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Wallbridge Expands Gold Mineralization at Martiniere, with 3.68 g/t Au over 22.50 metres in First Hole Drilled Outside of Known Mineralized Envelope

TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce…



TORONTO, Oct. 26, 2021 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the “Company”) is pleased to announce that the resource expansion drill program on its Martiniere gold property (“Martiniere” or the “Property”), (see Fig. 1) testing the depth and along strike extensions of known zones at Martiniere has intersected significant mineralization. This new mineralization is outside of the previously known mineralized envelope and will not be included in the upcoming updated mineral resource estimate currently underway. Due to the success of the ongoing 10,000-metre Phase 1 program, a more substantial drill program will be reviewed for 2022.

Since the start of our drilling program in July at Martiniere, 12 holes totaling approximately 8,000 metres have been completed.

Highlights of assay results received to date include:

  MDE-21-326 3.68 g/t Au over 22.50 metres, including
      6.45 g/t Au over 5.00 metres
    in the extension of the Bug Lake North shoot, approximately 100 metres down-plunge of the previously known extent (see Figs. 2, 3, 4, and 5);
  MDE-21-328 2.21 g/t Au over 36.60 metres, including
      14.15 g/t Au over 3.10 metres, and
      10.18 g/t Au over 2.00 metres
    50 metres south-west of the Bug Lake Porphyry, approximately 140 metres vertically undercutting the historic intersections of the Bug Lake South zone (see Figs. 2, 3, 4, and 6);
  MDE-21-330 3.83 g/t Au over 10.50 metres, including
      6.84 g/t Au over 4.60 metres
    in the extension of the Bug Lake South shoot, approximately 150 metres down-plunge from the previous historic intersection and 230 m to the southeast of MDE-21-328, reported today, with the area in between remaining open (see Figs. 2, 3, 4, and 7);

Assays for four of the 12 holes completed to date have been received. Final assay results are available for MDE-21-326 to MDE-21-328 and MDE-21-330, while only partial results have so far been received for MDE-21-329.

“Our initial drilling has confirmed that Martiniere has excellent potential to become the Company’s second gold asset that can, in the near term, be brought to a meaningful resource size,” stated Marz Kord, President & CEO of Wallbridge. “Additional drilling is needed to assess the ultimate size potential of the Martiniere Gold System through expansion of the known footprint. In addition, there are numerous high-quality targets with discovery potential throughout the property that we are eager to test in future drill programs.”

Martiniere Drill Program Underway

As announced previously (see Wallbridge News Release dated July 22, 2021), Wallbridge mobilized a drill rig at the end of July to Martiniere to commence an approximately 10,000-metre Phase 1 drill program. To date, approximately 8,000 metres in 12 drill holes have been completed as part of this program.

The Phase 1 drill program is focusing on the following objectives:

1) near-surface targets to extend known mineralized zones along strike with the objective of increasing the open pit constrained portion of the mineral resource (see Fig. 3);
2) targets at depth to follow known high-grade shoots to expand the underground, high-grade resource potential (see Fig. 4);
3) high-priority geological-geophysical targets and isolated historical gold intersections property-wide to discover new mineralized gold zones (see Fig. 2).

So far, all of the drilling has been within the known 2.0 by 1.8-kilometre footprint of the Martiniere Gold System, testing various targets related to objectives 1 and 2. These objectives will continue to be the focus for the remainder of the 2021 drill program. Seasonal drilling logistics are being evaluated for the feasibility of also testing some of the high priority property-wide targets (objective 3) this year, or postponing those to the Spring of 2022.

Visual results of the 12 drill holes completed so far have been very encouraging, with mineralization typical to the Martiniere Gold System intersected in the majority of drill holes, including two holes filling in an otherwise untested area linking the Martiniere West and Martiniere Central Zones. Three of the first four drill holes have returned significant, >40 metal factor (metal factor = Au grade multiplied by thickness) intersections.

