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Grid Metals Shares Rise 16.13% After Releasing Project Update Including High Grade Lithium Drill Intercepts

TORONTO, ON / ACCESSWIRE / September 14, 2021 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) (the "Company") is pleased to announce previously unreported…

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TORONTO, ON / ACCESSWIRE / September 14, 2021 / Grid Metals Corp. (TSXV:GRDM)(OTCQB:MSMGF) (the "Company") is pleased to announce previously unreported drilling results for its Main Dyke lithium pegmatite target located immediately south of the Company's Mayville Cu-Ni-Co-PGM deposit in the Bird River greenstone belt of southeastern Manitoba. Results of the drilling identified high grade lithium, cesium and tantalum values (including 1.8% Li 2 O over 3.38m) in a continuous spodumene bearing pegmatite dyke with a minimum strike length of 775 meters. Highlights of the drilling and project are:

  • 10 holes drilled by Grid (including 7 not previously reported) defined a continuous high grade lithium-bearing dyke with a minimum strike length of 775 meters.
  • Results largely confirm the results of historical drilling in 1955 and a historical resource estimate 1 of 3.8 million tons @1.28% Li 2 O (see below for details)
  • There are five lithium bearing pegmatites on the Mayvillle Lithium Property. Grid's chip sampling on a second spodumene-bearing pegmatite dyke(the NW Dyke) returned maximum values of 3.60% Li 2 O and 220 ppm Ta 2 O.
  • The Mayville pegmatites are part of the Cat Lake Pegmatite Field in the Bird River Greenstone Belt which also hosts the world-class Bernic Lake Pegmatite
  • Grid holds claims covering 10km of strike length along a favourable geological contact prospective for additional pegmatite discoveries.
  • The Mayville Lithium Property is located ~2 km south of the Grid's Mayville Cu-Ni-PGM deposit with potential for shared infrastructure costs in development
  • The project has excellent access, infrastructure ( including renewable power ) and potential for a low carbon footprint.
  • The Company's exploration objective at the property is to define a compliant mineral resource to support a ~150-250,000 per annum production volume of lithium spodumene 6% (SC6%) concentrate putting it on par with other significant lithium spodumene development projects .

New High Grade Lithium Drilling Results from the Mayville Lithium Property.

The property comprises five known spodumene-bearing lithium-cesium-tantalum ("LCT") pegmatites that belong to the Cat Lake pegmatite field located ~30 km north of the currently producing Tanco rare metal mining operation at Bernic Lake. The best documented of these dykes, the Main Dyke, was drilled by Grid in 2018. That drilling outlined a laterally continuous core zone of spodumene-related lithium mineralization over a minimum strike length of 775 meters and to a depth of up to 100 meters. Two step out holes to the north (MLI-18-04 and 09) appear to have intersected a second spodumene-bearing pegmatite that is also enriched in lithium and may be part of a cluster of subparallel dykes in this poorly exposed area. The Main Dyke remains open at depth and along strike to the south. Drilling highlights, including results from three previously reported holes and seven additional holes - reported for the first time here, are provided in the table, below.

MAYVILLE LITHIUM PROPERTY 
2018 MAIN DYKE DRILL RESULTS

Drill 
Hole

From 
(m)

To 
(m)

Interval 
(m)

Li2O 
(%)

Cs2O 
(%)

Rb2O 
(%)

Ta 
(ppm)

Fe 
(%)

Comment

MLI-18-01

14.68

18.48

3.80

1.7

0.05

0.42

133.6

0.13

Previously released

MLI-18-02

36.75

39.63

2.88

1.6

0.03

0.32

120.3

0.28

Previously released

MLI-18-03

78.67

84.08

5.41

1.5

0.05

0.42

142.3

0.70

Previously released

MLI-18-04

148.04

151.83

3.79

1.4

0.03

0.33

108.4

0.16

Initial disclosure

MLI-18-05

85.2

85.77

0.57

1.6

0.02

0.19

152.0

0.36

Initial disclosure

and

99.7

102.98

3.28

1.7

0.04

0.33

124.0

0.19

Initial disclosure

MLI-18-06

81.24

83.9

2.66

1.8

0.03

0.30

143.1

0.17

Initial disclosure

MLI-18-07

75.50

78.88

3.38

1.8

0.03

0.42

174.2

0.10

Initial disclosure

MLI-18-08

66.98

69.88

2.90

1.5

0.03

0.45

179.9

0.12

Initial disclosure

and

70.45

71.3

0.85

1.8

0.03

0.34

187.0

0.32

Initial disclosure

MLI-18-09

50.47

53.03

2.56

1.3

0.04

0.30

196.8

0.21

Initial disclosure

MLI-18-10

106.35

107.00

0.65

0.4

0.02

0.20

118.0

0.15

Initial disclosure

Notes: The reported width is the estimated true width. Drill hole specifications are provided in the Appendix.

