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BMEX Commences Phase 2 Drill Program on King Tut

Vancouver, British Columbia–(Newsfile Corp. – November 18, 2021) – BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) ("BMEX" or the "Company") is pleased to announce…

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Vancouver, British Columbia–(Newsfile Corp. – November 18, 2021) – BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) (“BMEX” or the “Company“) is pleased to announce a 3,000-metre Phase 2 drill program on the King Tut project. BMEX conducted a drone magnetic survey on the property as a follow up to the inaugural 4,500-metre drill program which returned anomalous gold values in nearly every hole related to quartz-carbonates veining, indicating that a hydrothermal gold-bearing system is hosted on the property. Highlight hole TUT-21-018 assayed 81.89 g/t Au over 0.45 metres and targeted the western edge of the known gold-bearing structure at King Tut leaving nearly 2 km of strike length between Tut and Audet Quest to the west to drill test an identified shear zone in the Phase 2 program. The drill targets (see Figure 1) were identified from integrating data collected from the magnetic survey, geological data from the previous drill program, and geological modelling. BMEX will be using two rigs to evaluate this trend in order to reduce costs and expedite results. Drilling is anticipated to be completed by Dec 15, 2021.

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Figure 1: 2021 Drilling Campaign on King Tut Property

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Robert Pryde, President, commented, “Armed with additional information following several months of data compilation and analysis, we have a better understanding of the gold system at King Tut and are in a stronger position to move forward with our Phase 2 drill program. The team is very excited to initiate the Phase 2 drilling and we are working closely with our geoscience consulting team at Laurentia Exploration to target the gold structure identified in previous exploration on King Tut.”

The King Tut project is located 65 km east of Amex Exploration‘s Perron Property (see Figure 2).

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Figure 2: Location Map of King Tut property.

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About BMEX Gold Inc.

BMEX Gold Inc. is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdiction of Quebec, Canada. BMEX is currently fully focused on earning 100% interest in its two projects, both located in the prolific Abitibi greenstone belt:

  • King Tut Project consists of 120 contiguous claims on 5,206 hectares.
  • Dunlop Bay Project consists of 76 mineral claims that cover 4,226 hectares.

BMEX common shares trade under the symbol “BMEX” on the TSX-V and under the symbol 8M0 on the Frankfurt Exchange.

For further information please contact:

BMEX Gold Inc.
Dylan Sidoo, Business Development
Tel: 1 (604) 423 4499
Email: [email protected]

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This news release contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), based on management’s best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the King Tut and Dunlop Bay properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” , “anticipates” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the King Tut and Dunlop Bay projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in areas in which the Company operates. 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. The forward-looking statements and forward looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company’s most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business.

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Today’s News

Porphyry system extended to surface and depth at Trundle Park

Porphyry system extended to surface and depth at Trundle Park
Canada NewsWire
MELBOURNE, Australia, Dec. 7, 2021

Assay results for TRDD014W1 return significant higher gold grade skarn intervals and broad intervals of porphyry style intrusions at th…

Porphyry system extended to surface and depth at Trundle Park

Canada NewsWire

  • Assay results for TRDD014W1 return significant higher gold grade skarn intervals and broad intervals of porphyry style intrusions at the Trundle Park prospect;
    • 42m @ 0.42 g/t gold and 0.12% copper from 358m, including:
      • 10m @ 1.13 g/t gold and 0.32% copper from 382m
    • 48m @ 0.19 g/t gold and 0.03% copper from 458m
    • 122m @ 0.16g/t gold and 0.03% copper from 596m
    • 10m @ 0.21g/t gold and 0.06% copper from 750m
    • 16m @ 0.11g/t gold and 0.07% copper from 860m
  • For the first time at the Trundle Park prospect most recently completed hole TRDD028 intersected broad porphyry style intrusions from near surface (to 467m), with the targeted deeper intrusive body also intersected (assay results pending);
  • Assay results for TRDD022 (162m @ 0.24 g/t gold and 0.04% copper, including 18m @ 0.75 g/t gold and 0.09% copper), TRDD014/W1 and visual interpretation of TRDD028 provided further confidence of proximity to the core of a large porphyry intrusive system, vectors for follow up drilling and support the working model of a vertically extensive mineralized intrusive system that has both open pit and underground target potential;
  • Hole TRDD029 has commenced testing nearer surface intrusive potential, and also western and southern strike for both skarn and porphyry type intrusion mineralization at depth.

MELBOURNE, Australia, Dec. 7, 2021 /CNW/ – Kincora Copper Limited (the Company, Kincora) (TSXV: KCC) (ASX: KCC) is pleased to provide an exploration update from ongoing drilling at Trundle Park prospect situated at the brownfield Trundle project, located in the Macquarie Arc of the Lachlan Fold Belt (LFB) in NSW, Australia.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, noted:

“The occurrence of the targeted porphyry intrusive system from surface to depth in TRDD028 (assay results pending) provides a new nearer surface and potentially open pit target in addition to the known deeper parts of the system at the Trundle Park prospect. This is a very positive development and consistent with a number of the vertically extensive intrusive deposits at Northparkes that extend from nearer surface to depth.

