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Dalmacia Drilling Delivers Encouraging Initial Copper Results at Battery Mineral Resources Punitaqui Mine

Vancouver, British Columbia–(Newsfile Corp. – November 29, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the…

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Vancouver, British Columbia–(Newsfile Corp. – November 29, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company“) is pleased to announce encouraging drill core assay results from the 2021 exploration and in-fill drill program at the Punitaqui mine complex (“Punitaqui”) in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022. The Dalmacia Target is second of several historic zones within BMR’s Punitaqui project with partially delineated resources and established underground access. Dalmacia is located in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant.

Highlights

  • Complete final assay results from two Dalmacia drillholes (DS-21-01 and DS-21-02 see Table 1) have been returned with encouraging results as follows:

Drillhole DS-21-O1:

  • 12 meters (“m”) grading 1.79% copper (“Cu”) and 2.5g/t silver (“Ag”) including 8m at 2.44% Cu, 3.2g/t Ag and 0.04g/t gold (“Au”)
  • 23m grading 1.16% Cu and 1.7g/t Ag including 13m at 1.56% Cu and 2.1g/t Ag and including 7m at 2.32% Cu, 3.1g/t Ag and 0.04g/t Au
  • 2m at 1.06% Cu, 0.7g/t Ag and 0.03g/t Au
  • 4m at 0.89% Cu and 0.4g/t Ag
  • 4.9m at 0.72% Cu and 0.6g/t Ag

Drillhole DS-21-02:

  • 7m grading 1.67% Cu, 2.6g/t Ag and 0.08g/t Au
  • 10m at 1.03% Cu and 2.1g/t Ag including 3m at 1.49% Cu and 2.3g/t Ag
  • 2m at 2.34% Cu and 5g/t Ag
  • 7m at 2.58% Cu and 2.7g/t Ag
  • 11m at 1.08% Cu, 0.9g/t Ag and 0.08g/t Au including 4.0m at 2.32% Cu, 1.4g/t Ag and 0.17g/t Au and including 3.0m at 2.90% Cu, 1.7g/t Ag and 0.22g/t Au.
  • Thirteen holes completed at Dalmacia have reached target depth and all holes have intersected significant visible copper mineralization.
  • The Dalmacia drill program is designed to confirm mineralized zones identified by previous drilling programs and expand these mineralized zones north and south along strike and at also depth.
  • Earlier results from historic exploration drilling programs include:
    • DS-11-02: 17.9m at 1.34% Cu and 28.5m at 1.60% Cu
    • DS-12-08: 9.7m at 1.39% Cu
    • DS-12-12: 10.3m at 1.48% Cu
    • DS-12-20: 7.5m at 1.76% Cu and 21m at 1.09% Cu
    • DS-13-05: 9.0m at 1.62% Cu and 13.5m at 1.77% Cu
    • DS-14-07: 27m at 1.62% Cu
    • DS-14-12: 20m at 1.52% Cu
    • DS-14-13: 26m at 1.23% Cu
    • DS-14-14: 15m at 1.14% Cu
    • DS-14-16: 24m at 1.10% Cu and 18m at 1.02% Cu
    • DS-12-15: 25.8m at 1.79% Cu and 17.3m at 1.30% Cu

Battery CEO Martin Kostuik states; “Our recent acquisition of the former producing Punitaqui copper mine in Chile will give our investors an opportunity to participate in a potentially significant re-rating in BMR’s valuation as we transition from development to operations and positive cash-flowing. The development of Punitaqui towards a restart is progressing well on all fronts such as drilling, engineering and permit modifications and we look forward to presenting the restart plan for the mine in Q1 2022. In addition, as the drilling program progresses across the various mineralized zones, we are excited to report the first of many results for Dalmacia. These new drilling results demonstrate that this program has the potential to provide the Company with an additional source of copper ore along with existing ore at the Cinabrio mine and the mineralization at the San Andres target. We look forward to providing further exciting updates for the drill program as we progress towards a potential near term resumption of operations and cashflow at Punitaqui.”

Punitaqui Copper Mine

Punitaqui is a former producing copper mine located in the Coquimbo region of Chile with an eight-plus year operating history within which produced up to 25 million pounds of copper in concentrate annually. Punitaqui was recently acquired by BMR via a private placement equity financing announced on July 13, 2021. BMR began developing the project immediately by initiating a drilling program, operating and environmental permit modifications and engineering studies.

Dalmacia Drill Program

  • Program comprises both confirmation and step-out diamond core drilling
  • Currently, two diamond core drills are in operation at Dalmacia.
  • Thirteen holes have been completed for 2,628 meters of diamond core drilling and the program continues

The Dalmacia target is located in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui processing plant (see Figure 1 and Figure 2). The first drilling occurred in 1993-1994 when 49 reverse circulation (“RC”) holes totaling 9,972m were completed. Exploration drilling at Dalmacia North has been completed at a grid spacing of 25m x 25m and 15m x 15m at Dalmacia South. In total, 229 drill holes (98 RC holes and 131 diamond core holes) have been drilled for a total of 53,294m.

The geological setting of the Dalmacia target is different from both the Cinabrio Mine and San Andres target which are located 20 kilometers to the north. Dalmacia is situated within a roof-pendant of volcanic rocks, with minor calcareous intercalations of Middle to Upper Jurassic age. This volcano-sedimentary complex is intruded by younger aged granites located in a reverse fault.

Copper-gold mineralization is related to regional structures and deformation zones, developed mainly in the contacts between granite and volcano-sedimentary rocks.

Sample assay results, reported herein, are from the first two drill holes from the Dalmacia target (see Table 1 and Figure 3).

