BEDFORD, NS / ACCESSWIRE / September 21, 2021 / (TSXV:SSE) – Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") announces the receipt of all assays from the twenty holes of its Phase 1 exploration drilling at the El Mezquite Au-Ag property ("El Mezquite" or the "Property").
"We are pleased to report encouraging precious metal assays in nineteen of the first twenty holes drilled at El Mezquite. The second group of results returned gold values to 1.435 g/t Au. As noted previously, the drilling data are consistent with our exploration expectations for a low-grade, heap-leachable target with mineralization in the range of 0.1 g/t Au to 1.0 g/t Au," stated Greg Davison, Silver Spruce Vice-President Exploration and Director. "The latest drilling identified more and thicker intervals, the best assays to date and significant low-grade multi-metal haloes which point to the importance of the structural targets generated from the geological data compilation. Many of these targets remain to be drilled in a proposed Phase 2 program."
Figure 1. El Mezquite property showing RC rig from Layne de Mexico.
The Phase 1 RC program (see Figures 1 and 2) comprised 20 holes with a combined depth of 2,485 metres and utilized eight drill pad locations focused around a 400m x 600m area with elevated surface precious metal values to 3.41 g/t Au and 387 g/t Ag. Collars were defined by several northeast-trending veins, structural lineaments and oxide/sulphide transitions interpreted from geological mapping, precious metal assays, multi-element geochemistry, alteration assemblages and coincident 3D IP chargeability anomalies.
A total of 77 sampling intervals, ranging from surface to 146.4 metres depth downhole, are shown in Tables 1a and 1b. Individual sections of >0.1 g/t Au include sample composites of up to five intervals (3.1 metres to 7.7 metres) with weighted grades from 0.121 g/t Au to 0.955 g/t Au. Silver values were generally low (98th percentile – 17 g/t Ag) and ranged from <1 g/t Ag to 241 g/t Ag. Elevated Ag occurred commonly with higher Au and base metals.
"The mineralized intervals noted above reflected the observed scale estimated from current surface sampling on outcropping vein and structurally-controlled showings. Of importance to the geochemical interpretation, the pathfinder elements (Hg, Cu, Pb, Zn, Sb and As) with low grade Au often displayed well-defined metal haloes adjacent to notable Au values. These zones, which occurred in fourteen (14) drill holes, ranged from ten (10) to forty-three (43) metres, with seven intervals over 20 metres in apparent thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals and potentially are indicative of a significant structurally-influenced, precious metal mineralizing system with vein, stockwork and disseminated sulphides and/or secondary oxides," said Greg Davison, Silver Spruce Vice-President Exploration and Director.
"Targets for Phase 2 drilling are being prepared from our ongoing geological, hyperspectral, LANDSAT and LiDAR compilation for inclusion in a revised environmental report submittal to the Mexican Secretariat of Environment and Natural Resources (SEMARNAT) for permitting," said Mr. Davison.
Figure 2. Drill collar location map for the El Mezquite property.
The Company's first-ever drilling program at El Mezquite (see Press Releases of August 5 and September 7, 2021) was completed in July with samples being submitted to ALS Global in Hermosillo in daily batches of 3-4 holes. The first seven (7) drill holes were completed on June 14th. The remaining thirteen (13) holes were drilled with two RC rigs from Layne de Mexico and completed as scheduled on July 28th.
Local drill management and oversight, packaging and shipping, logging, splitting and packaging of geochemical samples, quality control protocols and delivery to ALS Global were conducted under Servicios Geológicos IMEx ("IMEx") supervision at the El Mezquite property and at our option partner Colibri Resource's ("Colibri") office facilities in Hermosillo.
Sample splits (50%) were collected for geochemical analysis from 1.53 metre intervals throughout the length of each hole. Chip samples were split for logging from each interval, packaged in vials and organized in trays by drill hole. The remaining splits (50%) were stored at the project site and at Colibri's storage facility in Suaqui Grande.
Laboratory assay results were submitted between June 17th and August 5th. Data were received between July 15th and August 24th. Despite laboratory workloads which have impacted turnaround timelines, our samples were analysed in Vancouver and Lima, Peru to expedite completion.
Table 1a. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program (MEZ001-MEZ-010).
Table 1b. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program (MEZ011-MEZ-020).
RC Drill – Geological Logging
The drill hole geology was recurrent and logged primarily as light to dark green to grey-green, fine-grained phaneritic to porphyritic-textured andesite and dark grey mafic dykes exhibiting surface oxidation and transitional zones, weak to moderate propylitic alteration and at depth, abundant disseminated sulphides, chiefly pyrite, and/or magnetite. The andesite dykes contained elevated magnetite. Minor rhyolitic units may be feldspar-quartz intrusive dykes.
Oxidation reached depths of 3 metres to 24.4 metres above transitional intervals also measuring from 3 metres to 24.3 metres; hematite and manganese oxides identified as pyrolusite were noted in red to orange to orange-grey altered andesite with silicification and incipient argillic alteration noted in several drill holes (e.g., MEZ-21-17 and MEZ-21-19). The sulphide zone andesites were intersected at overall downhole depths of 12.2 metres to 36.6 metres and continued throughout to the base of the holes.
Pyrite (estimated 1-2 wt.%, max. 5 wt.%) was the dominant sulphide species with minor chalcopyrite, sphalerite and possible galena. Sulphides also occurred in quartz and quartz-carbonate veinlets with a stockwork-style distribution. Minor calcite-chlorite and quartz-gypsum vein sets were noted.
Project Background
El Mezquite, a drill-ready precious metal project located 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico, is very well situated in terms of logistics for exploration and is located only twelve kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos (see Figure 3).
The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineralization. High voltage power lines are positioned along Highway #16.
The El Mezquite Project is located within the west-central 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.
Figure 3. Location Map for El Mezquite, Jackie and Diamante Concessions. Nicho mine development by Minera Alamos located 10 km SE of El Mezquite, 5km SE of Jackie.
The Company undertook an exploration program including environmental permitting for drilling, geological mapping of geologic structures and lineaments, ortho-mosaic photography, rock geochemical and hyperspectral analysis, data compilation and GIS modeling, and a LiDAR survey. Ground truthing of the Au-Ag system with geological mapping and rock sampling was completed in three campaigns between July 2020 and March 2021. All aspects of the exploration program are conducted with strict adherence to COVID-19 protocols for personal safety.
All current samples from the 2020-2021 field programs were submitted to ALS Global for gold, multi-element and hyperspectral analysis. Historical samples (>400) from the 2010-2019 programs also were submitted to provide complementary multi-element and hyperspectral data over the Property database. The LiDAR survey data and satellite hyperspectral interpretation results are being updated into the project ArcGIS database.
The environmental permit, required to drill the Property, was received from SEMARNAT (see Press Release April 20, 2021) and granted to the concession holder, Yaque Minerals S.A. de C.V. ("Yaque") by SEMARNAT. The permit allows for fourteen (14) drill pads over the targets in the northern area of the concession. Individual holes achieved depths of 100-200 metres to intersect the target intervals.
Land surface agreements were signed with three ranchers to facilitate full access to the Phase 1 collar locations.
Geochemical Analysis, Quality Assurance and Quality Control
Drill chip sample splits were delivered from the drill site to an in-house storage facility in Hermosillo for logging and QA/QC by IMEx, and then to the ALS sample preparation facility in Hermosillo, Sonora, Mexico. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada. Local chain of custody was monitored and maintained by a professional senior geologist with IMEx.
The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global's North Vancouver, Canada or Lima, Peru analytical facility for gold and multi-element analysis. Pulps (50gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA24).
The retained pulps also were analysed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61m) with Hg by Aqua Regia and ICP-MS (Hg-MS42).
Over-limit Au and Ag samples are analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Overlimit base metals are analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).
In-house quality control samples (blanks, standards, duplicates, preparation duplicates) were inserted into the sample set by IMEx. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results were provided with the Company sample certificates. The results of the ALS control samples were reviewed by IMEx and the Company's QP and evaluated for acceptable tolerances.
All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
Sample grades reported by element in the technical documentation and analytical certificates range from detection limit (based on the specific instrumentation and by element) to anomalous values which represent and include select samples and are reported as ‘up to' the maximum values and/or ranges presented. Average or weighted values may be reported for select suites of samples in which the sample frequency is indicated, and which only represent metal grades from those samples.
Qualified Person
Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the El Mezquite Project and is responsible for approval of 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 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. 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 gdavison@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.
The new TSF will be designed to optimize the physical and geochemical stability of the tailings pile and meet global standards and best practices for environmental safety and water quality
KINGSTON, ON / ACCESSWIRE / September 21, 2021 / Focus Graphite Inc. (TSXV:FMS)(OTCQB:FCSMF)(FRANKFURT:FKC) ("Focus" or the "Company") is pleased to announce that it has retained the services of NewFields Canada Mining & Environment ULC ("NewFields"), a Saskatoon-based environmental, engineering and construction firm, to design the tailings storage facility and water management system at its Lac Knife flake graphite project, located on the Southwestern edge of the Labrador Trough next to the towns of Fermont and Wabush on the Nitassinan of Innu Takuaikan Uashat mak Mani-utenam (ITUM).
As per its agreement signed August 6, 2021, with Focus, NewFields will begin by reviewing the suitability of the site that was selected for the tailings storage facility (TSF) when a Feasibility Study for the project was completed in August 20141. It will also examine the feasibility of implementing a filtered (dry stack) tailings management system at Lac Knife rather than more conventional slurry type tailings system designs. The new TSF design will be optimized for physical and geochemical stability, safety, and environmental protection extending well beyond the end of mining operations.
In addition to tailings management system design, NewFields will investigate options for onsite waste rock management to address any potential water drainage issues. It is currently working with Focus and geological consultants IOS Services Géoscientifiques to conduct a geochemical characterization of tailings and waste rock materials at Lac Knife. This information will also be used to develop optimal site water management and control, along with water treatment processes.
"Graphite is essential for many forms of renewable energy, and this project will be an important contributor to the green economy," said Leon Botham, Principal Engineer and Tailings Management Specialist at NewFields, who is the lead environmental engineer on the project. "It's important to provide safe, effective treatment and disposal of waste materials and process waters to ensure that the Lac Knife project itself is as 'green' as the minerals Focus plans to extract."
"NewFields is an established, international environmental engineering company with a proven track record in designing effective tailings and waste rock management systems at mine sites around the world," said Marc Roy, President and CEO of Focus Graphite. "It is very important to us at Focus to advance the Lac Knife project, and all our projects, using methods that cause minimal impact to natural ecosystems including protecting the quality of groundwater and surface water. We're confident that Leon and the NewFields team share our values and approach in this regard."
NewFields joins IOS Services Géoscientifiques Inc., DRA Americas Inc., Wood plc., Table Jamésienne de Concertation Minière (TJCM), and Richelieu Hydrogéologie Inc. in working with Focus to advance the Lac Knife project and update its Lac Knife FS and Environmental and Social Impact Assessment (ESIA) reports, both of which were initially filed in 2014. These updates are currently underway.
Qualified Person
Mr. Marc-André Bernier, géo. (QC), P.Geo. (ON), M.Sc., senior geoscientist for Table Jamésienne de Concertation Minière, a consultant to the Company and a Qualified Person as defined under National Instrument (NI) 43 – 101 Standards of Disclosure for Mineral Projects has reviewed and approved the technical content this news release.
About NewFields
Established in 1995, NewFields is an environmental, engineering, and construction management consulting firm that provides access to a global network of recognized experts and professionals who work together to resolve clients' complex business needs. They specialize in developing and deploying knowledge management and information technologies that seek solutions for our clients – safely, efficiently, effectively and consciously.
Focus Graphite Inc. is an exploration and development company that seeks to produce flake graphite concentrate at its wholly owned Lac Knife and Lac Tétépisca flake graphite projects located in the Côte-Nord administrative region of Québec. As part of its mission to build long-term, sustainable shareholder value, Focus is also evaluating the feasibility of producing value-added specialty graphite products, including battery-grade spherical graphite. Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds an equity position in graphene applications developer Grafoid Inc.
This news release may contain certain forward-looking information and statements, including without limitation, the closing of the Offerings, statements pertaining to the use of proceeds, and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Focus Graphite's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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 accuracy of this release.
TORONTO, ON / ACCESSWIRE / September 20, 2021 / Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSXV:TSD)(OTCQB:TSDRF)(FSE:TZO) is pleased to announce positive geotechnical lab test results for its wholly owned Xaudum Iron Project. These are the first set of geotechnical lab tests conducted on the Xaudum Iron Formation (XIF) and indicate that the XIF materials are competent and have good to moderate strength properties and will result in a positive set of geotechnical parameters to be used in the ongoing Preliminary Economic Assessment ("PEA") of the XIF project.
Rock strength data is important in generating slope designs for safe mining and this set of lab test data will contribute to further geotechnical studies into rock mass rating for pit stability and pit wall design during the engineering stage of the PEA. The aim of conducting lab tests on these XIF samples is to measure the ranges at which the XIF will fail under tension, compression and shear on their discontinuities. To test the above-mentioned strength properties, the selected samples from XIF Geodomains were subjected to the following tests: Unconfined Compressive Strength, Brazilian Tensile Strength, and Direct Shear Strength. These tests were conducted at the Botswana International University of Science and Technology (BIUST) by the Mining and Geological Engineering department and the results can be found in Table 1.
Tsodilo's Chairman and CEO, James M. Bruchs, commented "The results were what we expected, they show that the XIF materials are all within standard mechanical rock property ranges and that there will be no geotechnical issues arising from the XIF materials and confirm that the XIF will show "normal" pit wall angles as assumed in the Company's previous resource reporting."