Assay results for TRDD014W1 confirmed our initial visual interpretations with broad intrusive intervals and higher-grade skarn zones. The widths of mineralised intervals returned in TRRD014W1 and visual intrusions in TRDD028 are very encouraging. 

We continue to see the right rocks and alteration in what is an increasingly large intrusive system. The recently commenced hole TRDD029 will test the nearer surface intrusive, and southern and western depth potential, with the west and south still open for further follow up drilling as we seek to intersect the higher grade and inner potassic core of the intrusive system.”

Figure 1: Assay results pending for both the Trundle and Fairholme projects

  • Favourable locations of the key porphyry belts of the Macquarie Arc
  • Advance stage exploration projects with demonstrated large scale mineralised systems
  • Hallmarks to neighbouring world-class deposits

Figure 2: Trundle is the only brownfield porphyry project held by a listed junior in the Lachlan Fold Belt (LFB), located within Northparkes Igneous Complex which already hosts the 2nd largest porphyry mine in Australia (endowment 5.5Moz Au & 4.5Mt Cu1)

  • Large geochemical footprints with a cluster of concealed intrusive deposits at Northparkes

1 Bespoke March 2020 report by Richard Schodde, MinEx Consulting, for Kincora

Trundle Park prospect

Recent drilling at the Trundle Park prospect has confirmed a significant area and multiple intrusive porphyry system with a mineralised zone emerging. The latest hole (TRDD028) now also demonstrates nearer surface potential for a multiple intrusive system (assay results pending).

These results provided further confidence of proximity to the core of a porphyry intrusive system such as the multiple deposits at the neighbouring Northparkes mine or at Cadia-Ridgeway – where Figure 1 outlines our target model – and supports the working geological concept of a vertically extensive mineralized intrusive system that has both open pit and underground target potential.

Figure 3: The clusters of deposits at the neighbouring Northparkes mine and at Cadia-Ridgeway exhibit multiple intrusive systems and an alteration, lithology and mineralised setting not dissimilar to the Trundle Park prospect around discrete mineralized cores of only hundreds of metres width that are vertically extensive

Assay results have been received for TRDD014W1 that intersected significant higher gold grade skarn intervals and broad intervals of porphyry style intrusions. Highlights include:

  • 42m @ 0.42 g/t gold and 0.12% copper from 358m, including:
    • 10m @ 1.13 g/t gold and 0.32% copper from 382m
  • 48m @ 0.19 g/t gold and 0.03% copper from 458m
  • 122m @ 0.16g/t gold and 0.03% copper from 596m
  • 10m @ 0.21g/t gold and 0.06% copper from 750m
  • 16m @ 0.11g/t gold and 0.07% copper from 860m

Further details and significant intervals are included in Table 1 and see Figure 4 (c) for a cross section.

This hole was a wedge drilling off previous hole TRDD014, seeking to extend the original hole to greater depth and provide coverage towards TRDD022. TRDD014W1 has confirmed, expanded and returned higher grade skarn intervals, and extended the intrusive systems returned in both TRDD014 and TRDD022 to depth and on strike.

Assay results for TRDD014W1 confirmed our initial visual interpretations with broad intrusive intervals and higher-grade skarn zones, and the widths of and multiple intervals returned are very encouraging.

The lithologies, alteration, veining, mineral tenor and structural interpretations have provided further confidence of a proximal environment to the targeted causative intrusion at the Trundle Park prospect, as well as vectors for follow up drilling.

Initial follow up hole TRDD028 was drilled parallel and west of TRDD014/W1, and further expanded the deeper intrusive system to the west but importantly also intersected a broad and nearest to surface intrusive system identified to date at the prospect.

Figure 4: Recently completed TRDD028 has intersected broad intervals of the targeted intrusive system nearer surface than previously recognized at the Trundle Park prospect and expanded the system to depth and the west of previous drilling.

Recently commenced follow up hole TRDD029 is further testing the nearer surface and deeper intrusive system to the west and south.

(a) Plan view of Trundle Park prospect and planned hole TRDD029 – see Figure 3 (b) for section

 (b) Working Leapfrog model and design of hole TRDD029 – Trundle Park prospect section

(Section line through Figure 3 (a). Length ~900m and width ~1000m, ~400m to the NNE with only the trace of TRDD029 and TRDD017 to the SSE)

(c) Insert with mineralised intervals and illustration of strike/down dip target of TRDD029, noting the distance from TRDD029 to TRDD028 is ~150m and 95m west to TRDD014/17

(Length ~700m and width ~420m)

Table 1: Trundle Park target hole TRDD014W1 – Significant broad mineralized intervals

Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.
Internal dilution is below cut off; and, * Dilutions related with Core loss

From initial logging of TRDD028 notable zones include (with assay results pending):  

