U.S. Gold Corp. is about to conclude late Autumn 2018 drilling program at the Keystone Project, Cortez Trend, Nevada

U.S. Gold Corp. is approaching completion of a 6-hole, target-test, reverse circulation drilling program of approximately 10,000 feet (approx. 3,500m)
The drill program is testing a number of important target localities that were previously inaccessible because of permitting limitations
– Drill samples are being sent to Bureau Veritas Laboratories, Reno, NV for assay and detailed geochemical analyses.  Results from all the holes are expected by mid to end January, 2019

U.S. Gold Corp. (NASDAQ: USAU – http://www.commodity-tv.net/c/search_adv/?v=298678  ), a gold exploration and development company, is pleased to announce the pending completion of the late Autumn 2018 drilling program at its 20 square mile, Keystone project, in Nevada’s Cortez Trend.  This drill program is testing several quality drill targets in areas of completed detailed geology, surface geochemistry, geophysics, and target synthesis.  Up to this point in time, the bulk of the Keystone project area was inaccessible to drilling exploration because of severely limited surface disturbance restrictions of about 5 acres per 4 square miles of area.  The Keystone Environmental Assessment (EA) and Plan of Operation (POO) were approved by the Bureau of Land Management (BLM) on September 7, and subsequent archeological surveys preparatory to road and site building were signed off by the BLM and Nevada Department of Environmental Protection (NDEP).  Access and the drill sites were constructed, and drilling the six new sites is in progress. 

Dave Mathewson, U.S. Gold Corp.’s Vice President of Exploration, states: “Our Autumn 2018 Keystone drilling program is moving along.  The weather has started to change at Keystone in Nevada and the snows have made us call a pending end to the program.  We are pleased to likely complete the drill testing of 6 target sites in this late Autumn program (see attached map: https://www.usgoldcorp.gold/keystone-autumn-drilling.jpg).  We will be eagerly awaiting the assay results and are hopeful to have all of them by mid to late January, 2019.  We will keep the market updated as soon as results are in and analyzed.”

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded U.S.-focused gold exploration and development company. U.S. Gold Corp. has a portfolio of development and exploration properties. Copper King is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, which was completed by Mine Development Associates.  Keystone is an exploration property on the Cortez Trend in Nevada, identified and consolidated by Dave Mathewson.  For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold.

Forward-looking and cautionary statements

Forward-looking statements in this press release and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These statements involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements.  There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements.  These factors include, but are not limited to, risks arising from: changes in the price of gold and mining industry cost inputs, environmental and regulatory risks,  risks faced by junior companies generally engaged in exploration activities, and other factors described in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov.  We make no representation or warranty that the information contained herein is complete and accurate, and we have no duty to correct or update any information contained herein.

INVESTOR CONTACT:
U.S. Gold Corp. Investor Relations:
+1-800-557-4550
ir@usgoldcorp.gold
www.usgoldcorp.gold

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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Endeavour Silver Reports High Grade Silver-Gold Intersections in Multiple Veins From 2018 Drill Program at the Bolanitos Mine, Guanajuato, Mexico

Endeavour Silver Corp. (NYSE: EXK; TSX: EDR – http://www.commodity-tv.net/c/search_adv/?v=298293) reports high grade silver-gold intersections in multiple veins from the 2018 drill program at the Bolanitos mine in Guanajuato, Mexico. A total of 55 drill holes from surface and 11,000 metres were completed by the end of October on seven different vein targets, all of which are located within four kilometres of the Bolanitos plant (view longitudinal sections for Herradura, Plateros and San Miguel).

Drilling highlights include high silver-gold grades in two parallel veins at the San Miguel target just north of the plant, such as 1,415 grams per tonne (gpt) silver and 2.25 gpt gold over a 1.1 m true width (46.2 oz per short ton (opT) silver equivalent (AgEq) over 3.6 feet (ft) in hole MG-06. Another highlight comes from the Arcangel vein, part of the La Luz vein system, and includes 138 gpt silver and 13.2 gpt gold over a true width of 1.2 m (32.8 opT silver equivalent over 3.9 ft) in hole LZU-17.

Luis Castro, Vice President, Exploration for Endeavour Silver, commented, “These step-out drill results have outlined several new mineralized areas and provided extensions to known areas, with potential for new resources to extend the mine life at Bolanitos. Specifically, San Miguel is a newly discovered vein to the North East, that is more extensive than previously recognized. Drilling has now wrapped up at Bolanitos for the year and a new resource estimate is expected in January.”

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently commissioning its fourth mine at El Compas, advancing a possible fifth mine at the Terronera mine project and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward‑looking statements and information herein include but are not limited to statements regarding Endeavour’s anticipated performance in 2018 including changes in mining and operations and the timing and results of various activities. The Company does not intend to, and does not assume any obligation to, update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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M2 Cobalt commences drilling at Bombo

M2 Cobalt Corp. (the “Company”) (TSXV: MC.V) (OTCQB: MCCBF) (Frankfurt: AOK) https://www.youtube.com/watch?v=07gK0kl_Mrs is pleased to announce that it has successfully mobilized a second drill rig and has commenced drilling at its Bombo and Bombo NW targets at Bujagali. This follows completion of a successful induced polarization (“IP”) program which helped to finalize initial drill collars. It is currently anticipated that the drill program at Bombo will comprise at least 1,000 metres of diamond core drilling.

The IP program at Bombo and Bombo NW highlighted several chargeability highs which coincide with the rock and soil Ni – Co – Cu geochemical anomalies, magnetics and in some cases density or ground gravity anomalies. The initial drill program is designed to test a number of targets across a broad area in what is now believed to be the Bombo Complex (a series of ultramafic bodies).  

Simon Clarke, CEO said, “we have always been excited about the potential of Bombo, especially given the historic work done there. Our geochemical and geophysical programs have shown widespread surface and near surface mineralization of highly anomalous nickel, copper and cobalt. We are delighted to be able to launch an initial drill program to test this ultramafic style of mineralization further as we look to build on the highly successful work done to-date on these targets.

