TORONTO, Sept. 13, 2021 (GLOBE NEWSWIRE) -- YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) today announced positive initial drill results at its Wasamac project in the Abitibi-Témiscamingue Region of Quebec, Canada, confirming the presence of the Wasa Shear zone to the west of the main Wasamac zone and expanding the down-dip continuity of the Wasa Shear in a secondary zone known as Wildcat. These initial results further align with the objective to sustain 200,000 ounces per year of production at Wasamac and achieve a strategic mine life of more than 15 years, which, in turn, aligns with the potential to increase the Company’s average annual production in Quebec to approximately 500,000 ounces by 2028 through 2041.
Consistent with the optimization strategy announced with the positive development decision on Wasamac on July 19, 2021, the Company is advancing an exploration program that focuses on expanding the current mineral resource envelopes to depths below the established mineral resource and testing for mineralization in poorly explored gaps between mineralized zones. In addition, the exploration program will target the broader Wasamac property, including the adjacent Francoeur, Arntfield and Lac Fortune gold deposits (“the Francoeur properties”), and include an infill program to better delineate mining areas expected to be developed in the first three years of production.
The Company today also provided an update on its generative exploration program, announcing the discovery of a high-grade gold-copper zone at the Lavra Velha project in Brazil and the expansion of massive sulphide copper, gold, and zinc mineralization over a greater than two-kilometre strike length at the Borborema project in Brazil.
The generative exploration program is a key component of Yamana’s overall organic growth strategy, designed to advance the Company’s most prospective properties and lay the foundation for the next generation of Yamana mines. The Company’s generative work is focused on its large land positions in mining-friendly jurisdictions in the Americas where Yamana already has producing mines and deep technical, geological, and operational expertise. This allows for the rapid advancement of the Company’s highest value projects while at the same time moving the most promising early-stage properties up the exploration pipeline. The generative exploration program thus complements and leverages from the low-capital organic growth strategy of the Company, which delivers returns on investment while providing for future production growth at the Company’s existing operations and advancing projects.
The main objectives of the generative program are to add new inferred mineral resources of at least 1.5 million ounces of gold equivalent and on a longer-term basis advance at least one project to a mineral inventory that is large enough to support a mine plan demonstrating positive economics with annual gold production of 150,000 ounces per year for at least eight years. Projects are categorized as Tier One, Tier Two, or Tier Three projects, which are defined as follows:
|Tier One||Projects with well-defined gold mineral resources and opportunities to grow to a potentially economic threshold in the next three years|
|Tier Two||Projects that have achieved significant drill intercepts and whose geology along with other factors support rapid mineral resource growth|
|Tier Three||Highly prospective projects with known mineralization defined with rock and soil geochemistry that warrant future drill testing|
While the generative program continues to show significant progress, exploration activities only began to ramp up later in 2021 as a result of delays due to COVID-19 in 2020 and early 2021. While this delay may result in the deferral of the initial three-year timeline to achieve new inferred mineral resources of at least 1.5 million ounces of gold equivalent for some projects in the generative exploration program, the Company continues to prioritize projects that demonstrate the best potential for more rapid advancement to a standalone operation that meets the Company’s long-term objectives. Highlighted herein are those projects that have made the most substantive advances during the past year, including the introduction of two new projects to the program where ongoing surface exploration has shown promising results: the Falcon project, a Tier 2 project in Santa Cruz, Argentina; and Las Flechas, a Tier 3 project in San Juan, Argentina.
All projects in the generative program compete for exploration funding and, as noted above, the Company prioritizes projects that have the best chance of advancing rapidly to a development phase. The generative program currently includes Lavra Velha at a Tier 1 level. Lavra Velha is the most advanced project with an inferred mineral resource that contains significant oxide mineralization and a large land position, which indicate strong potential to advance towards development. The Company believes that Lavra Velha has the highest prospect of advancing quickly through the evaluation and development phases with lower capital costs. While Monument Bay is another Tier 1 project, it has not advanced as rapidly as Lavra Velha as a result of the above-mentioned delays although the Company continues to evaluate the long-term potential of Monument Bay as an open pit operation, as originally contemplated, relying on the existing mineral resources, although also as a higher-grade underground deposit with deeper drilling targeting high-grade mineralized shoots.
- Wasamac (Quebec, Canada). The Company commenced an aggressive exploration drilling program early in 2021 to expand the mineral resource envelope and test exploration targets to depth in poorly tested areas of the Wasa Shear zone.
- Drill testing in the second quarter of 2021 confirmed the presence of the Wasa Shear zone west towards the Horne Creek fault. Further drill testing is ongoing.
- Initial exploratory step out drilling in the Wildcat zone, a historic shaft and area of past exploration located approximately 300 metres south of the Wasa Shear, expanded the down-dip continuity of the known historic zones that are not included in the current mineral reserve or mineral resource, underscoring the potential for zones with higher grades to increase future production and extend mine life.
- Preliminary results from the Wildcat zone include the following estimated true width intercepts: 3.84 grams per tonne (“g/t”) of gold over 13.25 metres, including 6.40 g/t of gold over 7.10 metres (WS-21-508); 13.03 g/t of gold over 3.16 metres(WS-21-509); and 5.02 g/t of gold over 11.02 metres, including 10.93 g/t of gold over 2.20 metres, and including 4.47 g/t of gold over 6.57 metres (WS-21-511).
- Within the greater Wasamac–Francoeur properties, compilation work is underway to develop and rank new targets. Supporting activity includes the merging and interpretation of high-resolution airborne magnetics that now cover the entire property package.
- Yamana has received the required permits to begin an extensive infill and exploration program on the main Wasamac orebodies. Infill drilling will begin this month and accelerate with additional drills being added over the next two months.
- The initial drilling results reinforce the Company’s vision for a 200,000-ounce-plus per year operation with a mine life of at least 15 years.
Highlights, Generative Program
- Lavra Velha (Bahia, Brazil). Exploratory drilling below Lavra Velha recently identified zones of high-grade gold-copper mineralization associated with potassic alteration below the near surface mineralized zones.
- Drilling highlights include the following estimated true width intercepts: 5.49 g/t of gold and 2.49% of copper over 7.85 metres, and 4.56 g/t of gold over 1.02 metres within a wider, 13.50 metre interval, grading 1.89 g/t of gold (FSW00025). Drilling of both the deeper sulphide mineralization and further near surface oxide targets is ongoing.
- Significant new property acquisitions in 2021 have expanded the property to the southwest, with excellent surface geochemical results for copper and gold, generating new drill targets in this extensive mineralized district.
- Monument Bay (Manitoba, Canada). Drilling in 2021 has successfully intercepted the mineralized zone at depth with promising results from the Camp and Lake shoots.
- Results include estimated true width intercepts: 2.27 metres grading 7.48 g/t of gold, with 0.39 metres at 29.00 g/t of gold (TL-21-727B); and 6.52 g/t gold over 2.22 metres, within a wider true width interval of 9.73 metres grading 2.34 g/t of gold (TL 21-732).
- Borborema (Pernambuco, Brazil). Drilling completed on the high-grade São Francisco target returned further positive results defining a mineralized corridor 2.3 kilometres in length.
- Drilling highlights include the following core length intercepts: 0.26% of copper over 40.15 metres, including 1.02% of copper over 5.16 metres (SF-026); and 0.20 g/t of gold, 1.81% of copper and 0.19% of zinc over 5.00 metres (SF-020).
- Drill holes SF-020 and SF-026 are located approximately 1.5 kilometres apart along strike, with the intervening strike length untested. A planned high-resolution airborne geophysical survey and further geochemical sampling in the current year are expected to significantly advance existing targets and identify new gold and polymetallic targets for drill testing on this highly prospective property.
