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Silver Spruce Provides Exploration Update on Pino de Plata Project, Chihuahua, Mexico

BEDFORD, NS / ACCESSWIRE / November 25, 2021 / Silver Spruce Resources, Inc. ("Silver Spruce" or the "Company") (TSXV:SSE)(FRA:S6Q1) reports the following…

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BEDFORD, NS / ACCESSWIRE / November 25, 2021 / Silver Spruce Resources, Inc. (“Silver Spruce” or the “Company”) (TSXV:SSE)(FRA:S6Q1) reports the following update on the Pino de Plata project, Chihuahua, Mexico.

“We have receipt of flight data from our LiDAR survey and are updating the Pino de Plata technical database while negotiations remain ongoing for an access agreement with the landowner to allow drilling on several highly promising silver targets,” said Greg Davison, Silver Spruce Vice-President Exploration and Director. “The new LiDAR data shown in this release provides high resolution topography for the proposed drilling, structural lineament mapping and future exploration programs.”

Figure 1. Steep terrain, intense alteration and quartz veining at the La Perla Veins drill target

“We submitted another offer sheet to the landowner during September, received positive feedback on the benefits of the potential terms of the agreement and remain confident that a mutually beneficial solution to long-term right of access to Pino de Plata will be achieved,” said Mr. Davison. “We appreciate the understanding and support of our shareholders throughout this drawn-out negotiation, and we believe the project value will be worth our investment in time, effort and patience. We continue to maintain our communication with the technical team and drill contractors in Mexico to expedite our exploration program on Pino de Plata upon signing of an agreement with the landowner.”

The Company is engaging on a regular basis, through our Hermosillo-based counsel, with a representative of the landowner since the registration of the claim ownership and the Agreement (Press Release – December 24, 2020) inherent in the terms under consideration.

As per the terms of the Agreement, it remains subject to force majeure until access to field exploration, including diamond drilling, is granted by the landowner.

The Company remains current on payment of the requisite property taxes (2nd semester 2021 paid) on Pino de Plata and looks forward to advancing its proposed and fully permitted Phase 1 exploration drilling program. Further updates will be provided to shareholders in due course.

Exploration Update

The Company retained Eagle Mapping Ltd. (“Eagle Mapping”) to conduct a LiDAR (Light Detection and Ranging) survey over the Property. As shown in Figures 1 and 2, the Property exhibits moderate to steep topographic relief over the areas of the known mineralization.

Figure 2. Hilly topography transecting El Terrero, near the Gossan Zone, looking west across the valley to Theodora and Sierpe Veins

Eagle Mapping collected LiDAR data and aerial photography from a nominal flight elevation of 5000 feet (1500 metres) at a minimum density of 8 ppm (pulses/m2) with expected accuracies of ±15 cm in the vertical and ±30 cm in the horizontal. Colour aerial photography were orthorectified to the LiDAR base earth model with a 12 cm pixel resolution. Digital elevation (DEM) and digital surface (DSM) models with contours at 1 metre were generated. The LASer (LAS) point cloud with classified bare earth and metadata final report are contained in the deliverables. The LAS format is an open binary file format designed for the interchange and archiving of LiDAR point cloud data and regarded as an industry standard for LiDAR data.

The Eagle Mapping team mobilized from Mexico City with a local flight base from Ciudad Obregón, southern Sonora, Mexico. The LiDAR survey data were processed and the final batch of files were received in late May. Data compilation was deferred until Property negotiations showed signs of advancement in September.

Examples of the LiDAR maps of the Pino de Plata claims with Phase 1 drill hole collars are shown in Figures 3 and 4. Surface topography with and without 1 metre contours is displayed.

Figure 3. 1:10,000 scale LiDAR shaded surface map of Pino de Plata property with Phase 1 drill collars from Theodora, Sierpe, La Perla and El Terrero Veins and the Gossan Zone.

Project Background

Pino de Plata is located within the western portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending “Sonora Gold Belt” of northern Mexico and parallel to the precious metals-rich Mojave-Sonora Megashear.

The 397-hectare Pino de Plata Ag-Pb-Zn-Cu-Au concessions are strategically located only fifteen (15) kilometres west from Coeur Mining Inc.’s (“Coeur”) Palmarejo open pit and underground operations and is largely surrounded by Coeur through its 2014 acquisition of the adjacent San Miguel Project via Paramount Gold and Silver. The Property has supported small scale historical production of high-grade mineralization from artisanal workings, though modern exploration is limited to Silver Spruce’s 2016-2019 programs, and, of principal note, the project has not yet been drilled.

The project area is known to host widespread mineralization at surface with silver values, on average, of greater than 50 g/t Ag, with local targets >500 g/t Ag.

Three outcropping target types with attendant moderate to intense alteration include disseminated epithermal, carbonate replacement and significant vein mineralization, each providing high priority, shallow drill targets.

Figure 4. 1:1,000 scale contours on LiDAR shaded surface map of several La Perla Vein targets amid several NW and NE-trending lineaments, and shown in Figure 1, on Pino de Plata property with three of the Phase 1 La Perla drill collars. Contour interval – 1 metre.