Surface Sampling Results from the NW Dyke

A second spodumene-bearing pegmatite dyke, the NW Dyke, is part of the historical resource discussed above and is reportedly wider than the Main Dyke. The documented historical drilling at the NW Dyke (Manitoba Assessment Report 91769,Violamac Mines Limited) included four drill holes over ~350 meters strike length - all of which intersected significant lithium values. The best reported drill intercept was 1.79% Li 2 O over 36.3 ft . (Manitoba Assessment file 91769). In 2018 Grid conducted chip sampling from blast rubble from an exposed trench in the NW Dyke. Analytical results from this sampling are presented in the following table in which highly elevated lithium and tantalum abundances are highlighted.

Sample
Number

Li2O
(%)

Cs2O
(%)

Rb2O
(%)

Ta
(ppm)

Fe
(%)

171337

1.44

0.03

0.25

54.9

1.71

171338

1.67

0.02

0.26

76.1

0.43

171339

1.52

0.02

0.35

71.9

0.64

171341

1.69

0.02

0.35

98.4

0.53

171342

0.93

0.03

0.48

103

0.48

171343

3.61

0.02

0.14

181

0.37

171344

1.16

0.03

0.38

88.2

0.54

171345

3.45

0.01

0.17

105

0.40

171346

1.61

0.03

0.33

62.2

0.47

171347

1.58

0.02

0.25

157

0.35

Note: Easting and Northing coordinates for the centre of the historical trench that was sampled on the NW dyke are 316038m east and 5610646m north - expressed in NAD83 UTM Zone 15 coordinate system.

Exploration Plans

The Company plans to resume exploration drilling on the Main Dyke and at least one other of the known spodumene-bearing pegmatite dykes early next year in order to establish a maiden NI 43-101 resource on the property. Grid will also commence metallurgical test work to establish the potential for a quality lithium bearing spodumene concentrate from the Main Dyke. In light of the strong forecasts for lithium prices in the coming years. the Company believes the potential of the project is very high. This sentiment is bolstered by its excellent access, infrastructure, geological setting and potential to share infrastructure costs with the Makwa Mayville Ni-Cu-PGM-Cobalt project.

Above: Location Map of the Mayville Ni-Cu-PGM Deposit and Lithium Pegmatites showing exploration horizon for additional pegmatites

History of the Mayville Lithium Property

The Main Dyke is one of five known pegmatite dykes on the Mayville Lithium Property. The Property has a total historical mineral resource of 3.8 million tons @1.28% Li 2 O from the Main Dyke and the North Dyke ( Source: Manitoba Mineral Inventory File #229). This resource estimate is historical in nature and not NI 43-101 compliant. Grid does not consider the historical resource estimate as a current resource estimate and is not relying on the historical resource estimate as a current resource estimate until such time as a Qualified Person has reviewed and confirmed the data.

The pegmatite dykes are located at or near the lithological contact between the Maskwa Lake Batholith and mafic volcanic rocks. This favourable contact horizon has been mapped for approximately 10 kilometers along strike of the Mayville Lithium Property. Grid Metals acquired the Mayville Lithium Property from the Tantalum Mining Corporation of Canada Ltd. in return for a 2% Net Smelter Royalty and a first right to purchase products produced from the property on commercial terms.

Drilling Plans on the Makwa and Mayville Ni-Cu-Co-PGE Projects

The Company is planning additional resource and exploration drilling at its Makwa and Mayville Ni-Cu-Co-PGM project, located 145 km north east of Winnipeg Manitoba. The focus of the drilling will be to upgrade resources, provide additional material for future metallurgical testwork and add new resources to the project inventory, which currently includes 26.6 Mt averaging 0.44% Cu and 0.18% Ni at Mayville and 7.2 Mt grading 0.61% Ni and 0.19% Cu at Makwa (see 2014 PEA report completed by RPA and available on the Company's website). In addition, the Company plans to test a new structural target at the Mayville PGE Zone (see map below) located 1 km south of the main Cu-Ni-PGE resource. Previously reported drilling completed by the Company suggests the presence of a high grade core that appears to follow a cross-cutting fault zone. Highlights for this core zone include a 9.1 metre intersection averaging 6.8 g/t Pd and 2.8 g/t Pt from drill hole May 11-07 and a second 9.1 metre intersection averaging 2.9 g/t Pd and 1.0 g/t Pt in hole May 11-27.

