OTTAWA, Dec. 02, 2021 (GLOBE NEWSWIRE) —(“Cornerstone” or “the Company”) ( ) (OTC:CTNXF) (FWB:GWN1) is pleased to provide a drilling update for the Tandayama-Ameríca (“TAM”) porphyry copper-gold satellite deposit located 3km north of the Alpala Deposit1 at its Cascabel copper-gold porphyry joint venture project in northern Ecuador (see Figure 1) in which Cornerstone has a 15% interest2 financed through to completion of a feasibility study plus 6.86% of the shares of joint venture partner and Project operator , for a total direct and indirect interest in Cascabel of 20.8%.
TAM contains a maiden Mineral Resource Estimate (“MRE”) of 233.0Mt @ 0.23% Cu and 0.16 g/t Au (0.33% copper equivalent (CuEq)3) containing 0.53Mt Cu and 1.20Moz Au in the Indicated category, plus 197.0Mt @ 0.27% Cu and 0.20 g/t Au (0.39% CuEq) containing 0.52Mt Cu and 1.24Moz Au in the Inferred category (See Cornerstone news release 21-18 dated October 19, 2021: https://cornerstoneresources.com/news-releases/cornerstone-announces-maiden-resource-at-tandayama-america-porphyry-copper-gold-deposit-cascabel-project-ecuador/).
Figures referenced in this news release can be viewed through the following link: https://cornerstoneresources.com/site/assets/files/5835/nr21-22figures.pdf.
- A total of ~26,000m of diamond drilling from 33 drill holes has now been completed at the TAM deposit, equating to an additional ~4,000m of resource extension and geotechnical drilling completed since the recent release of the TAM maiden MRE.
- The ongoing drilling points to further potential resource growth, with final assay results from holes 19 to 24 extending mineralization potentially mineable by both open pit and underground bulk mining methods.
- Drilling continues at TAM utilizing four diamond drill rigs. The Cascabel project is still growing, and the additional resources being identified at TAM provide a strategic fit towards the development of the Cascabel property as a whole. Further updates to the Cascabel resource base are planned.
TABLE 1: SELECTED INTERCEPTS FROM DRILL HOLES 14 TO 24 AT TAM:
|1. Significant down-hole drill intercepts are reported using a data aggregation method based on copper equivalent (CuEq) cut-off grades with up to 10m internal dilution, excluding bridging to a single sample and with minimum intersection length of 50m.|
|2. True width of down-hole intersections reported are expected to be approximately 35-90% of the down-hole lengths, depending on the attitude of the drill hole. Drill hole inclinations range from -15 to -80 degrees.|
|3. Copper equivalency factor of 0.632 (whereby CuEq = Cu + Au x 0.632) is based on third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining studies data available from a similar deposit. Costs include mining, processing and general and administration (G&A). Net Smelter Return (NSR) includes metallurgical recoveries and off-site realization (TCRC) including royalties and utilizing metal prices of Cu at US$3.30/lb and Au at US$1,700/oz.|
|4. nsi – no significant intersection.|
|5. * – intersection remains open at depth.|
To date a total of ~26,000m of diamond drilling has been completed at the TAM deposit, with drill holes 30 to 33 currently underway utilizing four diamond drilling rigs (Figure 2). Assay results from Holes 25 to 33 are pending. An additional ~4,000m of resource extension and geotechnical drilling has been completed since the release of the TAM maiden MRE.
Holes 1 to 19 were drilled for resource definition in the central, north, and west portions of the deposit. Holes 20, 21, 22, 27, 30 and 32 were drilled specifically for geotechnical purposes, targeting the proposed west wall of the potential pit design. All remaining holes focus on resource extension to the growing underground resources.
The full size and tenor of the TAM system has not yet been tested. Mineralization remains open to the south and east and at depth. Further surface geochemical anomalies to the east of the current drilling area require drill testing.
Potentially open pittable Mineral Resources comprise 201Mt @ 0.33% CuEq in the Indicated category, plus 61.8Mt @ 0.44% CuEq in the Inferred category, at a cut-off grade of 0.16% CuEq. Potentially open pittable Mineral Resources include a higher-grade near-surface zone containing 10.6Mt @ 0.41% CuEq and 5.1Mt @ 0.45% CuEq that should support early cash flows and accelerate pay back of initial pre-production capital for the Cascabel Project.
Mineral Resources potentially mineable by underground bulk mining methods comprise 32Mt @ 0.35% CuEq in the Indicated category, plus 135.2Mt @ 0.37% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.
Mineral Resources potentially mineable by underground bulk mining methods include a higher-grade core, that remains open to the east, southeast and at depth, containing 16.4Mt @ 0.43% CuEq in the Indicated category, plus 70.4Mt @ 0.46% CuEq in the Inferred category, at a cut-off grade of 0.28% CuEq.