- Jacobina Norte (Bahia, Brazil). Drilling is limited to date but extensive surface work has defined six-kilometre-long sector of conglomerates that contain significant surface gold mineralization over 1.00 g/t gold, suggesting excellent potential for the discovery of a standalone Jacobina-type system.
- Falcon (Santa Cruz, Argentina). Previous drilling intercepted significant low-grade mineralization over wide widths from surface, and ongoing surface work has defined a gold-in-soil anomaly (more than 25 parts per billion gold) over 1,300-by-500 metres as well as a second parallel zone that has returned significant gold-in-rock samples along a 1.2 kilometre trend. The property, located near the Company’s Cerro Moro operation, demonstrates significant geological potential.
- Las Flechas (San Juan, Argentina). Located along the Central Andean Miocene volcanic belt of Chile-Argentina, one of the most prolific geological environments globally for large gold and copper systems, and host to several major gold and gold-copper mines and deposits. The style of mineralization evident at Las Flechas is consistent with a large Miocene epithermal to porphyry gold copper system. Ongoing work has identified new potential sectors with good surface results for gold-in-rock and soil sampling, defining new drill targets.
- Colider (Mato Grosso, Brazil). Preliminary results at Colider are supportive of a fertile geological system with the potential to host epithermal and porphyry type deposits. Surface work has been completed and preliminary drill testing will be completed before year-end 2021.
Figure 1: Project Location Map.
Wasamac is a development-stage underground gold project located 15 kilometres west of Rouyn-Noranda in the prolific Abitibi-Témiscamingue region of the mining-friendly province of Quebec. The project is well located, adjacent to the Trans-Canada highway and Ontario Northland rail line and 100 kilometres west of the Company’s 50%-owned Canadian Malartic mine. The project has proven and probable mineral reserves of 1.91 million ounces of gold at an average gold grade of 2.56 g/t, with expected average annual production of 169,000 ounces of gold over an initial mine life of 10 years, and 200,000 ounces per year over four years after ramp-up. The Company announced a positive development decision on Wasamac on July 19, 2021. (Please see the press release titled ‘Yamana Gold Announces Positive Development Decision on its Wholly-Owned Wasamac Project’, available at www.yamana.com).
The Wasamac ore body is an Archean age shear-related orogenic gold system. Mineralization occurs as a continuous shear-hosted zone, the Wasa Shear, with consistent grade distribution and wide mining widths. Gold is associated with disseminated pyrite within sheared albite-sericite-carbonate alteration zones and pyrite rich stockwork. The Wasamac, Francoeur, and Arntfield historic mines have past production of over 720,000 ounces of gold, with Francoeur and Arntfield contributing ounces at grades of 6.2 g/t and 4.0 g/t of gold, respectively. The amalgamated Wasamac and Francoeur properties covers 12 kilometres of the Wasa Shear, with excellent exploration potential, as well as a number of shear-hosted targets located south of the Wasa Shear and north of the Cadillac Larder fault zone.
In early 2021, the Company commenced a planned infill and exploration drilling campaign to generate additional mineral reserves, expand the current mineral resource envelopes to depth and in poorly tested areas, and to test extensions of the Wasa Shear zone, a subsidiary structure of the Cadillac-Larder Lake tectonic zone. Another key objective is to develop secondary targets, such as the Wildcat zone, on the broader Wasamac property. Exploration expenditures for 2021 and 2022 are estimated at $15 million with 120,000 metres of drilling planned. Infill drilling will include at least 68,000 metres and the balance will be exploration drilling, both on the Wasamac and Francoeur projects. The program is anticipated to ramp up to four drill rigs by late 2021.
Exploratory drilling on satellite targets was initiated at Wasamac in the second quarter of 2021. An initial two drill holes tested for the extension of the Wasa Shear zone towards the Horne Creek fault, confirming the presence of the shear zone and this area. This target will be tested further in ongoing drilling. Drilling was also initiated at the Wildcat zone, an historic shaft and area of past exploration located approximately 300 metres south of the Wasa Shear. Initial exploratory step out drilling at this target expanded the down-dip continuity of the known historic zones that are not included in the current Wasamac mineral reserve or mineral resource, underscoring the potential to advance zones of higher grade and significantly increase future production and extend mine life, close to planned mine infrastructure, consistent with the Company’s objective of sustaining a production level of 200,000 ounces per year and extending the strategic mine life to more than 15 years.
Highlights from initial drilling at Wildcat include the following uncut estimated true width intercepts: 1.65 g/t of gold over 14.91 metres, including 3.07 g/t of gold over 2.56 metres, and 3.68 g/t of gold over 2.57 metres (WS-21-504); 3.84 g/t of gold over 13.25 metres, including 6.40 g/t of gold over 7.10 metres (WS-21-508); 3.16 g/t of gold over 5.35 metres, including 5.96 g/t of gold over 2.45 metres, and 13.03 g/t of gold over 3.16 metres (WS-21-509); and 5.02 g/t of gold over 11.02 metres, including 10.93 g/t of gold over 2.20 metres, and 4.47 g/t of gold over 6.57 metres (WS-21-511). Mineralization is associated with quartz-carbonate-albite-pyrite-hematite veinlets, veining and stockwork zones, and disseminated and vein-hosted sulphide mineralization with rare visible gold hosted by zones of strongly altered, sheared and brecciated gabbro and mafic to intermediate dykes and volcanic units. The zone is currently interpreted to follow a northeast trending shear zone but individual vein orientations vary and modelling remains in progress. See Table 1 and Figures 2 and 3 for further details.
Within the greater Wasamac–Francoeur properties, compilation work is underway to develop and rank new targets. Supporting activity includes the merging and interpretation of high-resolution airborne magnetics that now cover the entire property package. Yamana has received the required permits to begin an extensive infill and exploration program on the main Wasamac orebodies. Infill drilling will begin this month and accelerate with additional drills being added over the next two months.
The initial drilling results reinforce the Company’s vision for a 200,000-ounce-plus per year operation with a strategic mine life of at least 15 years. Building on the initial mineral reserve mine life of 10 years, as outlined in the recently completed feasibility study, the internal 15-year strategic mine plan incorporates a portion of the 326,000 ounces of indicated mineral resources and 258,000 ounces of inferred mineral resources, which are expected to be converted to mineral reserves through infill drilling and additional engineering. The balance of the 15-year production profile is based on a conservative estimate of exploration potential including extension of the Wasa Shear at depth and along strike and inclusion of satellite deposits outside of the core mineral reserves footprint, of which the Wildcat zone is just the first of many exploration targets that the Company will test in the coming months and years. At minimum, conversion of mineral resources and exploration potential is expected to extend mine life and sustain a gold production profile of approximately 200,000 ounces per year. A possible upside is that the added mineralization could be higher grade than the current average mineral reserve grade of 2.56 g/t, which would unlock opportunities to increase feed grade and raise annual production beyond 200,000 ounces per year. The grades from initial drilling results at Wildcat and historic mining grades from the Francoeur properties are positive indicators in this regard.
Extending the Wasamac mine life from 10 to 15 years, and sustaining a gold production rate of 200,000 ounces per year, would have a significant impact on the value of the project. Using only mineral reserves, the feasibility study 10-year mine plan delivers robust economics with a post-tax net present value (“NPV”) of $254.4 million at a 5% discount rate and internal rate of return (“IRR”) of 16.1% at the base case assumptions of $1,550 per ounce of gold and a 1.28 Canadian-US dollar exchange rate. At a gold price of $1,850 per ounce, NPV and IRR increase to $469.6 million and 24%, respectively. The 15-year strategic plan is estimated to more than double the NPV from the feasibility study scenario, resulting in an NPV of $850 million to $900 million using a gold price assumption of $1,850 per ounce.