Dr. Dave Peck, Grid's Vice President of Exploration and Business Development, commented "With a very constructive outlook for energy metals due to EV adoption and Greentech applications Grid is at an excellent stage to add to its current nickel, copper, cobalt and PGE mineral inventory at Makwa Mayville. In addition, we believe the lithium potential of the belt is considerable given the results to date, multiple high grade pegmatite bodies located in limited exploration work and the proximity to the world-class Bernic Lake pegmatite. The Main Dyke drill results reported here benchmark favourably to other lithium projects in Canada at a similar stage of development. We are looking at various strategies to accelerate development of the lithium potential of our significant Bird River Belt pegmatite property without deviating from our efforts to expand and improve upon the existing magmatic sulfide resources at Makwa Mayville."

Update on Bannockburn Nickel and East Bull Lake Palladium Programs

At Bannockburn, nickel assay results from seven drill holes are expected to be received before the end of this month. The project is located south of Timmins Ontario and the target is a Crawford-type bulk tonnage disseminated nickel sulfide deposit.

At East Bull Lake, a field program of mapping and sampling is now complete. Approximately 500 samples from 5 discrete exploration target areas have been submitted for assay. The new assay results and geological information will assist in target generation for future drilling at the East Bull Palladium Project.

Above: Map of the Mayville Property with Grid claim boundary in red. The Mayville PGE Zone and Lithium Property are being permitted for additional exploration drilling.

The Company is hosting an online Presentation with Amvest on September 14, 2021 to discuss todays news and ongoing developments. Interested participants can register for the webinar at the following link. https://event.on24.com/wcc/r/3407183/219FBB8EDF24975874CFB06DCC92D837

QA/QC, Analytical and Metallurgy Work

Core from the 2018 Main Dyke drilling program was logged and split at the Company's Makwa warehouse. Samples were sent to AGAT Laboratories in Thunder Bay, Ontario for crushing and preparation with the final assays completed at the AGAT Laboratories in Mississauga, Ontario. The samples were analysed using a Sodium Peroxide Fusion with a ICP-OES or ICP-MS finish.

Grid maintained a rigorous QA/QC program for the 2018 Main Dyke drill program including inserting of analytical blanks, duplicates and commercial standards at regular intervals.

Dr. Dave Peck, P.Geo., has reviewed and approved the technical content of this release for purposes of National Instrument 43-101.

Reference

1 Bannatyne, B.B. 1985: Industrial minerals in rare-element pegmatites of Manitoba, Manitoba Energy and Mines, Economic Geology Report 84-1.

About Grid Metals Corp.

Grid Metals Corp. is an exploration and development Company that has three projects focused on Nickel Copper-PGM-Cobalt and lithium. In addition to the East Bull Lake Palladium and Bannockburn Nickel properties Grid has a PEA stage Ni-Cu-PGM-Co project (Makwa- Mayville) in southeastern Manitoba. Grid has signed exploration agreements at all three of its properties with the affected First Nations.

To find out more about Grid Metals Corp., please visit www.gridmetalscorp.com.

On Behalf of the Board of Grid Metals Corp.
Robin Dunbar - President, CEO & Director Telephone: 416-955-4773 Email: rd@gridmetalscorp.com 
David Black - Investor Relations Email: info@gridmetalscorp.com

We seek safe harbour. This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its properties, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward- looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risk, uncertainty of production and capital costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, metallurgical risk, currency fluctuations, fluctuations in the price of nickel, cobalt, copper and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Management Discussion and Analysis for the most recent financial period and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

APPENDIX: Collar specifications for the 2018 Mayville Lithium Property Main Dyke drilling program. UTM coordinates are based on the NAD 83 datum and UTM Zone 15 projection.

Hole ID

UTM East

UTM North

Azimuth

Dip

MLI-18-01

317613

5610125

135

55

MLI-18-02

317710

5610196

135

55

MLI-18-03

317502

5610130

135

55

MLI-18-04

317380

5610220

135

55

MLI-18-05

317411

5610965

135

55

MLI-18-06

317331

5610007

135

55

MLI-18-07

317239

5609950

135

55

MLI-18-09

317343

5610197

135

55

MLI-18-10

317765

5610277

135

55

SOURCE: Grid Metals Corp.



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Today’s News

FAR Resources Ltd. Announces New Discoveries of Lithium-Bearing Pegmatites on Jean Lake Property, Manitoba

VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) — FAR Resources Ltd. (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources”…

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VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) -- FAR Resources Ltd. (CSE:FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“FAR Resources” or the “Company”)  is pleased to report preliminary results of its recently completed field visit to the optioned Jean Lake Property near Snow lake, Manitoba. The newly acquired 1002 hectare property adjoins Far’s Zoro lithium project and the Thompson Brothers lithium project of Snow Lake Resources within the Snow Lake pegmatite field.

Following up on historical reports from the 1940s, the company’s prospecting program located two new spodumene-bearing pegmatites (see photos below). 