Qualified Person

Greg Davison, PGeo (BC), Vice-President Exploration & Director, is the Company’s internal Qualified Person (QP) and is responsible for the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), under TSX guidelines.

About Eagle Mapping

Eagle Mapping has more than 30 years of Aerial Mapping experience and flown LiDAR surveys from Alaska to Chile for clients associated with Mining, Forestry, Engineering, Ecological and First Nations sectors. They specialize in Aerial LiDAR and air photo collection and processing, and own state of the art LiDAR collection equipment including the RIEGL VQ-780i, LMS-Q1560 and LMS-Q780 using the most sophisticated software to process LiDAR data.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, a drill-ready precious metal project, and up to 50% interest in each of Colibri’s early stage Jackie Au and Diamante Au-Ag projects, with the three properties located from 5 kilometres to 15 kilometres northwest from Minera Alamos‘s Nicho deposit, respectively. The Company is acquiring 100% interest in the drill-ready and fully permitted Pino de Plata Ag project, located 15 kilometres west of Coeur Mining’s Palmarejo Mine, in western Chihuahua, Mexico. Silver Spruce recently signed a Definitive Agreement to acquire 100% interest in three exploration properties in the Exploits Subzone Gold Belt, located 15-40 kilometres from recent discoveries by Sokoman Minerals Corp. and New Found Gold Corp., central Newfoundland and Labrador. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

Contact:

Silver Spruce Resources Inc.
Greg Davison, PGeo, Vice-President Exploration and Director
(250) 521-0444
[email protected]

Michael Kinley, CEO
(902) 402-0388
[email protected]

[email protected]
www.silverspruceresources.com

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.

Notice Regarding Forward-Looking Statements

This news release contains “forward-looking statements,” Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

SOURCE: Silver Spruce Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/674701/Silver-Spruce-Provides-Exploration-Update-on-Pino-de-Plata-Project-Chihuahua-Mexico









Today’s News

REPEAT — Metallica Metals Intersects High Grade Gold Mineralization in First Drill Holes Completed on Starr Gold-Silver Project

VANCOUVER, British Columbia, Nov. 25, 2021 (GLOBE NEWSWIRE) — Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) (the “Company” or “Metallica…

VANCOUVER, British Columbia, Nov. 25, 2021 (GLOBE NEWSWIRE) — Metallica Metals Corp. (CSE:MM) (OTC:MTALF) (FWB:SY7P) (the “Company” or “Metallica Metals”) is pleased to announce assay results from the first three diamond drill holes (STR21-001 to 003) completed to validate high-grade gold mineralization at the Starr Gold-Silver Project (“Starr” or the “Project”) in the Thunder Bay Mining District of Ontario, Canada. The Project, which the Company has the right to earn up to a 100% interest from Benton Resources Inc. covers a large land position (5,991 ha) that includes several high-grade gold and silver occurrences within a 20 km long segment of the southwestern section of the Shebandowan Greenstone Belt (Figure 1).

Highlights:

Recent drilling has confirmed grade continuity between historical drill holes in the Starr Central target area and results indicate high-grade gold mineralization extends along strike.
   
Several thick high-grade gold zones identified. Significant intercepts include: 
   
    STR21-001
    34.9 m at 1.11 g/t Au from 0.5 m depth including 2.1 m at 11.63 g/t Au and 1.15 m at 2.45 g/t Au and 2.45 m at 2.81 g/t Au
     
    STR21-002
    2.05 m at 0.82 g/t Au from 65.85 m depth including 0.5 m at 2.91 g/t Au
     
    STR21-003
    25.75 m at 1.14 g/t Au from 5.8 m depth including 4.45 m at 1.95 g/t Au and 0.9 m at 13.1 g/t Au and 3.3 m at 1.69 g/t Au
       
The Starr Project has historically been underexplored and drilling is expected to increase our confidence in the geology and structure of these mineralized zones especially in the eastern and southern parts of the Project.
     
Additional assay results are expected soon with over 13 holes already completed at Starr. A second drilling rig from Forage Fusion Drilling (FFD) of Hawkesbury, Ontario has also arrived on site to complete drilling targets on the eastern side of the Project.
     

Paul Ténière, CEO and Director of Metallica Metals commented, “These first drill hole results for the Starr Project have confirmed the continuity and thickness of the high-grade gold mineralization present in the Starr Central target area and at shallow depths. We are also seeing good correlation with the historical drilling results, and this is encouraging as we continue to advance our 4,000 m drilling program and continue drilling in the Starr and Powell Zones. A second diamond rig has arrived at the property and has commenced drilling targets to the east that have never been tested below surface, such as the CK showing which contains up to 16.5 g/t Au and 349 g/t Ag from historical grab samples.”

