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TDG Gold Corp. Prepares To Drill Drybrough Target on Oxide Peak, Toodoggone District, B.C.

WHITE ROCK, BC / ACCESSWIRE / November 16, 2021 / TDG Gold Corp. (TSXV:TDG) (the "Company" or "TDG") is pleased to announce that it has received the exploration…

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WHITE ROCK, BC / ACCESSWIRE / November 16, 2021 / TDG Gold Corp. (TSXV:TDG) (the “Company” or “TDG”) is pleased to announce that it has received the exploration permit to drill its Drybrough target located north of TDG’s former producing Baker mine in the historical “Toodoggone Production Corridor“. Drybrough is a geophysical target that appears to be on strike to the 10 sq.km Baker “alteration zone” and is located on TDG’s Oxide Peak earn-in property. A multi-year exploration permit for Oxide Peak was received after a consultation process that began in early June 2021 involving government, First Nations communities and their representatives. TDG thanks all stakeholders for their involvement and support.

TDG’s aim is to complete a minimum of 1,000 metres of diamond drilling at Drybrough as a key part of fulfilling its 2021 exploration obligations under its earn-in agreement for Oxide Peak (see TDG news release of December 23, 2019). TDG’s camp at Baker is fully winterized and the Drybrough target is located approximately 3.5 kilometres (“km”) to the northeast (Figure 1) with access via land or helicopter. Drilling is scheduled to take place within the next 2-3 weeks, subject to weather and safety considerations.

Figure 1: Location of the Drybrough geophysical anomaly to the north of TDG’s former producing Baker mine.

The Drybrough target is a conceptual target based on gossanous surface alteration (visible colour anomaly from air photos) with coincident geophysical anomaly (Figure 2). A magnetic anomaly (anomalous magnetic high, surrounded by a ‘moat’ of magnetic low) was identified by a high-resolution combined airborne magnetic and radiometric survey (249 line-km) flown by Precision GeoSurveys in late August to early September of 2021. Geophysical data was post-processed by Todd Ballantyne, P.Geo., (in3D Geoscience). The magnetic VOXI inversion shows the anomaly broadens and persists at depth to -400 m (and potentially deeper). The Drybrough target is approximately 1 km by 1 km in size and is represented by a 600 nT variance in relation to the surrounding area.

Figure 2: Drybrough geophysical anomaly and planned diamond drill holes.

Drybrough represents a ‘blind’ target with the source of the magnetic anomaly (potentially a buried porphyry intrusion, or mineralized centre) covered by surface rocks comprised of undifferentiated plagioclase-pyroxene phyric volcaniclastics. Drilling the Drybrough target will test the geographical centre of the anomaly and the southeastern lobe of the magnetic high, in two drill holes. The target area has been ground-truthed and work crews are mobilizing to complete the proposed work (Figure 3).

Figure 3: Drybrough target alteration zone (colour anomaly) clearly visible from the “North Quartz Zone” of TDG’s former producing Baker mine (photo taken from the south of Drybrough, looking north).

Qualified Person

The technical content of this news release has been reviewed and approved by Steven Kramar, MSc., P.Geo., a qualified person as defined by National Instrument 43-101.

About TDG Gold Corp.

TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership or earn-in agreement. TDG’s flagship projects are the former producing, high-grade gold-silver Shasta, Baker and Mets mines, which are all road accessible, produced intermittently between 1981-2012, and have over 65,000 m of historical drilling. In 2021, TDG has advanced the projects through compilation of historical data, new geological mapping, geochemical and geophysical surveys, and, for Shasta, drill testing of the known mineralization occurrences and their extensions. The Company has entered into a binding agreement to acquire the Nueva Esperanza silver-gold advanced exploration and development project located in the Maricunga Belt of northern Chile, subject to closing conditions being satisfied. TDG currently has 70,867,903 common shares issued and outstanding.

ON BEHALF OF THE BOARD

Fletcher Morgan
Chief Executive Officer
For further information contact:

TDG Gold Corp.,
Telephone: +1.604.536.2711
Email: [email protected]

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.

This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words “ambition”, “estimate”, “concluded”, “offers”, “objective”, “may”, “will”, “should”, “potential” and similar expressions are intended to identify forward looking statements. In particular, this news release contains forward looking statements concerning the completion of the Acquisition, the completion of SR Offering and the Offering, the intended uses of the proceeds of the Offering, regulatory acceptance of the Acquisition, the SR Offering and the Offering, and the potential development of the Project and the Company’s existing mineral properties, including the completion of feasibility studies or the making of production decisions in respect thereof. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the completion of other conditions precedent to the Acquisition, including the receipt of regulatory approvals, the state of equity financing markets, and results of future exploration activities by the Company. Management has provided the above summary of risks and assumptions related to forward looking statements in this news release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this news release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.

SOURCE: TDG Gold Corp.

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Author: TDG Gold Corp.

Today’s News

Golden Lake Expands Footprint and Thickness of The Eureka Tunnel Mineralized Zone at The Jewel Ridge Property in Nevada Including Intercept of 66 Meters of 1.10 G/T Gold in Hole JR-21-25

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Golden Lake Exploration Inc. (CSE:GLM) (GOLXF-OTCQB) ("GLM" or the "Company") is pleased to report additional…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Golden Lake Exploration Inc. (CSE:GLM) (GOLXF-OTCQB) (“GLM” or the “Company”) is pleased to report additional assay results from six (6) holes from the 2021 diamond drill program at the Jewel Ridge project near the town of Eureka in Nevada. Further drill hole assays remain pending.