One of these may be the Beryl pegmatite mentioned in Manitoba mineral assessment files, although the location is different to that reported. The second occurrence is a totally new discovery. Both appear to strike in a WNW direction and display abundant coarse-grained spodumene crystals up to 40 cm in length, and are open to expansion in all directions. Character samples have been collected and submitted for confirmatory analysis. More systematic sampling requires clearing of overburden, organic cover and deadfall; the company has initiated this work to allow better definition of the size and grade of the occurrences. The area is well located to permit year-round access for accelerated exploration if warranted.

John Gammack, President and CEO of FAR, said, “We are excited to validate our acquisition of the Jean Lake Property so quickly. With the discovery of at least one previously unknown lithium pegmatite, and the lack of any modern exploration on the property we are very keen to expand our work on the project. As part of the planning for further work, we have lodged an application with the Manitoba Mineral Development Fund (MMDF) to support an expanded program which may include drone magnetometer and LiDAR surveys, additional prospecting and systematic geochemical sampling, and diamond drill testing of high priority targets.” 

All samples collected for analysis have been sent to the Ancaster laboratory of Activation Laboratories Ltd. 

The technical content of this release has been reviewed by Lindsay Bottomer P.Geo., who is a Qualified Person as defined by NI 43-101.

About FAR

FAR Resources' Winston Gold and Silver Project includes on-going exploration of their 100 percent owned property located in the Black Range of New Mexico USA. Recent results included exceptional numbers from property-wide confirmatory sampling completed in late 2020 with grades of up to 66.5 g/t gold and 4619 g/t silver. The property’s three mines, Ivanhoe, Emporia and Little Granite are known for their historic production of high-grade gold and silver ores, primarily developed prior to the 1930's with a brief revival in the 1980's but have seen little modern exploration.  Full data tables and info can be viewed here on pages 14, 17,19 and 20: https://farresources.com/images/investors/presentation/precious_metals_deck/precious_metals_deck_revised-26Mar2021.pdf
FAR Resources also has its 100 percent owned ZORO Lithium Project, in CANADA, located in the mining-friendly Snow Lake region of Manitoba containing numerous known lithium deposits. The company has completed five drill programs on the property leading to the discovery of at least 12 lithium-bearing pegmatite dykes.  FAR Resources also holds a 60% stake in the Hidden Lake Lithium Project in the Northwest Territories hosting at least 10 lithium bearing spodumene pegmatite dykes with average lithium concentration of 1.03% Li20 and individual samples grading up to 3.3% Li20. 
To read more on both lithium properties and past exploration details, click here: https://www.farresources.com/images/investors/presentation/sustainable_energy/REVISED_SUSTAINABLE_ENERGY_PRESENTATION.pdf 

For further information, please contact:

John Gammack
President and CEO
Far Resources Ltd
+1 (604) 374-5561

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Forward Looking Statements
This news release may contain forward-looking statements, which relate to future events or future performance, including planned exploration, and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/eca59a01-994f-40a4-823d-8da9a6cc4564

https://www.globenewswire.com/NewsRoom/AttachmentNg/85795268-7868-4025-8fae-f204262daff6

https://www.globenewswire.com/NewsRoom/AttachmentNg/fdb667b1-fe66-4ace-a606-292599b98cf4

https://www.globenewswire.com/NewsRoom/AttachmentNg/ebc3b135-0e09-4a2e-aa89-c7a12e62d4d3


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Today’s News

Pampa Metals Reports Drilling Results from its Redondo-Veronica Project in Chile With Indications of Deep Porphyry Systems

VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide…

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VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Pampa Metals Corp. ("Pampa Metals" or the "Company") (CSE:PM)(FSE:FIRA)(OTCQX:PMMCF) is pleased to provide an update regarding its 6,600-hectare Redondo-Veronica Project in northern Chile, where the Company has received assay results from the seven-hole drill program focused on three separate target areas as previously reported (see news releases dated July 29; July 7; June 29; and June 16, 2021 for further technical information and updates).

Summary & Highlights

  • Seven, wide spaced, reverse circulation ("RC") drill holes totalling 1,956 metres ("m") were completed by Pampa Metals at the Company's Redondo-Veronica project in June and July 2021, with final assay results received in September 2021.
  • Results point towards potentially deep porphyry copper mineralisation across two of the three target areas that were tested, at Cerro Redondo North and Redondo Southwest:
    • Assay results from the upper portions of the Cerro Redondo North target include copper up to 0.16% Cu together with anomalous arsenic values indicative of the upper parts of a porphyry system.
    • The Redondo Southwest target is characterised by multiple deep geophysical anomalies including a deep induced polarisation anomaly, with drilling only reaching the upper outer margins of the anomaly to date. Four, wide-spaced drill holes show hydrothermal alteration and mineralisation indicative of the outer margins of a deep porphyry copper system.
  • Follow up deeper diamond drilling on these two targets is being evaluated and prioritised against other opportunities within Pampa Metal's exciting portfolio of projects.