Table 1: Wasamac Project, 2021 Drilling Highlights for Intervals Greater Than 5.0 Gram*Metres (Gold g/t Uncut Multiplied by Estimated True Width in Metres).
|Metal Factor -
Gold (g/t) x Est.
True Width (m)
Figure 2: Wasamac Project, Plan Map of Wildcat Target Area Showing 2021 Drilling Highlights.
Figure 3: Wasamac Project, Oblique Longitudinal and Cross Section Views of the Wildcat Target Area Showing Historical and 2021 Drilling Highlights.
TIER ONE PROJECTS
Lavra Velha is an advanced-stage exploration project located on a 62,000-hectare land package in Brazil’s Bahia state, a mining-friendly jurisdiction that is also home to Yamana’s Jacobina mine. Lavra Velha is located about 300 kilometres from Jacobina and could share potential synergies with the mine administration and overhead. The generative exploration program has already identified inferred mineral resources at Lavra Velha of 3.93 million tonnes at 4.29 g/t of gold for 543,000 ounces of goId, which represents one-third of the 1.5 million ounces of inferred mineral resources being targeted by the Company under the generative exploration program.
Exploration continues to generate and test new and existing advanced prospective areas within and around the Lavra Velha deposit with the aim of defining new shallow oxide mineralization and exploring for new mineral discoveries in the district. The Lavra Velha and Lavra Velha SW deposits are hosted by northeast-southwest trending low-angle ductile-brittle structures that play an integral role in localizing mineralization on the property, and which provide a first-order guide to exploration along trend and to depth.
Exploratory drilling targeting the down-dip continuity of these systems has intercepted high-grade gold-copper mineralization related to a sulfide rich zone below the Lavra Velha SW deposit. Drilling highlights from this area include the following estimated true width intercepts: 5.49 g/t of gold and 2.49% of copper over 7.85 metres, and 4.56 g/t of gold over 1.02 metres, within a wider 13.50-metre interval, grading 1.89 g/t of gold (hole FSW00025, starting at 166.11 metres down hole). The mineralized interval, represented by iron-oxide and sulfide-rich breccia bodies and associated potassic hydrothermal alteration, opens up a significant new high-grade gold-copper target for exploration below shallow oxide gold mineralization on the property. Additional drilling is in progress. See Figure 4 and Table 2 for additional details.
At Anomalia Central, located 2.5 kilometres south of the Lavra Velha deposit, exploratory drilling intercepted a wide zone of strong sericitic alteration corresponding with surface gold geochemical anomalies in proximity to a second northeast striking low-angle fault structure. Initial drilling returned the following estimated true width intercept: 1.08 g/t of gold over 3.14 metres, including 4.52 g/t of gold over 0.72 metres (starting at 78.80 metres down hole) in drill hole FLV00169. These results highlight the presence of a large, structurally-controlled mineralized system with potential for the discovery of significant shallow oxide mineralization in this sector. See Figure 4 and Table 2 for additional details.
At the Matinos District, located approximately 48 kilometres south of the Lavra Velha deposit, recent exploration has focused on the advancement of a portfolio of prospective mineral concessions totaling 9,330 hectares in nine exploration permits acquired through auction from the Brazilian Mining Agency’s public tender process. Geologically, these concessions are located within a Proterozoic granite terrain, a similar geological context to the Lavra Velha District. Initial field work, including surface rock and soil sampling, has identified new anomalies represented by clusters of rock samples having greater than 1.00 g/t of gold and corresponding with zones of strong hydrothermal alteration, iron oxide, quartz veining and sulfides, which are similar features to those found at the Lavra Velha and Lavra Velha SW deposits. Several sectors have been identified including Manga Grande, Pinha Preta, and Alvinopólis which may be tested in future drilling campaigns. See Figure 5 for further details.
The significant exploration advances at Lavra Velha during the reporting period, including the discovery of high-grade gold-copper mineralization below Lavra Velha SW, the identification of important shallow oxide gold mineralization in new drilling at the Anomalia Central target, and the addition of a large, prospective land package with developing drill targets underscore the excellent upside potential of the project.
Figure 4: Lavra Velha Plan Map Showing Geology, Lavra Velha and Lavra Velha SW Deposits, and 2021 Drilling Highlights, as Discussed in Text.
Figure 5: Plan Map of Key Regional Geology Features, Main Targets and Surface Rock Gold Geochemistry, Lavra Velha and Matinos Districts.
Table 2: Lavra Velha 2021 Drilling Highlights for Intervals Greater Than 3.0 Gram*Metres (Gold g/t Multiplied by Estimated True Width in Metres).
|FSW00025||Lavra Velha SW||166.11||194.20||28.09||13.50||1.89||0.90||Sulfide|
|FSW00027||Lavra Velha SW||243.57||249.50||5.93||5.75||0.60||0||Sulfide|
|FSW00028||Lavra Velha SW||97.61||102.00||4.39||4.39||1.05||0||Oxide|
|FSW00029||Lavra Velha SW||258.68||270.22||11.54||10.50||0.53||0||Sulfide|
|FSW00031||Lavra Velha SW||250.70||253.00||2.30||2.20||1.37||0||Sulfide|
Yamana continues to explore its 31,000-hectare Monument Bay project, located in northeastern Manitoba. The Twin Lakes deposit continues to be evaluated as an open pit operation but is also being re-evaluated as an underground project based on encouraging results from an internal study and a revised deposit interpretation that indicates the presence of steeply plunging higher-grade shoots. The Company continues with deeper drilling targeting high-grade mineralized shoots.
Encouraging previously reported drill results from 2020 include the following estimated true width intercepts: 14.86 metres at 3.32 g/t of gold, including 7.20 metres at 5.58 g/t of gold (TL-20-703); 7.46 metres at 6.68 g/t of gold (TL-20-712); 4.06 metres at 8.64 g/t of gold, including 3.07 metres at 10.73 g/t of gold (TL-20-715); and 4.64 metres at 5.29 g/t of gold (TL-20-702). For additional details, see the Yamana press release titled ‘Yamana Gold Advances Projects in its Generative Program’ published December 3, 2020, available at www.yamana.com.
Winter drilling in 2020-2021 continued to test the projections to depth of mineralized shoots, confirming the presence of characteristic deposit mineralization, lithologies and alteration features at depth, with preliminary associated anomalous gold values. Drilling results include the following estimated true width intervals: 1.05 g/t of gold over 12.16 metres, and 3.49 g/t of gold over 7.61 metres, including a higher-grade core over 2.27 metres grading 7.48 g/t of gold, with 0.39 metres grading 29.00 g/t of gold (TL-21-727B); and 2.34 g/t of gold over 9.73 metres, including 6.52 g/t gold over 2.22 metres (TL 21-732). This interval occurs within a broad zone of lower-grade mineralization over 50 metres in width. See Table 3 below for additional results.
Table 3: Monument Bay 2020-2021 Winter Program Drilling Highlights for Intervals Greater Than 5.0 Gram*Metres (Gold g/t Multiplied by Estimated True Width in Metres).
TIER 2 PROJECTS
The Borborema project is a 40,000-hectare land package located in Brazil´s Pernambuco state in a Proterozoic magmatic arc environment similar to that hosting the Chapada mine, a large copper-gold mine developed by Yamana and put into production in 2007. Exploration at Borborema led to the recent discovery and ongoing delineation of a copper rich mineralized body. Massive to semi massive copper rich sulphides occur in a wider panel of disseminated mineralization.