Drillhole DS-21-01 was designed as an infill drill hole to test Dalmacia mineralization in the central portion of the target just west of the portal. It was drilled in a southeast direction, across the grain of previous drilling, and between drill holes SD-58 (24m at 1.96% Cu) and DS-11-02 (18.9 m at 1.30% Cu). DS-21-01 resulted in five intercepts; 12m grading 1.79% Cu and 2.5g/t Ag from 79m downhole including 8m at 2.44% Cu, 3.2g/t Ag and 0.04g/t Au from 80m, a second interval of 23m grading 1.16% Cu and 1.7g/t Ag from 105m downhole including 13m at 1.56% Cu and 2.1g/t Ag from 115.0m downhole including 7m at 2.32% Cu, 3.1g/t Ag and 0.04g/t Au from 115m, a third intercept of 2m at 1.06% Cu, 0.7g/t Ag and 0.03g/t Au from 137m downhole; a fourth interval of 4m at 0.89% Cu and 0.4g/t Ag from 180m downhole as well as a fifth hit of 4.9m at 0.72% Cu and 0.6g/t Ag from 220m downhole (See Figure 3).

Drillhole DS-21-02 was designed to test Dalmacia mineralization in the south-central portion of the mineralized zone. The hole was drilled 40 meters west of drill hole DS-14-07 which intersected 27 meters of 1.62% Cu from 110 meters. Drill hole DS-21-02 resulted in five intercepts; 7m grading 1.67% Cu, 2.6g/t Ag and 0.08g/t Au from 22m downhole, 10m at 1.03% Cu and 2.1g/t Ag from 64m downhole including 3m at 1.49% Cu and 2.3g/t Ag from 64m, 2m at 2.34% Cu and 5g/t Ag from 71m downhole, 7m at 2.58% Cu and 2.7g/t Ag from 99m downhole, 11m at 1.08% Cu, 0.9g/t Ag and 0.08g/t Au from 177m downhole including 4.0m at 2.32% Cu, 1.4g/t Ag and 0.17g/t Au from 177m and including 3.0m at 2.90% Cu, 1.7g/t Ag and 0.22g/t Au from 177m (See Figure 3).

Table 1: Dalmacia Drilling Latest Significant Assays Results – November 2021

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
Silver
Ag (g/t)
Gold
Au (g/t)
DS-21-01 79.0 91.0 12.0 1.79 2.5
including 80.0 88.0 8.0 2.44 3.2 0.04
and 105.0 128.0 23.0 1.16 1.7
including 115.0 128.0 13.0 1.56 2.1 0.04
including 115.0 122.0 7.0 1.67 2.6 0.08
and 137.0 139.0 2.0 1.06 0.7 0.03
and 180.0 184.0 4.0 0.89 0.4
and 220.0 224.9 4.9 0.72 0.03
DS-21-02 22.0 29.0 7.0 1.67 2.6 0.08
and 64.0 74.0 10.0 1.03 2.1
including 64.0 67.0 3.0 1.49 2.3
and 71.0 73.0 2.0 2.34 5.0
and 99.0 106.0 7.0 2.58 2.7
and 177.0 188.0 11.0 1.08 0.9 0.08
including 177.0 181.0 4.0 2.32 1.4 0.17
Including 177.0 180.0 3.0 2.90 1.7 0.22

 

Note: All Intercepts reported as downhole core intervals

Figure 1: Dalmacia Target Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6076/105357_723cda9a54d658d5_002full.jpg

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Figure 2: Dalmacia Target Geology

To view an enhanced version of Figure 2, please visit:
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Figure 3: Dalmacia Target Drill Plan

To view an enhanced version of Figure 3, please visit:
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Background – Dalmacia Target

The first modern drilling of the Dalmacia target occurred in 1993-1994 when 49 reverse circulation (“RC”) holes totaling 9,972m were completed.

In 2007, Compañia Minera Punitaqui carried out ground magnetics and induced polarization surveys followed by RC drilling program (49 holes/11,473m). Between 2011 – 2018 a total of 131 diamond core drillholes were completed at Dalmacia for a total of 31,849m.

The Dalmacia exploration drilling has been completed at a grid spacing of 25m x 25m in the north and 15m x 15m in the south. In total, 229 drill holes (98 RC holes and 131 diamond core holes) have been drilled for a total of 53,294m with 35,201 samples analysed.

The Dalmacia target is located within a roof-pendant of volcanic rocks, with minor calcareous intercalations of Middle to Upper Jurassic age. This volcano-sedimentary complex is intruded by 105-130Ma granitoids located in a reverse fault.

The Dalmacia copper-gold mineralization is hosted in the Agua Salada Complex, consisting of andesites, ocoites (porphyritc andesites) with white phenocrysts and ocoites with black phenocrysts. The ocoites are conformable to stratigraphy (“sill-type”) and in plan show an elliptical to sub-circular morphology.

The copper-gold mineralization occurs as veins, fracture infillings and disseminated oxides and sulphides. The known strike length of the mineralized zone is at least 1,500m and up to 300m wide with depths greater than 500m. Additionally, mineralization is related to regional structures and deformation zones, developed mainly in the contacts between granitoids and volcano-sedimentary rocks.

The mineralisation at Dalmacia is hosted in andesites, and andesitic porphyry dykes with both black and white phenocrysts. The copper-gold mineralization is structurally controlled and occurs as veins, fracture infillings and disseminated oxides and sulphides. The known strike length of the mineralised zone is at least 1,500m and up to 300m wide with depths greater than 500m.

