Panoro Minerals Reports Results of the Drilling Program at Cotabambas Project, Peru

Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company” – https://www.youtube.com/watch?v=-vP3zsaxq2g&t=1s) is pleased to report additional assays results for six drill holes from its 100% owned Cotabambas porphyry copper-gold-silver project located in southern Peru.

The drillholes have intersected additional oxide and primary sulphide mineralization at the Maria Jose 1 & 2 Targets and the Petra Target.  The intersection of skarn mineralization at the Petra Target has been newly identified.  Additional drilling is planned in these areas in 2018.

The drill results are from the recently completed first phase of the 2018 drill program to further test the Maria Jose 1 and 2 and Petra David Targets following up on the discoveries made during 2017.  The six drillholes include four drill holes at the Maria Jose 2 Target, 1 from the Maria Jose Target and 1 from the Petra David Target.

Luquman Shaheen, President and CEO states, “The 2018 drilling to date has intercepted additional near-surface oxide copper mineralization at both Petra and Maria Jose adding to the potential to include a heap leach and SX/EW component to the Cotabambas Project.  The underlying primary mineralization requires additional drilling to target the higher grade areas intercepted in 2017.  The interception of skarn mineralization is a new component to the geologic potential within Cluster 1. The potential for connection with the Cluster 2 Skarn mineralization opens a new corridor for exploration potential.  The drill permit expansion to include Cluster 2 is well advanced and we expect to have final approval soon.  The Company has expanded the mapping and sampling campaign in this area to define additional drill targets.”

Maria Jose 1 Target

The 2017 drill campaign identified a potential copper oxide blanket over an area of 420 m by 150 m. A total of 663 m of drilling in three drillholes was completed in 2017. The oxide blanket was intercepted from surface to125 m depth with grades varying between 0.23% Cu and 0.28% Cu.  

In 2018, drillhole CB-188 was collared 150 m to the southwest of drillhole CB-180, and oriented to the northeast.  CB-188 intersected 130.3 m of oxide copper averaging 0.20% Cu, 0.03 g/t Au and 1.65 g/t Ag, including one interval of 20.3 m grading 0.33% Cu, underlain by 125.7 m of primary copper mineralization, grading 0.25% Cu, 0.02 g/t Au and 1.03 g/t Ag, including one interval of 24 m averaging 0.35% Cu. The Maria Jose Target mineral potential remains open for additional drilling in multiple directions.

Maria Jose 2 Target

The 2017 drill campaign identified three parallel mineral bodies over an area of 550 m by 250 m. The potential copper oxides blanket was intercepted to 75 m depth and the primary copper mineralization to 350 m depth, with grades varying between 0.20% Cu to 0.40% Cu. The copper mineralization was intruded by quartz monzonite dikes from 10 to 50 m width, expanded and hosted mainly in andesite volcanics. This mineralization was identified with 3,573 m of drilling distributed in 11 drillholes.

During the 2018 drilling campaign, four additional drillholes were completed, three stepping out to the north and one to the south. To the north, drillhole CB-184 intersected two copper oxide blankets of 10.3 m and 6.4 m width grading 0.20% Cu and 0.23% Cu, respectively.  Drillhole CB-186 intersected copper oxide mineralization from surface to 44.7 m depth averaging 0.22% Cu, and a second interval of 35.9 m of primary copper mineralization averaging 0.29% Cu, 0.07 g/t Au, and 1.85 g/t Ag, including two intervals of 10.1 m and 7.2 m, grading 0.51% Cu and 0.30% Cu, respectively. To the south, drillhole CB-189 intersected primary copper mineralization at different intervals to 522.4 m depth and the mineralization remains open. In Maria Jose 2 the mineralization potential remains open to the south and at depth for additional drilling.

Petra Target

In 2017, 8 drillholes were completed at the Petra-David target confirming copper oxides mineralization continuity over an area of 600 m by 150 m along a structural control in northeast direction, hosted in quartz monzonite porphyries and diorite rocks.

In 2018 the exploratory drillhole CB-185 was collared 200 m to the southeast of previous drillhole CB-172 in Petra.  CB-185 was oriented to the northwest intersecting 10 m of copper oxide blanket averaging 0.22% Cu, 0.03 g/t Au and 1.77 g/t Ag, underlain by an interval of primary copper mineralization of 23 m grading 0.27% Cu. At depth, two intervals of skarn type mineralization were intersected in a package of marbled limestones.  The first interval of 4.0 m width include massive magnetite with andradite garnets averaging 0.35% Cu, 0.02 g/t Au, 3.95 g/t Ag, including 1.3 m grading 0.94% Cu, 0.04 g/t Au and 6.55 g/t Ag and a second interval of 1.0 m width with the similar mineralogy grading 0.38% Cu, 0.33 g/t Au, and 21.22 g/t Ag. The potential of skarn is open to the west towards the Guaclle target for additional drilling.  Previous drilling at the Guaclle target has also intersected skarn mineralization indicating a potential connection with the skarn mineralization mapped at the Chaupec Target in Cluster 2.

