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Victoria Gold Reports 2021 Third Quarter Results

TORONTO, Nov. 12, 2021 (GLOBE NEWSWIRE) — Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is pleased to announce its third quarter…

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TORONTO, Nov. 12, 2021 (GLOBE NEWSWIRE) — Victoria Gold Corp. (TSX-VGCX) (“Victoria” or the “Company”) is pleased to announce its third quarter and year to date 2021 summary financial and operating results.

Financial Highlights – Third Quarter 2021

  • Gold sold was 53,248 ounces, at an average realized price1 of $2,239 (US$1,777) per oz.
  • Recognized revenue of $119.5 million based on sales of 53,248 ounces of gold.
  • Operating earnings were $52.1 million.
  • Net income of $31.6 million, or $0.51 per share outstanding.
  • Cash costs1 of $892 (US$708) per oz and all-in sustaining costs (“AISC”)1 of $1,211 (US$961) per oz of gold sold.
  • EBITDA1 of $68.4 million.
  • Free cash flow1 of $32.2 million, or $0.52 per share1.
  • Cash and cash equivalents of $14.8 million at September 30, 2021 after net principal repayments of $40.3 million against the Company’s debt facilities.

All amounts are in Canadian dollars unless otherwise indicated. This release should be read in conjunction with the Company’s Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2021 and 2020, available on the Company’s website or on SEDAR.

Mr. John McConnell, President and CEO commented, “In October, we pre-released our record breaking quarterly gold production of 55,827 ounces. This has resulted in record breaking quarterly numbers across our third quarter financial statements including Revenue, Gross Profit, Net Income, EBITDA and Free Cash Flow. I would like to express gratitude to our women and men with boots on the ground at the Eagle Gold Mine who have worked tirelessly during this prolonged and challenging health environment.”

Operational Highlights – Third Quarter 2021

  • Mine production was 3.1 million tonnes of ore.
  • Ore stacked on the heap leach pad was 3.3 million tonnes at an average grade of 0.90 grams per tonne (g/t).
  • Gold production was 55,827 ounces.

_________________
1 Refer to “Non-IFRS Performance Measures” section.

Third Quarter and Year to Date 2021 Operating Results

    Three months ended Nine months ended
    September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Operating data          
Ore mined t 3,122,007 2,077,132 6,972,426 5,281,938
Waste mined t 3,829,647 4,434,163 11,827,872 9,285,388
Total mined t 6,951,654 6,511,295 18,800,298 14,567,326
Strip ratio w:o 1.23 2.13 1.70 1.76
Mining rate tpd 75,561 70,775 68,866 53,165
Ore stacked on pad t 3,270,692 1,909,412 6,618,004 4,954,853
Ore stacked grade g/t Au 0.90 0.85 0.86 0.86
Throughput (stacked) tpd 35,551 20,754 24,242 18,083
Gold ounces produced oz 55,827 35,312 114,726 74,355
Gold ounces sold oz 53,248 32,029 109,517 62,528


Gold production and sales

During the three months ended September 30, 2021, the Eagle Gold Mine produced 55,827 ounces of gold, compared to 35,312 ounces of gold production in Q3 2020. The 58% increase in gold production is attributed to the increase in ore mined and stacked, along with higher ore grades.

During the three months ended September 30, 2021, the Company sold 53,248 ounces of gold, compared with 32,029 gold ounces sold in Q3 2020. The 66% increase in gold sold is primarily attributed to the increase in gold produced.

Mining
During the three months ended September 30, 2021, a total of 3.1 million tonnes of ore were mined, at a strip ratio of 1.2:1 with a total of 6.9 million tonnes of material mined. In comparison, a total of 2.1 million tonnes of ore were mined, at a strip ratio of 2.1:1 with a total of 6.5 million tonnes of material mined for the prior comparable period in 2020.

Total tonnes mined were 6% higher during the three months ended September 30, 2021 due to overall operation improvement.

