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Marvel-Falcon Form Strategic Partnership at Hope Brook and Baie Verte Brompton Line

VANCOUVER, BC / ACCESSWIRE / November 17, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); (the "Company") is pleased to announce…

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VANCOUVER, BC / ACCESSWIRE / November 17, 2021 / Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T1)(OTCQB:MARVF); (the “Company”) is pleased to announce the company has formed a strategic partnership with Falcon Gold Corp. (“Falcon”) with the goal of exploring prospective claims recently acquired in the Hope Brook and Baie Verte Brompton Districts. The combined total of both projects covers 115,17 hectares and will be explored together on 50-50 Joint Venture basis. This Alliance further empowers Marvel and Falcon to work together sharing in the potential upside of this impressive land package while reducing costs and capital. The Hope Brook Project will be renamed the Golden Brook JV (“the Property”).

Chief Executive Officer, Karim Rayani commented, “This alliance between Marvel and Falcon provides numerous upside potential to both companies. Synergies of shared capital, administration costs and common goals utilizing various exploration and vectoring tools won’t be hampered by a property boundary line. This will enable the partnership to systematically explore this ground with a common goal of a Tier 1 discovery.”

The Golden Brook JV lies at the northern western edge of the Hermitage Flexure, a predominant geological feature of the south Newfoundland Appalachians. The western Hermitage Flexure is a structurally complex region with a diverse metal breakdown. The structures on the property are linked to west verging thrust faults namely the Bay D’Est Fault Zone and the Gunlap Fault zone. These types of fault zones can be gold bearing evidenced by the most significant gold deposit in the area, the Hope Brook gold mine, which was in production from 1987 to 1997 producing 752,163 ounces of gold. The Hope Brook now owned by First Mining has since been optioned to Big Ridge Exploration which has outlined an additional 6.33 million tonnes at an average grade of 4.68 grams per tonne Au for 954,000 ounces of gold in the indicated and inferred categories (https://bigridgegold.com/projects/hope-brook-gold-project-newfoundland/).

The Golden Brook JV will also straddle both the eastern and western extents of recent land acquisitions by the Benton-Sokoman JV (joint venture) partnership. Benton-Sokoman made recent headlines with the discovery of the first lithium pegmatite discovery less 400 meters from the company’s newly expanded property boundary. The highly prospective ground held by Marvel shows various lithium clusters that may extend onto the company’s ground.

Other land positions within the Golden Brook JV include ground along the Baie Verte Brompton Line (BVBL). The BVBL project is strategically located in a peninsula that hosts all of Newfoundland’s current gold production. Producing mines include Anaconda Mining Inc.‘s Point Rousse gold mine and Rambler Metals Mining operations. Former producing mines include the Terra Nova mine and deposits of the Rambler mining camp. All of these mines are in close proximity to the BVBL. There are more than 100 gold prospects and zones, many of which are orogenic-style, related to major splays and related second-order structures linked to the BVBL. The Matador Mining Ltd. Cape Ray Project reporting 837,000 ounces of gold is also proximal to the BVBL (https://matadormining.com.au/cape-ray/resource/). The Marvel-Falcon partnership now control ground over a 70-kilometer corridor along the BVBL.

The newly formed JV also controls strategic ground 13km southwest of the Glover Island (GI) trend, an 11km mineralized corridor host to 17 base metal and polymetallic mineral prospects as well as numerous gold showings and anomalies. The GI trend also hosts the Lunch Pond South Extension deposit (LPSE) owned by Mountain Lake Resources. The LPSE hosts indicated and inferred resources of 120,000 ounces of gold. The GI trend and new property lies adjacent to the BVBL. The GI trend hosts numerous gold anomalies that crosscut several rock types.

The new land alliance is also proximal to the Four Corners project held by Triple Nine Resources. The Four Corners project consists of iron-titanium-vanadium-mineralized rock which has been outlined for 3,000m in strike with intercepts 200m wide and 600m vertically.

Qualified Person

Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

The QP and the Company has not completed sufficient work to verify the historic information on the properties comprising the Golden Brook JV, particularly regarding historical exploration, neighbouring companies, and government geological work.

About Marvel Discovery Corp.

Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:

  • Newfoundland (Slip, Gander North, Gander South, Victoria Lake, Baie Verte, and Hope Brook – Au Prospects)
  • Atikokan, Ontario (BlackFly – Au Prospect)
  • Elliot Lake, Ontario (East Bull – Ni-Cu-PGE Prospect)
  • Quebec (Duhamel –Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
  • Prince George, British Columbia (Wicheeda North – Rare Earth Elements Prospect)

The Company’s website is: https://marveldiscovery.ca/

ON BEHALF OF THE BOARD
Marvel Discovery Corp.
“Karim Rayani”
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: [email protected]

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law

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.

SOURCE: Marvel Discovery Corp.

View source version on accesswire.com:
https://www.accesswire.com/673374/Marvel-Falcon-Form-Strategic-Partnership-at-Hope-Brook-and-Baie-Verte-Brompton-Line









Today’s News

Lion One Reports Additional High-Grade Intercepts from Infill Drilling at Tuvatu Gold Project, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) ("Lion One" or…

North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from the infill drill and re-sampling program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu gold project in Fiji.

  • 5,615m of infill drilling completed in 30 holes (~70% of the proposed program)
  • 600 additional data points generated from infill resampling of 12 historic holes

Highlights from near-surface infill drilling and re-sampling include:

20.61 g/t Au over 7.50m inc. 89.03 g/t Au over 1.50m, and 227.3 g/t Au over 0.30m from TUDDH545
21.34 g/t Au over 2.50m inc. 38.25 g/t Au over 1.30m, and 52.27 g/t Au over 0.30m from TUDDH548
33.52 g/t Au over 2.40m inc. 185.60 g/t Au over 0.40m from TUDDH553
9.13 g/t Au over 2.59m inc. 74.58 g/t Au over 0.30m from resampling of historic hole TUDDH362

TUDDH541

  • 4.61 g/t Au over 4.23m from 112.6-116.83m, including
    • 14.35 g/t Au over 1.20m from 115.63-116.83, which includes
    • 33.85 g/t Au over 0.30m from 116.23-116.53m
  • 7.09 g/t Au over 0.60m from 124.63-125.23m, including
    • 12.82 g/t Au over 0.30m from 124.93-125.23m

TUDDH544

  • 8.27 g/t Au over 0.30m from 24.65-24.95m
  • 5.46 g/t Au over 2.90m from 34.6-37.5m, including
    • 16.75 g/t Au over 0.50m from 34.9-35.4m, and
    • 7.83 g/t Au over 0.60m from 36.6-37.2m
  • 9.21 g/t Au over 0.30m from 50.85-51.15m
  • 18.62 g/t Au over 0.30m from 65.93-66.23m
  • 9.44 g/t Au over 0.60m from 68.32-68.92m, including
    • 13.45 g/t Au over 0.30m from 68.32-68.62
  • 11.21 g/t Au over 0.30m from 147.23-147.53

TUDDH545

  • 20.61 g/t Au over 7.50m from 123.6-131.1m, including
    • 7.97 g/t Au over 1.00m from 123.6-124.6m, and
    • 8.97 g/t Au over 0.90m from 125.6-126.5m, and
    • 89.03 g/t Au over 1.50m from 128.3-129.8m, which includes
    • 227.30 g/t Au over 0.30m from 128.3-128.6m, and
    • 10.48 g/t Au over 0.30m from 128.6-128.9, and
    • 39.01 g/t Au over 0.30m from 128.9-129.2m, and
    • 99.42 g/t Au over 0.30m from 129.2-129.5m, and
    • 68.95 g/t Au over 0.30m from 129.5-129.8m
  • 9.88 g/t Au over 0.30m from 130.8-131.1m
  • 9.38 g/t Au over 1.00m from 137.6-138.6m

TUDDH546

  • 10.16 g/t Au over 1.20 from 104.2-105.4m, including
    • 39.33 g/t Au over 0.30m from 104.2-104.5m

