Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to report that Zambian-Congo Copperbelt expert, Dr. Simon Dorling, has agreed to accept and maintain an engagement with the Company. Simon has reviewed the data and results obtained by Rio Tinto Mining and Exploration ("Rio Tinto") on Midnight Sun's Solwezi Licences in Zambia and integrated this information with the data created by Midnight Sun and previous operators as well as incorporating recent research in the region to build a comprehensive database and inclusive interpretation of the structural-geological settings for mineralisation for future targeting.
Dr. Dorling's work has generated several new targets and justification to revisit existing prospects on the licences, including the proposal of structural corridors controlling mineralization around both the Mitu discovery area as well as hole MDD-17-15 on the Mitu Trend which measured 4.23% CuEq over 11.6 metres (see the Company's news release dated July 4, 2017). These corridors suggest a fault-control on mineralisation through re-mobilisation into late northeast-trending faults which leave these mineralized areas open along strike.
"I am very pleased that Dr. Dorling has agreed to work with us. He already has a high degree of familiarity with the Solwezi Licences and is an expert in this region," commented Al Fabbro, President & CEO. "Dr. Dorling's integration of the newly collected information, particularly the geochemical and geophysical surveys, into our existing exploration data has formed the basis of a very compelling exploration campaign for Midnight Sun to undertake once we formally receive control of the licences from Rio Tinto. We are well funded and well situated to capitalize on this opportunity, as well as others that may arise from our work in the region."
Rio Tinto's exploration drilling was interrupted by the COVID-19 pandemic and, ultimately, did not achieve the amount of work expected. Rio Tinto generated highly valuable data sets for the project and its future exploration, but, in the Company's view, did not capitalise on the newly collected information. Rio Tinto's drilling completed on the 22 Zone, Dumbwa, and the Mitu Trend have been incorporated into the Company's database and evaluation study ahead of the 2022 work program and drill targets are refined in preparation of Midnight Sun's return to the field, which is anticipated to be in August 2022 and include 4,000-5,000 metres of drilling.
Newly Identified Target - "Crunch Zone"
One of Dr. Dorling's immediate findings, based on a structural interpretation of new high-quality airborne magnetic data, is the identification of a previously undocumented "high strain" structural zone running between the edges of the Kazhiba Dome in the northwest and the Solwezi Dome in the southeast where the Roan strata have heavily been compressed and faulted and abruptly terminate along faults against the basement domes. This wedged fan of tight geological folds and faults links to the orientations and structures documented in the dome underlying First Quantum's Kansanshi Mine (~10 kilometres away) through a succession of sedimentary host rocks. The hypothesis is that the highly folded and possibly faulted strata could provide pathways and traps for concentrating copper-bearing fluids running between these three domes.
Qualified Person: Richard Mazur, P.Geo., a Director of the Company anda Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro President & CEO
For Further Information Contact: Al Fabbro President & CEO Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127512
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Africa is one the most important sources of copper in the world and is home to two of the world’s top 10 copper-producing countries–– Zambia and the Democratic Republic of Congo. Together, the Zambian-Congo Copper Belt is the largest and most prolific sediment-hosted copper region in the world. The copper belt hosts some of the world’s richest mines, with operators that include Barrick Gold (TSX:ABX), Glencore PLC (LON:GLEN), Ivanhoe Mines (TSX:IVN) and First Quantum Minerals (TSX:FM). As a result, exploration companies with early- to mid-stage copper projects in the copper belt present an exciting opportunity for investors.
Midnight Sun Mining’s (TSXV:MMA,OTCQB:MDNGF) Solwezi licenses in the North-Western province of Zambia span a significant 506 square kilometres in the Zambian-Congo Copper Belt,. The Company’s joint venture partner, Rio Tinto Mining and Exploration (NYSE:RIO), is currently operating the project and has the ability to earn up-to a 75 percent interest in the Solwezi licenses by spending $51 Million USD.
The company is led by a highly experienced management team with a history of discoveries and decades of experience in the exploration and development of high-value mines.
Midnight Sun Mining’s projects are in proximity to multiple producing mines. The Solwezi Licences are adjacent to First Quantum Minerals’ Kansanshi mining complex, one of the world’s largest copper mines and an important gold producer with resources exceeding 1 billion tonnes including copper grades of 0.7 to 0.8 percent and 4 million ounces of gold. Meanwhile, 120 kilometers away is the Sentinel Mine operated by First Quantum Minerals and 60 kilometres away is the Lumwana Mine operated by Barrick Gold. Ivanhoe’s Kamoa-Kakula Mine is less than 200km away, on the DRC side of the border.