Results from the wide-spaced reverse circulation drill program together with geological, geochemical, and geophysical information, are consistently pointing to deep mineralisation at the Cerro Redondo North and Redondo Southwest targets, while Redondo Extreme North has been downgraded to second priority.

Drill testing at Cerro Redondo Norte returned the best geochemical results, at relatively shallow levels, but deeper drilling is required to properly test the indicative source porphyry.

A large, deep, 3D- Vector Induced Polarization (VIP) phase anomaly, coincident with a deep magnetic low and resistivity feature, suggests deep porphyry potential remains beneath the level of current drilling at Redondo Southwest. This is supported by the geological and geochemical results from the recent drilling, which appears to have cut the upper portions of a large, porphyry-related hydrothermal system.

Pampa Metals is continuing the process of integrating all the data collected from the project. Further 3D modelling of the geophysical data, with integrated drill data, is considered essential as a next step. The first pass of RC drilling has been very successful in showing that the Redondo-Veronica project has the potential to host deep porphyry copper style mineralisation, which will require diamond drill follow-up due to the limitations that the less-expensive RC drilling technique has faced with depth.

About Redondo-Veronica

Redondo-Veronica is situated approximately 40 Km north-northeast of the giant La Escondida - Zaldivar copper mining district, which is the world's largest single copper mining district centred on a series of porphyry copper deposits, with annual production of well over 1 million tonnes of fine copper. The project is also located approximately 55 Km south-southwest of the Gaby Sur copper mine. Redondo-Veronica and the copper mines mentioned all occur within the general north-south trending mid-Tertiary porphyry copper belt of northern Chile, known as the Domeyko Belt, the world's single most productive copper belt.

Work carried out by Pampa Metals at Redondo-Veronica includes reconnaissance-scale geological mapping and minor geochemical sampling, together with a state-of-the-art geophysical program consisting of drone-flown magnetics coverage and 3D Vector Induced Polarization (VIP) and Magneto-Telluric (MT) measurements. Porphyry type quartz veinlets and phyllic alteration outcrop at the Cerro Redondo North target area and several other porphyry-related hydrothermal alteration zones were identified within the property boundary by Pampa Metals, including Redondo Southwest centred some 3 Km to 4 Km southwest of Cerro Redondo Norte.

Technical Details from Redondo-Veronica Drill Program

Pampa Metals drilled seven, wide-spaced reverse circulation (RC) holes at its Redondo-Verónica project totaling 1,956m during June and July 2021. Two drill holes (RV-01 and 02) were drilled at Cerro Redondo North, while another four were drilled at Redondo Southwest (RV-03, 04, 05 and 07). One hole was drilled at Redondo Extreme North (RV-06). RV-05 at Redondo Southwest was inclined at 60° to the west, while all other holes were vertical. All the drill holes cut hydrothermally altered Paleozoic volcanic and intrusive rocks, but did not intersect mineralised inter-mineral porphyry bodies that are proposed to be the source of the porphyry-style hydrothermal alteration observed at surface and in drill holes. Brief summaries of the drill holes follow (also see accompanying maps):

Cerro Redondo North

  • RV-01 (320m) cut 12m of gravel cover, 68m of goethite-hematite leached capping, and pervasive phyllic alteration with tourmaline and fine and coarse pyrite disseminations in granitic rocks. The hole was stopped before reaching target depth due to drilling problems. Assay results show copper contents in the range of 100s ppm to a maximum of 0.16% between 100m and 330m depth, which correlate with anomalies in arsenic and halos with anomalous values in lead and zinc. The anomalous geochemistry occurs in the zone of pervasive quartz-sericite (phyllic) alteration associated with what is interpreted to be an epithermal, high sulfidation environment above a potential porphyry target.
  • RV-02 (308m), located approximately 1.5 Km northeast of RV-01, directly entered felsic volcanic rocks with intermediate argillic alteration, weak sericite (phyllic) alteration, low pyrite content (from 116m), and partially preserved magnetite. A resistive geophysical target was considered adequately tested. Assay results reveal lower-tenor copper-arsenic anomalies than RV-01, with sporadic spikes in molybdenum-antimony-lead-zinc values, and the hole is interpreted to be peripheral to the potential target.