Exploration drilling in the high-grade São Francisco target completed in late 2020 and the first quarter of 2021 has successfully extended the mineralized zone over an additional 1,000 metres along strike in an east-west direction. Mineralization is currently defined semi-continuously along a 2.3-kilometre corridor. Both disseminated and massive sulfide zones remain open for expansion down-dip and along strike, and indicate potential for development of a significant polymetallic system with associated gold.
Recent drilling results highlight a wide, lower-grade mineralized envelope bordering massive sulphide horizons not previously recognized. Drilling highlights include the following core length intercepts: 0.26% of copper over 40.15 metres, including 1.02% of copper over 5.16 metres (SF-026, starting at 261.00 metres down hole); and 1.03% of copper, 0.10 g/t of gold and 0.17% of zinc over 9.24 metres, including 0.20 g/t of gold, 1.81% of copper and 0.19% of zinc over 5.00 metres (SF-020, starting at 115.11 metres down hole).
Drill holes SF-020 and SF-026 are located approximately 1.5 kilometres apart along strike, with the intervening strike length untested. A second low-grade disseminated sulfide horizon intercepted in the São Francisco footwall could indicate a new, parallel sulphide lens at depth. See Figure 6 and Table 4 for additional details.
Exploration is ongoing to define and develop new targets at São Francisco and on the wider Borborema property. High priority targets for follow-up include several gold and base-metal surface geochemistry anomalies associated with areas of hydrothermal alteration and sulfide mineralization, suggesting potential for the discovery of additional, similar zones of mineralization near São Francisco. Airborne magnetic and radiometric geophysical surveys are scheduled for this year and expected to provide a highly effective exploration tool in generating and delineating targets to guide ongoing exploratory work.
Results to date have successfully demonstrated that São Francisco represents a large, shallow gold-enriched polymetallic system, continuous over more than two kilometres in strike and open for expansion in all directions. Multiple surface geochemical anomalies indicate the possibility for additional gold and polymetallic discoveries.
Figure 6: Borborema Project, São Francisco Sector Details, District Targets and Geology.
Table 4: Borborema 2021 Drilling Highlights for Intervals Greater Than 2.5% Copper*Metres (Copper % Multiplied by Core Length in Metres).
|Hole||Sector||Including||From (m)||To (m)||Core Length
The Jacobina Norte project, located in Brazil’s Bahia State and contiguous with and to the north of the Company’s Jacobina mine property, comprises a total of 78,000 hectares of exploration concessions, covering a 150-kilometer strike extent of the favourable Serra do Corrego formation, which host the paleoplacer gold deposits of the Jacobina mine.
Preliminary work, including mapping the favourable conglomerate reefs and the collection of over 7,000 rock samples, has outlined a continuous six-kilometre trend with drill targets defined by 140 rock samples that have returned over 1.00 g/t gold. Follow-up drilling was recently initiated to test multiple targets, such as Barrocão, Barrocão Velho, Angicos, and Andorinhas. These targets are defined by gold values in surface rock samples above 1.0 g/t and ranging up to 5.8 g/t of gold related to multiple, continuous conglomerate horizons that are geologically comparable to those hosting paleoplacer gold mineralization at the Jacobina mine.
Select historic drill results from Jacobina Norte reported as core length include: 5.38 metres at 3.97 g/t of gold, 2.50 metres at 2.58 g/t of gold; and 4.13 metres at 2.34 g/t of gold. An initial six drill holes completed to date have successfully intersected the down-dip extension of conglomerate reefs in all areas tested, returning anomalous gold values in most holes, including the following core length intercept: 0.32 metres at 6.91 g/t of gold (BRC-005 hole, starting at 188.78 metres down hole), testing the Barrocão Velho sector. See Figure 7 for additional details. Drilling will continue to test multiple widely spaced targets on the property to rapidly define the highest priority areas.
While the drilling program advances, ongoing exploration continues to develop new sectors, such as Arapongas, in the south portion of the trend, represented by extensive occurrences of conglomerate sequences that extend continuously along an approximately 1.0-kilometre corridor. Arapongas contains individual conglomerate lenses reaching up to 20 metres in width and returning gold values in surface rock samples ranging up to 11.0 g/t of gold. The sector represents the largest conglomerate sequence identified at Jacobina Norte and is an important target for drill testing.
Results to date at Jacobina Norte continue to demonstrate the impressive exploration potential of the property, with extensive wide, continuous sequences of mineralized Serra do Corrego formation conglomerate exposed at surface, and geological features similar to those found at the multi-million ounce Jacobina mine deposit.
Figure 7: Jacobina Norte Project Plan Map Showing Main Target Areas, Rock Gold Geochemistry and Drilling.
The Falcon property is a 20,000-hectare land package located in Santa Cruz Province in southern Argentina approximately 90 kilometres northwest of Yamana’s Cerro Moro mine. The project is located in a similar geological environment to the Cerro Moro vein system, represented by the sequence of well stratified, shallow-dipping, sub-aerial felsic pyroclastic and epiclastic rocks of the Jurassic age Chin Aike formation.
The main area of interest is a zone of low-grade near-surface mineralization along a 1.0-kilometre long northeast trend associated with brecciated ignimbrites and sedimentary breccia. Historic drilling has generated the following significant core lengths intercepts: 1.20 g/t of gold and 32.6 g/t of silver over 48.00 metres (starting at 3.00 metres downhole; FD-0004); 0.72 g/t of gold and 10.2 g/t of silver over 71.00 metres (starting at 89.00 metres down hole; FD-0002); and 0.60 g/t of gold and 7.2 g/t of silver over 80.50 metres (starting at 43.00 metres down hole; FD-0005).
Exploration results suggest the project has significant potential to host a near-surface bulk-tonnage gold-silver deposit. Preliminary metallurgical studies and geological modelling are underway.
Systematic exploration of the property conducted in 2021 identified additional anomalous sectors such as a new, parallel northeast trending structural zone adjacent to the main Falcon trend. Initial surface rock samples in this zone averaged 2.6 g/t of gold, with individual samples ranging up 12.9 g/t of gold, defining a new anomalous trend 1.2 kilometres in length. A recently completed soil survey has outlined a gold-in-soil anomaly with greater than 25 parts per billion gold over 1,300 by 500 metres, expanding the near-surface, low-grade mineralization target substantially. See Figure 8 for additional details.
The Falcon project represents a significant opportunity for the Company in light of its proximity to and potential synergies with the Cerro Moro operation. The characteristics of the mineralization suggest the potential for a low-cost, bulk open pit heap leach mining operation with significant upside potential and large areas of the property open to exploration.
Figure 8: Falcon Project Location Map Showing Main Areas of Interest As Discussed in Text.
TIER THREE PROJECTS
Yamana controls a number of prospective land packages with mineralization on surface and limited or no drilling completed to date. These Tier Three projects represent an important pipeline of opportunities, where the Company believes they could quickly reach the next exploration stages, providing organic growth of new advanced exploration projects over the next decade. Notable Tier Three projects include Las Flechas in Argentina and Colider in Brazil.
The Las Flechas Project, located in San Juan province, Argentina, is comprised of approximately 30,000 hectares of exploration concessions. The property is situated along the Central Andean Miocene volcanic belt of Chile-Argentina, one of the most fertile geological environments globally for large epithermal and porphyry gold and copper-gold systems, and host to several major mines and deposits including El-Indio, Veladero, and Pascua Lama. The Las Flechas property is situated 25 kilometres south of the Filo Del Sol project in Argentina.