Processing
During the three months ended September 30, 2021, a total of 3.3 million tonnes of ore was stacked on the heap leach pad at a throughput rate of 35.6 k tonnes per day. A total of 1.9 million tonnes of ore was stacked on the heap leach pad at a throughput rate of 20.8 k tonnes per day for the prior comparable period in 2020.

Ore stacked on the pad increased by 73% during the three months ended September 30, 2021 as the Company was still in operational ramp up in Q3 2020. Q3 2021 also benefited from improved material handling.

Gold for the quarter had an average head grade of 0.90 g/t Au, compared to 0.85 g/t Au in the prior comparable period in 2020 due to mine sequencing.

As at September 30, 2021, the Company estimates there are 106,000 recoverable ounces within mineral inventory.

Capital
The Company incurred a total of $24.5 million in capital expenditures during the three months ended September 30, 2021: (1) sustaining capital of $12.3 million (including scheduled capital component rebuilds on mobile mining fleet and continued construction of the truck shop and water treatment facility); (2) capitalized stripping activities of $4.1 million, and; (3) $8.1 million adjustment to the Company’s asset retirement obligation during the quarter.

Third Quarter and Year to Date 2021 Financial Results

    Three months ended Nine months ended
    September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Financial data          
Revenue $ 119,548,442 80,526,228 245,806,593 80,526,228
Gross profit $ 53,637,812 33,155,437 101,186,405 33,155,437
Net income (loss) $ 31,615,252 20,272,444 64,707,707 (39,959,228)
Earnings (loss) per share – Basic $ 0.51 0.33 1.04 (0.67)
Earnings (loss) per share – Diluted $ 0.48 0.31 0.99 (0.67)

    As at
September 30, 2021
As at
December 31, 2020
Financial position      
Cash and cash equivalents $ 14,829,155 56,136,314
Working capital $ 44,309,531 25,370,418
Property, plant and equipment $ 618,248,577 579,617,049
Total assets $ 826,878,965 776,760,617
Long-term debt $ 171,532,053 209,660,142


Revenue

For the third quarter, the Company recognized revenue of $119.5 million compared to $80.5 million for the previous year’s comparable period. The increase in revenue is attributed to a higher number of gold ounces sold, partially offset by a lower average realized price. Revenue is net of treatment and refining charges, which were $0.2 million for the quarter. The Company sold 53,248 ounces of gold at an average realized price1 of $2,239 (US$1,777), compared to 32,029 ounces at an average1 realized price of $2,512 (US$1,886), in the third quarter of 2020.

Cost of goods sold
Cost of goods sold was $48.0 million for the third quarter compared to $34.4 million for the previous year’s comparable period. The increase in cost of goods sold is primarily attributed to the increase in production costs as a result of higher tonnes mined, crushed and stacked and gold ounces produced, (including mining, processing, site services and site general and administration costs), royalty and selling costs.

Depreciation and depletion
Depreciation and depletion was $17.9 million for the third quarter compared to $13.0 million for the previous year’s comparable period. Assets are depreciated on a straight-line basis over their useful life, or depleted on a units-of-production basis over the reserves to which they relate.

___________________
1 Refer to “Non-IFRS Performance Measures” section.

Liquidity and Capital Resources
At September 30, 2021, the Company had cash and cash equivalents of $14.8 million and a working capital surplus of $44.3 million. The decrease in cash and cash equivalents of $41.3 million over the year ended December 31, 2020 was due to operating activities and changes in working capital including foreign exchange gains on cash balances ($78.9 million increase in cash), offset by investing activities ($75.9 million decrease in cash) primarily from capital expenditures incurred at the Eagle Gold Mine and financing activities ($44.3 million decrease in cash) from principal and interest repayments made on credit facilities.