Figure 1: Location of Metallic Metals’ Starr gold-silver project with respect to adjacent properties including the Moss Lake gold deposit (sources: 2013 NI 43-101 Technical Report and PEA for the Moss Lake Project and Kesselrun Resources October 7, 2020 news release)
https://www.globenewswire.com/NewsRoom/AttachmentNg/930d5bde-f688-451a-bee3-e173c1ee2b30

Please note: The adjacent Moss Lake gold deposit hosts an Indicated Mineral Resource of 39,797,000 tonnes grading 1.1 g/t Au for 1,377,300 contained ounces of gold and an Inferred Mineral Resource of 50,364,000 tonnes grading 1.1 g/t Au for 1,751,600 contained ounces of gold, and is currently under care and maintenance (source: NI 43-101 Technical Report and PEA for the Moss Lake Project with an effective date of May 31, 2013 and filed on SEDAR under Moss Lake Gold Mines Ltd., now Wesdome Gold Mines Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Starr Project (please refer to additional cautionary statements below).

Technical Overview

A summary of the first three drill holes completed (STR21-001 to 003) and significant assay intercepts are shown below in Tables 1 and 2, respectively. Figures 2 and 3 indicate the drill hole locations and significant intercepts. A photo of mineralization in drill core from Hole STR21-001 is shown below in Figure 4.

Table 1: Collar Table for Starr Diamond Drill holes (Holes STR21-001 to STR21-003)

Hole ID Northing (m) Easting (m) Elevation (m) Azimuth (°) Dip (°) Hole Depth (m)
STR21-001 5350054 657569 450.7 310.1 -70 177
STR21-002 5350062 657578 450.6 295.2 -65 124
STR21-003 5350041 657580 461.2 295 -45 90

Note: Approximate collar coordinates in UTM NAD83 Zone 15N

Table 2: Significant Gold Intercepts for Starr Project diamond drill holes STR21-001 to 003

Hole ID From (m) To (m) Length (m) Grade
(g/t Au)
STR21-001 0.50 35.40 34.90 1.11
including 0.50 2.60 2.10 11.63
and 4.75 5.90 1.15 2.45
and 20.90 23.35 2.45 2.81
and 34.40 35.40 1.00 0.58
STR21-002 65.85 67.90 2.05 0.82
including 65.85 66.35 0.50 2.91
STR21-003 5.80 31.55 25.75 1.14
including 10.75 15.20 4.45 1.95
and 19.00 19.90 0.90 13.10
and 22.80 26.10 3.30 1.69

Note: True widths for these intervals are unknown at this time. Grades shown are uncut.

Metallica Metals has focused its diamond drilling program on a combination of historical high-grade gold mineral occurrences within the Starr Project. The three main areas to be tested are the Central (Starr and Powell Zones), Eastern (CK showing plus additional targets), and Western (West and South showings) Starr target areas. Drilling is testing several structural and geophysical targets determined from the Company’s recently completed airborne mag-EM survey, in combination with all historical geochemical, geophysical, and geological data from the Project. Drilling supervision, and core logging and sampling is being managed by Fladgate Exploration Consulting Corp. (“Fladgate”) of Thunder Bay and diamond drilling is being completed by Missinaibi Drilling Services Ltd. of Timmins and Forage Fusion Drilling (FFD) of Hawkesbury, Ontario. All diamond drill core is NQ-size diameter and all holes are being surveyed using a downhole Reflex survey tool.

Drilling around the central portion of the property (Starr Central) has been focused on the Starr Showing and Powell Zone (Figure 2). The Company has used available historical data, recommendations from previous work reports, as well as targets from a newly completed geophysical and structural interpretation to plan drill holes in this area. Several drill holes will act as infill, testing the continuity between known values, while others will test structures that have never been drill tested that also hold gold values at surface.

Figure 2: Drilling completed in the Central portion of the Starr Property (STR21-001 to 003)
*Assays pending for holes STR21-004 to 006. **Cross section indicated by line A-A’
https://www.globenewswire.com/NewsRoom/AttachmentNg/246550e7-2450-4619-ab39-5cd937f9cba6

Figure 3: Cross section (A-A’) of drilling completed to date on the Starr Property (STR21-001 to 003)
*Assays pending for holes STR21-004 to 006
https://www.globenewswire.com/NewsRoom/AttachmentNg/d136457d-73c7-42d3-9fa3-5f67fdaf09ca

Hole STR21-001

Hole STR21-001 was drilled halfway between historical drill holes SAG-06-11 and 91-3. The purpose of this drill hole was to confirm the continuity of grade between the two historical holes. A summary of the significant mineralized intervals include:

0.5-5.9 m: Mafic Intrusive Rock: Intrusive rock selectively has cross-cutting planar and curvilinear quartz veining associated with the mineralization of localized pyrite clusters. Host rock is very magnetic, with flaky and metallic mineral found in veins from 0.9-1.35m most likely hematite. Lithology is altered with Hematite occurring primarily in sections 3-5.9m. Area of albite alteration from 1.65-2.4m. Bottom contact is measured at 75° to core axis.

  • 0.9-1.35 m (veining): Intense alteration and sulphidization associated with this quartz vein, curvilinear quartz vein surrounded by planar veinlets.
  • 1.35-2.4 m (veining): Crosscutting planar quartz veins, heavily haloed in alteration of Ab and Hem.

