CRANBROOK, BC / ACCESSWIRE / October 14, 2021 / Eagle Plains Resources (TSXV:EPL) is pleased to announce that option partner Rockridge Resources Ltd. (ROCK)(RRRLF)(RR0) ("Rockridge") has completed its geophysical program at the Knife Lake Copper Project located in Saskatchewan, Canada (the "Knife Lake Project" or "Property"). The Knife Lake Project, consisting of 81 claims totaling 55,471 hectares (137,069 acres), is an advanced-stage copper, silver, zinc and cobalt exploration property in Saskatchewan host to the Knife Lake Deposit. Additional field work is planned to commence shortly in preparation for a diamond drill program.
Rockridge holds the exclusive option from Eagle Plains to acquire a 100% interest in the Property that covers the Knife Lake Cu-Zn-Ag-Co VMS deposit (details following). The contiguous claims are located approximately 50 km northwest of Sandy Bay, Saskatchewan. A 357kV powerline runs within 16 km of the Knife Lake Deposit area.
See Knife Lake VMS Project Location Map here
Field crews have completed a helicopter-borne electromagnetic (EM) and horizontal magnetic gradiometer geophysical survey utilizing Geotech Ltd.'s VTEM Plus System. The 610-line kilometer survey covered highly prospective VMS stratigraphy in the Gilbert Lake target area, never before surveyed using modern time-domain geophysics. Data from the survey is currently being interpreted and any potential conductors will be prioritized for geophysical modelling. Mineralized drill intersections at the Gilbert Lake target area have proven that VTEM plus is a valuable exploration tool for identifying VMS-style mineralization within prospective stratigraphy on the Property, increasing discovery potential in regional target areas.
See Knife Lake Project VTEM Coverage Map here
Knife Lake Geology and History
The Knife Lake Deposit is interpreted to be a remobilized VMS deposit. The stratabound mineralized zone is approximately 15m thick and contains copper, silver, zinc, gold and cobalt mineralization which dips 30° to 50° eastward over a known strike-length within Rockridge's claim area of 3,700 metres, and a known average down-dip extension of approximately 300 metres.
See Knife Lake Deposit Map here
The deposit is hosted by felsic to intermediate volcanic and volcaniclastic rocks which have been metamorphosed to upper amphibolite facies. The deposit contains VMS mineralogy which has been significantly modified and partially remobilized during the emplacement of granitic rocks. The mineralization straddles the boundary between two rock units and occurs on both limbs of an interpreted overturned fold.
Rockridge has completed twenty-four holes consisting of 3096 metres of diamond drilling in the 2019 and 2021 winter drilling programs. This represented the first drilling on the property since 2001. Both programs have given Rockridge's technical team valuable insights into the property geology, alteration, and mineralization that will be applied to future regional exploration on the highly prospective and underexplored land package.
Highlights from the drill programs include previously reported hole KF19003 which intersected net-textured to semi-massive sulphide mineralization from 11.2m to 48.8m downhole. This 37.6 metre interval returned 2.03% Cu, 0.19 g/t Au, 9.88 g/t Ag, 0.36% Zn, and 0.01% Co for an estimated 2.42% CuEq. Additionally, previously reported drill hole KF19001 intersected net-textured to fracture-controlled sulphide mineralization from 7.5 metres to 40.6 metres downhole. This 33.1 metre interval returned 1.28% Cu, 0.12 g/t Au, 4.80 g/t Ag, 0.13% Zn, and 0.01% Co for an estimated 1.49% CuEq.
In August 2019, Rockridge announced a maiden NI 43-101 resource estimate for the Knife Lake deposit which consisted of a pit-constrained indicated resource of 3.8 million tonnes at 1.02% CuEq and an inferred resource of 7.9 million tonnes at 0.67% CuEq using a 0.4% CuEq cut-off. For more information please refer to the News Release dated August 14th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27, 2019, filed on Sedar.
Knife Lake Option Agreement Details
To earn a 100% interest in the Knife Lake Project, Rockridge has agreed to make a cash payment to Eagle Plains of $150,000 (complete), issue up to 5,550,000 common shares of Rockridge (2,750,000 shares issued to date) and complete $3,250,000 in exploration expenditures ($1,195,000 to date) over four years. Eagle Plains will retain a 2% net smelter royalty ("NSR") on certain claims which comprise the project area. Under the terms of the agreement Rockridge is designated as the Operator of the project.