There is growing demand for nickel sulphides as a critical ingredient in cathode formulation for lithium-ion batteries. The potential of Bombo in this regard, as well as for copper and cobalt, adds another dimension to this discovery.”

About M2Cobalt

M2 Cobalt Corp. is focused on discovering and developing world-class cobalt assets (and related minerals) to help address the growing deficit in the supply of cobalt. The Company has a large, highly prospective land package in the Republic of Uganda, East Africa bordering historic production and on the same mineral trends as some of the major mines in the neighbouring DRC where over 60% of world cobalt supply originates. Uganda is a stable country with a growing economy looking to re-energize its historic mining industry. The Company has a highly experienced management team and board of directors, which has been involved in funding and advancing resource projects globally. Further information on the Company and its projects can be found at www.m2cobalt.com

The technical content of this news release has been reviewed and approved by Dean Besserer, P.Geol., the Technical Advisor of the Company and a Qualified Person as defined by National Instrument 43-101.

For further information, contact Simon Clarke at sclarke@m2cobalt.com or Andy Edelmeier at andy@m2cobalt.com

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.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to exploration work to be undertaken in Uganda, the reliability of third party information, and certain other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Caledonia Mining Corporation Plc Results for the Quarter ended 30 September 2018

Caledonia Mining Corporation Plc (“Caledonia” or the “Company”) announces its operating and financial results for the third quarter of 2018 (“Q3” or the “Quarter”).

Gold production in the Quarter was 13,978 ounces, 2.9 per cent below the quarter ended September 30, 2017 (the “comparable quarter”); gold production for the nine months to September 30, 2018 was 39,558 ounces, 0.4 per cent down on the corresponding period of 2017. Adjusted earnings per share for the Quarter of 33.1 cents were 17 per cent lower than the comparable quarter, due to a slightly weaker realised gold price and increased production costs but 24.4 per cent higher for the nine months to September 30, 2018 compared to the same period of 2017 due to the increased export credit incentive and a higher average realised gold price for the nine months. Net cash from operating activities remained robust at $6.8 million although this was lower than the comparable quarter which was an unusually strong quarter. Net cash at the end of the Quarter was $5.9 million.

Commenting on the results, Steve Curtis, Chief Executive Officer, said:

“The third quarter of 2018 (the “Quarter”) was an improvement on the second quarter of the year:  we addressed some of the operating challenges which the business experienced in previous quarters; cost control remained good; and Caledonia stabilized its cash position and working capital movements.

“Production of 13,978 ounces was 3 per cent down on the third quarter of 2017 (the “comparable quarter”) and marginally below our expectations. We took the decision to tighten and slightly reduce our 2018 full year production guidance from our original guidance range of 55,000 to 59,000 ounces to a range of 54,000 to 56,000 ounces.”

“Grade for the Quarter remained below expectations at 3.12g/t as we continued to experience some mining dilution due to the introduction of long-hole stopping in the narrower reef width areas due to safety considerations. Corrective measures have been taken to improve the accuracy of drilling which are expected to result in improved mined grades in the remainder of the last quarter of 2018 and thereafter. We remain confident that the underlying geological model for Blanket and the grade of the resource remains sound. I am pleased that the mine was to some extent able to compensate for lower grades through increased plant throughput, an effort that has contributed substantially to the Quarter’s performance. Tonnes milled during the Quarter were significantly higher at 151,000 tonnes, 14 per cent higher than the second quarter of 2018 and 11 per cent higher than the comparable quarter.”

“Working capital returned towards normal levels during the Quarter after some significant adverse movements in the previous quarter. The net cash balance of $5.9 million at the end of the Quarter is a modest improvement on the preceding quarter and the ability of our business to generate cash remains robust. Post-tax operating cashflows in the Quarter after working capital movements were $6.8 million, sufficient to support both capital investment during the Quarter of $5.2 million and the quarterly dividend payment to Caledonia’s shareholders.”

“The Central Shaft has now reached a depth of 1,148 meters and continues to progress well. We expect capex to decline as we progress towards the commissioning of the Central Shaft in 2020. The Central Shaft project is the key enabler of longer term value for our shareholders as we progress towards our production and cost targets by 2021.”

“Our cost performance for the Quarter was satisfactory, especially considering the below expected grade. On-mine and all-in sustaining costs were well-contained: on-mine costs of $670 per ounce for the Quarter were 5 per cent higher than the comparable quarter due to elevated equipment maintenance and consumables costs. All-in sustaining costs of $754 per ounce were 2.5 per cent below the comparable quarter as we continue to benefit from a higher ECI. We remain confident in our longer-term cost guidance target of $700 to $800 per ounce as the business grows towards 80,000 ounces per year by 2021.”

“Recent changes in the banking environment in Zimbabwe and the chronic shortage of foreign exchange in Zimbabwe may present challenges with regards to operating cost inflation, and the ability to implement the capital investment programme at Blanket and to externalise cash from Zimbabwe. Operations at Blanket are currently continuing as normal and the situation is being closely monitored by management and is receiving the highest levels of attention from Zimbabwean Monetary and Government authorities. Caledonia is actively and constructively engaged at the appropriate levels in government on a regular and ongoing basis.”

“We are also pleased to announce that on November 5, 2018 we entered into a legally binding sale agreement with one of the indigenous shareholders of Blanket Mine (1983) (Private) Limited (“Blanket Mine”), Fremiro Investments (Private) Limited, to purchase its 15 per cent shareholding in Blanket Mine in exchange for the issue of 727,266 new common shares in Caledonia at a price of $7.15 each and the cancellation of the balance of their facilitation loan. Once this transaction, which is subject to various conditions, has been completed, Caledonia’s shareholding in Blanket Mine will increase to 64 per cent and Fremiro will hold 6.4 per cent of Caledonia’s diluted equity.  This transaction is an important step for Caledonia and I look forward to updating the market as the transaction progresses.”

Caledonia continues to consolidate Blanket Mine for reporting purposes and the operational and the financial information set out below is on a 100 per cent basis unless otherwise indicated.