A 4,232 meter Diamond Drill program comprised of 22 holes focused on defining and expanding the mineralization encountered in its 2020 drill program was completed in 2021. The previously released 2021 drill results indicate a shallowly north dipping zone of mineralization averaging 1.30 g/t Au over a thickness of 30.32 meters based on 2021 diamond drill holes JR-21-14DD to JR-16DD, and JR-21-18DDthrough JR-22-21DD. The new results indicate that this zone is abruptly down faulted to the north along a west to northwest trending structure. Based on 2021 drill results to date a much thicker, lower grade mineralized zone has been discovered in the hanging wall of the fault. This mineralization averages 0.38 g/t over a thickness of 101.1 meters based on 2021 diamond drill holes JR-21-17DD, and JR-21-23DD to JR-21-27. The new mineralization, which starts from the surface, is open to the north and east and is only partially constrained to the west and south. The drill holes are slightly oblique to mineralization so these thicknesses may not represent true widths. To date the overall size of the area of known mineralization at Eureka Tunnel is approximately 270 meters long and 90 meters wide and there is a good potential for expansion.

The Eureka Tunnel mineralized zone consists of both carbonate replacement deposit (“CRD”) mineralization and Carlin-type mineralization. Recent petrologic studies indicate overlapping mineralization styles which are still being worked out. Based on encouraging petrography and mineralogy results, we will be completing initial metallurgical studies to determine the gold recovery in a heap leaching application.

The Company currently has a permit revision being submitted to the BLM for additional drill sites for a proposed 2022 drilling program. Once bonded, drilling could be initiated as early as January if the weather permits. A diamond drill has been secured for this work.

In addition, final cash and share payments to Greencastle Resources Ltd. that were due in 2022 were accelerated and paid in full and the Company now owns 100% of the property.

Mike England, Golden Lake CEO, states, “The discovery of a new significant thick, anomalous gold zone is highly encouraging and greatly expands the overall potential of the Eureka Tunnel target. With our ongoing permitting activities, including preparation of a Bureau of Land Management (BLM) Plan of Operations, our team is poised to continue to advance the Jewel Ridge property in 2022 using the same drill contractor, Big Sky Exploration LLP, that performed well during our 2021 program. Our field team remains intact and excited to continue to advance the potential on the project. Besides the drilling, 2021 activities included additional geologic mapping, soil and rock sampling, a LIDAR survey, on-going Leapfrog modelling and the recent petrographic report.

Figure 1 Table of results

Diagram, map

Description automatically generated

Figure 2 Plan Drill Hole Map

Chart, diagram, histogram

Description automatically generated

Figure 3 Cross section

Drilling Quality assurance and quality control statement

Procedures have been implemented to assure QA/QC of drill hole assaying being done at an ISO accredited assay laboratory. All intervals of drill holes are being assayed and samples have been securely shipped and received by Paragon Geochemical in Sparks, Nevada, with chain-of-custody documentation through delivery. Mineralized commercial reference standards and coarse blank standards are inserted every 20th sample in sequence. All results will be analyzed for consistency.

About the Jewel Ridge Property

The Jewel Ridge property is located on the south end of Nevada’s prolific Battle Mountain – Eureka trend, along strike and contiguous to Barrick Gold’s Archimedes/Ruby Hill gold mine to the north and Timberline Resources’ advanced-stage Lookout Mountain project to the south.

The property comprises 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares (1,800 acres). The Jewel Ridge property contains several historic small gold mines. The Company’s focus is on Carlin-style disseminated gold deposits, the primary focus in the area since the late 1970s.

Nevada Carlin-type gold deposits (CTGD) have a combined endowment of more than 250 million ounces, which are concentrated (85 per cent) in only four trends or camps of deposits: Carlin, Cortez (Battle Mountain-Eureka), Getchell and Jerritt Canyon. The Company cautions that results on adjacent and/or nearby projects are not necessarily indicative of results on the Company’s property.

Qualified person

Golden Lake Exploration’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.

About Golden Lake Exploration Inc.

Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.

ON BEHALF OF THE BOARD

“Mike England”
Mike England, CEO & DIRECTOR

FOR FURTHER INFORMATION PLEASE
CONTACT: Telephone: 1-604-683-3995
TollFree:1-888-945-4770

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

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

SOURCE: Golden Lake Exploration Inc.

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Today’s News

Silver Elephant’s Flying Nickel Spinout Appoints Management and Directors

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Silver Elephant Mining Corp. ("Silver Elephant" or "the Company") (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N)…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Silver Elephant Mining Corp. (“Silver Elephant” or “the Company”) (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces the following management and director appointments to the Company’s proposed spinout, Flying Nickel Mining Corp. (“Flying Nickel”). Flying Nickel is well financed having completed its recent $8.6 million equity offering and has applied with TSX Venture Exchange to list its common shares as soon as practicably possible.

