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SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2022

SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2022
Canada NewsWire
VANCOUVER, BC, Jan. 13, 2022

Trading Symbol:        TSX: SVM                                    NYSE AMERICAN: SVM

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SILVERCORP REPORTS OPERATIONAL RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE THIRD QUARTER OF FISCAL 2022

Canada NewsWire

Trading Symbol:        TSX: SVM
                                   
NYSE AMERICAN: SVM

VANCOUVER, BC, Jan. 13, 2022 /CNW/ – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the third quarter ended December 31, 2021 (“Q3 Fiscal 2022”). The Company expects to release its Q3 Fiscal 2022 unaudited financial results along with the annual production guidance for the fiscal year ended March 31, 2023 on Tuesday, February 8, 2022 after market close.

In Q3 Fiscal 2022, the Company increased production to approximately 1.8 million ounces of silver, 1,100 ounces of gold, 19.0 million pounds of lead, and 8.0 million pounds of zinc, representing increases of 8%, 38%, 8%, and 7%, respectively, in silver, gold, lead and zinc over the second quarter ended September 30, 2021 (“Q2 Fiscal 2022”).

For the first nine months of Fiscal 2022, the Company produced approximately 5.0 million ounces of silver, 2,900 ounces of gold, 52.5 million pounds of lead, and 22.7 million pounds of zinc. Recently, strict Covid 19 quarantine policy imposed by local governments where our mines are located has caused uncertainty for workers travelling home and back during Chinese New Year holiday, which may have some impact on production for the fourth quarter.

Q3 FISCAL 2022 OPERATING HIGHLIGHTS 

  • At the Ying Mining District, 200,946 tonnes of ore were mined, up 10% over the same prior year quarter (“Q3 Fiscal 2021”), and 214,982 tonnes of ore were milled, up 32% over Q3 Fiscal 2021. Approximately 1.6 million ounces of silver, 1,100 ounces of gold, 16.4 million pounds of lead, and 2.3 million pounds of zinc were produced, representing increases of 13%, 22%, 14% and 26%, respectively, in silver, gold, lead and zinc over Q3 Fiscal 2021 as the Company increased the milling tonnage, offset by lower head grades experienced at the Ying Mining District. As reported in the Company’s news release dated November 4, 2021, the SGX Mine at the Ying Mining District suspended production for ten days as a precautionary measure due to heavy rainfall experienced in the Yellow River region, impacting ore production and head grades in the current quarter.
  • At the GC Mine, 91,126 tonnes of ore were mined, down 6% over Q3 Fiscal 2021, and 89,790 tonnes of ore were milled, down 8% over Q3 Fiscal 2021. Approximately 187 thousand ounces of silver, 2.6 million pounds of lead, and 5.7 million pounds of zinc were produced, representing decreases of 12%, 6% and 17%, respectively, in silver, lead, and zinc over Q3 Fiscal 2021.
  • On a consolidated basis, 292,072 tonnes of ore were mined, up 5% over Q3 Fiscal 2021, and 304,772 tonnes of ore were milled, up 17% over Q3 Fiscal 2021. Approximately 1.8 million ounces of silver, 1,100 ounces of gold, 19.0 million pounds of lead, and 8.0 million pounds of zinc were produced, representing increases of 9%, 22%, and 11%, respectively, in silver, gold and lead, and a decrease of 7% in zinc over Q3 Fiscal 2021.
  • On a consolidated basis, the Company sold approximately 1.7 million ounces of silver, 1,100 ounces of gold, 17.2 million pounds of lead, and 7.6 million pounds of zinc, representing increases of 4%, 38%, and 2%, respectively, in silver, gold and lead sold, and a decrease of 15% in zinc sold over Q3 Fiscal 2021.

The consolidated operational results for the past five quarters are summarized as follows:

Consolidated

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021

Nine months ended December 31,

 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 

2021

2020

 Production Data 

 Ore Mined (tonne)  

292,072

292,468

231,235

163,072

279,445

815,775

801,853

 Ore Milled (tonne) 

304,772

271,816

243,077

180,674

260,648

819,665

786,907

 Head Grades 

      Silver (gram/tonne) 

205

214

207

228

216

208

222

      Lead  (%) 

3.1

3.2

3.2

3.3

3.2

3.2

3.5

      Zinc (%) 

1.5

1.6

1.7

1.5

1.8

1.6

1.7

 Recovery Rates 

      Silver  (%)  