Kerry Bates, P. Geo., a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and a Geologist employed by TerraLogic Exploration Inc., has reviewed and approved the scientific and technical disclosure in this news release relating to the Knife Lake Project.
About Eagle Plains Resources
Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Eagle Plains also holds significant royalty interests in western Canadian projects covering a broad spectrum of commodities. Management's focus is to advance its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Expenditures from 2011-2020 on Eagle Plains-related projects exceed $22M, most of which was funded by third-party partners. This exploration work resulted in approximately 37,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Eagle Plains Resources Ltd.
View source version on accesswire.com:
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Barrick Set to Achieve 2021 Production Targets
All amounts expressed in US dollars TORONTO, Oct. 14, 2021 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”)…
All amounts expressed in US dollars
TORONTO, Oct. 14, 2021 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today reported preliminary Q3 sales of 1.07 million ounces of gold and 101 million pounds of copper, as well as preliminary Q3 production of 1.09 million ounces of gold and 100 million pounds of copper. It remains on track to achieve 2021 guidance1, with both the Africa & Middle East and Latin America & Asia Pacific regions continuing to trend to the higher end of their regional gold guidance and North America at the lower end.
As previously guided, Barrick’s Q4 gold production is expected to be the strongest of 2021 following the repair of the mill at Carlin’s Goldstrike roaster late in Q3. Consequently, for Nevada Gold Mines (NGM) both Carlin and Cortez are expected to be at the low end of their annual guidance ranges, whereas Phoenix and Long Canyon are expected to be at the top end of their guidance ranges. Furthermore, production at Turquoise Ridge is expected to be below its annual guidance range, although full year production is still expected to be higher than the prior year. Production at Hemlo is also expected to be below its annual guidance range following a slower ramp-up of underground development due to Covid-19 movement restrictions.
The average market price for gold in Q3 was $1,790 per ounce, while the average market price for copper in Q3 was $4.25 per pound. The Company’s Q3 realized copper price2 is expected to be 5 to 7% below the average Q3 market price for copper, primarily as a result of provisional pricing adjustments3 that reflect the downward trend in copper prices during the quarter.
Preliminary Q3 gold production was higher than Q2, with improved performance at NGM following planned maintenance shutdowns in the previous quarter, the continuing ramp-up of operations at Bulyanhulu and improved performance at Veladero following the commissioning of the Phase 6 leach pad expansion in Q2. Q3 gold cost of sales per ounce4 and total cash costs per ounce5 are both expected to be flat to 2% higher and all-in sustaining costs per ounce5 are expected to be 4 to 6% lower than Q2.
Preliminary Q3 copper production was higher than Q2, and Q4 is expected to be the strongest quarter of the year, mainly driven by higher grades from Lumwana. Q3 copper cost of sales per pound4 is expected to be 5 to 7% higher, C1 cash costs per pound5 are expected to be flat to 2% higher and copper all-in sustaining costs per pound5 are expected to be 4 to 6% lower than Q2.
Barrick will provide additional discussion and analysis regarding its third quarter production and sales when the Company reports its quarterly results before North American markets open on November 4, 2021.
The following table includes preliminary gold and copper production and sales results from Barrick's operations:
|Three months ended||Nine months ended|
|September 30, 2021||September 30, 2021|
|Gold (equity ounces (000))|
|Turquoise Ridge (61.5%)||82||82||252||253|
|Long Canyon (61.5%)||43||42||128||127|
|Nevada Gold Mines (61.5%)||495||485||1,432||1,428|
|Pueblo Viejo (60%)||127||125||381||384|
|North Mara (84%)||66||65||191||187|
|Copper (equity pounds (millions))|
|Jabal Sayid (50%)||19||12||55||47|
Third Quarter 2021 Results
Barrick will release its Q3 2021 results before market open on November 4, 2021. President and CEO Mark Bristow will host a live presentation on the results that day in London, UK, at 11:00 EDT / 15:00 GMT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239
The Q3 2021 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 604 674 8052 (international toll), access code 7781.
Manager, Investor Relations and Corporate Access
+1 416 307 5105
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
The scientific and technical information contained in this news release has been reviewed and approved by: Steven Yopps, MMSA, Manager of Growth Projects, Nevada Gold Mines; Chad Yuhasz, P.Geo, Mineral Resource Manager, Latin America and Asia Pacific; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager, Africa and Middle East – each a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Porgera was placed on temporary care and maintenance in April 2020 and is not currently included in our full year 2021 guidance. On April 9, 2021, the Government of Papua New Guinea and Barrick Niugini Limited, the operator of the Porgera joint venture, signed a framework agreement in which they agreed on a partnership for Porgera’s future ownership and operation. We expect to update our guidance to include Porgera following both the execution of definitive agreements to implement the framework agreement and the finalization of a timeline for the resumption of full mine operations.