Midnight Sun Mining strongly believes that its Solwezi Licences have the potential to host major billion-plus pound discoveries with excellent economics given the proximity to major mines and existing infrastructure.
Al Fabbro has over 40 years of experience in both the finance and mining industries. From 1984 to 1990, Fabbro headed the retail trading department of Yorkton Securities. Fabbro then spent six years with Yorkton’s Natural Resources Group. Fabbro spent 10 years as an investment advisor with Canaccord Capital specializing in the natural resource sector. Fabbro then became Lead Director of Roxgold Inc. which was named the top company on the TSX Venture 50. Fabbro helped raise more than $60 million in equity financing at Roxgold Inc. during his tenure.
Robert Sibthorpe has had extensive experience in the mineral exploration sector. Sibthorpe has worked in geology and business development with senior mining companies including Noranda, Falconbridge and Ivanhoe Mines. He also served as a research and corporate finance analyst in the securities industry for Midland Doherty Ltd., Yorkton Securities Inc. and Canaccord Capital Corp. He has been involved in the discovery and financing of numerous important mineral deposits, including Eskay Creek, Petaquilla and Fire Creek. From 2010 to 2012, Sibthorpe was the president and CEO of Roxgold Inc. in which he financed and discovered the Yaramoko deposit in Burkina Faso. Sibthorpe received his Bachelor of Science in Geology in 1972 and Masters of Business Administration in 1979 from the University of Toronto. Sibthorpe also received the Colin Spence Award from AMEBC for excellence in global mineral exploration.
Brett Richards is a natural resources executive with over 34 years of experience in mining and metals. He has a unique background in mining M&A, mine financing, mine development and senior-level operations experience. He brings publicly-listed CEO experience in the mining sector as well global operational experience with a geographic focus in the last 12 years in Africa. Richards has held positions for private equity shareholders in the past, including CEO of African Thunder Platinum, CEO of Renew Resources and CEO of Octéa. Richards is currently the CEO of Banro Corp. He has also previously served as the transition CEO of Roxgold, CEO of Avocet Mining and was part of the five-person start-up of Katanga Mining. Richard’s publicly-listed experience also includes senior executive positions with Kinross Gold and Co-Steel. He is currently the CEO of Goldshore Resources Inc.
Rick Mazur is a designated P. Geo geoscientist with an MBA. Mazur has held positions in the international exploration and mining industry for over 40 years. Mazur has worked as a project geologist, financial analyst and senior executive on uranium, gold, base metals, coal and industrial minerals projects around the world. Mazur worked as an analyst for Canamax Resources Inc. from 1985 to 1991 during the development of three Canadian gold mines. Two of these mines –– Bell Creek in Timmins, Ontario and the Island Mine in Wawa, Ontario –– are still in production. Mazur also served as a director of Roxgold Inc. when it was named the top company on the TSX Venture 50 in 2012. Currently, he is a Director of Alto Ventures Ltd., Impact Silver Corp. and Forum Energy Metals Corp.
Wayne Moorhouse is a CFA who has held senior management positions with mining and civil construction companies. He has a proven track record at an operating level and as a financial executive covering all stages of a project’s life. Moorhouse’s project life experience includes grassroots exploration through feasibility and engineering studies, strategic planning, project finance, construction, mine expansion, operations and mergers and acquisitions. Moorhouse has acted for several TSX and TSX Venture listed resource companies including Genco Resources Ltd, Stealth Energy Inc. and Roxgold Inc. Moorhouse is currently a director of I-Minerals Inc. and the COO of EnviroLeach Technologies.
Stuart Angus is an independent business advisor to the mining industry and is currently the chair of K92 Mining Inc. He is the former head of the Global Mining Group for Fasken Martineau. For the past 40 years, Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was the managing director of mergers and acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Angus is the former chairman of the Board of BC Sugar Refinery Limited. He has held former director positions at multiple companies, including First Quantum Minerals Ltd. until June 2005, Canico Resource Corp. until its takeover by Brazil’s CVRD in 2005, Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011. He resigned as chair of Nevsun Resources Ltd. following its acquisition of Reservoir Minerals in 2017.