Dan Oosterman, CEO of Flying Nickel remarks:

“Our experienced exploration, environmental, operational, and M&A executives will strive to advance the Minago project and take Flying Nickel to great heights in the Canadian nickel space.”

Management:

Danniel Oosterman, P. Geo: Chief Executive Officer

Based in Toronto, Danniel Oosterman began his career with Falconbridge and Inco (now Vale) and has been in mining and exploration for over 20 years. At Inco he was part of the exploration team that drilled the T-3 underground nickel deposit at Thompson. Mr. Oosterman is a highly experienced field geologist. He has successfully managed multi-million-dollar drilling programs in challenging weather­ and altitude conditions in northern Canada, the Western Cordillera, and the Bolivian Andes.

Mr. Oosterman holds a B.Sc. (Hons) in geology from Laurentian University and is a member of the Professional Geoscientists of Ontario. He is a Qualified Person as defined in NI 43-101.

Rob Van Drunen: Chief Operating Officer

Robert Van Drunen, who is based in Thompson, Manitoba, has over 30 years of experience in mining with Vale and Inco, progressing through his career with increasing levels of responsibility, including Mine Manager and most recently Senior Project Manager of the Thompson Operation. In the latter role, he led multi-disciplinary teams in all aspects of mining, including operations, maintenance, exploration, procurement, supply chain management, and contract management.

Mr. Van Drunen holds a Masters Certificate in Project Management from York University (Schulich School of Business) and the University of Winnipeg. He specializes in process improvement and cost control, as well as having an award winning track record for zero-harm safety culture. Mr. Van Drunen is also the Chief Operating Officer of Silver Elephant Mining Corp.

Sam Yik, CPA, CA: Chief Financial Officer

Samuel Yik is a Chartered Professional Accountant based in Vancouver, British Columbia.

Mr. Yik has a Bachelor of Commerce degree from the University of British Columbia, and obtained his CA designation while articling with KPMG.

Mr. Yik spent over 11 years with Methanex Corporation (TSX: MX, Nasdaq: MEOH), the world’s largest producer and supplier of methanol to major international markets in North America, Asia Pacific, Europe and South America, in various financial and commercial roles with increasing responsibilities. In addition, Mr. Yik brings over 10 years of CFO experience with publicly listed resource companies on the TSX and TSXV and hands on management experience in jurisdictions including Asia, Europe, Australasia, Africa, and the Americas.

Ryan Coombes: Chief Legal Officer

Ryan Coombes has over 15 years of experience in the mining industry. He started his legal career at McCarthy Tetrault and subsequently took on roles of increasing responsibility with Kinross Gold, BHP, Ausenco and most recently as Deputy General Counsel for Eldorado Gold.

Mr. Coombes holds a Juris Doctor from the University of Ottawa, as well as a Master of Arts from Carleton University and a Bachelor of Arts from the University of Saskatchewan.

Along with a general focus on corporate and commercial law, Mr. Coombes has a keen mining interest and has been involved in all phases of mining development including: exploration, project finance and construction, mine operations and reclamation. Mr. Coombes has worked in multiple jurisdictions, including West Africa, Latin America, Greece, Turkey, Russia, Australia, and North America. Mr. Coombes will be responsible for the overall legal affairs of both Flying Nickel and Silver Elephant.

Doug Ramsey, M.Sc., R.P.Bio: Environmental Manager

Doug Ramsey is a Registered Professional Biologist in British Columbia, with four decades of experience in the areas of environmental assessment, permitting, and indigenous consultations in the mining sector. In Manitoba, Mr. Ramsey led the environmental monitoring and permitting at the Tanco mine for 12 years, and acted as the lead Technical Director for the Sherridon orphaned mine site reclamation project.

Over his career, Mr. Ramsey’s practice has included clients such as Inco, Falconbridge, Kinross, Barrick, Spanish Mountain Gold, Environment Canada, and Fisheries and Oceans Canada, as well as numerous First Nations in Manitoba as well as in Ontario, Quebec, and British Columbia.

Mr. Ramsey is regularly called upon to present scientific information to indigenous stakeholders and has made presentations on environmental and reclamation issues at various mining conferences.

Flora Lo: Corporate Secretary

Ms. Lo is an experienced corporate secretary specializing in corporate governance, regulatory compliance and legal affairs management for TSX, TSXV and NYSE listed natural resource companies. Prior to immigrating to Canada, Ms. Lo worked as Government Counsel at the Department of Justice in Hong Kong, and as a solicitor in the Civil & Commercial Litigation Division at various local and international law firms. Ms. Lo graduated from the University of London with a Master of Laws in commercial and corporate law. She has a Bachelor of Arts in Geography and Economics from the University of Hong Kong.

David Gower, P Geo: Advisor

David Gower has 20 years’ experience in nickel exploration with Falconbridge (now Glencore), most recently as Director of Global Nickel and PGM exploration. While at Falconbridge, he led exploration teams to brownfield discoveries at Raglan, Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania, and Amazonas, Brazil.

Mr. Gower is currently the CEO of Emerita Resources Corp. For the past 10 years he has held executive and director positions with several junior and mid-sized mining companies. Mr. Gower will advise on Minago and regional nickel exploration at Thompson nickel belt.