At Dalmacia, oxide mineralisation includes chrysocolla, atacamite, neotocite and cuprite. Primary mineralisation consists of chalcopyrite and bornite with pyrite. Secondary mineralisation includes chalcocite and bornite.

Locally, the copper mineralization at Dalmacia is hosted within a stratigraphic package that includes sedimentary rocks, andesites, and tuffs, intruded by ocoites and late intrusive diorite (dykes and stocks), which have generated hornfels. The alteration related with the mineralization varies from potassium feldspar, actinolite, secondary biotite, chlorite, green sericite to sericite-quartz/sericite.

The main copper mineralization occurs immediately after the ocoites undergo a late phase of chalcosodic alteration (quartz-albite-actinolite-epidote, “white” ocoites) with the destruction of magnetite and superimposed onto an earlier event of black albite, magnetite and silicates (black ocoites).

The upper portion of the Dalmacia target is accessed via a portal and a limited underground ramp and level development.

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Dalmacia Drillcore – Typical Disseminated Chalcopyrite Mineralization

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Quality Control

Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practice. BMR has implemented protocols and procedures to ensure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.

Sample preparation is performed ALS Global – Geochemistry Analytical Lab in La Serena, Chile and sample analyses by ALS in Lima, Peru. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples are collected and packaged by BMR staff and delivered upon receipt at the ALS Laboratory. Samples are logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples are dried then crushed to 70% < -2 millimeters and a riffle split of 250 grams is then pulverized to 85% of the material achieving a size of <75 microns. These prepared samples are then shipped to the ALS Laboratory in Lima Peru for analyses by the following methods:

  • ME-MS61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma (“ICP”) mass spectrometry that produces results for 48 elements.
  • ME-OG62: Aqua-Regia digest: Analysed by ICP-AES (Atomic Emission Spectrometry) or sometimes called optical emission spectrometry (ICP-OES) for high levels of Co, Cu, Ni and Ag.

Certified standards are inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.

Additional Information

Michael Schuler, Battery Mineral Resources Corp. Chile Exploration Manager, supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Punitaqui Exploration Drill Program. Mr. Schuler is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Battery Mineral Resources Corp.

A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration and acquisitions in the world’s top mining jurisdictions. Battery is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations for second half of 2022 at the prior producing Punitaqui copper-gold mine. The Punitaqui copper-gold mine most recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile.

Battery is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. Battery is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., also known as Ozzie’s, a pipeline equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona.

For further information, please contact:

Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: [email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections of the Company on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105357












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Fox River Announces Update on Martison Phosphate Project PEA

TORONTO, Jan. 20, 2022 (GLOBE NEWSWIRE) — Fox River Resources Corporation (the “Company” or “Fox River”) (CSE: FOX) is pleased to announce an…

TORONTO, Jan. 20, 2022 (GLOBE NEWSWIRE) — Fox River Resources Corporation (the “Company” or “Fox River”) (CSE: FOX) is pleased to announce an update on its currently underway National Instrument (“NI”) 43-101 preliminary economic assessment (“PEA”) study on the Company’s 100% owned Martison Phosphate Project (“Martison”), located near Hearst, Ontario, Canada.

The objectives of the PEA include:

  • Completion of an independent PEA-level engineering analysis of the project with the aim of producing phosphate fertilizer products from a fully integrated facility;
  • Providing an updated NI 43-101 mineral resource estimate;
  • Providing an estimate of the potential economic value of the project;
  • Providing an estimate of the project’s capital costs, operating costs, as well as sustaining capital costs;
  • Providing a conceptual economic model of the project over the life-of-mine.

As a result of a positive marketing study outlining the significant demand growth in the Western Canadian phosphate markets over the last 10 years, the design of the Martison fully integrated phosphate fertilizer complex is being engineered with the following parameters.

Mine site, Located approximately 70 km north of Hearst, ON

  • An open pit truck and shovel operation and all necessary ancillary infrastructure capable of producing 1,420,000 tonnes of 37% P2O5 concentrate per annum
  • A beneficiation plant designed to process over 4,000,000 tonnes of ore per annum
  • An 86 km slurry pipeline for the transportation of the concentrate from the mine site to the fertilizer complex located near Hearst, ON

Fertilizer Conversion Complex, Located approximately 20 km west of Hearst, ON

  • 500,000 tonne P2O5 Phosphoric Acid facility
  • 150,000 tonne P2O5 Super Phosphoric Acid facility
  • 430,000 tonne Sulfur conversion plant with cogeneration capacity to provide all steam and electrical power to the complete fertilizer complex
  • Granulation Plant with the capacity for producing 730,000 tonnes of ammoniated phosphates
  • 125,000 tonne dry fertilizer storage and load out facility
  • Railyard and infrastructure with inbound and outbound capacity of approximately 17,000 railcars per annum

Fertilizer Product Mix, 950,000 tonne capacity per annum

  • 730,000 dry tonnes of ammoniated phosphate consisting of 480,000 tonnes of monoammonium phosphate (MAP) and 250,000 tonnes of nitrogen-phosphate fertilizer plus sulphur (NPS)
  • 220,000 liquid tonnes of super phosphoric acid (SPA) basis 68% P2O5

(Note: All figures per annum)

The Company expects the delivery of the PEA to be slightly delayed, with completion now scheduled for mid-March, which is approximately six weeks later than previous guidance of January 2022 (see press release dated September 9, 2021).

“The obvious complexities involved in a project of this magnitude have contributed to various time delays in completing the PEA,” stated Stephen Case, Chief Executive Officer of the Company. “While no one likes delays, it is imperative to us that this is a thorough, realistic and defensible study that will pass the scrutiny of the global fertilizer companies. The Company remains fully funded through completion of the study, and we look forward to presenting the results.”