Matt MacKenzie began his career in finance with GE Capital and BMO Capital Markets. At GE Capital and BMO Capital Markets, MacKenzie worked directly with clients in diverse fields including mineral exploration and production, oil and gas services and transportation. Additionally, MacKenzie has conducted consulting projects for the BC Lions Canadian football team, Vancouver Whitecaps of Major League Soccer and Vancouver Island Helicopters. MacKenzie holds a JD and MBA. MacKenzie served as manager of business and legal affairs for Roxgold Inc. before joining Midnight Sun.
Alastair Brownlow is a Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington) specializing in resource-focused accounting and finance. Brownlow has accumulated extensive experience working as CFO of TSX Venture Exchange-listed resource companies. Brownlow’s experience spans exploration, development and production stages. Brownlow has also worked as an auditor in the British Virgin Islands. Before this, Brownlow worked for a Canadian chartered professional accountant firm where he specialized in the mining industry. In this role, Brownlow gained significant accounting experience in auditing resource companies with operations throughout the world. Brownlow holds a Bachelor of Business Administration degree with first-class honours from Simon Fraser University.
Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") has received notification of Rio Tinto Mining and Exploration Limited's ("Rio Tinto") intention to terminate the previously announced Earn-In and Joint Venture Agreement (the "Earn-In Agreement") (see the Company's news release dated April 27, 2020). Termination will be effective June 28, 2022.
Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to Midnight Sun, along with all samples and data collected while Rio Tinto acted as the project operator.
Al Fabbro, President & CEO commented, "While Rio Tinto were not satisfied with the results generated by their work on our properties, I do not share their feelings. From the outset of this Agreement, Rio Tinto made it clear to me they were looking for a 'Rio sized deposit.' Falling short of their parameters does not mean we don't have the makings of an economic orebody on our hands. They have generated excellent databases of geochemical and geophysical information that tell me the Solwezi Licences are very much still alive and warranting further work."
Midnight Sun has received the 2021 Solwezi exploration report from Rio Tinto. All of the work in this field season was focused on license 12124-HQ-LEL and total expenditures for the 2021 program were approximately USD $2.95 million.
The work consisted of 5,968 meters ("m") of drilling divided into: 2,483 m of diamond drilling ("DD") over 8 holes, 1,050 m of Reverse Circulation drilling ("RC") and 2,682 m of air core drilling ("AC"). There were also 668 new soil samples taken and 1,200 AC samples from Mitu reanalyzed.
A total of five target areas were examined: Gameno, Likoko, Sanda, Mawemba and Dumbwa.
There were three DD holes at Gameno totalling 1,300 m. The program was designed to test a Cu-Bi anomaly that was upgraded by two AC holes in 2020 that returned 18 m of 0.21% Cu and 14 m of 0.23% Cu. The three best intercepts were 2.1 m of 0.68% Cu from 360 m, 1.5 m of 0.79% Cu from 188.5 m, and 1.42 m of 8.3% Cu from 164 m.
No further work is recommended due to lack of strike continuity and thickness. It is also the most populous part of the licenses, running into the town of Solwezi, which hampers further exploration and potential development.
Two DD holes, totalling 461 m tested the Mitu extension to the southeast over a moderate copper soil anomaly coincident with a strong Versatile Time Domain Electromagnetic ("VTEM") anomaly and an audiomagnetotelluric ("AMT") conductor. Neither diamond drill hole intersected Cu mineralisation, indicating further geological and structural modelling of the Mitu Trend is required to understand the controls of mineralisation and the fluid focusing mechanism along this target area.
Two DD holes totalling 499 m tested a weak soil geochemical anomaly and a large VTEM anomaly similar to Mitu. Weak mineralisation was encountered in each hole.
One diamond drill hole was completed to test a Cu in soil anomaly on the north-west edge of a large mafic intrusive body. This diamond drill hole intercepted 20 m of 0.19% Cu from 27.3 m.
At Mawemba NE, 18 air core holes were drilled across three fences, testing a Cu in soil anomaly and along a linear magnetic anomaly. The strongest result was 1 m of 1.13% Cu from 26 m, terminating in mineralization.
Rio Tinto performed a full review of the diamond drilling previously performed by Midnight Sun on the area to get an understanding of the geology and mineralisation of the area. A 200 m x 200 m infill soil geochemical grid confirmed the continuity of the anomaly and seven reverse circulation holes were drilled.