TUDDH547

  • 13.47 g/t Au over 0.30 from 104.5-104.8m

TUDDH548

  • 9.82 g/t Au over 0.30 from 82.6-82.9m
  • 18.74 g/t Au over 0.30m from 101.6-101.9m
  • 6.41 g/t Au over 1.50m from 106.2-107.7m, including
    • 26.34 g/t Au over 0.30m from 106.2-106.5m
  • 15.37 g/t Au over 0.30m from 110.4-110.7m
  • 21.34 g/t Au over 2.50m from 120.85-123.35m, including
    • 38.25 g/t Au over 1.30m from 121.75-123.05m, which includes
    • 52.27 g/t Au over 0.30m from 121.75-122.05m, and
    • 21.13 g/t Au over 0.30m from 122.05-122.35m, and
    • 53.82 g/t Au over 0.30m from 122.35-122.75m, and
    • 20.58 g/t Au over 0.30m from 122.75-123.05m

TUDDH553

  • 7.84 g/t Au over 0.90m from 26.0-26.9m
  • 33.52 g/t Au over 2.40m from 173.4-175.8m, including
    • 185.60 g/t Au over 0.40m from 174.5-174.9m

Highlights from infill resampling of historic drilling include:

  • 6.78 g/t Au over 3.50m from 91.1-94.6m, including
    • 8.43 g/t Au over 2.70m from 91.1-93.8m, including
    • 10.98 g/t Au over 0.90m from 91.1-92.0m in TUDDH225
  • 9.13 g/t Au over 2.59m from 84.81-87.4m, including
    • 74.58 g/t Au over 0.30m from 86.31-86.61m in TUDDH362
  • 1.81 g/t Au over 0.60m from 118.2-118.8m in TUDDH410
  • 6.88 g/t Au over 0.60m from 131.1-131.7m in TUDDH539

Infill Drilling and Resampling Program
In addition to the recently reported expansion of the high-grade 500 Zone underlying the Tuvatu resource, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program. The ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of 5,615m of diamond drilling over 30 holes have been completed, with ~30% of the proposed program remaining. Concurrently, a program of resampling of unsampled intervals from historic drill holes in has been initiated with the resampling of 12 holes completed to date (23 holes planned), representing ~50% of the planned resampling program, and thus far generating ~600 additional samples in areas where data was considered sparse. The additional data generated was generated in Lion One’s own assay laboratory in Nadi and will add significant new high-grade intercepts to the resource earmarked for early production.

Final results received to date from holes drilled as part of the infill program are for 7 holes only (TUDDH541-553). All results for holes TUDDH554-562 remain pending. Figure 3 shows some of the coarse visible gold intersected as part of the infill drilling program. Photographs shown are from drill holes for which analytical results are still pending. A complete set of results for all previously unreported drill holes which form part of the infill drill program is included as Table 1.

The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. With the wet season starting in Fiji, the regional drill program requiring access to remote parts of the Navilawa caldera has seen a planned interruption, and is scheduled to resume in early 2022.

Deep Feeder Zone 500 – additional update
An update of results obtained from the ongoing deep drilling of the high-grade 500 Zone feeder zone is also provided at this time. Additional results, as yet unreported, from ongoing drilling of the 500 Zone include: 17.43 g/t Au over 1.5m from downhole depth of 643.1-644.6m from hole TUDDH544-W1.

There are currently 3 drill holes targeting the 500 Zone. Results of these will be reported as they become available.

Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization continues to be defined both in the near-surface portion of the deposit, as well as in the expanding deep feeder Zone 500. The additional data generated by the infill drilling and resampling programs will greatly enhance our understanding of the geometry of the veins, and raise the level of confidence needed, ahead of Lion One’s near-term underground development at Tuvatu. Our objective remains to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of deep bonanza-grade resources for the eventual scaled-up development of a larger and richer resource base.”