ABOUT FOX RIVER

Fox River owns a 100% interest in the Martison Phosphate Project, located near Hearst, Ontario. Additional information can be found at www.fox-river.ca or under Fox River’s profile on SEDAR, including the NI 43-101 Technical Report dated April 11th, 2016.

For further information, please contact:

Stephen D. Case
President & Chief Executive Officer
Tel: (416) 972-9222
www.fox-river.ca

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

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Fox River Resources Corporation, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing, exploration risk and Covid-19 pandemic related orders. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.





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Marimaca Announces Exploration Targets for Depth Extensions of the MOD and Near-Pit Oxide Satellites

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased…

VANCOUVER, British Columbia, Jan. 20, 2022 (GLOBE NEWSWIRE) — Marimaca Copper Corp. (“Marimaca Copper” or the “Company”) (TSX: MARI) is pleased to announce ‘Exploration Targets’ for the Marimaca Oxide Deposit (“MOD”) depth extension zone (the “MAMIX” target) discovered in 2021 (see announcement dated October 14 2021), as well as for the Mercedes, Cindy and Roble satellite oxide targets discovered during the successful 2021 Marimaca District exploration drilling campaigns (see announcements dated September 15 2021, July 14 2021 and July 1 2021).

Highlights

  • Exploration Targets demonstrate potential to grow Marimaca’s existing Mineral Resource Estimate (“MRE”) of 70.7m tonnes at 0.60% CuT in Indicated and 43.4m tonnes at 0.52% CuT in Inferred categories for 424kt and 226kt of contained copper, respectively (see announcement dated August 4th, 2020)
  • >25,000m drilling planned for 2022 across the MOD infill, MAMIX zone, and further drill testing the Mercedes target

MAMIX (MOD Depth Extension)

  • MAMIX Exploration Target Range of 30 million – 50 million tonnes at 0.4% – 0.5% CuT
  • MAMIX infill drilling program in planning phase, targeting completion in H1 2022 alongside the 22,500m MOD infill drilling program
    • MAMIX drilling will investigate potential for further extensions at depth to the north and south of the MOD
    • Assuming a successful outcome to the 2022 drilling program, the Company will consider increased production cases for the upcoming Definitive Feasibility Study planned for H2 2022

Satellite Oxide Targets and MOD Oxide Extensions

  • Total oxide Exploration Target of 120 million – 170 million tonnes at 0.3% to 0.4% CuT across oxide satellite discoveries Mercedes, Cindy and Roble, and the MOD north-south extension zones
    • Potential to play an important role in future oxide mine life extensions
    • Mercedes remains the highest priority satellite target, with additional drilling planned for H2 2022
    • Discoveries confirm district scale potential across the Company’s land package, with other targets identified through district scale geophysics remaining to be followed up (see announcement dated September 23, 2020)

Definitive Feasibility Study

  • Drill crews now mobilized to commence 22,500m MOD infill program
  • Updated MOD Mineral Resource Estimate planned for late Q2 2022
  • The Company continues to progress project related technical workstreams including the Phase 5 Metallurgical program, permitting, water and power engagement and planning for the Definitive Feasibility Study

The potential quantity and grade presented in the exploration target ranges are conceptual and have insufficient exploration and drill density to define a Mineral Resource. At this stage, it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the NI 43-101 reporting standards. The detailed methodology for preparing the Exploration Targets and a summary of supporting technical data can be found at the end of this announcement.

Table 1: Summary of Exploration Targets for Further Exploration at Marimaca

Target Exploration Target Range
Tonnage (Mt)
Exploration Target Range
Grade (% CuT)
Mineralization Type
MAMIX 30 50 0.40% 0.50% Mixed + Enriched *
Mercedes 30 40 0.30% 0.40% Oxide
Cindy 30 40 0.30% 0.40% Oxide
Roble NE 20 30 0.20% 0.30% Oxide
Sierra 20 30 0.30% 0.40% Oxide
Tarso 20 30 0.20% 0.30% Oxide

*Mixed refers to a combination of oxides + secondary + primary sulphides and Enriched refers to secondary sulphides (predominantly chalcocite and covellite, with minor chalcopyrite)

Table 2: 2019 Marimaca Oxide Deposit Mineral Resource Estimate*
https://www.globenewswire.com/NewsRoom/AttachmentNg/91ae3c79-bd6c-497b-ab7e-152f5c38f79e
*CuT means total copper and CuS means acid soluble copper. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Does not include primary sulphides. Refer to news release “Coro Announces Substantial Increase in Resources; Development Studies Underway” 2 December 2019. Technical and economic parameters included: copper price US$3.00/lb; mining cost US$2.00/t; HL processing cost including G&A US$9.00/t; ROM processing cost including G&A US$2.50/t; selling cost US$0.07/lb; heap leach recovery 76% of CuT; ROM recovery 40% of CuT; pit slope angle 44-46°.

Sergio Rivera, VP Exploration of Marimaca Copper, commented:

“In 2021, drilling beneath the Marimaca Oxide Deposit encountered significant continuations of higher-grade, leachable mineralization in the form of oxide, mixed and secondary enriched sulphide materials, as well as some primary sulphides. This has clear potential to increase the MOD mineral resource beyond the current Preliminary Economic Assessment (PEA) pit shell.