The current exploration program has focused on the Cerro Dante target area, the site of a significant gold soil anomaly and historic drilling results including the following core length intercepts in drill hole LFS-DANT 0006: 1.20 g/t of gold over 34.0 metres (starting 8.0 metres downhole) and 0.33 g/t of gold over 92.0 metres, including 0.50 g/t of gold over 24.0 metres (starting at 114.0 metres downhole).
The area hosts a large, north-south elongate breccia complex bordering a dacite porphyry stock. Mineralization is interpreted as a breccia-related high-sulphidation gold system related to an exposed porphyry copper-gold centre. Work in 2021 has focused on mapping, geochemical sampling, and target delineation. This work has led to the discovery of a second breccia complex and a new mineralized zone, Silica Este, located 3.5 kilometres east of Cerro Dante. Soil samples demonstrate gold greater than 25 parts per billion in an 800 metre by 600 metre area. Follow-up select rock samples have assayed up to 5.47 g/t of gold and 39.8 g/t of silver from samples of strong silicification and extensive breccia. See Figure 9 for additional details. Drill permitting is in progress with drilling expected to start in the fourth quarter of 2021.
Las Flechas represents a large prospective land package hosting a robust hydrothermal system strategically located in one of the most important geological regions globally for discovery of major high-sulphidation and associated porphyry gold and copper deposits.
Figure 9: Las Flechas Project Location Map Showing Main Areas of Interest Discussed in Text.
Colider is an early stage project located in Brazil’s Mato Grosso State in the newly developing Juruena polymetallic District, which has recently been explored for porphyry copper and precious metals deposits by several major and junior mining companies. The property consists of approximately 20,000 hectares and encompasses a sector of the prospective Proterozoic volcanic Colider sequence, where current exploration has identified several areas of interest defined by large areas of anomalous gold and copper contents in surface geochemical samples. Several drill ready targets have been defined, representing a significant opportunity in this new unexplored geological environment.
Initial exploratory drilling is ongoing at Colider, testing high-grade gold and polymetallic soil anomalies hosted in volcanic rocks at the Aruanã, Inajá, and Cambará targets. Results are pending. See Figure 10 for additional details.
Figure 10: Colider Project Map Showing Main Areas of Interest Discussed in Text.
Scientific and technical information contained in this press release has been reviewed and approved by Henry Marsden (P. Geo. and Senior Vice President, Exploration). Mr. Marsden is an employee of Yamana Gold Inc. and a “Qualified Person” as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Quality Assurance and Quality Control
Yamana incorporates a Quality Assurance and Quality Control (“QA/QC”) program for all of its mines and exploration projects which conforms to industry best practices.
Samples are transported in security sealed bags for preparation at ALS and SGS analytical laboratories. ALS and SGS are both ISO 9001:2008 and 17025 certified laboratories Gold is analyzed by gold fire assay with 30 grams or 50 grams aliquot and AAS finish. Samples over 5 g/t gold are re-analyzed by gravimetric finish methods. Silver is determined using a four acid digestion and AAS finish (ore level) and samples over 30 g/t are re-analyzed by gravimetric finish methods. Five percent of all pulps are further checked by secondary certified laboratories (ALS, SGS, Bureau Veritas) using the same analytical methods.
All exploration diamond drill cores are split in half by mechanical spitting or core sawing and sampled at appropriate intervals for assay. The remaining core, coarse reject and pulps are stored on-site in a secure location.
Certified reference standards, duplicates, sterile and blanks are routinely inserted into the sample stream as a control for assay accuracy, bias, precision and contamination. The results of these checks are tracked and failures are re-analyzed. This information also includes pulp checks carried out in the secondary lab.
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina. Yamana plans to continue to build on this base through expansion and optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in the Americas.
FOR FURTHER INFORMATION, PLEASE CONTACT:
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7931 765 223 / +44 203 727 1000
Peel Hunt LLP (Joint UK Corporate Broker)
Ross Allister / David McKeown / Alexander Allen
Telephone: +44 (0) 20 7418 8900
Berenberg (Joint UK Corporate Broker)
Matthew Armitt / Jennifer Wyllie / Detlir Elezi
Telephone: +44 (0) 20 3207 7800
Credit Suisse (Joint UK Corporate Broker)
Ben Lawrence / David Nangle
Telephone: +44 (0) 20 7888 8888
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release contains or incorporates by reference “forward-looking statements” and “forward-looking information” under applicable Canadian securities legislation and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to the Company’s strategy, plans or future financial or operating performance, including exploration drilling plans and results from the Company’s generative program and potential to significantly extend mine lives at the Company’s projects. Forward-looking statements are 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” or “will” occur. Forward-looking statements are 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 projected in the forward-looking statements. These factors include the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met, the impact of proposed optimizations at the Company's projects, changes in national and local government legislation, taxation, controls or regulations and/or change in the administration of laws, policies and practices, and the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, silver, copper and zinc), currency exchange rates (such as the Canadian Dollar, the Brazilian Real, the Chilean Peso and the Argentine Peso versus the United States Dollar), the impact of inflation, possible variations in ore grade or recovery rates, changes in the Company’s hedging program, changes in accounting policies, changes in mineral resources and mineral reserves, risks related to asset dispositions, risks related to metal purchase agreements, risks related to acquisitions, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, risks associated with infectious diseases, including COVID-19, unanticipated costs and expenses, 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, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, government regulation and the risk of government expropriation or nationalization of mining operations, risks related to relying on local advisors and consultants in foreign jurisdictions, environmental risks, unanticipated reclamation expenses, risks relating to joint venture operations, title disputes or claims, limitations on insurance coverage, timing and possible outcome of pending and outstanding litigation and labour disputes, risks related to enforcing legal rights in foreign jurisdictions, as well as those risk factors discussed or referred to herein and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of Canada and available at www.sedar.com, and the Company’s Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. Although the Company has 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 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. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s plans and objectives in connection with its exploration programs and results of exploration for the objectives and may not be appropriate for other purposes.
(All amounts are expressed in United States Dollars unless otherwise indicated.)
Global Energy Metals Announces Drilling Results at Millennium North Identifies Significant Shallow Oxide Copper Intercepts and Sulphides to 1.5%; Review Underway at Millennium Central and South
Vancouver, BC – TheNewswire – September 23, 2021 – Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) (“Global Energy Metals”,…
Vancouver, BC - TheNewswire - September 23, 2021 - Global Energy Metals Corporation (TSXV:GEMC) | (OTC:GBLEF) | (FSE:5GE1) (“Global Energy Metals”, the “Company” and/or “GEMC”), a company involved in investment exposure to the battery metals supply chain, is pleased to advise that its partner, Metal Bank Limited (“MBK”) has completed full assay results from the initial RC drilling program at the Millennium copper, cobalt and gold (Cu-Co-Au) project near Mt Isa, Queensland (‘Millennium Project’) have now been received. This follows previous high grade Cu-Co-Au results returned from the initial two holes into the Central Area (refer to news release dated September 8, 2021).
- Drilling results received from Northern Area target at the Millennium Cu-Co-Au Project in northwest QLD as part of MBK’s exclusive option to earn-in up to 80% of the project;
- Broad copper intersections returned including:
- 8m @ 0.76% Cu from 62m (MI21RC05)
- 24m @ 0.29% Cu from 0m (MI21RC06)
- Preliminary review underway regarding current Inferred Resource of of 5.9Mt @ 1.08% CuEq1 and recent results; and
- Further work on metal zonation and structural relationships to adjacent Pilgrim/Fountain Range Fault in Northern Extension Area in progress.