5.9-20.9 m: Mafic Volcanic Unit: Area heavily chloritized with green colour from 5.9-15.2.2m. Area of intense cross-cutting with white/barren quartz veins occurring from 10-15m. Albite alteration present from 15.3-16.7m. Bottom contact is calculated at 70° measured to core axis (Figure 4).

20.9-23.35 m: Granitic Intrusive Rock: Distinct unit of coarse-grained intrusive rock, heavily altered with albite, K-Feldspar and Silica, 3% pyrite and Pyrrhotite associated with intruding quartz veins. Quartz veins take a brecciated-style alongside tourmaline. Bottom contact is calculated at 70° measured to core axis.

23.35-25.65 m: Felsic to Intermediate Intrusive Rock: Gradational contact with unit above. Zone includes cross-cutting planar veins with halos of alteration. Pyrite and Pyrrhotite associated with quartz veins. Bottom contact is calculated at 80° measured to core axis.

25.65-27.35 m: Mafic Volcanic Unit: Less chloritized mafic volcanic with black colour including multiple barren/white quartz cutting veins along foliation of 60°. Bottom contact is calculated at 60° measured to core axis.

Figure 4: Drill core photo from top of hole STR21-001 displaying grade and thicknesses (0 to 18.7 m)
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1efb455-98ec-46dd-867c-3f4a31d5d47d

Hole STR21-002

Drill hole STR21-002 was planned to test the geology and mineralization between historical drill holes SAG06-11 and SR-97-12. Geological logs indicate assays in the hanging wall are more continuous. A summary of the significant mineralized intervals include:

63.15-68.7 m: Ultramafic: lithology is extensively altered with quartz-carbonate veins and selective zones of pyrite up to 2% (65.6-66.35 m). Heavily sheared quartz veinlet/zone with 2% pyrite from 67.1-67.45 m. Large quartz-carbonate veinlets running along core axis from 63.15-63.95 m. The bottom contact angle with the diabase dyke below measures 70°.

Hole STR21-003

Drill hole STR21-003 was planned as a step-out of historical drill hole SR-97-12 to confirm continuity of grade along strike to the north-east. A summary of the significant mineralized intervals include:

27.8-46.5 m: Moderately silicified-chloritized dark igneous rock with large grains of feldspar and quartz eyes occurring throughout. The feldspars have been strongly altered by chlorite and epidote leaving them with a light green appearance. Light blue-white carbonate veinlets occur sporadically throughout. Little to no mineralization present in this unit. Towards the lower part of the unit the feldspars almost completely disappear (37-46.51 m) and the unit takes on more of an intermediate composition with small quartz eyes still present.

46.5-49.5 m: Moderately silicified-chloritized volcanic rock with ~1 cm wide quartz-carbonate veinlets occurring throughout in chaotic orientations. The veinlets are often associated with moderate hematite alteration, and some are composed dominantly of a pink carbonate. The strong pyritization and alteration associated with veining observed in this unit at the top of the hole has completely disappeared at this point. From 46.51-64.12 m this volcanic unit is frequently crosscut by a porphyritic hematite altered dyke. Varying amounts of pyrite dissemination throughout the unit ranging from trace to 3%.

49.5-50.1 m: Heavily hematite altered porphyritic dyke with a fine-grained dioritic ground mass. The ground mass also has weak calcite alteration. Mineralization is composed of 0.5% pyrite and is disseminated throughout. The upper contact of the dyke is sharp and nearly perpendicular to core axis. The lower contact is shallow, undulating, and nearly parallel to core axis.

50.1-57.2 m: Weakly silicified and chloritized massive volcanic rock with chaotic quartz-carbonate veinlets occurring throughout.

57.2-59.25 m: Section of strongly silicified alternating units of mafic metavolcanics and porphyritic dyke, with the dyke being the dominating unit (~75%). Pyrite mineralization is disseminated throughout both units at ~1%. The dyke has large feldspar phenocrysts (maximum 1 cm in width) that have a pinkish alteration. The ground mass of the dyke is moderately calcite altered.

59.25-63.1 m: Massive, moderately silicified and calcite altered wall rock with frequent occurrences of calcite, chlorite+epidote, and k-spar (hard salmon pink mineral) filled fractures. The carbonate alteration is stronger in some sections, effervescing quite strongly. Mineralization consists of ~1% disseminated pyrite.
63.1-64.1 m: Chlorite-calcite altered mafic volcanic dyke with large well developed feldspar crystals and sporadic calcite veinlets (1-2 cm wide) throughout. The composition of this dyke is very similar to the hosting mafic meta-volcanic, however the contacts between them are sharp. Mineralization consists of disseminated pyrite throughout (~1%) with an increase near the upper and lower contacts (~4%).

64.1-73.7 m: Strongly chlorite altered and moderately silicified mafic volcanic with pinkish calcite veinlets cross cutting the host rock. Strong interstitial calcite alteration occurs from 64.12-66.14 m. Trace pyrite mineralization disseminated throughout, with a slight preference along fracture surfaces.