Peter C. Lightfoot P.Geo, PhD: Advisor

During a 20-year career as a geologist with Inco and Vale Dr. Lightfoot was responsible for nickel exploration at Voisey’s Bay, Sudbury and Carajas. Peter was also involved in project generation, evaluation and technical support in Canada, Greenland, Scandinavia, Finland, China, India, Australia, Brazil, Angola, South Africa and the United States.

Dr. Lightfoot is currently an Adjunct Professor at the University of Western Ontario. In 2016, Peter published the first comprehensive textbook on the Ni-Cu-precious metal ore deposits of the Sudbury Igneous Complex. Peter received his B.A. in Earth Sciences from Oxford in 1980, his M.Sc. degree from the University of Toronto in 1982 and his PhD from the Open University (U.K.) in 1985. He completed post-doctoral studies at the University of Toronto and undertook extensive research on the geology and geochemistry of the Noril’sk ore deposits during his tenure as an Adjunct Professor.

Harald Batista: Advisor

Based in Brazil and California, Harald Batista is the son of the honorable Eliezer Batista (1924-2018), the founder and former president of CVRD (now Vale). With extensive network and fluency in Portuguese, German, English, and Spanish, Mr. Batista will advise on Flying Nickel’s Mergers and Acquisitions (M&A) strategy.

Directors:

John Lee, CFA: Executive Chairman

Mr. Lee specializes in M&A and has raised over $130 million for junior miners listed on the Toronto Stock Exchange and TSX Venture Exchange since 2009. Mr. Lee led the Minago acquisition by Silver Elephant Mining Corp. in February 2021 and later architected Silver Elephant’s proposed spinout of Flying Nickel to operate Minago. In addition, Mr. Lee led Silver Elephant in acquiring the Pulacayo silver project, Gibellini vanadium project, Ulaan Ovoo coal project in the past 10 years. Mr. Lee graduated from Rice University with bachelor’s degrees in Economics (BA) and in Engineering (BSc).

Mark Scott: Director

Mark Scott has had a distinguished 20-year career with Vale, Inco and Noranda. His past roles include: Vice President & Head of Manitoba Operations, Vale Canada Ltd.; Director Mining & Milling, Vale Manitoba Operations; Manager, Thompson Nickel Refinery; General Manager, Human Resources & Sustainability; President & Board Chair, Mining Association of Manitoba Inc.

Mr. Scott is currently President & CEO of Sassy Resources Corporation. He holds a Bachelor of Arts from Dalhousie University, a Master of Industrial Relations from the University of Toronto, and a Masters Certificate in Project Management from York University (Schulich School of Business) and the University of Winnipeg. He brings to the Minago operation a wealth of experience in mining, processing & exploration, strategic planning, projects, and business & organizational development.

Masa Igata: Director

Mr. Igata has more than 35 years’ experience in Asian financial markets. Previously until 2004, he was the Managing Director at Salomon Brother (later renamed as Nikko Citigroup) for more than a decade. Mr. Igata has extensive network contacts with Japanese commodity trading companies and advises resource companies on cross-border capital raising. Mr. Igata received his Graduate of Law from Kyoto University and is a member of the Securities Analysts Association of Japan.

About the Minago Project

The Minago Project is located in the southern part of Manitoba’s Thompson Nickel Belt (“TNB”), which is the fifth largest sulphide nickel belt in the world based on contained nickel endowment, containing over 18 nickel deposits and over 5 billion lbs of nickel production since 1959. (Naldrett, A.J., 2004, Magmatic Sulfide Deposits; Geology, Geochemistry and Exploration: Springer-Verlag, Berlin, 725 p.).

On July 6, 2021, Silver Elephant announced Mineral Resource Estimate for Minago prepared by Mercator and AGP with an effective date of July 2, 2021 that includes a Measured and Indicated Mineral Resource of 722 million lbs of nickel, and an Inferred Mineral Resource of 319 million lbs of nickel at an average grade of 0.74% nickel. The Minago Project has received over $40 million in investment since early 2000.

Manitoba Provincial Highway 6 and a high-voltage (230 kV) transmission line both transect the Minago project. Minago has been demonstrated to produce a 22.3% nickel concentrate based on representative feed of 0.54% nickel through extensive metallurgical testing by SGS. Vale currently produces nickel concentrates in Thompson at the heart of the TNB, 270 km northeast of the Minago project. Its nickel concentrates are shipped to its Sudbury smelter for processing to refined nickel.

In 2011, the Environmental Act License submitted by Victory nickel for a 10,000-tonnes-per-day open-pit operation at Minago was approved by the Manitoba government. Flying nickel will provide an update on the Environmental Act License in early 2022.

Qualified Persons

The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, the CEO for Flying Nickel. Mr. Oosterman is not independent of the Company as this term is defined under NI 43-101.

About Silver Elephant

Silver Elephant Mining Corp. is a premier silver mining and exploration company with proposed nickel and vanadium spinouts

Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and www.flynickel.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 Company’s future growth, results of operations, performance, and 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 Company’s forward-looking statements. The Company 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 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 as anticipated, estimated, or intended. The Company undertakes no obligation to publicly release 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.

