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Norvista Capital Announces New Core Investment: Great Bear Royalties

Toronto, Ontario–(Newsfile Corp. – September 9, 2021) – Norvista Capital Corporation (TSXV: NVV) ("Norvista" or the "Company") is pleased to announce…

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Toronto, Ontario–(Newsfile Corp. – September 9, 2021) – Norvista Capital Corporation (TSXV: NVV) (“Norvista” or the “Company“) is pleased to announce a new core investment in its portfolio, Great Bear Royalties Corp. (TSXV: GBRR). Over the last three months the Company has accumulated a position of 79,467 shares (as at August 31, 2021) at an average cost of $3.99 per share, representing approximately 3.5% of Norvista’s recently announced August 31, 2021 NAV per Share of C$0.126.

Samuel Pelaez, the Company’s President, CEO, CIO and Director stated: “We think Great Bear Royalties is worth approximately C$14/share based on our research of the deposit, comparable transactions, and possible mine plans for the Dixie Project.” Mr. Pelaez continued, “The 2% NSR it holds on the Dixie Project, in our view is a Tier 1 Royalty, which is very scarce and we believe the market is underestimating the scale and potential upside of the anticipated maiden resource at Dixie. We expect that the coming news flow over the medium term should act as the catalyst to re-rate this stock.”

Norvista believes that shares of Great Bear Royalities could be worth C$14/share assuming a 10 million ounce gold resource at Dixie and US$1,800 per ounce gold. Although Norvista does not expect the maiden resource to surpass 10 million ounces, it expects the ultimate mineable resource to exceed that number. Our estimates assume average annual production of 400,000 gold ounces per year starting in 2025, however, with a significant skew toward higher production in the early years exceeding 800,000 ounces per year.

Norvista’s Investment Thesis on Great Bear Royalties:

Royalties on Tier 1 Assets are Scarce – Suggest Great Bear Royalties Should Attract Multiple Suitors: In particular, royalties on Tier 1 Assets in mining friendly jurisdictions are even harder to find. There is no comparable listing comprised solely of a Tier 1 royalty in Canada or similarly-good jurisdiction. Norvista’s view is that this type of royalty has the potential to be a cornerstone asset of a royalty company, and as such believe there is likely to be more potential buyers for Great Bear Royalties than for the Dixie project itself. Not only will the potential buyers of Great Bear Resources Ltd. (TSXV:GBR) want to consolidate this asset with the royalty, but the mid-tier and major royalty companies are also likely to covet it.

Discounted Valuation Unjustified – Plus Plenty of Upside: By applying consensus estimates on the Dixie Project to Great Bear Royalties, it suggests that it trades at a discount to royalty peers (P/NAV 0.5x vs peers at 1.2x). We believe this type of royalty should trade at a premium to peers due to its Tier 1 status, as noted above. Additionally, we anticipate the maiden resource is only going to cover a 4.2km of strike within a 18km trend, and only to a depth of 300m. It is clear that there is potential upside beyond the maiden resource due out late this year, given gold intercepts at much greater depths and along strike have been reported.

Expected Catalysts Could Come Sooner Allowing the Market to Fairly Value Great Bear Royalties: We believe the key value driver in the near term is going to be the Dixie resource update followed by a PEA. In our view, this should allow the market to re-rate Great Bear Royalties closer to where Norvista feels it should trade. While management is guiding for this resource update to occur in Q1/22, with drilling of 440 holes completed, and the reporting of 404 of those holes to-date, the potential exits for this news to come much sooner than the market anticipates. Additionally, the potential exists for Great Bear Resources to be acquired in the short to medium-term as large gold producers look to replenish development pipelines. Putting the Dixie Project in the hands of a major should make the royalty more valuable as it de-risks the financing and construction phases. We expect this company to react favourably to the coming catalysts, in particular due to its very tight share structure and insider ownership.

The Shares of Great Bear Royalties were purchased through the facilities of the TSX Venture. Norvista is arm’s length to Great Bear Royalties. Norvista’s assessment of Great Bear Royalties is based on information in the public domain and its own internal analysis. The holdings of securities of Great Bear Royalties by Norvista are for investment purposes only, and Norvista could increase or decrease its investment in Great Bear Royalties at any time, without notice, or continue to maintain its current position, depending on market conditions or any other relevant factor. Norvista is not affiliated with Great Bear Royalties.

