TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) —( , Frankfurt: W0I, OTC: WTCZF (“Copper Lake” or the “Company”) is pleased to provide an update on the diamond drilling program currently being undertaken on its Marshall Lake copper-zinc-silver volcanogenic massive sulphide (VMS) property, located in northern Ontario, as well as the status of its joint venture with The Company also reports on the recent exercise of warrants providing $400,000 in additional program funding.
The primary focus of the current drilling program is a large, strong untested Induced Polarization (IP) anomaly, situated adjacent and below the Billiton zinc-copper-silver VMS deposit, with a secondary focus on other base-metal occurrences on the Property that have seen little or no historical drilling and those that are open at depth (see Copper Lake news releases dated September 28, 2021 & September 7, 2021).
Diamond Drilling Update:
Due to challenging weather conditions and logistics due to significant early winter snowfall, milder temperatures and wet swampy ground in the vicinity of the Billiton deposit, only one drill hole has been completed to date, in the scheduled minimum 3,000 metre drill program. Drill hole ML-21-01 was drilled to a depth of 400 metres and tested the down-dip projection of the Billiton deposit and an associated IP anomaly (see Figures 1 & 2).
The projected depth extension of the main zone of the Billiton deposit was intersected over a core length of 7.65 metres (190.35 – 198.00 metres down-hole). It was largely comprised of disseminated to heavily disseminated pyrite, with associated chalcopyrite and sphalerite, locally containing narrow bands of semi-massive sulphide consisting of pyrite, chalcopyrite and sphalerite, hosted by strongly chloritized and biotite-rich coarse felsic fragmental rocks and lapilli tuff. Additionally, 2 zones of disseminated pyrite with lesser sphalerite and chalcopyrite were encountered at shallower depth in the drill hole, thought to be footwall alteration zones related to the main Billiton deposit. Logging and sampling of the core from this hole has been completed – assay results will be released as they become available.
Deep Induced Polarization (IP) Target:
The primary target for upcoming drill holes ML-21-02, ML-21-03 and ML-21-04, is a large IP anomaly (conductivity high, resistivity low, chargeability high), situated below and adjacent to the main Billiton copper-zinc-silver massive sulphide deposit (historical resource of 2.2 MT at 1.3% copper, 4.2% zinc & 2.5 opt silver1). This high-priority target has dimensions of 800 x 300 x 300 metres, is situated between 150 to 450 metres below surface and represents a new target never previously tested by diamond drilling (see Figure 2).
Drill hole ML-21-02 will test an undrilled VTEM conductor, likely related to the upper portion of the deep IP anomaly, while holes ML-21-03 & ML-21-04 are intended to test the heart of the same large deep IP anomaly, at a vertical depth of approximately 350 metres. Because the Marshall Lake greenstone belt is a tightly folded VMS terrain, it appears that the main Billiton deposit sits on a fold limb, suggesting that the larger deep IP anomaly is located in a fold hinge to the east and down-plunge from the known Billiton deposit. As this is commonly where the larger, thicker deposits are found in folded VMS terrains, the prospects of encountering a much larger sulphide body associated with the deep IP target look very promising.
Recent colder temperatures and freeze-up conditions at night, have enabled the construction of corduroy trails and drill pads across long stretches of swampy terrain, accessing the next 3 planned drill holes. It is anticipated that the access trails and drill pads for all 3 of these drill holes, will be ready for drill set-up in the next few days.
Deeds Island Target & Other VTEM Targets:
The Marshall Lake Belt clearly has potential for discovery of multiple VMS deposits, and there are several attractive targets that have seen little or no historical drilling. The Deeds Island target comprises an 800-metre long zinc bedrock geochemical anomaly (up 1,000 ppm zinc) closely associated with a strong extensive garnet-actinolite alteration zone and coincident airborne EM conductors. It is situated 6 km to the east of the Billiton deposit in younger rocks and represents another prospective VMS target on the Property. Most importantly, this very prospective target has never been drill-tested in the past and is a second very promising target for testing in the current program.
Several other VTEM conductors on the Property that have not been drilled and situated in favourable stratigraphy, have been modelled in preparation for future diamond drilling programs. At least two of these VTEM conductors are located in younger rocks situated to the east of the Billiton deposit, while others are located to the west of the Billiton deposit proximal to the RM and RMZ zones, copper-rich occurrences that resemble footwall stringer zones.
