated operational and financial impacts, and our response and contingency plans. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information including, without limitation, those related to: the effect of indebtedness on cash flow and business operations; the effect of a pandemic and particularly the COVID-19 outbreak as a global pandemic on the Company’s business, financial condition and results of operations and the impact of the COVID-19 outbreak on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, financial condition and results of operations; assumptions regarding expected capital costs, operating costs and expenditures, production schedules, economic returns and other projections; our production, grade of gold, milling recovery, cash flow and cost estimates, including the accuracy thereof; commodity price fluctuations, including gold and silver price volatility; the accuracy of our Mineral Reserve and Resource estimates (including with respect to size, grade and mining and milling recoverability) and the geological, operational costs and price assumptions on which they are based; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; our ability to maintain or increase our annual production of gold at the Brucejack Mine or discover, develop or acquire Mineral Reserves for production; dependency on the Brucejack Mine for our future operating revenue; the development of our properties and expansion of our operations; our need or ability to raise enough capital to mine, develop, expand or complete further exploration programs on our mineral properties; our ability to generate operating revenues and cash flow in the future; failure of counterparties to perform their contractual obligations; general economic conditions; the inherent risks in the mining industry; the commercial viability of our current and any acquired mineral rights; availability of suitable infrastructure or damage to existing infrastructure; transportation, processing and refining risks; maintaining satisfactory labour relations with employees and contractors; significant governmental regulations, including environmental regulations; non-compliance with permits that are obtained or delay in obtaining or renewing, failure to obtain or renew permits required in the future; increased costs and restrictions on operations due to compliance with health, safety and environmental laws and regulations; compliance with emerging climate change regulation and the detrimental effects of climate change; potential opposition from non-governmental organizations; uncertainty regarding unsettled First Nations rights and title in British Columbia; maintaining our social license to operate; uncertainties related to title to our mineral properties and surface rights; land reclamation and mine closure requirements; our ability to identify and successfully integrate any material properties we acquire; currency exchange rate fluctuations; competition in the mining industry for properties, qualified personnel and management; our ability to attract and retain qualified management and personnel; potential inability to attract development partners or our ability to identify attractive acquisitions; compliance with foreign corrupt practices regulations and anti-bribery laws; changes to rules and regulations, including accounting practices; limitations in our insurance coverage and the ability to insure against certain risks; risks related to ensuring the security and safety of information systems, including cyber security risks; significant growth could place a strain on our management systems; share ownership by our significant shareholders and their ability to influence our operations and governance and, in case of sales of our shares by such significant shareholders, our share price; failure to comply with certain terms of the convertible notes; reputational risks; and certain actions under United States federal securities laws may be unenforceable. This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended. Our forward-looking information is based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking information contained in this news release, we have made certain assumptions about, among other things: our business and operations and that no significant event will occur outside of our normal course of business and operations (other than as expressly set out herein); planned exploration, development and production activities and the results, costs and timing thereof; future price of gold and silver and other metal prices; the accuracy of our Mineral Reserve and Mineral Resource estimates and related information, analyses and interpretations (including with respect to any updates or anticipated updates); the geology and mineralization of the Brucejack Project; operating conditions; capital and operating cost estimates; the results, costs and timing of future exploration and drilling; timelines and similar statements relating to the economic viability of the Brucejack Mine; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits; obtaining required renewals for existing approvals, consents, licenses and permits; the geopolitical, economic, permitting and legal climate that we operate in; the adequacy of our financial resources, and our ability to raise any necessary additional capital on reasonable terms; commodity prices; currency exchange rates and interest rates; political and regulatory stability; requirements under applicable laws; market competition; sustained labour stability and availability of equipment; positive relations with local groups; stability in financial capital markets; and the impact of the COVID-19 outbreak. Although we believe that the assumptions inherent in forward-looking information are reasonable as of the date of this news release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained in this news release. Additional information about the risks and uncertainties concerning forward-looking information and material factors or assumptions on which such forward-looking information is based is provided in our public disclosure documents as filed in Canada on SEDAR at www.sedar.com and in the United States through EDGAR at the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. Forward-looking information is not a guarantee of future performance. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. For the reasons set forth above, readers should not place undue reliance on forward-looking information. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.








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Globex Options Large Joutel Land Package

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart,…

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has optioned our Eagle Northwest, Gagné and Valrennes claim packages totaling approximately 50 square kilometres (191 claims), in the Joutel Mining Camp of Northwestern Quebec to Orford Mining Corporation (ORM-TSXV).

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd14f92-66b7-49af-8504-ba32ac40c8a7

Geological Map with gold and copper showing on the Joutel Eagle Property
Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 1013.

Globex’s Eagle Northwest property herein and hereafter called the Joutel Eagle Property to coincide with Orford nomenclature, covers 11 kilometres of the Casa Berardi structural zone, south splay (CBSZ) which is associated with several mineral deposits such as the Casa Berardi Gold Mine and the polymetallic Estrade Mine. In addition, 11 kilometres of the northwestern extension of the Eagle/Telbel Gold Mine horizon has been shown by Globex’s recent detailed aeromagnetic survey to traverse the entire strike length of the property. Within this property, previous drilling roughly defined the “South Gold Zone” over a strike length of approximately 700 metres and to a depth of 500 metres. This historical gold zone is open to depth as are a number of other areas of gold mineralization intersected in previous drilling.

