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Diamcor Announces Delivery of 2,750 Additional Carats in Current Quarter

KELOWNA, BC / ACCESSWIRE / November 18, 2021 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), ("Diamcor" or, the "Company") announced today the…

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KELOWNA, BC / ACCESSWIRE / November 18, 2021 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) announced today the delivery of approximately 2,750 additional carats of rough diamonds for tender and sale in the current quarter. These rough diamonds recovered from the processing of quarry material at the Company’s Krone Endora at Venetia Project (the “Project”) will be tendered over the coming weeks, with additional rough diamonds recovered from the Project during the balance of the quarter expected to be sold in December or held as stock on hand at the end of the quarter and tendered in January of 2022. When combined with the 2,526.91 carats tendered and sold as announced on October 21, 2021, this brings the total rough diamonds delivered for tender and sale to date in the quarter to approximately 5,276.91 carats. The Company remains pleased with the rough diamond recoveries to date this quarter and with the continued progress on the increase in processing volumes from the phase one facility upgrades which were completed ahead of schedule at the end of Q3 this year. Diamcor continues to advance the larger phase two upgrades to its processing facilities, which remain on schedule for completion in H1 2022. These additional upgrades are projected to generate further increases beyond the 100% increase in historical volumes targeted and associated with the now completed phase one upgrades.

“We are pleased with the additional delivery of rough diamonds for the current quarter, and our efforts remain focused on now adding to these results as we proceed into the second half of this quarter,” stated Mr. Dean Taylor, Diamcor CEO. “Given the normal time frames between the delivery of rough diamonds and their tender and sale, we believe the positive impact of the recently completed phase one upgrades will continue to be realized over the coming weeks and quarters”.

Standby Power Upgrades

The Company also announced that it has finalized the commissioning of revisions to its back-up generators to further advance the Company’s standby power upgrades and accommodate load-shedding by South Africa’s state-owned entity and power supplier Eskom. In addition, like many other larger entities in South Africa, Diamcor is in discussions with several groups with regard to the addition of solar power and/or other alternative power sources to supplement the Eskom services. The requirement for load-shedding and the associated short-term loss of power at scheduled times is a well-known occurrence fluctuating from year to year depending on various circumstances. Standby power upgrades, including a solar power option, mitigates the impact of future load-shedding, provides the added benefit of potentially reducing the Project’s carbon footprint, and is expected to also reduce operating costs. Progress on these large power supply objectives will be provided in due course in conjunction with the advancement of the previously announced second phase of upgrades.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors
Mr. Dean H. Taylor
President & CEO

Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
[email protected]
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
[email protected]
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

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

SOURCE: Diamcor Mining Inc.

View source version on accesswire.com:
https://www.accesswire.com/673536/Diamcor-Announces-Delivery-of-2750-Additional-Carats-in-Current-Quarter








Today’s News

Torr Metals Inc. Completes Qualifying Transaction with $4.47 Million Concurrent Financing

Vancouver, British Columbia–(Newsfile Corp. – November 26, 2021) – Torr Metals Inc. (TSXV: TMET) (formerly Duro Metals Inc.) (the "Company"), is pleased…

Vancouver, British Columbia–(Newsfile Corp. – November 26, 2021) – Torr Metals Inc. (TSXV: TMET) (formerly Duro Metals Inc.) (the “Company“), is pleased to announce it has completed the acquisition of the British Columbia mineral claims known as the Gnat Claims, and the British Columbia mineral claims known as the Hu Property and Dalvenie Property, altogether known as the Latham Copper-Gold Project, by way of an acquisition transaction and three-cornered Amalgamation (as defined below) in conjunction with a concurrent financing (the “Concurrent Financing“) raising aggregate gross proceeds of $4,476,389.94, comprised of $2,890,660.41 from a Unit Financing (as defined below) and $1,585,729.53 from a Flow-Through Financing (defined below), which is intended to constitute the Company’s qualifying transaction (the “Qualifying Transaction“) as defined under the policies of the TSX Venture Exchange (the “Exchange“). Together, the consolidated Gnat Claims, Hu Property and Dalvenie Property are now known as the Latham Copper-Gold Project, which is comprised of 41 British Columbia mineral claims covering an area of 46,694 hectares in northern British Columbia, approximately 34 km south of Dease Lake, B.C.

