Feasibility Study Remains on Schedule for Completion in Q1 2022
TORONTO, Oct. 06, 2021 (GLOBE NEWSWIRE) —(the “Company” or “Torex”) ( ) provides a progress update on the Media Luna project, affirming that a property-wide Technical Report, including the Media Luna Feasibility Study, remains on schedule for completion in Q1 2022. The Company is also pleased to announce the appointment of Dave Stefanuto as Executive Vice President (“EVP”), Technical Services and Capital Projects, who will be accountable for delivering Media Luna from Feasibility Study through handover to operations.
Jody Kuzenko, President & CEO of Torex, stated:
“We continue to advance our strategic objective to de-risk and advance Media Luna, which includes execution of our early works program to access the deposit from both the north and south sides of the Balsas River, continuation of the infill drilling program, and advancement of the permitting plan. Importantly, we are also well on track to deliver the Media Luna Feasibility Study as part of a broader Technical Report to be released in Q1 2022.
“As we continue to advance the Feasibility Study, we have made a number of decisions to optimize the Media Luna project from that which was set out in the 2018 Preliminary Economic Assessment (“PEA”). These decisions are also being made with a view to deliver a smooth ramp up as we transition from open pit production at ELG, and to incorporate potential sources of feed from the wider Morelos property, as exploration is expected to become a greater focus for the Company over the coming years.
“I am also very pleased to announce the appointment of Dave Stefanuto as EVP, Technical Services and Capital Projects, who will lead the Media Luna project though handover to operations. Dave is a seasoned executive with a proven track record leading major capital projects in both surface and underground mining operations. He will be an exceptional addition to our team due to his technical capabilities, senior project experience and collaborative leadership style.”
ENGINEERING ON SCHEDULE
Engineering related to mine design, mine access, and upgrades to the processing plant are advancing on schedule. Since the September 2018 PEA was released, the Company has made several design decisions that consider:
- A better understanding of the deposit based on tighter-spaced infill drilling;
- Trade-off studies optimizing mine design and access, process plant recoveries, and tailings management;
- Risk mitigation with respect to project permitting, schedule, execution, and operations; and
- Flexibility to take advantage of future potential sources of feed on the south side of the Balsas River.
Access and Material Handling
As previously announced, primary access to the Media Luna deposit will be through the 7-kilometre long Guajes Tunnel, which is currently being driven from the north side of the Balsas River. Access from the south side of the river will be available through the construction of South Portal Upper and South Portal Lower. Access to the Media Luna deposit from both sides of the river replaces the 2018 PEA design of access from only the north side via a ropeway and suspended conveyor.
Constructing the Guajes Tunnel under the river was the selected solution for transporting ore, waste, backfill, equipment, supplies, and personnel versus the over the water option envisioned in the 2018 PEA. The tunnel will set up the operation for potential future discoveries south of the river, including high priority targets in close proximity to Media Luna, as well as other regional targets. A final trade-off study on using a fixed conveyor or haul trucks to transport ore through the Guajes Tunnel is nearing completion.
South Portal Upper and South Portal Lower provide multiple benefits including improved ventilation and additional points of access and egress for personnel, equipment, and supplies from the south side of the Balsas River. The two portals will also allow for the development of the upper, middle, and lower portions of the deposit ahead of completion of the Guajes Tunnel, with the aim of providing for sufficient stopes to deliver a smooth ramp-up (see Figure 1). South Portal Lower will also allow the Company to commence development of the Guajes Tunnel from the south side of the river, reducing schedule risk compared to tunnelling only from the north side.
Figure 1: Long lead early-work activities underway on both sides of Balsas River
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/76b590ea-a874-42a2-a3c5-5c13b8554f01
Water Treatment Plant
The Media Luna process flowsheet has been refined since the 2018 PEA was released, which has identified the need for a water treatment facility to provide cleaner water to the copper and iron sulphide flotation circuits. These circuits will be added to the current process flowsheet to produce a saleable copper concentrate (including gold and silver), and to recover additional gold and silver in the form of doré. The upgraded circuit will allow for processing of ore from both Media Luna and El Limón Guajes (“ELG”).