Additional mapping, rock chip and soil sampling has commenced in this area to define additional drillholes to be completed during 2018.

The first phase of the 2018 drilling campaign was focused in Cluster 1, in the igneous rock environment and a total of 2,172 m has been completed. The second phase will be initiated in August in Cluster 2 and the Chaupec Skarn Target.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company.  The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly.  The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

CAUTION REGARDING FORWARD LOOKING STATEMENTS:   Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks relating to metal price fluctuations;
  • risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
  • the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro’s control;
  • risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
  • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability;
  • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
  • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects;
  • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
  • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations;
  • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
  • risks relating to inadequate insurance or inability to obtain insurance;
  • risks relating to the fact that Panoro’s properties are not yet in commercial production;
  • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
  • risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release.  Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward‑looking information.  The forward‑looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release.  For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information.  Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

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

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U.S. Gold Corp. Plans to Commence Drilling at Potato Canyon on the Keystone Project, Cortez Gold Trend, Nevada

U.S. Gold Corp. (NASDAQ: USAU – https://www.youtube.com/watch?v=ChN1Np86Y14&list=PLBpDlKjdv3ypePSjA92Wmh3WOf56GWQ8q&index=3&t=7s  ), a gold exploration and development company, is pleased to announce it plans to commence drilling in the Potato Canyon area in the Southwest section of the Keystone Project. 

The Potato Canyon area, located in the Southwest portion of the Keystone District, is the newest staked, 2017 vintage, land position of the Keystone project.  U.S. Gold Corp. has not previously drilled in the Potato Canyon area.  A new Notice of Intent (NOI), the fifth in the district, has been established for the initial drilling operations.  U.S. Gold Corp. plans to drill a minimum of 2 scout holes, each to depths of up to 2,000 feet for a total of 4,000 feet (1275 meters).  The scout holes will examine the geology of the Potato Canyon area and provide an initial assessment of some altered areas with very anomalous surface geochemistry including gold in rock samples in the 1 to 5 g/t range.  Importantly, in the Potato Canyon area, Devonian-Silurian Roberts Mountains Formations is locally exposed at the surface.  Roberts Mountains Formation comprises lower plate host rocks characteristics and this program will also provide important sub-surface gold-bearing hydrothermal system information in the Potato Canyon area and specifically within Roberts Mountains Formation.

U.S. Gold Corp. will also drill a minimum of one additional offset hole to follow up on the encouraging drill hole KEY17-08rc, drilled in the Fall of 2017.  At least one angled offset hole is planned to be drilled to a depth of 2,000 feet (639 meters) off the existing drill pad.  Hole KEY17-08rc intersected significantly anomalous gold up to 736 ppb between 665 and 1195 feet, within a thick zone of brecciated Devonian Horse Canyon Formation that is also generally highly anomalous in arsenic and intruded by both siliceous and mafic igneous rocks, probably as sills.  This (these) hole(s) will provide important gold system vector(s).

Dave Mathewson, Vice President of Exploration for U.S. Gold Corp., states, "We are pleased to commence our 2018 drilling season at Keystone.  We believe the scout holes at Potato Canyon will provide important additional information.  At Keystone, we realized early on that we were working on a large, robust Carlin-type gold system, but we did not have all the property area that we now have.  In addition, there were very large voids in much of the historic data with which we began.  We believe, however, that all drilling to date has provided important tactical information and encouraging gold system results.  The excellent host characteristics of Devonian Horse Canyon and Wenban, and the upper Devonian and Silurian Roberts Mountains Formations, are now well-established.  Large bodies of dissolution-related collapse breccias with associated and hydrothermal styles of alteration, including silicification, argillization and sulfidation; multiple types and styles of system-related dikes and sills; and local thick anomalous gold zones associated with very strong pathfinder elements, including the presence of locally abundant arsenopyrite, realgar and orpiment, have been encountered in the scout drilling.  The offset hole(s) to follow up on KEY17-08rc will provide additional targeting methodology for future drilling.”  

“The late winter snows in 2018 and wet spring rains have kept most of the Keystone property inaccessible until this point.  As we commence drilling at Potato Canyon, we are still in close contact with the Bureau of Land Management (BLM) regarding our Environmental Assessment (EA).  All the studies for the EA have been completed and we have feedback from the BLM that we would potentially receive approval by the end of the summer 2018.  Our 2018 iterative site-specific target drilling program will commence as soon as the EA is approved, and a Plan of Operation is in place.” 