About Great Bear Royalties:

Great Bear Royalties Corp. is a precious metals focused royalty company trading on the TSX Venture Exchange under the ticker symbol “GBRR”. Great Bear Royalties holds a 2% NSR Royalty on Great Bear Resource’s Dixie Project located near Red Lake, Ontario.

About Norvista:

Norvista is a resource-focused merchant bank and investment company with a portfolio of publicly listed securities issued by companies engaged in precious and base metal exploration and development. The Company’s core investments include Minera Alamos Inc., Rockcliff Metals Corporation, Great Bear Royalties Corp., and Nevada Zinc Corp.

Use of Non-GAAP Financial Measures:

This press release contains references to NAV or “net asset value per share” which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in the Company’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding the Company’s performance, and may assist in the evaluation of the Company’s business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the Company is not necessarily predictive of the Company’s future performance or the NAV of the Company as at any future date.

For further information, please contact:

Derek Macpherson, Executive Chairman by email at [email protected] or by phone at 416-294-6713 or Samuel Pelaez, President, CEO & CIO by email [email protected] or by phone at 202-677-8513. Norvista’s website is located at www.norvistacapital.com.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Statements: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should”, “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements.

This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Norvista to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Norvista believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and those risks set out in the Company’s public documents filed on SEDAR. Accordingly, readers should not place undue reliance on forward-looking information. Norvista does not undertake to update any forward-looking information except in accordance with applicable securities laws.

This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95985







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Today’s News

NSGold Files Management Proxy Circular for Sale of The Company At $0.40 Per Share

Special meeting of shareholders to be held on February 15, 2022Six shareholders holding an aggregate of 76.27% of NSGold’s outstanding shares have entered…

  • Special meeting of shareholders to be held on February 15, 2022
  • Six shareholders holding an aggregate of 76.27% of NSGold’s outstanding shares have entered into Support and Voting Agreements with the purchaser

BEDFORD, NS / ACCESSWIRE / January 17, 2022 / NSGold Corporation (TSXV:NSX) (“NSGold“) announces that it has filed a management proxy circular and related documents on SEDAR, and is mailing the documents to NSGold shareholders, for a special meeting of shareholders to be held on February 15, 2022. At the special meeting, NSGold shareholders will consider the previously-announced proposed amalgamation (the “Amalgamation“) of NSGold and 13611647 Canada Limited (the “Purchaser“), a newly-incorporated wholly-owned subsidiary of Atlantic Mining NS Inc. (“Atlantic“), whereby Atlantic will acquire all of the issued and outstanding shares of NSGold at a price of $0.40 per share in cash. Atlantic is a subsidiary of St Barbara Limited (ASX: SBM). The total consideration for the sale of NSGold is approximately $7.9 million.

The transaction is subject to NSGold shareholders approving the Amalgamation by a vote of at least two-thirds of the votes cast by shareholders present in person at the meeting or represented by proxy and entitled to vote. As set out in the circular, six NSGold shareholders have entered into Support and Voting Agreements with the Purchaser under which they have each agreed irrevocably to support and vote their shares in favour of the Amalgamation. The six shareholders hold in the aggregate 76.27% of the outstanding shares of NSGold. They include Van Hoof Industrial Holdings Ltd., the principal shareholder of NSGold, a company controlled by Mr. Johannes H.C. van Hoof, Chairman, President, Chief Executive Officer and a director of NSGold, and the three other directors of NSGold.

The Board of Directors of NSGold unanimously recommends that shareholders vote for the special resolution approving the Amalgamation. Shareholders are urged to read the management proxy circular in its entirety. The circular is available under NSGold’s profile on SEDAR at www.sedar.com.

In light of the COVID-19 pandemic and recent government directives advising against public gatherings, NSGold recommends that shareholders refrain from attending the meeting in person and encourages all shareholders to vote by proxy prior to the meeting. All proxy forms should be submitted by 5:00 p.m. (AST) on Friday, February 11, 2022.

Fasken Martineau DuMoulin LLP is acting as legal counsel to NSGold in connection with the Amalgamation.

About NSGold

NSGold’s core asset is the 100% owned Mooseland Gold Property located in Halifax County, Nova Scotia. The Mooseland Property is located approximately 13 kilometers from the Moose River Consolidated Gold Mine.

