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Tinka Reports Updated PEA for Ayawilca Project: Highlights Potential to Become Top-10 Global Zinc Producer

After-Tax NPV8% of US$433M and IRR of 32% at $1.20/lb ZincVANCOUVER, BC / ACCESSWIRE / October 14, 2021 / Tinka Resources Limited ("Tinka" or the "Company")…

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After-Tax NPV8% of US$433M and IRR of 32% at $1.20/lb Zinc

VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / Tinka Resources Limited (“Tinka” or the “Company“) (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) is pleased to announce strongly positive financial results from an updated Preliminary Economic Assessment (“PEA“) prepared for its 100%-owned Ayawilca Zinc Zone project in central Peru. The updated PEA is disclosed in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“) and prepared by Mining Plus Peru S.A.C. (“Mining Plus“) as principal consultant, Transmin Metallurgical Consultants (“Transmin“), Envis E.I.R.L (“Envis“), and SLR Consulting (Canada) Ltd (“SLR“). The updated PEA provides the economic assessment for an underground ramp-access mine development with an 8,500 tonnes per day processing plant, a significant throughput increase from the 2019 PEA.

PEA Highlights

  • After-tax NPV8% of US$433 million (up 19% from 2019 PEA) using base case metal prices of US$1.20/lb zinc, US$22/oz silver, and US$0.95/lb lead on a 100% equity basis (pre-tax NPV8% of US$720 million);
  • Initial Capex of US$264 million with after-tax IRR of 31.9% (pre-tax IRR of 42.6%);
  • At current spot price of $1.50/lb zinc, the after-tax NPV8% increases to US$785 million and IRR increases to 45.7% (pre-tax NPV8% of US$1.27 billion and IRR of 61%);
  • Average annual production of approximately 155,000 tonnes of zinc in concentrate per year, which would make Ayawilca the largest primary zinc producer in South America and a top-10 global zinc producer;
  • 43.5 million tonnes mined over 14.4 years using bulk underground mining methods (sub level stoping combined with overhand cut and fill) with daily mill throughput of 8,500 tonnes per day (tpd);
  • Project located in a major mining region close to a paved highway under construction, ~200 km from an operating zinc refinery and port;
  • Designed to minimize risk and environmental impact – 40% of tailings used as underground backfill and on-surface tailings treatment and storage facility to use filtered dry-stack technology;
  • Numerous opportunities to add further value, including
  • exploration upside for additional zinc discoveries including at Far South, Yanapizgo, and Zone 3 areas;
  • further optimization of zinc and silver metallurgical recoveries;
  • incorporating high grade Tin Zone resources into the mine plan.

Note: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Tinka’s President and CEO, Dr. Graham Carman, stated: “We are very excited to release the results of our updated PEA, which shows Ayawilca to be an outstanding zinc project located in a mining friendly jurisdiction, well positioned to be one of the next major zinc development projects worldwide. At current spot zinc prices (around US$1.50 per pound) the PEA shows the project to be highly profitable with a post-tax NPV8% of ~US$785 million. At our base case zinc price of US$1.20 per pound, the PEA has excellent economics with a post-tax NPV8% of US$433 million. The updated PEA takes advantage of a relatively modest initial capital as well as access to a local refinery and port.”

“The updated Ayawilca PEA demonstrates that, through the use of bulk tonnage underground mining methods and a larger resource, Ayawilca has the potential to be the largest primary zinc producer in South America. Further opportunities still exist to add more value at Ayawilca, including seeking to improve the zinc recoveries (currently 92%) to a zinc concentrate and silver recovery to a silver-lead concentrate (currently 45%), and also incorporating a tin circuit into the mine plan.”

“Tinka is also committed to the highest standards of ESG performance. With the use of dry stack tailings and 100% use of waste rock and 40% of tailings as backfill, Tinka is highlighting its strong commitment to utilize low impact and environmentally sound solutions for tailings disposal. Tinka has been working at Ayawilca for a number of years, and we believe an underground mine built using industry-leading standards incorporating a low environmental impact will provide positive life-changing opportunities for our local stakeholders. We look forward to continuing to advance the Ayawilca project towards development.”

