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CAVU Mining Summarizes 2021 Drill Results of Hopper Copper Project and Highlights Exploration Potential

Vancouver, British Columbia–(Newsfile Corp. – October 14, 2021) – CAVU Mining Corp. (CSE: CAVU) (OTC: CAVVF) (FSE: 8NQ) ("CAVU" or the "Company") is pleased…

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Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) - CAVU Mining Corp. (CSE: CAVU) (OTC: CAVVF) (FSE: 8NQ) ("CAVU" or the "Company") is pleased to provide an overview of the successful 2021 drilling campaign on the Hopper Copper-Gold Project ("Hopper" or the "Project"). This year's program fortified the Company's understanding of the high-grade skarn zone by increasing both the size and scope of this zone. Additionally, CAVU made a new copper porphyry discovery that substantially increased the exploration potential of the Hopper Project. The Hopper Project is in Yukon Territory within the traditional territory of the Champagne and Aishihik First Nations.

Copper Castle extension:

  • Hole HOP21-DDH-01[1] intersected 22.28m of 1.84% CuEq from 55.44m.
    • Including 0.80m at 14.31% CuEq
  • Based on drill results and geophysical data the company believes this zone extends further to the south.

Porphyry discovery:

  • Hole HOP21-DDH-06[2] intersected 116.18 m of 0.209% Cu and 1.3 g/t Ag from surface.
    • Including 90.22m at 0.244% Cu and 1.4 g/t Ag.
  • Alteration and grade indicate HOP21-DDH-06 drilled the margin of a large and shallow Cu-Mo porphyry

Additional skarn targets identified:

  • Two skarn targets with similarities to Copper Castle exist on the Hopper Project
  • One target is confirmed by soil and grab samples of up to 2.27% Cu[3]

"Prior to this year’s drilling campaign, the focus of the Hopper Project was a high-grade skarn zone we termed Copper Castle," stated Jaap Verbaas, CEO of CAVU. "The successful 2021 drilling results from Copper Castle clearly demonstrate that this zone remains open in all directions but the north and the results of Hole HOP21-DDH-01 returned the longest high-grade mineralization that has been encountered on the project to date. This year’s program also confirmed our original thesis that EM data highlights the semi-massive sulphide mineralization within the skarn, and most diamond drilling done before 2021 intercepted lower-grade disseminated mineralization. This link in turn highlights several other areas such as the northern skarn zone. Equally exciting was the intersect of porphyry-style mineralization over 116.18m from surface in HOP21-DDH-06. We believe that this new discovery tested only the outside boundary of the mineralized porphyry zone and we look forward to further drilling to target the core of this system."

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Figure 1. Drill core from HOP21-DDH-06 showing a chalcopyrite vein on the margin of propylitic altered monzonite (top) and mafic dyke (bottom) at 185.36m, which assayed 1.64m at 1.594% Cu.

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Discussion of Results

The alteration and grade intersected with hole HOP21-DDH-06 are consistent with a propylitic shell typically found around porphyry copper systems. The interpretation of combined magnetic and soil anomalies indicates shallow porphyry mineralization over 1,000m in diameter. The hole was collared on the edge of these anomalies to also intersect a 3DIP anomaly from 170m onwards. HOP21-DDH-06 successfully tested magnetic, soil, and 3DIP datasets to determine how they relate to porphyry mineralization. There was no clear source for the 3DIP anomaly, which was intersected from 170m onwards.

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Figure 2. Drill core from HOP21-DDH-06 displaying mineralized intersection from 65.63m - 78.46m which partly falls within 13.69m (69.98m - 83.67m) of 0.400% Cu.

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Figure 3. Hopper Cu-Au Property showing HOP21-DDH-06 drill hole location underlain by regional geology. The porphyry is flanked by skarn mineralization, such as the mineralization encountered in Copper Castle. The PDH collars noted are from a percussion hole grid drilled in 2011. All percussion holes were approximately 30m in depth. The percussion hole data has not yet been verified by the Company. Historic DDH collars shown were verified by the Company and intersected supergene and skarn mineralization but not porphyry-style mineralization.