Figure 1: Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_001full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2021/11/d7cd736dcc2c7a03de0ad7c8c7e8246b.jpg

Figure 2: Left) schematic cross-section across the northern part of Tuvatu showing the location of some of the drill holes that have been resampled, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_002full.jpg

Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)

Drill Hole From (m) To (m) Interval (m) Au (g/t)
TUDDH541 52.54 54.55 2.01 1.12
59.00 59.40 0.40 2.24
63.40 63.70 0.30 1.32
69.00 70.78 1.78 1.06
109.95 110.25 0.30 2.50
112.60 116.83 4.23 4.61
including 115.63 116.83 1.20 14.35
including 116.23 116.53 0.30 33.85
118.30 118.60 0.30 1.02
120.00 123.50 3.80 3.27
including 122.30 123.50 1.20 5.71
124.63 125.23 0.60 7.09
including 124.93 125.23 0.30 12.82
127.20 130.20 3.00 0.87
including 129.90 130.20 0.30 6.69
TUDDH-542 73.00 73.60 0.60 0.75
78.10 78.40 0.30 0.73
79.80 81.50 1.70 1.65
83.60 83.90 0.30 0.87
91.90 94.70 2.80 1.36
TUDDH-545 74.60 75.60 1.00 3.38
79.60 80.20 0.60 3.23
81.60 83.60 2.00 1.4
108.10 108.40 0.30 5.36
123.60 131.10 7.50 20.61
including 123.60 124.60 1.00 7.97
and 125.60 126.50 0.90 8.97
and 128.30 129.80 1.50 89.03
including 128.30 128.60 0.30 227.3
and 128.60 128.90 0.30 10.48
and 128.90 129.20 0.30 39.01
and 129.20 129.50 0.30 99.42
and 129.50 129.80 0.30 68.95
and 130.80 131.11 0.30 9.88
137.60 138.60 1.00 9.38
TUDDH-546 80.50 81.70 1.20 2.53
97.80 99.60 1.80 1.64
104.20 105.40 1.20 10.16
including 104.20 104.50 0.30 39.33
109.20 109.50 0.30 3.76
113.20 113.50 0.30 0.92
115.90 117.40 1.50 1.04
120.50 123.30 2.80 0.85
including 123.00 123.30 0.30 3.93
60.20 60.50 0.30 1.61
66.60 67.20 0.60 1.3
68.40 69.00 0.60 1.35
TUDDH-547 70.40 71.00 0.60 2.67
76.30 77.20 0.90 1
87.10 88.90 1.80 1.13
91.60 92.50 0.90 1.59
94.30 99.70 5.40 1.96
including 94.30 95.20 0.90 5.19
97.00 99.70 2.70 1.08
104.50 104.80 0.30 13.47
107.00 107.90 0.90 3.96
110.30 111.20 0.90 0.52
115.70 118.10 2.40 0.72
TUDDH-548 82.60 82.90 0.30 9.82
99.20 100.40 1.20 1.15
101.60 101.90 0.30 18.74
106.20 107.70 1.50 6.41
including 106.20 106.50 0.30 26.34
110.40 110.70 0.30 15.37
113.90 115.30 1.40 1.16
118.45 118.75 0.30 4.31
120.85 123.35 2.50 21.34
including 121.75 123.05 1.30 38.25
including 121.75 122.05 0.30 52.27
and 122.05 122.35 0.30 21.13
and 122.35 122.75 0.40 53.82
and 122.75 123.05 0.30 20.58
74.10 74.40 0.30 4.69
TUDDH-553 26.00 26.90 0.90 7.84
108.50 109.50 1.00 0.79
115.80 120.10 4.30 1.42
173.40 175.80 2.40 33.5
including 174.50 174.90 0.40 185.6
179.90 180.50 0.60 1.91
TUDDH544W1 (500 Zone) 643.10 644.60 1.50 17.43
including 643.10 643.40 0.30 5.10
and 643.40 643.70 0.30 75.55
and 643.70 644.00 0.30 4.05

 

Table 2: Survey details of diamond drill holes referenced in this release not previously reported

Hole No Coordinates (Fiji map grid) RL final depth dip azimuth
N E m (TN)
TUDDH544, 544W1 3920795.6 1876350.7 209.7 758.5 -65.0° 132°
TUDDH541 3920733.6 1876296.8 225.1 165.6 -49.0° 002°
TUDDH542 3920845.3 1876170.4 166.6 150.5 -7.0° 139°
TUDDH545 3920732.5 1876296.8 225.1 191.6 -80° 10°
TUDDH546 3920734.1 1876298.1 225.1 170.5 -49° 13°
TUDDH547 3920733.8 1876298.0 225.1 173.5 -61° 17°
TUDDH548 3920733.4 1876297.9 225.2 200.7 -73° 15°
TUDDH553 3920724.8 1876385.5 237.0 206.4 -74° 274°
TUDDH562 3920723.3 1876385.5 237.0 244.2 -70° 248°
TUDDH563 3920796.3 1876351.1 209.7 in progress -63° 121°