The Company’s new CEO Malcolm Dorsey, M.Sc., commented, “We are very excited to be so well-funded to complete Phase 1 of our intended exploration program along with sufficient funds to continue into Phase 2, allowing for regional systematic exploration that will define the scope and scale of a number of targets that are found throughout our district-scale 467 square kilometer consolidated land position. We believe there’s excellent opportunities for future discoveries with multiple large greenfield copper-porphyry and epithermal targets identified across 42km+ of mineralized trends at the Latham Copper-Gold Project, and we can now start the exploration without delay.

The Company filed a filing statement (the “Filing Statement“) dated November 25, 2021 on SEDAR providing details of the Company and the Qualifying Transaction in accordance with Exchange Policy 2.4, and is publicly available under the Company’s profile at www.sedar.com. In addition, the Company also filed on SEDAR a geological technical report on the Latham Copper-Gold Project (the “Technical Report“) entitled, “NI 43-101 Technical Report, Geological Introduction to the Latham Copper-Gold Project, British Columbia, Canada” dated effective August 24, 2021 prepared for the Company by Douglas Turnbull, BSC. (Hons), P.Geo. of Lakehead Geological Services Inc., who is an independent qualified person under National Instrument 43-101-Standards for Disclosure of Mineral Projects (“NI 43-101“). The Technical Report is also publicly available at www.sedar.com under the Company’s profile.

Qualifying Transaction

Immediately prior to the closing of the Qualifying Transaction (the “Closing“), among other things, the Company: (i) continued its corporate existence from Alberta to British Columbia under the British Columbia Business Corporation Act, changed its name from “Duro Metals Inc.” to “Torr Metals Inc.”, and effected a consolidation of all of its issued and outstanding securities on the basis of 1.4538-to-1 (the “Consolidation“); (ii) 1306043 B.C. Ltd. (“130“) acquired the Dalvenie Property from Torr Resources Corp. (“Torr“) in exchange for the issuance of 4,000,000 common shares of 130 to Torr at a deemed price of $0.30 per share, the grant of a 2% a net smelter returns royalty to Torr in respect of the Dalvenie Property, 50% of which may be repurchased by the royalty payor for payment of $1,000,000 to the royalty payee, and payment of $100,000 cash by the Company on behalf of 130; and (iii) 130 completed an equity financing raising aggregate gross proceeds of $2,890,660.41 by issuance of 9,440,200 units of 130 (the “Pre-QT Units“) at a price of $0.30 per Pre-QT Unit, where each Pre-QT Unit is comprised of 1 common share of 130 (a “Pre-QT Share“) and one-half common share purchase warrant of 130 (each whole warrant of 130, a “Pre-QT Warrant“), and each Pre-QT Warrant entitles the holder to acquire a Pre-QT Share or common share of any successor parent company at an exercise price of $0.45 per share for a period of 24 months from the date of issuance of the Pre-QT Warrant (the “Unit Financing“).

Pursuant to the Qualifying Transaction, (i) 130 amalgamated with 1334885 BC Ltd., a wholly-owned subsidiary of the Company, pursuant to the provisions of the Business Corporations Act (British Columbia) and continued as an amalgamated corporation under the name “1306043 BC Ltd.” as a wholly-owned subsidiary of the Company (“Amalco“); (ii) all holders of Pre-QT Shares exchanged their Pre-QT Shares for post-Consolidated Shares of the Company on a 1-for-1 basis and the Pre-QT Warrants were replaced on a 1-for-1 basis by certificates representing post-Consolidation common share purchase warrants of the Company (the “Warrants“), and the Warrants were issued pursuant to a form of Warrant Indenture (the “Warrant Indenture“) between the Company and the Warrant agent, Odyssey Trust Company.