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2021 Drill Program Review

The 2021 drill program at Hopper completed 1,119 metres of diamond drilling across 6 holes. The objectives were to test and extend the known mineralization within the Skarn South Zone (Copper Castle) as well as target a high-priority geophysical anomaly in the Porphyry Central Zone. All objectives were successfully completed and ongoing desktop compilation work will now be carried out by the Company to prepare for a 2022 drill program. The Company believes that each of the Copper Castle, Porphyry and northern skarn zones are great targets for follow-up drilling. The Company will aim to delineate the potential size and scope of copper mineralization on the project in 2022.

About the Hopper Cu-Au Project

The Hopper Cu-Au Project hosts copper-gold skarn and porphyry mineralization in southwestern Yukon Territory. This 74 sq km road-accessible property is located 22 km north of the Otter Falls hydroelectric generator within the traditional territory of the Champagne and Aishihik First Nations. The property lies within the Yukon-Tanana lithotectonic terrane. The oldest rocks in the area comprise Devonian to Mississippian quartz-biotite ± muscovite schists that are intercalated with lesser biotite-bearing quartzite and banded marble. This package is intruded by the Late Cretaceous (76.0 ± 1.1 and 83.7 ± 1.9 Ma) Hopkins Lake granodiorite pluton. The age of the Hopkins Lake Pluton places it in the same metallogenic episode as the Patton Porphyry, which is the mineralizing pluton at Western Copper and Gold Corporation's Casino porphyry copper-gold-silver-molybdenum deposit[4], located 190 km to the north-northwest. The copper enriched porphyry style hydrothermal mineralization at Hopper is flanked by two zones with multiple flat-lying skarn horizons. CAVU's exploration efforts are currently focused on delineating three main target areas:

Copper Castle

Skarn mineralization in the Copper Castle zone occurs over an area of 1,350x650m and over a 400m vertical extent. The zone remains open both along strike and to depth, except to the north where it abuts the central porphyry. 2021 drilling by CAVU was successful in extending mineralization to the south, highlighted by 22.28m of 1.84% CuEq in HOP21-DDH-01 and 10.96m of 1.76% CuEq in Hole HOP21-DDH-03 (see press release dated September 27, 2021). Holes targeting the northern extent of Copper Castle yielded 11.86m of 0.71 CuEq in Hole HOP21-DDH-05 (see press release dated October 4, 2021). Most drilling in Copper Castle has been done to the west of a sizeable EM anomaly shown in Figure 4. The Company believes the EM anomaly correlates to semi-massive sulphides in the Franklin skarn, a mineralized horizon at shallow depth.

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Figure 4. EM db/dt and drill collars. Note Copper Castle in the South (Hole HOP21-DDH-01 through -05) and the resistive (cool colours) Hopper Intrusion that hosts the copper porphyry (intersected by HOP21-DDH-06) in the north.

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Central Porphyry

The central porphyry target is a magnetic anomaly overlain by a soil geochemical anomaly. Hole HOP21-DDH-06 (Fig. 3) intersected mineralization from surface in a monzonite/granodiorite with magnetite. This indicates that the soil geochemistry and magnetic data are indicative of porphyry copper mineralization. The anomaly is over 1 km wide and largely undrilled. HOP21-DDH-06 (see press release dated 7 October 2021) intersected the margin of a Cu-Mo porphyry system, in the first test of these anomalies. The intercept was highlighted by 116.18m of 0.209% copper and 1.3 g/t silver starting at surface (see press release dated October 7, 2021). The hole intersected chlorite-altered (propylitic) monzonite locally cut by vein-controlled potassic alteration and mineralized porphyry dykes. The alteration and grade intersected within hole HOP21-DDH-06 is consistent with a low-grade propylitic shell typically found around large porphyry copper systems.

Northern Skarn Zone

Skarn mineralization in the north zone is highlighted by copper in soil anomalies and grab samples which have yielded up to 2.27% Cu[5]. The sediments that host skarn mineralization in Copper Castle south of to the Hopper Pluton continue to the north and the Company believes the area to the north of the Hopper may host similar mineralization in magnetite-chalcopyrite-pyrrhotite skarn.

The Project is under option from Strategic Metals and the Company can earn a 70% by making total payments of $700,000 and 500,000 shares over 4 years. Payments after year 2 may be half cash and half shares by the election of CAVU. CAVU must further incur $5,000,000 in expenditures over the option period.

Updated Investor Presentation

An updated investor presentation can be found through the following link: CAVU Presentation.