Analytical and QAQC Procedures

Metallica Metals and its geological consultants (Fladgate) have implemented a robust Quality Assurance and Quality Control (QAQC) program for the Starr Project that complies with CIM exploration best practices for sampling, chain of custody procedures, and analytical methods. Certified gold reference standards, blank material, and duplicates are routinely inserted by the site geologists at the on-site core processing facility as part of the QAQC program in addition to the control samples inserted by the laboratory. The NQ-sized half core samples are labeled and sealed in plastic sample bags and held on site in a secure location until transported by truck to Activation Laboratories (“ActLabs”) in Thunder Bay, Ontario, where they are prepared and analyzed. ActLabs is independent of Metallica Metals.

Actlabs’ QAQC system is registered to international quality standards through the ISO/IEC 17025:2017 (including ISO 9001:2015 and ISO 9002 specifications) and is accredited to the Standards Council of Canada (SCC) Requirements and Guidance for the Accreditation of Testing Laboratories, specific to mineral, forensic and environmental testing laboratories.

Core samples are analyzed for gold using Fire Assay-AA techniques (1A2-Au-30). Samples returning over 5 g/t gold are analyzed using Fire Assay-Gravimetric methods (1A3-Au-30). Selected samples are also analyzed with Aqua Regia “Partial” Digestion methods for ICP-MS (Ultratrace 1-15). The Company and its geological consultants confirm all assay results reported herein have passed QAQC protocols.

Qualified Person Statement and Data Verification

All scientific and technical information contained in this news release was prepared and approved by Paul Ténière, M.Sc., P.Geo., CEO and Director of Metallica Metals Corp., who is a Qualified Person as defined in NI 43-101. Mr. Ténière has verified all scientific and technical data disclosed in this news release including the core descriptions, sampling procedures, and analytical data underlying the technical information disclosed. Specifically, Mr. Ténière reviewed the detailed core logs produced by Fladgate during the drilling program, the certified assay results from ActLabs, and the assay composite tables produced for each drill hole. No errors or omissions were noted during the data verification process and a Fladgate geologist also verified the information disclosed.

This news release also contains scientific and technical information with respect to adjacent or similar mineral properties to the Starr Project, which the Company has no interest in or rights to explore. Readers are cautioned that information regarding mineral resources, geology, and mineralization on adjacent or similar properties is not necessarily indicative of the mineralization on the Company’s properties.

On behalf of the Board of Directors

METALLICA METALS CORP.
Paul Ténière, M.Sc., P.Geo.
CEO and Director
[email protected]

Head Office:
Suite 810 – 789 West Pender Street
Vancouver, BC V6C 1H2 Canada
Ph: (604) 687-2038
Toronto Office:
Suite 401 – 217 Queen Street West
Toronto, ON M5V 0R2 Canada

   

About Metallica Metals Corp.

Metallica Metals Corp. is a Canadian junior mining company listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the ticker symbol “MM”. The Company is focused on acquiring and exploring gold-silver and platinum group metal (PGM) properties across Canada. The Company is currently exploring and developing its Starr gold-silver project, and Sammy Ridgeline and Richview Pine PGM projects, which are all located adjacent to advanced mining projects in the Thunder Bay Mining District of Ontario.

For more information, please visit the Company’s website at https://metallica-metals.com.

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

Forward-looking Information Statement

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.









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Today’s News

Goldseek Intersects 0.96 g/t Gold over 19.9 Metres in East Zone Extension at Beschefer

Highlights:

0.96 g/t gold over 19.9 metres,including 1.56 g/t gold over 7.0 metres, in a 90-metre north-east step-out hole in an area of limited historical…

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Highlights:

  • 0.96 g/t gold over 19.9 metres,including 1.56 g/t gold over 7.0 metres, in a 90-metre north-east step-out hole in an area of limited historical drilling.Between 30 and 200 metres of finely disseminated chalcopyrite in these three step-out holes supporting copper potential with base metal results still outstanding.  

  • Final rushed intervals completed during Goldseek’s maiden 5,000-metre program  

  • 15 of 17 holes returned gold values highlighted by 4.92 g/t gold over 28.65 metres (141 Metal Factor),including 11.39 g/t gold over 9.1 metres, the 2nd best intercept on the Property to date in terms of grade and thickness (BE-21-02).  

  • A follow-up drill program is being planned, and commencement is targeted for late January 

 

November 25, 2021 – TheNewswire – London, OntarioGoldseek Resources Inc. (CNSX:GSK.CN) (FSE:4KG) (OTC:GSKKF) (“Goldseek” or the “Company”) is pleased to announce results from the final three drill holes at the Beschefer Project, located approximately 30 kilometres southwest of Wallbridge Mining Company Limited’s (“Wallbridge”) Fenelon Gold Project on the Detour Gold Trend. BE-21-14 intersected 0.96 g/t gold over 19.9 metres, including 1.56 g/t gold over 7.0 metres, encountered in a 90-metre step-out hole in the East Zone.