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
info@reosurce-capital.ch
www.resource-capital.ch

 

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TerraX extends Crestaurum zone to 300 meters vertical depth, doubling size of known mineralized structure

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=kLSt_VpUzmw&t=4s ) is pleased to announce assay results from the remaining 11 holes drilled at the Yellowknife City Gold project this winter.  Four of these holes (1,170 m) were drilled on the high-grade Crestaurum gold bearing structure to test whether gold mineralization continued to depth.   All four holes hit mineralized structure, with two holes containing visible gold. All holes intersected significant gold with selected intervals of:

  • 84 g/t Au over 2.49 m and 5.38 g/t Au over 0.63 m in hole TCR18-076
  • 08 g/t Au over 2.80m, and 5.57 g/t Au over 2.06 m, in hole TCR18-078
  • 30 g/t Au over 1.24 m, and 4.41 g/t Au over 0.80 m, in hole TCR18-079
  • 86 g/t Au over 0.56 m in hole TCR18-077

The upper portion of the Crestaurum structure has been previously drilled with 187 drill holes over 1.4 kilometers of strike length, from surface down to a depth of approximately 100-150 meters depth, outlining a lode style shear and vein deposit (including 5.00 m @ 62.90 g/t Au, news release October 2, 2013). Although the structure is very continuous the high grade lodes are more discrete and these initial widespread deeper holes were designed to intersect structure to determine whether there was probability of high grade lodes continuing at depth potentially doubling the size of the mineralized zones.  A drill hole location map can be found here and a long section of the Crestaurum main shear are available here.

Joe Campbell, CEO of TerraX, states “This small program of four holes successfully demonstrated that the Crestaurum zone continues at depth on multiple surfaces, potentially doubling the size of the zone. The 300 meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth.” 

TerraX also tested the Sam Otto west zone, another lode style shear and vein deposit near TerraX’s Sam Otto Main zone (1.90 m @ 13 96 g/t Au, news release May 2, 2017). This drilling included 5 holes totaling 2,081 m testing strike and depth potential (down to 250 meters vertical) on this zone. All holes hit gold mineralized structure with best results of 3.00 g/t Au over 2.69 m in hole TSO18-038, 1.06 g/t Au over 4.00 m in hole TSO18-041, and 1.32 g/t Au over 2.70 m in hole TSO18-036. All holes included intersections of 2.0 to 5.6 meters of 0.71 to 0.81 g/t Au. The continuous presence of the gold mineralized structures that now extend over more than a kilometer of strike and 250 meters of depth, with alteration and mineralization styles like the high grade zones from the nearby Con and Giant mines, makes this a good target for continued exploration.

A single hole (TSO18-039, 430 meters) was drilled approximately 500 m south along strike from the Sam Otto Main zone, and 600 meters north of TSO18-037 (1.92 g/t Au over 11.52 meters, news release Mach 9, 2018). This hole confirmed the continuity of the Sam Otto structure between the known extents of the Sam Otto Main and Sam Otto South zones, intersecting a broad zone of deformation and alteration (0.10 g/t Au over 157.75 m) consistent with the Sam Otto style of mineralization, including multiple 2.50 m – 9.10 m wide zones of 0.35 g/t Au – 0.82 g/t Au.

All holes were drilled approximately normal to projected strike and dip of the zones of mineralization and are interpreted to be approximately 80-95% of true thickness 

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=kLSt_VpUzmw&t=4s ) is pleased to announce assay results from the remaining 11 holes drilled at the Yellowknife City Gold project this winter.  Four of these holes (1,170 m) were drilled on the high-grade Crestaurum gold bearing structure to test whether gold mineralization continued to depth.   All four holes hit mineralized structure, with two holes containing visible gold. All holes intersected significant gold with selected intervals of:

  • 84 g/t Au over 2.49 m and 5.38 g/t Au over 0.63 m in hole TCR18-076
  • 08 g/t Au over 2.80m, and 5.57 g/t Au over 2.06 m, in hole TCR18-078
  • 30 g/t Au over 1.24 m, and 4.41 g/t Au over 0.80 m, in hole TCR18-079
  • 86 g/t Au over 0.56 m in hole TCR18-077

The upper portion of the Crestaurum structure has been previously drilled with 187 drill holes over 1.4 kilometers of strike length, from surface down to a depth of approximately 100-150 meters depth, outlining a lode style shear and vein deposit (including 5.00 m @ 62.90 g/t Au, news release October 2, 2013). Although the structure is very continuous the high grade lodes are more discrete and these initial widespread deeper holes were designed to intersect structure to determine whether there was probability of high grade lodes continuing at depth potentially doubling the size of the mineralized zones.  A drill hole location map can be found here and a long section of the Crestaurum main shear are available here.