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Today’s News

Aztec Summarizes 2021 RC Drill Results from Tombstone Project, Arizona; Multiple, Shallow, Thick, Oxidized Gold-Silver Intercepts Expand Mineralized Zones Around and Below the Contention Pit, Still Open in All Directions

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) summarizes the results of its recently completed 2021, Phase…

VANCOUVER, BC / ACCESSWIRE / December 7, 2021 / Aztec Minerals Corp. (TSXV:AZT)(OTCQB:AZZTF) summarizes the results of its recently completed 2021, Phase 2, 23-hole, 2,716 metre (m) reverse circulation (RC) drill program on the Tombstone project which covers most of the historic Tombstone silver mining district in southeastern Arizona.

Every one of the 23 drill holes intersected shallow oxidized gold-silver mineralization over substantial widths, thirteen drill holes crossed old tunnels where presumably the highest-grade ores were previously mined, several drill holes encountered visible gold, and all drill holes bottomed in mineralization, indicating the main mineralized zones are still open to depth as well as laterally.

The drill holes were spaced approximately 50 m apart along fence patterns trending NNE, and dipping from near vertical to -45 degrees E. The 2021 drill holes are step outs from the 2020 RC drill holes reported previously in the north and central parts of the Contention open pit. Two of the drill holes (TR21-21, 22) were twins of historic USMX drill holes TR-57 and TR-67, which along with one 2020 twin drill hole (TR20-18) will be used to verify the USMX drill data for use in a future resource estimation.

View: Tombstone Longitudinal Section and Tombstone 2020-2021 RC Drilling Plan Map

Drill Highlights:

Section H: Link to Section View H

  • Hole TR21-13 – 1.8 grams per tonne (gpt) gold and 36.9 gpt silver (2.33 gpt gold equivalent (AuEq)) over 70.1 meters (m), including 6.08 m grading 2.93 gpt gold and 157 gpt silver (5.17 gpt gold equivalent AuEq) and 1.52 m with visible gold in quartz veining grading 55.71 gpt gold and 176.1 gpt silver (58.22 gpt gold equivalent AuEq). Hole bottomed in mineralization grading 0.37 gpt AuEq when ground caving forced early termination of the hole

    Interval has argillic and siliceous alteration, fine-grained sandstones, siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange-red color, and 1-3% oxidized pyrite. The drill hole interval exposed one mine working, adjacent to strong oxidation. Visible gold and cerargyrite (AgCl) was found at 132.6 – 135.7 m in a quartz vein.

Section I: Link to Section View I

  • Hole TR21-10 – 1.39 gpt gold and 56.4 gpt silver (2.20 gpt gold equivalent AuEq) over 96.04 meters (m), including 39.94 m grading 2.47 gpt Au and 28.9 gpt Ag (2.97 gpt AuEq), 19.82 m grading 0.96 gpt Au and 24.98 gpt Ag (1.31 gpt AuEq), and 10.67 m grading 0.837 gpt Au and 60.96 gpt Ag (1.71 gpt AuEq)

    Interval has siliceous alteration, fine-grained sandstones, siltstones and limestones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 4 % oxidized pyrite sites. The drill hole interval exposed two mine workings, adjacent to breccias and dikes.

  • Hole TR21-11 – 1.2 gpt gold and 71.6 gpt silver (2.22 gpt AuEq) over 24.3 m, and 0.17 gpt Au and 6 gpt Ag (0.26 gpt AuEq) over 16.7 m

    Interval has argillic and siliceous alteration, fine-grained sandstones, siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with strong quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red to black color, and 1 to 4 % oxidized pyrite sites. The interval exposed one mine workings below the strong mineralization, a possible development tunnel.

Section J: Link to Section View J

  • Hole TR21-15 – 0.22 grams per tonne (gpt) gold and 18.3 gpt silver (0.487 gpt gold equivalent (AuEq)) over 42.7 meters (m)

    Interval has siliceous alteration, fine-grained siltstones and limestones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Weak to strong iron oxides, manganese oxides, orange to red to black color, and trace to 2% oxidized pyrite. The drill hole interval exposed one mine stope of 6.1 m in a mineralized dike.

  • Hole TR21-16 – 0.807 gpt gold and 15.9 gpt silver (1.035 gpt AuEq) over 64.0 m, including 3.61 gpt gold and 51.6 gpt silver (4.34 gpt AuEq) over 13.7 m

    Interval has argillic and siliceous alteration, fine-grained sandstones, and siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red color, and 1 to 3 % oxidized pyrite sites. The higher-grade interval of 13.7 m is of hydrothermal breccias with visible gold, strong silicification and quartz veinlets.

Section K: Link to Section View K

  • Hole TR21-17 – 1.73 gpt gold and 56.2 gpt silver (2.53 gpt AuEq) over 64 m, including 6.455 gpt gold and 274 gpt silver (10.37 gpt AuEq) over 3.04 m, and 4.08 gpt gold and 59.4 gpt silver (4.93 gpt AuEq) over 10.7 m

    Interval has argillic and siliceous alteration, fine-grained sandstones, siltstones and limestones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Weak to strong iron oxides, manganese oxides, orange to red to black color, and trace to 3 % oxidized pyrite sites. The interval found visible gold from 32.0 to 33.5 m in hydrothermal breccias with strong silicification and quartz veinlets at the contact with overlying limestones and underlying quartz-feldspar porphyry dike. At 82.3 to 85.4 m chrysocolla (copper oxide) was found with abundant quartz veinlets adjacent to a hydrothermal breccia. This zone had the above noted 10.37 gpt AuEq results.