FIGURE 1 – BESCHEFER ZONE LONG SECTION


Click Image To View Full Size

 

The drill grid was designed to validate and extend the modelled Central Shallow Zone and East Zone, covering approximately 700 metres of strike length following a general north-east trend. The mineralization extends from the bedrock interface down to a vertical depth of about 200 metres. The target structure dips at 40° to the southeast.

 

Holes reported aimed at finding the extension to the northeast at an average distance of 100 metres using three holes, BES-21-12 to BES-21-14, totalling 1,050 metres and forming a staggered fence. The program has successfully identified a possible robust extension to the mineralized system following a trend that can be evaluated at N060 degrees based on gold grade and lithological correlations. The historical drill coverage going eastward is nearly absent, possibly due to the lack of clear geophysical signals.


Click Image To View Full Size

VIDEO: Goldseek CEO Update

Goldseek’s President & CEO Jon Deluce states, “We are very excited to announce these final extension holes from our maiden 5,000-metre program at Beschefer. BE-21-14 extends the East Zone to the northeast by 90 metres and supports the expansion potential of the Project. This hole encountered strong chalcopyrite over varied metric lengths. With all chalcopyrite occurrences combined, it results in a large envelope reaching 100 metres of core length. We look forward to receiving the base metals results, which are still outstanding.

 

We have started to plan our follow-up winter drill program with a targeted start in January 2022. Over the coming weeks, we will provide an updated 3D model and an overview of our drill strategy for our winter follow-up program.”

 

East Zone Extension Highlights

 

The best intercept from the East Zone was BE-21-14 with 0.96 g/t over 19.9m, including 1.56 g/t over 7.0m located at a vertical depth of around 150 metres. The mineralized interval is hosted in a breccia highlighted by the heterogenous composition of alteration assemblage in the form of cloudy secondary feldspath, quartz, iron carbonate and sericite. Fine pyrite is located in the porosity, disseminated or concentrated in a fine stringer at various concentrations between 1 and 5%. Hole BE-21-14 intersected the mineralized structure about 100 metres down dip from historical hole B14-21 characterized by anomalous gold values.

 

Hole BE-21-12 returned a low-grade interval of 0.36 g/t over 6.75 metres, including 1.03 g/t over 1.3m. In this case, the gold enrichment straddles the faulted contact between a carbonatized and ductilly deformed mafic host rock and a feldspathized breccia at the footwall developed in intermediate flows. Hole-21-12 intercepted the mineralized structure 125 metres down dip from BE-21-14.

 

No significant results were obtained from the targeted structure in hole BE-21-13. A strong chloritized ductile deformation zone was cut over 20 metres in length. This last hole is offset from BE-21-13 and BE-12-14 by about 30 metres along strike. As for BE-21-13, It has intercepted the targeted structure about 100 metres down dip from BE-21-14.

 

Overall, the East Zone geological environment is distinct with the predominance of felsic rocks at the hanging wall of the gold-bearing structure, collared and crosscut over 150 to 200-metre lengths. In this context, partial quartz-sericite alteration affects an interlayered sequence of porphyric felsic flows and volcanic breccia layers. Pyritization is widespread with common disseminated and fractures filling chalcopyrite. Described chalcopyrite occurrences represent continuous intervals going from 30 to 230 metres along holes lengths.

 

RUSHED RESULTS FROM FINAL 3 HOLES

 

Hole ID

From (m)

To (m)

Length (m)

Gold (g/t)

East Zone – Step Out

BE-21-14

190.4

210.3

19.9

0.96

Including

199

206

7.0

1.56

         

BE-21-12

316.75

323.5

6.75

0.36

Including

321

322.3

1.3

1.02

         

BE-21-13

NSV

* Stated lengths are core lengths as drilled. True widths are estimated to be between 85% and 100% of reported core length intervals.

 

Figure 2: BE-21-14, mineralized interval showing the brecciated texture

Results from individual samples displayed: 0.745 g/t (E6442371), 2.26 g/t (E644374), 0.657 (E6442378)

 


Click Image To View Full Size

 

Hole ID

Easting UTM

Northing UTM

Length (m)

DIP

Azimuth

BE-21-12

660961

5516033

400

-65

     340

BE-21-13

660992

5516126

350

-68

340

BE-21-14

660902

5516197

300

-65

340

The program was carried out under the supervision of Martin Demers, P.Geo and a consultant for Goldseek Resources, the qualified person responsible for this news release. The field program was run by SL Exploration. The drill core was split at the Technominex facility in Rouyn-Noranda with half sent to AGAT Labs in Val D’Or, QC, and fire assayed with an AA and gravimetric finish. Assays on metallic sieving are performed on whole samples greater than 10 g/t gold and samples containing visible gold. Duplicates, standards and blanks were inserted into the sample stream.

About the Beschefer Project:

  • Advanced gold exploration project with significant near-term resource potential 

  • Located in a favourable orogenic gold setting 45 km northeast of the Casa Berardi Mine and 30 km southwest of Wallbridge’s Fenelon Gold Project. 