31 geotechnical tests were processed by BIUST, see Table 1. A summary of the completed geotechnical test works is set forth below:
18 Unconfined Compressive Strength (UCS) tests gave the following results:
Fresh Banded Magnetite formation (MBA) has a Very StrongRock Strength Classification with a UCS average value of 132.7 MPa. Cataclastic mode of failure is the most prevalent in these MBA samples where the samples break irregularly at high stress without following any plane of weakness;
Cataclastic is common in hard and brittle rocks, this mode of failure suggests that MBA banding is not necessarily a plane of weakness;
Weathered Banded Magnetite (MBW) has a Strong Rock Strength Classification with a UCS average value of 81.3 MPa ;
MBW tends to break along foliation suggesting that there are micro-fractures developed along foliation caused by weathering;
Diamictite Schist Formation (DIA) has a Strong Rock Strength Classification with a UCS average value of 57.2 MPa. DIA is predominantly the main country rock in the XIF and will make up the bulk of the pit wall materials during mining of the XIF;
This Geodomain exhibits single shear as the dominant mode of failure which can be attributed to foliation and schistocity of this rock type that creates a plane of weakness;
Diamictite Schist Weathered formation (DIAW) has a Medium StrongRock Strength Classification with a UCS average value of 31.6 MPa;
DIAW breaks easier along the schistocity foliation suggesting the weathering exacerbates the schistocity weakness planes of the rock mass;
Calcrete Overburden (CAC) has a Strong Rock Strength Classification with a UCS average value of 80.4 MPa;
Axial splitting is the dominant mode of fracture for this rock type.
The BTS values for DIA and MBA were plotted against UCS results and compared with other rock strength values in the literature showing the strong nature of these materials, see Figure 1.
4 Direct Shear Strength (DSS)tests on open discontinuities (joints) on DIA Geodomain gave the following results:
These joints gave effective friction angles ranges from 19.29o (Poor) to 36.87o (Good) and the effective cohesion of the joint surface ranged from 27.02 kPa to 273.81 kPa;
The cohesion values are considered to be moderate low to moderate when compared to other geological scenarios in the literature, see Figure 2;
The friction angle ranges show that the material along the joint surface has variable amounts of "weak" phyllosilicate materials (dominated by biotite) due to the schistic nature of the DIA; and
Group A (Figure 2) showing appreciable phyllosilicate (biotite) material and thus lower effective friction angles, compared to Group B (Figure 2);
These results of these DSS tests are well within normal results for materials like the DIA.
The UCS and the BTS strength tests indicate that the XIF major Geodomains are competent and strong in both dimensions of compression and tension. The UCS mode of failure indicates that DIA, DIAW and MBW tend to show a preferred mode of failure related to the foliation. This is not as common for MBA and CAC. The joint discontinuities tested for DSS lean towards poor and fair characterizations.
These are the first set of geotechnical lab tests conducted on the XIF and show that the XIF materials are competent and will result in a good set of geotechnical parameters to be used in the ongoing PEA. These geotechnical lab tests show that the XIF materials are all within standard mechanical rock property ranges and that there will be no geotechnical issues arising from the XIF materials confirming that the XIF will show "normal" pit wall angles as assumed and presented in the Company's XIF resources report (see Press Release of 9/14/2014 on the Company's website for further details).
References
Chakraborty, S., Bisai, R., Palaniappan, S. K., & Pal, S. K. (2019). Failure Modes of Rocks under Uniaxial Compression Tests: An Experimental Approach. Journal of Advances in Geotechnical Engineering Volume 2 Issue 3, 1-8.
Perras, M. A., & Diederichs, M. S. (2014). A Review of the Tensile Strength of Rock: Concepts and Testing. Springer.
Read, J., & Stacey, P. (2010). Guidelines for Open Put Slope Design. Collingwood: CSIRO Publishing.
Wyllie, D. C., & Norrish, N. I. (2006). Rock Strength Properties and their Measurements. 372-390. Chapter 14 from Landslides: Investigations and Mitigations by Turner, K. A. and Schuster, R. L. (ISBN: 030906208X)
About Botswana International University of Science and Technology
The Botswana International University of Science and Technology is a Government of Botswana supported institution established as a research-intensive University that specializes in Engineering, Science and Technology at both undergraduate and graduate (Master's and Doctoral) levels. It aims to increase competitiveness, economic growth and sustainable development; address the shortage of skilled scientists and technologists; increase movement of skilled people across national boundaries; stimulate research, innovation, and technology transfer; improve society's aspirations to improve health, wealth and well-being; address increased demand for access to tertiary education; and enable a more competitive and innovative tertiary education sector.
The University is a national strategic initiative that is intended to serve as one of the key platforms for transforming Botswana's economy. Because of its research emphasis, BIUST works with the private sector to meet emerging skills needs of the industry, as well as identifies challenges that can be solved through applied research. (www.biust.ac.bw).
About the XIF Project
The project is located in the North-West District of Botswana and is proximate to the Namibian boarder and lies twenty-two (22) miles from the town of Divundu in Namibia. The Walvis Bay-Ndola-Lubumbashi Development Corridor (previously known as the Trans-Caprivi), line linking Zambia and Namibia is planned to pass through Divundu providing access to Walvis Bay, Namibia's deep-sea port.
The Company has joined the Walvis Bay Corridor Group (WBCG). Currently the portion of the corridor between Grootfontein (Namibia) to Katima Mulilo located on the Zambia border is the portion of the corridor closest to the Xaudum Iron Project. In March 2021, the Namibian Ministry of Works and Transport commissioned a Feasibility Study for the Trans-Zambezi Railway Extension Grootfontein — Rundu – Katima Mulilo. The proposed rail extension between Grootfontein and Katima Mulilo is significant to Tsodilo as the extension is planned to pass through Divundu. The feasibility study is expected to be completed by the end of 2021 and its results will be considered in our Preliminary Economic Assessment (PEA).
The project is also located within forty-three (43) miles of the proposed Mucusso line to Angola's Namibe Port.
Preliminary work on the Xaudum Iron project has defined a CIM compliant Inferred Mineral Resource Estimate of 441 million tonnes (Mt) with an average grade of 29.4% Fe, 41.0% SiO2, 6.1% Al2O3 and 0.3% P for the Block 1 magnetite XIF.
Block 1 is a fraction of the potential XIF magnetite resource. An extrapolated exploration target has defined the XIF to be in the order of 5 to 7 billion tonnes at 15 – 40% Fe. This exploration target was generated by inversion modelling of ground magnetic geophysical data which was compared and moderated to volumes from drilling data within Block 1 and its potential quantity and grade is conceptual in nature. To date, there has been insufficient exploration to define a mineral resource other than in Block 1 and it is uncertain if further exploration will result in the target being delineated as a mineral resource. See Press Release of 9/14/2014 on the Company's website for further details.
Metallurgical magnetic separation results (Davis Tube Recovery) show an average concentrate of 67.2% Fe, 4.2% SiO2, 0.5% Al2O3, 0.07% P is obtained at P80 grind size of 80 microns, although higher grades are possible at finer P80's. See Press Release of 12/17/2013 on the Company's website.
Further exploration will be focused on Block 2a where the Company expects an increase in the resource.
More technical information a report prepared by SRK Consulting (UK) Ltd. for Gcwihaba Resources (Pty) Ltd. titled "Mineral Resource Estimate for the Xaudum Iron Project (Block 1), Republic of Botswana" with an effective date of August 29, 2014 and filed on SEDAR under the Company's profile at www.sedar.com.
About Tsodilo Resources Limited
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto (Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty) Ltd. ("Newdico) projects in Botswana and its Idada 361 (Pty) Limited ("Idada") project in Barberton, South Africa. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana and the PL216/2017 diamond prospection license also in the OKF. The Company has a 100% stake in its Gcwihaba project area consisting of seven metal (base, precious, platinum group, and rare earth) prospecting licenses all located in the North-West district of Botswana. The Company has a 100% interest in its Newdico industrial stone project located in Botswana's Central District. Additionally, Tsodilo has a 70% stake in Idada Trading 361 (Pty) Limited which holds the gold and silver exploration license in the Barberton area of South Africa. Tsodilo manages the exploration of the Newdico, Gcwihaba, Bosoto and Idada projects. Overall supervision of the Company's exploration program is the responsibility of Dr. Alistair Jeffcoate, Project Manager and Chief Geologist of the Company and a "qualified person" as such term is defined in National Instrument 43-101.
This press release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements pertaining to the use of proceeds, the impact of strategic partnerships and statements that describe the Company's future plans, objectives or goals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward- looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, changes in general economic conditions, market volatility, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, exploration and development risks, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
Neither the TSX Venture Exchange ("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 news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
Greg Ferron, Frank Hoegel, and certain other shareholders, who, together, hold in aggregate of approximately 12 million shares, have agreed to reverse their previous votes and will vote FOR Fancamp’s director nominees. Mr. Ferron will be appointed to Fancamp’s board of directors.
As part of the agreement, Fancamp and ScoZinc have agreed to terminate the ScoZinc transaction. Instead, Fancamp will purchase, by way of a private placement, 1,969,697 common shares of ScoZinc at $0.66 per share for $1,300,000. The $300,000 termination fee payable by Fancamp to ScoZinc will be credited towards the private placement purchase price.
In light of the recent court decision in favour of Fancamp, shareholders have expressed a clear desire to move forward with a strong corporate strategy and avoid further costs and delays.
VANCOUVER, British Columbia, September 16, 2021–(BUSINESS WIRE)–Fancamp Exploration Ltd. ("Fancamp" or the "Corporation") (TSX Venture Exchange: FNC) today announced that it has entered into an agreement with Mr. Greg Ferron (the "Agreement"). Mr. Ferron has withdrawn his agreement to serve as a nominee on Mr. Peter H. Smith’s dissident slate, and Mr. Ferron, Frank Hoegel and certain other shareholders will reverse their previous votes and vote FOR Fancamp’s director nominees.
The Agreement aligns the interests of shareholders with the Fancamp Board of Directors (the "Board") and management. Pursuant to the terms of the Agreement:
Mr. Ferron will be appointed to Fancamp’s Board, replacing Mr. Paul Ankcorn who is resigning. Following the Corporation’s annual general meeting ("AGM"), it is contemplated that Mr. Ankcorn and two other directors will be replaced by Mr. Ferron and two of his nominees who are acceptable to the Board.
The proposed business combination between Fancamp and ScoZinc Mining Ltd. ("ScoZinc") has been terminated. Instead, Fancamp will purchase, by way of a private placement, 1,969,697 common shares of ScoZinc at $0.66 per share for $1,300,000. The $300,000 termination fee will be credited towards the private placement and Fancamp will pay the balance of $1,000,000. Once the private placement has closed, ScoZinc will appoint one nominee of Fancamp to its board of directors. ScoZinc will also issue 378,788 common shares to Fancamp at a price of $0.66 per share on a shares-for-debt basis to satisfy the $250,000 loan and any other amounts that ScoZinc may owe to Fancamp as part of the loan. This arrangement, which Mr. Ferron supports, will allow Fancamp to benefit from ScoZinc’s production potential and corporate upside. The foregoing is subject to regulatory approval.
Following the AGM, the Board will advance the Corporation’s strategic plan focused on: exploration properties, titanium technology and strategic alternatives. Fancamp looks forward to working collaboratively with Mr. Ferron and other advisory members.
Vote Your Gold Proxy Today
Shareholders are encouraged to continue voting on the GOLD proxy FOR Fancamp’s director nominees. Fancamp remains committed to holding the AGM as soon as possible and will advise shareholders of a new date in due course.
If you have any questions or need help voting, please contact Kingsdale Advisors at 1-800-749-9890 or contactus@kingsdaleadvisors.com.
Advisors
Lavery, de Billy, L.L.P. and Goodmans LLP are serving as legal advisor to Fancamp. Harris & Company LLP is serving as litigation counsel to Fancamp. Kingsdale Advisors is acting as strategic shareholder and communications advisor to Fancamp. Koffman Kalef LLP is serving as legal advisor to the Special Committee.
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. It has recently announced the acquisition of ScoZinc, a Canadian exploration and mining corporation that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia, as well as several prospective exploration licenses in surrounding regions. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.
Forward-looking Statements
This news release includes certain statements which are not comprised of historical facts and that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include estimates and statements that describe Fancamp’s future plans, objectives or goals, including words to the effect that Fancamp or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "foresees" or "plan". Since forward-looking statements are based on multiple factors, assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet the management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially or simply fail to materialize from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, information and statements relating to the Corporation’s annual general meeting, and objectives, goals or future plans. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, political, economic, environmental and permitting risks, mining operational and development risks, litigation risks, regulatory restrictions, environmental and permitting restrictions and liabilities, the inability of Fancamp to raise capital or secure necessary financing in the future, as well as factors discussed in the section entitled "Risks and Uncertainties" in Fancamp’s management’s discussion and analysis of Fancamp’s financial statements for the period ended January 31, 2021. Although Fancamp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Fancamp considers its assumptions to be reasonable based on information currently available, but there can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither 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 news release.
Media Contact Hyunjoo Kim Director, Communication, Marketing & Digital Strategy Kingsdale Advisors Phone: 416-867-2357 Cell: 416-899-6463 Email: hkim@kingsdaleadvisors.com
Figure 1
The Vallée property in the immediate eastern proximity of the North American Lithium Mine, the bulk sample location and the laid out drill holes.
The Vallée property in the immediate eastern proximity of the North American Lithium Mine, the bulk sample location and the laid out drill holes.
Figure 2
CEO Rene Bharti, Chairman Dr. Andreas Rompel and project geologist Alexandr Beloborodov at the drilling site at the Vallée property.
CEO Rene Bharti, Chairman Dr. Andreas Rompel and project geologist Alexandr Beloborodov at the drilling site at the Vallée property.