Drill Results

Table 2. Drill results of holes 1-5, that were all drilled in Copper Castle Zone (previously announced)

Drill HoleFrom 
(m)
To 
(m)
Length 
(m)1
Cu 
(%)
Au 
(g/t)
Ag 
(g/t)
CuEq
(%)
HOP-21-DDH-0138.6040.752.150.3830.1373.40.50
HOP-21-DDH-0155.4477.7222.281.4050.53211.71.84
including62.0066.724.725.3391.44445.76.65
including64.0464.840.8011.4182.56014714.31
HOP-21-DDH-0225.2629.193.930.1690.0431.30.21
HOP-21-DDH-0270.0079.399.390.6220.1974.20.78
including70.0074.184.200.7730.2014.90.94
HOP-21-DDH-0377.0087.9610.961.3650.4889.61.76
including83.9587.964.012.7151.01420.13.53
HOP-21-DDH-04174.70178.403.700.4020.2992.30.61

234.86241.486.620.5890.5354.30.96
including235.48238.112.631.2901.2019.42.13
HOP-21-DDH-0525.1437.0011.860.4760.3511.60.71
including26.4130.003.590.5900.3431.60.82

102.00107.365.360.3250.2941.70.53

166.00182.6916.690.0870.0520.70.13
including166.00172.006.000.1040.0720.80.16

186.86196.009.140.3600.1852.80.50

 

Table 3. Drill Results of hole HOP21-DDH-06, that was drilled in the porphyry target (previously announced).

Drill HoleFrom 
(m)
To 
(m)
Length 
(m)1
Au 
(g/t)
Ag
(g/t)
Cu
(%)
Mo
(ppm)
CuEq2
(%)
HOP-21-DDH-060.00116.18116.180.0241.30.209480.24
including0.0090.2290.220.0261.40.244570.27
And30.002.502.500.0248.81.448621.54
And16.5036.3919.890.0431.10.272430.31
And69.9883.6713.690.0322.60.4002090.44
HOP-21-DDH-06178.23187.008.770.0122.90.315270.35
including185.36187.001.640.01913.31.594691.72
HOP-21-DDH-06233.35241.007.650.0331.80.2281300.26
including233.35235.001.650.0485.30.7823780.86

 

1True width of drill intercepts of hole HOP21-DDH-06 are unknown. True widths of HOP21-DDH-01 - 05 are expected to be within 95% of the intercepts as these holes were drilled approximately perpendicular to stratigraphy.
2Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb Copper, $1,300/oz Gold, $18/oz Silver and recovery is assumed to be 100% as only preliminary metallurgical test data is available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.6319) + (Silver (g/t) x 0.0087).
3Recalculated to account for a total of 0.7m recovery. The unrecovered interval was assumed to be unmineralized. The following formula was used: (recovered interval / unrecovered interval) * original value.

Table 4.Drill collars (UTM Zone 8N) as surveyed with dGPS (previously announced).

Drill HoleEastingNorthingElevationAzimuthDipDepth (m)Zone
HOP21-DDH-01397675.666794636.031178.84269-7083Copper Castle
HOP21-DDH-02397711.236794599.161186.27272-68128Copper Castle
HOP21-DDH-03397739.556794570.591190.72271-70146Copper Castle
HOP21-DDH-04397505.896795295.871285.64280.95-74251Copper Castle
HOP21-DDH-05397217.436795562.771280.90299.20-60209Copper Castle
HOP21-DDH-06397679.3116797243.3631362.109105.62-74.941302Porphyry

 

QAQC and Data Verification

The current drill samples have analyzed by MS Analytical Langley, an ISO 9001:2008 certified laboratory. Quality assurance and control (QAQC) is maintained at the lab through rigorous use of internal standards, blanks and duplicates. CAVU adds another 5% QAQC samples consisting of standards, blanks and field duplicates. The QAQC samples that return unacceptable values trigger investigations into the results and re-analysis of samples that were tested in the batch with the failed QAQC sample.

QP Statement

Roger Hulstein, P. Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within the news release. Data of historical drilling is available in the NI 43-101 on the Hopper Project written by Jean Pautler and filed on SEDAR by Strategic Metals in September 2018. Diamond drill data from 2011 - 2016 in this report was verified by Company geologists on site and is deemed reliable.

About CAVU Mining Corp.