Redondo Southwest

  • RV-03 (276m) cut 30m of gravel cover and entered felsic volcanic rocks with intermediate argillic alteration, weak disseminated pyrite (from 120m), some evidence of quartz veinlets and well-preserved magnetite at the end of the hole (from 220m). The hole was interpreted as being peripheral to the target and drilling was stopped. Assay results confirm the peripheral location of the drill hole, with modest arsenic and antimony anomalies, and sporadic, low-grade copper and gold values.
  • RV-04 (202m), located about 2 Km west-southwest of RV-03, directly entered a coarse-grained granitoid with weak phyllic alteration and wide-spaced "D"-type quartz veinlets, weak fine and coarse disseminated pyrite (from 58m), and weakly preserved magnetite. The hole failed to demonstrate consistent phyllic alteration at depth, and was stopped. Assay results confirm the peripheral location of the drill hole, with modest copper-gold-lead-zinc anomalies in the first 20m, and low-tenor arsenic-antimony anomalies along the length of the hole.
  • RV-05 (378m), located about 1 Km northwest of RV-03, directly entered Paleozoic granitoids with intermediate argillic alteration, weak phyllic alteration with wide-spaced "D"-type quartz veinlets, minor, fine "A"-type quartz veinlets, low pyrite content (from 82m), and weakly preserved magnetite (from 138m). The last 50m (from 328m) of the hole cut a hydrothermal-magmatic tourmaline breccia. The hole was abandoned due to technical problems without reaching target depth. Assay results show anomalous arsenic-antimony values along the length of the hole, with a higher frequency of anomalous copper values from 300m, which show a certain correlation with anomalies in molybdenum, zinc, and gold. Values up to 117.5 ppm Mo in this borehole are considered indicators of a fertile porphyry system.
  • RV-07 (198m), located 1 Km south of RV-03, cut 30m of gravel cover and entered a Paleozoic granitoid with intermediate argillic alteration, metasomatic magnetite in veins, and irregular disseminations of fine-and coarse pyrite. Some increase in pyrite was observed with depth. This hole was considered peripheral to the target, and drilling was stopped. Assay results show low-tenor anomalous values in copper, zinc and lead that increase with depth.

Redondo Extreme North

  • RV-06 (264m) directly entered volcanic rocks with predominant intermediate argillic alteration, weak phyllic alteration with wide-spaced "D"-type quartz veinlets and weak pyrite (from 170m). A Paleozoic granitoid predominates from 218m, affected by intermediate argillic with weak preserved magnetite and minor presence of pyrite. This distinct geological domain was instrumental in deciding to stop the drill hole. Modest copper-arsenic anomalies occur along the length of the drill hole, but are concentrated in the top 200m.

Interpretation

Drilling of two holes at Cerro Redondo North has confirmed the presence of relatively shallow copper mineralisation, particularly in RV-01. RV-02 appears to have been drilled on the northeastern periphery of the hydrothermal system. Hole RV-01 confirms the reason for the presence of a cluster of relatively shallow historic drill holes at this location, the results of which are unknown to Pampa Metals. The results in RV-01 also ratify that deeper drilling is required to cut any potentially mineralised porphyry body that is causing the hydrothermal alteration and mineralisation observed at shallower levels.

Drilling of four holes at Redondo Southwest has confirmed a large hydrothermal alteration zone with porphyry characteristics, as recognised from earlier surface geological mapping. Drill hole RV-05 shows anomalous geochemistry with increasing base metals values with depth. Quartz veinlets and copper oxides occur at surface close to the location of the RV-05 collar. Drill holes RV-03, 04 and 07 all show anomalous geochemistry but appear to be more peripheral to the centre of the system.

The hydrothermal alteration and anomalous geochemistry coincide with a consistent zone with loss of magnetic properties (magnetite destruction) below the 1500m elevation level according to the 3D magnetic inversion model (Figure 1), which extends for about 2 Km north-south and more than 2.5 Km east-west, and extends to depth.

3D inversion modelling of the 3D VIP survey along section 7.357.100 N is illustrative of a significant IP phase (chargeability) anomaly at depth beneath drill holes RV-05 and RV-03, with RV-05 being more central (Figures 2, 3, 4 & 5). This coincides with a resistivity anomaly as well as the large, low magnetic anomaly. Together, the geophysical anomalies and the hydrothermal alteration associated in parts with anomalous geochemistry including elevated copper intersections, represent, and provide vectors towards, a potential sulphide-rich centre at depth related to a deep porphyry copper system. Results are encouraging and drilling to date only penetrates the upper edges of the IP anomaly. This consequently represents a significant target that merits follow-up with deep diamond core drilling.

Drilling of one hole at Redondo Extreme North, although confirming the continuation of hydrothermal alteration observed at surface to depth, does not show the consistent phyllic alteration required to encourage deeper drilling. This target has consequently been downgraded.

QA/QC

Pampa Metals employs rigorous sampling and analytical protocols to meet industry standards. 927 drill cutting samples from 2m sampling of the drill holes, together with 117 control samples comprising analytical standard samples, analytical blank samples, and duplicate samples, were prepared (PREP 31B) and analysed by Au-fire-assay (Au AA23) and 4-acid multielement packages (MEMS61) at ALS Patagonia S.A. QA/QC analysis of the results indicates good compliance for standards according to the deviations proposed by the manufacturer, and acceptable differences for duplicates.