  1. Upper intrusions (surface – 467m): a weathered monzodiorite intrusion was intersected from surface to 39m down-hole followed by a short interval of volcanoclastic sandstones and siltstones to 69m. A broad upper interval of monzodiorite was then intersected to 467.3m, which was in-turn intruded in multiple zones by red (interpreted potassic altered) monzonite dyke-like bodies (<2 and >10m wide). Quartz-sulphide veins were also observed in the monzonite dykes. See Figure 6 (a) and (b) for examples of core from this zone.
  2. Skarn altered volcanoclastic rocks (467 – 741m): a volcanoclastic dominated sequence (mainly grey sandstones and siltstones) was intersected with multiple intervals of zoned skarn alteration spaced approximately 100m apart and occurring close by to intrusion contacts. In the upper (retrograde) skarn two cavities were observed comprising green garnet-carbonate-epidote-magnetite-pyrite and minor chalcopyrite and trace bornite – see Figure 6 (c).  
  3. Lower intrusions (741  – 868.3m): A broad lower interval of monzodiorite was intersected, with similarities to those observed in TRDD014W1. Comparatively, to the upper zone, this larger monzodiorite intrusion is cut by two zones (smaller) of red monzonite intrusions. See Figure 6 (d).
  4. Thrust fault with a slice of volcanoclastic sequence then conglomerate (868 –  879m): the interpreted regionally significant westerly dipping thrust fault (the Tullamore thrust) was intersected in close proximity to the forecast depth at 870m and defined by sheared red clays to 873m down-hole, followed by a preserved slice of a sheared volcanoclastic sequence +/- pyrite intersected from 873-878.8m. A dark red conglomerate unit with fragments of grits, shale and rounded pebble sized felsic intrusive rock clasts was observed between 878.8-879.4m to end of hole and is interpreted to be similar to those observed at the end of in hole TRDD015 and considered to be Devonian aged.

See Figure 6 for examples of the described rock types in TRDD028 and interpreted section for TRDD028 below.

Figure 5: The occurrence of the targeted preserved porphyry intrusive systems from surface to depth in TRDD028 (assay results pending) provides a new nearer surface and potentially open pit target in addition to the ongoing deeper parts of the system at the Trundle Park prospect 

Key observations include: the multiple phase, multiple intrusive setting returned in TRDD022 (162m @ 0.24 g/t gold and 0.04% copper, including 18m @ 0.75 g/t gold and 0.09% copper), TRDD026 and TRDD014/W1, endoskarn intersected in TRDD014W1, TRDD028 coupled with returned mineral tenor in TRDD022, TRDD014/W1 and TRDD001 (21.1m @ 0.25 g/t gold and 0.03% copper to EOH), and provides indicators of a proximal environment to the targeted core of an intrusive porphyry system and vectors for follow up drill testing.

A recently commenced hole (TRDD029) is an offset scissor hole stepping out to the west of TRDD028 drilling towards the south-southeast testing for nearer surface porphyry type intrusive potential, and the western and southern strike coverage for both skarn and porphyry mineralization at depth.

The west and south remain open for further follow up drilling within an identified mineralized corridor. The Company is also reviewing previous air-core drilling that have returned shallow intrusions (generally at less than 20m vertical depth from surface), and may warrant infill coverage to assist advance a shallow, open pit intrusive system target.

Figure 6: Examples of the rock types in hole TRDD028 at the Trundle Park prospect  

(a) Monzodiorite – Upper interval example from 389m with increasing K-spar (interpreted potassic) alteration (reddening) along quartz-carbonate-pyrite veins (inset photo).

(b) Red monzonite (interpreted potassic alteration) cut by quartz-pyrite veins, then in turn by carbonate veins (inset @ 402.8m).

(c) Basaltic andesite lava host rock with a cavity filled by retrograde skarn comprising green garnet-carbonate-epidote-magnetite-pyrite, minor chalcopyrite and trace bornite (purple).

(d) Monzodiorite (grey-brown) – Lower interval example from 793m with increasing dykes of (interpreted potassic altered) monzonite (red).

Photos of selected intervals which are not representative of the mineralization hosted on the whole property or Trundle Park prospect but are of the alteration and lithology’s intersected in the mineralized zones in these sections of drill holes TRDD028, and current working geological interpretation presented in Figure 3. There is insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths. True widths are not known.

Trundle Project background
The Trundle Project includes one single license covering 167km2 and was secured by Kincora in the March 2020 agreement with RareX Limited (“REE” on the ASX). Kincora is the operator, holds a 65% interest in the Trundle Project and is the sole funder until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

Table 2: Trundle project – Collar Information

For further details, including QAQC procedures, please refer to the following press releases:

1.

July 6, 2020 – Kincora announces high-grade gold-copper results from first hole at Trundle

2.

July 23, 2020 – Kincora reports further strong encouragement at Trundle

3.

September 3, 2020 – Kincora provides update on expanded drilling program at Trundle

4.

November 30, 2020 – Kincora intersects broad mineralized zones at Trundle

5.