“Exploration remains a strong focus for Tinka, and the potential remains for significant new discoveries at Ayawilca to further increase the resource along strike and at depth. Several targets at Ayawilca remain to be drill-permitted, and we have filed for an extended permit to cover those areas. Exploration is currently focused at the adjacent Silvia copper-gold project, where we recently announced the discovery of high grade copper-gold skarn zones at Silvia NW (see news release dated October 7, 2021).”

Financial Summary – Base Case Zn at US$1.20/lb



NPV (8% discount rate)


Payback period

US$720 million


2.0 years

US$433 million


2.6 years

Pre-production capital expenditure (Capex)1

Sustaining Capex

Life of Mine (LOM) Capex

Closure Cost

US$264.0 million

US$186.8 million

US$450.7 million

US$15.2 million

Notes: 1 Includes contingencies of US$44 million.

Operating Summary

Processing plant throughput

Average annual zinc concentrate production

Average annual lead-silver concentrate production

Average annual silver in lead concentrate

Total LOM zinc production

Net Smelter Return from zinc and lead concentrates

8,500 t/day

309,000 dmt/year

8,680 dmt/year

632,000 oz/year

4,450,000 tonnes

US$4,156 million

Mining costs

Processing costs

G&A costs

Total Operating Costs (Opex)





Notes: dmt = dry metric tonne.

Numbers may not add due to rounding.

Base Case Metal Prices & Exchange Rate Assumptions

Input value

Zinc Price

Lead Price

Silver Price

NSR Cut-off value

Exchange Rate – Peruvian SOL/USD






Total material processed (LOM)

43.5 million tonnes

Mine Life

14.4 years

Figure 1. Ayawilca 2021 PEA – After tax cash flow by year of production

PEA Mine Plan – 8,500 Tonnes per Day Underground Mining Operation

The PEA for the Ayawilca Zinc Zone is based on an underground mine operating at a mining rate of 8,500 tonnes per day for a mine life of 14.4 years. For the purposes of the PEA, production is assumed to commence in 2025 following 18 months of construction and commissioning. This initial mine plan is based on mining a total of 43.5 million tonnes grading 5.56% Zn, 14.5 g/t silver and 0.20% lead over life of mine (“LOM“) using an NSR cut-off value of US$65/t. The zinc-rich mill feed will be trucked to the surface via a two-way-traffic ramp system connecting three mine portals to the underground infrastructure and accessing production areas starting at West and South Ayawilca (see Figure 3).

Processing of the zinc mineralization will be through a standard crushing and grinding circuit followed by froth flotation, concentrate thickening and filtration. The mine operation will produce two concentrates: a zinc concentrate which is anticipated to assay 50% zinc based on metallurgical test work; and a lead concentrate which is anticipated to assay 50% lead and 2,272 g/t silver (calculated on assays and based on similar base metal operations). Approximately 60% of the tailings will be thickened and filtered for dry stack tailings disposal. The remaining 40% will be mixed with cement and used as structural backfill in the underground operations.

Based on preliminary mine plan analysis including resource geometry, the scale of the deposit and grade distribution, sublevel stoping (“SLS“) and overhand cut and fill with pillars (“OCF“) methods were selected. The mining strategy involves dividing the deposit into five zones by spatial location and by mining method: West, South and Silver zones utilizing the SLS method (48.3% of mined tonnes for processing), and the Central and East zones utilizing the OCF method with pillars (36.9% of mined tonnes for processing). Development in ore represents 14.8% of the processed material.