As noted previously, the Company is currently evaluating the option of bringing the installation of the flotation circuits and water treatment plant earlier in the schedule to process higher copper and iron sulphide ores at ELG.
Detailed mine design work, which has enabled a better understanding of the deposit through tighter spaced infill drilling, indicates an underground operation capable of delivering an average steady-state mining rate of 7,500 tonnes per day. From 2018 through completion of Phase I of the 2021 program, 150,000 metres of infill drilling have been completed with drill spacing reduced to 30 metres (Indicated) from 100 metres (Inferred).
The size of the underground fleet is expected to be larger than outlined in the 2018 PEA based on initial mine planning and increased development requirements ahead of commencing underground production. First production is anticipated in Q1 2024 followed by a ramp-up period that is expected to continue for a number of quarters to achieve steady-state mining rates.
Further upside is possible should the nearby EPO deposit be developed. Although EPO was included in the early years of the 2018 PEA mine plan, EPO will not form part of the Feasibility Study mine plan as the full resource is currently classified as Inferred (1.01 million gold equivalent ounces – 8.0 million tonnes at an average gold equivalent grade of 3.93 g/t).1 The 2018 PEA envisioned EPO contributing 3.8 million tonnes of ore to the processing plant over the first five years of the 2018 PEA mine plan. Infill drilling at EPO is expected to be part of future exploration efforts at Media Luna.
1. Refer to Table 1 of this press release for a breakdown of the Media Luna mineral resource by commodity type (contained metal and grade). Please refer to the press release dated June 16, 2021, for further details.
The back end of the processing plant, comprised of copper and iron sulphide flotation circuits required to treat ore from Media Luna, is expected to be sized at 11,000 tonnes per day. This will provide sufficient capacity to process ore from Media Luna, the ELG Open Pit as it winds down, ELG Underground, and stockpiled material.
The anticipated throughput will also provide capacity to process potential sources of feed, including EPO, as well as future discoveries on the broader Morelos property. As previously noted, exploration is expected to be a greater focus for Torex going forward as the Company looks to replace reserves and grow resources through brownfield and greenfield exploration programs.
INFILL DRILLING ON SCHEDULE
At the end of August, the Company had received a majority of the assay results from Phase 1 of the 2021 infill drilling program. The Phase 1 program consists of 161 holes totaling 44,000 metres. Assay results for the first 38 holes (approximately 11,800 metres) were previously released and included in the April 2021 mineral resource estimate. Assay results for the remaining drill holes are expected to be released in the coming weeks.
Phase 2 of the 2021 infill drilling program has commenced with an additional 39,000 metres planned. Results from a portion of the Phase 2 program are expected to be incorporated into the next resource estimate, which will form the basis for mine plan in the upcoming Media Luna Feasibility Study. Results from the Phase 2 program are expected to be released in Q1 2022.
In total, Torex expects to invest $20 million in 2021 towards infill drilling at Media Luna. Pending Board approval, a subsequent robust drill program is expected for Media Luna in 2022, which is likely to include infill drilling at the EPO deposit in order to upgrade Inferred mineral resources to the Indicated category. Step-out drilling is also expected to resume as the Company seeks to expand the overall size of the resource. To date, only approximately 30% of the magnetic anomaly that hosts the Media Luna deposit has been drill tested.
TECHNICAL REPORT ON SCHEDULE
An updated Technical Report for the entire Morelos Property is on track for completion in Q1 2022. The Technical Report will include a Feasibility Study for Media Luna as well as updated mine plans for the ELG Open Pit (including the recently approved El Limón pushback) and ELG Underground (incorporating results of 2021 infill drilling program).
Operating costs to be outlined in the Technical Report will leverage current processing and site costs for ELG, more detailed mine design and planning for Media Luna, and up to date costing for key consumables and labour.
Capital costs will be refined as engineering progresses and will incorporate current vendor quotes. Capital costs relative to the 2018 PEA are expected to be impacted by industry-wide inflation given elevated prices for key construction materials (steel, cement, and copper), scope changes related to the design of the project, as well as costs associated with COVID-19.