For further information, please contact:

Hans van Hoof
CEO, NSGold Corporation
[email protected]
Glenn Holmes
CFO, NSGold Corporation
[email protected]

Cautionary Statement:

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 Statements

This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSGold Corporation (“NSGold“), or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. In particular, completion of the proposed Amalgamation is subject to numerous conditions, termination rights and other risks and uncertainties, including the ability of NSGold to satisfy closing conditions for the Amalgamation, which includes shareholder approval. Accordingly, there can be no assurance that the proposed Amalgamation will occur, or that it will occur on the timetable or on the terms and conditions contemplated. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSGold’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risks and Uncertainties” in NSGold’s Management’s Discussion and Analysis for the year ended December 31, 2020, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. NSGold does not intend, nor does NSGold undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

SOURCE: NSGold Corporation

View source version on accesswire.com:
https://www.accesswire.com/683697/NSGold-Files-Management-Proxy-Circular-for-Sale-of-The-Company-At-040-Per-Share


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Today’s News

Phoenix Gold Resources Expands on Drilling Results from the 2021 Phase 1 Program at York Harbour, Newfoundland

 

VANCOUVER, BRITISH COLUMBIA – TheNewswire – January 17, 2022 – Phoenix Gold Resources Corp. (the "Company") (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE)…

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VANCOUVER, BRITISH COLUMBIATheNewswire – January 17, 2022 – Phoenix Gold Resources Corp. (the “Company”) (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE) is pleased to provide the assay results from nine diamond drill holes that were completed as part of the Company’s successful first phase of drilling on the York Harbour Copper-Zinc-Silver Project situated 27 kilometres west of Corner Brook, Newfoundland.

The results presented below expand upon previously released results from selected sample submissions announced on October 12, 2021.

Highlights intersections from initial assay results:

 YH21-04 with 34 m of 0.91% copper, 79.74 g/t cobalt, 0.66% zinc, and 0.03 g/t silver

(Including 0.6 m of 8.68% copper, 424.0 g/t cobalt, 3.90% zinc, and 0.01 g/t silver)

 YH21-06 with 52.2 m of 0.85% copper, 91.8 g/t cobalt, 0.53% zinc and 1.75 g/t silver

(Including 2.60 m of 6.31% copper, 450.65 g/t cobalt, 4.67% zinc, and 0.01 g/t silver)

 YH21-08 with 6.6 m of 0.62% copper, 212.85 g/t cobalt, 0.65% zinc and 0.11 g/t silver

 YH21-09 with 11.6 m of 1.41% copper, 202.94 g/t cobalt, 0.10% zinc and 2.41 g/t silver

The additional laboratory assay results from the Phase 1 confirmation drilling program further validate the historical drilling results with 9 of the 9 drill holes intersecting disseminated and massive sulphide mineralization in 296 samples, totalling 207.7 m of sampled core. The results presented below expand upon previously released results from selected sample submissions announced on October 12, 2021.

The assay results suggest further mineralization potential extending beyond the historical ‘A’, ‘G’ and ‘H’ zones which were the focus of the Phase 1 program. The results also highlight potential for broader zones of mineralization extending beyond the previously known extents of mineralization identified in the historical records that are available.

The results furthermore confirm the expected style of Volcanic Massive Sulphide – Cypress Type mineralization with previously undefined polymetallic mineralization types identified across zones of varying thickness and grade often at above average grade.

Table 1: Summary of best intersections from the Phase 1 diamond drilling program at York Harbour.

Type

From (m)

To (m)

Interval (m)

Cu %

Zn %

Ag g/t

Au g/t

Co g/t

YH21-01

37.9

38.79

0.9

1.38

11.72

24.49

0.12

35.07

 

38.34

38.79

0.4

1.63

13.20

27.90

0.14

41.00

 

62.75

64.05

1.3

0.02

0.23

7.56

0.24

34.38

 

119

120

1.0

0.09

0.45

0.75

0.02

37.00

 

151.8

152

0.2

1.26

12.00

4.20

0.02

123.00

 

156.52

157.82

1.3

0.40

2.66

1.27

0.01

67.00

 

171.81

171.91

0.1

0.84

0.80

2.60

0.01

48.00

 

210.27

212

1.7

0.71

17.65

15.79

0.16

31.92

 

210.57

210.87

0.3

0.70

36.80

24.00

0.18

17.00

 