  • Highlights of the best intersections include 55.63 g/t gold over 5.57 sin hole BE13-038 (including 224 g/t over 1.23m ; 13.95 g/t over 0.68m and 13.70 g/t over 0.73m), 13.07 g/t gold over 8.75 s in hole B12-014 (including 58.5 g/t over 1.5m), 3.56 g/t gold over 28.4 s in hole B14-006 (including 7.42 g/t over 5.5m), 10.28 g/t gold over 8.00 s in hole B14-35 (including 86.74 g/t over 0.60m), and 12.40 g/t gold over 3.78 s in hole B11-003. True width in these sections vary between 89% and 99% of the intercepted width. 

  • The mineralization shows high-grade gold-bearing structures hosted in a lower grade envelope, highlighting the regional potential along the already defined shear zones on the Property. 

  • Continuous large-scale gold-bearing structure (B-14 Zone) with known continuity and additional known parallel mineralized shear zones. 

 

Qualified Person

This press release was reviewed and approved by Martin Demers, P.Geo,ogq No 770, who is a qualified person as defined under National Instrument 43-101, and responsible for the technical information provided in this news release.

 

ON BEHALF OF THE BOARD

Jonathon Deluce

Chief Executive Officer

Telephone: 226-271-5170

 

For more information, please contact:

Goldseek Resources Inc.

E-mail: [email protected]

 

The reader is invited to visit Goldseek’s web site https://www.goldseekresources.com/

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain statements that may be deemed “forward-looking statements” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the Company’s future plans of Beschefer. 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to obtain all requisite approvals, including approval of the Canadian Securities Exchange and securities regulatory authorities, if required for a transaction or financing, the Company’s ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop Beschefer or its other projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associates with mineral exploration, changes in general economic conditions, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives for the projects, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, 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.

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Pasinex Announces Third Quarter 2021 Financial Results

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) — Pasinex Resources Limited (CSE: PSE) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s…

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) — [nxtlink id="268471"]Pasinex Resources Limited[/nxtlink] ([nxtlink id="268471"]CSE: PSE[/nxtlink]) (FSE: PNX) (The “Company” or “Pasinex”) today reports the Company’s financial and operating results for the three and nine months ended September 30, 2021.

Andrew Gottwald, Chief Financial Officer of Pasinex, commented, “Although the development of the fourth adit did not go completely as planned in the first couple of quarters of the year, we are extremely pleased that we were able to get back on track in the third quarter. The mining permit was obtained and results from the two zinc sulphide product sales that we have had so far have been very encouraging with an average sales price of US$1,150 and an average grade of 50% zinc per tonne. We will continue to ramp up production in the fourth adit and expect to see healthy margins therefrom in the coming months.”

Highlights – Three and Nine Months Ended September 30, 2021

  Three Months Ended September 30,
    Nine Months Ended September 30,
 
    2021     2020       2021     2020  
Financial:                          
Equity gain from Horzum AS $   $     $ 32,232   $ 3,298  
Adjusted equity gain from Horzum AS (1) $ 651,083   $ 101,172     $ 863,498   $ 246,952  
Dividend received from investment in Horzum AS $   $     $ 32,232   $ 3,298  
Consolidated net loss $ (203,818 ) $ (408,615 )   $ (1,009,080 ) $ (1,101,021 )
Adjusted consolidated net gain (loss) (1) $ 431,109   $ (330,986 )   $ (228,184 ) $ (813,327 )
Basic and diluted net loss per share $ (0.01 ) $ (0.01 )   $ (0.01 ) $ (0.01 )
Cash used in operating activities $ 217,399   $ 317,088     $ 558,652   $ 711,308  
Weighted average shares outstanding   144,554,371     144,554,371       144,554,371     144,554,371  
                           
  Three Months Ended September 30,
    Nine Months Ended September 30,
 
    2021     2020       2021     2020  
Horzum AS operational data (100% basis):                          
Zinc product mined (wet) tonnes   2,488     3,050       7,744     9,697  
Zinc product sold (wet) tonnes   1,999     2,731       6,658     8,376  
Zinc oxide product sold grade   29 %   30 %     31 %   30 %
Zinc sulphide product sold grade   47 %   N/A       43 %   N/A  
Gross margin (1)   52 %   23 %     40 %   16 %
CAD cost per tonne mined (1) $ 371   $ 322     $ 373   $ 310  
USD cash cost per pound of zinc mined (1) $ 0.38   $ 0.38     $ 0.42   $ 0.36  
           