 

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2021/11/f46ad89602de4c35234a2fccf8041611.jpg

Figure 3: A) Photo of a portion of uncut drill core from TUDDH563, one of the infill drill holes, showing coarse visible gold at 13.60m depth. Analytical results pending. B) Photo of a portion of uncut drill core from TUDDH562, one of the infill drill holes, showing coarse visible gold at 165.0m depth. C) Same interval as B after cutting. Analytical results pending.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/105778_35fc524c74ba88bc_003full.jpgABC

Drilling and Assay Processes and Procedures
The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.

Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

Qualified Person
The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

About Tuvatu
The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
Walter Berukoff
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: [email protected]
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited‘s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105778






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Condor Gold Plc (“Condor”, “Condor Gold” or the “Company”) Completion of 2,551 m Geotechnical Drilling for Feasibility Study on the La India Open Pit

SURREY, BC / ACCESSWIRE / November 30, 2021 / Condor Gold (AIM:CNR)(TSX:COG) is pleased to announce the completion of the geotechnical drilling for the…

SURREY, BC / ACCESSWIRE / November 30, 2021 / Condor Gold (AIM:CNR)(TSX:COG) is pleased to announce the completion of the geotechnical drilling for the upcoming Feasibility Study (FS) at its 100% owned La India Project (the “Project”). Further to the update of 19 October 2021, the programme required a total of 2,551.50 m of oriented core drilling backed by the use of optical and acoustic televiewer scanning, as well as geotechnical lab testing on core samples. This new information is in addition to the data set developed for the Preliminary Feasibility Study (PFS) which consisted of 11 geotechnical holes for a total of 1,836.25 m, and 12 resource drill holes for a total of 2550.43m which have been logged for geotechnical purposes.

Both the PFS and the current FS geotechnical programmes were designed and were being monitored by SRK Consulting (UK) Ltd (“SRK”), which included a recent site visit by a senior geotechnical consultant. The primary objective of the geotechnical programme is to upgrade the PFS work to an FS level.

Highlights

  • 21 geotechnical drill holes completed in 2021 for a total of 2,551.50 m of geotechnical drilling for a geotechnical study to FS level on La India Open Pit
  • Optical and/or acoustic televiewer employed depending on hole conditions
  • Laboratory analysis of rock mass units on selected core samples is underway at Agapito Associates and Advanced Terra Testing, Colorado, USA.
  • A combined 32 geotechnical drill holes for 3,251.50 m has been completed on La India open pit providing sufficient data for FS level design pit angles for the pit over the life of mine.

Mark Child, Chairman and CEO commented:

“The completion of an additional 2,551.50 m of geotechnical drilling for a total of 3,251,50 m of geotechnical drilling to date in support of the slope stability assessment, which includes pit slope angles, represents a significant milestone in the completion of the Feasibility Study for La India Open Pit. The geotechnical analysis will establish the design parameters for the ultimate pit design and the intermediate phases, which in turn will govern the detailed production schedule that underlies the Feasibility Study due in the first quarter of 2022.”

Background

Condor announced the commencement of geotechnical drilling in an RNS on the 15 June 2021.

Figure 1: Location of all Geotechnical Drilling to Date on La India Open Pit

Note: 17 geotechnical holes in 2021 including 4 holes redrilled at same/similar drill collar.

As noted, the objective of the additional geotechnical drilling was to update the understanding of the pit slope stability to a Feasibility Study level of design. The initial 1,700 m was completed in September 2021. Following a review of the results by SRK the programme was extended with an additional five drill holes to further refine the dataset and provide better coverage of key areas of the pit wall. The final data collection from 21 drill holes, including 4 holes that were re-drilled, for 2,551.50 m of drill core was completed on the 19 November, with acceptance of the programme by SRK confirmed the following week.