On the Gagné claims, surface sampling produced assays grading up to 26.2 g/t Au over 3.0 m in trenching (GM54803).

Lastly, the Valrennes claims, toward the western portion of the mining camp, have several clusters of very strong airborne electromagnetic anomalies which have received limited follow up and have potential to indicate the presence of gold and/or base metal bearing stringer or massive sulphides.

Under the option agreement, Orford may earn 100% interest in the claims by fulfilling the follow terms:

  1. The payment of $1,650,000 (half in cash and half in Orford shares) over a five year period of which $425,000 in the first 12 months is a firm obligation;
  2. A work expenditure of $2,775,000 of which $525,000 is a firm obligation within the first 24 month period.

Globex will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of $2,000,000.

Globex is pleased to be optioning this large land package to Orford which has good exploration experience in the area.

Shareholders should note that Globex has also recently optioned our Eagle Gold Mine property to Maple Gold Mines Ltd. (see Globex press release dated July 19, 2021 and Maple’s work update in Maple’s press release dated October 7th, 2021).

Apart from the Orford and Maple option deals, Globex retains two sizable claim packages in the Joutel Mining Camp, the former Poirier Mine and Joutel Copper Mine both of which Globex considers to have significant exploration potential in addition to historical resources.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d473ca12-79a4-42c9-ab48-2a6130a7f5dd

Casa Berardi: Hecla Mining, Mineral Resources Statement as of December 31, 2019. https://www.hecla-mining.com/casa-berardi/ Estrades: Technical report on the Mineral Resources Estimate for the Estrades Project, Northwestern Quebec Canada. Galway Metals, November 5, 2018, Amended March 15, 2019. Eagle /Telbel: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01. Douay: Maple Gold Mines. Mineral Resource Statement as at October 24, 2019. https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate . Vezza: Mineral Resources Estimate for the Vezza Project, located 25 km south of Matagami, Quebec, Maudore Minerals Ltd. December 31, 2012. Poirier Copper/Joutel Copper: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DP346, GM44192. Sleeping Giant: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 13,2020. DV-2010-01 Mine Selbaie: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 1,2021,  DV 2000-02

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

We Seek Safe Harbour.   Foreign Private Issuer 12g3 – 2(b)
  CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1

Tel.: 819.797.5242
Fax: 819.797.1470
[email protected]
www.globexmining.com

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.





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Silver Elephant’s Flying Nickel Spinout Announces Closing of its $8.6 Million Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver…

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver Elephant Mining Corp. (“Silver Elephant“, or the “Company“) (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that, further to its news releases dated October 26, 2021 and November 19, 2021, Silver Elephant’s wholly owned subsidiary Flying Nickel Mining Corp. (“Flying Nickel“) has completed its previously announced private placement (the “Flying Nickel Offering“) for gross proceeds of $8,600,000.

Pursuant to the Flying Nickel Offering, Flying Nickel sold 10,094,033 subscription receipts comprised of non-flow through subscription receipts (each, a “Non-FT Subscription Receipt“) at a price of $0.70 per Non-FT Subscription Receipt and 1,992,437 flow-through eligible subscription receipts (each, a “FT Subscription Receipt“, and collectively with the Non-FT Subscription Receipts, the “Offered Securities“) at a price of $0.77 per FT Subscription Receipt. Red Cloud Securities Inc. (“Red Cloud“), as lead agent and sole bookrunner, together with Canaccord Genuity Corp., acted as agents (the “Agents“) under the Flying Nickel Offering.

Details Regarding the Flying Nickel Offering

Upon the satisfaction of certain escrow release conditions (the “Escrow Release Conditions”), the Offered Securities shall be deemed to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for the following:

  • each Non-FT Subscription Receipt shall be automatically converted into one unit of Flying Nickel (each, a “Unit“); and
  • each FT Subscription Receipt shall be automatically converted into one common share of Flying Nickel to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share“).

Each Unit will consist of one common share of Flying Nickel (each a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one common share of Flying Nickel (each, a “Warrant Share“) at a price of $1.00 at any time on or before November 29, 2023.

The Escrow Release Conditions include, but are not limited to, the approval of a plan of arrangement of Silver Elephant (the “Arrangement“) by Silver Elephant shareholders to be held on December 22, 2021, and approval of the Toronto Stock Exchange. Flying Nickel has applied with TSX Venture Exchange to list its common shares as early as practically possible.

The proceeds of the Flying Nickel Offering will held in escrow and not released to Flying Nickel until the Escrow Release Conditions are satisfied by the deadline provided in the terms of the subscription receipt agreements that govern the Offered Securities. Those proceeds will be used for the exploration and advancement of the Minago Nickel Project as well as for general working capital purposes.