93.8

94.1

93.2

92.5

92.3

93.7

92.9

      Lead  (%) 

94.4

94.5

94.6

94.3

95.3

94.5

95.1

      Zinc (%) 

80.1

79.3

80.7

79.0

82.4

80.0

79.9

 Metal production 

 Silver (in thousands of ounces) 

1,834

1,696

1,474

1,195

1,677

5,003

5,136

 Gold (in thousands of ounces) 

1.1

0.8

1.0

0.3

0.9

2.9

3.2

 Lead (in thousands of pounds) 

18,978

17,613

15,878

12,156

17,111

52,469

56,274

 Zinc (in thousands of pounds) 

8,030

7,483

7,198

4,672

8,673

22,711

23,339

 Metals sold 

 Silver (in thousands of ounces) 

1,721

1,729

1,642

1,056

1,647

5,092

5,259

 Gold  (in thousands of ounces) 

1.1

0.8

1.0

0.7

0.8

2.9

4.1

 Lead (in thousands of pounds) 

17,155

17,319

16,810

10,876

16,806

51,284

56,242

 Zinc  (in thousands of pounds) 

7,588

7,626

7,255

4,580

8,965

22,469

23,334

The operational results at the Ying Mining District for the past five quarters are summarized as follows:

Ying Mining District

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021

Nine months ended December 31,

 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 

2021

2020

 Production Data 

 Ore Mined (tonne)  

200,946

206,933

142,907

112,561

182,268

550,786

537,464

 Ore Milled (tonne) 

214,982

182,173

155,407

131,725

162,905

552,562

519,677

 Head Grades 

      Silver (gram/tonne) 

258

283

279

280

297

272

293

      Lead  (%) 

3.7

4.0

4.2

3.9

4.3

3.9

4.4

      Zinc (%) 

0.8

0.7

0.8

0.8

0.8

0.8

0.8

 Recovery Rates 

      Silver  (%)  

95.1

95.4

94.7

93.7

93.9

95.1

94.4

      Lead  (%) 

95.2

95.5

95.7

95.1

96.4

95.5

96.2

      Zinc (%) 

64.0

56.0

59.7

65.0

63.3

60.3

61.7

 Metal production 

 Silver (in thousands of ounces) 

1,647

1,517

1,283

1,083

1,464

4,447

4,532

 Gold (in thousands of ounces) 

1.1

0.8

1.0

0.3

0.9

2.9

3.2

 Lead (in thousands of pounds) 

16,392

14,671

13,278

10,504

14,361

44,341

47,382

 Zinc (in thousands of pounds) 

2,347

1,584

1,519

1,496

1,857

5,450

5,420

 Metals sold 

 Silver (in thousands of ounces) 

1,561

1,553

1,447

936

1,446

4,561

4,674

 Gold  (in thousands of ounces) 

1.1

0.8

1.0

0.7

0.8

2.9

2.9

 Lead (in thousands of pounds) 

15,003

14,436

14,175

9,137

14,207

43,614

47,571

 Zinc  (in thousands of pounds) 

1,947

1,617

1,521

1,306

2,241

5,085

5,662

The operational results at the GC Mine for the past five quarters are summarized as follows:

GC Mine

Q3 F2022

Q2 F2022

Q1 F2022

Q4 F2021

Q3 F2021

Nine months ended December 31,

 December 31, 2021 

 September 30, 2021 

 June 30, 2021 

 March 31, 2021 

 December 31, 2020 

2021

2020

 Production Data 

 Ore Mined (tonne)  

91,126

85,535

88,328

50,511

97,177

264,989

264,389

 Ore Milled (tonne) 

89,790

89,643

87,670

48,949

97,743

267,103

267,230

 Head Grades 

     Silver (gram/tonne) 

78

73

80

87

82

77

85

      Lead  (%) 

1.5

1.7

1.5

1.7

1.4

1.5

1.7

      Zinc (%) 

3.2

3.3

3.3

3.3

3.5

3.3

3.4

 Recovery Rates 

      Silver  (%)  

83.5

84.4

84.1

81.9

82.6

84.0

82.6

      Lead  (%) 

89.0

89.5

89.3

89.7

89.6

89.3

89.5

      Zinc (%) 

89.8

89.6

89.3

88.2

89.7

89.6

88.2

 Metal production 

 Silver (in thousands of ounces) 

187

179

190

112

213

556

604

 Lead (in thousands of pounds) 

2,586

2,942

2,600

1,652

2,750

8,128

8,892

 Zinc (in thousands of pounds) 

5,683

5,899

5,679

3,176

6,816

17,261

17,919

 Metals sold 

 Silver (in thousands of ounces) 

160

176

195

120

201

531

585

 Lead (in thousands of pounds) 

2,152

2,883

2,635

1,739

2,599

7,670

8,671

 Zinc  (in thousands of pounds) 

5,641

6,009

5,734

3,274

6,724

17,384

17,672

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China.  The Company’s goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.  Silvercorp balances profitability, social and environmental relationships, employees’ wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.

