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Omai Drilling Continues to Outline Gold Mineralization in Multiple Shears Extending Below the Wenot Pit, including 16.8 g/t over 6 metres and 4.6 g/t over 20 metres

TORONTO, Oct. 22, 2021 (GLOBE NEWSWIRE) — Omai Gold Mines Corp. (TSXV: OMG) (“Omai” or the “Company”) is pleased to report additional results…

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TORONTO, Oct. 22, 2021 (GLOBE NEWSWIRE) — Omai Gold Mines Corp. (TSXV: OMG) (“Omai” or the “Company”) is pleased to report additional results from the drilling program underway to test below the past-producing Wenot pit at the Omai gold project in Guyana. All fifteen holes completed this year, testing the depth extension of Wenot, successfully intersected multiple near-vertical gold mineralized shears along a 1.55 km strike.

Highlights of the new assay results include1:

  • Hole 21ODD-020 (Section 304600E) best intersections include: 22.05 grams per tonne (“g/t”) Au over 1.7 metres (“m”), 5.28 g/t over 2.7 m and 3.33 g/t over 4.4 m
  • Hole 21ODD-021 (Section 305400E) best intersections include: 5.16 g/t over 8.4 m, 5.0 g/t over 6.0 m, 1.46 g/t over 11 m with nearby 1.03 g/t over 5.0 m
  • Hole 21ODD-022 (Section 304750E) best intersections include: 16.77 g/t over 6.0 m, 1.97 g/t over 16.7 m, and 4.63 g/t over 20.0 m (see figure 3)
  • Hole 21ODD-023 (Section 305928E) best intersections include: 3.3 g/t over 14.1 m, 2.96 g/t over 6.0 m and 0.82 g/t Au over 22.0 m (see figure 4)

1 a more comprehensive list of gold intersections is provided on table 1.

Elaine Ellingham, CEO commented: “With over 35 years in exploration, I truly appreciate projects like Omai with great potential for significant discoveries. The additional strong results released today, further support our work towards an initial NI 43-101 resource at Wenot. With our independent qualified person (“QP”) commencing shortly, our team will be freed up to focus on the exploration plans through to mid-2022. There are a number of very prospective targets for additional gold deposits on the Omai property, for example at Fennell, with an unmined historic resource. We also see several exploration targets that hold potential for significant near-surface gold deposits that could accelerate the overall development of the project. We will be initiating work on these other exploration targets starting in November and on Fennell early in the new year.” 

The geology and ore controls at Wenot are mostly understood. The full 1.7 km long E-W axis of the pit follows the Wenot Shear Corridor, a broad 200 to 350 m wide zone of deformation which has been subjected to both shearing and compression. It straddles the contact between a series of largely andesitic to dioritic volcanic and intrusive rocks on the north, and meta-sedimentary rocks on the south.

The Wenot Corridor was the focus of several phases of crustal deformation that propagated multiple sub-vertical shears that were subsequently intruded by felsic to intermediate dikes of different generations and characteristics, which have been deformed, hydrothermally altered, and veined, to varying degrees. These dikes appear to have been more susceptible than the surrounding host rocks to brittle fracturing and alteration, especially along their margins. During successive deformation events, this brittle fracturing has facilitated mineralizing events, resulting in gold being deposited within a stockwork of quartz-ankerite veins and veinlets, as well as in quartz-sericite-pyrite alteration halos surrounding the veins and dikes.

Visible gold has been seen in almost every Wenot hole drilled this year. Although this accounts for some of the high gold values, gold mineralization within the alteration halos, as well as in small, less conspicuous quartz-carbonate veins and veinlets will be significant contributors to the gold resource at Wenot.

In hole 21ODD-022, at the western end of the pit, gold-rich zones were unexpectedly intersected on the northern flank or possibly outside of the known shear corridor. These zones may be splays similar to NW trending zones that appear to extend around the western side of the Fennell pit. In this area, a few historic holes encountered wide and higher-grade gold mineralization, and warrant further exploration.