2021 Outlook
2021 production and financial guidance remain intact assuming there is no unforeseen significant impact on operations at the Eagle Gold Mine. The Company has taken precautions to mitigate the risk of COVID-19 on operations, however, the COVID-19 pandemic and any future emergence and spread of similar pathogens could have a material adverse impact on our business, operations and operating results, financial condition, liquidity and market for our securities.

The Company produced 114,726 ounces of gold during the nine months ended September 30, 2021. The Company’s 2021 gold production will be heavily weighted to the second half of 2021. Original guidance at the Eagle Gold Mine was 180,000 ounces to 200,000 ounces. Based on actual production over the first nine months, current stacking rates and forecasted gold production, the Company anticipates full year 2021 production to be close to the lower end of the guidance range of 180,000 ounces.

The Company’s AISC1 per ounce of gold sold during the nine months ended September 30, 2021 was US$1,256. The Company expects unit costs to fall materially in the second half of 2021 as gold production and sales increase. Original AISC1 guidance at the Eagle Gold Mine was US$1,050 to US$1,175 per ounce of gold sold. With production anticipated to be at the lower end of guidance and costs trending higher due to wide spread escalation, the Company anticipates full year 2021 AISC1 to be close to the top end of guidance of US$1,175. 

The Company has initiated ‘Project 250’ aimed at increasing the average annual gold production of the Eagle Gold Mine to 250,000 ounces of gold by 2023. The two primary opportunities to increase production are the scalping of fine ore from the crushing circuit and adjusting the seasonal stacking plan. Scalping of fine ore is expected to reduce wear and energy requirements as well as increase overall capacity of the crushing circuit. Further investigation is underway on year-round stacking of ore to the heap leach pad. Early engineering on Project 250 is expected to be complete in the fourth quarter of 2021.

Qualified Person
The technical content of this news release has been reviewed and approved by Paul D. Gray, P.Geo, as the “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Zoom Video Conference Details
Victoria Gold Corp invites you to join the video conference via Zoom to discuss the 2021 third quarter operating and financial results on Friday, November 12, 2021 at 9:00am PST (12:00 pm EST).

_________________
1 Refer to “Non-IFRS Performance Measures” section.

Join Zoom Meeting

https://us02web.zoom.us/j/86195724296

Meeting ID: 242 377 9934
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A playback version will be available for two weeks following the call at www.vgcx.com.

About the Dublin Gulch Property
Victoria Gold’s 100%-owned Dublin Gulch gold property (the “Property”) is situated in central Yukon Territory, Canada, approximately 375 kilometers north of the capital city of Whitehorse, and approximately 85 kilometers from the town of Mayo. The Property is accessible by road year round, and is located within Yukon Energy’s electrical grid.

The Property covers an area of approximately 555 square kilometers, and is the site of the Company’s Eagle and Olive Gold Deposits. The Eagle Gold Mine is Yukon’s newest operating gold mine. The Eagle and Olive deposits include Proven and Probable Reserves of 3.3 million ounces of gold from 155 million tonnes of ore with a grade of 0.65 grams of gold per tonne, as outlined in a National Instrument 43-101 Technical Report for the Eagle Gold Mine dated December 3, 2019. The Mineral Resource under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Eagle and Olive deposits has been estimated to host 227 million tonnes averaging 0.67 grams of gold per tonne, containing 4.7 million ounces of gold in the “Measured and Indicated” category, inclusive of Proven and Probable Reserves, and a further 28 million tonnes averaging 0.65 grams of gold per tonne, containing 0.6 million ounces of gold in the “Inferred” category.

Non-IFRS Performance Measures
The Company has included certain non-IFRS measures in this new release. Refer to the Company’s MD&A for an explanation, discussion and reconciliation of non-IFRS measures. The Company believes that these measures, in addition to measures prepared in accordance with International Financial Reporting Standards (“IFRS”), provide readers with an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers.