CAVU Mining Corp. is a mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable energy sector. The Company is currently focused on the exploration of its Hopper Copper-Gold Project in Yukon and continues to evaluate complimentary mineral projects in mining-friendly jurisdictions. For more information visit www.cavumining.com

On behalf of the board of directors,
Dr. Jaap Verbaas, P.Geo.
CEO and Director
CAVU Mining Corp.
[email protected]
604-493-2997

Forward-Looking Statements

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission and the Ontario Securities Commission.


[1] As announced in a press release dated September 27th
[2] As announced in a press release dated October 7th
[3] Data is historical in nature and was not verified by the Company.
[4] The Hopper is an exploration stage project. Resources on nearby projects are no guarantee that a resource will be delineated on the Hopper Project.
[5] Data is historic in nature and has not been verified by the Company.

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Today’s News

Monument Progresses Flotation Plant Construction at the Selinsing Gold Mine in Malaysia

VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased…

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VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce the progress on flotation plant construction at the Selinsing Gold Mine in Malaysia to produce saleable sulphide gold concentrates. The flotation plant construction includes: project management, project validation, flotation design and engineering, procurement, construction and commissioning.

Charlie Northfield, General Manager and the Project Sponsor at the Selinsing Gold Mine, commented: “I am thrilled to report that we are on schedule for construction completion in June 2022. To mitigate the risk of delays that might be caused by the Covid 19 pandemic from time to time, we are making our best efforts to advance deliverables ahead of the schedule. Our ability to move quickly is a testament to the capacity and experience of the on-site team. We will provide further updates on the flotation plant construction process in the weeks to come.”

Project Management

The project management team is led by the oversight board chaired by Cathy Zhai, President and CEO, comprising Project Sponsor, Project Manager, Project Controller and the Plant Manager as the end user. The procurement and engineering team on site are Selinsing employees. The majority of key project personnel participated in the existing Selinsing gold plant construction work back in 2008 to 2010. Six new employees will be recruited at different times in the construction and four personnel seconded from the existing Selinsing workforce.

Detailed Engineering Design

Following completion of independent flotation testwork and amendment of conceptual design of the flotation plant by Orway Mineral Consultants (“OMC”) (refer to July 6th 2021 news release), the contract for detailed engineering design was awarded to Mincore Pty Ltd. (“Mincore”), an Australia based engineering company.

The scope of work undertaken by Mincore included: the development of the 3D model of the flotation processing plant, preparation of equipment specifications and data sheets, and development of the control system for the new process equipment. Plant design aims to maximize gravity flow and to provide plant access for maintenance while allowing the current gravity / CIL plant operation to continue without interruption. The plant layout design allows for the future addition of the proposed BIOX® circuit and ancillary works.

Up to September 30th 2021 Mincore has achieved 80% completion of the design work. HAZOP design reviews have been carried out for the new process facilities to identify and mitigate any operational safety issues. Civil and structural drawings are scheduled for completion on October 31st 2021; mechanical and piping drawings will be issued for construction by November 30th 2021.

Lim Teck Chong, Flotation Plant Project Manager, commented: “The successful flotation testwork gave us the green light to proceed with all aspects of the development of the project. The detailed engineering design is approaching completion and the pilot plant is expected to be completed this month. Procurement, earthworks, and recruitment have all progressed as we ramp up and prepare for civil foundation work to begin.”

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b66d6a8e-baeb-42e5-ac8a-2ad921b4c613

Procurement

Procurement of long lead equipment items has been completed and contracts have been awarded for the supply of flotation cells, concentrate and water recovery thickeners, and the concentrate filter press. Technical and financial appraisals have been completed and contracts are being prepared for the air blowers, compressor, slurry pumps and 11kV/415V transformer. Procurement is continuing for the motor control centre, agitators, reagent pumps and plate work for conditioning and reagent tanks.

The flotation pilot plant has been delivered to site and is currently being set up at the research and development laboratory. The pilot plant features a ball mill and classifier, rougher/scavenger flotation cells and three stages of cleaner flotation to replicate the flowsheet of the full scale flotation plant. The pilot plant will be used for operator training, reagent trials, and for the preparation of concentrate samples for potential customers. The pilot plant is expected to be fully operational before the end of October 2021.

Risk control over the long lead items is focused on periodical inspection and shipping scheduling, which faces global challenges during the pandemic period.

Construction

Flotation construction includes: earthworks, civil engineering, structural engineering, mechanical and electrical installation and other associated plant upgrades.