Strategy and Outlook

Caledonia remains on track to achieve the production target of 80,000 ounces per year by 2021 at its Zimbabwean subsidiary, Blanket Mine. Caledonia’s strategic focus is the Central Shaft project which is expected to extend the life of mine by providing access to deeper levels for production and further exploration.  Caledonia’s board and management believe the successful completion of the Central Shaft is in the best interests of all stakeholders because it is expected to result in increased production, reduced operating costs and increased flexibility to undertake further exploration and development, thereby safeguarding and enhancing Blanket’s long-term future. Difficulties in obtaining sufficient foreign exchange may jeopardise Caledonia’s ability to implement the Central Shaft project as planned. Caledonia intends to evaluate further investment opportunities in Zimbabwe that may not fall underneath Blanket’s ownership.

Dividend Policy

Caledonia pays a quarterly dividend of 6.875 US cents per share at the end of January, April, July and October respectively. The profitability and cash generation of Blanket Mine remains strong, however, Caledonia’s ability to pay dividends is dependent on the ability of its group to make payments from Zimbabwe.

Note:  This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

Cautionary Note Concerning Forward-Looking Information

Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia’s current expectations, intentions, plans, and beliefs.  Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “goal”, “plan”, “target”, “intend”, “estimate”, “could”, “should”, “may” and “will” or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, estimates of future/targeted production rates, and our plans and timing regarding further exploration and drilling and development.  This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.  Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors.

Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.  Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company’s title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations.  Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information.  By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur.  Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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Auryn Drills Gold-Bearing Hydrothermal System at Committee Bay

Auryn Resources Inc. (TSX: AUG, NYSE AMERICAN: AUG, “Auryn” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298204) is pleased to announce that the company drilled a 1.5 kilometer gold-bearing hydrothermal system at the Aiviq target. A total of 16 diamond drill holes (4,996 meters) consistently intersected the target structure (Figure 2), with the best intercept being 13.5 meters of 1.54 g/t gold (including 6 meters of 3.3 g/t gold) in hole 12 at the southwest margin of the drilling program, leaving the system open in that direction (Figures 3 – 4).  Hole 12 also exhibited the most intense alteration and quartz veining along the system.


Highlights:

  • Discovery of the gold-bearing hydrothermal system at the Aiviq and Kalulik prospects
  • Identifying that the system strengthens towards the southwest
  • Sampling additional high-grade rock at Aiviq and Kalulik
  • Identifying additional targets within the 20 km shear zone, hosting the Aiviq Shamrock and Kalulik prospects.

Executive Chairman and Director, Ivan Bebek:

 “Our ability to target hydrothermal systems under the 95% covered 300km Committee Bay gold belt has improved considerably. The southern-most drilled hole at Aiviq represents a significant opportunity to make a major discovery.

“As the company continues to advance Committee Bay exploration plans, several catalysts are pending including Homestake Ridge drill results, Gibson MacQuoid surface results and continuous news from the company’s highly active Sombrero project, where major copper-gold skarn and porphyry targets have recently been identified.”

Auryn also drilled 22 Rotary Air Blast (RAB) holes (4,135 meters) at the Kalulik and Aarluk prospects (Figures 1– 2), which identified two additional gold-bearing hydrothermal systems that have geological characteristics consistent with the Three Bluffs deposit. This demonstrates Auryn’s improved ability to target under till cover. The Kalulik and newly identified Shamrock prospects are south of Aiviq on the same shear zone.

Aiviq Summary:

The majority of the drill holes intersected 20 – 40 meter widths of intense quartz veining and sulphidized banded iron formations (Figures 5 – 9), which Auryn believes demonstrates the potential for a significant discovery along this regional fault zone.  Table 1 lists the complete results from the Aiviq core drill program. 

Due to the strength of the hydrothermal system observed along this regional fault zone, Auryn has further evaluated the high-resolution tills collected in 2017 and 2018 and has identified two high-priority drill targets along the Aiviq regional fault zone.  One of these targets is located four kilometers south of the 2018 drill program and has become known as the Shamrock prospect (Figure 2). The other is located 500 meters southeast of this year’s drill program (Figure 2) and is called Aiviq South. 

In addition to drilling, Auryn sampled a number of high-grade boulders down ice of the Aiviq prospect, further demonstrating the potential of this regional fault zone (Figure 3).  Highlights from the 2018 sampling include 26.3, 13.2 and 12 g/t gold. Table 2 includes a summary of these results.  Auryn’s technical team is currently evaluating the Aiviq South prospect as a potential source area of the high-grade boulder located down ice of the Aiviq prospect.  The Shamrock prospect is supported by high-grade boulders sampled historically with highlights including 12.89 and 7.61 g/t gold.

Kalulik Summary:

The Kalulik prospect is situated approximately 15 kilometers southwest of Aiviq along the same regional gold-bearing fault zone.  The 2018 drill program at Kalulik identified two separate gold-bearing hydrothermal systems, four kilometers apart, that intersected broad zones of low-grade mineralization over 10 – 20 meter widths within sulphidized banded iron formations and associated quartz veining (Figure 10).  These results include 21.34 meters at 0.4 g/t gold and 16.76 meters at 0.45 g/t gold. In addition, the identification of two separate gold-bearing structures speaks to the potential of the regional fault zone linking Aiviq and Kalulik.

Aarluk Summary:

At the Aarluk prospect the best intercept was 3.05 meters of 3.39 g/t gold, which was encountered in a weakly sulphidized banded iron formation.  Based on the geological characteristics observed, no further work is planned at the Aarluk prospect.

C.O.O. and Chief Geologist, Michael Henrichsen:

“We feel that we are in a productive gold system at Aiviq due to the strong alteration and fluid flow observed along this regional fault zone.  The strengthening of the widths and mineralization at the southwest limit, and the new high-resolution till anomaly at Shamrock, lead us to believe we should continue exploring along this regional fault zone. 

“In addition, the identification of three separate gold-bearing hydrothermal systems under cover at the Kalulik and Aiviq prospects indicate to us that our targeting process is leading us in the right direction. We drilled rocks that we believe have the necessary geologic characteristics to host a significant gold deposit.  The targets drilled this year represent a fraction of the opportunities still available at Committee Bay based on high-resolution till targets and historical drill intercepts that are still open for expansion.”