Immediately following the Amalgamation, the Company: (i) acquired the Gnat Claims from Brian and Steven Scott (the “Scott Brothers“) in exchange for, on a 50% / 50% basis, the issuance of 400,000 post-Consolidated Shares of the Company to the Scott Brothers at a deemed price of $0.30 per share, the grant of a 2% a net smelter returns royalty to the Scott Brothers in respect of the Gnat Claims, and 50% of the royalty may be repurchased by the royalty payor for payment of $500,000 to each royalty payee for an aggregate $1,000,000, and payment of $95,000 cash (in addition to a previously-paid $5,000 non-refundable deposit); and (ii) the Company completed an equity financing of 4,805,241 post-Consolidated common shares for aggregate gross proceeds of $1,585,729.53 at a price of $0.33 per post-Consolidated common share of the Company, where those post-Consolidated common shares of the Company (the “FT Shares“) were issued on a flow-through basis under the Income Tax Act (Canada) (the “Flow-Through Financing“).

As a consequence of completing the Qualifying Transaction, the Company (through its wholly-owned subsidiary, Amalco) owns all of the mineral properties comprising the Latham Copper-Gold Project.

Pursuant to the Unit Financing, the Company paid commissions to eligible finders in accordance with the policies of the TSXV and applicable securities laws, comprised of: (i) a cash commission of up to 7% of the gross aggregate subscription proceeds of the Unit Financing; and (ii) a number of common share purchase warrants of Duro (the “Brokers’ Warrants“) equal to up to 7% of the number of Pre-QT Units issued pursuant to the Unit Financing, wherein each Broker’s Warrant entitles the holder to acquire a Share of the Company at a price of $0.30 per Share for a period of 12 months from the date of issuance thereof.

Pursuant to the Flow-Through Financing, the Company paid commissions to eligible finders in accordance with the policies of the TSXV and applicable securities laws, comprised of: (i) a cash commission of up to 7% of the gross aggregate subscription proceeds of the FT Financing; and (ii) a number of common share purchase warrants of the Company (the “FT Brokers’ Warrants“) equal to up to 7% of the number of FT Shares issued pursuant to the FT Financing, wherein each FT Broker’s Warrant entitles the holder to acquire a Share of the Company at a price of $0.33 per Share for a period of 12 months from the date of issuance thereof.

Additional information with respect to the Qualifying Transaction and the business of the Company as a result of the Closing is available in the Company’s filing statement dated November 25, 2021 (the “Filing Statement“), which is available on the Company’s SEDAR profile at www.sedar.com.

Directors, Officers and Other Insiders

Following the Closing, the board of directors of the Company is now comprised of Malcolm Dorsey, Sean Mager, Nicholas Stajduhar, John Williamson, and Ewan Webster, and the officers of the Company are Malcolm Dorsey (President and Chief Executive Officer) and Justin Bourassa (Chief Financial Officer and Corporate Secretary).

On completion of the Qualifying Transaction, the Company became the Resulting Issuer (as defined in Exchange Policy 2.4) having a board of directors consisting of five members. As part of the Qualifying Transaction, all the directors of the Company other than Sean Mager and John Williamson resigned and Malcolm Dorsey, Nicholas Stajduhar and Ewan Webster were appointed as directors to fill the vacant board positions under the next annual general meeting of the Company. Malcom Dorsey was also appointed as the new President and Chief Executive Officer on Closing.

The following sets out the details of all persons constituting the directors and officers of the Company as the resulting issuer of the Qualifying Transaction:

Malcom Dorsey – President, CEO and Director of the Company. He is the co-founder and director of Torr Resources Corp., a private exploration and project generator company since October 2018. He has consulted as an exploration and project development geologist since May 2013, including as a senior geologist for Benchmark Metals Inc. since August 2020. From May 2013 to August 2020 he consulted as an exploration geologist and fulfilled roles in project development and senior management for a number of public and private companies with a variety of deposit types in North, Central, and South America. Malcolm holds both an MSc in Geology and Geophysics (2018) specialized in Structural Geology and a BSc in Geology (2013) from the University of Calgary. His geological exploration and development project leadership, experience and knowledge in British Columbia, where his MSc thesis was completed, will be a significant asset in further advancing the Latham Copper-Gold Project.