January 20, 2021 – Kincora intersects further shallow mineralization at Trundle

6.

March 2021 – Independent Technical Report for the ASX prospectus

7.

April 22, 2021 – Exploration Update

8.

July 8, 2021 – Exploration portfolio drilling update

9.

August 17 2021 – Significant gold-bearing intervals at Trundle Park

10.

December 2021 – Porphyry system extended to surface and depth at Trundle Park

Table 3: Trundle Park target hole 23 – Significant broad mineralized intervals

Table 4: Trundle Park target hole 26 – Significant broad mineralized intervals

Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.
Internal dilution is below cut off; and, * Dilutions related with Core loss

Drilling, Assaying, Logging and QA/QC Procedures
Sampling and QA/QC procedures are carried out by Kincora Copper Limited, and its contractors, using the Company’s protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists. All drill core was logged to best industry standard by well-trained geologists and Kincora’s drill core sampling protocol consisted a collection of samples over all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. There is insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths.

True widths are not known at this stage.

Significant mineralised intervals for drilling at the Trundle project are reported based upon two different cut off grade criteria:

  • Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively; and,
  • Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.

Significant mineralised intervals are reported with dilution on the basis of:

  • Internal dilution is below the aforementioned respective cut off’s; and,
  • Dilutions related with core loss as flagged by a “*”.

The following assay techniques have been adopted for drilling at the Trundle project:

  • Gold: Au-AA24 (Fire assay), reported.
  • Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report for TRDD001 and former reported for holes TRDD002-TRDD022.
  • Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported.
  • Assay results >10g/t gold and/or 1% copper are re-assayed.

Qualified Person
The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose of NI 43-101.

JORC Competent Person Statement
Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves has been reviewed and approved by Mr. Paul Cromie, a Qualified Person under the definition established by JORC and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), is Exploration Manager Australia for the Company.

Mr. Paul Cromie consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The review and verification process for the information disclosed herein for the Trundle, Fairholme and Nyngan projects have included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.

JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).

Criteria

JORC Code explanation

Commentary

Sampling
techniques

  • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
  • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • Aspects of the determination of mineralisation that are Material to the Public Report.
  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information
  • Kincora Copper Limited is the operator of the Trundle Project, with drilling using diamond coring methods by DrillIt Consulting Pty Ltd, from which sub-samples were taken over 2 m intervals and pulverised to produce suitable aliquots for fire assay and ICP-MS.
  • Diamond drilling was used to obtain orientated samples from the ground, which was then structurally, geotechnically and geologically logged.
  • Sample interval selection was based on geological controls and mineralization.
  • Sampling was completed to industry standards with 1⁄4 core for PQ and HQ diameter diamond core and 1⁄2 core for NQ diameter diamond core sent to the lab for each sample interval.
  • Samples were assayed via the following methods:
    • Gold: Au-AA24 (Fire assay)
    • Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements)
    • Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported
    • Assay results >10g/t gold and/or 1% copper are re-assayed
  • Historic sampling on other projects included soils, rock chips and drilling (aircore, RAB, RC and diamond core).

Drilling
techniques

  • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

  • Drilling by Kincora at Trundle used diamond core drilling with PQ, HQ and NQ diameter core depending on drilling depth.
  • All Kincora core was oriented using a Reflex ACE electronic tool.
  • Historic drilling on Kincora projects used a variety of methods including aircore, rotary air blast, reverse circulation, and diamond core. Methods are clearly stated in the body of the previous reports with any historic exploration results.

Drill sample
recovery

  • Method of recording and assessing core and chip sample recoveries and results assessed.
  • Measures taken to maximise sample recovery and ensure representative nature of the samples.
  • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
  • Drill Core recovery was logged.
  • Diamond drill core recoveries are contained in the body of the announcement.
  • Core recoveries were recorded by measuring the total length of recovered core expressed as a proportion of the drilled run length.
  • Core recoveries for most of Kincora’s drilling were in average over 96.7%, with two holes averaging 85.6%
  • Poor recovery zones are generally associated with later fault zones and the upper oxidised parts of drill holes.
  • There is no relationship between core recoveries and grades.

Logging

  • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
  • The total length and percentage of the relevant intersections logged.
  • All Kincora holes are geologically logged for their entire length including lithology, alteration, mineralisation (sulphides and oxides), veining and structure.
  • Logging is mostly qualitative in nature, with some visual estimation of mineral proportions that is semi-quantitative. Measurements are taken on structures where core is orientated.
  • All core is photographed.
  • Historic drilling was logged with logging mostly recorded on paper in reports lodged with the NSW Department of Mines.