TORONTO, Sept. 16, 2021 (GLOBE NEWSWIRE) — JOURDAN RESOURCES INC. (“Jourdan” or the “Company“) is pleased to announce that the first drillhole of its fall campaign has commenced starting with hole No. VAL 21-2-3 approximately 110m east southeast from the bulk sample taken in 2018 and 100m east of the fence line drilled in 2011 (Fig. 1).
The 2000m diamond drilling program is intended to follow up on the results of a bulk sample collected in 2018 and the fence line drilled in 2011 along the western side of the Company’s Vallee property, which borders with the North American Lithium mine. This new drilling campaign aims at completing two more fence lines across the lithium-bearing pegmatite swarm, which has been mined in the immediate vicinity to the west. 10 holes of approximately 200m depth each are scheduled to be drilled aiming at the pegmatites swarm identified by the trenching of the bulk sample collected on the Vallée property in 2018. The assay results from the bulk sample revealed high Li2O grade (see press release of the Company dated April 29 2021), which have encouraged the Company to continue exploration and drill along the strike and depth extent on its Vallée property.
Rene Bharti, CEO of Jourdan (Fig. 2), stated, “We believe this drill program will allow the Company to move forward with its goal to become Quebec’s next near-term lithium producer. Jourdan possess a large land package, and we hope that this drill program will be the beginning of a much larger campaign on our property overall. Furthermore, we are optimistic that the program will help us build a resource for the Company in the future.”
Jourdan’s Executive Chairman, Dr. Andreas Rompel, stated, “We are excited to commence a new phase of exploration on our Vallée property and explore and develop the extent of the lithium mineralisation along the pegmatite swarm. After having received the positive results from the bulk sample, we feel highly encouraged to better define the strike length of the spodumene-bearing pegmatites.”
The scientific and technical information contained herein has been reviewed and approved by Alexandr Beloborodov, P.Geo., an independent consultant that is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Jourdan Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol “JOR” on the TSX Venture Exchange and “2JR1” on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine.
For more information: www.jourdaninc.com Rene Bharti, Chief Executive Officer and President Email:info@jourdaninc.com Phone: (416) 861-5800
Cautionary statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s ability to complete a 2000m drilling campaign at its Vallée property, any future drilling campaigns, any resources at the Vallée property and the Company’s ability to execute its business plan, including its ambition to become Quebec’s next near-term lithium producer. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
BEDFORD, NS / ACCESSWIRE / September 14, 2021 / Silver Spruce Resources, Inc. (TSXV:SSE)(FRA:S6Q1) ("Silver Spruce" or the "Company") is pleased to announce that it has signed a Definitive Agreement with two parties (the "Vendors") to acquire 100% of three early-stage gold exploration properties, Mystery, Till and Marilyn, (the "Property" or the "Properties") located near Grand Falls, Newfoundland, Canada, 20-25 kilometres west of New Found Gold Corp.'s Queensway project and 15-35 kilometres south of Sokoman Minerals Corp.'s Moosehead gold project.
Figure 1. Location Map of Mystery, Till and Marilyn Gold Properties in the Exploits Subzone Gold Belt (Image adapted from exploits.gold).
"We expedited our initial site visit on the Properties during the week of August 23rd and given the positive initial report on the mineral and rock textures potentially related to shallow epithermal and/or orogenic vein-style mineralization, we are pleased to move forward with this Definitive Agreement with the Vendors," said Greg Davison, Silver Spruce VP Exploration and Director. "We believe that this is a timely opportunity to acquire these Properties given their strategic location in a very active exploration camp, displaying prospective geology with only limited exploration and no history of drilling, and proximal to regional and secondary structural features defined by the geophysical and geological coverage. We have started building out the project ArcGIS database and investigating the most up-to-date and appropriate geochemical and geophysical techniques to conduct a Fall 2021 Phase 1 exploration program."
The Properties are well situated in exploration logistics, located close to each other and <10-25 kilometres southeast and south by road from Grand Falls, Newfoundland. The Properties are located <50 kilometres from the Gander International Airport and are easily accessible from major paved roads and local logging and bush roads and trails largely by vehicles and more remote areas by ATV.
The 8,750-hectare project is located within the Exploits Subzone, an extensive area of mineral exploration activity and discoveries over the past two years (Figure 1). The region is structurally complex and located, in large part, between two major crustal lineaments, the Grub Line and Valentine Lake Faults. Numerous major to lesser sub-parallel features merge and bifurcate along strike and are transected by NW and EW-trending faults. These deep-seated structures, which juxtapose geological terranes over hundreds of kilometres, are key to the location and formation of orogenic gold deposits containing several million ounces of gold as reported by a number of junior companies in the district. Though younger, the lineaments are very similar to those of the Abitibi Gold Belt in Ontario and Quebec in scale, splaying surface expression and wide distribution of mineral endowment, though in an earlier stage of overall exploration and development.
"We look forward to working in Newfoundland which offers a favorable regulatory environment, supportive communities, outstanding provincial geological survey, near year-round operating conditions, excellent property access and of principal importance, significant potential for new deposits as indicated by the number and quality of recent successful exploration projects," said Greg Davison, Silver Spruce VP Exploration and Director. "The Company's decision to add multiple properties to our portfolio in high-quality jurisdictions will give shareholders more opportunities for notable discoveries."
Due Diligence
Silver Spruce contracted a Newfoundland-based professional geologist to visit the properties with one of the Vendors. They travelled to the Mystery and Marilyn properties, shown in Figures 2 and 3 respectively, examined the geology, verified sample locations for the historical assays and collected new rock samples, thirteen of which were submitted to ALS Global for analysis, and took photographs of pertinent topography, geomorphology, geological exposures, access and types of vegetation. The four claims on the Till property were not evaluated during the site visit. Additional rock samples and splits of assay samples were shipped by courier to the Company's QP for forthcoming examination by optical microscopy. The results of the due diligence rock geochemistry for thirteen samples are expected from ALS Global in due course.
Figure 2. Mystery claims transected by the Great Rattling Brook. Due diligence sampling sites indicated.
Figure 3. Marilyn claims, southeast of Grand Falls, transected by the Bay d'Espoir Highway. Due diligence sampling sites indicated.
A selection of historical assays reported for precious and base metals and pathfinder elements from 123 samples collected from Mystery and Marilyn are shown in Table 1. Eighteen samples reported Au >0.5 g/t (max. 12.5 g/t Au). Cu values were reported up to to 9.85% with minor Ag, Pb and Zn. Arsenic was highly anomalous with values for 36 samples over the 2200 ppm upper limit for Inductively Coupled Plasma (ICP-OES) analysis, strongly associated with elevated Au values and displayed generally as minor to abundant arsenopyrite (see Figure 4).
Table 1. Select analyses from historical exploration on the Mystery and Marilyn properties – n=123 The samples represent those with Au, Ag and base metal (Cu, Pb, Zn) values in the 90th percentiles for each element from a total of 123 samples analysed.
Multiple surface occurrences are reported of agate chalcedony to colloform and crystalline silica veining and multi-phase breccias (see Figures 4 and 5), carbonate replacement by quartz, and open-space filling quartz and calcite, all textures indicative of the upper zones of epithermal systems and epizonal to mesozonal structural conduits in orogenic systems, and are accompanied by Au and arsenopyrite, stibnite, chalcopyrite, bornite and Cu carbonate mineralization in several host lithologies including quartz, black shale and other sediments, ultramafics and gabbro.
Figure 4. Left – Epithermal silica veining outcropping along Great Rattling Brook. Right – Quartz float with arsenopyrite, sample grade reported as 12.5 g/t Au, 3.2 g/t Ag with anomalous As and Bi.
Figure 5. Polished samples showing epithermal chalcedonic silica veining with complex depositional and compositional banding, open space filling and multi-stage brecciation from Mystery property.
Terms of Agreement
Silver Spruce had a 30-day window after signing the LOI (see Press Release August 16th, 2021) to carry out its due diligence and prepare a Definitive Agreement ("DA") for the Property acquisition.
The principal terms to purchase 100% interest in the Properties include cash payments and Silver Spruce common shares, with CAD$40,000 in cash and 1,000,000 shares on signing, and escalating payments of CAD$575,000 and 9,000,000 shares spread over five years on the anniversary date of TSX Venture Exchange approval. The minimum work expenditures over the life of the agreement total CAD$1,500,000. All financial terms are in Canadian dollars.
A finder's fee is payable on the acquisition pursuant to the guidelines of the TSX Venture Exchange.
Upon TSX acceptance for the DA, Silver Spruce will earn a 100% interest in the Property by paying the following cash payments to the Vendors or their nominee(s):
$40,000 collectively upon receipt by the Purchaser of the Conditional Acceptance of the Exchange of this Agreement;
$50,000 collectively upon the first anniversary of the date of the Final Exchange Bulletin;
$75,000 collectively upon the second anniversary of the date of the Final Exchange Bulletin;
$100,000 collectively upon the third anniversary of the date of the Final Exchange Bulletin;
$150,000 collectively upon the fourth anniversary of the date of the Final Exchange Bulletin;
$200,000 collectively upon the fifth anniversary of the date of the Final Exchange Bulletin; and
issuing to the Vendors or their nominee(s) from treasury the following Shares:
1,000,000 common shares collectively upon receipt by the Purchaser of the Conditional Acceptance of the Exchange of this Agreement;
1,000,000 common shares collectively upon the first anniversary of the date of the Final Exchange Bulletin;
1,250,000 common shares collectively upon the second anniversary of the date of the Final Exchange Bulletin;
1,500,000 common shares collectively upon the third anniversary of the date of the Final Exchange Bulletin;
2,000,000 common shares collectively upon the fourth anniversary of the date of the Final Exchange Bulletin;
3,250,000 common shares collectively upon the fifth anniversary of the date of the Final Exchange Bulletin; and
incurring a minimum of $1,500,000 in Expenditures on the Property as follows:
$150,000 in property expenditures by the first anniversary of the date of the Final Exchange Bulletin; and
$200,000 in additional property expenditures by the second anniversary of the date of the Final Exchange Bulletin; and
$250,000 in additional property expenditures by the third anniversary of the date of the Final Exchange Bulletin; and
$300,000 in additional property expenditures by the fourth anniversary of the date of the Final Exchange Bulletin; and
$600,000 in additional property expenditures by the fifth anniversary of the date of the Final Exchange Bulletin.
Upon completion of the above terms in to earn a 100% interest in the Property, and the Title Transfer, the Vendors will reserve, retain and hold a 2% net smelter return royalty as described in the Royalty Agreement (the "Royalty").
An advance payment against the Royalty payable by the Purchaser to the Vendors in the amount of $15,000 will be made on an annual basis starting on the 6th anniversary of the date of the Final Exchange Bulletin.
The Company shall be entitled, at any time in its sole discretion, upon written notice to the Vendors, to buy back 1% of the Royalty for $2,000,000, and shall have the right to buy back the remaining 1% of the Royalty from the Vendors at any time at a prevailing market price.
Geochemical Analysis, Quality Assurance and Quality Control
Rock samples were collected, packaged and delivered by the Company's contract professional geologist to a courier service for shipment to the ALS sample preparation facility in North Vancouver, British Columbia, Canada. ALS Global is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada.
Pulps (50gram split) were submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA24) and Four Acid Digestion with Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61m).
Given the small size of the sample suite, no additional in-house quality control samples (blanks, standards, duplicates, preparation duplicates) were inserted into the sample set. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the ALS control samples will be reviewed by the Company's QP and evaluated for acceptable tolerances. All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
All of the metal values disclosed herein for the Mystery and Marilyn properties by past operators, including the Vendors, and by Silver Spruce are reported from grab samples which may not be representative of the metal grades, or the metal grade distribution, and those from previous exploration efforts must be considered as historical in nature. The Company has reviewed the historical certificates, where available, and conducted data verification sampling on the known areas of mineralization with a view to to confirm the presence and tenor of metal values. The verification sample results are pending from ALS.
The Company believes that the analytical protocols and data will withstand scrutiny for inclusion. Sample grades reported by element in the technical documentation and analytical certificates range from detection limit (based on the specific instrumentation and by element) to anomalous values which represent and include select samples and are reported as ‘up to' the maximum values and/or ranges presented. Average values may be reported for select suites of samples in which the sample frequency is indicated and which only represent metal grades from those samples.
Qualified Person
Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the Mystery, Marilyn and Till Projects and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("N.I. 43-101"), under TSX guidelines.
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' Nicho deposit, respectively. The Company also 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 has 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. 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 gdavison@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.
NOTICES IN TERMS OF SECTION 155 OF THE COMPANIES ACT 71 OF 2008 RELATING TO STEINHOFF INTERNATIONAL HOLDINGS PROPRIETARY LIMITED ("the Company")
AMSTERDAM, NETHERLANDS / ACCESSWIRE / September 13, 2021 / Capitalised terms used herein and not otherwise defined shall have the meaning ascribed thereto in the compromise that has been proposed by the Company to Scheme Creditors (the " Proposal ") in accordance with section 155 of the Companies Act 71 of 2008, as amended (" Companies Act "), available at www.SteinhoffSettlement.com .
Part A – NOTICE OF RESULTS OF MEETINGS
1 Notice is hereby given to Scheme Creditors that the results of the virtual meetings (collectively " Meetings " and individually " Meeting ") held in terms of section 155(6) of the Companies Act for the purposes of considering and voting on the Proposal are as set out below.
2 At the Meeting of the Financial Creditors held on 6 September 2021, the Financial Creditors voted as follows:
2.1 100% in number of the Financial Creditors present and voting (all by proxy) voted in favour of the Proposal; and
2.2 100% in value of the Financial Creditors present and voting (all by proxy) voted in favour of the Proposal,
and accordingly the Proposal was adopted by the Financial Creditors.