In consideration for the services of the Agents in connection with the Flying Nickel Offering, the Agents will receive a cash commission equal to 6% of the gross proceeds. 50% of the cash commission has been paid to the Agents, with the balance to be released upon satisfaction of the Escrow Release Conditions. In addition, on satisfaction of the Escrow Release Conditions, the Company will issue to the Agents an aggregate of 716,616 broker warrants (“Broker Warrants“), each exercisable to acquire on common share of Flying Nickel at an exercise price of $0.70 at any time on or before November 29, 2023.

Upon completion of the Arrangement and conversion of all of the Offered Securities, it is anticipated that Flying Nickel will have outstanding approximately 62,086,470 common shares, 5,047,016 Warrants and 716,616 Broker Warrants.

Details Regarding the Arrangement

The Arrangement proposes to spin-out Silver Elephant’s Manitoba based Minago Nickel project, Nevada based Gibellini Vanadium project, and mining royalty portfolio into Flying Nickel Mining Corp. (“Flying Nickel”), Nevada Vanadium Mining Corp. (“Nevada Vanadium”), and Battery Metals Royalties Corp. (“Battery Royalties”).

Further to the Company news releases dated August 26, 2021, and September 23, 2021, each Silver Elephant share outstanding on the Record Date of the Arrangement (expected to be in early January 2022, the “Record Date”), will be consolidated on the basis of one post-consolidation common share (“ELEF Share”) for every ten pre-consolidation shares of Silver Elephant (the “Consolidation”).

Each Silver Elephant shareholder (“Shareholder”) will receive: one share of each of Flying Nickel and Nevada Vanadium and two shares of Battery Royalties for every post-Consolidation ELEF Share held by such Shareholder on the Record Date;

More detailed information regarding the Arrangement is disclosed in the management information circular prepared for the shareholder meeting which is available under the Company’s profile at www.sedar.com, and www.silverelef.com.

$ = Canadian Dollars

About Silver Elephant Mining Corp.

Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.

Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and www.flynickel.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

“John Lee”

Executive Chairman

For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Silver Elephant’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant 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. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

None of the securities to be issued pursuant to the Flying Nickel Offering have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

SOURCE: Silver Elephant Mining Corp.

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https://www.accesswire.com/675245/Silver-Elephants-Flying-Nickel-Spinout-Announces-Closing-of-its-86-Million-Private-Placement





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Opawica Engages Drill Contractor for 14 High Priority Targets on Bazooka Property, Quebec

 

Vancouver, B.C. – TheNewswire – November 30th, 2021 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”)…

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Vancouver, B.C. – TheNewswire – November 30th, 2021 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”) announces that further to the Company’s news release of November 24th, 2021, the Company has engaged the services of a Forage DCB Drilling of Rouyn-Noranda to undertake a minimum of 3,000 meters of drilling on the Bazooka Property.

 

Blake Morgan, Chief Executive Officer of Opawica stated, “The team at Opawica is thrilled to begin drilling on the Bazooka Property. Historically the Bazooka Property has hosted some exciting gold grades and we are looking forward to expanding on that.”

 

Significant gold mineralization has been established on the Bazooka property from near surface to approximately 250 metres vertical depth during past drill programs completed on the property by previous owners. In 1944, Siscoe intersected an interval of 5.79 metres of 77.18 g/t Au (true width unknown); with historical drill intercepts ranging from narrow and intermittent anomalous gold. In 1981, Soquem reported values of up to 7.50 metres of 25.77 g/t Au; and in 2003 Lake Shore Gold Corp. intercepted 1.25 metres of 94.11 g/t Au; and RT Minerals Corp. intersected values of up to 17 metres of core length at 7.86 g/t Au, including 7.20 metres of 16.77 g/t Au. These recent intervals are estimated at approximately 85% to 93% true widths. This gold mineralization is known to exist within 50 metres on strike to the gold mineralization on the Yorbeau property and for a current strike length on Opawica’s Bazooka property and optioned Bazooka property for approximately seven kilometres.

 

Opawica’s drill program is designed to test the depth extension of the mineralized zone of the underground works. In 1951-52, Eldona Gold Mine sank a shaft of 125 m and at level -114 m and 634 m of drifts were developed and reached the fold nose feature of the Cadillac Larder Lake Break (“CLLB”). Four mineralized gold zones were outlined as follows: “Average of back panel samples grading 0.31 oz over 15.0 feet, average of back panel samples grading 0.55 oz over 3.5 feet by 69 feet long, average of back panel samples grading 0.06 oz over 5.3 feet by 60 feet long and channel samples grading 0.21 oz (over a drift section of 10 feet)”, (extract from technical report filed on Sedar on April 28, 2016).

Derrick Strickland, P.Geo. (OGQ No. 35402), is the Qualified Person for Opawica Explorations Inc. and approves the technical content of this news release. *The Qualified Person has not verified the information on Abitibi greenstone belt, Yamana and Wasamac gold resources. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the company’s properties.

About Opawica Explorations Inc.

Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company’s management has a great track record in discovering and developing successful exploration projects. The Company’s objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

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

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company.  Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.  All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com.  These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.  

  

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