1 The resources described above are considered historic under NI-43-101 guidelines and have not been verified by an Independent Qualified Person and therefore should not be relied upon. The Company is not treating the historic resource as a current Mineral Resource.
Marshall Lake Joint Venture
The Company’s joint venture partner,, which has a 25% interest in the original Marshall Lake property, has confirmed that they will be participating in the current exploration program and contributing their share of the budgeted $1.2 million exploration program.
At July 31, 2021 the Company had a total of 64,518,301 warrants outstanding. Included in this total are 16,133,333 warrants with an expiry date of December 30, 2021 which have an exercise price of $0.05. Since July 31, 2021 holders of the December 31, 2021 warrants have exercised 6,000,000 warrants and holders of the May 8, 2022 warrants have exercised 2,000,000 warrants for total proceeds of $400,000.
Donald Hoy, M. Sc., P. Geo., Copper Lake’s Vice President of Exploration, is the Qualified Person responsible for the technical content contained in this news release.
About Copper Lake Resources
is a publicly traded Canadian company currently focused on advancing its Marshall Lake and Norton Lake properties located in Ontario, Canada.
Marshall Lake Property
The Marshall Lake high-grade VMS copper, zinc, silver and gold property, comprises an area of approximately 104 square km located 120 km north of Geraldton, Ontario and is accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper Lake has a 75% interest in the joint ventured property, which consists of 233 claims and 52 mining leases. The property also includes 148 claim cells staked in 2018 and 2020 that are 100% owned and not subject to any royalties, which add approximately 30 square km to the property.
In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100% owned by the Company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of 4 square km on the east side of the Marshall Lake property where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favorable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round, and is located immediately west of the original Marshall Lake property.
The Marshall Lake property is located in the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek (“AZA”) First Nations.
Norton Lake Property
Copper Lake has a 71.41% joint venture interest in the Norton Lake nickel, copper, cobalt, and palladium PGM property, located in the southern Ring of Fire area, is approximately 100 km north of the Marshall Lake Property. The Norton Lake property has a NI 43-101 compliant Measured and Indicated resource of 2.26 million tonnes @ 0.67% Ni, 0.61% Cu, 0.03% Co and 0.46 g/t Pd.
The Norton Lake property is located in the traditional territories of the Eabametoong (“Fort Hope”) and Neskantaga First Nations.
On behalf of the Board of Directors,
Terry MacDonald, CEO
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.
Photos accompanying this announcement are available at
Pretivm Securityholders Approve Acquisition by Newcrest
Melbourne, Australia–(Newsfile Corp. – January 20, 2022) – Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) (Newcrest) is pleased to announce…
Melbourne, Australia–(Newsfile Corp. – January 20, 2022) –(ASX: NCM) ( ) (PNGX: NCM) (Newcrest) is pleased to announce that ( ) (NYSE: PVG) (Pretivm) shareholders and optionholders (Securityholders) have voted overwhelmingly in favour of the special resolution to approve the plan of arrangement under which Newcrest will acquire Pretivm, including the Brucejack mine (the Transaction).
The special resolution was approved by 95.48% of the votes cast by Pretivm Securityholders at the special meeting held today.
Pretivm shareholders that did not elect cash or Newcrest shares will receive the default consideration of 50% cash and 50% Newcrest shares, being C$9.25 in cash and 0.4042 Newcrest shares per Pretivm share. For other shareholders, after proration and by operation of the aggregate cap of 50% cash and 50% Newcrest share consideration:
- Pretivm shareholders electing to receive maximum cash consideration will receive approximately C$10.81 in cash and 0.3357 Newcrest shares per Pretivm share; and
- Pretivm shareholders electing to receive maximum share consideration will receive 0.8084 Newcrest shares per Pretivm share.
Completion of the Transaction remains subject to final approval by the Toronto Stock Exchange, the granting of the final order by the Supreme Court of British Columbia at a hearing which is scheduled for 25 January 2022, and approval under the Investment Canada Act. Completion of the Transaction is currently expected to occur in the March quarter 2022.
Newcrest’s Managing Director and Chief Executive Officer, Sandeep Biswas, said, “It’s pleasing to see the overwhelmingly positive support for the Transaction from Pretivm shareholders. This acquisition positions Newcrest as the leading gold miner in British Columbia’s Golden Triangle, operating both the Brucejack and Red Chris mines. This is an exciting time for Newcrest and we look forward to building on Pretivm’s success to unlock further value in and around the Brucejack operation.”