The current drill program commenced in February, with the primary objective of evaluating the potential for a significant gold deposit under the Wenot pit. This 1.7 km by 0.5 km pit produced approximately 1.4 million ounces of gold at an average grade of 1.5 g/t Au between 1993 and 20022. Some previous drill holes had tested below the pit bottom during the historical evaluation of Wenot, providing indications that the mineralization continued at depth.

Fifteen holes have been completed this year under the Wenot pit, with one hole currently in progress (21ODD-026). Table 2 summarizes the recent drill holes and status, and figure 1 is a plan map showing the locations of the holes completed in 2021. Drilling accelerated with the addition of a second drill in July, with a total of 8,846m drilled to date in 2021. Holes 21ODD-024 and 025 have been completed and samples have been shipped to Actlabs in Georgetown, with results pending.

Figure 2 shows a longitudinal section of the Wenot pit, illustrating the mined-out portion, which contributed 1.4 million ounces of gold production. The holes completed since the beginning of the drill program in February of this year are highlighted in yellow. The figure shows that this drilling has effectively tested 100 to 225 meters below the mined pit bottom and this defines the area that will be the subject of the resource evaluation currently underway. Gold intersections of more that 10 gram-metres (grade in grams per tonne times width in metres) are shown in red.

2 Past production at Omai is summarized in several Cambior Inc. documents available on Sedar.com, including March 31, 2006 AIF and news release August 3, 2006.

The technical team has been working to compile the results to date. Upon completion of hole 21-ODD-026, the data will be provided to the QP, who has been engaged to complete a NI 43-101 resource evaluation of the Wenot mineralization. At that point, no further drilling at Wenot will be done until the NI 43-101 is completed.  

A full assessment of the additional exploration targets on the property has commenced, to develop a comprehensive exploration plan that will extend into mid-2022. Several targets are drill-ready and others will benefit from some selective trenching, mapping and sampling. Fennell, which has an unmined historic resource, will be one area of focus for exploration in the new year. However, there are additional targets and target areas that hold potential for developing near-term, near-surface open pit deposits that could accelerate the overall development of the project. Additional details on the next phase of exploration will follow shortly.   

Quality Control  

Omai maintains an internal QA/QC program to ensure sampling and analysis of all exploration work is conducted in accordance with best practices. Standards, blanks and duplicates are entered at regular intervals. Samples are sealed in plastic bags and shipped to ActLabs, a certified laboratory in Georgetown, Guyana, respecting the best chain of custody practices. At the laboratory, samples are dried, crushed up to 80% passing 2 mm, riffle split (250 g), and pulverized to 95% passing 105 μm, including cleaner sand. 30 g of pulverized material are then fire assayed by atomic absorption (AA). Initial assays with results above 3,000 ppb gold are re-assayed with gravimetric finish. Standards and blanks meet with QA/QC specifications.

Table 1. New Assay Results from Recently Completed Drill Holes

Hole ID Includes From To Interval (m) Gold grade (grams per tonne)
21ODD-020   163.9 168.4 4.5 1.93
  180.1 181.5 1.4 9.91
  225.2 226.9 1.7 22.05
  241.9 249.4 7.5 0.39
  235.3 238.0 2.7 5.28
  252.7 260.5 7.8 1.0
includes 252.7 257.1 4.4 3.33
  286.3 289.7 3.3 1.39
           
21ODD-021   136.9 145.3 8.4 5.16
  289.0 290.5 1.5 0.93
  295.0 296.5 1.5 1.61
  397.0 403.0 6.0 5.00
  445.5 456.5 11.0 1.46
  462.5 474.7 12.2 0.62
includes 462.5 467.5 5.0 1.03
  469.0 470.5 1.5 0.88
    473.4 474.7 1.3 0.35
           