(1) Refer to Non-GAAP Measures

Financial and Operational

  • For the three and nine months ended September 30, 2021, Pasinex incurred a net loss of approximately $204,000 and $1,009,000, respectively, compared with a net loss of approximately $409,000 and $1,101,000 for the three and nine months ended September 30, 2020, respectively. The year over year decreases in net loss for both the three and nine months ended September 30, 2021, are the result of lower exploration and general and administrative expenses and the recognition of a recovery of the Horzum AS receivable in 2021 versus an impairment in 2020, which are offset by higher share-based payments and interest expense.
  • The adjusted consolidated net gain (see non-GAAP measures) was approximately $431,000 for the three months ended September 30, 2021, versus an adjusted consolidated loss of $228,000 for the nine months ended September 30, 2021. These totals compare with an adjusted consolidated net loss of approximately $331,000 and $813,000 for the same periods in 2020. The adjusted equity gain (see non-GAAP measures) was approximately $651,000 and $863,000 for the three and nine months ended September 30, 2021, compared with adjusted equity gains of approximately $101,000 and $247,000 for the three and nine months ended September 30, 2020. These non-GAAP measures reflect the Company’s results without recording the impairment charges and foreign currency impact related to the Akmetal receivable.
  • The operating income in Horzum AS increased for both the three and nine months ended September 30, 2021, when compared with the same periods in 2020, primarily as a result of achieving better margins with substantially higher sales prices. These increases were offset by slightly higher cost of goods sold per tonne mined in 2021, which includes costs related to the development of the fourth adit. The gross margin (see non-GAAP measures) for the three and nine months ended September 30, 2021, increased to 52% and 40%, respectively, from 23% and 15% for the same periods in 2020.
  • Horzum AS received approval to begin mining zinc sulphide product from the fourth adit during the quarter. Sales of zinc sulphide product during and subsequent to the quarter end resulted in average sales prices of approximately US$1,150. The average grade achieved for these sales was approximately 50% zinc per tonne.
  • In total, Horzum AS has completed 566 metres of development for the fourth adit. A total of 2,453 metres of exploratory diamond drilling was completed in 46 underground holes from within the fourth adit, with 12 holes having intersected zinc sulphide product.
  • Pasinex Arama applied to MAPEG, the Turkish Mining Department, to convert its exploration status license at its Akkaya property to operational status and for Horzum AS to convert its pre-exploration status license at the Mahyalar property to exploration status. Pasinex Arama has been informed that the Akkaya license application was approved and is awaiting final receipt of the official license documentation.
  • In December 2020, Horzum AS restructured its tax liabilities that were due as of August 31, 2020, as allowed by the Turkish taxation department. Horzum AS is scheduled to make instalments of its various tax debts, with each tax debt under its own schedule of 18 equal instalments. Akmetal has paid on behalf of Horzum AS certain of the instalments due in 2021. The total amount paid to September 30, 2021, is approximately (TRY) 7.1 million Turkish Lira, which is equivalent to approximately $1.1 million Canadian dollars using the exchange rates on the dates of the payments.
  • The Company received $190,000 during the third quarter of 2021, $530,000 for the nine months ended September 30, 2021, and $50,000 subsequent to the quarter end from shareholder loans.

Non-GAAP Measures

Please note that all dollar amounts in this news release are expressed in Canadian dollars unless otherwise indicated. Refer also to the 2020 Management’s Discussion and Analysis (MD&A) and Audited Financial Statements found on SEDAR.com for more information. This news release includes non-GAAP measures, including adjusted equity gain from Horzum AS, adjusted consolidated net income, gross margin, cost per tonne mined and US$ cash cost per pound of zinc mined. A reconciliation of these non-GAAP measures to the GAAP financial statements is included in the MD&A.

Qualified Person

Jonathan Challis, a fellow of the Institute of Materials, Minerals and Mining and a Chartered Engineer, is the qualified person (“QP”) as defined by NI 43-101, has inspected the original paid sales invoices issued by the Joint Venture for the shipment of zinc sulphide product specified in this news release and has approved the scientific and technical disclosure herein. Mr. Challis is a director of the Company and Chair of the Joint Venture.

About Pasinex

[nxtlink id="268471"]Pasinex Resources Limited[/nxtlink] is a Toronto-based mining company that owns 50% of Horzum Maden Arama ve Isletme Anonim Sirketi (“Horzum AS” or “Joint Venture”), through its 100% owned subsidiary Pasinex Arama ve Madencilik Anonim Sirketi (“Pasinex Arama”). Horzum AS holds 100% of the producing Pinargozu high-grade zinc mine. Horzum AS sells directly to zinc smelters and or refiners through commodity brokers from its mine site in Turkey. The Company also holds an option to acquire 80% of the Gunman high-grade zinc exploration project in Nevada. Pasinex has a strong technical management team with many years of mineral exploration and mining project development experience. The mission of Pasinex is to build a mid-tier zinc company based on its mining and exploration projects in Turkey and Nevada. Visit our website at www.pasinex.com.

On Behalf of the Board of Directors
[nxtlink id="268471"]PASINEX RESOURCES LIMITED[/nxtlink]

“Andrew Gottwald”

Andrew Gottwald
Chief Financial Officer
Phone: +1 416.861.9659
Email: [email protected]
                   Evan White
Manager of Corporate Communications
Phone: +1 416.906.3498
Email: [email protected]
     

The CSE does not accept responsibility for the adequacy or accuracy of this news release.

This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or any future results expressed or implied by such forward-looking statements.

All statements within, other than statements of historical fact, are to be considered forward-looking. Although Pasinex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.





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