About Auryn

Auryn Resources is a technically driven junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company’s management team is highly experienced with an impressive track record of success and has assembled an extensive technical team as well as a premier gold exploration portfolio. Auryn is focused on scalable high-grade gold deposits in established mining jurisdictions, which include the Committee Bay and Gibson MacQuoid gold projects located in Nunavut, the Homestake Ridge gold project in British Columbia and a portfolio of gold projects in southern Peru, through Corisur Peru SAC.

Forward Looking Information and Additional Cautionary Language

This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to or associated with the acquisition and title to mineral concessions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s Annual Information Form and MD&A for the year ended December 31, 2017 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com and the Company’s registration statement on Form 40-F filed with the United States Securities and Exchange Commission and available at www.sec.gov.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Committee Bay RAB Drilling QA/QC Disclosure

CB DDH 2018:

Intercepts were calculated using a minimum of a 0.25 g/t Au cut off at beginning and end of the intercept and allowing for no more than six consecutive meters of less than 0.25 g/t Au.

Analytical samples were taken by sawing NQ diameter core into equal halves on site and sent one of the halves to ALS Lab in Yellowknife, NWT for preparation and then to ALS Lab in Vancouver, BC for analysis. All samples are assayed using 50g nominal weight fire assay with atomic absorption finish (Au-AA26) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs using internal standard samples, field and lab duplicates and blanks indicate good accuracy. Due to the nuggety nature of mineralization encountered, the Company will be running additional analysis on duplicate samples to better understand the analytical precision.

True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals

CB RAB 2018:

Intercepts were calculated using a minimum of a 0.25 g/t Au cut off at beginning and end of the intercept and allowing for no more than four consecutive samples (six meters) of less than 0.25 g/t Au.

Analytical samples were taken using 1/8 of each 5ft (1.52m) interval material (chips) and sent to ALS Lab in Yellowknife, NWT for preparation and then to ALS Lab in Vancouver, BC for analysis. All samples are assayed using 30g nominal weight fire assay with atomic absorption finish (Au-AA25) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs using internal standard samples, field and lab duplicates and blanks indicate good accuracy and adequate precision in a large majority of standards assayed. 

True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.

CB Grabs 2018:

Approximately 1-2kg of material was collected for analysis and sent to ALS Lab in Vancouver, BC for preparation and analysis. All samples are assayed using 50g nominal weight fire assay with atomic absorption finish (Au-AA26) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). QA/QC programs for 2018 rock grab samples using internal standard samples, lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed. Grab samples are selective in nature and cannot be consider as representative of the underlying mineralization.

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Auryn bohrt goldhaltiges hydrothermales System in der Committee Bay

Auryn Resources Inc. (TSX: AUG, NYSE AMERICAN: AUG, "Auryn" oder das "Unternehmen" – http://www.commodity-tv.net/c/search_adv/?v=298204) freut sich bekannt zu geben, dass das Unternehmen ein 1,5 Kilometer langes goldhaltiges hydrothermales System am Ziel Aiviq gebohrt hat. Insgesamt 16 Diamantbohrlöcher (4.996 Meter) durchschnitten konsequent die Zielstruktur (Abbildung 2), wobei der beste Abschnitt 13,5 Meter 1,54 g/t Gold (einschließlich 6 Meter 3,3 g/t Gold) in Loch 12 am südwestlichen Rand des Bohrprogramms war und das System in dieser Richtung offen blieb (Abbildungen 3 – 4). Loch 12 zeigte auch die intensivste Veränderung und Quarzader entlang des Systems.


Highlights:

  • Entdeckung des goldhaltigen hydrothermalen Systems in Prospekten Aiviq & Kalulik
  • Identifizierung, dass sich das System nach Südwesten hin verstärkt.
  • Probenahme von zusätzlichem hochwertigem Gestein auf Aiviq und Kalulik
  • Identifizierung zusätzlicher Ziele innerhalb der 20 km Scherzone, Wirtsgestein der Aiviq Shamrock- und Kalulik-Projekte.

CEO Ivan Bebek sagte dazu:

 "Unsere Fähigkeit, hydrothermale Systeme unter dem zu 95% abgedeckten 300 km langen Goldgürtel der Committee Bay zu erfassen, hat sich erheblich verbessert. Das südlichste Bohrloch bei Aiviq stellt eine bedeutende Gelegenheit dar, eine große Entdeckung zu machen.

"Während das Unternehmen die Explorationspläne von Committee Bay weiter vorantreibt, stehen mehrere Katalysatoren an, darunter die Bohrergebnisse von Homestake Ridge, die Oberflächenergebnisse von Gibson MacQuoid und kontinuierliche Nachrichten aus dem hochaktiven Sombrero-Projekt des Unternehmens, wo kürzlich wichtige Kupfer-Gold-Skarn und Porphyrziele identifiziert wurden. ”

Auryn bohrte auch 22 Rotary Air Blast (RAB)-Löcher (4.135 Meter) in den Bohrungen Kalulik und Aarluk (Abbildungen 1- 2), die zwei zusätzliche goldhaltige hydrothermale Systeme identifizierten, die geologische Eigenschaften aufweisen, die mit der Lagerstätte Three Bluffs übereinstimmen. Dies zeigt Auryn’s verbesserte Fähigkeit, unter der Andeckung Ziele zu finden. Die Kalulik und die neu identifizierten Shamrock-Prospekte liegen südlich von Aiviq auf der gleichen Scherzone.

Aiviq Zusammenfassung:

Die Mehrheit der Bohrlöcher durchschnitten 20 – 40 Meter breite, intensive Quarzadern und sulfidierte, gebänderte Eisenformationen (Abbildungen 5 – 9), von denen Auryn glaubt, dass sie das Potenzial für eine signifikante Entdeckung entlang dieser regionalen Störzone aufweisen. Tabelle 1 enthält die vollständigen Ergebnisse des Aiviq-Kernbohrprogramms.