Justin Bourassa – Chief Financial Officer and Corporate Secretary of the Company. Mr. Bourassa is presently the Chief Financial Officer and a Director of Duro Metals Inc. since July 2018. Mr. Bourassa is currently the Chief Financial Officer of Altiplano Metals Inc. since April 2013, Peruvian Metals Inc. since July 2013, Camino Minerals Corp. since September 2018, Thesis Gold Inc. since October 2020, Founders Metals Inc. since March 2021 and Benchmark Metals Inc. from July 2013 until February 2017. He is also the founding and managing partner of corporate and financial services provider SPR Outsourcing since February 2016. Mr. Bourassa graduated from Grant MacEwan University where he received a degree in Accounting & Strategic Management.

Sean Mager – Director of the Company. Mr. Mager is presently the President, Chief Executive Officer and a Director of Duro Metals Inc. since July 2018. He has been the principal of 859053 Alberta Ltd., his privately owned investment company since December 1999, and is a Co-Founder, Director and Principal of Metals Group Inc., a privately held mineral exploration, development and investment company, since July 2018, and serves as the Chief Financial Officer and a Director of Emperor Metals Inc. since October 2020, as a Director of Altiplano Metals Inc. since October 2010, as a Director of Benchmark Metals Inc. since February 2013, and as Chief Financial Officer since March 2018 and President, Chief Executive Officer and Director since June 2018 of Cortus Metals Inc.

Nicholas Stajduhar – Director of the Company. Mr. Stajduhar is presently a Director of Thesis Gold Inc. since October 2020 and a Director of Founders Metals Inc. since March 2021. He is an accomplished financial industry professional with 15 years of experience in all aspects of sales and operations. He has a proven track record in the capital markets, is a highly knowledgeable market professional with strong communication and client relationship skills. Mr. Stajduhar has been providing consulting services in public and private capital markets since June 2019. Previously, he was Director of Investments for Skyline Wealth Management Inc. (2017 to June 2019), Vice-President Sales and Trading for Desjardins Capital Markets (2015 to 2017), and Partner and Head of Institutional Sales for Byron Capital Markets Ltd. (2008-2015). In addition, Mr. Stajduhar also holds a licenses from the Canadian Securities Institute (CSC and CPH) and licensing for dealing in various forms of insurance.

John Williamson – Director of the Company. Mr. Williamson is the President of 678119 Alberta Ltd., a private company which provides management and geological consulting services to junior mineral exploration companies since January 1996. Mr. Williamson is currently the Chairman, President, Chief Executive Officer and a director of Altiplano Metals Inc. since 2010. Mr. Williamson is currently Chairman and Chief Executive Officer and a director of Benchmark Metals Inc. since March 2018, Director of Cortus Metals Inc. since November 2019, Director of Scottie Resources Corp. since February 2018, Director of Emperor Metals Inc. since November 2020, Chief Executive Officer and Director of Founders Metals Inc. since February 2021, and a director of Duro Metals Inc. since September 2019. Mr. Williamson resigned as Chief Executive Officer and Director of Camino Minerals Corp. in January 2020 and Exploits Discovery Corp. in October 2020. Mr. Williamson was a Director of QX Metals Corp. from June 2016 to June 2020.

Ewan Webster – Director of the Company. Mr. Webster is presently the President, Chief Executive Officer and a Director of Thesis Gold Inc. since January 2021. Dr. Webster is an exploration geologist who has worked for a number of public mineral exploration and mining companies in North America and South America involving a variety of different deposit types. He holds a B.Sc. (Hons, Geology) from the University of Glasgow, Scotland (2010), a PhD Geoscience from the University of Calgary (2016) and is a registered Professional Geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia. In particular, his PhD research focused on unravelling aspects of the structure, stratigraphy, tectonics, and metamorphism of southeastern British Columbia. Dr. Webster has been a Senior Geologist with the Metals Group Inc. (since May 2019), Director of Camino Minerals Corp. (since January 2020), Director of Trailbreaker Resources Ltd. (since December 2018), and Director of Golden Sky Minerals Corp. (since August 2018). He was previously a Consulting Geologist in private practice from May 2017 to May 2019, and a Geology Technology Instructor for Yukon College from August 2016 to May 2017.