The estimation process followed the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” (CIM, 2019). The Mineral Resource Estimate is stated in accordance with CIM Definition Standards (CIM, 2014) and Canada’s National Instrument 43-101.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to a rigorous Quality Assurance and Quality Control (QA/QC) protocol consistent with industry best practices.
Primary sample collection involves secure transport from Cascabel to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analyzed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical database, SolGold’s QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold’s QA/QC protocol also monitors the ongoing quality of its analytical database. SolGold’s protocol involves independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold’s QA/QC protocol.
Information in this news release relating to the exploration results is based on data reviewed by Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of, the Project operator. Mr. Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years’ experience in mineral exploration and is a Qualified Person for the purposes of National Instrument 43-101. Mr Ward consents to the inclusion of the information in the form and context in which it appears.
Information in this news release relating to the Mineral Resource Estimate was reviewed by Dr. Andrew Fowler, who is a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy and has over 20 years’ experience in Mineral Resource Estimation, open pit mining, underground mining and mineral exploration. He is an independent Qualified Person for the purposes of the relevant TSX Rules. Dr. Fowler consents to the inclusion of the information in the form and context in which it appears.
Yvan Crepeau, MBA, P.Geo., Cornerstone’s Vice President, Exploration and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Cascabel project for Cornerstone and has reviewed and approved the information contained in this news release.
is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator . Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.
Mario Drolet; Email: [email protected]; Tel. (514) 904-1333
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This news release may contain ‘Forward-Looking Statements’ that involve risks and uncertainties, such as statements of Cornerstone’s beliefs, plans, objectives, strategies, intentions and expectations. The words “potential,” “anticipate,” “forecast,” “believe,” “estimate,” “intend”, “trends”, “indicate”, “expect,” “may,” “should,” “could”, “project,” “plan,” or the negative or other variations of these words and similar expressions are intended to be among the statements that identify ‘Forward-Looking Statements.’ Although Cornerstone believes that its expectations reflected in these ‘Forward-Looking Statements’ are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings, viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behaviour of financial and metals markets, predicting natural geological phenomena and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our Forward-Looking Statements. Although Cornerstone believes the facts and information contained in this news release to be as correct and current as possible, Cornerstone does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views after the date of this news release. While Cornerstone anticipates that subsequent events may cause its views to change, it expressly disclaims any obligation to update the Forward-Looking Statements contained herein except where outcomes have varied materially from the original statements.
On Behalf of the Board,
President and CEO
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.
1 The Alpala deposit comprises 2,663 Mt at 0.53% CuEq (see how calculated in next paragraph) in the Measured plus Indicated categories and contained metal content of 9.9 Mt Cu, 21.7 Moz Au and 92.2 Moz Ag. The deposit measures approximately 900m in height and 500m diameter. See “Cascabel Property NI 43-101 Technical Report, Alpala Porphyry Copper-Gold-Silver Deposit – Mineral Resource Estimation, January 2021” with an Effective date: 18 March 2020 and Amended Date: 15 January 2021 (the “Amended Technical Report”), filed at www.Sedar.com on January 29, 2021: https://cornerstoneresources.com/site/assets/files/5574/2101_cascabel_mre3.pdf.
Alpala Copper Equivalency (CuEq) was calculated (assuming 100% recovery of copper and gold) using a Gold Conversion Factor of 0.613 (CuEq = Cu + Au x 0.613), calculated from a nominal copper price of US$3.40/lb and a gold price of US$1,400/oz.
2 See “About Cornerstone” below.
3 TAM open pittable and underground resources were estimated using a Copper Equivalency (CuEq) calculated from estimated costs, including mining, processing and general and administration (G&A), whereby Net Smelter Return (NSR) includes metallurgical recoveries and off-site realization (TCRC) including royalties, and utilizing the updated nominal copper price of US$3.30/lb and a gold price of US$1,700/oz to produce a Gold Conversion Factor of 0.632 (CuEq = Cu + Au x 0.632) for open pittable resources and 0.654 (CuEq = Cu + Au x 0.654) for underground resources.
St-Georges to Prosecute its Claims Against Litigious UK Group
Montréal, January 22, 2022 – St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) announces today that it has served a statement of…
Montréal, January 22, 2022 – ( )(OTCQB: SXOOF) (FSE: 85G1) announces today that it has served a statement of claims to BWA Group PLC, “BWA”, and its subsidiary, Kings of the North Corp. The claims seek damages of $277,640 for breach of contract and various other causes of action.
The Corporation is aware of the press release issued by BWA on December 31, 2021, in which BWA states that it has commenced a civil action against the Corporation in relation to the KOTN transactions. The BWA claim seeks, among other things, damages of $1,500,000 against the Corporation and its former CEO, alleging breach of contract, conspiracy and various other causes of action (the “BWA Claims”).
The Corporation believes the BWA claims are entirely without merit and frivolous. The Corporation will vigorously defend the BWA Claims and will prosecute its own claims against BWA and KOTN.
Under the circumstance, the Corporation will also undertake to divest its interest in BWA gradually.