Aufgrund der Stärke des hydrothermalen Systems, das entlang dieser regionalen Störzone beobachtet wurde, hat Auryn die in den Jahren 2017 und 2018 gesammelten hochauflösenden Tills weiter ausgewertet und zwei hochpriore Bohrziele entlang der regionalen Störzone Aiviq identifiziert. Eines dieser Ziele liegt vier Kilometer südlich des Bohrprogramms 2018 und ist als Kleeblattprospekt bekannt geworden (Abbildung 2). Die andere befindet sich 500 Meter südöstlich des diesjährigen Bohrprogramms (Abbildung 2) und heißt Aiviq Süd.

Zusätzlich zu den Bohrungen hat Auryn eine Reihe von hochwertigen Felsbrocken im Eis des Aiviq-Projekts entnommen, was das Potenzial dieser regionalen Störzone weiter verdeutlicht (Abbildung 3). Zu den Highlights der Probenahme 2018 gehören 26,3, 13,2 und 12 g/t Gold. Tabelle 2 enthält eine Zusammenfassung dieser Ergebnisse. Das technische Team von Auryn evaluiert derzeit das Grundstück Aiviq Süd als potenzielles Quellgebiet des hochwertigen Felsblocks im Eis des Grundstücks Aiviq.  Das Shamrock-Prospekt wird durch hochgradige Felsbrocken unterstützt, die in der Vergangenheit mit Highlights wie 12,89 und 7,61 g/t Gold untersucht wurden.

Kalulik Zusammenfassung:

Das Grundstück Kalulik liegt etwa 15 Kilometer südwestlich von Aiviq entlang der gleichen regionalen goldhaltigen Störungszone. Das Bohrprogramm 2018 in Kalulik identifizierte zwei getrennte, goldhaltige hydrothermale Systeme im Abstand von vier Kilometern, die breite Zonen mit minderwertiger Mineralisierung über 10 – 20 Meter Breite in sulfidierten, gebänderten Eisenformationen und der damit verbundenen Quarzaderung durchschnitten (Abbildung 10). Diese Ergebnisse beinhalten 21,34 Meter bei 0,4 g/t Gold und 16,76 Meter bei 0,45 g/t Gold. Darüber hinaus spricht die Identifizierung von zwei separaten goldhaltigen Strukturen für das Potenzial der regionalen Störzone zwischen Aiviq und Kalulik.

Aarluk Zusammenfassung:

Beim Projekt Aarluk war der beste Abschnitt 3,05 Meter 3,39 g/t Gold, der in einer schwach sulfidierten, gebänderten Eisenformation vorkam. Aufgrund der beobachteten geologischen Eigenschaften sind keine weiteren Arbeiten am Standort Aarluk geplant.

Die Highlights der Bohrung 2018 aus jedem der Prospekte sind in Tabelle 1 unten dargestellt.

C.O.O. und Chefgeologe Michael Henrichsen:

"Wir sind der Meinung, dass wir uns in einem produktiven Goldsystem bei Aiviq befinden, da entlang dieser regionalen Störzone starke Veränderungen und Strömungen beobachtet wurden. Die Stärkung der Breiten und der Mineralisierung an der südwestlichen Grenze und die neue hochauflösende Till-Anomalie bei Shamrock veranlassen uns zu der Annahme, dass wir die Erkundung entlang dieser regionalen Störzone fortsetzen sollten.

"Darüber hinaus zeigt uns die Identifizierung von drei verschiedenen goldhaltigen hydrothermalen Systemen, die in den Prospekten Kalulik und Aiviq abgedeckt werden, dass unser Targeting-Prozess uns in die richtige Richtung führt. Wir haben Gesteine gebohrt, von denen wir glauben, dass sie die notwendigen geologischen Eigenschaften haben, um eine bedeutende Goldlagerstätte zu beherbergen. Die in diesem Jahr gebohrten Ziele stellen einen Bruchteil der Möglichkeiten dar, die bei Committee Bay noch vorhanden sind, basierend auf hochauflösenden Till-Zielen und historischen Bohrabschnitten, die noch offen für Expansion sind."

Veranschaulicht die Standorte der Bohrlöcher 2018 aus dem Zielgebiet Kalulik, in dem zwei getrennte hydrothermale Systeme mit mehr als 10 – 20 Meter Breiten von minderwertigen Mineralisierungen identifiziert wurden. Die Ergebnisse beinhalten 21,34 Meter 0,4 g/t Gold und 16,76 Meter 0,4 g/t Gold. Diese Abschnitte sind ermutigend, da sie breite Zonen der Veränderung und Mineralisierung in sulfidierten, gebänderten Eisenformationen zeigen, die peripher zu höheren Gehalten liegen können.

Michael Henrichsen, P.Geo, COO von Auryn, ist die qualifizierte Person, die die Verantwortung für die technischen Angaben in dieser Pressemitteilung übernimmt.

Über Auryn

Auryn Resources ist ein technisch orientiertes Junior-Mining-Explorationsunternehmen, das sich darauf konzentriert, durch Projektakquisition und -entwicklung Shareholder Value zu schaffen. Das Managementteam des Unternehmens ist sehr erfahren und verfügt über eine beeindruckende Erfolgsbilanz und hat ein umfangreiches technisches Team sowie ein erstklassiges Goldexplorationsportfolio zusammengestellt. Auryn konzentriert sich auf skalierbare hochgradige Goldlagerstätten in etablierten Bergbaujurisdiktionen, zu denen die Goldprojekte Committee Bay und Gibson MacQuoid in Nunavut, das Goldprojekt Homestake Ridge in British Columbia und ein Portfolio von Goldprojekten im Süden Perus über Corisur Peru SAC gehören.