Hole ID Including From To Interval (m) Gold grade (grams per tonne)
21ODD-022   104.5 110.5 6.0 16.77
includes 109.0 110.5 1.5 65.68
  146.0 162.5 16.5 1.97
  187.5 189.0 1.5 3.67
  222.5 225.5 3.0 1.32
  270.0 290.0 20.0 4.63
includes 271.5 273.0 1.5 23.7
and 284 285.5 1.5 16.04
  296 297 1.0 2.02
  311 312.5 1.5 2.63
Hole ID Including From To Interval (m) Gold grade (grams per tonne)
21ODD-023   141 144 3.0 0.48
  150.5 172.5 22.0 0.82
includes 153 162 9.0 1.36
  185.0 192.5 7.5 0.87
includes 189.5 192.5 3.0 1.90
  309.8 315.8 6.0 1.29
  333.4 340.0 6.6 1.40
  357.4 362.0 4.6 1.98
  373.0 374.5 1.5 2.04
  380 394.1 14.1 3.30
  397 401.5 4.5 1.15
  431 433.0 2.0 4.62
  447.5 453.5 6.0 2.96

Table 2. Summary of Wenot Recent Drill Holes and Status (see Figure 1, Drill plan map)

Hole ID Azimuth (degrees) Declination. (degrees) Final Depth (m) Easting Northing Status
21ODD-020 180 -50 351 304600 601820 Completed, Reporting Assays
21ODD-021 180 -50 550 305400 601835 Completed, Reporting Assays
21ODD-022 180 -50 401 304750 601830 Completed, Reporting Assays
21ODD-023 180 -50 461 305928 601715 Completed; Reporting Assays
21ODD-024 180 -50 559 305730 601800 Completed; Assays Pending
21ODD-025 180 -50 503 305300 601855 Completed; Assays Pending
21ODD-026 180 -50 305840 601735 Drilling underway

Qualified Person  

John Spurney is a Qualified Person under National Instrument 43-101 “Standards of Disclosure for Mineral Projects” and has approved the technical information contained in this news release. Mr. Spurney is not considered to be independent for the purposes of National Instrument 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Omai Gold Mines Corp.

Omai Gold Mines Corp., through its wholly owned subsidiary Avalon Gold Exploration Inc., holds a 100% interest in the Omai Prospecting License covering 4,590 acres (18.575 sq. km), that includes the past producing Omai gold mine. Once South America’s largest producing gold mine, Omai produced over 3.8 million ounces of gold between 1993 and 2005. Mining ceased at a time when the average gold price was less than US$400 per ounce, leaving significant drilled resources untapped and prime exploration targets untested. The Company’s short-term priorities are to verify and expand the known resources, while advancing exploration on key targets, providing a solid opportunity to create significant value for all stakeholders.

For further information, please see our website www.omaigoldmines.com or contact:

Elaine Ellingham   P.Geo.
President & CEO
[email protected]
Phone: +1-416-473-5351

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the timing of completion of the drill program, and the potential for the Omai gold project to allow Omai to build significant gold resources at attractive grades, and forward-looking statements are 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 statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; the price of gold and copper; and the results of current exploration. There can be no assurance that such statements 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 statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2f2a34ca-c727-4ed0-9cfa-0276d694930d

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Today’s News

Karus Gold Drills 80.65 Meters of 0.5 g/t Gold at Gold Creek Project

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Karus Gold Corp. ("Karus Gold" or the "Company") is pleased to announce the results…

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2022) – Karus Gold Corp. (“Karus Gold” or the “Company“) is pleased to announce the results from its summer 2021 drill program at its Gold Creek gold project (“Gold Creek“) part of the Company’s 1,000 square kilometers (“km“) South Cariboo Gold District in British Columbia (Figure 1). A total of 1,389 meters (“m“) in five diamond drill holes was completed at Gold Creek between mid-June and early July 2021, including hole GC-21-049 that returned 0.74 grams per tonne (“g/t“) gold over 46.4 m within a broader envelope of gold mineralization of 0.49 g/t gold over 80.65 m.