3 At the Meeting of the Contractual Claimants held on 10 September 2021, the Contractual Claimants voted as follows:
3.1 100% in number of the Contractual Claimants present and voting in person or by proxy voted in favour of the Proposal. Of the 16 Contractual Claimants present (in person or by proxy) at the Meeting, 1 Contractual Claimant abstained from voting on the Proposal; and
3.2 100% in value of the Contractual Claimants present and voting in person or by proxy representing 95.42% in value of the claims of all Contractual Claimants voted in favour of the Proposal,
and accordingly the Proposal was adopted by the Contractual Claimants.
4 At the Meeting of the SIHPL Market Purchase Claimants held on 6 September 2021, the SIHPL Market Purchase Claimants voted as follows:
4.1 100% in number of the SIHPL Market Purchase Claimants present and voting in person or by proxy voted in favour of the Proposal. Of the 8,481 SIHPL Market Purchase Claimants present in person or by proxy at the Meeting, 1 SIHPL Market Purchase Claimant abstained from voting on the Proposal; and
4.2 100% in value of the SIHPL Market Purchase Claimants present and voting in person or by proxy representing 99.9999398054% in value of the claims of all SIHPL Market Purchase Claimants present at the Meeting voted in favour of the Proposal,
and accordingly the Proposal was adopted by the SIHPL Market Purchase Claimants.
5 A proposal as contemplated in section 155 of the Companies Act will have been adopted by the creditors, or the members of a relevant class of creditors, if it is supported by a majority in number representing at least 75% in value of the creditors or class, as the case may be, present and voting in person or by proxy at a meeting called for that purpose.
6 As each Class of Scheme Creditors has adopted the Proposal by a majority in number representing not less than 75% in value of each Class of Scheme Creditors, present and voting in person or by proxy at the Meetings, the Proposal has been Adopted as defined in the Proposal and as contemplated by section 155 of the Companies Act.
Part B – NOTICE OF THE COMPANY'S SANCTION APPLICATION
1 Notice is hereby given that, in light of the fact that the Proposal was Adopted at the Meetings, SIHPL has issued its application to the Western Cape Division of the High Court of South Africa for an Order approving and sanctioning the Proposal in accordance with section 155 of the Companies Act (the " Sanction Application ").
2 Electronic copies of the papers filed by SIHPL in the Sanction Application are available at www.SteinhoffSettlement.com under the 'Case Documents' tab and on www.steinhoffinternational.com.
Part C – TRANSLATIONS OF THIS NOTICE
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BEDFORD, NS / ACCESSWIRE / September 13, 2021 / Silver Spruce Resources Inc. (TSXV:SSE)(FRA:S6Q1)("Silver Spruce" or the "Company") announced today that the Board of Directors has appointed Kevin Thieneman as Chairman of the Board of Directors effective September 10, 2021. Mr. Thieneman was appointed to the Board on April 28, 2020.
Mr. Thieneman was formerly the President of Caterpillar Inc. Forest Products Business Unit, and currently serves as Chairman for LiuGong North America and Vice President of Guangxi LiuGong Machinery Co. Ltd. ("LiuGong"). LiuGong is one of China's largest construction and mining equipment manufacturers with worldwide sales and operations. Mr. Thieneman is a global executive with decades of experience in turnarounds of manufacturing operations and end-to-end businesses, and with extensive on-the-ground experience in China and India. He previously chaired the U.S.-ASEAN Business Council infrastructure committee while leading delegations to Indonesia and Vietnam. He also served as Chairman of the Georgia Association of Manufacturers in 2017-2018. Mr. Thieneman earned a Juris Doctorate, with honors, from the Duke University School of Law. His previous experience includes working as a licensed attorney and Certified Public Accountant in the State of Illinois.
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 an LOI 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. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
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.
There's no doubt that money can be made by owning shares of unprofitable businesses. By way of example, Latin Resources (ASX:LRS) has seen its share price rise 173% over the last year, delighting many shareholders. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.
Given its strong share price performance, we think it's worthwhile for Latin Resources shareholders to consider whether its cash burn is concerning. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. In June 2021, Latin Resources had AU$2.8m in cash, and was debt-free. Looking at the last year, the company burnt through AU$3.8m. That means it had a cash runway of around 9 months as of June 2021. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. The image below shows how its cash balance has been changing over the last few years.
debt-equity-history-analysis
How Is Latin Resources' Cash Burn Changing Over Time?
While Latin Resources did record statutory revenue of AU$154k over the last year, it didn't have any revenue from operations. To us, that makes it a pre-revenue company, so we'll look to its cash burn trajectory as an assessment of its cash burn situation. Its cash burn positively exploded in the last year, up 262%. Given that sharp increase in spending, the company's cash runway will shrink rapidly as it depletes its cash reserves. Admittedly, we're a bit cautious of Latin Resources due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.
Can Latin Resources Raise More Cash Easily?
Since its cash burn is moving in the wrong direction, Latin Resources shareholders may wish to think ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Since it has a market capitalisation of AU$57m, Latin Resources' AU$3.8m in cash burn equates to about 6.6% of its market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.
How Risky Is Latin Resources' Cash Burn Situation?
Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Latin Resources' cash burn relative to its market cap was relatively promising. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Separately, we looked at different risks affecting the company and spotted 5 warning signs for Latin Resources (of which 3 can't be ignored!) you should know about.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2021) – NORTEC MINERALS CORP. (TSXV: NVT) (the "Company" or "Nortec"): Further to the Company's news release of July 13, 2021, the Company advises that it has been unable to complete its previously disclosed non-brokered private placement. Consequently, Nortec was unable to renew the unpatented mining claims for the Cottonwood Uranium-Vanadium Project located in Garfield County, Southeast Utah, USA.
Nortec is currently evaluating new opportunities in the mining sector and will provide a further corporate update if and when such opportunities have materialized.
"Michael Malana" Interim CEO, CFO and Director P: (604) 561-2687
NORTEC MINERALS CORP.
About Nortec Minerals Corp. Nortec is a mineral exploration company based in Vancouver, British Columbia. Nortec has a 17% interest in the Tammela Gold and Tammela Lithium projects in Southwest Finland. Detailed information on this project is posted on the Company's website www.nortecminerals.com.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release. This press release contains certain forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performances or achievements of the Company to be materially different from the results, performances or expectations implied by these forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2021) – Great Atlantic Resources (TSXV: GR) (FSE: PH02) has completed the first seven drill holes of the 2021 diamond drilling program at its Keymet Base Metal/Precious Metal Property. The 100% owned, 3,400 hectare property, located approximately 20 kilometres northwest of Bathurst, in northeastern New Brunswick, Canada, has excellent access with paved roads, including a provincial highway, transecting the property.
For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Great Atlantic" in the search box.
The drilling program is testing numerous target areas of polymetallic veins, untested electromagnetic anomalies, gold bearing bedrock and float, in the northwest region of the property. Five of the seven holes intersected veins hosting copper, zinc and lead sulfide mineralization, including veins with semi-massive sulfides. Five of the seven holes intersected intervals with arsenopyrite mineralization in a region where previous work by the company identified gold mineralization associated with arsenopyrite mineralization. Analytical results are pending on the first seven holes.
The company is also conducting prospecting and rock/soil geochemical sampling during 2021 in the central region of the property with a focus on gold.
Great Atlantic diamond drilling during 2015, 2017 and 2018 at the Elmtree 12 polymetallic vein system within the northwest region intersected high grade silver, copper and zinc mineralization in veins within a north-south trending, sub-vertical system. Hole Ky-18-14 reported an intercept of 9.04% zinc, 9.18% copper, and 1,158 grams per tonne silver over a 3.0 meter core length. A previously discovered boulder from a float sample from 2011 returned 51 grams per tonne gold. Channel samples from a gold-bearing zone exposed in a 2012 trench averaged 1.09 grams per tonne gold over 11.78 meters.
High grade silver and lead is reported at the Elmtree Silver Mine historic workings by the New Brunswick Department of Energy and Resource Development. The Keymet Property hosts the historic Keymet Mine, located in the northwest region of the property. The Keymet Mine operated during the mid-1950s, producing copper, lead, zinc and silver before production was terminated in 1956 due to a fire at the site. Reported production at the Keymet Mine during 1954-1956 was 59,000 tonnes averaging 2.59% zinc, 2.44% lead, 0.25% copper and 33.94 g/t silver.
The historic Nigadoo River Mine is located approximately 4 km south of the Keymet Property, where massive sulfide veins were mined during the 1960s and 1970s with copper, lead, zinc and silver being produced. Production during 1967-1971 is reported as 1.126 million tonnes at 2.2% lead, 2.1% zinc, 0.24% copper and 92.57 g/t silver. Three gold deposits with reported mineral resources are located within adjacent mineral claims, approximately 2 kilometers southwest of the Keymet Property boundary.
Great Atlantic has no interest in these deposits, and management cautions that mineralization at these adjacent mineral claims is not necessarily indicative of mineralization on the Keymet Property.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
VANCOUVER, BC, Sept. 10, 2021 /CNW/ – The following issues have been halted by IIROC:
Company: Nortec Minerals Corp.
TSX-Venture Symbol: NVT
All Issues: Yes
Reason: At the Request of the Company Pending News
Halt Time (ET): 9:34
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions
We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.
Given this risk, we thought we'd take a look at whether Investigator Resources (ASX:IVR) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. Let's start with an examination of the business' cash, relative to its cash burn.
When Might Investigator Resources Run Out Of Money?
A company's cash runway is calculated by dividing its cash hoard by its cash burn. In December 2020, Investigator Resources had AU$14m in cash, and was debt-free. In the last year, its cash burn was AU$4.7m. Therefore, from December 2020 it had 2.9 years of cash runway. That's decent, giving the company a couple years to develop its business. Importantly, if we extrapolate recent cash burn trends, the cash runway would be noticeably longer. Depicted below, you can see how its cash holdings have changed over time.
debt-equity-history-analysis
How Is Investigator Resources' Cash Burn Changing Over Time?
In our view, Investigator Resources doesn't yet produce significant amounts of operating revenue, since it reported just AU$70k in the last twelve months. As a result, we think it's a bit early to focus on the revenue growth, so we'll limit ourselves to looking at how the cash burn is changing over time. In fact, it ramped its spending strongly over the last year, increasing cash burn by 179%. It's fair to say that sort of rate of increase cannot be maintained for very long, without putting pressure on the balance sheet. Investigator Resources makes us a little nervous due to its lack of substantial operating revenue. We prefer most of the stocks on this list of stocks that analysts expect to grow.
Can Investigator Resources Raise More Cash Easily?
Given its cash burn trajectory, Investigator Resources shareholders may wish to consider how easily it could raise more cash, despite its solid cash runway. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Since it has a market capitalisation of AU$86m, Investigator Resources' AU$4.7m in cash burn equates to about 5.4% of its market value. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
So, Should We Worry About Investigator Resources' Cash Burn?
As you can probably tell by now, we're not too worried about Investigator Resources' cash burn. For example, we think its cash runway suggests that the company is on a good path. While we must concede that its increasing cash burn is a bit worrying, the other factors mentioned in this article provide great comfort when it comes to the cash burn. Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. Separately, we looked at different risks affecting the company and spotted 5 warning signs for Investigator Resources (of which 2 are concerning!) you should know about.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
MONTREAL, Sept. 09, 2021 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland” or the “Corporation”)(TSX-V: MD) is pleased to announce that the Board of Directors has approved the nomination of Mr. Jean des Rivières as a Director of the Corporation.
“It is a privilege to have Mr. des Rivières join our team. His diversified experience in the exploration and mining industries spanning over 35 years while working in more than 50 countries, makes him an ideal candidate for our Board. He most recently held the position of Vice President Metals Exploration at BHP and previously held managerial and technical positions at Rio Algom, BHP and Noranda. After a successful career, he recently joined the board of directors of First Majestic Silver Corp. and Montero Mining and Exploration Ltd. Mr. des Rivières holds a Bachelor of Science degree in Geology from Université du Québec à Montréal and a Master’s degree of Science in Geology from ÉcolePolytechnique de Montréal affiliated to the University of Montreal. We are thrilled to have Jean join Midland. The Corporation will benefit from his knowledge and skill sets in the years to come”, commented the President and CEO, Mr. Gino Roger.
Midland announces that it has granted incentive stock options to Mr. des Rivières to acquire 80,000 common shares at $0.75 per share, for a period of 10 years. These incentive stock options have been granted in accordance with Midland’s Stock Option Plan.
About Midland
Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements and base metals. Midland is proud to count on reputable partners such as BHP Canada Inc., Probe Metals Inc., Wallbridge Mining Company Ltd, Agnico Eagle Mines Limited, Osisko Development Corp., SOQUEM INC., Nunavik Mineral Exploration Fund, and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value.
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 press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland’s periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.
BEDFORD, NS / ACCESSWIRE / September 9, 2021 / (TSXV:SSE) – Silver Spruce Resources, Inc. ("Silver Spruce" or the "Company") is pleased to announce the receipt of its report from Strategic Consultants IGIS, ("SCIGIS") based in Chihuahua, Mexico, providing a comprehensive interpretation of regional ASTER (Advanced Spaceborne Thermal Emission and Reflectance Radiometer) and LANDSAT 8 OLI (Operational Land Imager) data over three exploration properties comprising El Mezquite, Jackie and Diamante (see Figure 1).
Figure 1. El Mezquite, Diamante 1 and 2, and Jackie Concession Location Map. Nicho mine development by Minera Alamos located 6 km SE of Jackie (Image taken from Google Earth).
"We continue to build on the Sonoran project geotechnical database using advanced processing techniques for re-interpretation of available ASTER and LANDSAT 8 OLI imagery. The TLALI algorithm processing clearly illustrated its capabilities in mineral and anomaly identification with clarity of spatial response," said Greg Davison, Silver Spruce VP Exploration and Director. "We are compiling and interpreting the Shortwave Infrared ("SWIR") and Visible to Near-Infrared ("VNIR") hyperspectral data from El Mezquite and Jackie rock samples in concert with the ASTER/LANDSAT alteration fields for the next phase of drill target definition after recently completing our maiden drill program on EL Mezquite and Phase 2 geological and alteration mapping on Jackie. The SCIGIS maps also will be used for focusing and planning of the targeted geological mapping program at Diamante 1 and 2 in Q4 2021."