Zukunftsorientierte Informationen und zusätzliche Sicherheitshinweise

Diese Pressemitteilung enthält bestimmte Aussagen, die als "zukunftsgerichtete Aussagen" bezeichnet werden können. Zukunftsgerichtete Informationen sind Informationen, die implizite zukünftige Performance- und/oder Prognoseinformationen beinhalten, einschließlich Informationen im Zusammenhang mit dem Erwerb und dem Eigentum an Mineralkonzessionen. Diese Aussagen beinhalten bekannte und unbekannte Risiken, Unsicherheiten und andere Faktoren, die dazu führen können, dass sich die tatsächlichen Ergebnisse, Leistungen oder Errungenschaften des Unternehmens wesentlich (positiv oder negativ) von zukünftigen Ergebnissen, Leistungen oder Errungenschaften unterscheiden, die in solchen zukunftsgerichteten Aussagen zum Ausdruck gebracht oder impliziert werden. Die Leser sollten sich auf die Risiken beziehen, die im Jahresinformationsblatt des Unternehmens und in den MD&A für das am 31. Dezember 2017 endende Geschäftsjahr sowie in den nachfolgenden kontinuierlichen Offenlegungsanträgen bei den kanadischen Wertpapierverwaltungen unter www.sedar.com und in der Registrierungserklärung des Unternehmens auf dem bei der United States Securities and Exchange Commission eingereichten und unter www.sec.gov. abrufbaren Formular 40-F beschrieben sind.

Die Toronto Stock Exchange hat diese Pressemitteilung nicht überprüft und übernimmt keine Verantwortung für die Angemessenheit oder Richtigkeit dieser Pressemitteilung.

Ausschuss Bay RAB Drilling QA/QC Offenlegung

CB DDH 2018:

Die Abschnitte wurden mit einem Minimum von 0,25 g/t Au berechnet, das zu Beginn und am Ende des Abschnitts abgeschnitten wurde und nicht mehr als sechs aufeinanderfolgende Meter mit weniger als 0,25 g/t Au zuließ.

Analytische Proben wurden entnommen, indem der Kern mit NQ-Durchmesser vor Ort in gleiche Hälften gesägt und eine der Hälften zur Vorbereitung an ALS Lab in Yellowknife, NWT, und dann an ALS Lab in Vancouver, BC zur Analyse geschickt wurde. Alle Proben werden mit einem 50g Nenngewicht Feuerprobe mit Atomabsorptionsfinish (Au-AA26) und einem Multielement Vierfach-Säureaufschluss ICP-AES/ICP-MS-Verfahren (ME-MS61) untersucht. QA/QC-Programme mit internen Standardproben, Feld- und Laborduplikaten und Leerzeichen zeigen eine gute Genauigkeit. Aufgrund der unansehnlichen Art der Mineralisierung wird das Unternehmen zusätzliche Analysen an Doppelproben durchführen, um die analytische Präzision besser zu verstehen.

Die wahren Breiten der Mineralisierung sind unbekannt, basierend auf dem aktuellen geometrischen Verständnis der mineralisierten Abschnitte.

CB RAB 2018:

Die Abschnitte wurden mit einem Minimum von 0,25 g/t Au berechnet, das zu Beginn und am Ende des Abschnitts abgeschnitten wurde und nicht mehr als vier aufeinanderfolgende Proben (sechs Meter) von weniger als 0,25 g/t Au zuließ.

Analytische Proben wurden mit 1/8 jedes 5ft (1,52m) Intervallmaterials (Chips) entnommen und an ALS Lab in Yellowknife, NWT zur Vorbereitung und dann an ALS Lab in Vancouver, BC zur Analyse geschickt. Alle Proben werden mit einem 30g Nenngewicht Feuerprobe mit Atomabsorptionsfinish (Au-AA25) und einem Multielement Vier-Säure-Aufschluss ICP-AES/ICP-MS-Verfahren (ME-MS61) untersucht. QA/QC-Programme unter Verwendung interner Standardproben, Feld- und Laborduplikate und -rohlinge zeigen eine gute Genauigkeit und ausreichende Präzision in einer großen Mehrheit der untersuchten Normen.

Die wahren Breiten der Mineralisierung sind unbekannt, basierend auf dem aktuellen geometrischen Verständnis der mineralisierten Abschnitte.

CB Greifer 2018:

Etwa 1-2 kg Material wurden zur Analyse gesammelt und zur Vorbereitung und Analyse an ALS Lab in Vancouver, BC, geschickt. Alle Proben werden mit einem 50g Nenngewicht Feuerprobe mit Atomabsorptionsfinish (Au-AA26) und einem Multielement Vierfach-Säureaufschluss ICP-AES/ICP-MS-Verfahren (ME-MS61) untersucht. QA/QC-Programme für 2018 Gesteinsgrabungsproben unter Verwendung interner Standardproben, Laborduplikate, Standards und Rohlinge zeigen eine gute Genauigkeit und Präzision in einer großen Mehrheit der untersuchten Standards. Die entnommenen Proben sind selektiver Natur und können nicht als repräsentativ für die zugrunde liegende Mineralisierung angesehen werden.

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Copper Mountain Mining Announces Q3 2018 Financial Results

Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” – http://www.commodity-tv.net/c/search_adv/?v=298551 ) announces third quarter 2018 financial results.  All currency is in Canadian dollars, unless otherwise stated.  All results are reported on a 100% basis.  The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are available at  www.CuMtn.com  and  www.sedar.com

Third quarter 2018 highlights:

  • Production at the Copper Mountain Mine was 22.0 million pounds of copper equivalent in the third quarter of 2018, which includes 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver and in line with expectations.
  • Company on track to achieve 2018 annual production guidance of 80 million pounds of copper (+/-5%) with the expectation of a strong fourth quarter.
  • Revenue for the third quarter 2018 was $60.7 million, from the sale of 17.6 million pounds of copper, 6,300 ounces of gold, and 62,500 ounces of silver, net of pricing adjustments.
  • Increased mineral reserves at the Copper Mountain Mine to 210 million tonnes0F[1] grading 0.26% copper, 0.08 grams per tonne gold, and 0.89 grams per tonne silver for 1.2 billion pounds of copper, 504,000 ounces of gold and 6.0 million ounces of silver.
  • Positive feasibility study results for the Eva Copper Project demonstrated an after-NPV of US$256 million at an 8% discount rate and total copper production of 959 million pounds over a 12-year mine life.
  • Robust preliminary economic assessment (PEA) results for New Ingerbelle demonstrated an after-tax Net Present Value (NPV) of US$394 million at an 8% discount rate and total copper production of 768 million pounds over a 12-year mine life.