211.47

212

0.5

1.25

22.00

17.70

0.10

31.00

 

215.43

216.03

0.6

0.09

0.29

0.77

0.01

38.00

 

226.68

227.38

0.7

0.09

1.95

0.85

0.04

41.37

 

235.2

235.31

0.1

0.17

1.70

3.70

0.05

51.00

                 

YH21-02

38

44

6.0

0.63

2.44

6.15

0.06

45.44

including

39.38

44

4.6

0.75

2.66

7.00

0.06

50.17

                 

YH21-03

26.36

27.25

0.9

0.90

2.17

7.62

0.15

68.47

                 

YH21-04

140.5

143.74

3.2

0.09

0.08

0.64

0.02

41.65

 

146

146.44

0.4

0.10

1.25

0.80

0.03

56.00

YH21-04

166.11

173.57

7.5

0.58

0.03

1.13

0.01

95.18

including

166.61

169.12

2.5

1.36

2.37

2.37

0.01

138.97

YH21-04*

179.45

213.46

34.0

0.91

0.66

1.35

0.03

79.74

including*

180.03

182

2.0

3.68

0.08

3.59

0.01

257.80

and

188

197.25

9.3

1.57

0.05

1.14

0.01

131.82

and incl*

188.97

189.54

0.6

8.68

0.11

3.90

0.01

424.00

and*

197.25

199.69

2.4

0.80

2.67

2.44

0.02

81.77

and

201.56

207.03

5.5

0.51

1.24

13.11

0.02

40.23

and

209.66

213.37

3.7

0.71

1.75

10.66

0.04

46.30

 

Type

From (m)

To (m)

Interval (m)

Cu %

Zn %

Ag g/t

Au g/t

Co g/t

YH21-05

146.2

147.2

1.0

0.83

0.05

1.35

0.02

88.00

YH21-05

147.8

166.87

19.1

0.27

0.35

1.49

0.02

59.50

including

148.23

149.38

1.2

0.59

3.13

6.67

0.24

61.48

 

175.06

178.06

3.0

0.59

0.04

2.16

0.01

58.67

                 

YH21-06*

145.36

197.6

52.2

0.85

0.53

1.75

0.01

91.81

including*

146.26

148.06

1.8

1.19

5.09

13.47

0.21

67.00

and

156.95

159.55

2.6

0.59

0.09

2.13

0.02

102.42

and*

178.35

184.15

5.8

3.52

0.09

2.80

0.01

283.03

and incl*

178.7

181.3

2.6

6.31

0.13

4.67

0.01

450.65

and*

190.15

193.2

3.0

3.34

0.13

2.77

0.01

211.15

and incl*

191.9

192.3

0.4

9.91

0.27

7.50

0.01

568.00

and

194.05

198.5

4.4

0.84

0.16

4.15

0.00

91.71

                 

YH21-07

115.75

121.39

5.6

0.01

0.07

1.95

0.02

39.13

                 

YH21-08*

121.3

130.7

9.4

0.46

0.53

2.67

0.08

60.09

including*

122.3

128.9

6.6

0.62

0.65

3.37

0.11

66.92

                 

YH21-09*

5

16.61

11.6

1.41

0.10

2.41

0.00

202.94

* Partially reported intervals according to Phoenix Gold news release dated October 12th, 2021.

The above intervals are drilling lengths, not true widths, because the true orientation of the mineralization has not yet been established.

Higher grades from the 2021 Phase 1 drill program combined with often broad mineralized intersections, up to 52.5 m demonstrate excellent potential for bulk grade continuity both along strike and down dip extending beyond the known extent of mineralization identified historically at the ‘A’, ‘G’ and ‘H’ zones at the York Harbour project.

Andrew Lee, President and CEO commented “We are very encouraged with the excellent VMS copper-zinc-silver-cobalt potential on the York Harbour property, as demonstrated by these results of the first phase of drilling results.  In addition to these excellent assay results, this drilling program showed that the known mineralization is both near surface and readily accessible by the existing underground workings.  Based upon these results, the Company has proceeded with expanded drilling programs in the Main area and with exploration drilling targeting several identified VMS targets elsewhere on the property.”    

 

Table 2: Summary of Phase 1 drill hole locations and down hole specifications.