Midnight Sun engaged an independent Copperbelt expert, Dr. Simon Dorling, to review the data generated by Rio Tinto's work and prepare recommendations for Midnight Sun's 2022 work program.
All samples collected by Rio Tinto including soil samples and all drilling were sent to ALS Global Ndola facility for preparation and on turn ALS Vancouver for analysis. The prepared samples was provisionally analysed by ALS certified pXRF at Ndola and in turn by ICP-AES/MS method in Vancouver. One duplicate sample and one certified standard sample were inserted by Rio Tinto in every 20 samples analysed for quality control/quality assurance purposes.
Qualified Person: Richard Mazur, P.Geo., a Director of the Company anda Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro President & CEO
For Further Information Contact: Al Fabbro President & CEO Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, 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 the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127225
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Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") is pleased to announce that common shares of the Company are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States.
DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States. With DTC eligibility, existing investors benefit from potentially greater liquidity and execution speeds, as well as giving new investors an opportunity to efficiently participate in the trading of Midnight Sun's common shares where their previous investing platform did not allow for non-DTC investing.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro President & CEO
For Further Information Contact: Al Fabbro President & CEO Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116044
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Midnight Sun Mining Corp. (TSXV: MMA) (the "Company" or "Midnight Sun") has had the Company's common shares qualified to trade on the OTCQB Venture Market ("OTCQB") under the symbol MDNGF. It is anticipated that Midnight Sun's uplisting to the OTCQB will provide greater liquidity and a more seamless trading experience for U.S. shareholders. Trading on the OTCQB will begin February 9, 2022.
Midnight Sun's common shares will continue to trade on the TSX Venture Exchange under the symbol MMA.
The OTCQB is a U.S. trading platform operated by the OTC Markets Group in New York and is the premier marketplace for early-stage and developing U.S. and international companies. Recognized by the U.S. Securities and Exchange Commission as an established public market, the OTCQB provides investors who cannot access trading on the TSX Venture Exchange with an alternative access to the Company's shares through regulated U.S. broker-dealers.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro President & CEO
For Further Information Contact: Al Fabbro President & CEO Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113062
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Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce that it has closed the agreement (the "Agreement") with Baker Steel Resources Trust Limited ("BSRT") announced on April 19, 2022. Pursuant to the Agreement, Azarga Metals has granted BSRT the option to acquire Azarga Metal's Unkur project (the "Unkur Option") until December 31, 2023 (the "Unkur Option Period"), after which the Unkur Option will automatically expire
Upon closing the Agreement, BSRT exercised its right to convert the US$3.5 million loan (the "Loan") made under the secured convertible loan facility (the "Loan Agreement") between Azarga Metals and BSRT. The Loan was converted at a fixed Canadian dollar equivalent value of C$4.7 million, with a conversion price of C$0.10 per share for a total issue of 46,925,500 common shares of the Company (the "Shares").
The Unkur Option is exercisable at an exercise price of US$1.00 from the date of termination of the Loan Agreement, being June 14,, 2022 until December 31, 2023, after which, if not previously exercised by BSRT, the Unkur Option will automatically expire.
The Company will use its best efforts (while recognizing that sanctions and other force majeure circumstances may prevent these efforts), to maintain the corporate existence of its subsidiaries and its licences, including the Unkur project, located in the Zabaikalskiy Region of eastern Russia, on a care and maintenance basis during the Option Period.
If the Unkur Option is exercised by BSRT and Unkur is subsequently sold to an arms length third party within 2 years of the date of the exercise of the Unkur Option by BSRT, proceeds from the sale of the Unkur project will be shared between the Company and BSRT based on an agreed upon formula. The proceeds from a sale will be paid to the Company and BSRT as follows: (1) the Company will be reimbursed the cost of care and maintenance until the Unkur Option is exercised, (2) BSRT will be reimbursed the cost of care and maintenance incurred from the date of the Unkur Option exercise to the date of the sale to a third party, (3) BSRT will be paid US$3.5 million and (4) BSRT and the Company will share any residual consideration on an 80%/20% basis respectively.
Pursuant to the Agreement, the Company has granted BSRT a ROFR (right of first refusal) to match any third party offer received by the Company for the Unkur project. The parties agree to use reasonable efforts to work together during the Option Period to find potential buyers for the Unkur project. Gordon Tainton, President and CEO of the Company commented "the co-operation from BSRT to convert the Loan into common shares removes US$3.5 million of debt and improves the financial position of the Company. This debt reduction provides the Company with the ability to further focus its attention on advancing exploration at its 100% owned copper-rich VMS Marg project located near Keno City, Yukon. We look forward to commencing our planned exploration program at Marg this summer."