The SCIGIS study comprised a spectral reconnaissance of the Properties (Diamante 1, Diamante 2, El Mezquite, and Jackie) to understand the structural and lithological controls in a regional context and provide additional detail on the mineral-by-mineral distribution over each of the Properties. SCIGIS research covered an area of 6,500 hectares – the map area shown in Figure 2. The ASTER imagery was processed using the proprietary TLALI algorithm, which has shown significant success in optimizing and recognizing anomalies in a wide range of geological environments from several international projects.
A second run was carried out using LANDSAT 8 OLI imagery and focus on clay minerals, ferrous iron, and iron oxide species. The reporting included a complete set of shapefiles, index raster and RGB images, index reclassifications, and various digital elevation rasters with shading and lineament extraction in ArcGIS format.
Project Geology – Spectral Response
The El Mezquite and Diamante properties each exhibit features that manifest with excellent hyperspectral signatures and responses for a broad suite of oxide and silicate minerals. The remote spectral response distribution, particularly for Jackie, is limited by extensive vegetation. A historical study of ASTER imagery was performed in 2017 principally on the Diamante and El Mezquite properties and identified hyperspectral responses interpreted as supergene oxidation and argillization with propylitic areas, the latter mainly in less altered andesites.
Figures 2 and 3 illustrate examples of the Servicio Geológico Mexicano ("SGM") alteration and the recent LANDSAT 8 OLI interpretation for the three properties mainly for the Diamante and El Mezquite projects. Data available from the GEOINFOMEX SGM web portal displayed alteration with broadly circled areas of grouped minerals or styles. It is noteworthy that the Jackie property showed only minimal LANDSAT 8 OLI responses though the evidence from the current ground exploration successfully identified significant clay and oxide minerals proximal to the Au-Ag anomaly (see Press Releases – June 10th and June 26th, 2021).
El Mezquite – A white mica-dominant assemblage with lesser jarosite, kaolinite and iron oxides, distal zones containing chlorite, and intermittent areas of aluminous minerals locally linked to potential structural lineaments, were identified by the rock hyperspectral response. The LANDSAT 8 OLI TLALI maps illustrate northeast and northwest-trending clusters tied to surfaces exposure and topographic features including faults interpreted from the magnetic and 3D IP surveys. ASTER data documented, in Figures 3 and 4, the kaolinite, alunite and pyrophyllite group, with silica spatially associated with NW-trending lineaments and, in part, were targeted by the Phase 1 drilling. Additional targets to the south of the current drilling are interpreted from the TLALI alteration maps and the initial lineament analysis.
Jackie – The Phase 1 prospecting and Phase 2 mapping programs (see Press Releases – June 10th and June 26th 2021) identified a distinctive andesite ridge with intense oxidation, silicification, argillic alteration, and a notable vegetation-free zone. This location was confirmed by the ASTER and LANDSAT 8 interpretation though was limited to a focused area with ferric oxides, kaolinite, silica and chlorite-epidote-carbonate. The oxide and silicate alteration, was verified by aiSIRIS results of rock hyperspectral analysis, represented oxidized argillic zones with low grade or bleached metal values. Rock samples collected from the northern area of the ridge also displayed intense replacement by zeolite, kaolinite, alunite, montmorillonite, opaline silica, and muscovite and contained the bulk of the anomalous gold and silver values. None of this neighboring and significant alteration was recognized by ASTER and LANDSAT 8 OLI given the coverage by vegetation during the period of image collection. Compilation of the rock sample hyperspectral data is pending and requisite for advancing the alteration mapping of the Jackie property.
Figure 2. Distribution of clay and ferric oxide alteration from LANDSAT 8 OLI data focused around vein and disseminated mineralization targets, with outlined areas sourced from historical SGM database, on the Diamante and El Mezquite properties. Limited response on the Jackie property.
Diamante – Historical ground exploration on the Diamante 1 and 2 concessions identified mineralization accompanied by silicification, and phyllic, argillic, advanced argillic (quartz-alunite-pyrite) and propylitic (chlorite) zones, with overprinting by iron oxide and oxyhydroxide (hematite, goethite, and limonite) staining, jarosite and vuggy silica. The TLALI maps, shown in Figures 2 and 3 for the LANDSAT 8 OLI and combined LANDSAT/ASTER data, respectively, illustrate the spectral response for silicification and argillic alteration, including generic clay, alunite, pyrophyllite, kaolinite and silica, which are in part coincident with known artisanal vein workings and disseminated gold targets, such as the Southern Anomaly in Diamante 2. The areas of alteration require verification by surface exploration as part of the Phase 1 drill target definition program planned for Q4 2021.
Figure 3. Distribution of alunite, pyrophyllite, kaolinite and silica from ASTER and overprinting ferric oxide alteration from LANDSAT 8 OLI data focused on Diamante 2 and El Mezquite identifying potential targets of advanced argillization and silicification, with outlined areas sourced from historical SGM database, on shaded topography.
Figure 4. Distribution of alunite, pyrophyllite, kaolinite and silica from ASTER focused on Diamante 1 and El Mezquite identifying potential targets of advanced argillization and silicification, on shaded topography and regional geology, primarily the Tarahumara Formation (teal color), principal host to known mineralization.
Project Background
The 180-hectare ("ha") El Mezquite and 1,057-ha Diamante Concessions are drill-ready precious metal (Au-Ag) projects, located 10 and 5 kilometres respectively, from Tepoca and 165 km southeast of Hermosillo, Mexico. Diamante 1 is situated adjacent to the west of the El Mezquite project. Diamante 2 is located 700 metres south of Diamante 1. The grassroots 1,130-ha Jackie property is located less than two kilometres south of our El Mezquite and Diamante properties and directly adjacent to the west boundary of Minera Alamos' Santana project.
The Properties are well situated in logistics for exploration, adjacent to each other, and six to fifteen kilometres west and northwest of the Minera Alamos' Nicho deposit in mine development.
The Properties are easily accessible from Mexican Highway #16, which transects Diamante 1 and El Mezquite, ranch trails and dry riverbeds to Diamante 2, and dry riverbed access from the pueblo of La Quema, west of Highway #117 to Jackie. High voltage power lines positioned along with Highway #16.
The El Mezquite, Jackie, and Diamante projects are currently subject to option agreements with Colibri, wherein SSE can earn 50% of the gold and silver projects by meeting specific criteria over periods of two to four years. El Mezquite and Jackie concessions currently have hyperspectral assays pending detailed interpretation from 2021 mapping and prospecting programs, and the Company recently completed Phase 1 drilling at El Mezquite.
The Properties are located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear.
Several nearby large operating mines include Alamos Gold's Los Mulatos gold mine and Agnico Eagle's La India gold mine located 50 and 58 kilometres to the northeast, respectively, Agnico's Pinos Altos Mine, 100 kilometres southeast and Argonaut's La Colorada Mine, 100 kilometres west. Exploration in the surrounding area is very active, with adjacent and nearby properties held by Evrim, Newmont, Garibaldi, Kootenay Silver, and Penoles.
Qualified Person
Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the El Mezquite, Jackie and Diamante Projects and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("N.I. 43-101"), under TSX guidelines.
About Strategic Consultants IGIS
Based in Chihuahua, Mexico, Strategic Consultants have been in mineral exploration for over 30 years, having GIS and Remote Sensing as powerful tools to search for mineral deposits. Strategic Consultants developed an innovative cloud-based algorithm capable of processing an ASTER image anywhere in the world, in a matter of minutes, yielding up to twenty-five spectral signatures representing the same amount of minerals, each in a separate ArcGIS shapefile. This procedure allows to establish types of alteration, a rock-mineral relationship or geological-mineral characteristic, and helps to select specific areas of interest and objectives. Major mining companies, such as Agnico-Eagle México and Redline Minerals Inc., have used the algorithm for exploration in brownfields and greenfields properties in México and the United States.
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 an LOI 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. 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 gdavison@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.
REE's EV platforms are designed to deliver significant operational & functional benefits and advance e-mobility
LONDON, Sept. 9, 2021 /PRNewswire/ — Based on its recent analysis of the global automotive EV platform market, Frost & Sullivan recognizes REE Automotive Ltd. (Nasdaq: "REE") with the 2021 Global EV Platform Company of the Year Award.
2021 Global EV Platform Company of the Year Award
REEcorner™ technology packs critical vehicle components (e.g. steering, braking, suspension, powertrain and control) into a single compact module located between the chassis and the wheel, thus enabling fully-flat EV platforms. REE's modular EV platforms are designed to offer enhanced payload capacity by providing more room for carrying passengers, cargo and batteries and enhanced body design flexibility and autonomous capability. REE's EV platforms are built to provide significant value to original equipment manufacturers (OEMs) delivery and logistic companies, e-commerce retailers, Mobility-as-a-Service and new mobility players, with the goal of allowing them to introduce new EV models rapidly and at lower costs.
"Powered by x-by-wire technology, REE's corner module moves the vehicle's core functions into a compact area between the chassis and the wheel. It ensures improved steering, braking, suspension, and drive capability, with front, rear, and all-wheel drive options and comprehensive drive-by-wire, brake-by-wire, and steer-by-wire technology," said Benny Daniel, vice president at Frost & Sullivan.
REE's EV platforms based on the REEcorner technology are designed to enable greater vehicle design flexibility, lower maintenance costs, capability upgrades via over-the-air technology, and interoperability with sophisticated driver aid systems amongst other benefits. Moreover, the company is well-positioned to support sustainability initiatives with platforms geared to meet zero-emissions requirements.
The REE corner module design can power modular EVs with high load capacity including flexible battery packaging and sizing for transporting passengers and cargo. These benefits are geared to afford a low total cost of ownership, and shorter development time frames than traditional EV skateboard chassis designs. The platform's scalability makes it ideal for an extensive range of EV deployments, including commercial vehicles, mobility-as-a-service providers and last-mile and logistics companies.
"REE's disruptive technology is adaptable to a spectrum of target markets and applications. Its REE corner technology is designed to allow OEMs to create customized EV platforms while still reducing the time-to-market of new models," noted Norazah Bachok, Best Practices research analyst at Frost & Sullivan. "Overall, REE's delivery of advanced e-mobility services to customers through its modular and unique technology solidifies its leadership position within the corner modules industry."
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
About REE Automotive REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE's mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry's flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners' existing production lines. REE's technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility. For more information visit: www.ree.auto
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plan," "projects," "believes," "views," "estimates", "future", "allow", "aims", "strives" "endeavors" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company's statements about the Company's strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE's control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE's future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE's ability to commercialize its strategic plan; REE's ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE's advanced prototypes into marketable products; REE's ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE's estimates of unit sales, expenses and profitability and underlying assumptions; REE's reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE's limited operating history; risks associated with plans for REE's initial commercial production; REE's dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE's ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE's ability to enforce, protect and maintain intellectual property rights; REE's ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in REE's final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the "SEC") on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
Montreal, Quebec–(Newsfile Corp. – 9 septembre 2021) – Ressources Minières Vanstar Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) (la « Société ») a le plaisir d'annoncer qu'elle commencera un programme de forage sur sa propriété Felix. Une foreuse arrivera sur le site cette semaine pour lancer un programme de forage de 2 000 m pour tester des cibles aurifères au sein d'une formation de fer identifiées par la géophysique.
Un levé de polarisation provoquée (PP) récemment réalisé sur la propriété Felix était concentré sur une partie à l'ouest de la propriété là où il y a une formation de fer rubanée plissée (figure 1). Plusieurs anomalies de chargeabilité et de résistivité ont été identifiées et elles sont coïncidentes aux conducteurs MEGATEM historiques. Par conséquent, la Société a conçu un programme de forage sur la propriété (figure 2) pour intercepter un certain nombre de conducteurs associés à un pli de la formation de fer.
Le forage sur Nelligan se déroule bien et la partie du programme du forage de définition est maintenant terminée. Le forage sur l'extension ouest du gisement a commencé et se continuera vers l'ouest par incréments de 200 m pour vérifier l'extension de la zone de minéralisation connue. J.C. St-Amour, président et chef de la direction, a récemment visité la propriété et a déclaré: « Nous sommes heureux de voir le forage progresser selon la planification et de voir les efforts qu'IAMGOLD met dans le projet. Les échantillons de forage sont au laboratoire d'analyse et seront annoncés dès qu'ils seront disponibles.
St-Amour a été interviewé à partir de la carothèque, qui peut être vu en anglais ici https://youtu.be/YqvPspGNpts.
L'entreprise mobilise une équipe sur place pour mener un programme de prospection et d'échantillonnage sur les projets Frida et Eva. Les travaux devraient être commencez vers le 14 septembre.
À propos du projet Felix
Le projet Felix est situé dans un environnement d'origine volcanosédimentaire comprenant une unité de roche volcanique au nord, une autre au sud et la partie centrale est occupée par des roches sédimentaires. Des intrusions tardives sous forme de batholithes, de plutons ou de dykes sont également notées tout autour de la propriété. La propriété repose principalement sur les roches du Groupe de Chicobi. Le bassin sédimentaire contient des mudstones et des grès turbiditiques graphitiques, avec une formation mineure de fer rubanée magnétite-chert et hématite-jaspe et un conglomérat. Une importante formation de fer de type Algoma est présente dans la partie nord de la propriété. Les teneurs aurifères recoupées dans le forage historique sont situées près du contact sud de ce dernier. De plus, la faille régionale Chicobi-Nord traverse la partie nord de la propriété. Cette faille, de dimension régionale, borde le camp minier de Normétal au sud. Le projet est situé dans le prolongement est de ce camp minier où il y a d'anciennes mines de sulfures massifs et de nombreux indices d'or, comme ceux de l'ancienne mine d'or Perron sur lesquels Amex Exploration travaille activement. Des zones de cisaillement parallèles à la faille Chicobi-Nord se trouvent également dans les sédiments du Groupe de Chicobi comme en témoigne l'indice aurifère Authier situés à l'ouest de la propriété.