Laboratory analysis of the mechanical characteristics of the rock mass units was awarded to Agapito Associates Inc and Advanced Terra Testing Inc, both in Colorado, USA and has been conducted in parallel with the geotechnical drilling program.

Results of the slope analysis by SRK are expected in December 2021 and will govern the ultimate pit limits designed for inclusion within the mining schedules for the Feasibility Study planned for the 1st Quarter 2022.

About the La India Project and La India Open Pit

Condor announced an updated Preliminary Economic Assessment Technical Report (PEA) on 9 September 2021, which has subsequently been filed on SEDAR. A highlight of the PEA is the open pit and underground scenario producing a Post-Tax NPV5 of US$418M, IRR 54%, average production of 150,000 oz gold p.a. for 9 years and payback 12 Months. The La India open pit represents the largest proportion of open-pit production for the La India Project. La India open pit inventory in the PEA, which combines an Indicated Mineral Resource and Inferred Mineral Resource, consists of approximately 8.34 million tonnes of ore grading 2.56 g/t with 79.62 million tonnes of waste for a strip ratio of 9.5 to 1.

– Ends –

For further information please visit www.condorgold.com or contact:

Condor Gold plc

Mark Child, Chairman and CEO

+44 (0) 20 7493 2784

Beaumont Cornish Limited

Roland Cornish and James Biddle

+44 (0) 20 7628 3396

SP Angel Corporate Finance LLP

Ewan Leggat

+44 (0) 20 3470 0470

H&P Advisory Limited

Andrew Chubb and Nilesh Patel

+44 207 907 8500

Blytheweigh

Tim Blythe and Megan Ray

+44 (0) 20 7138 3204

About Condor Gold plc:

Condor Gold plc was admitted to AIM in May 2006 and dual listed on the TSX in January 2018. The Company is a gold exploration and development company with a focus on Nicaragua.

On 25 October 2021 Condor announced the filing of a Preliminary Economic Assessment Technical Report (“PEA”) for its La India Project, Nicaragua on SEDAR https://www.sedar.com. The highlight of the technical study is a post-tax, post upfront capital expenditure NPV of US$418 million, with an IRR of 54% and 12 month pay-back period, assuming a US$1,700 per oz gold price, with average annual production of 150,000 oz gold per annum for the initial 9 years of gold production for combined open pit and underground operations. The open pit mine schedules have been optimised from designed pits, bringing higher grade gold forward resulting in average annual production of 157,000 oz gold in the first 2 years from open pit material and underground mining funded out of cashflow.

In August 2018, the Company announced that the Ministry of the Environment in Nicaragua had granted the Environmental Permit (“EP“) for the development, construction and operation of a processing plant with capacity to process up to 2,800 tonnes per day at its wholly-owned La India gold Project (“La India Project“). The EP is considered the master permit for mining operations in Nicaragua. Condor has purchased a new SAG Mill, which has mainly arrived in Nicaragua. Site clearance and preparation is at an advanced stage.

Environmental Permits were granted in April and May 2020 for the Mestiza and America open pits respectively, both located close to La India. The Mestiza open pit hosts 92 Kt at a grade of 12.1 g/t gold (36,000 oz contained gold) in the Indicated Mineral Resource category and 341 Kt at a grade of 7.7 g/t gold (85,000 oz contained gold) in the Inferred Mineral Resource category. The America open pit hosts 114 Kt at a grade of 8.1 g/t gold (30,000 oz) in the Indicated Mineral Resource category and 677 Kt at a grade of 3.1 g/t gold (67,000 oz) in the Inferred Mineral Resource category. Following the permitting of the Mestiza and America open pits, together with the La India Open Pit Condor has 1.12 M oz gold open pit Mineral Resources permitted for extraction.

Disclaimer

Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

Qualified Persons

The technical and scientific information in this press release has been reviewed, verified and approved by Andrew Cheatle, P.Geo., who is a “qualified person” as defined by NI 43-101 and Gerald D. Crawford, P.E., who is a “qualified person” as defined by NI 43-101 and is the Chief Technical Officer of Condor Gold plc.