The Company owns 100% of the high-grade copper-rich VMS Marg project within the Keno Hill Silver District of the Yukon Territory. As previously announced, the Company is reviewing and re-interpreting the historic VTEM database of the airborne geophysical program to be used to refine the drill targets for the Company's planned 2022 exploration program. Geological groundwork is expected to focus on the Marg deposit extensions and the highly prospective Jane mineral occurrence area, which has the potential for another Marg-style deposit. Mineralization at the Marg project remains open along strike, down-dip and down plunge and the geological program should assist the drilling campaign to define a goal of 14 to 15 million tonnes of mineralized material.
Planning for the 2022 exploration program has commenced, with the aim of beginning a geological program in July. An experienced geologist in VMS deposits and a full-service contractor have been engaged to execute and oversee this plan, all subject to funding.
James Pickell, P.Geo., a consultant to Azarga Metals and a Qualified Person as defined by NI 43-101, verified the data disclosed and has reviewed and approved the disclosure contained in this Press Release.
As a result of BSRT exercising its conversion option under the Loan Agreement, BSRT owns in aggregate 58,527,286 Shares, representing an increase of 24.1% from the 8.9% ownership interest that BSRT had prior to the conversion. Following conversion, BSRT owns 33% of the issued and outstanding common shares of the Company.
BSRT also owns 20,440,914 warrants of the Company, each exercisable at C$0.10 per warrant until December 31, 2022. Assuming exercise of these warrants, BSRT would own, in aggregate, 78,968,200 Shares, representing an aggregate ownership interest of 39.9% of the issued and outstanding shares of Azarga (and an increase of 6.9% from its percentage ownership interest following the conversion).
Depending on market conditions and other factors, BSRT may from time to time acquire and/or dispose of securities or Azarga Metals or continue to hold its current position.
A copy of the early warning report required to be filed with the applicable Canadian securities commissions in connection with the conversion will be available under the Company's profile on SEDAR at www.sedar.com and can be obtained by contacting Tino Isnardi at +44 (0) 20 7389 0009.
Baker Steel Resources Trust Arnold House Guernsey GY1 1WA
Azarga Metals Corp. Unit 1 - 15782 Marine Drive White Rock, BC V4B 1E6 Canada
Gordon Tainton, President and CEO
For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "ambition", "estimate", "concluded", "offers", "objective", "may", "will", "should", "potential" and similar expressions are intended to identify forward looking statements. In particular, this news release contains forward looking statements concerning the planned 2022 exploration program for the Marg project and the aim of defining 14 to 15 million tonnes of mineralized material. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the state of equity financing markets and the Company's ability to obtain financing to complete the 2022 exploration program and results of future exploration activities by the Company, including the planned 2022 exploration program at the Marg project. Management has provided the above summary of risks and assumptions related to forward looking statements in this news release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this news release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
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Metallum and Pays Plat First Nation ("PPFN") have signed a Negotiation Agreement (the "Agreement") to advance the development of the Superior Lake Zinc Project
This Agreement outlines the negotiating terms for the Impact Benefit Agreement ("IBA") which is the final agreement required before mine development commences
The Company and PPFN aim to finalize the IBA during 2H2022
Vancouver, BC – TheNewswire – June 14, 2022 - Metallum Resources Inc. (TSXV:MZN) ("Metallum" or the "Company") and Pays Plat First Nation ("PPFN") are proud to announce the signing of a Negotiation Agreement (the "Agreement") for the Superior Lake Zinc Project ("Project") in Ontario, Canada .
PPFN is the primary First Nation Group where the Project is located. The signing of this Agreement with PPFN is a major milestone, as it progresses regulatory approval for early-stage development works, and more importantly, outlines the timeline and key terms for the Impact Benefit Agreement ("IBA"). Both the Company and PPFN aim to have an IBA agreed and signed later this year. The IBA is a formal, written agreement that helps to manage the predicted impacts associated with an industrial development occurring on traditional lands and to secure economic benefits for neighbouring aboriginal communities affected by that development.