Contractor Engagement: Suitably experienced Malaysian contractors have been shortlisted for the construction work according to discipline comprising: civil and structural, mechanical and piping, and electrical and instrumentation. Most of these contractors have worked on previous construction phases of the Selinsing operation. The contract has been awarded to reroute the power cables to the primary and secondary ball mills outside of the new flotation plant footprint to avoid any interference during construction work.

Civil Foundation Work: 75% of the earthworks have been completed for the plant foundations, and final excavations will be conducted once civil drawings have been issued for construction. Civil foundation work is expected to commence in early November, starting with the construction of the retaining wall extension, and followed by civil works in the flotation area, concentrate and water recovery thickeners and the filter press building. At the same time the foundations will be constructed for the new warehouse, reagents mixing and air services buildings.

Transition to Flotation

The production of flotation concentrate is expected to commence in July 2022 as soon as all of the flotation cells, concentrate thickener and filter press have been commissioned. In the current production schedule the CIL plant will continue operation until commissioning of the flotation plant commences. We will keep the production going as long as possible to generate cash flow primarily from Selinsing, Buffalo Reef pits and the Peranggih Prospect, provided that readers shall understand that there might be an interruption to production due to the Covid pandemic, and there might be volatility of production in transition to the new life of mine from the existing remaining life of mine.

During the period from late August to the beginning of October, while the CIL plant has continued operation throughout the time, the elution heat exchanger however has been offline after 10 years’ of service, and the spare was unexpectedly found to have failed. Gold pours were put on hold until October when the unit was re-built and back in service. A suitable replacement heat exchanger has been located in Kuala Lumpur and an order has been placed to secure this unit and delivery is awaited. The Company keeps its repair and maintenance program going to ensure sustained production as planned.

About Monument

Monument Mining Limited (TSX-V: MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.

Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6

FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:

Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [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."

Forward-Looking Statement

This news release includes statements containing forward-looking information about Monument, its business and future plans ("forward-looking statements"). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company's plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws


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Today’s News

CanAlaska Stakes Historical Uranium Showings

Near 92 Energy and Baselode Energy Uranium Drillhole IntersectionsSix High-Priority Target Areas Identified Along Major StructuresVancouver, British Columbia–(Newsfile…

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Near 92 Energy and Baselode Energy Uranium Drillhole Intersections

Six High-Priority Target Areas Identified Along Major Structures

Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce that compilation work on the Company's newly acquired Geikie project totalling 33,897 hectares in the eastern Athabasca Basin has identified six new uranium targets along 35 kilometres of major structures (figures 1 and 2). The targets are outlined by coincident magnetic breaks and prospective geology offsets just 10 kilometres from 92 Energy's Gemini mineralization (GM) and Baselode Energy's ACKIO and Beckett mineralization, and only 10 kilometres from a major highway.

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Figure 1

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CanAlaska's Geikie property straddles the extension of a fertile corridor of biotite gneisses hosting the Agip S high-grade uranium showing with up to 49% U and the recent Baselode Energy radioactive intersections near Beckett Lake on the Hook Lake property (Figure 2). The latter appears similar to 92 Energy's GM uranium zone near where Baselode has also intersected elevated radioactivity.

The presence of biotite gneiss, graphitic gneiss and calcsilicate (mafic gneiss) lithologies provides the contrast in rock strength and chemistry to create the pathway for structural disturbance together with the reducing conditions necessary to precipitate uranium. At least two large north-south trending Tabbernor faults interact with and displace these fertile uranium corridors creating ideal conditions for uranium deposits to form.

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Figure 2

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Several historical uranium showings occur on the property with grades as high as 0.225% U identified (Figure 2). The presence of Athabasca Group sandstone boulders in the project area demonstrates that the Athabasca Basin once covered this area indicating good potential for high-grade basement-hosted unconformity-related uranium deposits to form similar to NexGen's Arrow and Cameco's Eagle Point and Millennium uranium deposits.

CanAlaska CEO, Cory Belyk, comments, "CanAlaska continues to deploy its project generator model in the world's most prolific uranium district. Our team recognized the underexplored opportunity in this region of the eastern Athabasca Basin in conjunction with recent exploration success indicators, and acquired this very large contiguous land position just prior to the recent uranium staking rush. We look forward to working with a new joint venture partner to move this project forward."