M. Gilles Laverdière, géologue-conseil et personne qualifiée en vertu du Règlement 43-101, a lu et approuvé le présent communiqué de presse.
À propos de Vanstar
Vanstar Mining Resources Inc. est une société d'exploration aurifère avec des propriétés dans le nord du Québec à différents stades de développement. La Société détient une participation de 25% dans le projet Nelligan (3,2 millions d'onces d'or inférées, NI 43-101 octobre 2019) et 1% NSR. Le projet Nelligan a remporté le prix « Découverte de l'année » lors du gala Xplor 2019 de l'Association d'exploration minière du Québec. Vanstar détient également 100% de la propriété Félix en développement dans le groupe de Chicobi (camp minier Abitibi, 65 km à l'est de la propriété Amex Perron) et 100% d'Amanda, une propriété de 7 306 ha située sur la formation Auclair avec des indices aurifères historiques titrant jusqu'à 12,1 g / t Au sur 3 mètres.
La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'acceptent aucune responsabilité quant à la véracité ou l'exactitude de ce contenu.
VANCOUVER, BC / ACCESSWIRE / September 9, 2021 / GREAT ATLANTIC ESOURCES CORP. (TSXV:GR)(FRA:PH01) (the "Company" or "Great Atlantic") is pleased to announce it is continuing to drill but has completed the first seven drill holes of the 2021 diamond drilling program at its Keymet Base Metal – Precious Metal Project, located in Northern New Brunswick. The drilling program is testing numerous target areas in the northwest region of the property. Veins containing semi-massive sulfides (including copper, zinc and lead sulfides) and arsenopyrite (an indicator for potential gold mineralization) were intersected in multiple holes. Analytical results are pending.
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Semi-massive sulfides (chalcopyrite, sphalerite, galena and pyrite) in Ky-21-27
The seven holes completed to date during 2021 (Ky-21-23 to Ky-21-29) tested areas of polymetallic (zinc, copper, lead and silver) veins; untested electromagnetic anomalies; and gold bearing bedrock and float.
The Company previously discovered high grade gold, silver, copper and zinc in this region, including a drill intercept of 9.04% zinc, 9.19% copper and 1,158 gams per tonne (g/t) silver over 3.00 meters core length and a boulder sample returning 51 grams / tonne (g/t) gold.
DiagramDescription automatically generated with low confidence
Five of the seven holes completed to date during the 2021 program have intersected veins hosting copper, zinc and lead sulfide mineralization, including veins with semi-massive sulfides. These include drill holes Ky-21-23 which tested the possible extension of the Elmtree Silver Mine vein occurrence southeast of the historic shaft; Ky-21-25 which tested a new target area; Ky-21-27 and Ky21-28 which tested the Elmtree 12 polymetallic vein system; and Ky-21-29 which was the first drill hole into an electromagnetic anomaly.
Five of the seven holes completed to date (Ky-21-25 to Ky-21-29) during the 2021 program have intersected intervals with arsenopyrite mineralization. Previous work by the Company has identified gold mineralization associated with arsenopyrite mineralization in this region of the property.
Drill hole Ky-21-30 is currently underway, testing deeper than previous drilling in the Elmtree 12 vein system.
The drill core is being geologically logged and with mineralized intervals (with base metal sulfides and arsenopyrite) being sampled. Half core samples will be submitted to an independent laboratory for multi-element analysis (including gold, zinc, copper, lead and silver). The 2021 exploration program is being managed by a Qualified Person.
High grade silver and lead is reported at the Emtree Silver Mine historic workings by the New Brunswick Department of Energy and Resource Development.
Great Atlantic discovered high-grade zinc, copper and silver mineralization at the Emtree 12 polymetallic vein system during 2015 – 2018 drilling programs including:
Ky-15-3: 16.68% Zn, 1.11% Cu, 0.44% Pb and 152 g/t Ag over 1.80 meters.
Ky-15-4: 8.68% Zn, 0.29% Cu, 0.20% Pb and 44 g/t Ag over 4.28 meters.
Ky-17-6: 7.67% Zn, 1.57% Cu, 0.48% Pb and 209 g/t Ag over 4.95 meters.
Ky-18-10: 7.91% Zn, 0.53% Cu, 0.21% Pb and 77 g/t Ag over 3.27 meters.
Ky-18-12: 8.90% Zn, 3.81% Cu, 0.60% Pb and 157 g/t Ag over 1.20 meters.
Ky-18-14: 9.04% Zn, 9.19% Cu, 2.16% Pb and 1,158 g/t Ag over 3.00 meters.
Ky-18-14: 12.08% Zn, 0.31% Cu, 0.30% Pb and 59 g/t Ag over 4.50 meters.
The Company is also conducting prospecting and rock / soil geochemical sampling during 2021 in the central region of the property with a focus on gold.
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Historic Keymet Base Metal – Silver Mine (1950s)- burnt down and was never recapitalized Located 8KM away from the previous operating Nigadoo Mine that operated for over twenty years
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.
Historic gold bearing sampling and gold soil anomalies referred to in the news release have not been verified by a Qualified Person.
The Keymet Property covers an area of approximately 3,400 hectares and is 100% owned by the Company.
On Behalf of the board of directors
"Christopher R Anderson"
Mr. Christopher R. Anderson "Always be positive, strive for solutions, and never give up" President CEO Director
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. 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. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
Montreal, Quebec–(Newsfile Corp. – September 9, 2021) – Vanstar Mining Resources Inc. (TSXV: VSR) (OTCQX: VMNGF) (FSE: 1V8) ("Vanstar", or the "Company") is pleased to announce that it is initiating a drilling program on its Felix property. A drill is expected to arrive on site this week to initiate a 2,000 m drill program that was designed to test gold targets within an iron formation identified with geophysics.
A recently completed IP survey focused on a western portion of the property underlain by a folded banded iron formation (Figure 1) identified a number of chargeability and resistivity anomalies that are consistent with previously reported MEGATEM conductors. As a result, the Company has designed its drilling program (Figure 2) to intercept several conductors associated with the structural fold of the iron formation.
Drilling on Nelligan is proceeding well with the infill drilling portion of the program completed. Drilling on the western extension of the deposit has begun and intends to step out to the west in 200 m increments to expand on the known mineralization. J.C. St-Amour, President and CEO, recently visited the property and stated "We are pleased to see the drilling progressing well and to see the efforts that IAMGOLD are putting into the project. Drill samples are in the assay lab and will be release as they become available to the company."
The company is mobilizing a ground crew to conduct a prospecting and sampling program on the Frida and Eva projects. Work is expected to begin in and around September 14th.
About the Felix Project
The Felix project is located in an environment of volcano sedimentary origin comprising a unit of volcanic rock in the north, another in the south and the central part is occupied by sedimentary rocks. Late intrusions in the form of batholiths, plutons or dikes are also noted all around the property. The property rests mainly on the rocks of the Chicobi Group. The sedimentary basin contains mudstones and graphitic turbiditic sandstones, with a minor magnetite-chert and hematite-jasper banded iron formation and a conglomerate. A significant Algoma-type iron formation is present in the northern part of the property. The gold grades intersected in the historic drilling are located near the southern contact of the latter. In addition, the Chicobi-Nord regional fault crosses the northern part of the property. This fault, of regional dimension, borders the Normetal mining camp to the south. The project is located in the eastern extension of this mining camp where there are former massive sulphide mines and numerous gold showings, such as those of the former Perron gold mine which are actively worked on by Amex Exploration. Shear zones parallel to the Chicobi-Nord fault are also found in the sediments of the Chicobi Group and as evidenced by the Authier gold showings located west of the property.
Mr. Gilles Laverdière, consultant geologist and qualified person under NI 43-101 has read and approved this press release.
About Vanstar
Vanstar Mining Resources Inc. is a gold exploration company with properties located in Northern Québec at different stages of development. The Company owns a 25% interest in the Nelligan project (3.2 million inferred ounces Au, NI 43-101 October 2019) and 1% NSR. The Nelligan Project won the "Discovery of the Year" award at the 2019 Quebec Mineral Exploration Association Xplor Gala. Vanstar also owns 100% of the Felix property under development in the Chicobi Group (Abitibi mining camp, 65km East of Amex Perron property) and 100% of Amanda, a 7,679 ha property located on the Auclair formation with historic gold showings up to 12.1 g/t Au over 3 meters.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
VANCOUVER, BC / ACCESSWIRE / September 9, 2021 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to provide an update on the progress of its metallurgical program to produce samples of mixed rare earth carbonate ("REC") concentrate to satisfy several requests by global processors. As part of this program, continued bench-scale flowsheet development, ahead of scale-up and bulk processing, has resulted in the highest rare earth element ("REE") recoveries to date into the combined high-grade monazite mineral concentrate1 as well as into the subsequent sulphation crack water-leach liquor phase (i.e., the pregnant leach solution or "PLS"). Highlights include:
Monazite mineral concentrate1 grade ofapproximately 40% rare earth oxide ("REO") at 82% recovery and 3.2% mass pull (recovery and mass pull with reference to unprocessed whole rock).
Recoveries of 98% Nd, 98% Pr, 95% Tb, and 90% Dy into the PLS (with reference to the mineral concentrate1).
Combined overall NdPr recovery of approximately 78% into the PLS (with reference to unprocessed whole rock).
The flowsheet for the Ashram REE/ Fluorspar Deposit, developed by Hazen Research, uses conventional unit processes to produce a high-grade rare earth mineral (monazite) concentrate1 that is comparable to active global hard-rock REE producers. Specifically, the Ashram flowsheet utilizes a flotation – HCl leach – magnetic separation process approach to achieve high-grade (>40% REO) monazite concentrates1 at high recovery comparable to active global producers.
In the current work, flotation concentrate produced from the 2015 pilot plant operation was used as feed to the subsequent HCl leach and magnetic separation stages, which were completed at bench scale and resulted in monazite concentrate1 grades of approximately 40% REO at 82% overall recovery. The monazite concentrate1 was then mixed (in ~50 g batches) with concentrated sulphuric acid (H2SO4) and heated to ~220°C in a stirred pot over a ~3-hour period to convert the contained REEs into soluble rare earth sulphates (i.e., the ‘sulphation crack'), which were then dissolved in a water leach to bring the REEs into solution (i.e., the ‘PLS'). The recent test work resulted in the highest recoveries of REEs achieved to date in the sulphuric acid – water leach stage, at 98% for NdPr, as well as the highest overall recoveries achieved to date from unprocessed rock into the PLS, at approximately 78% NdPr.
All major hard rock REE mines globally produce mineral concentrates of at least 35-40% REO, which are then placed into solution and processed downstream into marketable products. Such high grades of mineral concentrate considerably reduce the downstream processing cost and risk through lower reagent use, fewer deleterious elements entering solution, and a smaller hydromet plant requirement by comparison. With respect to the Ashram Deposit, test work has now demonstrated that >80% of the REEs in the unprocessed deposit material can be effectively concentrated (i.e., recovered) into just 3-4% of the original mass, resulting in a significant upgrade factor of over 21 times the original head grade. In addition, the recent work has now demonstrated that 98% of the NdPr contained in this concentrate can be put into solution for downstream recovery. These results are also a strong improvement on the 90-95% REE recoveries into solution achieved in prior test programs.
Company President, Chris Grove comments, "The ongoing work on the Ashram flowsheet has demonstrated that very high-grade monazite concentrates1 at high recoveries have been produced, and there is still room for improvement. Moreover, the prior bench-scale work has demonstrated that producing high-grade monazite concentrates1 at high REE recoveries is repeatable, and now, the current test program has demonstrated that high REE recoveries into solution at the sulphuric acid water-leach stage, are also repeatable. Our metallurgical results to date continue to solidify our belief in Ashram as a potential low-cost leader for mixed REC / NdPr supply to the global market."
In the next steps of the process flowsheet the leach liquor produced from the sulphuric acid water-leach stage will be treated by solvent extraction ("SX") to reject thorium followed by SX to purify and concentrate the REEs. A mixed REC, high in NdPr, will then be precipitated from the SX strip liquor. This test work is currently being completed on the bench scale and in parallel to the scale-up of the sulphuric acid pot digestion stage from 50 g batches to 2.5 kg batches. The test work will continue to scale up until approximately 2.5 kg of on-spec mixed REC is produced.
Concentrate refers to the recovered REE minerals into the magnetic fraction of the magnetic separation stage (~70% of the overall REEs) as well as the REEs that have been precipitated and recovered from the HCl leach liquor fraction (~12% of the overall REEs). Collectively, the combined concentrate accounts for >80% overall REE recovery through this stage, which is then fed together into the sulphation crack stage.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.
Neither 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.
Forward Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include, but are not limited to, statements regarding the progress of the Company's metallurgical program and any future methods employed therein, the Company's ability to reduce downstream processing costs and risk, the Company's ability to repeat and produce high-grade monazite concentrates, the Company's ability to become one of the lowest cost rare earth producers globally as well as its potential ability to be a long-term supplier to the met-spar and acid-spar markets. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the methods proposed do not work as well as expected, the leach residue may not be usable, that the Company may experience difficulties producing concentrate or achieving an upgrade to the concentrate; changing costs for mining and processing; increased capital costs; the timing and content of the work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; that testing of the Company's process may not prove successful and even if tests are successful, the economic and other outcomes may not be as expected; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
The partnership's goal is to facilitate a consensus around the conditions for social acceptability of the Lac Knife project for all stakeholders
KINGSTON, ON / ACCESSWIRE / September 8, 2021 / Focus Graphite Inc. (TSXV:FMS) (the "Company" or "Focus Graphite") is pleased to announce its collaboration with consulting firm MU Conseils from Baie Comeau, Québec, as part of the relaunch of its Lac Knife graphite project located on the Southwestern edge of the Labrador Trough, next to the towns of Fermont and Wabush on the Nitassinan of Innu Takuaikan Uashat mak Mani-utenam (ITUM).