Copper realized price is a non-GAAP financial measure which excludes from sales: (i) unrealized gains and losses on non-hedge derivative contracts; (ii) unrealized mark-to-market gains and losses on provisional pricing from copper sales contracts; (iii) sales attributable to ore purchase arrangements; and (iv) treatment and refining charges.
This measure is intended to enable management to better understand the price realized in each reporting period for copper sales because unrealized mark-to-market values of non-hedge copper derivatives are subject to change each period due to changes in market factors such as market and forward copper prices, so that prices ultimately realized may differ from those recorded. The exclusion of such unrealized mark-to-market gains and losses from the presentation of this performance measure enables investors to understand performance based on the realized proceeds of selling copper production.
The gains and losses on non-hedge derivatives and receivable balances relate to instruments/balances that mature in future periods, at which time the gains and losses will become realized. The amounts of these gains and losses reflect fair values based on market valuation assumptions at the end of each period and do not necessarily represent the amounts that will become realized on maturity. For those reasons, management believes that this measure provides a more accurate reflection of our Company’s past performance and is a better indicator of its expected performance in future periods.
The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently.
Barrick will provide a full reconciliation of this non-GAAP financial measure when the Company reports its quarterly results on November 4, 2021.
The sales price for Barrick’s copper production is determined provisionally at the date of sale with the final price determined based on market copper prices at a future date set by the customer, generally one to three months after the initial date of sale. Market prices for copper may fluctuate during this extended settlement period. The prices of Barrick’s copper sales are marked-to-market at the balance sheet date based on the forward copper price for the relevant quotational period. All such mark-to-market adjustments are recorded in copper sale revenues. If the market price for copper declines, the final sale price realized by the Company at settlement may be lower than the provisional sale price initially recognized by the Company, requiring negative adjustments to Barrick’s average realized copper price for the relevant period.
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in care and maintenance) divided by ounces sold (both on an attributable basis based on Barrick’s ownership share). Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis based on Barrick’s ownership share).
References to attributable basis means our 100% share of Hemlo and Lumwana, our 89.7% share of Tongon, our 84% share of North Mara, Bulyanhulu and Buzwagi, our 80% share of Loulo-Gounkoto, our 61.5% share of Nevada Gold Mines, our 60% share of Pueblo Viejo, our 50% share of Veladero, Zaldívar and Jabal Sayid and our 45% share of Kibali.
Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce are non-GAAP financial measures which are calculated based on the definition published by the World Gold Council (“WGC”) (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and its ability to generate positive cash flow, both on an individual site basis and an overall company basis.
Total cash costs start with our cost of sales related to gold production and removes depreciation, the non-controlling interest of cost of sales and includes by-product credits. All-in sustaining costs start with total cash costs and include sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels.
We believe that our use of total cash costs, all-in sustaining costs and all-in costs will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. Due to the capital-intensive nature of the industry and the long useful lives over which these items are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is being generated by a mine and therefore we believe these measures are useful non-GAAP operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization.
Total cash costs per ounce, all-in sustaining costs and all-in costs are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently.
C1 cash costs per pound and all-in sustaining costs per pound are non-GAAP financial measures related to our copper mine operations. We believe that C1 cash costs per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. C1 cash costs per pound excludes royalties and production taxes and non-routine charges as they are not direct production costs. All-in sustaining costs per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. All-in sustaining costs per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties and production taxes, reclamation cost accretion and amortization and write-downs taken on inventory to net realizable value.
Barrick will provide a full reconciliation of these non-GAAP financial measures when the Company reports its quarterly results on November 4, 2021.
Includes Nevada Gold Mines' 60% equity share of South Arturo.
Cautionary Statements Regarding Preliminary Third Quarter Production, Sales and Costs for 2021, and Forward-Looking Information
Barrick cautions that, whether or not expressly stated, all third quarter figures contained in this press release including, without limitation, production levels, sales and associated costs are preliminary, and reflect our expected third quarter results as of the date of this press release. Actual reported third quarter production levels, sales and associated costs are subject to management’s final review, as well as review by the Company’s independent accounting firm, and may vary significantly from those expectations because of a number of factors, including, without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are applied. Barrick will provide additional discussion and analysis and other important information about its third quarter production levels, sales and associated costs when it reports actual results on November 4, 2021. For a complete picture of the Company’s financial performance, it will be necessary to review all of the information in the Company’s third quarter financial report and related MD&A. Accordingly, readers are cautioned not to rely solely on the information contained herein.