PERMITTING ON SCHEDULE
Permitting activities are well advanced and on schedule. Following receipt of the MIA Modification earlier this year, the Company has the necessary approvals to advance early-work activities on both sides of the Balsas River. The Company has also received environmental authorization to continue the Guajes Tunnel under the Balsas River. The remaining approval is the MIA Integral, for which an application was submitted to SEMARNAT for review in July 2021.
APPOINTMENT OF DAVE STEFANUTO, EVP, TECHNICAL SERVICES & CAPITAL PROJECTS
Torex announces the appointment of Dave Stefanuto as EVP, Technical Services and Capital Projects, effective September 1. Mr. Stefanuto replaces Barry Murphy, Vice President Engineering, who has left the Company to pursue another opportunity.
Mr. Stefanuto is a Professional Engineer and an experienced executive in project execution with 25 years working in both surface and underground mining operations. During his career at Vale Canada Limited, he successfully led a number of major Canadian growth and sustaining projects ranging in cost between $30 million to more than $2 billion, including the Voisey’s Bay Mine Expansion Project in Labrador and the Clean AER (Atmospheric Emissions Reduction) Project in Sudbury.
In this role, Mr. Stefanuto will be accountable for delivering the Media Luna project from Feasibility Study through to handover to the operations. He will also lead the Technical Services team to continuously improve technical processes and systems to set the Company up for growth, and oversee exploration on the broader Morelos property.
The technical and scientific information in this news release, with respect to the Company’s material mineral projects, has been reviewed and approved by Dave Stefanuto, P. Eng, EVP, Technical Services and Capital Projects for Torex, and a Qualified Person under NI 43-101.
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|Jody Kuzenko||Dan Rollins|
|President and CEO||Vice President, Corporate Development & Investor Relations|
|Direct: (647) 725-9982||Direct: (647) 260-1503|
|[email protected]||[email protected]|
Forward Looking Information
This press release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation. While pending the results of the Feasibility Study, the Company intends to advance the Media Luna project to production in early 2024 and has taken the decision to continue the early works program to maintain the schedule to first production and to begin the ELG pushback to deliver a smooth transition between ELG and the ramp up of Media Luna. However, the Company has not taken a production decision in advance of completing the Feasibility Study for Media Luna. Forward-looking information also includes, but is not limited to, statements that: we continue to advance our strategic objective to de-risk and advance Media Luna, including execution of our early works program, continuation of the infill drilling program, and advancement of the permitting plan; we are well on track to deliver the Media Luna Feasibility Study as part of a broader Technical Report to be released in Q1 2022; the design decisions, as set out in the news release, are being made with a view to deliver a smooth ramp up as we transition from open pit production at ELG, and to incorporate potential sources of feed from the wider Morelos property, as exploration is expected to become a greater focus for the Company over the coming years; the Guajes Tunnel will set up the operation for potential future discoveries south of the river; a final trade-off study on using a fixed conveyor or haul trucks to transport ore through the Guajes Tunnel is nearing completion; the South Portal Upper and South Portal Lower provide multiple benefits including those described in the news release; the copper and iron sulphide flotation circuits will be added to the current process flowsheet to produce a saleable copper concentrate (including gold and silver), and to recover additional gold and silver in the form of doré; the upgraded circuit will allow for processing of ore from both Media Luna and ELG; detailed mine design work indicates an underground operation capable of delivering an average steady-state mining rate of 7,500 tonnes per day; the size of the underground fleet is expected to be larger than outlined in the PEA; first production is anticipated in Q1 2024 followed by a ramp-up period that is expected to continue for a number of quarters to achieve steady-state mining rates; further upside is possible should the nearby EPO deposit be developed; infill drilling at EPO is expected to be part of future exploration efforts at Media Luna; the back end of the processing plant, comprised of copper and iron sulphide flotation circuits required to treat ore from Media Luna, is expected to be sized at 11,000 tonnes per day; this will provide sufficient capacity to process ore from Media Luna, the ELG Open Pit as it winds down, ELG Underground, and stockpiled material; the anticipated throughput will also provide capacity to process potential sources of feed, including EPO, as well as future discoveries on the broader Morelos property; exploration is expected to be a greater focus for Torex going forward