Joe Campbell, CEO of TerraX, states “This small program of four holes successfully demonstrated that the Crestaurum zone continues at depth on multiple surfaces, potentially doubling the size of the zone. The 300 meter vertical depth tested with these holes is still considered very shallow for Archean lode gold deposits and mineralization remains open for further expansion, both along strike and at depth.” 

TerraX also tested the Sam Otto west zone, another lode style shear and vein deposit near TerraX’s Sam Otto Main zone (1.90 m @ 13 96 g/t Au, news release May 2, 2017). This drilling included 5 holes totaling 2,081 m testing strike and depth potential (down to 250 meters vertical) on this zone. All holes hit gold mineralized structure with best results of 3.00 g/t Au over 2.69 m in hole TSO18-038, 1.06 g/t Au over 4.00 m in hole TSO18-041, and 1.32 g/t Au over 2.70 m in hole TSO18-036. All holes included intersections of 2.0 to 5.6 meters of 0.71 to 0.81 g/t Au. The continuous presence of the gold mineralized structures that now extend over more than a kilometer of strike and 250 meters of depth, with alteration and mineralization styles like the high grade zones from the nearby Con and Giant mines, makes this a good target for continued exploration.

A single hole (TSO18-039, 430 meters) was drilled approximately 500 m south along strike from the Sam Otto Main zone, and 600 meters north of TSO18-037 (1.92 g/t Au over 11.52 meters, news release Mach 9, 2018). This hole confirmed the continuity of the Sam Otto structure between the known extents of the Sam Otto Main and Sam Otto South zones, intersecting a broad zone of deformation and alteration (0.10 g/t Au over 157.75 m) consistent with the Sam Otto style of mineralization, including multiple 2.50 m – 9.10 m wide zones of 0.35 g/t Au – 0.82 g/t Au.

All holes were drilled approximately normal to projected strike and dip of the zones of mineralization and are interpreted to be approximately 80-95% of true thickness 

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 information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the completion of due diligence and the results of exploration activities – that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

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First Cobalt Identifies Potential 100 Metre Zone from First Assays in Cobalt North

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – https://www.youtube.com/watch?v=LY4qXCoWstE&t=3s) is pleased to announce positive assay results from the first drill holes from near the Kerr Mine in the Cobalt North area of the Cobalt Camp in Ontario, Canada. Results from these holes indicate a potential zone of cobalt mineralization that can be tracked across more than 100 metres.

Highlights

  • Two holes, collared over 160m apart, intersected cobalt mineralization considered to be continuous based on oriented core measurements
    • 41m of 0.15% Co and 44 g/t Ag including 0.75% Co and 126 g/t Ag over 0.30m in FCC-18-0023
    • 00m of 0.32% Co and 208 g/t Ag including 3.81% Co and 1,225 g/t Ag over 0.32m in FCC-18-0021
  • Three additional holes have been logged, assays are now pending, and have been interpreted to indicate a possible system that can be tracked across a zone covering more than 100m
  • Significant copper, lead and zinc also intersected indicating a broad mineralized zone more easily targeted for follow-up drilling than individual veins

Trent Mell, President & Chief Executive Officer, commented:

“Cobalt North showed significant promise during the 2017 surface sampling and mapping work. These initial results confirm some of the early ideas we have for the structural setting for this area that make it highly prospective. Indications of both disseminated and vein styles of mineralization across a network for more than 100 metres make this an attractive target for a future bulk tonnage operation. With zones of mineralization now identified in Cobalt South and Cobalt North, we are seeing multiple opportunities in the Cobalt Camp for future primary cobalt sources to supply the North American battery market.”

Results have been received from the first two holes in the Kerr Lake area drill program in Cobalt North identifying a new mineralized zone (Figure 1). Cobalt and silver occur as minerals within both quartz and calcite veins, as well as disseminated in the wallrock. Assays from FCC-18-0023 returned 10.41m of 0.15% Co and 44 g/t Ag, including 0.30m of 0.75% Co and 126 g/t Ag, from approximately 50m below surface. Hole FCC-18-0023 was collared over 160m to the southwest of FCC-18-0021 and intersected mineralization of 2.00m of 0.32% Co and 208 g/t Ag, including 3.81% Co and 1,225 g/t Ag over 0.32m.

Mineralization is interpreted as continuous between these two holes based on core orientation measurements. Both holes were drilled using core orientation tools to accurately measure the strike and dip of veins, lithological contacts and other structures. Individual veins at various orientations have been intersected but the general trend of veining is eastward. An additional three holes have been drilled in between and along strike of the major veining trend with assays now pending. Logging of these holes indicates a potential network of mineralization
across more than 100m.

Figure 1. Bedrock geology and location of drilling stations. Silver-cobalt veins are compiled from historic maps and locations should not be considered exact.