“In late 2020, we took the geological model we have developed for Marimaca and applied it to the surrounding district. We identified three satellite targets – Cindy, Mercedes and Robles – all of which we drill tested, looking for near surface oxide resources to complement the MOD project. In all three targets, we discovered copper oxide mineralization starting from surface, some with potential for significant scale, that had many similarities to Marimaca. Each of the satellite targets have the potential to deliver meaningful open pit tonnages to any eventual development plans for the Marimaca District. Less well-defined mineralization at the Tarso and Sierra targets remains to be followed up.”

Hayden Locke, President and CEO of Marimaca Copper, commented:

“Sergio and his exploration team had a remarkable year in 2021. Drill testing three exploration targets, all of which delivered potential shallow oxide materials to add to the outstanding MOD deposit was an excellent result and highlights the underexplored nature of our licence area. A thorough review of the technical data from the MOD PEA showed us that, although these targets have lower grade than the MOD, they all had average grades (in drilling) well above the expected economic cut-off grades for copper mines in this region. As a result, all should be seen as potential mine life extensions to be defined with ongoing work.

“More exciting was the discovery of the depth extensions of the MOD. Following extensive reviews of sequential copper assays and logging with our metallurgical team, we believe the extensions are predominantly leachable material and will, therefore, be processable through the same heap leach and SX-EW infrastructure as proposed in the PEA for the MOD. The team is running resource projections, and we are planning to drill MAMIX to an Indicated Resource level in parallel with the remaining infill drilling for the MOD. The intention is to release an updated Mineral Resource Estimate towards the end of the first half of 2022.

“Metallurgical and Feasibility Study related workstreams and permitting continue to progress rapidly as we move the exciting MOD towards an eventual investment decision and construction.”

Overview and Next Steps

The successful MAMIX extensional drilling program intersected broad zones of mineralization of mixed oxide, enriched and some primary sulphide mineralization below the MOD PEA open pit shell. Results indicate the potential for the expansion of the MOD’s future leachable Mineral Resource Estimate (“MRE”) (refer to announcement dated October 14, 2021).

At the Marimaca Oxide Deposit itself, preparatory work is underway for a 22,500m infill campaign. The Company plans to extend the drilling program to include the MAMIX zones to potentially expand its mineral resource inventory. Drill pad and access infrastructure construction are progressing on schedule, with drilling expected to begin by the end of January and will an updated Mineral Resource Estimate “MRE” planned for mid-year.

The 2021 exploration scout drilling campaign tested several near-surface oxide satellite targets proximal to the MOD to identify additional Marimaca type oxide deposits. The Mercedes, Cindy and Robles satellite targets were identified during an extensive grassroots exploration campaign which included; geological mapping, rock geochemistry, chip channel sampling, a high-resolution drone magnetic survey and IP-R line surveys (see announcement dated September 23, 2020). Each of the three targets was then drill tested during 2021, with 12,750m of RC drilling completed and shallow oxide mineralization identified at all targets. Mercedes was a clear standout, having broad zones of green oxide mineralization from surface with grades similar to the MOD, and we plan to conduct follow up drilling later in the year. Cindy hosted broad zones of oxide mineralization from surface with slightly lower grades, but with a significant surface footprint, with the strike extending over 1km. At the same time drilling encountered shallow oxide mineralization over a large area at Robles. Both present interesting, albeit lower priority, targets for follow-up work.

The Company believes that infill drilling the MOD, defining the MAMIX zone, and further drill testing the Mercedes target provides the shortest path to value accretion. It intends to complete over 25,000m of combined diamond and reverse circulation drilling on these activities for 2022.

Marimaca’s exploration team is also preparing further generative exploration programs to follow up on important regional targets identified through geophysical surveys across Marimaca’s district-scale land package.

Figure 1: Plan view of exploratory scout drilling program overlain on rock geochemistry
https://www.globenewswire.com/NewsRoom/AttachmentNg/2bcb9f72-77e0-481e-8b2b-f7304a6d55a3

Summary of Information and Analysis Comprising the Exploration Targets

Marimaca Copper has conducted extensive exploration work to delineate the exploration targets contained in this announcement. This work includes surface mapping of mineralized outcrops, geochemical and physical sampling and assaying, sampling of underground workings, extensive geophysical surveying, and finally, over 19,000m of exploration RC drilling.

Table 3: Exploration Target Range Data

Target Target Dimensions (m) Intersection
Grades (% CuT)
Target Location Next Expected Drilling
Timing
  Length Breadth Height Avg.    
MAMIX 400 350 100 0.63% Below MOD pit limits 1H 2022 – 8,000m
Mercedes 400 300 125 0.31% <1km north of MOD pit limit 2H 2022 – 1,500m
Cindy 800 300 75 0.30% 5km north of MOD 2023
Roble NE 600 400 50 0.20% 3km northeast of MOD 2023+
Sierra 600 400 50 0.30% MOD south extension 2023+
Tarso 400 400 75 0.26% MOD north extension 2023+

Dimensions are conservative estimates based on surface geological mapping and sampling, underground geological sampling and RC drill intercepts. Grade ranges used in the Exploration Target Ranges are derived from RC drill interception grades within the target dimension area and assumes projections of grades across a mineralized zone. MAMIX dimensions and grade ranges presented benefit from internal modelling estimates completed in conjunction with Marimaca’s mining engineering and metallurgical consultants as part of the 2022 MAMIX infill drilling program planning.