as the Company looks to replace reserves and grow resources through brownfield and greenfield exploration programs; assay results for the remaining drill holes of the Phase 1 drilling program are expected to be released in the coming weeks; results from a portion of the Phase 2 program are expected to be incorporated into the next resource estimate, which will form the basis for mine plan in the upcoming Media Luna Feasibility Study; results from the Phase 2 program are expected to be released in Q1 2022; in total, Torex expects to invest $20 million in 2021 towards infill drilling at Media Luna; pending Board approval, a subsequent robust drill program is expected for Media Luna in 2022, which is likely to include infill drilling at the EPO deposit in order to upgrade Inferred mineral resources to the Indicated category; step-out drilling is also expected to resume as the Company seeks to expand the overall size of the resource; the Technical Report will include a Feasibility Study for Media Luna as well as updated mine plans for the ELG Open Pit (including the recently approved El Limón pushback) and ELG Underground (incorporating results of 2021 infill drilling program); and permitting activities are well advanced and on schedule. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”,” “planned”, “indicates” or variations of such words and phrases or statements that certain actions, events or results “will”, “on track”, or “is expected to” occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: the ability to upgrade Mineral Resources, including upgrading Mineral Resources to Mineral Reserves; risks associated with the ability of the Company to obtain permits for the Media Luna Project; the ability of the Company to conclude a feasibility study of the Media Luna Project that demonstrates within a reasonable confidence that the Media Luna Project can be successfully constructed and operated in an economically viable manner; the ability of the Company to fund the Media Luna Project to production, including the ability to draw on the revolving credit facility which includes customary conditions to draw on the facility; the ability of the Company’ and exploration operations to operate as intended due to shortage of skilled employees or shortages in supply chains; government or regulatory actions or inactions; the ability to achieve expected production from the ELG open pits through mid-2024, and stable production from the ELG Underground through to at least the end of 2024; ability to achieve the expected tunnelling rates in the Guajes Tunnel and South Portals; the ability to achieve the expected benefits from the Guajes Tunnel and South Portals; the ability of the planned upgraded circuit to process ore from both Media Luna and ELG; the ability to locate mineralized material, and upgrade mineralized material and mineral resources to higher confidence categories; and those risk factors identified in the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Notwithstanding the Company’s efforts, there can be no guarantee that the Company’s mitigation measures to protect employees and surrounding communities from COVID-19 will be effective. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
TABLE 1: MINERAL RESOURCE ESTIMATE – MEDIA LUNA (APRIL 30, 2021)
|As of April 30, 2021||Tonnes||Au||Ag||Cu||Au||Ag||Cu||AuEq||AuEq|
|Resources – Media Luna|
|Total Media Luna|
|Notes to Mineral Resource Estimate Table:|
|1)||The effective date of the estimate is April 30, 2021.|
|2)||Mineral Resources are reported above a 2.0 g/t gold equivalent (AuEq) cut-off grade; AuEq = Au (g/t) + Cu % * (77.16/49.83) + Ag (g/t) * (0.64/49.83).|
|3)||The assumed mining method is from underground.|
|4)||Mineral Resources are reported using a long-term gold price of US$1,550/oz, silver price of US$20/oz, and copper price of US$3.50/lb.|
|5)||Costs per tonne of mineralized material (including mining, milling, and general and administrative) used is US$75/t.|
|6)||Metallurgical recoveries average 85% for gold, 75% for silver, and 89% for copper.|
|7)||Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.|
|8)||Mineral Resources are classified in accordance with applicable Canadian Institute of Mining, Metallurgy and Petroleum Standards.|
|9)||Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content.|
|10)||Mineral Resources are reported as undiluted; grades are contained grades.|
|11)||The estimate was prepared by Dr. Lars Weiershäuser, P.Geo., a former employee and acting in his capacity as a consultant to the Company at the time of preparation, who is a “Qualified Person” under NI 43-101.|
Stellar Africagold Samples 3.40 G/T Au over 20 Metres Confirming Gold Discovery at Tichka Est Project, Morocco
Montreal, October 25, 2021– TheNewswire – J. François Lalonde, President and CEO of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company")…
Montreal, October 25, 2021– TheNewswire – J. François Lalonde, President and CEO of , ( ) (“Stellar” or the “Company”) is pleased to announce that the second trenching program on the Zones B and A gold structures of its Tichka Est project in the High Atlas region confirms that Stellar has a discovery in the High Atlas region of Morocco.