Cautionary Language and Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. Except for statements of historical fact relating to Victoria, information contained herein constitutes forward-looking information, including any information related to Victoria’s strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will”, “could” or “should” occur, and includes any guidance and forecasts set out herein (including, but not limited to, production and operational guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about the its business, operations, the economy and the mineral exploration industry in general, in particular in light of the impact of the novel coronavirus and the COVID-19 disease (“COVID-19”) on each of the foregoing. In this respect, the Corporation has assumed that production levels will remain consistent with management’s expectations, contracted parties provide goods and services on agreed timeframes, equipment works as anticipated, required regulatory approvals are received, no unusual geological or technical problems occur, no material adverse change in the price of gold occurs and no significant events occur outside of the Corporation’s normal course of business. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors include the impact of general business and economic conditions, risks related to COVID-19 on the Company, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, anticipated metal production, fluctuating metal prices, currency exchange rates, estimated ore grades, possible variations in ore grade or recovery rates, changes in accounting policies, changes in Victoria’s corporate resources, changes in project parameters as plans continue to be refined, changes in development and production time frames, the possibility of cost overruns or unanticipated costs and expenses, uncertainty of mineral reserve and mineral resource estimates, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, final pricing for metal sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, requirements for additional capital, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcomes of pending litigation and labour disputes, risks related to remote operations and the availability of adequate infrastructure, fluctuations in price and availability of energy and other inputs necessary for mining operations. Although Victoria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Victoria’s expected financial and operational performance and Victoria’s plans and objectives and may not be appropriate for other purposes. All forward-looking information contained herein is given as of the date hereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained herein and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.

For Further Information Contact:
John McConnell
President & CEO
Victoria Gold Corp
Tel: 604-696-6605
[email protected]




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Troubadour Amends Texas Project Option Agreement and Announces Proposed Consolidation

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) (the "Company") is pleased to…

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) (the “Company”) is pleased to announce that it has reached an agreement with the Vendor of the Texas Gold project, located in the historic Beaverdell Mining Camp in southern, B.C., to extend the payments due on the Year 1 anniversary of the agreement by up to 6 months for consideration of $5,000. All other terms of the option remain the same.

Proposed Share Consolidation

The Company also wishes to announces that it intends to consolidate its issued and outstanding common shares at a ratio of two and a half (2.5) pre-consolidated shares to one (1) post-consolidation share (the “Consolidation“). The purpose of the Consolidation is to facilitate the Company’s ability to attract future financings, put the Company in a better position to complete acquisitions and generate greater investor interest.

The Company currently has 35,452,835 common shares issued and outstanding. Upon completion of the Consolidation, the Company anticipates there will be 14,181,134 common shares issued and outstanding.

“The share consolidation will put the Company in a better position to create significant value more reflective of its existing assets and any potential new acquisitions. Share consolidations are typically viewed in a negative context, but in this instance, we view it as a very positive move for the Company,” states Company President Geoff Schellenberg.

In accordance with the Company’s Articles, the Consolidation is not subject to shareholder approval. The Consolidation is subject to acceptance from the TSX Venture Exchange.

About Troubadour

TROUBADOUR RESOURCES INC. (TSXV: TR) (OTC Pink: TROUF) is a public Canadian mining exploration company focused on copper and gold in British Columbia, Canada. The Company is managed by an experienced team consisting of youthful and seasoned professionals with proven track records as mine finders. The newly acquired Texas gold property diversifies the Company’s commodity focus and compliments Troubadour’s Amarillo copper project located 10 km south of the past-producing Brenda Mine in southern BC and 35 km east of Kodiak Copper’s MPD discovery.

For further information please contact:

Troubadour Resources Inc.
625 Howe Street, Suite 488
Vancouver, BC V6C 2T6
Geoff Schellenberg, President
Office: (604) 681-0221
[email protected]

Forward Looking Information

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105761




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Apex Resources Provides Company Updates

  

November 30, 2021 – TheNewswire – Vancouver, BC. – Apex Resources Inc. ("Apex” or "the Company") (TSXV:APX) (OTC:SLMLF) announces that the Cease…

  

November 30, 2021 – TheNewswire – Vancouver, BC. – Apex Resources Inc. (Apex” or “the Company”) (TSXV:APX) (OTC:SLMLF) announces that the Cease Trade Order imposed by the British Columbia Securities Commission (BCSC) on November 19, 2020 has been revoked and its common shares resumed trading on the TSX Venture Exchange (TSXV) on November 25, 2021.  