Assay results of 4 drill holes of the 2021 exploration drill program are reported in the Table and Figures below. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” of the Martiniere Project page. Assay results from an additional 8 drill holes are currently pending and will be announced once they are available.

About the Martiniere Gold Property

Martiniere is located within Wallbridge’s 910 km2 Detour-Fenelon Gold Trend land package, which extends over 97 kilometres in an East-West direction along the Sunday Lake Deformation Zone (“SLDZ”), a major structure that controlled the emplacement of Kirkland Lake’s Detour Lake deposit, 45 kilometres west of Martiniere, and the Company’s Fenelon Gold System, located 30 kilometres to the east of Martiniere (see Fig. 1).

Gold on the Martiniere project was discovered in 1997 by Cyprus Canada Inc. and subsequently the property was explored by International Taurus Resources Inc. and American Bonanza. Balmoral Resources Ltd. (“Balmoral”) acquired Martiniere in November 2010 and, from 2011 to 2017, drilled over 130,000 metres and reported an initial mineral resource estimate in March 2018. Their work expanded the historical intercepts on the project into the Bug and Martiniere West gold deposits and identified several additional zones and showings, including VMS mineralization.

The Martiniere Gold System extends over a known area of approximately 2.0 by 1.8 kilometres and has been traced by sporadic drill holes down to a vertical depth of 700 metres; most drilling, however, has focused only on the top 300 metres from surface. The gold system is divided into the Bug deposits (Bug Lake North and South), which were emplaced along the Bug Lake Porphyry; the Martiniere West deposit, hosted by a gabbroic intrusion; and other less explored mineralized zones along strike or near these deposits (Horsefly Zone, Central Zone, NW Extension and others) (see Fig. 3). The Martiniere Gold System is most likely part of the orogenic class of gold deposits and high-grade, structurally controlled gold mineralization is generally surrounded by a broader, lower grade halo.

Balmoral reported a, now historic, mineral resource estimate for the Martinière project in March 2018, which included separate estimates for the Bug and Martinière West gold deposits for a total indicated resources of approximately 591,000 ounces and inferred resources of approximately 53,000 ounces of gold (see details of the historic resource estimate on the Company’s website).

These “mineral resources” are deemed historic and should not be relied upon. The qualified persons for the March 2021 Technical Report (see Technical Report filed on March 18, 2021 on SEDAR) have not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although they comply with current NI 43-101 requirements and follow CIM definition standards, they are included for illustrative purposes only and the Company is not treating the historical estimate as current mineral resources.

The Company has retained InnovExplo to complete an updated mineral resource estimate on the Property which will be published along with the Fenelon maiden mineral resource estimate in October 2021.

2021 Detour-Fenelon Gold Trend Drill Program

The drilling completed at Martiniere is part of the Company’s approximately 150,000 -metre 2021 drill program, which is mainly focusing on resource and exploration drilling at Fenelon, with approximately 20,000 to 25,000 metres devoted to regional exploration on the Company’s district-scale, underexplored land package on the Detour-Fenelon Gold Trend.