The board committees of the Company consist of the Audit Committee and the Compensation and Corporate Governance Committee. The Audit Committee of the Company is now comprised of John Williamson (Chair), Nicholas Stajduhar, and Ewan Webster. The Compensation and Corporate Governance Committee is now comprised of Ewan Webster (Chair), Malcolm Dorsey, and Nicholas Stajduhar.

As a consequence of the Qualifying Transaction, the following lists those who are insiders of the Company as a result of owning 10% or more of the common shares of the Company:

  • Torr Resources Corp., a private corporation existing under the laws of Alberta, owned and controlled 50% by Malcolm Dorsey (a resident of British Columbia) and 50% by Cameron Dorsey (a resident of North Vancouver, British Columbia);

  • Severin Holdings Inc., a private corporation existing under the laws of British Columbia, owned and controlled by Nicholas Stajduhar (a resident of Ontario); and

  • 2355228 Alberta Ltd., a private corporation existing under the laws of Alberta, owned and controlled by John Alcock (a resident of Alberta).

Additional information about the new directors, officers and insiders of the Company is available in the Filing Statement that was filed under the Company’s profile on SEDAR as the principal disclosure document in respect of the Qualifying Transaction.

Exchange Bulletin

Final acceptance of the Qualifying Transaction will occur upon the issuance of the Final Exchange Bulletin (the “Bulletin“) by the Exchange, following which the Company will be classified as a Tier 2 Mining Issuer, trading under the symbol “TMET”. Subject to such final approval, trading of the Company’s common shares on the Exchange is expected to commence on or about December 7, 2021. The Company will issue a news release once the Exchange issues the Bulletin and confirms the listing date.

Outstanding and Escrowed Shares

Following the Closing, there are now approximately 31,627,441 post-Consolidation Shares issued and outstanding on an undiluted basis [the final number of shares may vary slightly dependent upon rounding and disappearance of fractional shares due to the Consolidation]. As disclosed in the Filing Statement, 12,666,667 Shares (representing approximately 40.05% of the issued and outstanding Shares on an undiluted basis) have been deposited into escrow with TSX Trust Company pursuant to a Tier 2 value security escrow agreement, and an additional 1,021,461 Shares remain subject to a capital pool company escrow agreement.

Qualified Person

Douglas Turnbull, B.Sc. (Hons), P.Geo. is an independent Qualified Person for the purposes of National Instrument 43-101-Standards of Disclosure for Mineral Projects and has reviewed and approved the scientific and technical information in this news release related to geology and exploration.

Contact Information

For further information concerning this press release, please contact Malcolm Dorsey, President, Chief Executive Officer, and Director of Torr Metals Inc. at:

Telephone: 236-982-4300
Email: [email protected]

Cautionary Statement

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) has in any way passed upon the merits of the Qualifying Transaction and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.

Certain statements contained in this press release constitute forward-looking information, including statements regarding the expected issuance of the Final Bulletin and the expected commencement of trading of the Shares on the Exchange. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The business of the Company is subject to a number of material risks and uncertainties. Please refer to the Filing Statement and other SEDAR filings for further details. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary corporate, regulatory and other third parties approvals. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

(Not for dissemination in the United States of America.)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105316







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Today’s News

Razore Rock Announces Application for Extension of $0.15 Warrants

TORONTO, ON / ACCESSWIRE / November 26, 2021 / Razore Rock Resources Inc. ("Razore Rock" or the "Company") (CSE:RZR) wishes to announce that it will make…

TORONTO, ON / ACCESSWIRE / November 26, 2021 / Razore Rock Resources Inc. (“Razore Rock” or the “Company“) (CSE:RZR) wishes to announce that it will make application to extend the exercise date of 5,000,000 warrants currently exercisable until December 8, 2021 at $0.15 per share, issued pursuant to the private placement financing which closed on December 8, 2017, for a further one (1) year until December 8, 2022. The extension is subject to Canadian Securities Exchange (“CSE“) approval and the Company has requested relief from the requirement of the CSE that an application for extension of warrants be made at least ten (10) trading days prior to the expiry of the warrants. There has been no change to the warrant exercise price.