The Lac Knife project dovetails well with the Québec Government's mandate and objectives as laid out in its Plan for the Development of Critical and Strategic Minerals(CSM) 2020-2025, specifically as follows: to encourage mining project development and primary and secondary processing of CSM in the province; to contribute to the creation of a Québec industry of rechargeable battery production and their components1 supporting the electrification of transport; to boost local prosperity in regions such as the Côte-Nord by diversifying the economy into CSM; and to contribute to the success of Québec's transition to greener energy.
The main goal of the partnership between Focus Graphite and MU Conseils is to create a space for dialogue that will enable the Company and the communities in question to jointly define the conditions for social acceptability of the Lac Knife project and to identify the specific means by which they can be achieved. This approach provides the Company with an opportunity to reengage, expand and deepen its ties with the project's stakeholders.
"Focus Graphite's new team is firmly committed to relaunching the Lac Knife project in partnership with local communities. This alliance with MU Conseils is a step forward in this direction," said Marc Roy, President and CEO of Focus Graphite.
MU Conseils' stance is impartial, and favours free expression of the viewpoints and concerns of all involved parties in a constructive way. Carole-Anne Tanguay, principal advisor for MU Conseils, explains, "The support we offer will provide Focus Graphite's team as well as the communities, organisations and the people affected by the Lac Knife project with the tools to synchronize their various interests."
Focus Graphite acquired all the mining rights to the Lac Knife property in 2010. From 2010 to 2014, the Company carried out drilling programs and assessments of the deposit that culminated with the filing of a mining Feasibility Study in August 2014, followed by an environmental and social impact assessment (ESIA), filed in December 2014. In 2021, the Company began the process of updating both studies. The preparation of a new ESIA and the update of the Feasibility Study are underway. Significant input and involvement from the affected communities is required to revise and complete these studies, and it is for this reason that Focus Graphite will rely upon MU Conseils' expertise in the area of strategic consultation.
For more information on Focus Graphite and MU Conseils' progress on the Lac Knife project, visit www.lacknife.com.
QUALIFIED PERSON
The scientific and technical information of the Company and the Lac Knife project, as defined in section 1.1 of Regulation 43-101 ("NI 43-101") and presented in this news release, has been prepared, approved and/or reviewed by Marc-André Bernier, geo. (QC), P.Geo. (ON), M.Sc, technical advisor for Focus Graphite and Qualified Person according to the Regulation.
About MU Conseils
MU Conseils is a business unit of the Manicouagan-Uapishka World Biosphere Reserve (MUWBR). It specializes in the design and facilitation of participatory strategies through innovative collaborative approaches. MU Conseils supports and promotes positive change and the adoption of sustainable practices in organizations and in society.
Focus Graphite Inc. is an advanced exploration company with an objective of producing flake graphite concentrate at its wholly owned Lac Knife and Lac Tétépisca flake graphite projects located in the Côte-Nord administrative region of Québec. In a second stage, to meet Québec stakeholder interests in developing second transformation industries within the province and to add shareholder value, Focus is evaluating the feasibility of producing value added specialty graphite products including battery-grade spherical graphite.
Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc. For more information about Focus Graphite, please visit www.focusgraphite.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.
Forward Looking Information
This news release may contain certain forward-looking information and statements, including without limitation, the closing of the Offerings, statements pertaining to the use of proceeds, and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Focus Graphite's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Focus Graphite Investor and Media Contacts: Kimberly Darlington Communications, Focus Graphite (514) 771-3398 kdarlington@focusgraphite.com
TEL AVIV, Israel, September 08, 2021–(BUSINESS WIRE)–REE Automotive LTD (NASDAQ: "REE"), a leader in e-mobility, today announced that Frost & Sullivan has recognized REE as the 2021 Global EV Platform Company of the Year. The award is based on Frost & Sullivan’s analysis of the global automotive market and its evaluation of REE’s excellence in best practices for innovation and customer impact.
Benny Daniel, vice president at Frost & Sullivan, stated: "REE’s corner module technology and EV platforms continue to excel by offering customers the ability to reshape their EV design and system integration, paving the way for the future of e-mobility and modularity in automobiles. As the automobile industry undergoes rapid transformation, Frost & Sullivan applauds REE's leadership aspiration in delivering the most up-to-date modular EV platforms." Frost & Sullivan determined that "REE’s technology will provide significant operational and functional advantages over the traditional EV fleets industry in the future due to its excellent long-term customer benefits."
"It is an honor to be recognized by Frost & Sullivan as Company of the Year in our industry as we strive to make the future of electric mobility more efficient, reliable, and scalable," said Daniel Barel, Co-Founder and CEO at REE. "We believe our REEcorner™ technology can be the cornerstone of next-generation EVs and autonomous vehicles. Thank you to Frost & Sullivan for acknowledging the work that our team puts into innovating for the future."
Frost & Sullivan’s research and analysis indicates that EV demand has grown by 280% over the last 3 years, reaching approximately 2 million units sold globally. This conclusion comes as increasingly more countries are committing to reduce carbon emissions by 2030 and reach carbon neutrality, or zero emissions, by 2050. REEcorner™ technology is designed to enable OEMs to launch multiple models of EVs quickly as critical vehicle components (including steering, braking, suspension, powertrain, and control) are housed in a single compact module positioned between the chassis and the wheel, resulting in a fully flat, modular EV platform. REEcorner™ technology and ultra-modular EV platforms allow logistics and delivery companies, mobility-as-a-service providers, and new mobility players to design mission-specific EVs "Powered by REE" for virtually any target and application.
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plan," "projects," "believes," "views," "estimates", "future", "allow", "aims", "strives" "endeavors" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the "SEC") on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
About Frost & Sullivan
Frost & Sullivan is the Growth Pipeline Company™. We power our clients to a future shaped by growth. Our Growth Pipeline as a Service™ provides the CEO and the CEO's growth team with a continuous and rigorous platform of growth opportunities, ensuring long-term success. To achieve positive outcomes, our team leverages over 60 years of experience, coaching organizations of all types and sizes across 6 continents with our proven best practices. To power your Growth Pipeline future, visit Frost & Sullivan at http://www.frost.com.
REE (Nasdaq: REE) SPAC sponsor completes open market purchases
NEW YORK, September 08, 2021–(BUSINESS WIRE)–10X Capital today announced that Hans Thomas, CEO, and David Weisburd, COO, each made filings with the SEC reporting the purchase of additional shares in REE Automotive (NASDAQ: REE) common stock totaling approximately $2 million, through open market purchases made in September 2021.
Mr. Thomas reported the purchase of: 161,037 shares at an average price of $5.81 on September 1, 2021; and 60,963 shares at an average price of $5.66 on September 2, 2021; for a total of 222,000 shares.
Mr. Weisburd reported the purchase of 123,908 shares at an average price of $5.97 on September 1, 2021.
The SEC filings are available on EDGAR, and linked below:
10X Capital is a venture capital and investment firm at the nexus of Wall Street and Silicon Valley, aligning institutional capital with high growth ventures. For more information visit www.10xcapital.com.
10X Capital Venture Acquisition Corp (formerly Nasdaq: VCVC), is 10X Capital’s Special Purpose Acquisition Company, focused on high growth technology companies, and was formed for the purpose of entering into a business combination with one or more businesses. For more information visit www.10xspac.com.
Max Staedtler10X CapitalOne World Trade Center, 85th FloorNew York, NY 10007(212) 257-0069max@10xcapital.com
BEDFORD, NS / ACCESSWIRE / September 8, 2021 / Silver Spruce Resources Inc. (TSXV:SSE)(FRA:S6Q1) (the "Company") announced today that it has increased its private placement up to $1,500,000. The private placement will now consist of the issuance of up to 30,000,000 units at a price of $0.05 per unit with each unit consisting of one common share and awarrant to purchase an additional common share at an exercise price of $0.075 per share for a period of three years from the closing of the private placement.
The proceeds from the private placement will be used for exploration of the Company's mineral projects and general working capital.
The private placement is subject to the approval of the TSX Venture Exchange. Finder's fees will be paid on the private placement in accordance with the policies of the TSX Venture Exchange.
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' Nicho deposit, respectively. The Company also 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 an LOI 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. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
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 forwardlooking 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.
TEL AVIV, Israel, September 08, 2021–(BUSINESS WIRE)–REE Automotive LTD (NASDAQ: "REE"), a leader in e-mobility, today announced that Frost & Sullivan has recognized REE as the 2021 Global EV Platform Company of the Year. The award is based on Frost & Sullivan’s analysis of the global automotive market and its evaluation of REE’s excellence in best practices for innovation and customer impact.
Benny Daniel, vice president at Frost & Sullivan, stated: "REE’s corner module technology and EV platforms continue to excel by offering customers the ability to reshape their EV design and system integration, paving the way for the future of e-mobility and modularity in automobiles. As the automobile industry undergoes rapid transformation, Frost & Sullivan applauds REE's leadership aspiration in delivering the most up-to-date modular EV platforms." Frost & Sullivan determined that "REE’s technology will provide significant operational and functional advantages over the traditional EV fleets industry in the future due to its excellent long-term customer benefits."
"It is an honor to be recognized by Frost & Sullivan as Company of the Year in our industry as we strive to make the future of electric mobility more efficient, reliable, and scalable," said Daniel Barel, Co-Founder and CEO at REE. "We believe our REEcorner™ technology can be the cornerstone of next-generation EVs and autonomous vehicles. Thank you to Frost & Sullivan for acknowledging the work that our team puts into innovating for the future."
Frost & Sullivan’s research and analysis indicates that EV demand has grown by 280% over the last 3 years, reaching approximately 2 million units sold globally. This conclusion comes as increasingly more countries are committing to reduce carbon emissions by 2030 and reach carbon neutrality, or zero emissions, by 2050. REEcorner™ technology is designed to enable OEMs to launch multiple models of EVs quickly as critical vehicle components (including steering, braking, suspension, powertrain, and control) are housed in a single compact module positioned between the chassis and the wheel, resulting in a fully flat, modular EV platform. REEcorner™ technology and ultra-modular EV platforms allow logistics and delivery companies, mobility-as-a-service providers, and new mobility players to design mission-specific EVs "Powered by REE" for virtually any target and application.
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plan," "projects," "believes," "views," "estimates", "future", "allow", "aims", "strives" "endeavors" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the "SEC") on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
About Frost & Sullivan
Frost & Sullivan is the Growth Pipeline Company™. We power our clients to a future shaped by growth. Our Growth Pipeline as a Service™ provides the CEO and the CEO's growth team with a continuous and rigorous platform of growth opportunities, ensuring long-term success. To achieve positive outcomes, our team leverages over 60 years of experience, coaching organizations of all types and sizes across 6 continents with our proven best practices. To power your Growth Pipeline future, visit Frost & Sullivan at http://www.frost.com.
TEL AVIV, Israel, September 08, 2021–(BUSINESS WIRE)–REE Automotive LTD (NASDAQ: "REE"), a leader in e-mobility, today announced that Frost & Sullivan has recognized REE as the 2021 Global EV Platform Company of the Year. The award is based on Frost & Sullivan’s analysis of the global automotive market and its evaluation of REE’s excellence in best practices for innovation and customer impact.
Benny Daniel, vice president at Frost & Sullivan, stated: "REE’s corner module technology and EV platforms continue to excel by offering customers the ability to reshape their EV design and system integration, paving the way for the future of e-mobility and modularity in automobiles. As the automobile industry undergoes rapid transformation, Frost & Sullivan applauds REE's leadership aspiration in delivering the most up-to-date modular EV platforms." Frost & Sullivan determined that "REE’s technology will provide significant operational and functional advantages over the traditional EV fleets industry in the future due to its excellent long-term customer benefits."
"It is an honor to be recognized by Frost & Sullivan as Company of the Year in our industry as we strive to make the future of electric mobility more efficient, reliable, and scalable," said Daniel Barel, Co-Founder and CEO at REE. "We believe our REEcorner™ technology can be the cornerstone of next-generation EVs and autonomous vehicles. Thank you to Frost & Sullivan for acknowledging the work that our team puts into innovating for the future."
Frost & Sullivan’s research and analysis indicates that EV demand has grown by 280% over the last 3 years, reaching approximately 2 million units sold globally. This conclusion comes as increasingly more countries are committing to reduce carbon emissions by 2030 and reach carbon neutrality, or zero emissions, by 2050. REEcorner™ technology is designed to enable OEMs to launch multiple models of EVs quickly as critical vehicle components (including steering, braking, suspension, powertrain, and control) are housed in a single compact module positioned between the chassis and the wheel, resulting in a fully flat, modular EV platform. REEcorner™ technology and ultra-modular EV platforms allow logistics and delivery companies, mobility-as-a-service providers, and new mobility players to design mission-specific EVs "Powered by REE" for virtually any target and application.
REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plan," "projects," "believes," "views," "estimates", "future", "allow", "aims", "strives" "endeavors" and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the "SEC") on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.
About Frost & Sullivan
Frost & Sullivan is the Growth Pipeline Company™. We power our clients to a future shaped by growth. Our Growth Pipeline as a Service™ provides the CEO and the CEO's growth team with a continuous and rigorous platform of growth opportunities, ensuring long-term success. To achieve positive outcomes, our team leverages over 60 years of experience, coaching organizations of all types and sizes across 6 continents with our proven best practices. To power your Growth Pipeline future, visit Frost & Sullivan at http://www.frost.com.