Gil Clausen, President and CEO of Copper Mountain, remarked “This quarter was an exceptionally busy quarter for Copper Mountain as we delivered on all of the project milestones as promised.  We completed the phase 2 drilling program at New Ingerbelle and subsequently announced an updated mineral resource along with a base case mine development and production PEA which demonstrated strong economics.  We also announced solid feasibility study results for our Eva Copper Project in Australia, which exhibited robust economics and is expected to produce over 120 million pounds of copper annually in the early years of its mine life. “

Mr. Clausen added, “We will continue to focus on ensuring Copper Mountain produces predictably and reliably as it has year to date.  Production in the fourth quarter is forecast to be strong as we get back to mining higher grade ore, reduce stripping and we do not anticipate any of the non-recurring items that impacted the third quarter.”

The Company recognized revenue of $60.7 million in Q3 2018 on the sale of copper concentrates net of treatment charges. Third quarter revenue was impacted by a shipping delay at the Port of Vancouver over the quarter-end which resulted in 1.1 million pounds of copper, 440 ounces of gold, and 4,000 ounces of silver not being recorded in Q3 2018. This revenue will be recognized in Q4 2018.  The decrease in revenue in the third quarter was also the result of lower realized copper prices, lower quantities of metal sold and negative provisional pricing adjustments. Pricing adjustments totaled negative $2.4 million and reflects a weakening of copper prices during the quarter and resulted in downward adjustments for shipments not yet finalized at the period end. This decrease was partly offset by a higher gold grade and recovery during the quarter.  

At the end of Q3 2018, the Company recorded an increase in accounts receivable primarily attributable to a shipping delay at the Port of Vancouver over the quarter-end for which the Company did not receive payment of $19.2 million from the September shipment until October 3, 2018. This cash, if received in the quarter, would have increased the quarter-end cash balance to $60.9 million.

The Company recorded higher Q3 2018 operating costs as a result of increased cost of sales of $70.3 million. The increase is largely due to a $5.3 million inventory adjustment to the low-grade stockpile. This adjustment was necessary to record the low-grade stockpile at net realizable value due to the decline in copper price. Additionally, Q3 2018 operating costs reflect increases mainly associated with timing of planned major mine maintenance, fuel unit costs, and other consumable unit costs as compared to Q3 2017.    

Exploration expenditures for the quarter were $2.9 Mio, which includes both exploration in Australia and British Columbia. 

The Copper Mountain Mine produced 22.0 million pounds of copper equivalent which is comprised of 18.3 million pounds of copper, 7,500 ounces of gold and 64,900 ounces of silver during Q3 2018. Lower copper production in Q3 2018 was as forecast and within expectations of the 2018 production plan.  Gold production was higher quarter-over-quarter and year-over-year on higher gold grades and improved recoveries after installation of a flash flotation circuit in the concentrator.  Copper grades and therefore copper production is expected to improve in the fourth quarter of 2018.

Site cash costs for Q3 2018 were US$1.78 per pound of copper produced, net of precious metal credits, and total cash costs were US$2.25 per pound sold, net of precious metal credits. Site cash costs and total cash costs were higher primarily due to lower copper production and sales as a result of lower head grades in the quarter, as planned, the $5.3 million inventory adjustment to the low-grade stockpile, and the shipping delay at the Port of Vancouver which decreased metal sales by 1.1 million pounds of copper, 440 ounces of gold, and 4,000 ounces of silver.  As production and sales are expected to be higher in the fourth quarter of 2018, site cash costs and total cash costs are expected to decrease.

The Company is on track to meet full year guidance for copper production as year-to-date production has been in-line with the plan and production is expected to be strong in the fourth quarter. The Company maintains 2018 annual production guidance of 80 million pounds of copper (+/ 5%).   

Q3 2018 Financial and Operating Results Conference Call and Webcast

The Company will hold a conference call on Wednesday, October 31, 2018 at 7:30 am (Pacific Standard Time) for management to discuss the Q3 2018 financial and operating results.

Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191

To participate in the webcast live via computer visit the Company’s website at www.cumtn.com or https://event.on24.com/wcc/r/1833337/29A6E0EF562FD710672ED8952756F33F

Replay information
Toronto and international: 416-849-0833
Passcode: 9499185
North America (toll-free): 1-855-859-2056
Passcode: 9499185

The conference call replay will be available from 10:30 am (PST) on October 31, 2018 until 20:59 pm PST on November 7, 2018. An archive of the audio webcast will also be available on the company’s website at www.cumtn.com.

About Copper Mountain Mining Corporation

Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine produces about 100 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 397,000 hectare highly prospective land package in the Mount Isa area.

Additional information is available on the Company’s web page at www.CuMtn.com.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press relase and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com.  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

[1]Includes low-grade stockpile. 

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First Cobalt Releases Video on Iron Creek Project

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQX: FTSSF) (the “Company”) is pleased to announce the release of a corporate video profiling its flagship asset, the 100%-owned Iron Creek Cobalt Project in Idaho, USA. The video is now available on the Company’s website (https://www.youtube.com/watch?v=dYFmGrVEfOE ) and social media sites.

The video includes interviews with the senior leadership team describing what makes Iron Creek a unique cobalt asset. In May 2018, the White House issued an Executive Order designating cobalt as a critical mineral. As federal agencies seek ways to reduce U.S dependency on foreign sources of cobalt, projects such as Iron Creek in mining-friendly Idaho support a strategy to reduce American strategic vulnerability.

On September 26, 2018, the Company announced an Inferred Resource estimate at Iron Creek of 26.9 million tonnes grading 0.11% cobalt equivalent (0.08% Co and 0.30% Cu containing 46.2 million pounds of cobalt and 176.2 million pounds of copper) under a base case scenario that is pit constrained and has deeper underground resources. Drilling is ongoing to extend the strike length of the mineralized zone from over 500 metres to over 1,000 metres and test down dip extensions of known cobalt-copper zones from 150 metres to over 300 metres below surface. An updated resource estimate is anticipated in early 2019.

Significant infrastructure is in place to support multiple drills, including 600 metres of underground development and an all-weather road connecting the project to a state highway. The Iron Creek property consists of patented mining claims surrounded by unpatented mining claims covering an area of 1,698 acres.