For further information, please contact:
Bill Johnstone, Corporate Secretary
Telephone: (416) 865-6605

About Razore Rock Resources Inc.

Razore Rock Resources Inc. is a mineral exploration company focused on the acquisition, exploration and development of mineral resources.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this Press Release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.

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

SOURCE: Razore Rock Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/674822/Razore-Rock-Announces-Application-for-Extension-of-015-Warrants







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Today’s News

Monument Announces Drill Results at Peranggih Gold Prospect in Malaysia

VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased…

VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce drill results from the reverse circulation (“RC”) drilling program at South and Central areas of the Peranggih Gold Prospect (“Peranggih”), located approximately 10km north of Selinsing Gold Mine.

The RC drilling program was carried out from March to July 2021. The main objective of this program is to delineate shallow mineralization approximately 50m below the surface that can be potentially developed and quickly mined to feed the existing oxide plant at the Selinsing Gold Mine should the assay and block model results be satisfactory (Figure 1).

Figure 1: Peranggih Location Map showing interpreted mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8c4c1d6-ad5f-4a1d-8290-a0977ed2f537

Significant Intercept Results

  • PGRC076: 5m at 6.88 g/t Au from 10m including 3m at 11.06 g/t Au from 11m
  • PGRC077: 14m at 1.50 g/t Au from 16m including 4m at 4.30 g/t Au from 19m
  • PGRC089: 13m at 1.39 g/t Au from 11m including 2m at 5.30 g/t Au from 11m
  • PGRC102: 9m at 1.52 g/t Au from 29m including 1m at 10.21 g/t Au from 36m
  • PGRC113: 21m at 1.24 g/t Au from 21m including 7m at 2.58 g/t Au from 21m
  • PGRC117: 10m at 1.56 g/t Au from 8m including 5m at 2.61 g/t Au from 10m

See details in Appendix 1-Summary of Drill Results (0.35 g/t cut-off grade)

2021 RC Drilling Program

The RC drilling program consisted of 68 RC holes for 3,317m, to a maximum depth of 70m for 3 holes (Figure 2). 3,901 samples were assayed at the onsite laboratory at Selinsing Gold Mine (the “Lab”). The final assay results were received on August 15th 2021. The drill program confirmed the extension of significant mineralization down-dip of the previously explored area by shallow percussion rotary air blast (“RAB”) drilling along the North-West striking shear structure.

Overall, 70% of the designed holes hit gold mineralization above an oxide cut-off (>0.35 g/t Au Au) at relatively shallow depth, 50m below the surface. The results defined wider lower grade mineralization over an 830m long by 60m wide zone (Figure 2).

The 2021 RC drilling was conducted in two phases to optimize each phase, improving the potential to hit the targeted mineralization.

Phase 1 drilling was carried out from March to April 2021 at 20m by 20m nominal spacing and the average depth of 48m, involving 34 drill holes for a total 1,697m. Phase 1 drilling targeted high and low grade shallow mineralization extension at South and Central Peranggih, intercepted during the RC and diamond drilling campaign from February to May 2018 (21 DD holes for 1,015m and 34 RC holes for 1,710m). This target coincides with the eluvial and colluvial material located on the surface down to approximately 15m. Most of the holes were drilled at 60° dip oriented toward west.

Phase 2 drilling was initiated in May 2021 and completed in July 2021 after receiving encouraging assay results from Phase 1, targeting the strike extension of the mineralization at Peranggih South and Central intercepted in the phase 1 drilling. The program involved 34 RC holes for a total 1,620m and the average depth of 48m. The drilling azimuth, hole orientation, average depth, and spacing were similar to the Phase 1 program. Two reconnaissance holes were drilled at the southern part of Peranggih North to test an anomalous area.