Technical Information

Certain disclosure contained in this news release of a scientific or technical nature has been summarised or extracted from the technical report entitled “Technical Report on the La India Gold Project, Nicaragua, October 2021“, dated October 22, 2021 with an effective date of September 9, 2021 (the “Technical Report“), prepared in accordance with NI 43-101. The Qualified Persons responsible for the Technical Report are Dr Tim Lucks of SRK Consulting (UK) Limited, and Mr Fernando Rodrigues, Mr Stephen Taylor and Mr Ben Parsons of SRK Consulting (U.S.) Inc. Mr Parsons assumes responsibility for the MRE, Mr Rodrigues the open pit mining aspects, Mr Taylor the underground mining aspects and Dr Lucks for the oversight of the remaining technical disciplines and compilation of the report.

Forward Looking Statements

All statements in this press release, other than statements of historical fact, are ‘forward-looking information’ with respect to the Company within the meaning of applicable securities laws, including, but not limited to, statements with respect to: the use of proceeds of the offering; the impact of a Feasibility Study on, including investor confidence in, the Project; the ability of the Company to access future financing; the ongoing mining dilution and pit optimisation studies, and the incorporation of same into any mining production schedule, future development and production plans at La India Project. Forward-looking information is often, but not always, identified by the use of words such as: “seek”, “anticipate”, “plan”, “continue”, “strategies”, “estimate”, “expect”, “Project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, “could”, “might”, “will” and similar expressions. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions regarding: future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; the receipt of required permits; royalty rates; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing and assumptions underlying estimates related to adjusted funds from operations. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to: mineral exploration, development and operating risks; estimation of mineralisation and resources; environmental, health and safety regulations of the resource industry; competitive conditions; operational risks; liquidity and financing risks; funding risk; exploration costs; uninsurable risks; conflicts of interest; risks of operating in Nicaragua; government policy changes; ownership risks; permitting and licencing risks; artisanal miners and community relations; difficulty in enforcement of judgments; market conditions; stress in the global economy; current global financial condition; exchange rate and currency risks; commodity prices; reliance on key personnel; dilution risk; payment of dividends; as well as those factors discussed under the heading “Risk Factors” in the Company’s annual information form for the fiscal year ended December 31, 2020 dated March 31, 2021 and available under the Company’s SEDAR profile at www.sedar.com.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Technical Glossary

Feasibility Study

A Feasibility Study is a comprehensive technical and economic study of the selected development option for a mineral project that includes appropriately detailed assessments of applicable Modifying Factors together with any other relevant operational factors and detailed financial analysis that are necessary to demonstrate, at the time of reporting, that extraction is reasonably justified (economically mineable). The results of the study may reasonably serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. The confidence level of the study will be higher than that of a Pre-Feasibility Study. (CIM Definition Standards)

Geotechnical Drilling

Drilling that is conducted primarily for the purposes of determining the strength and stability characteristics of a rock mass hosting a mineral resource. Such drilling determines the type of rock, orientation of faults or fracture patterns, presence of water or other factors determining the design parameters for a mine.

Preliminary Feasibility Study

A Pre-Feasibility Study is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, is established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on the Modifying Factors and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be converted to a Mineral Reserve at the time of reporting. A Pre-Feasibility Study is at a lower confidence level than a Feasibility Study

NI 43-101

Canadian National Instrument 43-101 a common standard for reporting of identified mineral resources and ore reserves

Oriented Core

A specialized drilling technique that marks the core samples generated by diamond drilling with the high point of the core. These markings permit the determination of the faulting or fracturing directions within the rock mass.

Televiewer

A down-hole tool that is used to provide either optical or acoustic images of the walls of a drillhole, usually a diamond drill hole. These images can then be used to further refine the understanding of the orientation of faulting and fracturing with a rock mass.

SOURCE: Condor Gold plc

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Author: Condor Gold plc

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Today’s News

Tocvan Announces Start of Exploration at Pilar and Updates on Financing

Calgary, Alberta – TheNewswire – November 30, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (OTC:TCVNF) (WKN:TV3/A2PE64) (“Tocvan” or the “Company”)…

Calgary, Alberta – TheNewswireNovember 30, 2021. Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (OTC:TCVNF) (WKN:TV3/A2PE64) (“Tocvan” or the “Company”) is pleased to announce that it has closed a first tranche of its previously announced
non-brokered private placement of units (“
Units”) for gross proceeds of $471,225.00 (the “Offering”).  The Offering consisted of the issuance of an aggregate of 471,225 Units at a price of $1.00 per Unit.  Each Unit consists of one common share (“Common Share”) in the capital of the Company and one-half common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $1.50, for a period of 24 months from the closing of the Offering.