About First Cobalt

First Cobalt a North American pure-play cobalt company whose flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent. The Company’s other assets include 50 past-producing mines in the Canadian Cobalt Camp and the only permitted cobalt refinery in North America capable of producing battery materials.

Cautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s "2014 CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. An Inferred Mineral Resource as defined by the CIM Standing Committee is "that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration."

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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First Cobalt Releases Video on Iron Creek Project

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQX: FTSSF) (the “Company”) is pleased to announce the release of a corporate video profiling its flagship asset, the 100%-owned Iron Creek Cobalt Project in Idaho, USA. The video is now available on the Company’s website (https://www.youtube.com/watch?v=dYFmGrVEfOE ) and social media sites.

The video includes interviews with the senior leadership team describing what makes Iron Creek a unique cobalt asset. In May 2018, the White House issued an Executive Order designating cobalt as a critical mineral. As federal agencies seek ways to reduce U.S dependency on foreign sources of cobalt, projects such as Iron Creek in mining-friendly Idaho support a strategy to reduce American strategic vulnerability.

On September 26, 2018, the Company announced an Inferred Resource estimate at Iron Creek of 26.9 million tonnes grading 0.11% cobalt equivalent (0.08% Co and 0.30% Cu containing 46.2 million pounds of cobalt and 176.2 million pounds of copper) under a base case scenario that is pit constrained and has deeper underground resources. Drilling is ongoing to extend the strike length of the mineralized zone from over 500 metres to over 1,000 metres and test down dip extensions of known cobalt-copper zones from 150 metres to over 300 metres below surface. An updated resource estimate is anticipated in early 2019.

Significant infrastructure is in place to support multiple drills, including 600 metres of underground development and an all-weather road connecting the project to a state highway. The Iron Creek property consists of patented mining claims surrounded by unpatented mining claims covering an area of 1,698 acres.

About First Cobalt

First Cobalt a North American pure-play cobalt company whose flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent. The Company’s other assets include 50 past-producing mines in the Canadian Cobalt Camp and the only permitted cobalt refinery in North America capable of producing battery materials.

Cautionary Note Regarding Estimates of Resources

Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s "2014 CIM Definition Standards on Mineral Resources and Mineral Reserves" incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Economic Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically. An Inferred Mineral Resource as defined by the CIM Standing Committee is "that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration."

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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First Cobalt Files Technical Report for Iron Creek Cobalt Project

First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298244) is pleased to announce the filing of a technical report supporting the maiden resource estimate for its 100% owned Iron Creek Project in Idaho, USA, originally announced September 26, 2018.

Highlights from the Report

  • Inferred mineral resources of 29.6 million tons (26.9 million tonnes) grading 0.11% cobalt equivalent (0.08% cobalt and 0.30% copper) under a base case scenario pit constrained and deeper mineral resource. An alternative underground-only scenario results in 4.9 million tons (4.4 million tonnes) grading 0.30% cobalt equivalent (0.23% cobalt and 0.69% copper)
  • Resource contains 45 million pounds (20,411 tonnes) of cobalt and 175 million pounds (79,379 tonnes) of copper for 62.9 million pounds (28,528 tonnes) of cobalt equivalent
  • Mineralized zones are considered to be open along strike and at depth, with true widths between 10m and 30m
  • Preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96% for cobalt and 95% for copper in rougher floatation
  • Drilling ongoing for an updated resource estimate planned for early 2019

Trent Mell, President & Chief Executive Officer, commented:

“Our flagship asset in Idaho, USA continues to grow to the east, west and at depth. Primary cobalt deposits are rare worldwide and we have the added benefit of 600 metres of underground development and mining patents across much of our land package. Drilling is ongoing to test mineralization along the strike length from 450 metres to over 900 metres, while also systematically testing depth extensions from 150 metres to over 300 metres. These new drilling results will support an updated resource estimate in early 2019. Unlike most cobalt deposits in North America, cobalt at Iron Creek is associated with pyrite rather than arsenic-bearing minerals, which could offer processing and offtake advantages.

The technical report, entitled "Technical Report and Estimate of Mineral Resources for the Iron Creek Cobalt Project, Lemhi County, Idaho, USA" dated October 15, 2018 and effective September 18, 2018, was prepared in accordance with National Instrument 43-101 – "Standards of Disclosure for Mineral Projects" by Steven J. Ristorcelli, C.P.G., P.G., of Mine Development Associates and Joseph Schlitt, MMSA QP, of McClelland Laboratories Inc., each independent "qualified persons" for the purposes of NI 43-101. A copy of the Technical Report is available under the Company’s profile on www.sedar.com and on the Company’s website at https://www.firstcobalt.com/investors/downloads-and-filings/.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person who has reviewed and approved this news release. Dr. Santaguida is also a Competent Person (as defined in the JORC Code, 2012 edition) who is a practicing member of the Association of Professional Geologists of Ontario (being a ‘Recognised Professional Organisation’ for the purposes of the ASX Listing Rules). Dr. Santaguida is employed on a full-time basis as Vice President, Exploration for First Cobalt. He has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. The term “Competent Person” is not recognized by Canadian securities regulatory authorities, and the term is used by the Company with reference to the JORC Code, and to ensure compliance with the ASX Listing Rules and applicable reporting requirements in Australia.

About First Cobalt

First Cobalt a North American pure-play cobalt company with three significant assets: the Iron Creek Project in Idaho, with Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent; the Canadian Cobalt Camp exploration project and the only permitted cobalt refinery in North America capable of producing battery materials.

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.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects‘, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Cautionary Note to Investors – Resource Estimates

In accordance with applicable Canadian securities regulatory requirements, all mineral resource estimates of the Company disclosed or incorporated by reference in this news release have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s "CIM Standards on Mineral Resources and Reserves Definitions and Guidelines" (the "CIM Guidelines"). The Company uses the terms "mineral resources", and "inferred mineral resources". While those terms are recognized by Canadian securities regulatory authorities, they are not recognized by the United States Securities and Exchange Commission (the "SEC") and the SEC does not permit U.S. companies to disclose resources in their filings with the SEC. Pursuant to the CIM Guidelines, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, however, it is reasonable to expect that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis, including any feasibility study. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered.

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