  • Hole TR21-18 – 0.76 gpt gold and 20.61 gpt silver (1.049 gpt AuEq) over 64 m, including 2.46 gpt gold and 37.0 gpt silver (2.99 gpt AuEq) over 9.1 m

    Interval has siliceous alteration, fine-grained sandstones, siltstones and limestones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 3 % oxidized pyrite sites. The interval found visible gold from 37.2 to 41.1 m in hydrothermal breccias with strong silicification, manganese oxides, and quartz veinlets within siltstones. Lower in the interval from 80.8 to 83.8 m a tunnel was found in 15.2 m of strongly silicified and quartz veined hydrothermal breccias, also hosted siltstone.

  • Hole TR21-22 – 2.441 gpt gold and 66.56 gpt silver (3.392 gpt AuEq) over 65.5 m, including 16.80 gpt gold and 374.36 gpt silver (22.148 gpt AuEq) over 7.6 m. This hole ended in mineralization grading 1.045 gpt AuEq where it was terminated due to caving. TR21-22 is a 55 m step out east of drill holes TR21-17 and TR21-18 on section K. It is a twin of USMX hole TR-067 and shows the mineralization in the pit is open to the east and at depth.

    The interval has strongly siliceous alteration, fine-grained sandstones and siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red color, and traces to 3 % oxidized pyrite sites. At the bottom of the drill hole was found the high-grade interval of 7.6 m reported above in hydrothermal breccia.

Section M: Link to Section View M

  • Hole TR21-03 – 5.713 grams per tonne (gpt) gold and 40.5 gpt silver (6.282 gpt gold equivalent (AuEq)) over 32.01 meters (m), including 15.24 m grading 11.891 gpt gold and 62.9 gpt silver (12.79 gpt gold equivalent AuEq)

    Interval of argillic and siliceous alteration, fine-grained sandstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, orange to red color, and 2 to 3 % oxidized pyrite sites.

  • Hole TR21-20 – 0.247 gpt gold and 15.2 gpt silver (0.464 gpt AuEq) over 47.3 m including 7.6 m of open mine workings. The drill hole was terminated in mineralization due to caving with the last sample assaying 1.283 gpt AuEq. This hole is a vertical step out 30 m to the west of section M and shows the mineralization is open to the west and at depth.

    Interval has argillic and siliceous alteration, fine-grained sandstones and siltstones cut by quartz-feldspar porphyry dikes and faults/fissures, with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red to brown color, and 2 to 3 % oxidized pyrite sites. The 7.6 m high stope encountered is astride the contact between an overlying dike and the siltstones underneath.

Section N: Link to Section View N

  • Hole TR21-06 – 0.22 gpt gold and 17.3 gpt silver (0.47 gpt AuEq) over 74.69 m, including 4.57 m grading 1.26 gpt Au and 18.6 gpt Ag (1.53 gpt AuEq)

    Interval has argillic and siliceous alteration, fine-grained sandstones, siltstones and limestones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, manganese oxides, orange to red color, and 1 to 5 % oxidized pyrite sites.

  • Section N, Hole TR21-08 – 2.09 grams per tonne (gpt) gold and 47.1 gpt silver (2.76 gpt gold equivalent AuEq) over 39.64 meters (m), including 18.29 m grading 3.53 gpt gold and 58.4 gpt silver (4.37 gpt gold equivalent AuEq), which bottomed in mineralization grading 1.21 gpt AuEq when ground caving forced early termination of the hole

    Interval has argillic and siliceous alteration, fine-grained sandstones, hornfels, and siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and hydrothermal breccias with quartz veining. Moderate to strong iron oxides, orange to red color, and 2 to 3 % oxidized pyrite sites.

Section O: Link to Section View O

  • Section O, Hole TR21-23 – 0.556 grams per tonne (gpt) gold and 16.6 gpt silver (0.793 gpt gold equivalent AuEq) over 24.4 meters (m), which bottomed in mineralization grading 1.188 gpt AuEq when ground caving forced early termination of the hole

    Interval has argillic and siliceous alteration, fine-grained sandstones, hornfels, and siltstones cut by quartz-feldspar porphyry dikes, faults/fissures, and quartz veining. Moderate to strong iron oxides, orange to red color, and 2 to 3 % oxidized pyrite sites.

Section TR21-21: Link to Section View 21

  • Hole TR21-21 – 0.797 gpt gold and 15.1 gpt silver (1.012 gpt AuEq) over 18.3 m including 3 m of open mine workings. The drill hole was terminated in mineralization due to caving following another intersection of a 4.6 m mine working, with the last sample assaying 1.997 gpt AuEq. This hole is a horizontal step out 50 m to the north of TR20-09, is the current northernmost drill hole and shows the mineralization is open in all directions and at depth.

    Interval has argillic and siliceous alteration, fine-grained sandstones and siltstones cut by quartz-feldspar porphyry dikes and faults/fissures, with quartz veining. Moderate to strong iron oxides, weak manganese oxides, orange to red to brown color, and 2 to 3 % oxidized pyrite sites.