In hole FCC-18-0021, anomalous zinc (>0.4%) occurs as a broad zone, from 64.85 to 73.00m, as a halo around the cobalt-silver mineralization. The occurrence of copper, zinc and lead coincident in both holes with cobalt and silver represents multiple stages of fluids carrying metals that have concentrated along a conduit as a broad zone of mineralization. This broad zone is interpreted to have developed along the limb of an antiform, folding both the Huronian sedimentary rocks and the underlying Archean volcanic and sedimentary rocks. The Nipissing Diabase is also folded along this antiform. The contrast in competency between the Diabase and the surrounding rocks may have allowed this broad mineralization zone to develop. The extensive vein network mined at the Lawson, Kerr, Drummond mines and beneath Kerr Lake is interpreted to comprise the other limb of the antiform, making the geologic setting of this entire area prospective for cobalt-silver and copper-zinc-lead mineralization.

 

Drilling lengths are as recorded downhole and do not necessarily represent true widths of mineralization as multiple vein orientations have been intersected.

For a table of drill hole locations and assay results to date, visit https://firstcobalt.com/projects/greater-cobalt-project.

Historic mining was prolific from several underground operations at Drummond, Kerr, Lawson, Hargrave and Conisil. Mining began in 1905 and the most recent mining occurred at Conisil between 1961 to 1965. Over 37 million ounces silver and more than 900,000 pounds cobalt were produced from these mines. Historic mining in the immediate area of drilling focused on north-south trending veins. Modelling by First Cobalt of historic drilling and regional structural interpretations revealed an eastward trending structure parallel to the main trend of folding. Drill holes were then targeted on this interpreted structural zone where host rocks are folded and locally faulted. The lack of underground mining along this eastward trend may reflect the cobalt-rich content of mineralization.

Cobalt North

First Cobalt’s properties in the Cobalt North area include the past-producing Drummond, Kerr, Silver Banner, Juno, Silverfields, Hamilton, Ophir, Lawson and Conisil mines. Cobalt has not previously been an exploration focus in this area although limited exploration activities in the 1970’s and 1980’s around Kerr Lake focused on Cu-Zn-Pb mineralization within the Archean rocks. Cobalt had not been assayed previously, so the potential for an extensive polymetallic mineralization system remains to be explored.

The 2018 Cobalt North drill program consists of 17,000 metres with 3,500 metres in the Kerr Lake area designed to test trends in mineralization found in historic drilling and major structures interpreted to be associated with mineralization. Disseminated polymetallic cobalt-silver-copper-zinc-lead mineralization has been recognized in samples from underground material in muckpiles from the Drummond mine showing a wide range of styles occur in this area (October 26, 2017 press release).

Quality Assurance and Quality Control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling and analysis. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analysis. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from SGS Canada in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS has used a sodium-peroxide fusion and ICP finish for analyses on all samples. Over-range (>1%) Co, Ni, Cu, Zn, and Pb are determined by a separate fusion and ICP finish. High silver values (>1000 g/t) are determined by gravimetric separation and fire assay finish.

Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of 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.

About First Cobalt

First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. The Company controls over 10,000 hectares of prospective land covering over 50 historic mines as well as mineral processing facilities in the Cobalt Camp in Ontario, Canada. The First Cobalt Refinery is the only permitted facility in North America capable of producing battery materials.

First Cobalt seeks to build shareholder value through new discovery, mineral processing and growth opportunities, with a focus on North America. On March 14, 2018, the Company proposed a friendly, all-share acquisition of US Cobalt Inc. for its Iron Creek Project in Idaho, U.S. The transaction remains subject to shareholder and regulatory approvals and other closing conditions. This transaction is intended to further enhance First Cobalt’s position as a leading pure-play North American cobalt company.

On behalf of First Cobalt Corp.

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First Cobalt Intersects High Grade Cobalt at Bellellen

First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQB: FTSSF) (the “Company” – https://www.youtube.com/…) today announced positive drill results from the historic Bellellen mine in the Cobalt Camp, Ontario. These early results confirm the presence of high grade cobalt and nickel along the known Bellellen vein system south of the historic mine workings.
Highlights
• 2.0 metres of 0.78% Co and 0.83% Ni, including 1.1 metres of 1.35% Co and 1.47% Ni along the Bellellen Vein system that extends for approximately 300 metres of strike length
• Several calcite veins and disseminated zones of mineralization have been intersected
• Assays pending for additional 12 holes drilled as part of the 1,100m program at Bellellen
• Further support to the thesis of metal zoning of cobalt-nickel rich versus silver rich areas within a single hydrothermal system; a relationship seen elsewhere in the Camp

Trent Mell, President & Chief Executive Officer, commented:
“First assays from Bellellen drilling confirm the grades found in muckpile material sampled in 2017 and support our view that we now have a third area of interest in the Cobalt Camp. The Bellellen structure has adequate strike length to remain a priority target. Our 2018 drill strategy is to test several new target areas to confirm the cobalt grades of known systems throughout the Camp and then focus on those of sufficient size to support large tonnage operations.”