Other News

The Company is currently drilling on its West McArthur Joint Venture Project in the 42 Zone discovery area, a joint venture with Cameco Corporation. The Company's other joint venture partner, Denison Mines, is currently drilling on the Moon Lake South project.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska's Vice President, Exploration.

On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc., P.Geo.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: [email protected]

Peter Dasler, President
Tel: +1.604.688.3211 x 138
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.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99622

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Today’s News

Sun River Gold advises that Financing is arranged for Tailings Project El Oro Mexico

VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) — Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is pleased to announce…

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VANCOUVER, British Columbia, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is pleased to announce that Sun River Gold (“Sun River”) has arranged financing of approximately US$6.5M to build and put into operation the planned tailings reprocessing operation.

Permitting is also progressing well and final permits are expected to be received within approximately one month. Sun River has also advised that most of the equipment required for the reprocessing operation has been lined up and Sun River hopes to have the reprocessing operational in Q4, 2022.

Xali Gold’s subsidiary, CCM El Oro Jales, has an agreement with the municipality of El Oro which provides the Company the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest (“NPI”). Candente Gold also retains the first US$1.5M from the 8% NPI payable to the Municipality. Sun River must make all NPI payments to the Municipality.

Sun River has the option to acquire 100% of the Tailings Project from Minera CCM by making staged payments totalling US$500,000 (paid), bring the tailings into commercial production by October 31, 2021 (extended to March 31, 2022 due to COVID), and grant to the Company a 5% NPI, Life of Mine royalty (the “Candente Royalty”) as well as the Municipality’s 8% NPI on production from the properties.

Sun River is a private Arizona based corporation managed by an experienced team of mining professionals with a combined 80 years of mining experience in Mexico, including specific experience in the reprocessing of old gold and silver tailings.

Sun River has also advised the Company of the following key points in the development of the project:

  • Sun River has an agreement to purchase 25 hectares of land near the township of Nopalera approximately 5km by road north of the current location of the Mexico Mine Tailings, which is suitable for plant site and residue storage.
  • The project life is estimated by Sun River to be 1 year of engineering and construction and 4 years of tailings material reclaim and processing (at 1,000 tonnes per day) followed by reclamation.
  • Sun River advises that based on flotation test work at a recognized, independent US metallurgical lab, a standard metallurgical flotation process is expected to recover 65% of the gold and 60% of the silver to a marketable concentrate.
  • Sun River intends to market the gold/silver concentrate on the open market.
  • Sun River intends to contract with a local contractor who will use front end loaders and dump trucks to reclaim the tailings material and haul it to the proposed process plant approximately 5 kms away.

The Mexico Mine Tailings contain an Inferred Resource* of 1,267,400 Tonnes grading 2.94 Au g/t, 75.12 Ag g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver.

*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com.

About Xali Gold

Xali Gold has launched a comprehensive growth strategy to acquire gold and silver projects with near surface exploration potential, near-term production potential and previous mining histories. Xali Gold plans to advance our growing bank of gold and silver assets internally and/or with industry partners.

The acquisition of the SDA Plant, suitable for treating high grade gold and silver mineralization, along with the acquisition of rights to the El Dorado gold and silver historic mines was the initial step in this strategy. 

The profit-sharing agreement on the potentially leachable Cocula Gold Project was the second step and is a key component of our asset base. In addition to the potential for inexpensive extraction processes such as leaching, it has excellent near surface exploration potential.

The Company is currently evaluating other properties complementary to the SDA plant and El Dorado or stand alone such as the Cocula Gold Project.

El Oro, remains as our flagship asset, as it is a district scale gold project encompassing a well-known prolific high-grade gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*). Modern understanding of such systems indicates that several of the El Oro district’s veins hold excellent discovery potential.

Xali Gold is dedicated to being a responsible Community partner.

Joanne C. Freeze, P.Geo., President, CEO and Matthew Melnyk, CPG., Director Operations, are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Information

This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to the potential for discovery on the Victoria, El Dorado, Cocula and El Oro Properties and other statements that are not historical facts. While such forward-looking information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Xali Gold’s MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

On behalf of the Board of Xali Gold Corp.

“Joanne Freeze” P.Geo.
President, CEO and Director

For further information please contact:
Joanne Freeze
President & CEO
Tel: + 1 (604) 689-1957
[email protected]

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