Figure 2: Drill hole locations and geological map of Peranggih is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4583027-0896-42b8-8509-38088c4783f1 

QA/QC

The Company implements a thorough internal Quality Assurance/Quality Control (“QA/QC”) protocol on all aspects of sampling and analytical procedure. Rock chips are monitored, collected, marked for sampling, and logged. Certified Reference Material ‘CRM”, duplicates, and blank samples are inserted based on industry standard practice. The samples were assayed internally at Selinsing laboratory using fire assays with Atomic Absorption Spectrometer (“AAS”) finish.

All blanks reported Au value below the recommended value, indicating low-risk contamination at the laboratory. All CRM’s assay values fall within the three standard deviation range. These indicate that all CRMs are performing well, and the result from the lab is considered reliable. Duplicate samples show good repeatability, potentially indicating that low cross-contamination takes place in the Lab.

Peranggih Geology and Mineralization

The Peranggih mineralization is structurally controlled by the 40-50m wide North-West shear zone. The completed drilling program outlined the extent of the footwall and hanging wall of the mineralized structure. The presence of quartz breccia, tuff breccia, and sheared country rock of argillaceous sediment, tuff and black shale indicates the nature of deformational event responsible for gold deposition at Peranggih. The steeply dipping high-grade (above 1.5 g/t) mineralized structure cuts across the low-grade mineralization at a higher angle and locally occurs at Peranggih South and Central. The spatial location of the high-grade mineralization is shown in the North-South (“N-S”) long section (Figure 3). The low and high grade structures are still open along the strike and down dip. An additional RC drilling program is planned to vector the 560m extension of the mineralized zone along strike and down plunge and dip of the known orebody.

The Peranggih mineralization is commonly associated with matrix-supported quartz breccia. The bulk of the mineralization occurs in a highly oxidized setting, as Peranggih is hosted in a deep weathering environment. The lithologies generally experience moderate argillic and silicification alteration. The structural framework suggests that the mineralized auriferous breccia is emplaced within the shear system with a steep to moderate dip towards the east.

Figure 3: The N-S long section of Peranggih shows the high-grade interception from the RC drilling program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7831836b-3555-4301-af15-70b1c57b37af

Previous Rotary Air Blast ‘RAB’ Drilling and Follow Up Mining Work

Since January 2020, Monument has actively undertaken 86,870m of RAB drilling at Peranggih and intermittently mined and produced a total of 3,610oz Au as of October 31st, 2021. The shallow RAB drilling at a nominal spacing of 3m x 3m or 5m x 5m with a maximum 20m depth targeted shallow gold occurrences associated with eluvial and colluvium material that exists above the mineralized structure.

As a result of the 2021 RC drilling, an internal block model was produced, and an internal shallow pit shell down to 40m below the surface level was optimized. A total of 55kt of mineralized material was mined and fed to the mill in Q1 2022. Oxide mining and production from Peranggih are expected to increase in the upcoming months.

Peranggih is a fully permitted site having a ten year’s mining lease expiring March 14, 2029.

The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc.(Hons) Chief Geologist of Monument Mining Limited; reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.

About Monument

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

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

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

Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [email protected]  

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

Forward-Looking Statement

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

Appendix 1-Summary of Drill Results (0.35 g/t cut-off grade):