CAUTIONARY DISCLAIMER – FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian provincial securities laws (collectively, “forward-looking statements”). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.  Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company’s material properties; the sufficiency of the Company’s capital to finance the Company’s operations; estimates of the Company’s revenues and capital expenditures; estimated production from the Company’s mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company’s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company’s properties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: social and economic impacts of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company’s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; legislative and regulatory initiatives addressing global climate change or other environmental concerns; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form under the heading “Risk Factors”.  Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended.  Accordingly, readers should not place undue reliance on forward-looking statements.

The Company’s forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

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SOURCE Silvercorp Metals Inc


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Benchmark Drills 8.20 Metres of 49.38 g/t Gold Equivalent Within 177.20 Metres of 3.21 g/t Gold Equivalent at the Cliff Creek Deposit

Edmonton, Alberta–(Newsfile Corp. – January 28, 2022) – Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) (the "Company" or "Benchmark")…

Edmonton, Alberta–(Newsfile Corp. – January 28, 2022) – Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF) (WKN: A2JM2X) (the “Company” or “Benchmark“) – is pleased to announce new results from 9 infill and expansion drill holes from the southern portion of the Cliff Creek deposit area (Cliff Creek South – CCS). Drilling has intersected broad zones of bulk-tonnage and high-grade mineralization including 177.20 metres (m) core length of 1.73 grams per tonne (g/t) gold and 117.87 g/t silver or 3.21 g/t gold equivalent (AuEq)* with 8.20 m of 23.83 g/t gold and 2044.15 g/t silver or 49.38 g/t AuEq in drill hole 21CCDD061 (Figure 1). These new drill results continue to test and expand beyond the limits of the 2021 modelled pit shell and demonstrate strong continuity of mineralization from surface to over 450 vertical metres depth (Figure 2). Expansion potential at CCS remains open with the potential for open-pit resources at surface as well as high-grade material at depth for underground mining. Benchmark’s flagship Lawyers Gold-Silver Project is located within a road-accessible region of the prolific Golden Horseshoe area of north-central British Columbia, Canada.

John Williamson, CEO, commented, “Benchmark has grown the Cliff Creek South area from a new gold-silver discovery at surface that now extends to 450 metres depth. The entire Cliff Creek Deposit remains open at depth with significant high-grade material. Expansion and infill drilling at the south end of the Cliff Creek Deposit continues to generate significant, long intersections of gold-silver mineralization. Drilling is providing continuity and extending gold-silver mineralization to greater depths. The CCS area is providing optionality for open pit mining and/or underground mining that holds bulk tonnage high-grade gold and silver material at depth.”

Highlights

  • Delivered strong results along the limits of the 2021 $1600 modelled pit shell including 112.09 m core length of 1.21 g/t gold and 30.70 g/t silver or 1.60 AuEq with 44.80 m of 2.05 g/t gold and 18.07 g/t silver or 2.28 g/t AuEq in drill hole 21CCDD044; and 95.55 m core length of 1.30 g/t gold and 47.89 g/t silver or 1.90 g/t AuEq with 21.00 m of 4.04 g/t gold and 84.12 g/t silver or 5.09 g/t AuEq in drill hole 21CCDD049, and;
  • Excellent infill and expansion drilling results that continue to confirm the continuity of this robust mineralizing system along-strike and at-depth beyond the 2021 modelled pit shell (Table 1), and;
  • Potentially reducing the strip ratio by continuing to yield high-grade material with enveloping broad and high-grade bulk-tonnage material.