MAMIX Target

The MAMIX target has been a top priority for the 2021 exploration campaign. MAMIX was initially conceived as a high-priority conceptual exploration target following a comprehensive review by the Marimaca exploration team of the key structural controls of the MOD, as well as complementary magnetic susceptibility, resistivity and chargeability studies indicating the potential for extensions at a depth of the MOD associated with key mineralizing structures (see announcements dated February 2, 2021, and September 23, 2020). The conceptual target was substantiated during the 2021 exploration drilling program. A total of 3,120m over 12 re-entry drill holes were completed at MAMIX, with the maiden program targeting a zone in the southern portion of the MOD. Drilling commenced at depths ranging from 200m to 300m downhole to new final depths of 450m to 500m. Drilling results, discussed in detail in the announcement dated October 14, 2021, intersected significant zones of mixed, enriched and primary mineralization below the PEA pit limits.

The initial 12 hole campaign defined a target area with dimensions of 400m along strike, 350m breadth, and an average mineralized extensional column of 100m downhole, with certain drill holes extending mineralization up to 288m downhole. A plan view diagram of the MAMIX drilling program and certain key cross sections can be viewed in the announcement dated October 14, 2021.

Mercedes Target

The Mercedes Target is located approximately 3km to the north of the MOD and was identified as a large-scale magnetic high during the 2020 high-resolution drone geophysical campaign. Follow up field work was completed in late 2020, and H1 2021 and included 50m x 50m rock geochemical sampling, geological and structural mapping, outcrop sampling and extensive sampling of historic underground workings (refer to announcements dated December 9, 2020 and March 3, 2021). In addition, an induced polarization study consisting of a single 3.5km east-west line across the Mercedes target was completed. Resistivity and chargeability sections demonstrated the potential for broad, laterally extensive supergene zones and potential sulphide mineralization (refer to March 3, 2021 announcement). Surface geochemistry and geophysical studies were both used to design, plan and execute the 2021 maiden drill campaign at Mercedes.

The initial drilling campaign at Mercedes consisted of 4,370m over seventeen shallow RC holes covering approximately 700m of north-south strike. The drilling successfully intersected significant oxide copper mineralization from surface, defining an initial area of interest measuring 400m along strike and 300m width.

Cindy Target

The Cindy Target is located approximately 5km to the north of the MOD and 2km to the north of the Mercedes Target (refer to release December 9 2020) and was initially identified, along with Mercedes and Roble, as a large-scale magnetic anomaly during the 2020 drone-mounted geophysics campaign. Cindy lies on a northern extension of the Naguayán Fault System, the main controlling structure across the Marimaca project. Following the magnetic surveys, Marimaca completed an extensive mapping and sampling campaign in early 2021 and line IP across the target area. Like the Mercedes work program, a 50m x 50m rock geochemistry survey was completed over the target area to complement surface and outcrop geological mapping. In addition, an underground channel sampling program of the historic, shallow artisanal underground workings at Cindy was completed. The underground mine workings cover approximately 200 meters of north south strike over four levels giving a vertical extent of 80 meters (see announcement dated February 17, 2021). The underground channel sampling defined broad zones of higher-grade mineralization with copper hosted primarily in copper oxides atacamite, brochantite and chrysocolla with some localized WAD.

The surface geophysical and geological studies defined an initial target area of interest at Cindy of 800m along strike by 300m across strike. The maiden 2021 drill campaign completed nine holes at ~250m north-south spacings across the 800m strike length. Drilling defined a key target area in the north sections of the broader Cindy target. The drilling intersection was significant mineralization in four drill holes north of the historical underground workings (CIR-02, CIR-03, CIR-08, CIR-09) (refer to announcement dated July 14, 2021). Drill holes CIR-03 and CIR-02 intersected broad zones of mixed copper oxide material from near surface, including 40m with an average grade of 0.51% CuT from 48m downhole and 20m with an average grade of 0.33% CuT from 8m downhole, respectively. Intersections in CIR-08 and 09 were deeper and, as expected, contained increased amounts of primary mineralization when considered in the context of east-dipping structures controlling mineralization at Cindy.

Equally important at Cindy is the compelling potential for extensions to the north. An extension of the magnetic survey that originally identified Cindy also indicated a large anomaly directly to the north of Cindy, the Mititus target. It is located less than 500m to the north of Cindy and may represent its northern continuation. Marimaca is investigating the potential for extensions of the mineralized zone and structures into this area. If successful, this could meaningfully increase the strike length of Cindy.

Roble Target

Roble is located less than 3km to the northeast of the MOD, within the northeast trending Roble Fault System. This is a splay off the regional scale Naguayán Fault System, an important control for mineralization at the MOD. Roble was one of several high-priority anomalies identified within the Marimaca District during the 2020 geophysics campaign. Drone-mounted high-resolution geophysical surveys identified a large magnetic anomaly that was subsequently subject to a comprehensive field geology program prior to drilling. Surface exploration work included rock grid geochemical sampling, reconnaissance mapping, outcrop sampling and 5km of IP line survey. Surface geological work defined a large copper-in-rock anomaly and highlighted the significant extent of outcropping copper oxide mineralization at the surface (refer to announcement on July 1 2021). The surface geological programs successfully identified and delineated three discrete areas of consistently sub-cropping copper mineralization, each extending over 600m by 400m, separated by gravel and sand cover – Roble, Nepal and Pele (refer to July 1, 2021 announcement).

A maiden scout RC drilling campaign was subsequently completed at Roble. Fourteen shallow discovery holes were drilled totaling 2,770m. Drilling was completed primarily in a northwest orientation, intercepted mineralization largely controlled by the northeast trending Roble Fault and associated splays. As mentioned, the broader Roble area covers 3 distinct 600m x 400m areas of interest identified through reconnaissance work: Roble main, Nepal and Pele trending in a north-sound direction and separated by shallow gravel cover.