Drilling at Bellellen began in January 2018 with 13 holes completed for over 1,100 metres. The program was intended to confirm the presence of cobalt-nickel mineralization away from historic mining and to identify the distribution of both vein-style and disseminated-style mineralization previously sampled from underground material.

Drill holes targeted the north-south trending Bellellen Vein and the northeast trending Frontier 2 Vein (Figure 1). In places, two holes were collared at the same location with different dip orientation to determine the direction of the veins.

Assays have been received from hole FCC-18-0007, returning 2.0m of 0.78% Co and 0.83% Ni, including 1.1m of 1.35% Co and 1.47% Ni. The mineralized intercept was about 20m from surface in a zone containing several veins (Figure 2). The highest grade of 2.40% Co over 0.3m represents visible cobalt minerals that also likely contain nickel. Anomalous cobalt (>0.05%) occurs within wallrocks on the margins of the high grade zone without visible veining. Fine disseminated cobalt minerals are likely present. Silver is relatively low suggesting the Bellellen area may represent a cobalt-nickel rich zonation in proximity to the silver-rich vein system at Keeley-Frontier.

Table 1. Summary of assay results from hole FCC-18-0007
From To Width Co Ag Ni
Sample ID – m – m – m – % – g/t – %
E6607467 – 26.2 – 26.5 – 0.3 – 0.05 – 2 – 0.03
E6607468 – 26.5 – 26.8 – 0.3 – 0.73 – 1 – 1.26
E6607469 – 26.8 – 27.3 – 0.5 – 1.11 – 3 – 1.78
E6607470 – 27.3 – 27.6 – 0.3 – 2.40 – 2 – 1.18
E6607472 – 27.6 – 28.2 – 0.6 – 0.05 – 4 – 0.02
average – 26.2 – 28.2 – 2.0 – 0.78 – 3 – 0.83
including – 26.5 – 27.6 – 1.1 – 1.35 – 2 – 1.47

Note: Lengths are measured along the drill core and true widths of mineralization are not known at this time.
Several holes in this program intersected carbonate veins containing cobalt-nickel minerals as well as pyrite, pyrrhotite and chalcopyrite. In some holes tight folding of the volcanic rocks is evident and the Nipissing Diabase appears to be deeper than expected from bedrock mapping. The overall structural interpretation of the Bellellen area is ongoing to determine if these high grade cobalt-nickel veins are locally concentrated where folds converge.

Figure 1. Bedrock geology and location of drilling stations in the 2017 drilling program. Silver-cobalt veins shown are compiled from historic maps and locations shown not be considered exact.
Cobalt-bearing minerals in hole FCC-18-0007 occur as discrete bands associated with small, centimetre-sized calcite veins occurring within chloritized mafic volcanic rocks. Disseminated pyrite and arsenopyrite occur in the wallrocks of the veins. Arsenopyrite is associated with anomalous cobalt. The hole was collared over 150m south of the main Bellellen mine shaft. Drill holes FCC-18-0008 and FCC-18-0013 were drilled to test the dip extension of the cobalt mineralization in FCC-18-0007. Disseminated pyrite and arsenopyrite as well as calcite veins have also been noted in these holes.

Elsewhere in the Cobalt Camp at the Silverfields mine, high cobalt-nickel mineralization occurs along the margin of high grade silver veins, defining an extensive system. Silverfields produced approximately 18 million ounces of silver and was one of the largest producers, with over one million tonnes milled, in the Cobalt Camp.

Figure 2. East-west geologic cross section of FCC-18-0007 and nearby drill holes. The section is 40m thick. Grid blocks are 50m by 50m. Easting co-ordinates are in UTM NAD83 Zone 17 co-ordinate system.
For a table of drill hole assay results to date, visit https://firstcobalt.com/….

Bellellen Mine
Mining at Bellellen mine began in 1909 around the same time the Haileybury, Frontier and Keeley mines began operations. The Bellellen mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era. Bellellen had intermittent production until 1943, when 12.3 tons of ore were shipped containing 9.25% Co and 11.55% Ni.
At Bellellen, the Nipissing Diabase has been interpreted at a depth of 125 metres below surface within a fold hinge. Between surface and the diabase, a thick sequence of mafic volcanic rocks occurs, suggesting depth potential to the known Co-Ag mineralization may exist in this area.