Figure 1. Overview Map of Wallbridge’s Detour-Fenelon land package

Figure 2. Geology Map of the Martiniere Property 

Figure 3. Plan view of the Martiniere Gold System

Figure 4. Vertical Long Section of the Bug Lake Trend

Figure 5. Martiniere Gold, Cross Section A 

Figure 6. Martiniere Gold, Cross Section B

Figure 7. Martiniere Gold, Cross Section C


Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)
Drill Hole From To Length Au Au Cut (2) VG (3) Zone/Corridor Section
  (m) (m) (m) (g/t) (g/t)      
MDE-21-326 216.00 219.00 3.00 1.72 1.72   Bug Lake North Section A
MDE-21-326 300.00 322.50 22.50 3.68 3.68 VG Bug Lake North Section A
Including… 301.60 303.60 2.00 13.78 13.78   Bug Lake North Section A
And… 309.00 314.00 5.00 6.45 6.45 VG Bug Lake North Section A
MDE-21-327 No Significant Mineralization (4)  
MDE-21-328 350.00 353.00 3.00 2.12 2.12   Bug Lake South Section B
MDE-21-328 463.50 464.00 0.50 33.40 33.40 VG Bug Lake South Section B
MDE-21-328 762.00 764.00 2.00 5.01 5.01   Bug Lake South Section B
MDE-21-328 805.40 842.00 36.60 2.21 2.21   Bug Lake South Section B
Including… 805.40 808.50 3.10 14.15 14.15   Bug Lake South Section B
And… 825.00 827.00 2.00 10.18 10.18   Bug Lake South Section B
MDE-21-330 649.50 660.00 10.50 3.83 3.83   Bug Lake South Section C
Including… 650.90 655.50 4.60 6.84 6.84   Bug Lake South Section C

(1) Table includes only assay results received since the latest press release dated July 22, 2021.
(2) Au cut at: 35 g/t Au.
(3) Intervals containing visible gold (“VG”).
(4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 1 g/t Au.

Note: True widths are estimated to be 50‒80% of the reported core length intervals.

Assay QA/QC and Qualified Persons

Drill core samples from Balmoral’s drill programs at Martiniere were all submitted for analysis to ALS Canada Ltd. Balmoral’s QA/QC practices and ALS’s analytical methods were described in detail in the 2018 Technical Report on the Property (see Technical Report filed by Balmoral Resources on March 29, 2018, on SEDAR).

Drill core samples from Wallbridge’s 2021 drill program at Martiniere are cut and bagged on site and transported to Bureau Veritas Commodities Canada Ltd. for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.

The Qualified Person responsible for the technical content of this press release is Peter Lauder, P.Geo, Exploration Manager of Wallbridge.

About Wallbridge Mining

Wallbridge is currently advancing the exploration and development of its 100%‒owned Fenelon Gold property located along the Detour‒Fenelon Gold Trend, an emerging gold belt in northwestern Québec. The Company completed approximately 102,000 metres of drilling in 2020 and is currently conducting a fully‒funded 2021 program of approximately 150,000metres of drilling and 2,000 metres of underground exploration development (Phase 1 of a 10,000‒metre program). The Company intends to complete a maiden mineral resource estimate on the Fenelon Gold System in October 2021.

Wallbridge’s land holdings in Québec along the Detour‒Fenelon Gold Trend cover 910.0 km2.This includes property adjacent to its Fenelon and Martiniere deposits which provides room for expansion of theses deposits as well as providing options for placement of future mine infrastructure. There is also potential for further discoveries along the 97 kilometres of strike length in this underexplored belt.

Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately‒held company with a portfolio of nickel, copper, and platinum‒group metals (PGM) projects in Ontario’s Sudbury Basin.

This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

For further information please visit the Company’s website at or contact:

Wallbridge Mining Company Limited

Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682‒9297 ext. 251
Email: [email protected]

Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]

This press release may contain certain “forward‒looking statements” within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of Wallbridge Mining Company Limited (“Wallbridge” or “Company”) and the environment within which it operates. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Wallbridge, future opportunities and anticipated goals, the Company’s portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective mineralization of the properties, are forward‒looking statements that involve various risks, assumptions, estimates and uncertainties. Generally, forward‒looking information can be identified by the use of forward‒looking terminology such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

By their nature, forward‒looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predicted outcomes could differ materially from those contained in such statements. These risks and uncertainties include, but are not limited to, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other required approval, the actual results of current exploration activities, fluctuations in prices of commodities, fluctuations in currency markets, actual results of additional exploration and development activities at the Company’s projects, capital expenditures, the availability of any additional capital required to advance projects, accidents, or pandemic interruptions.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‒looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. These statements reflect the current internal projections, expectations or beliefs of the Company and are based on information currently available to the Company.

The Company does not undertake to update any forward‒looking information, except in accordance with applicable securities laws. The Company believes that the expectations reflected in those forward‒looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward‒looking statements included in this press release should not be unduly relied upon by investors as actual results may vary.

Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure material filed with the securities regulatory authorities in Canada and available on SEDAR under the Company’s profile at Readers are urged to read these materials and should not place undue reliance on the forward‒looking statements contained in this press release.

Covid‒19 ‒ Given the rapidly evolving nature of the Coronavirus (COVID‒19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge’ activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The Company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.

Author: Author

Today’s News

Sabina Gold & Silver Honoured to Receive 2022 PDAC Sustainability Award

VANCOUVER, British Columbia, Dec. 09, 2021 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF…

VANCOUVER, British Columbia, Dec. 09, 2021 (GLOBE NEWSWIRE) — Sabina Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX/ SGSVF – OTCQX) is pleased to report that it is the recipient of the Prospectors & Developers Association of Canada’s (“PDAC”) Sustainability Award for 2022 in relation to its 100% owned Goose Project (the “Project”) on the Back River Gold District in Nunavut, Canada. The award will be presented during the PDAC Convention held March 7-10, 2022 in Toronto, Canada.

The PDAC Sustainability Award recognizes outstanding initiative and accomplishment in protecting and preserving the natural environment, or establishing good community relations during an exploration program, development or operation of a mine.

Sabina is being recognized for its efforts related to environmental responsibility and Indigenous engagement in Canada’s north. Sabina is committed to developing a world class gold mine at the Project which benefits Nunavut and contributes to the sustainable development of its communities.

Sabina’s Vice President of Environment & Sustainability, Matthew Pickard, said, “after ten years of consultation with Nunavummiut of the Kitikmeot Region we have been able to advance a Project that enjoys widespread community support and will result in meaningful contributions to northerners. I am proud of the work we have been able to accomplish with our community partners and look forward to developing a successful mine together.”

“We are extremely pleased to receive this prestigious international award recognizing our accomplishments in sustainability,” said Bruce McLeod, President & CEO. “Considerable stakeholder engagement and consultation has resulted in the creation of what we believe are new standards for environmental protection in the North. We couldn’t have achieved this recognition without the hard work and contributions of the Kitikmeot Inuit Association and all the communities of the Kitikmeot Region.”


Sabina Gold & Silver Corp. is an emerging gold mining that 100% owns the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.

Sabina recently filed an Updated Feasibility Study (the “UFS”) on its first mine in the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, and a post-tax IRR of ~28% and NPV5% of C$1.1B. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.

The Project received its final major authorization on June 25, 2020 and is now in receipt of all major permits and authorizations for construction and operations.

The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.

The Company recently announced that it has received indicative terms sheet for project debt and a streaming agreement and is currently advancing definitive documentation in connection with both the project finance facility and the streaming transaction. Final definitive documentation is expected to be concluded in January 2022, which would enable construction to commence in the new year.

All news releases and further information can be found on the Company’s website at or on SEDAR at All technical reports have been filed on

For further information please contact:

Nicole Hoeller, Vice-President, Communications:        1 888 648-4218
[email protected]

Forward Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws (the “forward-looking statements”), including, but not limited to, statements related to the expected execution of definitive documents, the date for commencement of construction and the projections and assumptions of the results of the UFS. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the uncertainty of production, development plans and costs estimates for the Back River Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs; the interpretation of drill, metallurgical testing and other exploration results; the ability of the Company to retain its key management employees and skilled and experienced personnel; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities; and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licenses and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2020 filed with the Canadian Securities Administrators and available at Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Bruce McLeod, President & CEO
1800-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M9
Tel 604 998-4175 Fax 604 998-1051

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Today’s News


Vancouver, Canada, Dec. 09, 2021 (GLOBE NEWSWIRE) — Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce…

Vancouver, Canada, Dec. 09, 2021 (GLOBE NEWSWIRE) — Oroco Resource Corp. (TSX-V: OCO, OTC: ORRCF) (“Oroco” or “the Company”) is pleased to announce the receipt of the assay results from its initial drilling campaign at its Santo Tomas property (the “Property”) in northwestern Mexico.  Eight drill holes have been completed to date, all in the North Zone (see Figure 1, attached).  An additional two drill holes in the North Zone are completed, pending surveying.  A further two drill holes are in progress in the North Zone, and another in the Brasiles Zone.  Assays reported herein are for the first three holes (N001 to N003) comprising 2,350m of HQ3 and NQ3 diameter diamond drilling which produced 1,492 assay samples.