Sub-sampling techniques and sample preparation

  • If core, whether cut or sawn and whether quarter, half or all core taken.
  • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
  • For all sample types, the nature, quality and appropriateness of the sample preparation technique.
  • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
  • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
  • Whether sample sizes are appropriate to the grain size of the material being sampled.
  • Once all geological information was extracted from the drill core, the sample intervals were cut with an Almonte automatic core saw, bagged and delivered to the laboratory.
  • This is an appropriate sampling technique for this style of mineralization and is the industry standard for sampling of diamond drill core.
  • PQ and HQ sub-samples were quarter core and NQ half core.
  • Sample sizes are considered appropriate for the disseminated, generally fine-grained nature of mineralisation being sampled.
  • Duplicate sampling on some native copper bearing intervals in TRDD001 was undertaken to determine if quarter core samples were representative, with results indicating that sampling precision was acceptable. No other duplicate samples were taken.

Quality of assay data and laboratory tests

  • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
  • Gold was determined by fire assay and a suite of other elements including Cu and Mo by 4-acid digest with ICP-AES finish at ALS laboratories in Orange and Brisbane. Over-grade Cu (>1%) was diluted and re-assayed by AAS.
  • Techniques are considered total for all elements. Native copper mineralisation in TRDD001 was re-assayed to check for any effects of incomplete digestion and no issues were found.
  • For holes up to TRDD007 every 20th sample was either a commercially supplied pulp standard or pulp blank. After TRDD007 coarse blanks were utilised.
  • Results for blanks and standards are checked upon receipt of assay certificates. All standards have reported within certified limits of accuracy and precision.
  • Historic assays on other projects were mostly gold by fire assay and other elements by ICP.

Verification of sampling and assaying

  • The verification of significant intersections by either independent or alternative company personnel.
  • The use of twinned holes.
  • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • Discuss any adjustment to assay data.
  • Significant intercepts were calculated by Kincora’s geological staff.
  • No twinned holes have been completed.
  • The intercepts have not been verified by independent personal.
  • Logging data is captured digitally on electronic logging tablets and sampling data is captured on paper logs and transcribed to an electronic format into a relational database maintained at Kincora’s Mongolian office. Transcribed data is verified by the logging geologist.
  • Assay data is received from the laboratory in electronic format and uploaded to the master database.
  • No adjustments to assay data have been made.
  • Outstanding assays are outlined in the body of the announcement.

Location of data points

  • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • Specification of the grid system used.
  • Quality and adequacy of topographic control.
  • Collar positions are set up using a hand-held GPS and later picked up with a DGPS to less than 10cm horizontal and vertical accuracy.
  • Drillholes are surveyed downhole every 30m using an electronic multi-shot magnetic instrument.
  • Due to the presence of magnetite in some alteration zones, azimuth readings are occasionally unreliable and magnetic intensity data from the survey tool is used to identify these readings and flag them as such in the database.
  • Grid system used is the Map Grid of Australia Zone 55, GDA 94 datum.
  • Topography in the area of Trundle is near-flat and drill collar elevations provide adequate control

Data spacing and distribution

  • Data spacing for reporting of Exploration Results.
  • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • Whether sample compositing has been applied.
  • Kincora drilling at Trundle is at an early stage, with drill holes stepping out from previous mineralisation intercepts at various distances.
  • Data spacing at this stage is insufficient to establish the continuity required for a Mineral Resource estimate.
  • No sample compositing was applied to Kincora drilling.
  • Historic drilling on Trundle and other projects was completed at various drill hole spacings and no other projects have spacing sufficient to establish a mineral resource.

Orientation of data in relation to geological structure

  • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
  • The orientation of Kincora drilling at Trundle has changed as new information on the orientation of mineralisation and structures has become available.
  • The angled drill holes were directed as best possible across the known lithological and interpreted mineralized structures.
  • There does not appear to be a sampling bias introduced by hole orientation in that drilling not parallel to mineralised structures.

Sample security

  • The measures taken to ensure sample security.

  • Kincora staff or their contractors oversaw all stages of drill core sampling. Bagged samples were placed inside polyweave sacks that were zip-tied, stored in a locked container and then transported to the laboratory by Kincora field personnel.

Audits or reviews

  • The results of any audits or reviews of sampling techniques and data.

  • Mining Associates has completed an review of sampling techniques and procedures dated January 31st, 2021, as outlined in the Independent Technical Report included in the ASX listing prospectus, which is available at:

    https://www.kincoracopper.com/investors/asx-prospectus

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • Kincora holds two exploration licences in NSW, a further exploration license application and rights to a further six exploration licences through an agreement with RareX Limited (RareX, formerly known as Clancy Exploration).
  • EL8222 (Trundle), EL6552 (Fairholme), EL6915 (Fairholme Manna), EL8502 (Jemalong), EL6661 (Cundumbul) and EL7748 (Condobolin) are in a JV with RareX where Kincora has a 65% interest in the respective 6 licenses and is the operator /sole funder of all further exploration until a positive scoping study or preliminary economic assessment (“PEA”) on a project by project basis. Upon completion of PEA, a joint venture will be formed with standard funding/dilution and right of first refusal on transfers.
  • EL8960 (Nevertire), EL8929 (Nyngan) and ELA6304 (Mulla) are wholly owned by Kincora.
  • All licences are in good standing and there are no known impediments to obtaining a licence to operate.