Qualified Person

Technical information in this news release has been approved by Mario Orrego G, Geologist and a Registered Member of the Chilean Mining Commission and a Qualified Person as defined by National Instrument 43-101. Mr. Orrego is a consultant to the Company.

Note: The reader is cautioned that the Redondo-Veronica Project is an early-stage exploration property and reference to existing mines and deposits, or mineralization hosted on adjacent and nearby properties, is not necessarily indicative of any mineralization hosted on the Redondo-Veronica Project.

COVID-19

The global outbreak of COVID-19 has led governments worldwide to enact emergency measures to combat the spread of the virus. Such measures may result in a period of business disruption including reduced operations, which could have a material adverse impact on the Company's results of operations, financial condition and the market and trading price of the Company's securities.

As of the date of this news release, the duration and immediate and eventual impact of the COVID-19 pandemic remain unknown. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company. The outbreak of COVID-19 has not caused significant disruptions to the Company's business to date, with field activities being conducted by Chile-based specialists and consultants, although international travel to Chile for management has not been possible to date. Important business communication is largely reliant on digital media. Notwithstanding progress to date, the COVID-19 outbreak may yet cause disruptions to the Company's business and operational plans.

ABOUT PAMPA METALS

Pampa Metals is a Canadian company listed on the Canadian Stock Exchange (CSE: PM) as well as the Frankfurt (FSE: FIRA) and OTC (OTCQB®: PMMCF) exchanges. Pampa Metals owns a highly prospective 59,000-hectare portfolio of eight projects for copper and gold located along proven mineral belts in Chile, one of the world's top mining jurisdictions. The Company has a vision to create value for shareholders and all other stakeholders by making a major copper discovery along the prime mineral belts of Chile, using the best geological and technological methods. For more information, please visit Pampa Metals' website www.pampametals.com .

ON BEHALF OF THE BOARD

Julian Bavin | Chief Executive Officer

INVESTOR CONTACT

Ioannis (Yannis) Tsitos | Director
investors@pampametals.com
www.pampametals.com

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

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Pampa Metals expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Pampa Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in forward-looking statements.

Figure 1: Redondo-Veronica - Drone Magnetics - MVI @ 1,500m Elevation
Showing Surface Locations of RC Drill Holes

Figure 2: Redondo-Veronica - 3D Vector IP - Average Vector Phase
Showing Surface Locations of RC Drill Holes

Figure 3: Redondo-Veronica - 3D Vector IP - 3D Inverted Phase @ 750m Depth
Showing Surface Locations of RC Drill Holes

Figure 4: Redondo-Veronica - MT Resistivity @ 1,000m Depth
Showing Surface Locations of RC Drill Holes

Figure 5: Redondo-Veronica - Interpretive Section 7.357.100 with Drill Holes RV-03, RV-05 - 3D Inversion Model of VIP Survey - Showing MVI Magnetics, Geology, IP Phase (Chargeability) and IP Resistivity

SOURCE: Pampa Metals Corp.



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Commerce Resources Corp. Initiates Mineral Processing Program to Determine Final Prefeasibility Flowsheet Design Criteria

VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCWX:CMRZF) (the "Company" or "Commerce") is pleased to…

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VANCOUVER, BC / ACCESSWIRE / September 28, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCWX:CMRZF) (the "Company" or "Commerce") is pleased to announce that it has initiated a mineral processing program to determine the final Prefeasibility Study (PFS) design criteria of the front-end flowsheet for the Ashram Rare Earth and Fluorspar Deposit. The program has been developed in coordination with the Qualified Persons for the Project's PFS flowsheet design and will be carried out at Hazen Research, where the Company's conventional base flowsheet has been developed.

The program is designed to confirm the mineral processing components in order to establish the front-end flowsheet design for the PFS. The design of the downstream hydrometallurgical flowsheet for the PFS is currently being confirmed as part of the ongoing program to produce mixed rare earth carbonate concentrate to satisfy several requests by global processors (see news release dated September 9, 2021). Specifically, the mineral processing program will include,

  • Incorporation of the advancements to the flotation circuit, made by academic and government institutions, into the Company's base flowsheet developed at Hazen Research.
  • Final flotation and magnetic separation development testwork to confirm the optimal reagent suite and conditions of the front-end flowsheet.
  • Phase II comminution variability testing on nine (9) domain composites of drill core collected throughout the deposit.
  • Front-end flowsheet variability testing on early/mid mine-life deposit material using domain composites.
  • Filtration testing on flotation concentrate and tailings to determine material handling and tailings management facility design.

