VANCOUVER, BC / ACCESSWIRE / August 18, 2021 / (TSXV:OGN)(OTCQX:OGNRF) Orogen Royalties Inc. ("Orogen" or the "Company") is pleased to announce that the Board of Directors have approved the spinout of the Ball Creek copper-gold porphyry target located in the Golden Triangle, British Columbia (the "Ball Creek Project"), into a new company ("SpinCo") by way of a Plan of Arrangement under the British Columbia Business Corporation Act (the "Arrangement").
Upon completion of the Arrangement, the Company's shareholders will: (i) maintain their existing ownership of common shares in Orogen Royalties, that will continue to operate as an organic royalty and prospect generator in North America with its flagship Ermitaño and Silicon royalties, and (ii) gain new shares in SpinCo on a ratio to be determined, that will focus on the exploration and advancement of the 100% owned Ball Creek copper-gold porphyry project. Orogen will also retain a minority shareholding interest in SpinCo and a royalty in the Ball Creek Project.
The Company expects that the Arrangement will increase shareholder value by allowing capital markets to ascribe full value to the Ball Creek Project independently of the Company's royalty assets, joint ventures, and other mineral properties. The spinout also enables SpinCo to operate under a different business model, with significant exploration and drilling programs planned to advance the Ball Creek Project.
The completion of the Arrangement, distribution of SpinCo common shares to the Company's shareholders, and listing of SpinCo's common shares on a recognized Canadian stock exchange are subject to several conditions including the completion of corporate, legal and tax structuring, completion of SpinCo financing, and appointment of a Board of Directors and management team for SpinCo. The Arrangement must also receive Orogen shareholder and regulatory approval. There is no certainty that the spinout transaction will be completed on the terms proposed or at all. The Company will provide additional updates when further details of the Arrangement are determined.
Orogen acknowledges that the Ball Creek Project is situated in the traditional territory of the Tahltan Nation with whom the Company has maintained a positive relationship since the project was acquired in 2015. The Company is committed to maintaining that relationship and look forward to dialogue based on respect and transparency.
"The approval from the Company's Board aligns with Orogen Royalties' goal to create value for its shareholders. SpinCo will be a stand-alone company that controls the exploration of the Ball Creek Project," said Paddy Nicol, President and CEO of Orogen Royalties. "Shareholders will participate in SpinCo directly as well as through their ownership in Orogen Royalties, providing exposure to exploration on an underexplored copper-gold project in British Columbia's Golden Triangle."
About the Ball Creek project.
The Ball Creek copper-gold porphyry project consists of over 500 square-kilometres of mineral tenure in the heart of British Columbia's prolific Golden Triangle (Figure 1), a region that has seen significant infrastructure development for access and power, and major mining company investments. Recent transactions include Newmont Mining's acquisition of 50% of the Galore Creek project for US$275 million in July 20181, Newcrest Mining's acquisition of 70% of the Red Chris Mine for US$804 million in August 20192, Newmont Mining's acquisition of GT Gold (Tatogga Project) in May 2021 for C$393 million3, and Royal Gold's acquisition of a 1% net smelter return ("NSR") royalty on the Red Chris Mine for US$165 million in August 20214.
The Ball Creek Project has had CA$5.3 million invested by the Company and its exploration partners since 2015, which identified at least three intrusive suites associated with mineral deposits in the region:
- Stikine Suite, a Schaft Creek analog (indicated 1.3 billion tonnes at 0.26% copper and 0.16 grams per tonne ("g/t") gold5);
- Copper Mountain Suite, a Galore Creek analog (measured and indicated 1.1 billion tonnes at 0.47% copper and 0.26g/t gold6); and
- Texas Suite. a KSM analog (measured and indicated resources of 3 billion tonnes at 0.52g/t gold and 0.21% copper7).
Porphyry style mineralization has been identified in all the suites across the property (Figure 2) but more importantly, the Ball Creek Project is underexplored relative to the rest of the Golden Triangle. Furthermore, the project is fully permitted for exploration and drilling.