Sierra and Tarso Targets

Sierra is located immediately southeast of the MOD and represents a natural extension of the MOD along the Manolo fault controlling structure. The area was explored as part of the 2019 MOD drilling campaign and consisted of 2,350m of drilling across 9 RC holes at approximately 200m spacing. The exploration campaign extended known limits of the Marimaca Oxide Deposit roughly 600m SE with an area of interest of 600m x 400m identified. No follow up drilling has been completed since the 2019 drilling. Copper mineralization is exposed at surface at old mine workings and outcroppings. The target area is partially covered by gravels indicating potential for further extensions undercover.

Tarso is located immediately northeast of the MOD limits and is predominantly covered by gravel. The area was explored as part of the 2019 MOD drilling campaign, with a portion of drilling included in the 2019 MRE (refer to December 2, 2019 announcement). The exploration drilling not included in the 2019 MRE extended known limits of the Marimaca Oxide Deposit roughly 600m SE with an area of interest of 400m x 400m identified. No follow up drilling has been completed since the 2019 drilling, and the target represents an attractive opportunity to extend copper mineralization below cover to the northeast.

Sampling and Assay Protocol

True widths cannot be determined with the information available at this time. RC holes were sampled on a 2m continuous basis, with dry samples riffle split on site and one quarter sent to the Andes Analytical Assay preparation laboratory in Calama and the pulps then sent to the same company laboratory in Santiago for assaying. A second quarter was stored on site for reference. Samples were prepared using the following standard protocol: drying; crushing to better than 85% passing -10#; homogenizing; splitting; pulverizing a 500-700g subsample to 95% passing -150#; and a 125g split of this sent for assaying. All samples were assayed for %CuT (total copper) and %CuS (acid soluble copper) by AAS. A full QA/QC program, involving insertion of appropriate blanks, standards and duplicates was employed with acceptable results. Pulps and sample rejects are stored by Marimaca Copper for future reference.

Qualified Person

The technical information in this news release, including the information that relates to geology, drilling and mineralization was prepared under the supervision of, or has been reviewed by Sergio Rivera, Vice President of Exploration, Marimaca Copper Corp, a geologist with more than 36 years of experience and a member of the Colegio de Geólogos de Chile and of the Institute of Mining Engineers of Chile, and who is the Qualified Person for the purposes of NI 43-101 responsible for the design and execution of the drilling program.

The QP confirms he has visited the project area, has reviewed relevant project information, is responsible for the information contained in this news release, and consents to its publication.

Contact Information
For further information please visit www.marimaca.com or contact:

Tavistock
+44 (0) 207 920 3150
Jos Simson/Oliver Lamb / Nick Elwes
[email protected]

Cautionary Notice on Exploration Information

This press release contains information regarding potential exploration results of exploration targets on which the Company intends to conduct further exploration in the near term. The potential quantity and grade of such exploration targets described in this press release are conceptual in nature and subject to a number of risks and uncertainties, such that they are not an indication of any current or future economic viability, nor do they satisfy applicable disclosure and information requirements applicable to Mineral Resources. Readers are therefore cautioned on placing any reliance on such information and related expectations. In particular, the potential quantity and grade presented in the exploration target ranges contained in this press release are conceptual in nature and have insufficient exploration and drill density to define a Mineral Resource. At this stage it is uncertain if further exploration will result in the targets being delineated as a Mineral Resource. Estimates of exploration targets are not Mineral Resources and are too speculative to meet the requirements for reporting Mineral Resources under NI 43-101 reporting standards. Readers should also refer to the information provided under Forward-Looking Statements below in the context of their review of information presented in this release. 

Forward Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 29, 2021, the final short form base prospectus and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.










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Elemental Expects 40% Increase in Successive Quarterly Revenue from Flagship Royalty on Karlawinda Mine

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) ("Elemental" or "the Company")…

Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – Elemental Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (“Elemental” or “the Company”) today announced that it expects an approximate 40% increase in successive quarterly revenue from production at the Karlawinda Gold Mine in Australia (“Karlawinda”), Elemental’s flagship royalty asset.

Revenue from Karlawinda, one of six Elemental royalties on producing assets, is estimated at US$1.1 million for the quarter ended December 31, 2021, up approximately 40% from US$0.8 million in the quarter ended September 30, 2021, which was Karlawinda’s first quarter of commercial production and sales.

Elemental’s anticipated revenue from Karlawinda is based on the recently disclosed December 2021 quarterly report from Capricorn Metals Ltd. (“Capricorn“), owner and operator of the mine. Capricorn announced steady-state operations at Karlawinda after initiating commercial production in the quarter ended September 30, 2021.

Karlawinda’s gold production for the quarter ended December 31, 2021 was 30,316 ounces, up approximately 25% from 24,329 ounces in the prior quarter. Gold sales totaled 30,835 ounces, up approximately 40% from 21,964 ounces in the prior quarter. Karlawinda had a further 1,020 ounces of gold on hand at the end of the December 31, 2021 quarter. Elemental has a 2% uncapped net smelter return royalty on Karlawinda’s gold sales.

Elemental expects to disclose in February a trading update for the fourth quarter and year ended December 31, 2021. These results will include revenue from its royalty on Karlawinda and on Elemental’s other producing royalties.