Summary of Results
Stellar successfully completed a second 10-trench surface sampling program extending the mineralized strike of both the Zones B and A gold structures on its 90% earn-in Tichka Est gold project in Morocco. The trenching program, which totalled 200 linear metres, yielded intervals in Zone B as high as 3.40 g/t Au over 20 meters including internals of 5.23 g/t Au over 11 meters and 8.14 g/t Au over 5 meters in Trench 7B, 4.64 g/t Au over 14 meters including 11.16 g/t Au over 5 meters in Trench 9B, and 3.4 g/t Au over 17 meters including 9.55 g/t Au over 4 meters in Trench 6B. This second trenching program builds upon Stellar’s previous program (see news release April 19, 2021) which yielded intervals up to 4.55 g/t Au over 15 meters including an internal of 7.47 g/t Au over 6.0 meters in Zone B, and 3.36 g/t Au over 10 meters including an interval of 8.73 g/t Au over 3.0 meters in Zone A.
The Zone B structure has been mapped at surface for a strike length of over 2 km of which 750 meters has been trenched and channel sampled. The Zone A structure has been mapped for over 500 meters along strike of which 450 meters has been trenched and channel sampled.
About the Tichka Est Project, Morocco
The Tichka Est property is comprised of three contiguous permits covering an area of 44.6 km2 within the High Atlas Western Domain approximately 100 km SSW of the city of Marrakech. The general area is accessible year-round by road via a national road to the village of Analghi located near the mineralized gold zone. Stellar is awaiting permits for construction of a heavy equipment access road to proposed drill sites at Zones B and A.
Details of the Second Trenching Program
This second trenching program was designed to provide a better understanding of the geological and structural nature of the Zone B and A structures and to confirm the lateral extension of the two previously identified highly metamorphosed gold mineralized shear zones. The trenches were dug to an average depth of 1.5 meters and over lengths of 15 to 25 meters depending upon the visible width of the structure at that point. Seven trenches were dug across the Zone B structure and two across the Zone A structure. One trench was dug in another area of interest outside of the Zones B and A structures.
Map 1 – Aerial View of the Zones B and A Trenching Program
A portion of the two-kilometer plus surface exposure of Zone B has now been investigated by two trenching programs. A total of 12 trenches were dug by teams using hand tools down to a depth of 1.5 meters. There, fresh rock exposures were channel sampled across one-meter intervals using a rock saw for a better conformity of the samples (See figure 1 below). In this recent trenching program, seven trenches were dug across the Zone B mineralized structure which extended the trenched gold-mineralized zone to over 750 meters of strike length trending Northeast to Southwest.
Figure 1 – Zone B – Oxidized gold mineralization in trench 7B
The Zone B gold mineralized structure is oriented N800 and located along the contact of a limestone and a schist. The contact is highly sheared and injected by quartz-ankerite-calcite veins and veinlets with trace of sulphide, pyrite, chalcopyrite and arsenopyrite to which the gold mineralization is closely associated. Within the 750-meter trenched mineralized zone the best results appear to be on the Northeastern end of Zone B. The highest assay results, which were obtained in trenches T6B, T7B and T9B, and are listed below.
Trench 6B – 3.4 g/t Au over 17 meters including 9.55 g/t Au over 4 meters.
Trench 7B – 3.40 g/t Au over 20 meters including 5.23 g/t Au over 11 meters and 8.14 g/t Au over 5 meters. Note also that Trench 7B is mineralised over its entire 20-meter length and that the width of the mineralised Zone B structure exceeds the trench length at that location.