Figure 2. Ayawilca Zinc Zone PEA – Mining by Area showing average zinc grade by year of production

The estimated operating costs, over the life of the project, are as follows:

Operating Costs per Mining Method (Opex)


Cost per Tonne Processed

Mining – SLS (48.3% of mine plan)

Mining – OCF (27.0% of mine plan)



Average Mining Cost – including development (14.8% of mine plan) and Pillars (9.9% of mine plan)

Process Plant

G&A (US$13M/yr)

Total Operating Cost





Figure 3. Mine plan showing areas by zinc grade (red = >5% Zn; yellow = 2-5% Zn)

The major components of the initial capital expenditures of US$263.9 million include US$83.5 million for the processing plant, US$34.0 million for on-site infrastructure, US$47.2 million for mine equipment and underground pre-production development, US$9.1 million for off-site infrastructure, and US$3.6 million for a starter filtered tailings storage facility direct costs. Contingencies in the capital costs total US$43.8 million. The major components of sustaining capital are US$95.3 million for mining equipment and underground development, and US$91.6 million for tailings management over the 14.4 year mine life.

Capital Cost Item

Initial (US$ M)

Sustaining (US$ M)

Total (US$ M)

Mining & mine development

Process plant

On-site infrastructure

Off-site infrastructure

Filtered tailings storage facility

Indirect + Owner costs
























Numbers may not add due to rounding

Metallurgical Recoveries and Off-Site Charges

As reported in the Company’s news release on June 5th 2019, metallurgical testing of samples from Ayawilca indicate that a zinc concentrate grading 50% zinc can be produced with 92% of the zinc recovered to the concentrate. The lead metallurgy has been assumed based on similar operations. The lead concentrate is expected to assay 50% lead and 2,272 g/t silver on average over the life of mine. Based on preliminary metallurgical test work, 45% of the silver is expected to report to the lead concentrate and be payable, while 40% of the silver is expected to report to the zinc concentrate and not be payable. The zinc concentrate is expected to be a marketable concentrate with no deleterious elements other than an iron penalty. Concentrate grade assumptions and recoveries for the principal metals are provided in the table below.

Composite Head Grade, Metallurgical Results and Recoveries


Average Grade LOM

Metallurgical Recoveries (%)

Zinc (%)

Lead (%)

Silver (g/t)

Zinc Equiv. (%)

Av. NSR (US$/t)




Feed grade

Zinc Concentrate

Lead Concentrate





0 to 0.1
















Notes: Zinc Equivalent (%) = NSR/16.23. NSR = Zn(%)*US$16.23+Ag(g/t)*US$0.27+Pb(%)*US$10.20

2 Silver grades were calculated for the PEA and range from 1,122 to 4,173 g/t

All of the zinc concentrates are assumed to be delivered directly to a local refinery. All of the lead concentrates are assumed to be shipped overseas. Off-site charges include treatment charges, refining charges, and iron penalties at refinery and summarized below.

Off-site Charges


Zinc Concentrate

Silver-lead Concentrate

Transport to Port/Local refinery

Port Charges

Shipping to overseas smelter (FOB)

Local refinery Treatment Charge (TC)

Overseas Treatment Charge (TC)

Refining Charge (RC)

Iron Penalty









Notes: wmt = wet metric tonne. dmt = dry metric tonne

Tailings and Mine Waste Management

The tailings and mine waste concept for Ayawilca is based on a commitment to implementing best available practices and best available technologies, as described in the International Council of Mining and Metals (ICMM) Global Industry Standard for Tailings Management, and other, similar guides and standards. Of note:

  • 100% of mine waste rock and 40% of tailings production will be re-used as underground mine backfill;
  • On-surface tailings will be processed as dry-filtered tailings, and stacked at a secure, prepared facility. This method will: reduce the environmental footprint; reduce risk of failure and impacts; and reduce closure costs and schedule.

NSR Calculation

The mine plan for the PEA was based on a Net Smelter Return (“NSR“) cut-off value of US$65 per tonne. The prices and NSR factors for each metal utilized in the NSR calculation for the 2021 PEA compared to the 2019 PEA are presented in the table below.

Comparison of Metal Prices and NSR Factors from 2019 PEA to 2021 PEA


2019 PEA

2021 PEA*

Metal Price Assumptions

NSR Factor

Metal Price


NSR Factor

Zinc (Zn)

Lead (Pb)

Silver (Ag)













Notes: * NSR for the 2021 PEA was calculated using the following formula:

NSR = Zn(%)*US$16.23+Ag(g/t)*US$0.27+Pb(%)*US$10.20


The Ayawilca zinc project is strongly leveraged to zinc price. A 25% increase on the base case zinc price (around current spot price of US$1.50/lb) results in an after-tax NPV8% of US$785M, an increase of US$352M (or 81%).