Karus Gold Vice President of Exploration, Michael Tucker, comments, “The Gold Creek program successfully confirmed the orientation and trend of the gold bearing horizon at the Camp Zone. The same mineralized horizon has now been traced for over 1,000 m of strike length, and depths up to 250 m down-dip. The system continues to demonstrate robust scale potential.”

Highlights:

  • Program confirmed the orientation of the broader envelope of gold mineralization in the Camp Zone.
  • Higher-grade plunge lines are beginning to be identified within the broader corridor or mineralization.
  • Mineralized corridor remains sparsely tested over 1,000m strike length and could be part of a much larger gold mineralizing system that includes the adjacent Spanish Mountain deposit that is 100% owned by Spanish Mountain Gold.

Table of significant drill results

Drill Hole From To Interval Au Grade1,2
(m) (m) (m) (g/t)
GC-21-049 101.6 182.25 80.65 0.49
including 112.9 159.3 46.4 0.74
GC-21-048 193.4 266.75 73.35 0.44
including 223.2 251 27.8 0.83
GC-21-047 180.4 228.5 48.1 0.31
GC-21-046 215.1 261.33 46.21 0.42
including 242.9 257.78 14.88 0.64
GC-21-045 186.7 228 41.35 0.49
206.6 219.15 12.55 1.06

 

  1. Karus Gold has not been able to determine true width yet due to complexity of the vein structures within the mineralized zones. The 2021 drill program was designed to better understand the geometry and how the mineralized zones are related. The orientation of individual quartz veins within the mineralized zones are quite variable. Reported widths are drill indicated core length and not true width, for the reasons above. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade gold intercepts.
  2. Composites are calculated using a 0.1 g/t Au cutoff, incorporating no more than 7 m downhole dilution. Higher grade composite sections are calculated using a 1 g/t and 3g/t cutoff incorporating no more than 5 m downhole dilution.

Based on this drill program the Company is confident that gold mineralization at the Camp Zone is contained within a corridor that strikes northwest and dips approximately 60-70 degrees to the northeast (Figure 2). The Camp Zone has been traced through wide-spaced drilling for ~1,000 m along strike and to a depth of ~280 m below surface, ~250 m down-dip (Figure 3). Gold mineralization at the Camp Zone lies to the northwest and along trend of the Spanish Mountain deposit, 100% owned by Spanish Mountain Gold, which hosts measured and indicated resources of 4.7 million ounces of gold grading 0.5 g/t gold (see Spanish Mountain Gold May 11, 2021 press release).

Figure 4 is an inclined long section along this mineralized corridor showing the drill density and quality of drill results. 2021 drill results from the Camp Zone indicate that higher grade plunge lines within this corridor plunge steeply to the west.

The next stage of drilling at the Camp Zone will be to systematically step out along this corridor and search for additional higher-grade zones. Interpretation of multi-element data from 2020 and 2021 is ongoing to search for alteration assemblages and elemental correlations to zones of higher-grade gold.

Next Steps and 2022 work program

The Camp Zone has largely been the focus of work at Gold Creek in the recent past, however, much of the broader land package remains largely under-explored. Karus Gold plans to complete a property wide IP survey to better understand the sub-surface geology in the area as it is largely under tertiary cover. The goal of this survey is to generate near term drill targets as well as identify any potential continuation of the Camp Zone to the northwest across the Poquette Fault. A biogeochemical survey over prospective areas will help further refine areas for drill testing. The next phase of drilling will be ~2,500 m split between the Camp Zone and new exploration targets.

Drill assay results from the 7,142 meter FG Gold drill program continue to be received and Karus Gold expects to be in a position to provide these results in the first quarter of 2022.

Collar Table:

Drill Hole Length (m) Azimuth Dip Easting Northing Elevation
GC-21-045 244.75 238.06 -52.24 599437 5831174 928
GC-21-046 300 237.58 -62.98 599437 5831174 928
GC-21-047 240 253.93 -52.79 599437 5831174 928
GC-21-048 344 254.08 -62.85 599437 5831174 928
GC-21-049 260 239.71 -51.55 599362 5831151 924

 

About Gold Creek

The 100% owned Gold Creek project consists of 34 claims totalling 9,673 hectares. Access is by all-weather gravel road. The site has well developed infrastructure and is just 70 km northeast of the town of Williams Lake, a major regional centre serviced by an airport and railway. The property has several small roads that will provide easy access for drilling the claims.