Authorised by the Newcrest Disclosure Committee
For further information please contact
+61 3 9522 5570
+61 450 541 389
North American Investor Enquiries
+1 866 396 0242
+61 403 435 222
+61 3 9522 4263
+61 407 885 272
This information is available on our website at www.newcrest.com
Forward Looking Statements
This document includes forward looking statements and forward looking information within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “targets”, “outlook” and “guidance”, or other similar words and may include, without limitation, statements regarding certain plans, strategies, aspirations and objectives of management, and the expected completion of the Transaction. Newcrest continues to distinguish between outlook and guidance. Guidance statements relate to the current financial year. Outlook statements relate to years subsequent to the current financial year.
These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Newcrest’s expectation of completion of the Transaction and the expected benefits of the transaction with www.asx.com.au under the code “NCM” and on Newcrest’s SEDAR profile. Newcrest does not undertake to update any of the forward looking statements other than as required by relevant securities laws.to differ materially from that expressed or implied by these forward-looking statements. Relevant factors may include, but are not limited to, regulatory risk, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which Newcrest operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. For further information as to the risks which may impact on Newcrest’s results and performance, please see the risk factors included in the Appendix 4E and Financial Report for the year ended 30 June 2021 and the Annual Information Form dated 6 December 2021 which are available to view at
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111073
Carlyle Files Petition with Supreme Court of British Columbia in Connection with Its Notice of Work Application for the Newton Project and Provides Corporate Updates
Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – CARLYLE COMMODITIES CORP. (CSE: CCC) (FSE:1OZA) (OTC Pink: DLRYF) ("Carlyle" or the…
Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) –( ) (FSE:1OZA) (OTC Pink: DLRYF) (“Carlyle” or the “Company“) announces that it has filed a petition and supporting affidavits with the Supreme Court of British Columbia (the “Petition“) in connection with the Company’s Notice of Work and Reclamation Program permit application (the “Permit Application“) for a 5-year, area-based permit to conduct exploration activities on its 100% Newton Project located in the Clinton Mining Division of the Province of British Columbia (the “Newton Project“) held through its wholly-owned subsidiary Isaac Newton Mining Corp.
The Newton Project Petition
The Newton project has been the subject of at least seven previous exploration permits, comprising more than 30,000 m of exploration drilling costing more than $12,000,000. Yet following its acquisition by Carlyle and the filing of the Permit Application on February 10, 2021, the Company has experienced significant delays with the Ministry of Energy, Mines and Low Carbon Innovation (the “Ministry“). The Ministry has tied these delays to a Strategic Engagement Agreement (the “SEA“) entered into between the Province of BC and the Tsilhqot’in Nation. Neither Carlyle nor the prior owners of the Newton Project are party to the SEA.
The Petition seeks declarations from the Court that the SEA does not affect the existing law regarding the Crown’s duty to consult Indigenous groups, it does not displace obligations of procedural fairness owed to Carlyle and that Carlyle’s rights have been violated. It also seeks a declaration that the SEA improperly interferes with the exercise of discretion by the Chief Permitting Officer (or delegate) and it asks the Court to order the Chief Permitting Officer (or delegate) to make a decision on the Permit Application without further delay.
Morgan Good, President and Chief Executive Officer of Carlyle, commented: “It is deeply concerning that after nearly a year this permit has still not yet been issued, and the ministry can’t point to any substantive issue that is causing the delay. We believe Carlyle has made all reasonable efforts to work constructively with both the Ministry and the Tsilhqot’in Nation, and that it has been left with no choice but to seek the Court’s assistance. While we fully respect the Crown’s duty to consult Indigenous groups, the Crown must still follow the law and it must not lose sight of the legal rights and interests of third parties.”
Change to Board of Directors
The Company also announces the resignation of Mike Blady from its board of directors (the “Board“). The Company thanks Mr. Blady for his many efforts and support over the years and wishes him all the best with his future endeavours.
In turn, Carlyle would like to announce and welcome Mr. Jeremy Hanson as its newest member of the Board. Mr. Hanson is a professional geoscientist and has over a decade of experience in mineral exploration throughout Canada. He is the founder of Hardline Exploration Corp, a geological consulting firm focused out of Western Canada. Mr. Hanson is a Director and VP Exploration forCorp, Technical Advisor for Inc, as well as a director of the Smithers Exploration Group. He graduated with a B.Sc. Hons with distinction from Simon Fraser University and brings a strategic mindset to every project.