In addition, both the Company and PPNF jointly met with The Honourable Patty Hadju, Minister of Indigenous Services of Canada and Member of the Parliament for Thunder Bay North (the Project's jurisdiction), to discuss the Project development, indigenous involvement, and current Permitting Process. The Company will continue to keep the market updated as these discussions progress.
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Image 1: The Honourable Patty Hadju, PPFN Chief Mushquash and Metallum's CEO Kerem Usenmez
President and CEO, Kerem Usenmez commented , " Metallum has built a strong relationship with the PPFN and the local communities over the past year, and signing this Agreement solidifies the support and our collaboration to move our exciting Project forward.
We very much value the support of PPFN for the development of the Superior Lake Project. We are proud to be partners with the PPFN and look forward to ongoing collaboration as we move development in the future."
Pays Plat First Nation Chief Mushquash commented , " This Negotiation Agreement sets a strong foundation for us to work collectively with Metallum on a number of economic opportunities. We look forward to the advancement of this Agreement into an IBA stage as the Project develops."
Metallum also continues to work closely with the town of Schreiber, which is located 29 kilometers from the Project. The Company met with the Mayor, Kevin Mullins, as well as Municipality Staff to discuss the Project status.
Schreiber Mayor Kevin Mullins commented, " We have the skilled labour, railway station and most of the supporting infrastructure very close to the Project. We are very excited about the future development of the Superior Lake Project and will support Metallum to advance this Project into production."
President and CEO, Kerem Usenmez commented , "Having local support is crucial for any development Project. The local support has been very strong and encouraging for us. We look forward to working together with all the local communities and advancing quickly."
Click Image To View Full Size
Image 2: Metallum CEO Kerem Usenmez with Schreiber Mayor Kevin Mullins and Nathan Dias, from City of Schreiber Mayor's office
ON BEHALF OF THE BOARD
Kerem Usenmez, President & CEO
Tel: 604-688-5288; Fax: 604-682-1514
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Feasibility Study, the updated economics for the Project, and the Company's development plans for the Project. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the uncertainties inherent in the Feasibility Study and the updated economics of the Project; whether exploration and development of the Company's properties will proceed as planned; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; risks associated with COVID-19 including adverse impacts on the world economy, exploration and development efforts and the availability of personnel; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: the accuracy of the Feasibility Study and the updated economics of the Project; that the Company's stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
Metallum Resources (MZN.TSXV) owns 100% of the Superior Lake Zinc and Copper Project in Ontario, Canada. The Project ranks as the highest grade zinc project in North America with a resource of 2.35 Mt at 17.9% Zn, 0.9% Cu, 0.4 g/t Au and 34 g/t Ag.
The Company completed a positive Feasibility Study that highlights the Project will rank in the lowest quartile of operating costs (C1 costs – C$0.44 / lb; AISC C$0.51 / lb). These low costs driven by the high grade of the Project drive robust economic returns. The majority of permits and licenses are in place allowing for a quick re-development following a Final investment Decision.
For further details about the Company and the Superior Project, please visit the Company's website at metallumzinc.com .
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Aranjin Resources Ltd (TSXV: ARJN) invites you to visit them at Booth #2739 at The Prospectors & Developers Association of Canada Convention (PDAC) at the Metro Toronto Convention Centre (MTCC) on Monday June 13 to Wednesday June 15, 2022.
Aranjin Resources is well on its way to developing a strong copper exploration portfolio in Mongolia, a land of immense mineral wealth, neighbouring the world's largest electric vehicle consumer, primary battery manufacturer, and leader in copper smelting. Aranjin's assets include the highly prospective Sharga Copper Project in the Gobi Altai region of Mongolia, located strategically near the Chinese border.
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 23,000 attendees in person in 2020, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry. From 2021 it is also offered as an online event.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention/registration.
We look forward to seeing you there.
Aranjin Resources Ltd Siloni Waraich 4164324920 contact@aranjinresources.com https://aranjinresources.com/
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Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) ("Pacific Empire", "PEMC" or the "Company"), a British Columbia copper explorer, is pleased to announce that it has completed the acquisition of a 100% interest in the Col Property, which consists of 17 mineral claims spread over 6618 hectares 50 km southeast of Northwest Copper Corp.'s ("Northwest Copper") Kwanika Deposit and 50 km northwest of Centerra Gold Corp.'s ("Centerra Gold") Mt. Milligan Mine. Pursuant to the terms of a purchase agreement among PEMC, Indata Resources Ltd. and Nation River Resources Ltd. (together, the "Vendors"), PEMC acquired a 100% interest in the Col Property in exchange for granting the Vendors a 2% net smelter return royalty (the "NSR") on the claims, one-half (1%) of such 2% net smelter return royalty may be purchased for $500,000 by PEMC.