Figure 4. After-tax NPV8% Sensitivities

Note: Arrow indicates current spot zinc price

Opportunities and Exploration Potential

The Ayawilca Zinc Zone has not been fully delineated and is open in several directions including to the northeast, south and southwest.

Opportunities for additional value on the Ayawilca property not captured in the PEA include, but not limited to:

  1. Potential for new zinc-silver discoveries outside of the existing resource at South, Far South, Yanapizgo, and Zone 3;
  2. Optimization of zinc recovery to a zinc concentrate (currently 92%) and silver recovery to a silver-lead concentrate (currently 45%) through more detailed metallurgical test work;
  3. The potential to incorporate a tin circuit into the mine plan by mining all, or some, of the adjacent Tin Zone resource (see news release dated September 27, 2021).

Tinka is well positioned to continue to move Ayawilca forward towards development. The project is fully permitted to carry out a Prefeasibility Study.

A National Instrument 43-101 Technical Report will be filed on SEDAR within 30 days.

Figure 5. Top-10 world zinc mines by zinc production in 2020, with Ayawilca 2021 PEA highlighted (Source: Stifel GMP and company data)

Mineral Resources

The table below outlines the Indicated and Inferred Mineral Resources estimates (August 30, 2021) for the Ayawilca Zinc Zone used in the PEA, including those that are not included in the mine plan. The Mineral Resource assumes a cut-off value of US$55/t NSR. Metals prices and NSR values are the same as used in the PEA.

Table 1: Ayawilca Zinc Zone Mineral Resources as of August 30, 2021

Tinka Resources Limited – Ayawilca Property





Contained Metal

(% Zn)

(g/t Ag)

(% Pb)

(Mlb Zn)

(Moz Ag)

(Mlb Pb)




















Total Indicated
































































Total Inferred










  1. CIM (2014) definitions were followed for Mineral Resources.
  2. Mineral Resources are reported above a cut-off net smelter return (NSR) value of US$55/t.
  3. The requirement of a reasonable prospect of eventual economic extraction is met by having a minimum modelling width for mineralized zones of three metres, a cut-off based on reasonable input parameters, and continuity of mineralization consistent with a potential underground mining scenario.
  4. The NSR value was based on estimated metallurgical recoveries, assumed metal prices, and smelter terms, which include payable factors, treatment charges, penalties, and refining charges. Metal price assumptions were, US$1.20/lb Zn, US$22/oz Ag, and US$0.95/lb Pb. Metal recovery assumptions were, 92% Zn, 85% Ag, and 70% Pb. The NSR value for each block was calculated using the following NSR factors; US$16.23/% Zn, US$0.27/g Ag, and US$10.20/% Pb.
  5. Payability is as follows; Zn 84%, Pb 94% and Ag 47%
  6. The NSR value was calculated using the following formula:
    NSR = Zn(%)*US$16.23+Ag(g/t)*US$0.27+Pb(%)*US$10.20
  7. Numbers may not add due to rounding.

Qualified Person Statements

Technical information related to the PEA contained in this news release has been reviewed and approved by Kim Kirkland, FAUSIMM, Geological Engineer, Principal Mining Consultant with Mining Plus. Edgard Vilela, MAusIMM (CP), Mining Engineer, Underground Manager, is a full time employee of Mining Plus. Both are Qualified Persons as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Mineral Resources disclosed in this news release have been estimated by Ms. Dorota El Rassi, P.Eng., SLR Consultant Engineer and Ms. Katharine M. Masun, MSA, M.Sc., P.Geo., SLR Consultant Geologist, both independent of Tinka. By virtue of their education and relevant experience, Ms. El Rassi and Ms. Masun are “Qualified Persons” for the purpose of National Instrument 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014). Ms. El Rassi and Ms. Masun have read and approved the contents of this press release as it pertains to the disclosed Mineral Resource estimates.