Gold Creek is adjacent to and on strike with a large, northwest-southeast trending gold-bearing zone bounded by the Quesnel River (“QR”) historic mine and mill owned by Osisko Development Corp to the northwest and the Spanish Mountain project owned by Spanish Mountain Gold Ltd. to the southeast.

More information on Gold Creek can be found in the NI 43-101 technical report dated November 26, 2021 “Technical Report on the South Cariboo Gold Property” filed under Karus Gold’s profile on SEDAR at www.sedar.com and on Karus Gold’s website at www.karusgold.com.

About Karus Gold

Karus Gold is 100% owner of the 1,000 km2 South Caribou Gold District that includes the drill-stage FG Gold and Gold Creek projects in British Columbia. Karus Gold is supported by strategic investors Eric Sprott; and insiders, together with the management and Board, own approximately 59% of the basic shares outstanding.

Further information on Karus Gold and its assets can be found on the Company’s website at www.karusgold.com and at www.sedar.com, or by contacting us as [email protected] or by telephone at (888) 455-7620.

QA/QC and Qualified Person

Once the drill core was received from the drill site, individual samples were determined, logged for geological attributes, sawn in half, labelled, and bagged for assay submittal. The remaining drill core was then stored at a secure site in Horsefly, BC. The Company inserted quality control samples at regular intervals within the sample stream which included blanks, preparation duplicates, and standard reference materials with all sample shipments intended to monitor laboratory performance. Sample shipment was conducted under a chain of custody procedure.

Drill core samples were submitted to Bureau Veritas’ analytical facility in Vancouver, BC for preparation and analysis. Sample preparation included drying and weighing the samples, crushing the entire sample, and pulverizing 250 grams. Analysis for gold was by method FA450: 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and upper limit of 10 ppm. Gold assays greater than 10ppm are automatically analysed by method FA550: 50g fire assay fusion with a gravimetric fusion.

Bureau Veritas is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. Parameters for Bureau Veritas’ internal and Karus Gold’s external blind quality control samples were acceptable for the analyses returned.

Technical information with respect to Gold Creek contained in this news release has been reviewed and approved by Andrew Kaip, P.Geo., who is Karus Gold’s CEO and is a qualified person under National Instrument 43-101 responsible for the technical matters of this news release.

On behalf of Karus Gold

“Andrew Kaip”
Chief Executive Officer
(647) 515-7858

Investor Relations
Victor Ostlund – Kin Communications
(604) 684-6730
[email protected]

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects”, “suggests” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company, the next stage of the drill program and the timing, are forward-looking statements. Such 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 exploration and development activities at the Company’s projects, and factors relating to whether or not mineralization extraction will be commercially viable; risks related to the hazards and risks normally encountered in the exploration of minerals, such as unusual and unexpected geological formations; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks related to the stage of the Company’s development, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance; exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest.

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.

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Figure 1. Location of the 1,000 square km South Cariboo Gold District

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Figure 2. Location of Phase 1 Drill Holes at the Gold Creek Camp Zone

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Figure 3: Geologic Cross section with 2021 drill results.

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Figure 4. Gold Creek long section with 2021 drill results.

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Silver Elephant Drills Paca Silver Project in Bolivia, Assays Expected in Early February

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / Silver Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF)(OTCQX:SILED)(Frankfurt:1P2N)…

VANCOUVER, BC / ACCESSWIRE / January 19, 2022 / Silver Elephant Mining Corp. (“Silver Elephant” or the “Company”) (TSX:ELEF)(OTCQX:SILED)(Frankfurt:1P2N) announces it has commenced an exploration drilling program at the Paca deposit, which is part of the Company’s 100% controlled Pulacayo project in Bolivia.