Company President, Chris Grove comments, "The Company has significantly advanced the flowsheet's development through focused work in past programs at Hazen Research as well through the numerous optimizations and discoveries from our institutional collaborations, which continue today. As we advance through the later stages of the PFS for Ashram, it is now time to confirm the flowsheet's PFS design criteria which is the next step in advancing the study to completion. Flowsheet development remains an ongoing process through to Feasibility and is commonly refined during operation, and as such, the Company will continue to advance the test work and unlock the considerable potential for optimization that remains in which Hazen and our institutional metallurgical partners have outlined."

Flotation and Wet High Intensity Magnetic Separation (WHIMS)
Approximately 5 tonnes of Ashram Deposit bulk sample material, at a grade of 2.0% rare earth oxide (REO), have been crushed and ground to use as feed for the test program. The initial focus of the program will be to incorporate into the base flowsheet the discoveries and advancements made by the academic and government institutional groups, namely CanmetMINING (a branch of Natural Resources Canada - NRCan) and Université Laval, whose test programs have been supported by various provincial and federal grant programs. The successes of these programs include significant reductions in reagent quantities, alternative reagent suites, and improved recoveries in cleaner-stage flotation (see news releases dated May 13, 2020, and December 17, 2019, respectively). Once the flotation component of the flowsheet has been confirmed and the optimal flotation reagent scheme and conditions have been determined, a scale-up will be completed, which may include additional piloting.

Following confirmation of the flotation circuit design, the magnetic separation circuit will be further advanced and optimized. The initial work on the magnetic separation stage (WHIMS) proved extremely successful with a strong upgrading factor at very high stage recoveries (high 80s to mid-high 90s) resulting in the high-grade monazite concentrates (>40% rare earth oxide) comparable to global producers. As such, significant room remains for additional improvement and the test work planned herein for the magnetic separation stage will target further optimization of this circuit including the evaluation of different types of magnetic separator equipment.

Comminution and Variability
The Phase II comminution test work is currently being carried out by SGS Canada on nine (9) rock unit domain composites and will include Bond low energy impact testing (CWi), JK drop-weight testing (DWT), SAG mill comminution testing (SMC), Bond rod mill grindability testing (RWi), Bond ball mill grindability testing (BWi), and Bond abrasion testing (Ai). The Phase II comminution test work will complement the Phase I work completed in 2012 on near-surface drill core intersections (<71 m depth) located in the central areas of the deposit. Comminution data is a critical component of a PFS and is required to determine appropriate equipment sizing, maintenance cycles, and energy requirements at the mill.

As part of the overall program, variability testing will be completed to expand upon previous work, including applying the base case flotation flowsheet to the nine (9) domain composites currently being used for the comminution testwork. The information will complement the comminution data and further constrain equipment sizing and other critical design criteria for the process plant. A specific focus will be placed on material which is expected to comprise the initial years of mine-life.

Variability testing is a critical component of flowsheet development and ensures that the process plant can handle the natural variability of the deposit mineralization. Some of this work has already been completed throughout the test programs over the past few years and include testwork on drill core at different locations within the deposit, as well as bulk sample material from surface outcrop.

Filtration
As part of the overall program, filtration testing will be completed on flotation concentrate and tailings to determine material handling and tailings management facility design. Tests will include static settling, vacuum, and pressure filtration and complement the preliminary filtration testing completed as part of the 2015 flotation pilot plant operation. The data collected will be used to determine the appropriate filtration methods and equipment sizing for operation at the process plant, as well as determine the optimal handling, transport, and storage methods for the concentrate and tailings.

The current flowsheet for the Ashram Rare Earth and Fluorspar Deposit, developed by Hazen Research, uses conventional unit processes to produce a high-grade rare earth mineral (monazite) concentrate that is comparable to active global hard-rock REE producers. Specifically, the Ashram flowsheet utilizes a flotation - HCl leach - magnetic separation process approach to achieve high-grade (>40% REO) monazite concentrates at high recovery, similar in nature to those which are commonly processed globally today.

NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.

About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

"Chris Grove"
Chris Grove
President and Director
Tel: 604.484.2700
Email: cgrove@commerceresources.com
Web: http://www.commerceresources.com

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.

Forward Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include, but are not limited to, statements regarding the progress of the Company's metallurgical program and any future methods employed therein, the Company's ability to reduce downstream processing costs and risk, the Company's ability to repeat and produce high-grade monazite concentrates, the Company's ability to become one of the lowest cost rare earth producers globally as well as its potential ability to be a long-term supplier to the met-spar and acid-spar markets. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the methods proposed do not work as well as expected, the leach residue may not be usable, that the Company may experience difficulties producing concentrate or achieving an upgrade to the concentrate; changing costs for mining and processing; increased capital costs; the timing and content of the work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; that testing of the Company's process may not prove successful and even if tests are successful, the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.



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