Results reported are from 5 drill holes targeting northern extensions 800-1000m along strike of the main Millennium Inferred Resource of 5.9Mt @ 1.08% CuEq1 as defined by Hammer Metals in 2016. Results include:
- 7m @ 0.30% Cu from 18m (MI21RC03)
- 8m @ 0.76% Cu from 62m (MI21RC05)
- 5m @ 0.29% Cu from 1m and 13m @ 0.32% Cu from 11m within a broader interval of 24m @ 0.29% Cu from 0m (MI21RC06)
Results support Metal Bank’s exploration approach at Millennium to expand the known mineralisation and justify the surface soil copper anomalism within basement rock on the eastern contact of the regional Pilgrim/Fountain Range Fault system. Importantly, substantial hydrothermal alteration is developed in this area and may indicate proximal siting for metal transport and/or deposition. This may open up potential for additional resources along strike and/or peripheral to the known resource.
Commenting on the findings at Millennium, Mitchell Smith, GEMC President and CEO said:
“The expansion of the Millenmium footprint to the north compliments the recent findings presented to the market in early September with the results validating our belief that there is a high potential to substantially increase the Resource at Millennium. They also highlight the high-grade nature of the project and the near-surface potential of the mineralization. We believe the trends seen from current and past exploration to be very promising and further support our strategy of advancing scalable high-grade battery metal projects through a partnership model.”
Also commenting on the exploration work, Inés Scotland, BMK Chair said:
“Our northern extension drilling has opened up scope for additional resources at Millennium North providing us with further confidence in the expansion potential of this Project over and above the expansion of the existing Resource. We are now evaluating potential to update that Resource and planning further extension test work for the existing Resource area and the Northern Area.”
The Millennium Project is an advanced exploration and development project located in the Mount Isa region on northwest Queensland, 19km from the Rocklands copper-cobalt processing facility. The Millennium Project holds a 2012 JORC-compliant Inferred Resource of 5.9MT @ 1.08% CuEq1 across 5 granted Mining Leases with significant potential for expansion, all proximal to processing solutions and excellent infrastructure in the Mount Isa region.
MBK has an exclusive 6 month option over the Millennium Project under its agreement with Global Energy Metals and its wholly owned subsidiary, Element Minerals Australia Pty Ltd. At the end of the option period, MBK will have the right to commence a formal earn-in to earn up to an 80% interest in the Project.
Millennium Drilling Program
The Millennium drilling program commenced 11 August 2021 in the Southern Area (as shown in Figure 1 below), with two reverse circulation (RC) holes for 195m (MI21RC01-02) aimed at testing resource gaps and low confidence zones as part of Resource validation work.
A further 5 RC holes for 478m (MI21RC03-07) were completed in the Northern Area (also shown in Figure 1) testing potential for mineralisation extensions in the northern part of the Project area as indicated by previous mapping, geochemistry and structural interpretation. Refer to Table 1 and Table 2 for full drilling details.
Figure 1: Millennium Project plan view showing interpreted basement geology, existing Millennium resource outline, previous and MBK drilling plus exploration targets with Northern Area RC drilling results.
Northern Area Drilling
First-pass drilling in the Northern Area for (MI21RC03-07) has been completed, testing anomalous surface Co-Cu geochemistry, previously mapped geological units and structures similar to mineralisation features in the Southern and Central Areas. This area is approximately 800-1000m north along strike, has had no previous drilling and does not form part of the existing Millennium resource. Drilling was conducted in two fences on two lines 250m apart.
Copper oxides were observed near surface and sulphides were observed deeper downhole, including 8m @ 0.76% Cu from 62m (MI21RC05), associated with contact zones between metasedimentary units and graphitic siltstones. Individual Cu assays peak at 1.50% from 67m depth.
While appearing restricted to the south and east, Cu mineralisation in the Northern Area remains open to the west, north and at depth. The relationship between this mineralisation and the Fountain Range / Quamby Fault warrants further investigation. In addition, the eastern areas are not completely drill tested.
Figure 2: Millennium 7724700N section showing previous resource drill holes, 2016 resource model, MI21RC05-7 drill holes and working preliminary interpretation.
A review of the existing JORC 2012 Resource is underway to assess current scope for tonnage and grade updates, additional target areas and further work requirements in both the Southern and Central Areas of the resource.
The Resource review will include the two holes completed by MBK in the Central Area of the Resource and previous drilling completed by GEMC.
The two holes completed by MBK tested gaps in the existing resource and the potential for extensions in the northern margin of the southern area of the resource with excellent results. Several broad zones of Cu-Co mineralisation were intersected2, with results including:
- 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m
- 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from 80m including a high-grade zone of 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Au from 82m (MI21RC01)
- 2m @ 0.07% Cu and 0.29% Co from 41m
- 16m @ 0.34% Cu and 0.06% Co from 64m
- 3m @ 0.59% Cu and 0.14% Co from 84m
These results support the up-dip continuity of the Resource and potential northern extension of the southern resource model, in particular, within the current gap area between the southern and central resources.
In addition, the results have identified that some higher-grade zones may remain untested within the Resource area, providing confidence in the significant growth upside of the existing Inferred Resource located in the southern and central areas of the Project.
Southern Area Previous Drilling
GEMC conducted a 10-hole, 1,141 metre drilling campaign on the Millennium Project during 2017 and 2018 to test the up-dip continuity at the Millennium North deposit and confirm historical estimates of cobalt mineralisation reported in 2016 by Hammer Metals.3 GEMC were successful in both duplicating historical results, demonstrating the continuity of mineralisation within the mineralised zone and in determining mineralisation continues to depth4, including 28m @0.35% Cu and 0.2% Co (MIRC026). Significantly, cobalt and copper mineralisation was encountered along the entire targeted 1500 metre strike length with the zones remaining open in all directions.5
Prior the GEMC’s involvement, the project area had been tested by only 73 drill holes (percussion, RC and diamond) for a total of 7,891 metres. Most holes have been drilled within 200 metres of surface, with few holes reaching to depths greater than 250 metres below surface. At present mineralisation remains open at depth and along the strike extent of the JORC resource area.6
Pending outcomes from the Resource review and scoping work, in light of the encouraging copper results in the Northern Area further work is underway to extend the basement mineralisation, define high grade target zones and understand mineralisation relationships with the adjacent Quamby/Pilgrim Fault system. Work will also seek to determine the metal zonation aspects noted between the Northern and Central/Southern Areas.
In addition, the Federal and Corella Trends require assessment for potential to add additional targets and resources to the project.
Table 1: Completed drill hole details
Table 2: MI21RC01-02 notable intersections
NOTE: 0.2% Cu cut-off, 3m maximum internal dilution unless indicated by *. * within 24m @0.29% Cu from 0m (with 5m <0.2% Cu). Co values > 0.2% listed outside Cu% cut-off ranges. All results reported are downhole intervals and interpreted 70-75% true width. MI21RC01-02 results previously reported on September 8, 2021.2
The Millennium Project
The Millennium Project is a significant advanced copper-cobalt-gold (Cu-Co-Au) project with a large defined zone of copper-cobalt mineralisation that remains open for expansion at depth and along strike. Copper-cobalt mineralisation is associated with shear zones hosted within a sequence of volcanic and sedimentary units.
The Millennium Project is strategically located on granted mining leases, less than 20 km from the Rocklands mine site and processing facility and within the economic and infrastructure hub of Mount Isa, Queensland.
The Mt. Isa Mineral Province is recognized as a world-class mining region, with more than a quarter of the world’s lead and zinc reserves, 5% of the world’s silver resources and 1.5% of the world’s copper resources.
The Project presents as an excellent opportunity to acquire a copper-cobalt asset of significant size with potential to expand mineralisation. Processing solutions and excellent infrastructure exist within the Mount Isa region of Queensland.