Trench T9B – 4.64 g/t Au over 14 meters including 11.16 g/t Au over 5 meters
Zone A is a N3500 trending structure. During this program two new trenches were dug to confirm the northern extension of the structure. The two new trenches successfully confirmed the northern extension of the zone for an additional 125 meters increasing the confirmed gold-mineralized Zone A to approximately 450 meters along strike. In Zone A the mineralisation is in a shear zone at the contact of a dolerite dyke and a schist unit. The sheared zone is also injected by quartz-ankerite veins and veinlets.
Figure 3 – Zone A – Quartz and ankerite mineralization in trench 5A
The highest assay results in Zone A were obtained in trenches T5A and T6A are listed as follow.
T5A – 1.85 g/t Au over 8.0 meters including 3.55 g/t Au over 3 meters
T6A – 2.70 g/t Au over 5.0 meters including 3.71 g/t Au over 3 meters
Figure 4 – Zone A geological cross section of trench 5A
Technical Information and Quality Control Notes
The trenches were excavated across the Zones A and B structures using hand tools to an average depth of 1.5 metres. The trenches were mapped at a scale of 1:100 and channeled sampled at 1 metre intervals using a mechanical rock saw for a better sample accuracy as recommended in Stellar’s Technical Report of November 15, 2020.
Sample collection was done by two experienced senior local geologists under the supervision of Yassine Belakbir, Stellar’s Director in Morocco and by Dr. Ali Saquaque, Stellar’s Technical Advisor for Africa. The samples were bagged at the sampling site and stored in safe areas until being transported to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech for analysis.
200 samples were sent to Afrilab for this program. In addition, for the purpose of quality control, 7 standard, 7 duplicate and 7 blank samples were added to the batch and, except for one duplicate that is showing a probable nugget effect, all standard analysis results fall within the tolerance range of the original samples. The blank sample values were all below the detection limit for gold.
In conclusion, the second Tichka Est trenching program of the Zone A and B structures extended the mineralized strike lengths of both zones and successfully outlined wider gold mineralization with some high-grade intersections of considerable widths confirming Stellar’s gold discovery in Morocco. The gold is associated with injected quartz-carbonate veins in highly brecciated sheared structures context. The results fully justify the drill program currently in preparation beginning on the Zone B structure and progressing to the Zone A structure thereafter.
Additionally, this program provided Stellar with valuable geological information which will facilitate the exploration of other areas of interest within the Tichka Est Permits area.
About Tichka Est Project
The Tichka Est property is comprised of three contiguous prospecting permits covering an area of 44.6 km2. The Tichka Est Property lies within the High Atlas Western Domain about 100 km SSW of the city of Marrakech. The area is accessible year-round by road via a national road to the village of Analghi located near the mineralized gold zone.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and in Montreal, QC. Stellar President François Lalonde can be contacted at 514-992-0929 or by email at [email protected].
The technical content of this press release has been reviewed and approved by M. Yassine Belkabir, MScDIC, CEng, MIMMM, a Stellar director and a Qualified Person as defined in NI 43-101.
On Behalf of the Board
J. François Lalonde
President & CEO
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2021 TheNewswire – All rights reserved.
West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) –( ) (“West High Yield” or the “Company“) announces that its board of directors has approved and authorized the grant of 350,000 stock options (the “Options“) to a consultant of the Company effective October 21, 2021. The Options are granted in accordance with the terms of the stock option plan of the Company. All of the Options vest on their date of grant and every one (1) Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.34 per common share for a period of five (5) years from the Option grant date.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100621
Scorpio Gold – Arranges Short-Term Credit Facility with Board
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V:SGN) reports that certain of the directors…
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 /(“Scorpio Gold” or the “Company”) ( ) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company’s activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.
As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.
Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company’s adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.
The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.
ON BEHALF OF THE BOARD
Chief Executive Officer
Tel: (604) 889-2543
Email: [email protected]
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.
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Goldwedge and Manhattan mines project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made 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. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
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