Exploration done by other parties

  • Acknowledgment and appraisal of exploration by other parties.

  • All Kincora projects have had previous exploration work undertaken.
  • The review and verification process for the information disclosed herein and of other parties for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures. Further details of exploration efforts and data of other parties are providing in the March 1st, 2021, Independent Technical Report included in the ASX listing prospectus, which is available at:https://www.kincoracopper.com/investors/asx-prospectus

Geology

  • Deposit type, geological setting and style of mineralisation.

  • All projects are within the Macquarie Arc, part of the Lachlan Orogen.
  • Rocks comprise successions of volcano-sedimentary rocks of Ordovician age intruded by suites of subduction arc-related intermediate to felsic intrusions of late Ordovician to early Silurian age.
  • Kincora is exploring for porphyry-style copper and gold mineralisation, copper-gold skarn plus related high sulphidation and epithermal gold systems.

Drill hole Information

  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.
  • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

  • Detailed information on Kincora’s drilling at Trundle is given in the body of the report.

Data aggregation methods

  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • For Kincora drilling at Trundle the following methods were used:
  • Interpreted near-surface skarn gold-copper intercepts were aggregated using a cut-off grade of 0.20 g/t Au and 0.10% Cu respectively.
  • Porphyry gold-copper intercepts were aggregated using a cut-off grade of 0.10 g/t Au and 0.05% Cu respectively.
  • Internal dilution below cut off included was generally less than 25% of the total reported intersection length.
  • Core loss was included as dilution at zero values.
  • Average gold and copper grades calculated as averages weighted to sample lengths.
  • Historic drilling results in other project areas are reported at different cut-off grades depending on the nature of mineralisation.

Relationship between mineralisation widths and intercept lengths

  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).
  • Due to the uncertainty of mineralisation orientation, the true width of mineralisation is not known at Trundle.
  • Intercepts from historic drilling reported at other projects are also of unknown true width.

Diagrams

  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

  • Relevant diagrams are included in the body of the report.

Balanced reporting

  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

  • Intercepts reported for Kincora’s drilling at Trundle are zones of higher grade within unmineralized or weakly anomalous material.

Other substantive exploration data

  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

  • No other exploration data is considered material to the reporting of results at Trundle. Other data of interest to further exploration targeting is included in the body of the report.
  • Historic exploration data coverage and results are included in the body of the report for Kincora’s other projects.

Further work

  • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

  • Drilling at the Mordialloc and Trundle Park targets are ongoing at the time of publication of this report and plans for further step-out drilling are in place. Further drilling is proposed at other Trundle project areas that have complementary but insufficiently tested geochemistry and geophysical targets with the aim to find: (a) and expand near surface copper-gold skarn mineralization overlying or adjacent to (b) underlying copper-gold porphyry systems.

Website: www.kincoracopper.com

SOURCE Kincora Copper Limited









kincora copper limited

Author: Author

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Today’s News

Indian Patent Office Grants Patent to American Manganese for Lithium-ion Battery Recycling

SURREY, BC / ACCESSWIRE / December 7, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("AMY" or the "Company") is pleased to announce that…

SURREY, BC / ACCESSWIRE / December 7, 2021 / American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) (“AMY” or the “Company”) is pleased to announce that the Indian Patent Office has issued Patent No. 380826 for the Company’s first patent invention regarding lithium-ion battery recycling. The patent covers core process functions in the Company’s RecycLiCo process that can achieve up to 100% leach extraction of lithium, cobalt, nickel, and manganese from the treatment of lithium-ion battery cathode chemistries used in electric vehicles and portable electronics. These cathode chemistries include lithium-cobalt oxide (LCO), lithium-nickel-manganese-cobalt oxide (NMC), and lithium-nickel-cobalt-aluminum oxide (NCA).

The newly granted Indian patent is separate from the Company’s second battery recycling patent invention recently filed into national phase for Europe, South Korea, Canada, India, Australia, Japan, and China.

India’s automotive industry is the fifth largest in the world and is slated to be the third largest by 2030, coupled with India’s plans to have 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two and three-wheelers go electric by 2030. India could offer one of the world’s largest emerging electric vehicle markets and pose a significant opportunity to establish a circular battery recycling business model for the sustainable and domestic supply of critical battery materials.

About American Manganese Inc.

American Manganese Inc. is a critical metals company focused on recycling and upcycling lithium-ion battery waste into high-value battery cathode materials, using its closed-loop RecycLiCo™ process. With minimal processing steps and over 99% extraction of lithium, cobalt, nickel, and manganese, the upcycling process creates valuable lithium-ion battery materials for direct integration into the re-manufacturing of new lithium-ion batteries.

On behalf of Management

AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
Email: [email protected]

www.americanmanganeseinc.com
www.recyclico.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. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

SOURCE: American Manganese Inc.