Samples from surface muckpiles at Bellellen returned high values of Co coincident with Ag, Ni and Cu in various styles of mineralization (see September 28, 2017 press release). Mineralogy work on disseminated style mineralization found Co as glaucodot (Co,Fe)AsS as well as Co-bearing pyrite (see October 5, 2017 press release). This style of mineralization had not previously been recognized in the Cobalt Camp and suggests a broad hydrothermal system may be present at Bellellen.
Quality Assurance and Quality Control

First Cobalt has implemented a quality-control program to comply with common industry best practices for sampling and analyses. Samples are collected from drill core from a range of 30 to 100cm length. Half-core samples are submitted for analyses. Standards and blanks are inserted every 20 samples. Duplicates are made from quarter core splits every 20 samples. Geochemical data were received from SGS Canada in Lakefield, Ontario, Canada. No QA/QC issues have been noted. SGS has used a sodium-peroxide fusion and ICP finish for analyses on all samples. Over-range (> 1%) Co and Ni are determined by a separate fusion and ICP finish.
Qualified and Competent Person Statement

Dr. Frank Santaguida, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the contents of 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.

About First Cobalt
First Cobalt is the largest land owner in the Cobalt Camp in Ontario, Canada. The Company controls over 10,000 hectares of prospective land and 50 historic mines as well as a mill and the only permitted cobalt refinery in North America capable of producing battery materials. First Cobalt began drilling in the Cobalt Camp in 2017 and seeks to build shareholder value through new discovery and growth opportunities.

On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
For more information visit www.firstcobalt.com or contact:
Heather Smiles
Investor Relations
info@firstcobalt.com
+1.416.900.3891
In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

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 include the reliability of the historical data referenced in this press release and risks set out in First Cobalt’s public documents, including in each management discussion and analysis, 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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Emerging new cluster of copper-gold – Discoveries at cloncurry

• Excellent drill results from three targets 25-30 kilometres south of Little Eva
• Companion: 32 metres at 1.48% copper, 0.98g/t gold from surface
• Veiled: 74 metres at 0.53% copper, 0.23g/t gold from surface
• Quamby: 13 metres at 0.61% copper, 4.6g/t gold from 29 metres including 2 metres at 23.6g/t gold from 30 metres
• Highest values include 8.6% copper, 27.1g/t gold, 85g/t silver and 0.2% cobalt
• Many more targets remain poorly tested or untested

Altona Mining Limited (“Altona” or “the Company” – http://www.commodity-tv.net/… ) today announced the results of a 30 hole RC drilling programme undertaken at the Cloncurry Copper Project (“Cloncurry”) in late 2017. The programme was designed to test new copper-gold in soil anomalies at the Companion, Veiled and Quamby prospects. Drill highlights include:

Companion 32 metres at 1.48% copper, 0.98g/t gold
15 metres at 1.44% copper, 0.84g/t gold
35 metres at 1.33% copper, 0.23g/t gold

Veiled 74 metres at 0.53% copper, 0.23g/t gold
24 metres at 0.84% copper, 0.22g/t gold
25 metres at 0.68% copper, 0.10g/t gold

Quamby 13 metres at 0.61% copper, 4.23g/t gold including 2 metres at 23.55g/t gold
60 metres at 0.44% copper, 0.05g/t gold
25 metres at 0.52% copper, 0.07g/t gold

The prospects add to an emerging cluster of copper-gold discoveries south of the proposed Little Eva mine development at Cloncurry. The cluster also includes the Hobby and Reaper prospects (see ASX release dated 29 November 2016).

The drilling is shallow and reconnaissance in nature and intersected both oxide and sulphide mineralisation. Of note were the higher gold grades compared to the deposits included in the mine plan for the Little Eva development. High silver values at Quamby and high cobalt values at Veiled were also recorded. The rocks intersected (Figures 1 to 3) and element association are typical of IOCG (Iron Oxide Copper Gold) deposits.

The tenor of mineralisation is excellent with the highest individual assays at Companion of 11.2%, 9.3% and 8.7% copper equivalent; at Veiled 3.0%, 2.4% and 2.3% copper equivalent; and at Quamby 27.1g/t and 20g/t gold.

At Companion the mineralised system has potential to be large with soil anomalism defined over an area of 0.6 by 3 kilometres, drilling is widely spaced over only 1.2 kilometres of strike.

At the Companion prospect (Figures 4 to 9), the new drill results and drill results from previous operators combine with geology and soil geochemistry to confirm the discovery of a large, structurally controlled copper-gold system.

This drilling programme comprised 9 holes of 48 to 96 metres depth spaced at approximate 300 metre intervals along the northernmost 1.2 kilometres of a larger 3 kilometre long copper-in-soil anomaly. The southern portion of the anomaly is essentially undrilled other than by shallow reconnaissance ‘geochemical’ holes. Soil anomalism occurs in three subparallel zones and mineralisation has been intersected in all three. High tenor copper-gold mineralisation was encountered within broader lower tenor mineralisation. Results were notable for their elevated gold grades and that many intercepts were at very shallow depths.