The Ball Creek Main zone ("MZ") is a 1,200 by 400 metre porphyry system that has returned drill intersects including 455 metres grading 0.28 g/t gold and 0.11% copper in drill hole BC12-47, and 231 metres grading 0.54g/t gold and 0.21% copper in drill hole BC07-12. The MZ remains open with anomalous intercepts at the extremities of the drilled area, untested internal areas, and open at depth.
Outside of the MZ, the 12 square-kilometre Ball Creek Cluster is defined by highly anomalous copper, gold and molybdenum soil and rock geochemistry with multiple exposures of porphyry-style alteration. This region is largely unexplored.
Other porphyry targets on the property, including More, Mess and Hickman, have seen limited exploration:
- The More zone consists of an undrilled Galore Creek style megacrystic syenite porphyry occurrence partially hidden by Quaternary basalts with a potassically altered outcrop returning 6.8% copper, 0.20g/t gold and 10.3g/t silver;
- The Mess zone consists of copper mineralization associated with the eastern contact of a monzonitic stock defining a fifteen-kilometre-long anomalous zone of mineralization at surface. There are greater than 500 metre internal gaps between drill holes and multiple strong soil anomalies remain untested; and
- The Hickman target, discovered in 2019, represents an undrilled porphyry target with copper-gold mineralization at surface in a potassically altered diorite just eight kilometres from Schaft Creek.
Multiple underexplored epithermal and volcanic-hosted-massive sulphide prospects exist outside these defined porphyry targets.
Figure 1: Location of the Ball Creek project
Figure 2: Overview of the Ball Creek Project
Qualified Person Statement
All technical data, as disclosed in this press release, has been verified by Laurence Pryer, Ph.D., P.Geo., Exploration Manager for Orogen. Dr. Pryer is a qualified person as defined under the terms of National Instrument 43-101.
About Orogen Royalties Inc.
Orogen Royalties Inc. is focused on organic royalty creation and royalty acquisitions on precious and base metal discoveries in western North America. The Company's royalty portfolio includes the Ermitaño West gold deposit in Sonora, Mexico (2% NSR royalty) being developed by First Majestic Silver Corp. and the Silicon gold project (1% NSR royalty) in Nevada, USA, being advanced by AngloGold Ashanti N.A. The Company is well financed with several projects actively being developed by joint venture partners.
On Behalf of the Board
OROGEN ROYALTIES INC.
President & CEO
To find out more about Orogen, please contact Paddy Nicol, President & CEO at 604-248-8648, and Liliana Wong, Manager of Marketing and Investor Relations at 604-248-8648. Visit our website at www.orogenroyalties.com.
2. https://www.newcrest.com/sites/default/files/2019-10/190816_Market%20Release_Newcrest%20complete%27s%2070%25%20acquisition% 20of% 20Red%20 Chris_0.pdf
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this presentation, other than statements of historical facts, that address events or developments that Orogen Royalties Inc. (the "Company") expect 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" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking information relates to statements concerning the Company's future outlook and anticipated events or results, as well as the Company's management expectations with respect to the proposed business combination (the "Transaction"). This document also contains forward-looking statements regarding the anticipated completion of the Transaction and timing thereof. Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the receipt, in a timely manner, of regulatory and stock exchange approvals in respect of the Transaction.
Although the Company believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Furthermore, the extent to which COVID-19 may impact the Company's business will depend on future developments such as the geographic spread of the disease, the duration of the outbreak, travel restrictions, physical distancing, business closures or business disruptions, and the effectiveness of actions taken in Canada and other countries to contain and treat the disease. Although it is not possible to reliably estimate the length or severity of these developments and their financial impact as of the date of approval of these condensed interim consolidated financial statements, continuation of the prevailing conditions could have a significant adverse impact on the Company's financial position and results of operations for future periods.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Orogen Royalties Inc.