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Figure 1: Plan map at the Cliff Creek Deposit
 highlighting new 2021 drill results.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6169/111917_36d4932af4ac395f_001full.jpg

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Figure 2: Long-section at the Cliff Creek South Zone showing gold and silver results from a series of drill holes.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6169/111917_36d4932af4ac395f_002full.jpg

Table 1: Drill results summary from the Cliff Creek South Zone

Drillhole From (m) To (m) Interval (m)* Au (g/t) Ag (g/t) AuEq (g/t)** 
 21CCDD028 110.00 122.12 12.12 1.79 162.25 3.82 
120.73 121.52 0.79 16.45 1505.00 35.26 
269.00 282.20 13.20 0.29 42.54 0.82 
271.00 272.25 1.25 2.62 236.00 5.57 
421.80 433.78 11.98 0.66 19.06 0.90 
433.30 433.78 0.48 6.56 335.00 10.75 
 21CCDD039 359.00 361.00 2.00 0.92 19.74 1.17 
419.42 531.51 112.09 0.68 5.07 0.74 
442.00 448.00 6.00 4.91 5.39 4.97 
441.00 444.00 3.00 6.28 6.36 6.35 
 21CCDD043 182.00 281.00 99.00 0.71 20.73 0.97 
243.00 253.00 10.00 2.34 81.69 3.36 
241.00 244.00 3.00 5.64 31.07 6.02 
 21CCDD044 212.00 254.00 42.00 0.48 23.58 0.77 
incl. 243.00 245.00 2.00 1.90 129.25 3.51 
326.15 331.85 5.70 0.70 87.84 1.80 
372.00 496.00 124.00 1.21 30.70 1.60 
incl. 399.00 402.00 3.00 11.58 284.74 15.14 
and 439.20 484.00 44.80 2.05 18.07 2.28 
incl. 439.20 440.00 0.80 34.60 9.59 34.72 
 21CCDD049 332.00 351.00 19.00 1.97 9.78 2.10 
incl. 343.00 344.00 1.00 22.70 54.00 23.38 
402.00 497.55 95.55 1.30 47.89 1.90 
incl. 462.00 483.00 21.00 4.04 84.12 5.09 
incl. 462.00 463.00 1.00 20.40 778.00 30.13 
 21CCDD051 143.00 257.20 114.20 0.52 13.65 0.69 
143.00 202.00 59.00 0.46 14.53 0.64 
143.00 144.00 1.00 5.24 152.00 7.14 
230.00 257.20 27.20 1.06 22.99 1.35 
245.15 246.20 1.05 11.55 133.00 13.21 
 21CCDD053 3.00 17.00 14.00 0.51 64.82 1.32 
4.00 5.00 1.00 4.26 512.00 10.66 
136.00 143.00 7.00 0.60 15.61 0.79 
172.00 276.11 104.11 0.63 20.83 0.89 
247.00 250.00 3.00 5.19 353.05 9.60 
 21CCDD061 111.00 122.83 11.83 0.25 52.28 0.90 
incl. 120.00 121.03 1.03 0.70 279.00 4.19 
176.00 353.20 177.20 1.73 117.87 3.21 
incl. 333.35 350.60 17.25 14.24 1102.99 28.03 
incl. 337.80 346.00 8.20 23.83 2044.15 49.38 
incl. 340.00 341.00 1.00 38.30 3740.00 85.05 
 21CCDD081 213.00 318.00 105.00 0.84 9.15 0.95 
257.00 260.00 3.00 8.67 49.73 9.29 

 

* Gold equivalent (AuEq) calculated using 80:1 silver to gold ratio.
** Intervals are core-length. True width is estimated between 80 to 90% of core length.

Quality Assurance and Control

Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). The sampling program was undertaken by Company personnel under the direction of Rob L’Heureux, P.Geol. A secure chain of custody is maintained in transporting and storing of all samples. Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Analysis by four acid digestion with 48 element ICP-MS analysis was conducted on all samples with silver and base metal over- limits being re-analyzed by atomic absorption or emission spectrometry. Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a qualified person as defined by National Instrument 43-101.

Stock Options Granted

The Company has granted 6,325,000 stock options at an exercise price of $1.10 to employees and consultants. The options shall expire and terminate on January 26, 2027. These stock options have been granted in accordance with the Company’s Stock Option Plan. Pursuant to this plan, the Company is authorized to grant an aggregate of up to 10% of its issued and outstanding common shares on a rolling basis.