The metallurgical and recovery inputs have been reviewed and verified by Mr. Adam Johnston, FAusIMM, CP (Metallurgy) of Transmin Metallurgical Consultants, Lima, a Qualified Person as defined by National Instrument 43-101.

The inputs on processing and costs for tailings filtering and storage have been reviewed and verified by Mr. Donald Hickson, P.Eng., of Envis E.I.R.L Peru (Envis), a Qualified Person as defined by National Instrument 43-101.

Dr. Graham Carman, Tinka’s President and CEO, reviewed, verified and compiled the technical contents of this release. Dr. Carman is a Fellow of the Australasian Institute of Mining and Metallurgy, and is a Qualified Person as defined by National Instrument 43-101.

Data verification and quality control and assurance

SLR visited the Ayawilca property, reviewed the sampling and preparation methods, QA/QC methods and results, and sample chain of custody procedures; and performed independent resource database verification tests. SLR is of the opinion that the procedures are appropriate and the resource database is suitable to estimate Mineral Resources.

On behalf of the Board,

Graham Carman

Dr. Graham Carman, President & CEO

Further Information:

Mariana Bermudez 1.604.685.9316
[email protected]

About Tinka Resources Limited

Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone deposit has an estimated Indicated Mineral Resource of 19.0 Mt grading 7.15% Zn, 16.8 g/t Ag & 0.2% Pb and an Inferred mineral resource of 47.9 Mt grading 5.4% Zn, 20.0 g/t Ag & 0.4% Pb (dated August 30, 2021). The Ayawilca Tin Zone has an estimated Inferred mineral resource of 8.4 Mt grading 1.02% Sn (dated August 30, 2021). Tinka also owns and is actively exploring early stage copper-gold skarn mineral systems within its highly prospective land package in central Peru.

Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively “forward-looking statements”). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka’s management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations: timing of planned work programs and results varying from expectations; delay in obtaining results; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; equipment failure, unexpected geological conditions; imprecision in resource estimates or metal recoveries; success of future development initiatives; competition and operating performance; environmental and safety risks; timing of geological reports and the preliminary nature of the PEA and the Company’s ability to realize the results of the PEA; the political environment in which the Company operates continuing to support the development and operation of mining projects; risks related to negative publicity with respect to the Company or the mining industry in general; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; delays in obtaining or failure to obtain necessary permits and approvals from local authorities; community agreements and relations; and, other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.

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

SOURCE: Tinka Resources Limited

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Kiplin Metals Looks to Expand Uranium Project Portfolio Athabasca, Saskatchewan, Canada


Vancouver, British Columbia – TheNewswire – October 25th, 2021  – Kiplin Metals Inc. (the “Company”) (TSXV:KIP) (Frankfurt: 17G1) announces…

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Vancouver, British Columbia – TheNewswire – October 25th, 2021  – Kiplin Metals Inc. (the “Company”) (TSXV:KIP) (Frankfurt: 17G1) announces that its board of directors has commenced a strategic review of several uranium projects in Athabasca, Saskatchewan, Canada with the plan to expand the Company’s project portfolio.

Peter Born, Director of the Company commented; “after considerable consultation with our strategic advisors, the board has determined that, given the deep technical knowledge of our team, combined with the global initiative to transition the world’s energy needs away from fossil fuels, the company has initiated a strategic review of several uranium projects in Athabasca, Saskatchewan.  The company’s technical team has extension experience with uranium exploration and we are confident the addition will bring significant value to Kiplin Metals shareholders.”

About Kiplin Metals

Kiplin Metals is an early-stage exploration and development mining company.  The Company’s management understands that the greatest value creation for shareholders is through the discovery, and development of mineral resources, therefore the company focuses on project that can provide such impact.  Kiplin Metals has the rights to two highly perspective minerals exploration assets in Canada, a region in the world known for its resources, collaborative regulatory structure and stable economic and political environment.  

The Exxeter Gold Project covers an area of 715ha located in Val d’Or Quebec, one of the premier gold camps in the world which produced over 113.4M oz Au by the end of 2019. The project covers 3.8km of the Cadillac Tectonic zone, which is the principal geologic structure responsible for cold mineralization in the Val d’Or.