"Ownership of the Col property outright provides us with tremendous flexibility. Unburdened by annual cash payments, share payments and work commitments, we will be able to take the necessary time to bring all of our resources to bear on the property in a cost-effective manner and, when the time is right, we will drill," commented Brad Peters, President and CEO. "This journey began 10 years ago and I am excited that with the addition of the Col property, PEMC now has a commanding, regional scale land position between Centerra Gold's Mt. Milligan Mine and Northwest Copper's Kwanika Deposit. Work by Northwest Copper in recent months has demonstrated the potential in this area for very attractive copper-gold grades. Historical work at the Col property over the last 50 years has also demonstrated the potential for very attractive copper-gold grades. As an added bonus the property was eligible for a one-time use of Portable Assessment Credits to advance the Good to Date of the property out until 2027. We took full advantage of this opportunity. On a personal note I would like to express my sincere gratitude to Mr. Campbell for entrusting this incredible copper project to Pacific Empire."
Located approximately 50 km to the southeast of Northwest Copper's Kwanika Deposit and 50 km to the northwest of Centerra Gold's Mt. Milligan Mine, the Col property covers 6,618 hectares and is accessible by vehicle using well established logging roads.
Copper mineralization on the property was first discovered by Colin Campbell in 1969, while following up on anomalous stream sediment samples. The following year Falconbridge Ltd. optioned the property and over the next two years completed IP and magnetic surveys, geological mapping, soil sampling and diamond drilling. This work identified the A Zone.
Additional exploration programs were completed by Kookaburra Gold Corp. from 1988 through 1991, Solomon Resources Ltd. From 2006 through 2008 and PEMC/Oz Minerals Ltd. From 2014 to 2015. All of these programs completed diamond drilling, geophysical surveys and geochemical sampling.
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Mineralization on the property is most significant in three areas, 1) the A Zone, 2) Campbell Trench and 3) Slide Zone.
At the A Zone, copper-gold mineralization occurs along a strike length of approximately 300 metres at an azimuth of 120o and where best developed it is approximately 30 meters wide over a length of approximately 175 metres. This zone was tested by a number of small diameter drill holes by Falconbridge Ltd. in 1971 with the best
intersections assaying 0.84% Cu over 45.7 meters and 0.70% Cu over 51.8 metres (DDH-1971-13 and DDH-1971-20, respectively). In 2007, Solomon Resources Ltd. followed up with diamond drilling at the A Zone and demonstrated that mineralization extended at depth.
Until 2014, mineralization at the A Zone was believed to be associated with a shear zone, however while reviewing drill core from the A Zone, PEMC observed the presence of very well mineralized porphyry intrusions that are most likely responsible for the copper-gold mineralization due to their intimate relationship with quartz-sulphide veining and mineralization.
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Selected Highlights from Historical Drilling at Col (A Zone)
Porphyry intrusion and copper-gold mineralization in DDH-2007-2 @ 77m associated with sheeted quartz-sulphide veining
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Porphyry intrusion in DDH-2007-2 @ 77m with chalcopyrite as blebs, disseminations and veinlets (note emplacement of sheeted quartz veins appears to precede emplacement of porphyry)
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Sheeted quartz-sulphide veins in DDH-2007-2 from 67-90.5m
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Located approximately 1 km to the northwest and 150 m higher in elevation, PEMC believes the Campbell Trench Zone may be representative of a higher level within the porphyry-epithermal spectrum. This area is characterized by the presence of large quartz veins associated with copper-gold mineralization. Visible gold was observed in outcrop at this location in 2007.
One of the more intriguing examples of mineralization on the property can be found at the Slide Zone. Located approximately 1 km to the northeast of the A Zone, the Slide Zone occurs within Chuchi Lake Succession volcanic rocks and is characterized by a large area of boulders derived from a steeply dipping fault scarp. Select grab samples from the area in 2007 returned the following values:
In this area, mineralization is associated with strong epidote alteration and epidote magnetite/bornite nodules.