This drilling program is a follow-up from a successful 2020 drill program (refer to news release dated November 30, 2020) where drill hole PND118 intercepted 112 meters 50 g/t silver equivalent including 10 meters of 93g/t silver equivalent (“AgEq”)*.

PND118 was drilled in September 2020 from northeast to southwest at the eastern edge of the Paca resource based on 2020 mapping and where observations of oblique structures to the main east-west trending mineralized resource body, defined by 21,098meters of Paca drilling, were almost all drilled in a north-south direction.

Drilling on PND119 (from east to west) and PND120 (from northeast to southwest), was completed in December 2021, with assay results pending in early February. The drilling program tested the encouraging Paca east corridor further away from Paca resource, where target locations were pinpointed by induced polarization (“IP”). Geophysics survey results collected in 2021 identified a large anomaly which continues across 5 lines (500 meters), immediately southeast ofhole PND118. The IP anomaly starts from near surface and extends down to at least 500 meters depth, which is the IP detection limit.

The Company interprets these broad oblique structures as key conduits for the mineralizing fluids during the formation of Paca deposit. The size of IP anomaly, which wraps around Paca dome, is comparable in its extent to current Paca resource (situated north of Paca dome) at 500 x 270 meters in dimension. The Paca resource** contains an indicated 37 million oz of silver, and an inferred 6 million oz of silver, much of it regarded as a manteau-style deposit.

Most of the near-surface mineralization at Paca is classified as oxide-silver resource containing an indicated 5.9 million oz of silver at 231g/t (800,000 tonnes), and an inferred 1.2 million oz of silver at 159g/t (235,000 tonnes). This mineralization represents an opportunity to recover the silver metal via a simple leach process. Environmental permitting commenced in mid-2021 and the Company plans to provide Paca permitting and technical updates in the near future.

The Paca deposit, 7 kilometers north of Pulacayo mine (the Tajo vein), is part of Pulacayo project with total resources of indicated 106.7 million oz of silver and inferred 13.1 million oz of silver**. These resources are well supported by 94,394 meters of drilling (5,009 meters by Apex Silver from 1994 to 1998, 85,024 meters by Apogee Silver from 2002 to 2014, and 4,361 meters by Silver Elephant from 2019 to 2020). These drilling programs have almost exclusively concentrated on the Pulacayo and Paca deposits, leaving significant exploration upside in the 35.6 km2 land package, 100% of which is controlled by Silver Elephant.

Robert Van Drunen, Silver Elephant’s Chief Operating Officer noted: “I was very impressed from my recent visit to Pulacayo in December in terms of the project’s resource, infrastructure capability and community support.

It was easy to see why the Pulacayo mining district is legendary with its rich 200-year history, featuring the Tajo vein with an endowed strike length recorded at over 3 kilometers.

The Paca deposit stands out to me as a clean slate project, with high likelihood of resource expansion, in addition to early production potential as an oxide starter pit operation with minimal stripping. Silver Elephant will rigorously study and pursue this production scenario.”

John Lee, founder and CEO states: “With the completion of the plan of arrangement to spin out the Company’s non-silver assets, Silver Elephant is directing focus and budget to its silver projects in Bolivia. Going forward, Silver Elephant is all about silver and we expect to see consistent progress and news updates throughout 2022.”

Paca maps are posted at www.silverelef.com.

*Based on core-angle measurements, true widths range from 77% to 86% of the reported core length. AgEq calculation is based on a 2020 NI 43-101-compliant resource report completed for the Paca deposit by Mercator Geological Services (see Company’s press release dated October 13th, 2020). Silver equivalent is calculated as follows: AgEq. = Silver Equivalent (Recovered) = (Ag g/t*89.2%)+((Pb%*(US$0.95/lb. Pb/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*91.9%))+((Zn%*(US$1.16/lb. Zn/14.583 Troy oz./lb./US$17 per Troy oz. Ag)*(10,000*82.9%)) and assumed metallurgical recoveries. Metal prices of US$17/oz Ag, US$0.95/lb Pb, and US$1.16/lb Zn apply.