The Company is very pleased that the initial drilling results confirms the following:

  • Copper grades in holes N001 to N003 are comparable to the historical drilling reported on each of the cross-sections drilled to date.
  • Drilling results in N001 to N003 conform closely to, and confirm the geological conclusions and the 2009 Gradeshell model of Cu > 0.3% (the “2009 Gradeshell Model”) contained in the current Technical Report (‘the “Technical Report”) (Bridge, 2019: See SEDAR, or the Company’s website (see Figures 2, 3 and 4, attached).
  • Geological logging indicates copper is present as chalcopyrite and bornite dissemination and vein fillings. Pyrite is relatively sparse in the main drill intersections.
  • Molybdenum, gold and silver are elevated across the width of the North Zone and provide about a 15 to 20% contribution to the copper equivalent grade, without factoring for metallurgical recoveries.
  • Fracturing, Laramide intrusive dikes, mylonite zones, veining and sulphide mineralization are controlled by faulting co-eval with the formation of the North Zone deposit. The deposit is confirmed in drilling with a strike of N20°E and a dip of 50-55°W, as reported in the Technical Report.
  • Sulphide mineralization in the main intersections on the North Zone are hosted in strongly potassic-altered volcanic and intrusive rocks with an overprint of phyllic alteration.
  • The footwall of the North Zone is propylitic-altered andesite volcanic rock with disseminated and vein filling pyrite, explaining the extreme Chargeability High response in the 3D IP survey.

The Santo Tomas Cu-Mo-Au porphyry deposit is an example of the geologic style of Laramide-age porphyry copper deposits in the southwestern United States and northwestern Mexico. Historical Pre-Feasibility Studies, recent 3D modelling of historical drilling, and several new programs of geophysical surveying have defined drill targets, both for confirmation of historical mineral resource estimates and for exploration for additional resources.

The 2021 drill program commenced on the central North Zone mineral deposit to confirm historical drill results and the Company’s geological modelling, and has now spanned 500 m of strike length on the North Zone.  Historical drilling spanning 1968 to 1994 was primarily vertical and unsuited to defining the full width and depth of the North Zone.  The 2021 program is based on angled drill holes oriented perpendicular to the re-modelled strike and dip of the deposit and is the first program that features drill holes that pass from the hanging wall of the North Zone deposit into the footwall and which also features a full suite of assay information that includes copper, molybdenum, gold and silver.

Table 1 contains the most significant intervals in drill holes N001 to N003.  Core intervals in this disclosure are within 10% of the estimated true thickness.  The Copper Equivalent (%) grade is presented for geological comparisons only within this program and was calculated based on the three-year average of commodity prices with no factoring for metallurgical recoveries, which are not yet known.  Silver is noted in Table 1 but not included in the copper equivalent grade calculation.  The attached cross-sections depict all core intervals in N001 to N003 exceeding 10m core length of Cu > 0.10%.

Table 1: Significant Assay Intervals in the Santo Tomas 2021 Program, DDH N001 to N003.

Drill Hole No. From






Cu % Mo % Au g/t Ag g/t CuEq %
N001 310.0 565.0 255.0 0.39 0.010 0.045 2.20 0.46
571.0 620.0 49.0 0.17 0.003 0.007 1.31 0.18
N002 349.9 630.0 280.1 0.38 0.012 0.025 2.85 0.44
N003 295.0 306.8 11.8 0.31 0.009 0.014 2.85 0.36
  315.3 333.0 17.7 0.33 0.008 0.017 1.49 0.37
339.0 364.5 25.5 0.29 0.015 0.020 2.81 0.36
370.0 384.3 14.3 0.50 0.008 0.026 3.33 0.56
390.0 597.7 207.7 0.39 0.014 0.019 2.81 0.45
601.8 678.0 76.2 0.18 0.002 0.007 2.53 0.20

Cu Equivalent (CuEq) % = Cu % + (Mo %*3.75) + (Au ppm*0.752) The commodity prices (3-year Average) used are in $US: Cu $3.20 /lb, Mo $12.00 /lb, and Au $1, 650.00 /troy oz. Ag was not used.