Other Karlawinda Highlights

  • Low cash costs1 of US$607 per ounce and all in sustaining costs1 of US$756 per ounce
  • Ore stocks doubled to 38,000 ounces in the December quarter and mining volumes are expected to increase in the March 2022 quarter with a third mining fleet now onsite
  • Commissioning of additional two carbon-in-leach (“CIL”) tanks completed in December quarter expected to have further positive impact on recoveries, which are already in line with expectations at 91.3%
  • Near mine exploration underway with early success highlighting:
    • Potential to extend Southern Corridor Deposit from results to-date along with further drilling
    • Muirfield Prospect as potential new satellite project, follow-up drilling planned
    • Results to be included in next resource and reserve update

“The first quarter of steady state production clearly establishes Karlawinda as a low-cost gold mine in tier 1 Western Australia and early exploration success hints at the long-term potential,” said Frederick Bell, CEO of Elemental. “While already running at guidance production rates after only 2 quarters, the addition of a third mining fleet and commissioning of two additional CIL tanks highlight the potential for the mine to outperform.”

REJECT the Hostile Bid

As previously disclosed, the Board of Directors of Elemental, following input from its financial and legal advisors, announced its intention to recommend that shareholders REJECT the unsolicited all-share takeover bid from Gold Royalty, as proposed by Gold Royalty in its December 20, 2021 news release.

Elemental believes its valuable Karlawinda royalty is one of many strong reasons for shareholders to reject the hostile takeover bid from Gold Royalty Corp. The estimated Karlawinda revenue of US$1.1 million for the quarter ended December 31, 2021 is equivalent to nearly six times the total revenue of US$191,991 disclosed by Gold Royalty for its entire fiscal year ended September 30, 2021. As noted above, Elemental also has five other royalties on producing assets.

The Board is preparing a Directors’ Circular with a full response to Gold Royalty’s hostile bid. The Directors’ Circular will be disclosed in due course. Elemental continues to advise shareholders to TAKE NO ACTION with regard to the Hostile Bid.

Elemental shareholders who have questions can contact Morrow Sodali, the information agent,
at 1- 888-777-2158 or by e-mail at [email protected]

On behalf of Elemental Royalties Corp.

Frederick Bell
CEO and Director

Investor Inquiries:
Frederick Bell, CEO and Director John Robins, Director
Direct: +44 (0) 7554 872 794 Direct: +1 (604) 657 6226
Email: [email protected]

Media Inquiries:
Longview Communications and Public Affairs
Alan Bayless, Vancouver: (604) 417-9645, [email protected]
Andy Lloyd, Toronto: (416) 402-5029, [email protected]s.ca

Elemental is a proud member of Discovery Group. For more information please visit:

www.discoverygroup.ca or contact 604-653-9464.

(TSXV: ELE) | (OTCQX: ELEMF) | (ISIN: CA28619L1076)

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.

About Elemental Royalties

Elemental is a gold-focused royalty company listed on the TSX Venture Exchange (the “TSX-V”) in Canada and provides investors with lower risk precious metals exposure through a portfolio of nine high-quality royalties. This enables investors to benefit from ongoing royalty revenue, future exploration upside and low operating costs. Elemental’s experienced team seeks to secure royalties in advanced precious metals projects, run by established operators, from its pipeline of identified opportunities.

Qualified Person

Richard Evans, FAusIMM, is Senior Vice President Technical for Elemental, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release. For additional technical and scientific information in respect of the Karlawinda royalty, please refer to the Company’s technical report titled “NI 43-101 Technical Report Karlawinda Gold Project, Western Australia, Australia” dated December 31, 2020 with an effective date of December 21, 2020, a copy of which is available under the Company’s profile at www.sedar.com.

Non-IFRS Measures

1 Elemental has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). The Company’s royalty revenue is converted to an attributable gold equivalent ounce basis by dividing the royalty revenue received in a period by the average gold price for the same respective period. The presentation of this non-IFRS measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these non-IFRS measures differently. The production forecast was derived using information that is available in the public domain as at the date hereof, which included guidance and estimates prepared and issued by management of the operators of the mining operations in which Elemental holds an interest. The production forecast is sensitive to the performance and operating status of the underlying mines. None of the information has been independently verified by Elemental and maybe subject to uncertainty. There can be no assurance that such information is complete or accurate. Elemental has used an exchange rate for conversion of Australian dollars (A$) into U.S. dollars of US$1.00 = A$1.38.

Information regarding Karlawinda

This press release includes information relating to Karlawinda. This information was derived from information publicly disclosed by Capricorn, the owner of Karlawinda. The Company has not independently verified, and does not assume any responsibility for, the accuracy or completeness of the information regarding Karlawinda contained in any such documents disclosed by Capricorn.

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology (including negative and grammatical variations).

Forward-looking statements and information include, but are not limited to, statements with respect to: the increase in successive quarterly revenue from production at the Karlawinda; the timing of the Company’s a trading update for the fourth quarter and year ended December 31, 2021; the increase in mining volumes at Karlawinda and the timing of such increase; the impact of the CIL tanks on recoveries at Karlawinda; the Company recommendation to shareholders regarding Gold Royalty’s unsolicited, conditional all-share Offer; the availability of new royalty and other opportunities and the timing thereof; the availability of alternative strategic options for the Company and whether such options represent greater value to Elemental’s shareholders; whether any takeover or change of control transaction involving the Company will occur and/or be completed and as to the timing thereof. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies, including assumptions regarding the continuation of mining operations at Karlawinda and the results of those operations and as to the mining operations at Karlawinda operating in accordance with disclosed parameters. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental to control or predict, that may cause Elemental’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals and third party consents; the impact of general business and economic conditions; the absence of control over the mining operations from which Elemental will receive royalties, including risks related to international operations, government relations and environmental regulation; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Elemental’s expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; potential liability; the impact of competition; the loss of key employees; and other related risks and uncertainties. Elemental undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110924






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