 

The Cease Trade Order issued by the BCSC was lifted on completion of a revocation process with the BCSC following the filing of an updated Tungsten Resource Estimate on Apex’s Jersey Emerald Project in B.C. as per its September 14, 2021 news release.

 

The updated Resource Estimate confirms a significant tungsten (WO3) resource on the property with associated gold and molybdenum. There is an Indicated Resource of 1,472,803 tonnes at a grade of 0.173% WO3, 0.050g/t Au and 0.021% Mo and an additional Inferred Resource of 5,128,045 tonnes at a grade of 0.227% WO3, 0.081g/t Au and 0.026% Mo (September 14, 2021 news release). Apex will be filing for multi year permits for follow-up drilling at Jersey.

 

The Jersey-Emerald tungsten-zinc property is host to British Columbia’s second largest historic zinc mine and Canada’s second largest historic tungsten mine. Operations by Placer Development Ltd., the previous operator from 1947 to 1973 saw 7,968,080 tons of lead-zinc ore grading 1.95% Pb and 3.83% Zn, mined and milled and 1,597,802 tons of tungsten ore grading 0.76% WO3 mined and milled. The project has excellent infrastructure including power, water, extensive underground development and an educated nearby work force.

 

About Tungsten:

Tungsten is an extremely hard and durable metal with the highest melting point of all elements.  Because of these qualities there are no substitutes and tungsten is vital to a broad range of commercial and military applications. There are currently no North American mines producing tungsten and the west depends on recycling and imports to meet its tungsten needs. Because of possible supply disruptions tungsten is on the Critical Minerals Lists for both Canada and the USA.

Warrant Extension:

Apex is pleased to announce that the Company has received approval from the TSX on the extension of 5,769,231 warrants exercisable at $0.14 per share which expired on July 24, 2021, now extended until July 24, 2022.  The warrants were issued pursuant to a private placement of 5,769,231 shares with 5,769,231 share purchase warrants attached exercisable at $0.14 per share, which was accepted for filing by the Exchange, effective July 28, 2020.

 

About Apex Resources Inc.

Apex is a Canadian mining exploration and development company focused on British Columbia and the Yukon Territories. Apex is presently focused on the advancement of its Jersey-Emerald tungsten-zinc property and its Ore Hill gold property in southern BC.

 In February final assay results for the 2020 diamond drill program at Apex’s Ore Hill property returned 47 significant gold intersections from 12 holes. Highlights included 11.02 g /t Au over 1.06 metres, 7.10 g/t Au over 1.11 metres, 5.27 g/t Au over 1.59 metres and 289.97 g/t Au over 0.30 metres (Feb 17, 2021 news release). The Ore Hill gold property includes the historic Ore Hill and Summit gold mines located in the Sheep Creek Gold camp.

Apex management has a track record of mine discovery that includes the discovery and development of the renowned Hemlo Gold Mine in Ontario and the Mengapur copper-gold-molybdenum porphyry deposit (225Mt @ 0.59% Cu equivalent) in Malaysia now under development by Monument Mining Ltd.

For further information on the Company’s projects, visit www.apxresources.com.


Arthur G. Troup, P.Eng., Geological
President and CEO

For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: [email protected] or [email protected]

 

This release was prepared by Apex’s management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward-looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex’s filings that are available at www.sedar.com or Apex’s website at www.apxresources.com.

          

Copyright (c) 2021 TheNewswire – All rights reserved.







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Globex Options Large Joutel Land Package

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





orford mining corporation

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