Initial drilling results confirm the 3D IP modelling of the deep penetrating Dias Geophysical Induced Polarization Survey completed in early 2021.  A broad Chargeability High (> 15.8 mV/V) anomaly coincides with the North Zone mineral deposit and its flanks.  Drilling of holes N001 to N003 confirms that the dip of the 2009 Gradeshell Model and the edge of the Chargeability High in the 3D IP are closely co-incident and reliable guides for the drilling program.  The anomaly passes the 600m depth limit of the 3D IP survey, indicating a broad zone of drilling targets at depth below the limit of the Gradeshell Model.

Additionally, drilling confirms that the North Zone is comprised of intensely fractured, potassic- and phyllic-altered andesite volcanics and Laramide-age porphyritic intrusive dikes.  Elevated Mo, Au and Ag accompany copper assays along the central axis of the North Zone. Pyrite is relatively low in the core of the North Zone, explaining the IP response that is in the mid-range of the Chargeability High responses on the Property.  In contrast, drilling into the footwall of the North Zone in N001 to N003 consistently intersected propylitic-altered andesite.  The footwall contains abundantly disseminated and vein pyrite, explaining the pronounced Chargeability High and a corresponding Resistivity Low in the 3D IP modelling.

Minor footwall copper intersections in historical and recent drill holes are documented.  Diamond drill hole N003 intersected the best footwall grades to date and indicates that the footwall propylitic zone is prospective for widening the North Zone at depth and northward along strike towards the Brasiles Zone. 


The historical drilling data employed in this current exploration program was the subject of Data Verification procedures cited in the current Technical Report. Additional drill collar verifications were performed in the current program and collar locations fit closely to the 2021 survey control. Appropriate QA/QC protocols governed geological logging, core sampling, sample preparation, analyses, and security during the current program, including quality controls with duplicates, standards, and blanks. Samples were submitted to the Mexican division of ALS Limited in Hermosillo, Mexico, for sample preparation to pulps. Sample pulps are sent to ALS Canada Ltd. in Vancouver, Canada, for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold was determined by fire assay of a 50-gram charge, or alternately, for a 30-gram charge (1 Assay ton).


Mr. Paul McGuigan, P. Geo., of Cambria Geosciences Inc., a “Qualified Person” (as defined in NI 43-101 -Standards for Disclosure for Mineral Projects) and a senior consulting geoscientist to the Company, has reviewed and approved the technical disclosures in this news release.


The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico.  The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres).  The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east.  Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.

The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.

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.

Cautionary Note Regarding Forward Looking Information

This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation.  All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements.  Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements.  Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters.  Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.


CONTACT: Craig Dalziel
Oroco Resource Corp.
(604) 688-6200
[email protected]

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Today’s News

Star Royalties Highlights Increased Mineral Resources at Gold Mountain’s Elk Gold Mine

December 9, 2021 – TheNewswire – Toronto, ON – Star Royalties Ltd. (the “Company” or “Star Royalties”) (TSXV:STRR) (OTC:STRFF), is pleased to highlight…

December 9, 2021 – TheNewswire – Toronto, ON – Star Royalties Ltd. (the “Company” or “Star Royalties”) (TSXV:STRR) (OTC:STRFF), is pleased to highlight an announcement by Gold Mountain Mining Corp. (“Gold Mountain”) (TSX: GMTN, OTCQB: GMTNF, FRA: 5XFA), dated December 7, 2021, regarding updated mineral resources at its Elk Gold Mine (“Elk Gold”) in British Columbia, Canada.