HOLE-ID

EASTING

NORTHING

ELEVATION

LENGTH

AZIMUTH

DIP

 

(UTM NAD 83)

(UTM NAD 83)

(m AMSL)

(m)

(degree)

(degree)

YH21-01

404276.33

5433424.70

355.04

248.00

60.00

-45.00

YH21-02

404285.23

5433411.64

356.10

44.00

60.00

-45.00

YH21-03

404289.23

5433414.48

356.47

27.25

60.00

-45.00

YH21-04

404331.94

5433415.40

359.19

218.00

60.00

-60.00

YH21-05

404385.07

5433399.98

368.02

185.00

60.00

-60.00

YH21-06

404358.57

5433406.81

361.81

206.00

60.00

-60.00

YH21-07

404345.28

5433442.01

359.34

134.00

60.00

-60.00

YH21-08

404528.52

5433679.03

360.65

140.00

240.00

-60.00

YH21-09

404385.79

5433766.81

309.23

20.00

60.00

-45.00

QA / QC Comments

Three hundred Phase 1 diamond drill core samples of sawn core have been collected from core lengths usually varying from 0.3 to 1.50 m depending upon geological and mineralogical constraints.  Samples were delivered Activation Laboratories (“ActLabs”) in Ancaster, Ontario, an ISO/IEC-accredited laboratory.  There they were crushed to a nominal minus 2 mm, split into representative sub-samples and then pulverized to at least 95% minus 105 microns before collecting sub-sample pulps for each of the core samples.

All sub-sample pulps were initially analyzed for 36 elements using ICP QC procedures which included fusing with Na2O2.  The fused samples were then dissolved in purified water and acidified with concentrated nitric and hydrochloric acids. The solutions were then measured by an ICP.  Samples are analyzed with a minimum of 10 certified reference materials, and every 10th sample was prepared and analyzed in duplicate plus a blank is prepared every 30 samples and analyzed.  In addition, a 5 g sub-sample pulp for each core sample was analyzed for gold using fire assay fusion techniques with an atomic absorption finish (‘FA/AA’).  On each tray of 42 samples there is two blanks, three sample duplicates and 2 certified reference materials, one high and one low (QC 7 out of 42 samples).

Based upon the initial ICP results, any element returning predetermined over-limit values, specifically for copper, zinc, silver and gold, were automatically assayed using conventional assay procedures.  There were no over limit gold values but there were several copper, zinc and silver over- limit ICP results.  For each of these samples a 5 g sub-sample was split and assayed using conventional fire assay procedures with an atomic absorption finish (‘FA/AA’).  The laboratory QA/QC procedures for these samples were the same as for the previous gold FA/AA analyses.

Phase 2 drilling

On December 15, 2021, the Phase 2 drilling program concluded with an additional 29 holes completed totalling 4,562 m of drilled core (See figure 1). To date 1,219 drill core samples have been collected comprising disseminated to massive sulphide mineralization. A total of 204 standard, blank and duplicate samples have been inserted into the sample string for a total of 1423 samples. The samples were collected from one-half of the drill core sawn lengthwise between each identified sample interval and they were later shipped to the ISO/IEC-certified assay laboratories of Activation Laboratories Ltd. (‘Actlabs’) in Ancaster, Ontario. In addition to the 5% inserted quality control samples, the assay laboratory also inserts their own QA/QC samples and, at least, 10% of the final analyzed and/or assayed drill core samples are being check-assayed at a different ISO-accredited laboratory.


Click Image To View Full Size

Figure 1: Phase 1 and Phase 2 York Harbour Drill hole locations and down hole traces.

About the York Harbour Mine Property

The York Harbour Mine Property is known to be prospective for its copper-zinc-silver-gold-cobalt massive sulphide deposits. The known mineralization exhibits characteristics consistent with classic mafic-type flow dominated (Cyprus-type) VMS deposits. Similar geological environments and styles of mineralization have formed relatively large VMS copper-zinc deposits elsewhere worldwide.

 

Qualified Person: Luke van der Meer, P.Geo is an independent consultant for the Company and a Qualified Person as defined by National Instrument 43-101 Standards for Disclosure of Mineral Projects, and he has reviewed and approved the scientific and technical information in this news release.