Finally, Barrick cautions that this press release contains forward-looking statements with respect to: (i) Barrick’s production; (ii) costs per ounce for gold and per pound for copper; and (iii) realized price for copper.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the duration of the temporary suspension of operations at Porgera and the timeline for the execution of definitive agreements to implement the framework agreement, form a new joint venture, and recommence operations at Porgera; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities including Porgera’s Special Mining Lease; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in Canada, the United States, and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its 2021 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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Purepoint Uranium Announces Participation in Red Cloud’s 2021 Oktoberfest Fall Mining Show Case and the 2021 New Orleans Investment Conference
Toronto, Ontario–(Newsfile Corp. – October 14, 2021) – Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced…
Toronto, Ontario--(Newsfile Corp. - October 14, 2021) - Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") announced that the Company will be presenting at the Red Cloud's 2021 Virtual Oktoberfest Fall Mining Showcase, taking place from October 18-20, 2021 and at the 2021 New Orleans Investment Conference from October 19-22, 2021.
Chris Frostad, President and CEO, will be presenting virtually at the Red Cloud's 2021 Virtual Oktoberfest Fall Mining Showcase on Wednesday, October 20, 2021 at 2:45 pm ET. To register for the conference, please visit: https://www.redcloudfs.com/oktoberfest2021/.
Chris Frostad will also be hosting a luncheon presentation at the 2021 New Orleans Investment Conference on Friday, October 22, 2021 at 12:30 pm local time. During this presentation, Chris will be sharing some background on the excitement we are currently experiencing in the uranium space as uranium prices hit their tipping point (https://youtu.be/jASihpiyg5M). To register for this year's New Orleans conference, please visit: https://neworleansconference.com/2021-conference-registration/.
Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) actively operates an exploration pipeline of 12 advanced projects in Canada's Athabasca Basin, the world's richest uranium region. Purepoint's flagship project is the Hook Lake Project, a joint venture with two of the largest uranium suppliers in the world, Cameco Corporation and Orano Canada Inc. The Hook Lake JV Project is on trend with recent high-grade uranium discoveries including Fission Uranium's Triple R Deposit and NexGen's Arrow Deposit and encompasses its own Spitfire discovery (53.3% U3O8 over 1.3m including 10m interval of 10.3% U3O8). Together with its flagship project, the Company's projects stretch across approximately 185,000 hectares of claims throughout the Athabasca Basin. These claims host over 20 distinct and well-defined drill target areas with advanced geophysical surveys completed, and in some cases, have had first pass drilling performed.
Scott Frostad BSc, MASc, PGeo, Purepoint's Vice President, Exploration, is the Qualified Person responsible for technical content of this release.
For more information, please contact:
Chris Frostad, President & CEO
Phone: (416) 603-8368
Email: [email protected]
Neither the 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 Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99560drilling tsx-cco cameco-corporation cameco corporation investment press-release
Dakota Territory Resource Corp Options Barrick’s Richmond Hill Property
Lead, South Dakota–(Newsfile Corp. – October 14, 2021) – Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased…
Lead, South Dakota--(Newsfile Corp. - October 14, 2021) - Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce that it has entered into a binding definitive option agreement (the "Definitive Agreement") to acquire LAC Minerals (USA) LLC ("LAC") and Homestake Mining Company of California's ("HMCC" or "Homestake") Richmond Hill Property in the Homestake District, South Dakota (the "Richmond Hill Property"). The Definitive Agreement aligns with Dakota Territory's strategic objective to be the premier South Dakota exploration company with the largest land and mineral tenure holdings in the historic Homestake District.
The Richmond Hill Property produced 172,000 oz of gold from 1988 to 1992, when it was shut down due to certain permitting issues. Historically defined oxide resources remain, and the property contains reclaimed but permitted leach pads and other operational infrastructure. Dakota Territory believes the property may have immediate potential for economic oxide gold resources but will concentrate its efforts in exploring for high grade Iron Formation targets similar to those identified at the Company's adjoining Maitland Project. HMCC and LAC are wholly owned subsidiaries of Barrick Gold Corporation ("Barrick").
Solidifies Dakota Territory as the leading South Dakota exploration company through increasing its property package to 34,657 mineral acres (38,918 acres total), the largest property package in the Homestake District.