Updated Mineral Resources Highlights

  • Measured and Indicated Resources at Elk Gold increased by 24% to 806,000 gold equivalent (AuEq”) ounces in 4,359,000 tonnes at 5.8 g/t AuEq, and Inferred Resources increased by 65% to 262,000 AuEq ounces in 1,497,000 tonnes at 5.4 g/t AuEq, for a total 32% increase in AuEq ounces across all mineral resource categories. 

  • Vein models in the Siwash North Zone were incrementally expanded along strike and down dip by 37 new diamond drill holes. This drilling has connected the Siwash North Zone with the Gold Creek Zone which was historically viewed as a satellite deposit. 

  • Elk Gold’s multiple zone potential was further demonstrated by 10 diamond drill holes into the Lake and South Zones, which led to a maiden Mineral Resource estimate in these satellite deposits. 

Alex Pernin, Chief Executive Officer of Star Royalties, commented: “Only two months have passed since Star Royalties acquired a 2% net smelter return royalty on the Elk Gold Mine. Our expectation of continued and significant drilling success has been quickly realized. The updated mineral resource demonstrates the exceptional wealth creation potential of our business model. Indeed, this increase in resources grows Star Royalties’ attributable ounces in the Elk Gold Mine by 32% since our acquisition of the royalty. We look forward to the results of Gold Mountain’s Phase 3 drill program in 2022.”

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Elk Gold: Updated Mineral Resource Estimate


Source: Gold Mountain disclosures.


  1. CIM definitions were followed for classification of Mineral Resources. 

  2. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. 

  3. Results are presented in-situ and undiluted. 

  4. Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq for pit-constrained resources and 3.0 g/t AuEq for underground resources. 

  5. The number of tonnes and metal ounces are rounded to the nearest thousand. 

  6. The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is: AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96). 

  7. The Resource Estimate is effective as of October 21, 2021. 

Retains Investor Relations Consultant

Star Royalties is also pleased to announce that it has retained Galt Advisory Services Inc. (“Galt Advisory”), an investor relations and strategy consultancy based in Toronto, Canada. Galt Advisory will provide investor relations services for the Company with the aim of increasing Star Royalties’ visibility in the investment community and will engage with analysts and investors and communicate key events to shareholders.

The fees incurred by the Company, in consideration for the services provided by Galt Advisory, consist of cash consideration of $8,333 per month, effective December 1, 2021, and each month thereafter during the six month contract period. The Company and Galt Advisory act at arm’s length, and Galt Advisory has no present direct interest in the Company or its securities. Certain employees of Galt Advisory, hold in aggregate, less than 0.05% interest in the Company or its securities. The fee paid by the Company to Galt Advisory are for services only. The engagement of Galt Advisory by Star Royalties is subject to approval of the TSX Venture Exchange.


For more information, please visit our website at or contact:

Alex Pernin, P.Geo.        Dmitry Kushnir, CFA

Chief Executive Officer and Director        Head of Investor Relations

[email protected]        [email protected].com
+1 647 801 3549                                         +1 647 287 3846


Star Royalties Ltd. is a precious metals and green royalty and streaming investment company. The Company created the world’s first carbon negative gold royalty platform and offers investors gold exposure with an increasingly negative carbon footprint. The Company’s objective is to provide wealth creation through accretive transaction structuring and asset life extension with superior alignment to both counterparties and shareholders.


Certain statements in this news release may constitute “forward-looking statements”, including those regarding the strategies and business plans of the Company. Forward-looking statements are statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performances or achievements of Star Royalties to be materially different from future results, performances or achievements expressed or implied by such statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results, performances or achievements to differ materially from such forward-looking statements, including, without limitation, changes in business plans and strategies, market conditions, share price, best use of available cash, risks inherent to royalty and streaming companies, title and permitting matters, metal and mineral commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operation and development risks relating to the parties which produce the metals and minerals Star Royalties will purchase or from which it will receive royalty or streaming payments, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global social and economic climate, natural disasters and global pandemics, including COVID-19, dilution, and competition. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

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