View source version on accesswire.com:
https://www.accesswire.com/676261/Indian-Patent-Office-Grants-Patent-to-American-Manganese-for-Lithium-ion-Battery-Recycling



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Today’s News

Gold Mountain Updates Mineral Resource Estimate at the Elk Gold Property

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Gold Mountain Mining Corp. ("Gold Mountain" or the "Company") (TSX:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Gold Mountain Mining Corp. (“Gold Mountain” or the “Company”) (TSX:GMTN)(OTCQB:GMTNF)(Frankfurt:5XFA) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate following the conclusion of its Phase 2 drill program at the Elk Gold Project. An updated technical report will be filed on the Company’s website and SEDAR within 45 calendar days of this disclosure.

Highlights:

  • Gold Mountain increases its resource estimate at its flagship Elk Gold Project to: 806,000 oz of Measured & Indicated Resources at 5.8 g/t AuEq and 262,000 oz of Inferred resource at 5.4 g/t AuEq.
  • The updated Resource Estimate represents a 24% increase of Measured and Indicated ounces and 65% increase of inferred ounces.
  • 37 new diamond drill holes were completed in the Siwash North Zone which incrementally expanded the vein models along strike and down dip and connected the Siwash North Zone with the Gold Creek Zone which was historically viewed as a satellite deposit.
  • 10 diamond drill holes were completed in the Lake and South Zones leading to maiden Mineral Resource estimates in the two satellite deposits which demonstrate the multiple zone potential for the Elk Gold Project.
  • This update to the mineral resources followed the Company’s successful Phase 2 drill program that consisted of 13,900 metres of diamond drilling where all 47 holes hit mineralization.

The resource update is following Gold Mountain’s 13,900m Phase 2 drill program which began in May and wrapped up in November. The Company continued to step out and infill its well established, high-grade intercepts in Siwash North, increasing the zone’s measured and indicated resource to 735,000oz at 5.9 g/t AuEq and inferred resource to 229,000oz at 5.4 g/t AuEq. This included drilling to the south of the Siwash North Zone which allowed the Company to merge the Gold Creek and Siwash North geological models.

Additionally, Gold Mountain continued exploring the property by drilling in known mineralized Satellite zones including; the Lake and South Zones. By leveraging and evaluating the historical drill data set for these zones, the Company was able to fill spatial data gaps and establish a combined maiden resource of 71,000oz measured and indicated at 4.3g/t AuEq and 33,000oz inferred at 5.7g/t AuEq.

Finally, the company continued relogging the asset’s historical core that was drilled by previous owners of the property. HEG Exploration Services Inc. identified and sampled core from historical drill holes located in the Siwash North Zone which helped further refine the vein model interpretation and add additional veins to the geological model.

Elk Gold Resource Update – Summary

The table below summarizes the updated resource estimate at the Elk Gold Project:

Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

4,190,000

5.6

5.4

11.0

750,000

Measured + Indicated

4,359,000

5.8

5.6

11.0

806,000

Inferred

1,497,000

5.4

5.3

14.4

262,000

CIM definitions were followed for classification of Mineral Resources.

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

Results are presented in-situ and undiluted.

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

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

The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is:

AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

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

Elk Gold Project Resource Estimate

The table below sets out the detailed results of the Mineral Resource estimate for Elk Gold Project. The effective date of the resource estimate is October 21, 2021 (the “Resource Estimate“).

Combined Elk Gold Property Mineral Resource (Pit-Constrained and Underground) Dec 2021

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

4,190,000

5.6

5.4

11.0

750,000

Measured + Indicated

4,359,000

5.8

5.6

11.0

806,000

Inferred

1,497,000

5.4

5.3

14.4

262,000

Siwash Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Measured

169,000

10.4

10.3

10.9

56,000

Indicated

3,396,000

5.5

5.4

9.6

606,000

Measured + Indicated

3,565,000

5.8

5.7

9.7

662,000

Inferred

927,000

4.0

3.9

9.1

121,000

Siwash Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

283,000

8.0

7.8

17.4

73,000

Inferred

396,000

8.5

8.2

21.5

108,000

Lake Zone Pit-Constrained Resource Estimate at 0.3/gt AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

267,000

3.2

3.1

16.5

28,000

Inferred

75,000

4.5

4.2

25.1

11,000

Lake Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

124,000

5.6

5.3

26,.0

22,000

Inferred

73,000

6.6

6.2

33.2

16,000

South Zone Pit-Constrained Resource Estimate at 0.3g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

87,000

2.3

2.3

3.0

7,000

Inferred

9,000

2.6

2.6

3.4

1,000

South Zone Underground Resource Estimate at 3.0g/t AuEq Cut-off Grade

Classification

Tonnes

Au Equivalent (g/t)

Au Capped (g/t)

Ag Capped (g/t)

AuEq (Oz)

Indicated

33,000

13.5

13.3

20.6

14,000

Inferred

17,000

9.4

9.2

18.7

5,000

CIM definitions were followed for classification of Mineral Resources.

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

Results are presented in-situ and undiluted.