Hole ID Easting Northing RL Azimuth Dip EOH (m) Depth from (m) Depth to (m) Length (m) Au grade (g/t Au)
PGRC052 423186 479857 113 270 -60 70 19 23 4 0.41
PGRC053 423154 479859 114 270 -60 57 24 32 8 1.08
and 44 51 7 0.35
PGRC054 423128 479858 118 270 -60 50 7 10 3 0.55
and 14 24 10 0.61
PGRC055 423127 479874 115 270 -60 50 1 15 14 0.58
including 10 12 2 1.71
and 18 37 19 0.86
including 26 30 4 2.10
PGRC057 423143 479872 114 270 -59 50 35 48 13 0.47
PGRC058 423183 479839 115 274 -61 50 2 11 9 0.41
and 27 41 14 0.54
including 35 36 1 1.29
PGRC061 423009 480261 110 270 -59 50 31 38 7 0.52
PGRC063 422994 480247 112 269 -59 40 18 26 8 0.68
including 21 23 2 1.23
PGRC067 423032 480304 109 269 -59 60 15 19 4 0.55
PGRC068 422983 480325 103 271 -60 40 16 24 8 0.60
PGRC070 423072 479987 117 271 -60 50 14 19 5 0.71
including 15 16 1 2.21
PGRC072 423072 479969 111 273 -60 50 0 6 6 0.43
PGRC073 423098 480007 114 270 -61 60 39 49 10 0.50
including 42 43 1 1.90
PGRC074 423145 479896 110 271 -59 50 22 27 5 0.60
and 32 35 3 0.38
and 38 50 12 0.79
including 42 43 1 1.32
PGRC075 423130 479896 110 269 -59 50 7 17 10 0.41
and 24 30 6 0.54
and 44 49 5 0.56
PGRC076 423106 479981 106 274 -59 60 10 15 5 6.88
including 11 14 3 11.06
and 48 51 3 0.65
PGRC077 423089 479967 106 277 -60 50 16 30 14 1.50
including 19 23 4 4.30
PGRC078 423098 479970 106 269 -60 60 18 38 20 0.86
including 20 27 7 1.62
PGRC079 423128 479921 110 272 -60 50 0 14 14 0.38
PGRC080 423113 479921 110 266 -61 50 9 23 14 0.48
PGRC081 423143 479921 110 271 -61 50 2 12 10 0.48
PGRC082 423117 479909 110 271 -59 50 9 14 5 0.64
including 13 14 1 1.68
PGRC083 423116 479857 118 270 -59 30 0 20 20 0.77
PGRC085 422915 480560 107 268 -61 50 18 21 3 0.66
PGRC086 423039 480382 99 270 -60 50 1 12 11 0.68
including 2 7 5 1.09
PGRC087 423052 480096 110 275 -61 50 14 19 5 0.93
including 15 17 2 1.61
and 22 27 5 0.38
PGRC088 423065 480111 110 267 -60 30 7 12 5 0.72
and 22 30 8 0.83
including 27 29 2 1.91
PGRC089 423095 480112 110 271 -59 40 11 24 13 1.39
including 11 13 2 5.30
and 29 39 10 0.47
PGRC091 423069 480141 109 269 -61 40 30 33 3 0.93
PGRC092 423072 480090 110 259 -59 50 17 30 13 0.62
including 17 19 2 1.14
and 39 44 5 0.62
PGRC093 423071 480072 110 271 -61 50 37 42 5 2.01
including 40 42 2 4.72
PGRC095 423109 479948 110 270 60 70 34 47 13 0.57
including 34 38 4 1.00
PGRC096 423175 479814 128 270 60 50 12 26 14 0.44
including 20 21 1 1.19
PGRC098 423085 480020 108 269 -61 60 4 17 13 0.41
and 34 39 5 0.42
PGRC099 423076 480047 108 271 -61 50 9 16 7 1.00
including 11 13 2 2.10
and 20 25 5 0.37
PGRC100 423196 479838 117 269 -61 70 45 52 7 0.62
and 63 69 6 0.40
PGRC101 423194 479823 120 273 -60 50 3 7 4 0.39
and 22 32 10 0.38
and 35 42 7 0.43
PGRC102 423095 480096 108 271 -59 50 13 24 11 0.41
and 29 38 9 1.52
including 36 37 1 10.21
PGRC106 422978 480404 98 271 -59 50 20 23 3 0.53
PGRC108 422991 480358 100 271 -60 30 8 20 12 1.22
including 18 20 2 2.69
PGRC110 423024 480374 100 271 -60 30 5 8 3 0.50
PGRC112 423003 480276 110 269 -60 50 30 36 6 0.55
including 31 32 1 1.02
PGRC113 423093 479841 128 269 -59 60 21 42 21 1.24
including 21 28 7 2.58

All intercepts reported are based on a drill width more than 3m above oxide cut-off (0.35g/t Au) with less than 2m internal dilutions constrained at 0.30 g/t Au while included intercepts with a minimum of 1m width is constrained at 1.0g/t Au.









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