Media Keren ShemeshChief Marketing Officer | REE Automotive+972-54-5814333media@ree.auto
Shareholders are encouraged to continue voting on the GOLD proxy FOR Fancamp’s director nominees.
If you have mistakenly voted on Mr. Smith’s green proxy or want to change your vote, you may do so by voting on the GOLD proxy. This will revoke and replace the previous vote.
VANCOUVER, British Columbia, September 07, 2021–(BUSINESS WIRE)–Fancamp Exploration Ltd. ("Fancamp" or the "Corporation") (TSX Venture Exchange: FNC) is pleased to announce that on Friday, September 3, 2021, the Supreme Court (British Columbia) ("SCBC") dismissed all of Mr. Peter H. Smith’s remaining applications in relation to the Corporation’s annual general meeting ("AGM"). The SCBC had previously dismissed Mr. Smith’s application for the AGM to be held on July 26, 2021.
As to Mr. Smith’s remaining applications, the SCBC:
Dismissed the application to replace Mr. Mark Billings with an independent chair because Mr. Smith had failed to show any improper act or omission by the Board of Directors or Mr. Billings;
Ruled that all votes collected through Broadridge QuickVote will be counted and that cancelling those votes – as Mr. Smith had requested – could disenfranchise those shareholders; and
Dismissed the application that Fancamp be ordered not to close the ScoZinc transaction until any applications arising from the conduct of the meeting are resolved on the ground that Mr. Smith was required to show that there was a serious issue to be tried and had failed to do so;
(collectively, the "Dismissed Applications").
AGM Date
Fancamp is committed to holding the AGM as soon as possible and will advise shareholders of a new date in due course. The AGM, which was originally scheduled for June 29, 2021, was postponed to accommodate the court application. After stalling for a month, Mr. Smith, just two weeks before the meeting, filed a last-minute petition, making a fair hearing of the petition impossible. Fancamp wanted to ensure that, in spite Mr. Smith’s tactical games, there was a fair court hearing and postponed the AGM.
In addition, the forensic investigation with KPMG into Mr. Smith’s past conduct is progressing. However, given Mr. Smith’s continued refusal to provide documentation (despite repeated demands) and history of poor or non-existent record keeping during his time as CEO, more time is required to complete the investigation. The Corporation looks forward to providing full updates as soon as possible.
VOTE YOUR GOLD PROXY TODAY
Shareholders are encouraged to continue voting on the GOLD proxy FOR Fancamp’s director nominees.
If you have mistakenly voted on Mr. Smith’s green proxy or want to change your vote, you may do so by voting on the GOLD proxy. This will revoke and replace the previous vote.
If you have any questions or need help voting, please contact Kingsdale Advisors at 1-800-749-9890 or contactus@kingsdaleadvisors.com.
Advisors
Lavery, de Billy, L.L.P. and Goodmans LLP are serving as legal advisor to Fancamp. Harris & Company LLP is serving as litigation counsel to Fancamp. Kingsdale Advisors is acting as strategic shareholder and communications advisor to Fancamp. Koffman Kalef LLP is serving as legal advisor to the Special Committee.
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. It has recently announced the acquisition of ScoZinc, a Canadian exploration and mining corporation that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia, as well as several prospective exploration licenses in surrounding regions. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.
Forward-looking Statements
This news release includes certain statements which are not comprised of historical facts and that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include estimates and statements that describe Fancamp’s future plans, objectives or goals, including words to the effect that Fancamp or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "foresees" or "plan". Since forward-looking statements are based on multiple factors, assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet the management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially or simply fail to materialize from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, information and statements relating to the Corporation’s annual general meeting, and objectives, goals or future plans. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, Mr. Peter H. Smith's ability to exhaust all means of appeal with respect to the Dismissed Applications, uncertainties relating to the development of the relevant mining properties and risks relating to the terms and duration of any government orders suspending or limiting operations that are applicable to Fancamp or the relevant mining properties; the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses, political, economic, environmental and permitting risks, mining operational and development risks, litigation risks, regulatory restrictions, environmental and permitting restrictions and liabilities, the inability of Fancamp to raise capital or secure necessary financing in the future, as well as factors discussed in the section entitled "Risks and Uncertainties" in Fancamp’s management’s discussion and analysis of Fancamp’s financial statements for the period ended January 31, 2021. Although Fancamp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Fancamp considers its assumptions to be reasonable based on information currently available, but there can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither 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
Media Contact Hyunjoo Kim Director, Communication, Marketing & Digital Strategy Kingsdale Advisors Phone: 416-867-2357 Cell: 416-899-6463 Email: hkim@kingsdaleadvisors.com
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Ucore Rare Metals Inc. (CVE:UCU) does carry debt. But should shareholders be worried about its use of debt?
When Is Debt Dangerous?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
As you can see below, at the end of March 2021, Ucore Rare Metals had CA$2.89m of debt, up from CA$1.25m a year ago. Click the image for more detail. But on the other hand it also has CA$7.21m in cash, leading to a CA$4.33m net cash position.
debt-equity-history-analysis
A Look At Ucore Rare Metals' Liabilities
According to the last reported balance sheet, Ucore Rare Metals had liabilities of CA$2.07m due within 12 months, and liabilities of CA$1.88m due beyond 12 months. Offsetting this, it had CA$7.21m in cash and CA$709.2k in receivables that were due within 12 months. So it can boast CA$3.97m more liquid assets than total liabilities.
This surplus suggests that Ucore Rare Metals has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Ucore Rare Metals boasts net cash, so it's fair to say it does not have a heavy debt load! There's no doubt that we learn most about debt from the balance sheet. But it is Ucore Rare Metals's earnings that will influence how the balance sheet holds up in the future. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Since Ucore Rare Metals has no significant operating revenue, shareholders probably hope it will develop a valuable new mine before too long.
So How Risky Is Ucore Rare Metals?
We have no doubt that loss making companies are, in general, riskier than profitable ones. And in the last year Ucore Rare Metals had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through CA$5.0m of cash and made a loss of CA$5.3m. With only CA$4.33m on the balance sheet, it would appear that its going to need to raise capital again soon. Even though its balance sheet seems sufficiently liquid, debt always makes us a little nervous if a company doesn't produce free cash flow regularly. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet – far from it. For instance, we've identified 5 warning signs for Ucore Rare Metals (2 are a bit unpleasant) you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt100% free, right now.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
BEDFORD, NS / ACCESSWIRE / September 7, 2021 / (TSXV:SSE) – Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") is pleased to announce the receipt of assays from the first ten holes of its Phase 1 exploration drilling at the El Mezquite Au-Ag property ("El Mezquite" or the "Property"). A total of 2,485 metres were drilled in twenty (20) holes covering eight collar locations.
Figure 1. El Mezquite property showing RC rig from Layne de Mexico
"We received favourable precious metal assays in nine of the first ten holes consistent with our exploration expectations for a low-grade, heap-leachable target with mineralization in the range of 0.1 g/t Au to 1.0 g/t Au. Thirty-one sampling intervals, ranging from surface to 146.4 metre depth downhole, are shown in Table 1, including up to five separate sections in one hole (MEZ-005), are reported from 0.1 g/t Au to 0.955 g/t Au. Discrete sections of >0.1 g/t Au with multiple samples reached a maximum of 4.58 metres. Silver values ranged from 1 g/t Ag to 241 g/t Ag and elevated Ag occurred commonly with higher Au and base metals. Au-Ag zoning or stacked mineralized structures could be indicated given no clear relationship of Ag to associated Au grades," stated Greg Davison, Silver Spruce Vice-President Exploration and Director. "The mineralized intervals, identified to date, reflect the thickness of the vein and structurally controlled surface showings. Of importance to the geochemical interpretation, the pathfinder elements (Hg, Cu, Pb, Zn, Sb and As) often displayed a well-defined metal halo, up to eighteen (18) metres in apparent thickness downhole, within and peripheral to the multiple gold and silver-bearing intervals and potentially are indicative of a significant precious metal mineralizing system. We look forward to the compilation of the 2D and 3D spatial interpretation of the assay results from these and the remaining drill holes, the latter of which were focused on gold-bearing surface exposures along interpreted structural lineaments."
Table 1. Select assay intervals (>0.1 g/t Au) for the Phase 1 drilling program (MEZ001-MEZ-010)
"The Phase 1 RC program (see Figure 2 and Table 2) comprised 20 holes with a combined depth of 2,485 metres and utilized eight drill pad locations focused around a 400m x 600m area with elevated precious metal values to 3.41 g/t Au and 387 g/t Ag. Collars were defined by several northeast-trending veins, structural lineaments and oxide/sulphide transitions interpreted from geological mapping, precious metal assays, multi-element geochemistry, alteration assemblages and coincident 3D IP chargeability anomalies," said Mr. Davison. "New targets for Phase 2 drilling are developing from our ongoing geological, hyperspectral, LANDSAT and LiDAR compilation."
Figure 2. Drill collar location map for the El Mezquite property.
The first ten holes were drilled mainly on four collar locations (M1, M2, M3 and M5) targeting 3D IP chargeability anomalies and were logged primarily as green to grey-green andesite and mafic dykes exhibiting surface oxidation and transitional zones, weak propylitic alteration and at depth, abundant disseminated sulphides and/or magnetite. Andesite dykes contained elevated magnetite. Minor rhyolitic units may be feldspar-quartz intrusive dykes. Oxidation reached depths of 3 metres to 18.3 metres above transitional intervals of 3 metres to 24.3 metres. The sulphide zone andesites were intersected at overall downhole depths of 13 metres to 36.6 metres and continued through the holes. Pyrite was the dominant sulphide species with minor chalcopyrite, sphalerite and possible galena. Sulphides also occurred in quartz and quartz-carbonate veinlets with a stockwork-style distribution.
Table 2. Final drill hole data for the Phase 1 El Mezquite exploration program
The Company's first-ever drilling program at El Mezquite was completed in July with samples being submitted to ALS Global in Hermosillo in daily batches of 3-4 holes. The first seven (7) drill holes were completed on June 14th. The remaining thirteen (13) holes were drilled with two RC rigs from Layne de Mexico and completed as scheduled on July 28th.
Local drill management and oversight, packaging and shipping, logging, splitting and packaging of geochemical samples, quality control protocols and delivery to ALS Global were conducted under Servicios Geológicos IMEx ("IMEx") supervision at the El Mezquite property and at our option partner Colibri Resource's ("Colibri") office facilities in Hermosillo.
Sample splits (50%) were collected for geochemical analysis from 1.53 metre intervals throughout the length of each hole. Chip samples were split for logging from each interval, packaged in vials and organized in trays by drill hole. The remaining splits (50%) were stored at the project site and at Colibri's storage facility in Suaqui Grande.
Laboratory assay results were submitted between June 17th and August 5th. Data were received between July 15th and August 24th. Despite laboratory workloads which have impacted turnaround timelines, our samples were analysed in Vancouver and Lima, Peru to expedite completion.
Exploration Overview
The Company undertook an exploration program including environmental permitting for drilling, geological mapping of geologic structures and lineaments, ortho-mosaic photography, rock geochemical and hyperspectral analysis, data compilation and GIS modeling, and a LiDAR survey. Ground truthing of the Au-Ag system with geological mapping and rock sampling was completed in three campaigns between July 2020 and March 2021. All aspects of the exploration program are conducted with strict adherence to COVID-19 protocols for personal safety.
All current samples from the 2020-2021 field programs were submitted to ALS Global for gold, multi-element and hyperspectral analysis. Historical samples (>400) from the 2010-2019 programs also were submitted to provide complementary multi-element and hyperspectral data over the Property database. The assays, LiDAR survey data, and satellite hyperspectral interpretation results are being updated into the project ArcGIS database.
The environmental permit, required to drill the Property, was received from SEMARNAT (see Press Release April 20, 2021) and granted to the concession holder, Yaque Minerals S.A. de C.V. ("Yaque") by the Mexican Secretariat of Environment and Natural Resources (SEMARNAT). The permit allows for fourteen (14) drill pads over the targets in the northern area of the concession. Individual holes achieved depths of 100-200 metres to intersect the target intervals.
Land surface agreements were signed with three ranchers to facilitate full access to the Phase 1 collar locations.
Figure 4. Location Map for El Mezquite, Jackie and Diamante Concessions. Nicho mine development by Minera Alamos located 10 km SE of El Mezquite.
Project Background
El Mezquite, a drill-ready precious metal project located 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico, is very well situated in terms of logistics for exploration and is located only twelve kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos (see Figure 4).
The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineralization. High voltage power lines are positioned along Highway #16.
The El Mezquite Project is located within the west-central 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 (Figure 5).
Figure 5. Location Map of El Mezquite Property and Mines of the Sierra Madre Occidental
Geochemical Analysis, Quality Assurance and Quality Control
Drill chip sample splits were delivered from drill site, to an in-house storage facility in Hermosillo for logging and QA/QC by IMEx, and then to the ALS sample preparation facility in Hermosillo, Sonora, Mexico. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada. Local chain of custody was monitored and maintained by a professional senior geologist with IMEx.
The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global's North Vancouver, Canada or Lima, Peru analytical facility for gold and multi-element analysis. Pulps (50gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA24).
The retained pulps also were analysed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61m) with Hg by Aqua Regia and ICP-MS (Hg-MS42).
Over-limit Au and Ag samples are analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Overlimit base metals are analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).
In-house quality control samples (blanks, standards, duplicates, preparation duplicates) are inserted into the sample set by IMEx. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results are provided with the Company sample certificates. The results of the ALS control samples were reviewed by IMEx and the Company's QP and evaluated for acceptable tolerances.
All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.
Qualified Person
Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the El Mezquite Project and is responsible for approval of 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 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 an LOI 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. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.
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.
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