About the Company

Phoenix Gold Resources Corp. (TSXV:PXA) (OTCPK: PGRCF) (Frankfurt: 5DE) is an exploration and development company focused on the York Harbour Copper-Zinc-Silver Project, a mineral property located approximately 27 km from Corner Brook, Newfoundland. The Company plans to continue drilling the 11 known mineralized zones and test other new massive sulphide targets, like the No 4 Brook showing, while focusing on gaining access to the 400-level and Sea Level adits.

The Company’s Phoenix Gold Project is in Battle Mountain, Nevada, USA, and is described more thoroughly in the Company’s geological technical report entitled, “NI 43-101 Technical Report on the Phoenix Gold Project, Lander County, Nevada, USA” dated effective September 15, 2020 by Yingting (Tony) Guo, P.Geo. Nevada is considered one of the most active mining jurisdictions globally, and the Battle Mountain Mining district is well-known for production of gold, copper and silver over the past few decades. As described in the technical report, the Phoenix Gold Project is located within 5 km of Nevada Gold Mines’ (Newmont/Barrick JV) Phoenix/Fortitude open-pit mining operations.

 

For more information on Phoenix Gold Resources Corp. please contact [email protected] Tel: +1-778-302-2257 or visit the website at www.phoenixgoldresources.ca  for the French version of this news release, past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Andrew Lee.

 

ON BEHALF OF THE BOARD OF DIRECTORS

Andrew Lee

CEO, President and Director

Telephone: 778-302-2257 | Email: [email protected]

Website: www.phoenixgoldresources.ca

1518 – 800 Pender Street W, Vancouver, BC, Canada V6C 2V6

 

Cautionary Statement Regarding Forward-Looking Information

This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company’s mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these 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 press release.

Copyright (c) 2022 TheNewswire – All rights reserved.

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MAS Gold Corp. and Comstock Metals Ltd. Sign Definitive Agreement for MAS Gold to Acquire 100% of Comstock’s Preview SW Gold Project

MAS Gold Releases Greywacke North and North Lake 2021 Mineral Resource Updates, La Ronge, SaskatchewanVancouver, British Columbia–(Newsfile Corp. – January…

MAS Gold Releases Greywacke North and North Lake 2021 Mineral Resource Updates, La Ronge, Saskatchewan

Vancouver, British Columbia–(Newsfile Corp. – January 17, 2022) – MAS Gold Corp. (TSXV: MAS) (“MAS Gold“) and Comstock Metals Ltd. (TSXV: CSL) (“Comstock“) are pleased to announce that, further to the news release dated December 14, 2021, they have signed a definitive agreement pursuant to which Comstock has agreed to sell 100% of its interest in its Preview SW Gold Project and property (“Preview SW Property“) to MAS Gold in consideration of the issuance of 30,000,000 common shares in MAS Gold (the “Proposed Transaction“).

Comstock’s 843 hectare Preview SW Property is contiguous with MAS Gold’s Preview-North Property in the La Ronge Gold Belt of northeastern Saskatchewan. The Preview SW Property and portions of MAS Gold’s Preview-North property are located within the Mineral Exploration Zone of the Lac La Ronge Provincial Park. The Preview SW Property is an ideal addition to MAS Gold’s current portfolio of Hub and Spoke properties, where the concept that the mineralized material from various satellite deposits (Spokes) could be co-mingled at a centrally located processing facility (Hub).

MAS Gold also announces the January 12, 2022 release of the Technical Report on the 2021 Mineral Resource Updates for North Lake and Greywacke North Gold Projects on SEDAR, principal author S. Godden, C.Eng., FIMMM.

Preview SW Property Acquisition

Upon the closing of the Proposed Transaction, Comstock will have the right to appoint one director to MAS Gold’s board for a minimum of two years, and has agreed to appoint Steven Goldman, CEO of Comstock as its board representative on the MAS Gold board. Mr. Goldman was appointed as President and CEO of Comstock Metals in May, 2019 after serving as Interim President and CEO since May 15, 2018 and Director of Comstock since February 2016. He was a founder of the Toronto law firm of Goldman Hine LLP and remains counsel to the firm. Mr. Goldman is also a director of Select Sands Corp. (SNS.V). After graduating from Carleton University in 1976 (B.A., President’s Medal), he earned a JD degree from Queen’s University in 1980, and was called to the Bar in Ontario in 1982. The Board of MAS Gold is privileged to welcome Mr. Goldman to its Board of Directors.