Hammer Metals Ltd (ASX: HMX) (‘Hammer Metals’) announced a maiden JORC (2012) resource in 2016 on the Millennium Projecti completed by Haren Consulting, comprised of an Inferred Resource of 5.89 million tonnes @ 1.08 CuEq (using CuEq cutoff of 0.7%), summarised in Table 2 below. The copper equivalent (CuEq) calculation for the Resource was based solely on commodity prices using the following prices: Cu: US$4,600/t; Co: US$27,000/t; Au: US$1,330/oz; and Ag: US$20/oz.
Table 3: Millennium JORC (2012) Resource
1HMX ASX Announcement dated 6 December 2016 “Millennium Mineral Resource Estimate”.
Copper equivalent (CuEq) calculation was based solely on commodity prices using prices as follows: Cu: US$4,600/t; Co: US$27,000/t; Au: US$1,330/oz; and Ag: US$20/oz
2GEMC News Release dated 8 September 2021
3GEMC News Release dated 19 June 2018
4GEMC News Releases dated 17 January 2018, 30 April 2018 , 31 May 2018 and 19 June 2018
5GEMC News Release dated 19 June 2018
6GEMC News Release dated 6 September 2018
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a ‘consolidate, partner and invest’ approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believe the the time to be part of this electrification movement.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals 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. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
GEMC’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
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.
We seek safe harbour.
Copyright (c) 2021 TheNewswire - All rights reserved.drilling intercepts drill hole tsxv-gemc global-energy-metals-corporation investment press-release
One World Lithium Announces DDH-4 Has Started at Its Salar del Diablo Lithium-Brine Project
VANCOUVER, BC – TheNewswire – September 23, 2021 – One World Lithium Inc. (CSE:OWLI) (OTC:OWRDF) (CNSX:OWLI.CN) (the “Company”) (“OWL”) announces…
VANCOUVER, BC - TheNewswire – September 23, 2021 - One World Lithium Inc. (CSE:OWLI) (OTC:OWRDF) (CNSX:OWLI.CN) (the “Company”) (“OWL”) announces that DDH-4 (diamond drill hole) is drilling at a location 16 kilometers north of DDH-3 or 34 kilometers south of DDH-2. DDH-4 is currently drilling the upper part of the borehole and preparing to drill to a depth of up to 600 meters in anticipation of encountering a suspected deep brine system. DDH-3 was abandoned at 230 meters due to difficulty accessing the hole location.
DDH-4’s location is recommended by OWL’s Operator, Montgomery & Associates. DDH-4 has a planned total depth of 600 meters. The Operator noted “The bore hole may intersect historic and current hydrothermal activity that are evident and is often a source of lithium, such as in the Lithium Triangle in Argentina and Chile”. DDH-4 may intersect hydrothermal activity at less than 600 meters. If DDH-4 is successful OWL may elect to drill additional holes in the southern concessions.
DDH-4 is the fourth exploration borehole of a four borehole program designed to explore the Salar del Diablo lithium-brine project that covers 103,450 hectares located in the State of Baja California, Mexico. OWL currently owns a 60% property interest and on completion of the program, it will have earned an additional 20% property interest and has an option to purchase a further 10% for a total of a 90% property interest.
Lithium Industry Trend.
As reported by Fastmarkets on September 12, 2021, the spot price of lithium carbonate has risen 23% from the previous month average, going from $ 14,630 USD to $ 19,000 USD per metric ton1. This has also been reflected in the share prices of both junior exploration and major producers alike.
Update on Critical Fluid Separation Technology.
The Company has delayed the proof of concept testing program in order to review other patented processes in the same field of use with the intention to enter into a joint venture arrangement.
Mike Rosko, SME Registered member and a Qualified Person as defined by the Canadian National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.
On behalf of the Board of Directors of One World Lithium Inc.
President and Chief Executive Officer
For further information please visit www.oneworldlithium.com or email email@example.com or call 1-604-564-2017 Extension-3.
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation. Forward looking information is based on certain key expectations and assumptions made by the management of the OWL, including the intention of OWL to proceed with the advancement of the Property or with the Separation Technology. Although OWL believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because OWL can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. OWL disclaims any intent or obligation to update publically any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to differ materially from the company’s expectations include: (I) inability of OWL to execute its business plan and raise the required financing (II) accuracy of mineral or resource exploration activity (III) continued access to mineral property (IV) risks and market fluctuations common to the mining industry and lithium sector in particular and (V) advancements in new separation technologies. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the OWL. The reader is cautioned not to place undue reliance on any forward-looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
1.Figures taken from Lithium price spotlight – Weekly price updates -Fastmarkets (September 12, 2021) https:/www.fastmarkets.com/commodities/industrial-minerals/lithium-price-spotlight?utm_source=spotlight-alert&utm_medium=email-rketing&utm_campaign=lithium&mkt_tok=Mzc2LUtWVi0xNzcAAAF_fH_rb4X94xcmCmKtuDWs93-1T1cNnPgmFRDpGppMpTasbdFh_zkmIHVMb5QuyjSCxj_Gqjsf9_WVavAscV7Qr0eeEH4iTFICm4DNuUXeXw
Copyright (c) 2021 TheNewswire - All rights reserved.drilling drill hole cse-owli one-world-lithium-inc financing press-release
Alianza Intersects Additional Silver at the West Fault Complex Extending Mineralization 50 m Further to the Northeast – Haldane Silver Project, Keno Hill District, Yukon Territory
– Nine holes now outline two productive fault splays at West Fault Complex
– Six holes completed to depth intersected breccia/fault/vein zone with siderite-galena-sphalerite…
- Nine holes now outline two productive fault splays at West Fault Complex
- Six holes completed to depth intersected breccia/fault/vein zone with siderite-galena-sphalerite mineralization
- West Fault target remains open along strike in both directions and down dip, only 200 metres of the 1,100 metre-long structure having been tested
Vancouver, BC - TheNewswire - September 23, 2021 - Alianza Minerals Ltd. (TSXV:ANZ) (OTC:TARSF) (“Alianza” or the “Company”) reports the final two holes from the 2021 drilling campaign at the Company’s wholly-owned Haldane high-grade silver property located in the historic Keno Hill Mining District of Yukon Territory. Drilling has focused on the West Fault Complex target where a strong vein-fault system with high-grade silver mineralization is being defined. Following up on the success in earlier holes, HLD21-26 and HLD21-27 have infilled and further extended the West Fault mineralization by 50 metres along strike to the northeast.
The 8,579 hectare Haldane Property is located in the western portion of the Keno Hill Silver District, 25 kilometres west of Keno City, YT. Exploration at Haldane is targeting extensions of historical high-grade silver production on the property as well as recently defined targets, such as the West Fault, in new areas of the property.
“In our two drilling campaigns over the past 12 months at Haldane, we have discovered and started to define high-grade silver bearing veins within the West Fault Complex,” stated Jason Weber, P.Geo, President and CEO of Alianza. “After the exceptional result from drilling late in 2020 in HLD20-19, our approach was to determine the orientation of high grade shoots of vein mineralization through a grid pattern of 50 metre step outs on strike and down dip. This approach was successful in extending mineralization to depth and identifying the likely orientation of high-grade silver mineralization. This drilling also indicates that the West Fault is a complex of structures and veining tends to be strongest in an upper structure (WF2) in the northeast and transitions to a lower structure (WF1) to the southwest. Although strong veining within the West Fault structure was seen in both HLD21-26 and HLD21-27, the overall width was slightly wider and the galena (and closely associated silver) content was lower in general which leads us to believe that the strongest, thickest and potentially highest grade mineralization may lie along strike to the southwest and down plunge. We look forward to our next phase of work which will target this extension.”