Amendment to Sunset Property Agreement
Carlyle also announces that it has entered into an amending agreement (the “Amending Agreement“) to amend the terms of its option agreement dated November 7, 2018, as amended on May 9, 2018, May 25, 2018, June 25, 2018, April 24, 2020 and July 29, 2021 (collectively, the “Option Agreement“), whereby the Company has an option to earn a 100% interest in the Sunset mineral property, located in the Vancouver Mining Division of the Province of British Columbia (the “Sunset Property“). Under the terms of the Amending Agreement, the Company has extended the second and third scheduled payments of exploration expenditures respectively on the Sunset Property to December 31, 2022 (as to $200,000) and December 31, 2023 (as to $700,000). A copy of the Amending Agreement has been filed under Carlyle’s profile on SEDAR.
Carlyle Completes Consultant Issuances
Further to the Company’s news release dated July 30, 2021, the Company announces that it has completed the respective share issuances owing to a certain consultant of Carlyle (the “Consultant“) under the terms of an independent consultant agreement (the “Consultant Agreement“) dated July 5, 2021 between the Company and the Consultant. Accordingly, an aggregate of 842,647 common shares (each, a “Share“) in the capital of the Company were issued in accordance with the terms of the Consultant Agreement. For additional information on the Consultant Agreement, see the Company’s news release dated July 30, 2021, filed under Carlyle’s profile on SEDAR. For more information on the Share issuances please see the Company’s Form 9 dated January 5, 2022, filed on the CSE website.
All of the Shares were issued pursuant to the prospectus exemption contained in section 2.24 of National Instrument 45-106 – Prospectus Exemptions and are not subject to trading restrictions pursuant to the provisions of National Instrument 45-102 – Resale of Securities (“NI 45-102“) since the criteria contained in section 2.6(3) of NI 45-102 were met and since the Company received written approval from the Canadian Securities Exchange (“CSE“) to issue the Shares without the hold period pursuant to section 1.4(a) of CSE Policy 6.
Carlyle is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Carlyle owns 100% of the Newton Gold Project in the Clinton Mining Division of B.C. The Company has an option to earn a 100% interest in the Cecilia Gold-Silver Project located in the State of Sonora, Mexico. The Company also holds an option to earn a 100% interest in the promising Sunset property located in the Vancouver Mining Division near Pemberton, B.C. Carlyle is based in Vancouver, B.C., and is listed on the CSE under the symbol “CCC”.
ON BEHALF OF THE BOARD OF DIRECTORS OF
President and Chief Executive Officer
For more information regarding this news release, please contact:
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the approval, timely or otherwise, of the Permit Application and any plans for further exploration at the Newton Project. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements involve many known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to obtain approval by the Ministry of its Permit Application, execute its proposed business plans, and carry out planned future activities, including, but not limited to, those relating to the further exploration of the Newton Project. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold or other precious metals, changes in the financial markets and in the demand for gold or other precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and risks related to the Company’s investments and operations in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111056
Eric Sprott Announces Disposition of Holdings in Benchmark Metals Inc.
Toronto, Ontario–(Newsfile Corp. – January 20, 2022) – Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation which is beneficially owned…
Toronto, Ontario–(Newsfile Corp. – January 20, 2022) – Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, disposed of 26,082,309 common shares of, over the TSX Venture Exchange (representing approximately 12.9% of the outstanding common shares on a non-diluted basis) at a price of $1.10 per share for aggregate consideration of approximately $28,690,540.
Mr. Sprott now owns and controls no common shares and 3,846,154 common share purchase warrants representing approximately 1.9% of the outstanding common shares on a partially-diluted basis. Prior to the disposition, Mr. Sprott beneficially owned and controlled 26,082,309 common shares and 3,846,154 common share purchase warrants (representing approximately, 12.9% on a non-diluted basis and approximately 14.6% on a partially diluted basis). The disposition resulted in an ownership change, on a partially diluted basis, of 12.7% since the last filing of an Early Warning Report and bring total holdings to under 10% on a partially diluted basis. As a result, Mr Sprott and 2176423 Ontario Limited ceased to be insiders of Benchmark Metals.
The securities noted above are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Benchmark Metals is located at 10545-45 Avenue NW, 250 Southridge, Suite 300, Edmonton, Alberta, T6H 4M9. A copy of the early warning report with respect to the foregoing will appear on the company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111052
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