Thomas Hawkins, P.Geo., Vice President of Exploration for the Company, serves as a qualified person as defined by NI 43-101 and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
Pacific Empire is a copper exploration company based in Vancouver, British Columbia and trades on the TSX Venture Exchange under the symbol PEMC. The Company's strong portfolio of gold-enriched copper projects in British Columbia, is the culmination of perseverance through one of the longest bear markets in the resource industry.
British Columbia is a "Green" copper jurisdiction with abundant hydroelectric power, access and infrastructure in close proximity to the end market.
ON BEHALF OF THE BOARD,
"Brad Peters" President and Chief Executive Officer
Pacific Empire Minerals Corp. Tel: +1-604-356-6246 brad@pemcorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation: "unburdened by annual cash payments, share payments and work commitments, we will be able to take the necessary time to bring all of our resources to bear on the property in a cost-effective manner and, when the time is right, we will drill" are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
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Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTQB: FOMNF) ( Frankfurt : 2OA), is pleased to announce that the company will be attending this year's Prospectors & Developers Association of Canada (PDAC) convention, taking place in person at the Metro Toronto Convention Centre on June 13-15, 2022 .
Forte is a newly listed junior mining exploration company with an attractive portfolio of high-quality copper and gold assets in Perú. President and CEO Patrick Elliott , and his team are excited to meet with investors at booth 2949 at the Investor Exchange Pavilion to discuss current and upcoming exploration plans.
The Company's portfolio combines early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for copper and gold resource development.
In the video, Mr. Elliott goes through the company's decision to be in Peru , the different mining projects, and the highly experienced corporate and exploration teams. Watch the full video below to learn how Forte Minerals is well-positioned to thrive from prevailing copper prices.
Paul Johnston , P.Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and has reviewed and approved responsible for the accuracy of the technical information contained in the video referenced in this news release.
The Company is committed to maximizing shareholder value through acquiring, exploring, discovering, and developing copper and gold projects in Perú. Moving rapidly along the line of opportunity towards a value maxima is very attractive to investors. Significant value growth is generated when early-stage exploration moves towards resource definition while zoning in on target development and eliminating the early-stage grassroots risk. All three of Forte's properties offer this opportunity, with tremendous upside considering their geological potential.
On behalf of Forte Minerals CORP. (signed) " Patrick Elliott " Chief Executive Officer
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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EV Nickel Inc. (TSX-V:EVNI) ("EVNi" or the "Company") is pleased to announce it has agreed terms for a Lease and Right of First Refusal Agreement, pending further due diligence, with a privately held mineral exploration company that is arms length from EVNi (the "Vendor"), for surface rights overlaying seven mining patents (the "Lease Properties"), east of Langmuir Road and serviced by a power line, in Shaw Township, southeast of Timmins, Ontario. The surface rights are beneficially owned or under option with the Vendor
EVNi believes that the Lease Properties may provide an excellent future base for its regional exploration and the Company has also secured a right of first refusal ("ROFR") for acquisition of the Lease Properties from the Vendor. This ROFR positions EVNi to also acquire the Carshaw Mill, a permitted processing facility, located on the Lease Properties. The Lease Properties are located adjacent to the Large-Scale Carman-Langmuir Target, which EVNi plans to drill this summer.
"Part of our current focus is to secure more land in the Shaw Dome and we've had our eye on Carshaw for awhile" states Sean Samson, President, CEO of EV Nickel. "With a large focus of future drilling to be up on the Northeast, moving our team closer to the activity, and closer to town, is a bonus. Also, there are only two permitted processing mills in the district, this gives us a ROFR for the surface rights under one of them."
EVNi is now working with the Vendor on the Final Lease Agreement and plans to have this finalized in the coming weeks.
The Company's Phase 2 Drilling is almost complete, with the final holes now underway, testing the down plunge potential of the High-Grade Langmuir W4 Zone. This work is targeting the extension of the currently defined mineralized envelope with an objective of identifying additional down plunge, high-grade nickel mineralization.
Once Phase 2 is complete, EV Nickel will immediately shift into Phase 3, starting with the Large-Scale Carman-Langmuir Target in the northeast of the Company's land package.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. In addition to extensive historic production, the Shaw Dome area is home to the Langmuir W4 Zone, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel TM business, targeting the growing demand for Class 1 Nickel from the electric vehicle battery sector. EV Nickel has more than 30,000 hectares to explore and has identified more than 100km of favourable strike length.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information 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 information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, visit www.evnickel.com Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com. EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9 www.evnickel.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
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