About Benchmark Metals

Benchmark Metals Inc. is a Canadian based gold and silver company advancing its 100% owned Lawyer’s Gold-Silver Project located in the prolific Golden Horseshoe of northern British Columbia, Canada. The Project consists of three mineralized deposits that remain open for expansion, in addition to +20 new target areas along the 20 kilometre trend. The Company trades on the TSX Venture Exchange in Canada, the OTCQX Best Market in the United States, and the Tradegate Exchange in Europe. Benchmark is managed by proven resource sector professionals, who have a track record of advancing exploration projects from grassroots scenarios through to production.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Williamson”
John Williamson, Chief Executive Officer

For further information, please contact:
Jim Greig
Email: [email protected]
Telephone: +1 604 260 6977

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.

This news release may contain certain “forward-looking statements”. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

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AUXICO ANNOUNCES DELAY IN FILING OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

AUXICO ANNOUNCES DELAY IN FILING OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS
Canada NewsWire
MONTREAL, Jan. 28, 2022

MONTREAL, Jan. 28, 2022 /CNW Telbec/ – Auxico Resources Canada Inc. (CSE: AUAG) announces that its annual consolidated financial st…

AUXICO ANNOUNCES DELAY IN FILING OF ANNUAL CONSOLIDATED FINANCIAL STATEMENTS

Canada NewsWire

MONTREAL, Jan. 28, 2022 /CNW Telbec/ – Auxico Resources Canada Inc. (CSE: AUAG) announces that its annual consolidated financial statements for the year ended September 30, 2021, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Filings“) will not be filed by the required filing deadline of January 28, 2022 (the “Filing Deadline“).

The Annual Financial Filings will not be filed on or before the Filing Deadline due to the fact that there have been delays in receiving certain confirmations of the Company’s assets in Latin America. These delays are due primarily to the impacts of the COVID pandemic locally. The Company’s auditors, Guimond Lavallée, will not be able to complete their audit until such confirmations are received and to their satisfaction.

The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings on of before February 28, 2022. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.

The Company has applied to the applicable securities regulatory authorities and received a management cease trade order (“MCTO“) imposed against the Chief Executive Officer, the Chief Financial Officer and the directors of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before February 28, 2022.

Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 – Management Cease Trade Orders.  The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Auxico Resources Canada Inc.

Auxico Resources Canada Inc. (“Auxico”) is a Canadian company that was founded in 2014 and based in Montreal.  Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico, Bolivia and the Democratic Republic of the Congo.

Additional information on Auxico can be found on the Company’s website (www.auxicoresources.com) or on SEDAR (www.sedar.com) under “Auxico Resources Canada Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

« signed »

« signed »

Pierre Gauthier

Mark Billings

CEO, Auxico Resources Canada Inc.

President, Auxico Resources Canada Inc.

[email protected]

[email protected]

Cell: +1 514 299 0881

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SOURCE Auxico Resources Canada Inc.


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Marathon Gold Announces Vertical Amalgamation With Its Wholly Owned Subsidiary

TORONTO, Jan. 28, 2022 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce that it has…

TORONTO, Jan. 28, 2022 (GLOBE NEWSWIRE) — Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to announce that it has completed a vertical amalgamation with its wholly-owned subsidiary, Mountain Lake Resources Inc., effective January 28, 2022. The amalgamation will streamline the Company’s mining exploration activities under a single corporate entity and will reduce corporate and operational expenses.

About Marathon

Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20- kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.

For more information, please contact:

Matt Manson Hannes Portmann Amanda Mallough
President & CEO Tel: 416 987-0711
[email protected] gold.com 
CFO & Business Development
Tel: 416 855-8200
[email protected] gold.com 
Senior Associate, Investor Relations
Tel: 416 855-8202
[email protected] gold.com 

To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.

Cautionary Statement Regarding Forward-Looking Information

Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward- looking statements for the purpose of conveying information about our current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. More particularly and without restriction, this news release contains forward-looking information, including statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward- looking statements. In respect of the forward-looking statements concerning the interpretation of exploration results and the impact on the Project’s mineral resource estimate, the Company has provided such statements in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of mineral resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources); the potential for delays or changes in plans in exploration or development projects or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors; the possibility that future exploration, development, construction or mining results

will not be consistent with the Company’s expectations; risks related to the ability of the current exploration program to identify and expand mineral resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; operational mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of development or construction activities; risks related to environmental regulation and liability, government regulation and permitting; risks relating to the Company’s ability to attract and retain skilled staff; risks relating to the timing of the receipt of regulatory and governmental approvals for continued operations and future development projects; political and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19 pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the financial markets; and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities, including the Amended and Restated Annual Information Form for the year ended December 31, 2020.

You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.

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