Comstock will also provide additional funding in the amount of $200,000, to be expended in Q1 2022 in conjunction with input from MAS Gold, advancing its Preview SW Property prior to closing of the Proposed Transaction. In connection with the signing of the definitive agreement it is anticipated that shareholders of Comstock holding an aggregate of at least 51% of the outstanding common shares in the capital of Comstock will enter into voting support agreements with Mas Gold and Comstock pursuant to which they will agree to vote their Comstock shares in favour of the Proposed Transaction. Closing is anticipated in the second half of March, 2022 after both companies hold their annual general meetings (“AGM”). MAS Gold anticipates holding its AGM on February 26, 2022. Comstock anticipates holding its AGM in early March, 2022.

Comstock engaged Red Cloud Klondike Strike Inc. as an advisor to this transaction and will pay advisory fees based on the Proposed Transaction’s value equal to 5% of the first $2,000,000 and 3.5% thereafter (the “Advisory Fee“). The Company’s CEO is also entitled to receive a 3% bonus based on the Proposed Transaction’s value (the “Bonus“). It is anticipated that the Advisory Fee and Bonus will be paid using a portion of the MAS Gold shares received by Comstock.

Completion of the Proposed Transaction is subject to a number of conditions including, but not limited to, TSX Venture Exchange acceptance and shareholder approval. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

In addition to the Comstock Agreement, a winter 2022 exploration program is planned for the near future that proposes 8000 meters of core drilling with focus on the Preview SW Project and MAS Gold’s North Lake Gold Deposit and Point Gold Deposit targets. Further details of the proposed work program are forthcoming.

MAS Gold Technical Report on the Greywacke North and North Lake Mineral Resource Estimates

MAS Gold has released the Technical Report on the 2021 Mineral Resource Updates for North Lake and Greywacke North Gold Projects on SEDAR. The Technical Report was issued January 12, 2022, within 45 days of the December 6, 2021 news release about the Greywacke North Mineral Resource update. The Technical Report covers both the North Lake (issued December 9, 2021) and Greywacke North Mineral Resource updates. The principal author and qualified person (“QP”) is Stephen Godden, C.Eng. FIMMM, an Independent Mining Consultant; both David Thomas, P. Geo., and David Tupper, P. Geo., Vice President, Exploration of MAS Gold, are co-authors (each being a QP). All three QPs are responsible for the preparation of this news release; they have read and approved its technical aspects.

Please see MAS Gold news releases of December 6, 2021 and December 9, 2021 for details on the technical aspects regarding the Mineral Resource Updates for Greywacke North and North Lake gold projects, respectively.

About MAS Gold Corp.

MAS Gold Corp. is a Canadian mineral exploration company focused on gold exploration projects in the prospective La Ronge Gold Belt of Saskatchewan. MAS Gold operates four properties in the belt, including the Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake Properties that extend along segments totaling roughly 60 kilometres of the geologically prospective La Ronge, Kisseynew and Glennie Domains that make up the La Ronge Gold Belt (see Figure 1).

MAS Gold’s current projects include the North Lake, Greywacke North, Bakos (Contact Lake) and Point gold deposits and the historically defined Elizabeth Lake copper-gold volcanic-hosted massive sulphide deposit within four properties totalling 34,703.4 hectares (85,753.8 acres).

The North Lake deposit located at the Preview-North Property is estimated to contain an Inferred Mineral Resource of 18,100,000 t grading 0.85 g/t Au, hence 494,000 contained ounces of gold (Godden, S., Thomas, D., Tupper, D. Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021)*. The Technical Report about the updated Mineral Resource estimate was filed on SEDAR January, 12, 2022.

The Greywacke North deposit, which hosts multiple known stratabound, high-grade gold-bearing zones, has an updated, combined open pit and underground Indicated Mineral Resource of 645,000 t averaging 4.90 g/t Au for 101,000 insitu ounces of gold (600,000 t at 4.89 g/t Au, and 45,000t at 5.03 g/t Au, respectively), plus a combined open pit and underground Inferred Mineral Resource of 410,000 t averaging 4.12 g/t Au for 55,000 insitu ounces of gold (35,000 t at 1.97 g/t Au, and 375,000 t at 4.33 g/t Au, respectively). The Indicated and Inferred Mineral Resources were estimated using open pit and underground cut-off grades of 0.65 g/t Au and 1.75 g/t Au, respectively (Godden, S, Thomas, D. Tupper, D. Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021)*. The Technical Report about the updated Mineral Resource estimate was filed on SEDAR January 12, 2022.