“(…) Legal litigation is not part of St-Georges’ business model (…) the Company has mandated its lawyers to handle this file and is not expecting management to be side-tracked from the pursuit of its business goals and objectives (…) although a nuisance, the distraction that this lawsuit seeks to create, is not significant in relation to the corporation’s strategic development plan (…)” commented St-Georges’ COO, Frank Dumas.
ON BEHALF OF THE BOARD OF DIRECTORS
COO & Director.
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Copyright (c) 2022 TheNewswire – All rights reserved.
Ford Nicholson Announces Filing of Early Warning Report Related to Earl Resources Limited
Vancouver, British Columbia–(Newsfile Corp. – January 21, 2022) – Ford Nicholson announced today that on December 22, 2021 he acquired, directly or indirectly,…
Vancouver, British Columbia–(Newsfile Corp. – January 21, 2022) – Ford Nicholson announced today that on December 22, 2021 he acquired, directly or indirectly, beneficial ownership, control or direction over 4,927,592 common shares (the “Purchased Shares“) of Earl Resources Limited (the “Company“). Mr. Nicholson acquired the Purchase Shares on December 22, 2021 through share purchase transactions between Mr. Nicholson and various private sellers at a price of $0.035, for an aggregate purchase price of $17,246.58 (the “Share Acquisitions”). 1,122,543 of the Purchased Shares were acquired directly by Mr. Nicholson and 3,805,049 Shares were acquired through Kepis & Pobe Financial Group Inc. and Kepis & Pobe Investments Inc., entities wholly-owned by Mr. Nicholson. The Purchased Shares represent 14.64% of the current number of issued and outstanding common shares of the Company. Mr. Nicholson now beneficially owns or controls, directly or indirectly, an aggregate of 5,635,092 common shares, representing 14.64% of the Company’s issued and outstanding common shares.
As a result of inadvertence on the part of Mr. Nicholson, an early warning report and new release required by applicable securities for the Acquisition was not filed. Until all compliance issues related to Mr. Nicholson’s failure to file early warning and insider reports have been resolved, Mr. Nicholson will not acquire and/or dispose of any securities of the Company.
Mr. Nicholson acquired the Purchased Shares for private investment purposes and may, in the future and subject to applicable law, increase or decrease his beneficial ownership or control over securities of the Company depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
An early warning report reflecting the above noted is now available under the Company’s sedar profile at www.sedar.com. For further information, or to request a copy of the early warning report, please contact the following:
Telephone: (604) 417-8032
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111217
Maritime Resources Closes Previously Announced Sale of Royalty Portfolio
Toronto, Ontario–(Newsfile Corp. – January 21, 2022) – Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce the closing…
Toronto, Ontario–(Newsfile Corp. – January 21, 2022) –( ) (“Maritime” or the “Company”) is pleased to announce the closing of its previously announced asset sale transaction with (“Nomad”). Maritime sold a portion of its royalty portfolio in a number of Canadian exploration projects in Quebec, British Columbia and Ontario to Nomad for US$700,000, which was satisfied through the issuance of 96,818 Nomad common shares. As part of the asset sale process, a right of first refusal associated with one of the royalties being sold was exercised and the applicable royalty was sold for approximately $375,000, being the Canadian dollar equivalent of US$300,000.
Garett Macdonald, President and CEO of Maritime, commented, “This agreement realizes the value of our royalty portfolio today while also providing upside exposure through an equity position in Nomad, one the industry’s fastest growing royalty companies.”
Maritime holds a 100% interest, directly and subject to option agreements entitling it to earn 100% ownership, in the Green Bay Property, including the former Hammerdown gold mine and the Orion gold project plus the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown Gold Project is characterized by near-vertical, narrow mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004.
On Behalf of the Board:
Garett Macdonald, MBA, P.Eng.
President and CEO
For further information, please contact:
Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Street, Toronto, ON M5C 1T4.
Caution Regarding Forward-Looking Statements:
Certain of the statements made and information contained herein is “forward-looking information” within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”, “intends”, “indicates” “plans” and similar expressions. Forward-looking statements include statements concerning the anticipated closing of this asset Sale Agreement, potential to increase mineral resource and mineral reserve estimates, the Company’s decision to restart the Project, the Company’s plans regarding depth extension of the deposit at Hammerdown, the Company’s plans regarding completing additional infill and grade control testing within the PEA mine plan, the Company’s plans regarding drilling targets previously identified, the anticipated timing of provincial environmental assessment approval for Hammerdown and the Company’s activities related to the Nugget Pond gold circuit, including receipt of certain approvals related to those activities, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including market reaction to the coronavirus outbreak; competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision at Hammerdown and executing exploration programs at its Newfoundland and Labrador properties on the Company’s proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company’s properties; uncertainty as to whether the acquisition of the Nugget Pond gold circuit will be completed in the manner currently contemplated by the parties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. 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 statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111200
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