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

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

The Resource Estimate includes both gold and silver assays. The formula used to combine the metals is:

AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

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

Several factors have contributed to the change in this resource estimate from previous estimates. The primary factors affecting that change are the addition of 47 new diamond drill holes, changes to the constraining pit shell parameters, changes to the vein model interpretation and inclusion of maiden Mineral Resources in the Lake and South Zones.

Mineral Resource Estimate Assumptions

Data Verification

The data that forms the basis for the Resource Estimate was verified by the Qualified Person using industry standard methods. Drill hole collar locations were confirmed with independent surveyors’ using high precision GPS equipment. Analytical accuracy and precision are monitored using commercial standards, blanks, re-analysis of both coarse rejects and pulps. A review of all data inputs to the drilling database, both historical and recent, has allowed a sufficient level of confidence to include the drill database in the Resource Estimate.

Key Assumptions and Parameters and Methods Used to Estimate Resources

Exploration Information

The data from the 47 Phase 2 drill holes were added to the 2021 drill data for an aggregate total of 1,125 holes that intersected the 46 modelled mineralized zones. The assay file contained 23,093 gold and silver assays of which 6,406 were contained within the modelled zones.

Grade Capping – Siwash North

A cumulative frequency curve was generated for both gold and silver assay values to determine whether capping of assay values was appropriate. There is a distinct break in the gold assay cumulative frequency curve at 400 g/t and that value was taken as the capping value. There were 10 gold assay values over 400 g/t. The silver cumulative frequency curve has a break at 450 g/t and that value was taken as the capping value. There are 11 samples in the population which were greater than 450 g/t silver.

Grade Capping – Lake Zone

No grade capping was applied in the Lake Zone for this resource estimate.

Grade Capping – South Zone

In the South Zone, gold grades were capped at 60g/t Au and there is 1 gold assay value over 60 g/t. The silver grades were capped at 160g/t Ag and there are 2 samples in the population which were greater than 160 g/t silver.

Vein Modelling

The Resource Estimate is constrained to a vein wireframe model which was developed using LeapfrogTM software by clipping the wireframes to a combination of drill hole composites and lithological units.

Metal Equivalency

The Resource Estimate includes both gold and silver assay values and the combined value is expressed as a gold equivalency. The formula by which the two metals are combined is:

AuEq = ((Au_Cap*53.20*0.96) + (Ag_Cap*0.67*0.86))/(53.20*0.96)

The table below provides the metal equivalency calculation parameters.

Parameter Unit Value
Gold Grade g/t Variable
Silver Grade g/t Variable
Gold Price US$/oz 1,655
Gold Price US$/g 53.20
Silver Price US$/oz 20.84
Silver Price US$/g 0.67
Recovery of Gold % 96
Recovery of Silver % 86

Mineral Resource Classification

Mineral resources were classified as Measured, Indicated or Inferred according to the criteria set out in the table below.

Classification on Category

Composites

Major

(m)

Median

(m)

Minor

(m)

Min.

Max.

Measured

8

8

20

20

20

Indicated

4

8

65

65

65

Inferred

2

8

85

85

85

Only material in the 1300 vein was allowed to be classified as measured because that is the only zone that has been explored from underground and has provided three-dimensional exposures of the mineralization as well as close-spaced testing by underground drilling.

Reasonable Prospect of Economic Extraction

The open pit portion of the Resource Estimate was constrained by an economic pit shell using the following parameters:

Parameter Unit Value
Gold US$/oz 1,655
Gold US$/g 53.20
Silver US$/oz 20.67
Silver US$/g 0.67
Production Rate t/d 900
Mining Cost US$/t material 2.00
Processing + G&A US$/t mineralized material 21
Recovery Au % 96
Recovery Ag % 86
NSR % 2
Selling Cost % 2
Pit Slope degrees 50

Legal, Political and Environmental risks

There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the mineral resource estimate.

Qualified Persons

The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for Gold Mountain Mining Corp.

The technical information relating to the resource estimate was prepared by Greg Mosher P. Geo (Global Mineral Resource Services) a Qualified Person as such term is defined under National Instrument 43-101 who is independent of Gold Mountain.

About Gold Mountain Mining

Gold Mountain is a British Columbia based gold and silver exploration and development company focused on resource expansion at the Elk Gold Project, a past-producing mine located 57 KM from Merritt in South Central British Columbia. Additional information is available at www.sedar.com or on the Company’s new website at www.gold-mountain.ca.

For Further information, please contact

Gold Mountain Mining Corp.
Kevin Smith, Director and Chief Executive Officer
Phone: 604-309-6340
Email: [email protected]
Website: www.gold-mountain.ca

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward- looking statements include statements that are based on assumptions as of the date of this news release and are not purely historical including any information or statements regarding beliefs, plans, expectations or intentions regarding the future and often, but not always, use words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold; and the results of current exploration. 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. Gold Mountain disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For a comprehensive overview of all risks that may impact the Company, please see the Annual Information Form for the year ended January 31, 2021 a copy of which was filed on November 4, 20201 and is available on SEDAR.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Gold Mountain Mining Corp

View source version on accesswire.com:
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