Three target types recognized on the Richmond Hill Property: 1) Pre-Cambrian Iron-Formation (two separate ledges outcrop on the property and contain high grade gold mineralization of Tertiary and/or Pre-Cambrian age), 2) Tertiary mineralization (oxide and sulfide) found in volcanic rocks, breccias, Paleozoic/Pre-Cambrian replacements, and structures defined by previous operator with potential for expansion (only partially explored and open in several directions), and 3) Breccia pipes (collapse breccias are open at depth with a potential high grade component).
Initial Phase 1 $1 million drill program of 16-20 holes for 9,000 feet that the Company anticipates commencing in the first quarter of 2022 to follow up on the above three targets.
Contains immediate drilling targets for key target types being pursued by Dakota Territory in the greater Homestake District.
Increases Barrick's potential shareholdings to 5.55 million shares of common stock of the Company ("Shares"), representing a potential 7.48% interest in Dakota Territory.
Under the terms of the Definitive Agreement, Dakota Territory has a three-year option to acquire 2,126 acres of surface and mineral rights with attendant facilities held by HMCC and LAC (the "Option") (see the map below). On signing of the Option, Dakota Territory will issue 400,000 Shares to Barrick and will make annual Option payments of US$100,000 during the Option period. Dakota Territory may exercise the Option on or before September 7, 2024, by assuming all of the liabilities and bonds currently held by LAC and HMCC for the Richmond Hill Property. In addition, on exercise of the Option, Dakota Territory will issue Barrick an additional 400,000 shares and grant a 1% NSR to Barrick with respect to any gold that may be recovered from the Richmond Hill Property.
Jonathan Awde, President and CEO of Dakota Territory stated, "We are pleased to enter into our third agreement with Barrick in the past year. Barrick already is a significant shareholder in Dakota Territory, giving them an indirect interest in the broader Homestake District. The Richmond Hill option provides Dakota Territory with an additional 2,126 acres of patented mining claims with surface facilities. The property also contains historic resources and other significant discoveries that we think will help expedite our success in addition to Dakota Territory's greater district interests."
"Barrick is again pleased to support Dakota Territory's exploration efforts in the Homestake District. The Dakota Territory team has the vision and capability to make a positive contribution in the Homestake District and in the State of South Dakota," said Patrick Malone, who oversees Barrick's North American closure sites. "Dakota Territory has committed to build on the legacy of best practice environmental stewardship that Barrick has followed since suspending mining operations at the Homestake Mine in 2002 and we expect that Dakota Territory will wisely use existing infrastructure to minimize further disturbance of any new development activity."
Todd Duex, geologic consultant to Dakota Territory and past geologist at the Richmond Hill Property, stated, "Having worked at Richmond Hill and conducted exploration in the surrounding area, I am excited to get back to the project and continue the exploration work we suspended in 1992. This option agreement will allow Dakota Territory access to the property with the ability to quickly focus on the most important opportunities with synergies to other Dakota Territory targets in the Homestake District."
With more than US$50 million in working capital, Dakota Territory is well-funded to carry out its exploration activities during the term of the Option and to identify new mineral opportunities in the historic Homestake District, which has thus far produced more than 44 million ounces of gold.
About Dakota Territory Resource Corp
Dakota Territory Resource Corp is a Nevada corporation with offices located at Lead, South Dakota. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Homestake District of South Dakota.
Shareholder and Investor Inquiries: For more information, please contact Jonathan Awde at 604-761-5251 or [email protected].
Social and Public Relations Inquiries: For more information, please contact Elizabeth Sailer at 605-580- 0480 or [email protected].
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements regarding the Definitive Agreement and the Option. These forward-looking statements are based on assumptions and expectations that may not be realized and are inherently subject to numerous risks and uncertainties, which could cause actual results to differ materially from these statements. These risks and uncertainties include, among others, the Company's ability to exercise the Option, the timing of the exercise of the Option, the consideration for the Option, the Company's exploration plans and anticipated exploration results, the potential for gold mineralization in the properties subject to the Option, the price of gold, synergies with the Company's existing assets, the Company's use of disturbed land, the Company's use of historic data, the state of the economy and financial markets generally and the effect on our industry, and the market for our common stock. The foregoing list is not exhaustive. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the risk factors included in Item 1A of our Annual Report on Form 10-K for the year ended March 31, 2021, as amended, as updated by annual, quarterly and other reports and documents that we file with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained in this communication. These statements speak only as of the date of this communication, and we undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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