The Bakos deposit, located on the former Contact Lake Mine holding, was first identified by Saskatchewan Mining Development Corporation (SMDC; later Cameco Corporation) exploration field crews in 1984. Operations were conducted from December 1994 until closure in December 1998. Historical production and recovery values for the entire operation included 188,185 ounces gold produced from 1,006,673 tonnes processed with a head grade of 6.16 g/t Au at a recovery rate of 95% (Leniuk, G., B. Bharadwaj, G. Alderman & R. Wyka: Cameco Corporation Contact Lake Operation, Final Report, January, 1999). The mine was shut down during low metals prices, reportedly leaving undeveloped mineralized material in place (see MAS Gold news release dated September 13, 2021).

The Point deposit has been the subject of multiple drill campaigns dating to the 1980’s when Saskatchewan Mining and Development Corporation (SMDC; later Cameco) drilled 43 core holes. MAS gold completed 13 additional holes in 2019, intersecting multiple high-grade intercepts including 7.0 metres grading 14.99 g/t Au from 20.0 to 27.0 metres (see MAS Gold news release dated June 25, 2019).

*The contained gold ounces are in situ. No assurance can be given that the estimated quantities will be produced. All figures have been rounded to reflect accuracy and to comply with securities’ regulatory requirements.

Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. Estimates of Mineral Resources may be materially affected by gold price, environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

About Comstock Metals Ltd.

Comstock Metals has been advancing the Preview SW Gold Project, a resource-stage gold project in the La Ronge district of Saskatchewan (see Figure 1). The Preview SW deposit hosts a historical Indicated Mineral Resource containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and a historical Inferred Mineral Resource containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade (see Comstock news release dated December 14, 2021). During 2017 and 2018, Comstock completed diamond drilling campaigns targeting the Preview North zone and the Preview SW deposit comprising 24 holes totaling 4,700 metres. Several additional, relatively untested targets remain on the Property, including the A, B, C, and Clearwater zones (see Figure 2).

Comstock has filed on SEDAR the 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan, prepared for Comstock Metals Ltd. by Ronald G. Simpson, P.Geo., Geosim Services Inc. Effective date September 27, 2016.

Red Cloud Securities Inc. is acting as financial advisor to Comstock with Fogler, Rubinoff LLP acting as legal advisor.

Qualified Persons

The scientific and technical information contained in this news release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), MAS Gold’s VP Exploration and Kristopher J. Raffle, P.Geo.(British Columbia) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, on behalf of Comstock Metals, both Qualified Persons (QP) within the context of Canadian Securities Administrators’ National Instrument 43-101; Standards of Disclosure for Mineral Projects (NI 43-101).

MAS Gold Corp.
Jim Engdahl
Director & CEO

Suite 420 – 789 West Pender Street
Vancouver, British Columbia, Canada, V6C 1H2
t: 604-685-8592
www.masgoldcorp.com

For further information about MAS Gold please visit www.masgoldcorp.com or contact: Lubica Keighery, (778) 889-5476, [email protected]

Comstock Metals Ltd.
Steven H. Goldman
President, CEO & Director

T: 416-917-1533 Email: [email protected]
For further information about Comstock Metals Ltd. visit www.comstock-metals.com.

Caution Regarding Forward Looking Information and Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold and Comstock caution that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: the failure to satisfy the conditions to completion of the Proposed Transaction set forth above, risks and uncertainties relating to MAS Gold’s limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of MAS Gold and Comstock. As a result, MAS Gold and Comstock cannot guarantee that the Proposed Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and MAS Gold and Comstock will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law, except as required under applicable securities legislation. MAS Gold undertakes no obligation to publicly update or revise forward-looking information.

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 news release.

Figure 1: MAS Gold Corp. and Comstock Metals Ltd. claim holdings, La Ronge Gold Belt, Saskatchewan

To view an enhanced version of Figure 1, please visit:
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Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/01/dde9a291233c9b41b1035dc1bd9e2649.jpg

Figure 2: Comstock Metals Ltd. Preview SW Property Area Geology and Mineralized Zones

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7078/110121_a2a34ae8349b9b15_002full.jpg

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