 

In connection with the Offering, the Company paid aggregate cash commissions to arm’s length finders who assisted with the Offering of approximately $20,098 and issued 20,098 finder warrants (“Finder Warrants”). Each Finder Warrant is exercisable at a price of $1.50 per Common Share for a period of 24 months from the closing of the Offering.

 

The company currently has 31,312,701 Common Shares outstanding.

 

Discussion on Use of Proceeds

 

Proceeds from the Offering will be used to advance the Pilar Gold-Silver Project in Sonora, Mexico. VP Exploration, Brodie Sutherland is currently in Mexico to initiate the next phase of exploration. The company will be evaluating surface mineralization with trenching and channel sampling followed by a series of column leach studies on representative sites across the Main Zone. In addition, drilling is planned with between 5,000 to 8,000 meters estimated between now and July of 2022. Drilling will focus on continued step-out drilling along the Main Zone and new 4-Trench Trend, following up on Phase II step-outs highlighted by JES-21-50 which intersected 39.7m at 0.96 g/t Au including 1.5m at 14.6 g/t Au. Exploration drilling will continue to evaluate target areas along the Triple Vein Zone. Surface exploration work will continue with trenching and sampling along the southeastern extension of the Main Zone.  

 

In December, an exploration program of surface mapping and sampling will be conducted at the El Picacho Gold-Silver Project in Sonora, Mexico. The program aims to advance key target areas towards trenching and ultimately drill targeting.

 

“We are now on the ground in Mexico with our exploration team and we are very much looking forward to this next phase of exploration.”, commented VP Exploration, Brodie Sutherland. “I will updating on our progress over the next few weeks as we begin trenching for detailed metallurgical analysis at our Main Zone and exploration of key target areas. At the same time, we look to rapidly move towards our next phase of drilling. Despite recent market volatility the Company’s exploration program will go forward as planned and I will be on site at Pilar to oversee the start.”

 

ANNUAL GENERAL MEETING OF SHARHOLDERS (“AGM”) – JANUARY 31, 2022

 

The Company is also pleased to announce the date for its AGM has been set for January 31, 2022. The Company encourages all shareholders to take part as it will be voting on the spin-out of the 100% owned Rogers Creek Property in British Columbia into a new company focused on copper assets, Cascade Copper.

  

NO MATERIAL INFORMATION TO ANNOUNCE

 

The Company is not aware of any material non-public information at this time. The Company would like to address recent market volatility and confirm it is not correlated with any pending material information due for release. Recent market activity is likely due to global uncertainty with the resurgence of a new COVID-19 variant.

 

About the Pilar Property

 

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,700 m of drilling have been completed to date. Significant results are highlighted below:

 

  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses): 

    • 39.7m @ 0.96 g/t Au, including 1.5m @ 14.6 g/t Au  

    • 47.7m @ 0.75 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag 

    • 29m @ 0.71g/t Au 

    • 35.1m @ 0.66 g/t Au 

  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses 

    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag; 

    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ; 

    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag 

  • 17,700m of Historic Core RC drilling. Highlights include: 

    • 61.0m @ 0.8 g/t Au 

    • 16.5m @ 53.5g/t Au and 53 g/t Ag  

    • 13.0m @ 9.6 g/t Au  

    • 9.0m @ 10.2 g/t Au and 46 g/t Ag  

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

 

About Tocvan Ventures Corp.

 

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 31 million shares outstanding and is earning into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the
El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

TOCVAN VENTURES CORP.

Brodie A. Sutherland, VP Exploration

950-736 6 Ave SW

Calgary, Alberta T2P 3T7

Telephone: 403-668-7855

Email: bsutherland@tocvan.ca

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Copyright (c) 2021 TheNewswire – All rights reserved.






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