View source version on accesswire.com:
drilling intersects intercepts drill hole tsxv-ogn orogen-royalties-inc financing acquisition press-release
West High Yield (W.H.Y.) Resources Ltd. Announces Completion of Private Placement
Calgary, Alberta–(Newsfile Corp. – September 28, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is…
Calgary, Alberta--(Newsfile Corp. - September 28, 2021) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce the completion of its previously announced placement offering (the "Offering") of units (the "Units"). The Company completed one closing under the Offering for gross proceeds of CAD$116,457.25.
Under the Offering, the Company issued 332,735 Units, comprised of 332,735 common shares in the capital of the Company (the "Common Shares") and 83,183 Common Share purchase warrant (the "Warrants"). One (1) full Warrant, together with CAD$0.45, entitles the holder thereof to acquire one (1) additional Common Share of the Company for a period of twelve (12) months from the date of closing. The Warrants will not be listed on the TSX Venture Exchange.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97953private placement acquisition tsxv-why west-high-yield-why-resources-ltd west high yield why resources ltd press-release
North American Nickel Congratulates PNR on Signing Definitive Asset Purchase Agreement to Acquire Assets in Botswana
Vancouver, British Columbia–(Newsfile Corp. – September 28, 2021) – North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company"…
Vancouver, British Columbia--(Newsfile Corp. - September 28, 2021) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that Premium Nickel Resources ("PNR") has executed a definitive asset purchase agreement ("APA") with the Liquidator of BCL Limited ("BCL") to acquire the Selebi, and Selebi North (together the "Selebi Assets") nickel-copper-cobalt ("Ni-Cu-Co") assets and related infrastructure formerly operated by BCL. PNR has announced that they are now targeting the closing of this transaction, and transfer of ownership of the assets, within 120 days. PNR is also negotiating a separate asset purchase agreement to finalize terms for any prioritized Tati Nickel Mining Corporation ("TNMC") assets that may be purchased.
PNR submitted an indicative offer to the BCL and TNMC liquidators in June 2020 to acquire the assets of the former producing BCL Mining Complex and separately the TNMC operations located in north-eastern Botswana. On February 10, 2021, PNR was selected as the preferred bidder and on March 22, 2021, PNR entered into a memorandum of understanding providing for a six-month exclusivity period to complete additional work and negotiate the asset purchase agreements (see news release dated March 24, 2021).
NAN CEO, Keith Morrison commented, "During the exclusivity period, NAN's team has continued to support PNR in acquiring new information to support the economic feasibility of redeveloping a combination of the former BCL assets. This agreement will separate the Selebi deposits from the Phikwe mines and processing infrastructure. PNR will advance the redevelopment of the Selebi deposits using an alternative beneficiation process to produce commercial concentrates of Ni-Cu-Co. This business model will reduce the environmental impact of the processing, by using less power and less water, while employing the use of advanced modern technologies to safeguard the environment and minimize the carbon footprint. PNR will now complete additional exploration activities and drilling with the ambition to fully characterize the size and grade of the remaining resource, and redevelop the Selebi deposits as a leading environmental, social and corporate governance mining development project."
The Selebi Assets include two shafts and related infrastructure (rail, power and water). Shaft sinking and plant construction started in 1970. Mining concluded in October 2016 when the operations were placed on care and maintenance due to a failure in the processing facility. The redevelopment plan is based on the re-characterization of the remaining resources and the ability to produce both a Cu concentrate and a separate Ni-Co concentrate.
NAN maintains a 10% equity ownership position in PNR following their pro-rata participation in a recent private placement financing (see news release dated August 26, 2021). NAN also holds a 5-year Warrant effective as of February 26, 2020, to purchase an additional 15% undiluted equity interest in PNR for USD$10M and is providing the corporate management and technical expertise to PNR on a contractual basis.
There can be no assurance that PNR will move from exclusivity to successful completion of the proposed acquisition.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, the Company became a founding shareholder in Premium Nickel Resources ("PNR") a private Canadian company, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR completed a Memorandum of Understanding to acquire the assets, in liquidation, formerly operated by BCL Limited in Botswana. In addition, the Company is expanding its area of exploration interest into Morocco and building a relationship with the Office National des Hydrocarbures et des Mines ("ONHYM"), the leading resource crown corporation and the single largest permit holder in Morocco.