The Lac Rochester Copper Project is located on the eastern border of the Val d’Or mining camp, 50km southeast of the city of Val D’Or, and 14km south of the Company’s flagship property, the Exxeter Gold Project. Past exploration of the Lac Rochester Copper Project has identified multiple high copper and iron values, concurrent with a large, northeast trending magnetic anomaly.

For further information, contact the Company at 604-622-1199.

On behalf of the Board of Directors,

“Peter Born”



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


This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 and actual results or developments may differ materially from those in forward-looking statements. 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 except as required under the applicable laws.

Copyright (c) 2021 TheNewswire – All rights reserved.

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Klondike Gold Closes First Tranche Raising $2,242,851

NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) ("Klondike Gold" or the "Company") is pleased to…

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NEW YORK, NY / ACCESSWIRE / October 25, 2021 / Klondike Gold Corp. (TSXV:KG)(FRA:LBDP)(OTC PINK:KDKGF) (“Klondike Gold” or the “Company”) is pleased to announce that further to its news release of September 30, 2021, the Company has closed the first tranche (the “First Tranche”) of its non-brokered private placement financing, raising $2,242,851.25 of which $1,935,000 is flow through funds. The Company anticipates to close the balance of the financing in the coming weeks.

In closing the First Tranche, the Company issued 9,675,000 flow-through units at the price of $0.20 per unit, comprising of 9,675,000 common shares which are “flow through” shares for Canadian income tax purposes and 4,837,500 warrants. The Company further issued 1,759,150 non-flow-through units at a price of $0.175 per unit, comprising of 1,759,150 common shares and 879,575 warrants.

All warrants issued in the First Tranche of the financing are exercisable at a price of $0.25 per share until October 22, 2023.

All securities issued in connection with the First Tranche are subject to a four month and one day statutory hold period expiring on February 23, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The Company intends to use the proceeds from the financing to continue exploration and development of the Company’s Yukon properties, as well as for general working capital.


Klondike Gold Corp. is a Vancouver based gold exploration company advancing its 100%-owned Klondike District Gold Project located at Dawson City, Yukon Territory, one of the top mining jurisdictions in the world. The Klondike District Gold Project targets gold associated with district scale orogenic faults along the 55-kilometer length of the famous Klondike Goldfields placer district. To date, multi-kilometer gold mineralization has been identified at both the Lone Star Zone and Stander Zone, among other targets. The Company is focused on exploration and development of its 586 square kilometer property accessible by scheduled airline and government-maintained roads located on the outskirts of Dawson City, YT within the Tr’ondëk Hwëch’in First Nation traditional territory.


“Peter Tallman”
President and CEO
(604) 609-6138
E-mail: [email protected]

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

Disclaimer for Forward-Looking Information

“This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Klondike in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Klondike’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at Klondike disclaims any obligation to update or revise any forward-looking information or statements except as may be required.”

SOURCE: Klondike Gold Corp.

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Discovery Harbour Announces Results from First of Five Drill Holes on Caldera Gold Property, Nevada

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

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Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that the first of five drill holes results have been received from the Company’s Caldera drill program. Selected core from each of the five holes has been sent for analysis, with the next results expected in late November. The initial drill hole, CP21-01, has anomalous gold results up to 324 parts per billion gold over 1.4 metres. The drillhole intersected primarily volcanic tuffs, moderate to strong propylitic and argillic / sericitic alteration as well as multiple fault zones.

The Company completed drilling a total of slightly over 1900 metres, testing five low sulphidation epithermal gold targets (see map below) on the Caldera Property. Each hole was deeper than any previous drilling on Caldera and each site was selected to test the boiling zone, typically found at approximately 300+ metres below the paleo-surface, where precious metals are concentrated. The Caldera gold property lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada.

Caldera Gold Project, Completed Drill Holes

To view an enhanced version of this graphic, please visit:

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.


“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information
This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour, such as statements that Discovery Harbour intends to pursue the Caldera Project. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

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

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