The following is a summary tabulation of all 2021 drill hole results:

Drill Hole

From m

To m

Interval m*

Au gpt

Ag gpt

Au Eq gpt (1)

Comments

TR21-01

68.6

71.64

3.04

0.188

4.1

0.247

104 Az, -50

82.32

109.76

27.44

0.177

24.94

0.533

Two, 1.5 m tunnels at 100.6 m
135.7 m TD and 108.2 m
TR21-02

96.04

123.48

27.44

0.589

17.99

0.846

104 Az, -60
152.4 m
TR21-03

18.29

21.34

3.05

0.271

2.25

0.303

104 Az, -45

57.93

60.98

3.05

1.41

0.4

1.415

152.4 m TD

80.79

112.8

32.01

5.713

40.54

6.282

Including:

89.94

105.18

15.24

11.891

62.86

12.788

120.43

125

4.57

0.159

5

0.23

129.57

132.62

3.05

0.272

14.9

0.485

TR21-04

56.4

60.98

4.57

0.799

9.53

0.935

104 Az, -60

68.6

89.94

21.34

1.193

37.06

1.723

129.6 m TD

103.05

123.48

20.43

0.105

21.01

0.405

Tunnel of 3.7 m at 103 m
TR21-05

47.26

68.59

21.34

2.071

26.06

2.444

104 Az, -60
68.6 m TD
TR21-06

7.62

12.2

4.57

0.765

38.5

1.315

104 Az, -65

62.5

65.55

3.05

0.866

2.15

0.896

182.9 m TD

83.32

157.01

73.69

0.22

17.3

0.468

Including:

83.32

92.99

9.67

0.641

14.1

0.584

123.48

157.01

33.53

0.202

23.9

0.544

TR21-07

1.52

6.1

4.58

0.776

34.6

1.272

104 Az, -45

57.93

59.45

1.52

1.404

3.1

1.448

117.4 m TD

67.07

74.69

7.62

0.303

1.4

0.323

88.41

112.8

24.39

0.491

23.1

0.821

Tunnel of 4.6 m at 91.4 m – 96.0 m
TR21-08

53.35

92.9

39.64

2.085

47.1

2.758

104 Az, -90
92.9 m TD
TR21-09

44.21

51.83

7.62

0.173

9.2

0.305

284 Az, -80

68.6

73.17

4.57

1.16

12.93

1.345

176.8 m TD

82.32

108.23

25.91

0.452

16.9

0.694

Including:

82.32

86.89

4.57

0.701

33.8

1.184

92.99

99.08

6.09

1.049

24.35

1.397

103.66

108.23

4.57

0.35

21.6

0.658

TR21-10

0

4.57

4.57

0.192

4.2

0.252

104 Az, -45
135.7 m TD

25.91

121.95

96.04

1.39

56.4

2.196

Two tunnels, 3 m at 74.7 m

Including:

25.91

65.55

39.44

2.472

28.9

2.967

and 4.5 m at 86.9 m

77.74

97.56

19.82

0.955

24.98

1.312

111.28

121.95

10.67

0.837

60.96

1.708

TR21-11

4.6

21.3

16.7

0.17

6.04

0.256

104 Az, -65

57.9

65.5

7.6

0.069

12.38

0.256

135.7 m TD

82.3

106.7

24.4

1.198

71.64

2.221

Tunnel of 3 m at 111.8 m
TR21-12

83.8

91.5

7.6

0.266

20.9

0.565

101 Az, -45
152.4 m TD
TR21-13

82.3

152.4

70.1

1.804

36.9

2.331

Visible Gold
101 Az,-70 Tunnel of 1.5 m at 103.7 m
178.4 m TD
TR21-14

18.3

30.5

12.2

0.087

11.65

0.254

288 Az, -80

61

68.6

7.6

0.323

9.9

0.464

138.7 m TD

83.8

91.5

7.6

0.136

11.74

0.304

112.8

118.9

6.1

0.047

12.35

0.223

129.6

135.7

6.1

0.042

24.37

0.39

TR21-15

15.2

22.8

7.6

0.198

16.8

0.438

104 Az, -60
83.8 m TD

39.6

82.3

42.7

0.225

18.34

0.487

Tunnel of 6.1 m
TR21-16

48.8

112.8

64

0.807

15.98

1.035

Incl. Partial Tunnel at 109.8 m

Including

86.9

100.6

13.7

3.607

51.55

4.343

Visible Gold

104 Az, -90

157 m TD
TR21-17

27.4

91.4

64

1.726

56.198

2.529

Including

32

42.7

10.7

4.076

59.4

4.925

Visible Gold
104 Az, -60

82.3

85.4

3.04

6.455

274

10.369

92.9 m TD
TR21-18

36.6

100.6

64

0.755

20.61

1.049

Visible Gold

Including

77.7

86.8

9.1

2.458

37

2.987

Tunnel of 3 m at 80.8 m
104 Az, -90
135.7 m TD

106.7

128

21.3

0.147

11.679

0.313

TR21-19

65.5

74.7

9.1

0.778

81.6

1.944

Tunnel of 1.5 m at 65.5 m
104 Az, -60
74.7 m TD
TR21-20

35.5

80.8

47.3

0.247

15.2

0.464

Stope of 7.6 m at 70.1 m
104 Az, -90
80.8 m TD
TR21-21

18.3

36.6

18.3

0.797

15.05

1.012

Twin of USMX TR57: Tunnel of 3 m
105 Az, -45 at 24.4 m
62.5 m TD

56.4

62.5

6.1

1.31

48.1

1.997

Tunnel of 4.6 m at 56.4 m
TR21-22

21.3

86.9

65.5

2.441

66.56

3.392

Twin of USMX TR67

Including

77.8

85.4

7.6

16.8

374.36

22.148

90 Az, -60
125 m TD
TR21-23

54.9

62.5

7.6

0.203

8.86

0.329

104 Az, -85
93 m TD

68.6

93

24.4

0.556

16.62

0.793

  1. AuEq is calculated using a 70:1 silver:gold ratio
    *All interval widths are not true widths and intercept true widths are not yet estimated.
  2. Au, Ag, and AuEQ are in grams per ton, “gpt”
  3. Additional information related to true thicknesses on individual holes can be found in prior NR’s dated Jul 7, Jul 27, Sep 8, Sep 14, and Sep 28

Gold equivalents are calculated using a 70:1 silver:gold ratio. Reported lengths are apparent widths, not true widths3. The gold – silver mineralization zones are generally west dipping at around 60-80 degrees, associated with the quartz-feldspar porphyry dikes. However, these dikes also extend at shallow angles out from the Contention fault along fold noses in the Bisbee clastic sediments so the full range of mineralization dips vary from 20 to 80 degrees. True widths for the apparent mineralization intersection widths of the five holes approximately range from 50 to 100% of the apparent widths, with the norm for the mineralized true widths being 60 to 90% of the apparent widths.

The 2021 drill holes were collared along the western rim and inside of the north and central parts of the Contention Pit and intersected mineralization over a north-south length of 600 meters by over 150 m of east-west width and to maximum depths of 175 m. The 2020 drilling had an area of mineralization of 850 m long by an average of 75 m wide and to maximum depths of 200 m deep. The combined 2020 and 2021 drilled area now spans 900 m long by over 230 m wide and to maximum depths of 200 m, with gold-silver mineralization still open in all directions and at depth.

The low sulfidation epithermal gold-silver mineralization observed to date is impressive, marked by hydrothermal breccias, quartz veining and silicification associated with quartz-feldspar porphyry dikes and moderate to strong potassic, argillic and advanced argillic alteration and hornfels within the host Bisbee sandstones and siltstones. Areas of intense hematite, goethite and manganese wad are extensive, associated with quartz-calcite veins and localized skarn alteration in limestones. Cerargyrite (silver chloride) is observed in fractures, often with fine-grained visible gold. Most silver and gold mineralized zones intersected in the 2020 and 2021 drill programs are proximal to and in the hanging-walls and footwalls of old underground mine workings.

Aztec has completed the 2,716 m and 23-holes of the originally planned 2,900 metre, 20-hole Phase 2 reverse circulation (RC) drilling program at the Tombstone Property. The company has reported assays for 23 holes. Samples were regularly shipped to and received by the Bureau Veritas Minerals laboratory in Hermosillo, Mexico for geochemical analysis.

Tombstone Project Overview

Aztec holds a 75% interest in the Tombstone Property Joint Venture, which includes most of the original patented mining claims in the district as well as some recently acquired properties. The main target of the 2021 Phase 1 RC drill program is to continue testing the shallow, bulk tonnage, heap leachable, epithermal gold-silver oxide mineralization adjacent and below the previously mined Contention pit by infill and step-out drilling. Future drilling is expected to focus on strike and dip extensions of the shallow oxide mineralization, and move deeper to test for larger, deeper “Taylor-type” CRD sulfide targets along and adjacent to the Contention structure.

QA/QC Protocol

Allen David Heyl, B.Sc., CPG., VP Exploration, is the Qualified Person overseeing the Tombstone exploration program. Drill cuttings are collected every 5 feet (1.52m) from all drill holes. The samples were analyzed for gold with a 30-gram sample size using the method FA430 followed by MA300. Over limits, when present, are analyzed by MA370 or FA530. All holes contain certified blanks, standards, and duplicates as part of the quality control program. The QA/QC has delivered excellent results to date good data integrity. Mr. Heyl reviewed and approved the technical disclosures in this news release

“Simon Dyakowski”

Simon Dyakowski, Chief Executive Officer
Aztec Minerals Corp.

About Aztec Minerals – Aztec is a mineral exploration company focused on the discovery of large polymetallic mineral deposits in the Americas. Our core asset is the prospective Cervantes porphyry gold-copper property in Sonora, Mexico. The historic, district-scale Tombstone properties host both bulk tonnage epithermal gold-silver as well as CRD silver-lead-zinc mineralization in Cochise County, Arizona. Aztec’s shares trade on the TSX-V stock exchange (symbol AZT) and on the OTCQB (symbol AZZTF).

Contact Information – For more information, please contact:

Simon Dyakowski, CEO or Bradford Cooke, Chairman

Tel: (604) 619-7469
Fax: (604) 685-9744
Email: [email protected]
Website: www.aztecminerals.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements:

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

SOURCE: Aztec Minerals Corp.

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