The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
North American Nickel Inc.
For more information contact:
North American Nickel Inc.
+1 (604) 770-4334
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but is not limited to, statements about the future prospects of any assets or properties of the Company, the ability of the Company to successfully complete due diligence, the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. 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, except as required by law.
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 statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97938drilling tsxv-nan north-american-nickel-inc north american nickel inc private placement financing acquisition press-release
Monarch Mining Reports its Results for the Quarter and 232-Day Period Ended June 30, 2021
MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported…
MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the quarter and 232-day period ended June 30, 2021. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
|(In dollars, except per share data)||232-DAY PERIOD ENDED|
|THREE MONTHS ENDED |
|Care and maintenance||2,757,758||1,794,899|
|Income tax recovery deferred mining taxes||(1,766,907)||(1,790,126)|
|Net loss per share, basic and diluted||(0.12)||(0.04)|
“Since being listed on January 26 as the new entity Monarch Mining Corporation, we have made great progress and are now well on our way to restarting operations at the Beaufor Mine, aiming to increase the mine’s previous annual production,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “At the moment, we are getting the Beaufor Mine and Beacon Mill ready to start the pre-production phase start this fall, and we are continuing to recruit personnel to that we can start commercial production by June 2022. On the exploration side, the 42,500-metre drilling program is ongoing at Beaufor, with four underground drills currently on site, and we are extremely pleased with the results to date.”
“Thanks to strategic financings undertaken during the year, we have managed to increase our cash and balance-of-sale-receivable position to approximately $38 million as at September 15, 2021, while minimizing share dilution for our shareholders. We also continue to move work forward on our other advanced projects, McKenzie Break and Croinor Gold, which both have excellent exploration potential,” concluded Mr. Lacoste.
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
FOR MORE INFORMATION:
|President and Chief Executive Officerfirstname.lastname@example.org|
|Vice President, Corporate Developmentemail@example.com|
|Senior Geologist – Communications Specialistfirstname.lastname@example.org|
Table 1: Monarch combined gold resources
|Total Measured and Indicated||1,284,900||5.3||219,200|
|Total Measured and Indicated||804,600||9.12||236,000|
Measured and Indicated Resources
|1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo. and Dario Evangelista P. Eng., BBA Inc.|
2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
5 Numbers may not add up due to rounding.
drilling drills tsx-gbar monarch-mining-corporation monarch mining corporation press-release
Devil in the detail for HWK gold explorer spinoff Diablo
This is Why Miners are Racing to BC’s Golden Triangle
Top Copper Mining Stocks To Watch
Mining Stocks Hitting 52-Week Highs
Agnico Eagle and Kirkland Lake Gold to Merge Creating a $13.5B ‘Canadian Mining Champion’
Solaris Resources (TSX:SLS) Shares Jump 7.49% – Current Drilling Targets High-Grade Link With Warintza East and Central
Industry-government graphite collaboration bodes well for US critical minerals supply
IAMGOLD (TSX:IMG) Makes Huge Commitment to Net-Zero GHG Emissions by 2050
Today’s News12 hours ago
Ameriwest Lithium Awarded Lithium Clay Rights in Arizona
Today’s News12 hours ago
Canterra Minerals Starts Its 5,000m Fall Drill Program at the Wilding Gold Project, Newfoundland
Articles9 hours ago
This is Why Miners are Racing to BC’s Golden Triangle
Articles23 hours ago
Devil in the detail for HWK gold explorer spinoff Diablo
Precious Metals23 hours ago
UPDATE – Gold:Silver Ratio Suggests Much Higher Future Price for Silver (+30K Views)
Energy & Critical Metals22 hours ago
Green Energy: Al Gore backs Origin’s UK energy provider and Victoria’s big battery switches back on after fire
Energy & Critical Metals15 hours ago
Ford to build new EV and battery plants in Tennessee & Kentucky; $11.4B total investment in two mega-sites; 129 GWh/year total
Articles21 hours ago
Cannindah up 21pc on gigantic copper hit