Table 1 – West Fault Target Drill Intercepts
Est True Width (m)(1)
(1)True width of the vein and breccia mineralization is estimated to be 50-70% of the core length intersection. A value of 60% is used for the purposes of reporting HLD21-26, 27.
(2)Silver-equivalent values are calculated assuming 100% recovery using the formula: ((20 * silver (g/t) / 31.1035) + (1650 * gold (g/t) / 31.1035) + (0.90 * 2204 * lead %/100) + (1.10 * 2204 * zinc %/100)) *(31.1035 / 20). Metal price assumptions are US$20/oz silver, US$1650/oz gold, US$0.90/lb lead and US$1.10/lb zinc.
(3)Core recovery is estimated at 69% for HLD21-26 and 94% for HLD21-27 over the reported intervals.
HLD21-26 intersected the West Fault structure at 268.43 m over a core length of 15.42 m (estimated true width of 9.25 m), exhibiting good strength and width. Strong siderite/sulphide breccia and veining was intersected at 270.41 m returning a 5.09 m (3.05 m estimated true width) intersection of 205 g/t silver (369 g/t silver-equivalent). The highest grade interval of 0.55 m (0.33 m estimated true width) of 437 g/t silver, 9.99% lead and 16.9% zinc (1,383 g/t silver-equivalent) consisted of very strong siderite-galena-sphalerite with trace tetrahedrite in veins and breccia. Siderite/sulphide veining is bounded on both sides by zones of clay-gouge with elevated silver content.
HLD21-27 intersected the West Fault structure at 222.40 m over a core length of 16.75m (estimated true width of 10.05 m). Strong siderite vein and vein breccia with banding open-space fill textures was intersected at 225.00 m, returning an 8.00 m (4.80 m estimated true width) intersection of weakly mineralized material grading 81.4 g/t silver (113 g/t silver-equivalent). This intersection expanded vein mineralization at the West Fault 50 m to the northeast along strike from HLD20-19 that intersected 8.30 m (4.48 m estimated true width) of 444 g/t silver (554 g/t silver-equivalent). Although the vein and vein breccia was wide and consisted of textures associated with productive mineralization, it was moderately to strongly oxidized with remnant sulphides occurring predominantly as disseminated blebs indicating a lower overall original galena and sphalerite content.
Holes HLD21-26 and -27 intersected the upper WF2 vein. Our current interpretation is that a “step over” from the WF1 vein to the WF2 occurs in the vicinity of the HLD21-24 and -25, where the width and grade of the vein is the strongest. The orientation of the step over is not definitive, but one possibility is that it plunges steeply to the southwest in the plane of the West Fault Complex and high-grade shoot geometries could also be aligned in this direction.
Our current level of understanding indicates that stepping out along strike to the southwest and down dip along the structure from HLD21-24 and -25, where our highest grades and thicknesses of veining to date have been intersected, is most prospective. However, the possibility still remains that stronger mineralization may redevelop along strike to the northeast of HLD21-26, and -27 where in excess of 350 m of structure remains open.
The West Fault Complex is traced for over 650 metres and can be interpreted to extend to 1.1 kilometres in length before merging with the 2.2 kilometre-long Main Zone structure. Drill testing to date covers only a fraction of the West Fault Complex target. The current program systematically tested the structure in approximate 50 metre step-outs along strike and down dip of HLD2-19, the first hole at the West Fault to identify high grade silver mineralization over wide intervals, including 8.72 m (true width) averaging 311 g/t silver, 0.89 g/t gold and 1.13% lead with a higher grade interval of 1.78 metres of 818 g/t silver. Systematic step-outs resulted in additional high grade mineralization in HLD21-24 (3.14 m averaging 1,351 g/t silver, 2.43% lead, 2.91% zinc including 1.26 metres averaging 3,267 g/t silver, 5.80% lead, 7.02% zinc) and HLD21-25 (363 g/t silver, 1.73% lead and 2.80% zinc over a true width 4.27 metres with a high grade interval of 1,107 g/t silver, 6.98% lead and 3.97% zinc (over 1.00 metre). Silver mineralization has now been intersected in nine holes that pierce the WF1 and WF2 veins over 90 metres of dip direction and 100 metres of strike direction. The West Fault Complex is one of four high-priority silver-lead-zinc-bearing vein drill targets at Haldane.
Fig 1. West Fault Complex Plan Map.
Fig 2. Cross section – West Fault drill holes HLD20-19, HLD21-25 and HLD21-26.
Fig 3. Cross section – West Fault drill hole HLD21-27.
Fig 4. West Fault Inclined Long Section. Long-Section view looking southeast. Section cut in the plane of the West Fault.
Quality Assurance / Quality Control
All samples were analyzed by 33 element four acid digestion ICP-MS methods at ALS Canada Ltd. Sample preparation was completed in Whitehorse, Yukon and geochemical analyses were performed in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by four acid digestion and atomic absorption spectrometry. All results have passed the QA/QC screening by the lab Equity Exploration Consultants Ltd, of Vancouver BC is executing and managing the Haldane Project. Equity utilized a quality control and quality assurance protocol for the drill core sampling, including blank, duplicate, and standard reference samples.
About Alianza Minerals Ltd.
Alianza employs a hybrid business model of joint venture funding and self-funded projects to maximize opportunity for exploration success. The Company currently has gold, silver and base metal projects in Yukon Territory, British Columbia, Colorado, Nevada and Peru. Alianza currently has one project (Tim, Yukon Territory) optioned out to Coeur Mining, Inc. and is actively seeking partners on other projects.
The Company is listed on the TSX Venture Exchange under the symbol “ANZ” and trades on the OTCQB market in the US under the symbol “TARSF”.
Mr. Jason Weber, P.Geo., President and CEO of Alianza Minerals Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807-7217
Renmark Financial Communications Inc.
Tel: (416) 644-2020 or (212) 812-7680
To learn more visit: www.alianzaminerals.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
Copyright (c) 2021 TheNewswire - All rights reserved.drilling intersects intercepts intersection drill hole tsxv-anz alianza-minerals-ltd press-release
Taper Tantrum 2.0?
Hot Mining Small Caps To Watch Under $5
Here’s Why Evergrande Is NOT the Next Lehman Brothers
FOMC Signals Taper “Soon”, Shows Rate-Hike In 2022
Rusoro Mining Stock Jumps After Venezuela Drops Its Appeal of US$1.62B Award
Bitcoin and crypto market show signs of life ahead of Fed meeting; another US regulator brings the FUD
Gold – Lost its shine?
Eagle Mountain reckons visual mineralisation at Western Talon is ‘truly spectacular’
TSX gains on Trudeau’s re-election, loonie up
Two Mining Experts Say Timing Is Right for This Small-Cap Canadian Gold Exploration Company
Precious Metals21 hours ago
Taper Tantrum 2.0?
Energy & Critical Metals23 hours ago
Cameco’s Reddit Traction Is Justified as Nuclear Energy Gains Popularity
Energy & Critical Metals5 hours ago
Economics21 hours ago
Three Key Takeaways From The Fed Meeting
Base Metals22 hours ago
MoneyTalks: Armytage Private’s Lee Iafrate likes these diversified fin services and infrastructure stocks
Base Metals6 hours ago
Top 20 Investors Speak on Uranium’s Returned Aura
Base Metals21 hours ago
Canadian Natural Resource Sector Real GDP on the Rise for the 4th Straight Quarter
Precious Metals21 hours ago
Gold – Lost its shine?