**Pulacayo project resource by Mercator Geological Partners, effective October 13, 2020 with details provided in the Company’s news release dated October 13, 2020.

Quality Assurance and Quality Control (“QA/QC”)

Silver Elephant adopts industry-recognized best practices in its implementation of QA/QC methods. Rock chip samples average between 5-7 kilograms. Samples are shipped to ALS Global Laboratories in Ururo, Bolivia for preparation and then shipped to ALS Global laboratories in Lima, Peru for analysis. Samples are analyzed using Intermediate Level Four Acid Digestion. Silver overlimits (“ore grade”) are analyzed using fire assay with a gravimetric finish. The ALS Laboratories sample management system meets all the requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures. A geochemical standard control sample is inserted into the sample stream. The laboratory also includes duplicates of samples, standards and blanks for additional QA/QC. Check assays are reviewed prior to the release of data. Assays are also reviewed for their geological context and checked against field descriptions.

Qualified Person

The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, VP Exploration. Mr. Oosterman is not independent of the Company in that he is employed by it. Mr. Oosterman is a qualified person as defined by the guidelines in NI 43-101.

About Silver Elephant

Silver Elephant Mining Corp. is a premier silver mining and exploration, and owns 39% of Battery Metals Royalties Corp.

Further information on Silver Elephant and Battery Metals Royalties can be found at www.silverelef.com and royalbatt.com

SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
“John Lee”
Executive Chairman
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Silver Elephant’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant 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 as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

SOURCE: Silver Elephant Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/684566/Silver-Elephant-Drills-Paca-Silver-Project-in-Bolivia-Assays-Expected-in-Early-February


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Today’s News

Phoenix Gold Resources Appoints Bruce Durham as Executive Chairman

 

Vancouver, British Columbia – TheNewswire – January 19, 2022 – Phoenix Gold Resources Corp. (the "Company") (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE)…

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Vancouver, British Columbia – TheNewswire – January 19, 2022 – Phoenix Gold Resources Corp. (the “Company”) (TSXV:PXA) (OTC:PGRCF) (Frankfurt:5DE) is pleased to Mr. Bruce Durham as a director of the Company and announce his appointment as the Company’s Executive Chairman effective immediately.

Mr. Durham has more than 40 years of work in the junior resource industry including mandates in corporate management, project development and exploration project management. Bruce is a Professional Geologist (P.Geo.) who holds a BSc. Geology from University of Western Ontario.

The discoveries Mr. Durham was intimately involved in includes his co-discovery of the Bell Creek mine in Timmins, and he then went to Hemlo where he participated in the exploration and development of two of the three gold discoveries that became significant gold producers. He was involved in early exploration drilling at the Corona Project and was also the geologist on the discovery holes at the Golden Giant Project that became Hemlo Gold Mines’ flagship project. Between 1998 and 2007, he held various management positions with Canadian Royalties Inc., including President and Vice President Exploration.

 

More recently he served as President and CEO of Nevada Zinc Corporation, Executive Chairman Rockcliff Metals Corporation and COO of Norvista Capital Corporation. Mr. Durham is a director of Minera Alamos Inc. and is VP Exploration for BTU Metals Corp.

 

Andrew Lee, President and CEO stated “Bruce provides the Company with significant leadership experience in the mining sector and will be a key member our team to help advance our exploration plans at York Harbour. I am very pleased to welcome Bruce to the role of Executive Chairman of the Company and very excited to be working with him on our projects.”

 

About the Company

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

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

 

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

 

ON BEHALF OF THE BOARD OF DIRECTORS

Andrew Lee

CEO, President and Director

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

Website: www.phoenixgoldresources.ca

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

 

Cautionary Statement Regarding Forward-Looking Information

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Copyright (c) 2022 TheNewswire – All rights reserved.

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