Better drill intercepts at a 0.3% copper equivalent cut-off grade, include:

32 metres at 1.48% copper, 0.98g/t gold from surface (CPR628)
15 metres at 1.44% copper, 0.84g/t gold from 25 metres (CP629)
35 metres at 1.33% copper, 0.23g/t gold from 4 metres (CPR634)

Mineralisation is developed within subparallel steeply dipping zones. Mineralisation is chalcopyrite and pyrite hosted in strongly silicified quartzite in fresh rock. Mineralisation occurs as malachite and goethite in the weathered zone, commonly to 30 metres depth.

It is likely that high grade mineralisation is developed along the mineralised zones as discrete lodes and shoots. The mineralisation is open along strike and at depth. Figures 8 and 9 provide cross sections at Companion illustrating steeply dipping high grade lodes.

Prior reconnaissance drilling by previous operators at Companion returned:

34 metres at 0.75%, 0.21g/t gold
12 metres at 0.73%, 0.32g/t gold
19 metres at 0.87%, 0.32g/t gold

The location of drill holes is provided in Figures 6 and 7, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided as Appendix 1.

Veiled Prospect

At the Veiled prospect (Figures 4, 5 and 10), drill results and soil geochemistry suggest the discovery of a significant copper-gold system. There was no prior drilling at Veiled. The prospect is a 130 x 260 metre discrete ‘bullseye’ high tenor copper-in-soil anomaly identified in sampling programs undertaken over the last two years. There are small early 1900’s shallow copper oxide workings within the anomaly located on north striking structures with mineralised brecciated metasedimentary rock and gossan both in outcrop and float.

At the prospect, shallow reconnaissance RC drilling comprised 4 holes of 54 to 90 metres depth on two cross-sections 100 metres apart that targeted the centre and northern extent of the anomaly.

Copper-gold mineralisation was encountered within broader lower tenor mineralisation in three holes. Better drill intercepts at a 0.3% copper equivalent cut-off grade, include:

74 metres at 0.53% copper, 0.23g/t gold from surface (VLR001)
24 metres at 0.84% copper, 0.22g/t gold from surface (VLR002)
25 metres at 0.68% copper, 0.10g/t gold from 10 metres (VLR003)

One hole (VLR002) terminated in mineralisation. The mineralised zone is open at depth, while the limits to the copper-in-soil anomaly remain untested.

Mineralisation is associated with chalcopyrite and pyrite in altered metasediments in fresh rock. There are locally elevated cobalt values (up to 0.2%) with the best intersection being 6 metres at 0.12% cobalt in VLR001 from 10 metres. The mineralisation is also notable for elevated gold grades.

The base of weathering is approximately at 30 metres depth and mineralisation occurs as malachite associated with goethite-hematite rich zones. Higher grade zones within the oxide zone may reflect primary mineralisation or supergene enriched zones and further drilling is required.

Figure 11 provides a cross section at Veiled illustrating the apparent steep dipping high grade zones. The location of drill holes is in Figure 10, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Quamby Prospect

At the Quamby prospect (Figure 4, 5 and 12) the drilling tested poorly understood gold-only and adjacent copper-gold soil anomalism.

The target comprises elevated gold in soils around the historic Quamby gold mine which is reported to have recovered 75,600 ounces of gold from leaching operations in the 1980’s and 1990’s. The mine has been drill tested but few of the results have been found. Those available include 16 holes (see September 2017 Quarterly Report) that are coincident with the soil anomalies located south of existing workings. To the west of the mine and partly co-incident with Quamby gold anomalism is a large copper and gold-in-soil anomaly.

Shallow reconnaissance RC drilling comprised 17 holes of 60 to 174 metres depth on cross-sections at 80 to 200 metre intervals was targeted to test the copper-gold in soil anomaly. A single hole was drilled beneath the Quamby mine.

All drill holes targeting the copper-in-soil anomaly encountered mineralisation. The drilling indicates broad zones up to 75 metre wide of low grade copper mineralisation with higher grade zones within.

Mineralisation occurs as disseminated chalcopyrite and pyrite hosted in strongly altered metasediments in fresh rock. In the weathered zone to approximately 25 metres depth, mineralisation occurs as malachite, native copper and chalcocite. Gold values up to 27.1g/t were intersected.


Better drill intercepts, at a 0.3% copper equivalent cut-off grade, include:

13 metres at 0.61% copper, 4.23g/t gold from 29 metres (QMR001)
including 2 metres at 23.6g/t gold and 54g/t silver from 30 metres
60 metres at 0.44% copper, 0.05g/t gold from 10 metres (QMR012)
31 metres at 0.46% copper, 0.01g/t gold from 24 metres (QMR013)
25 metres at 0.52 % copper, 0.07g/t gold from 17 metres (QMR016)

One hole (QMR001) intersected high grade gold and silver over 2 metres (23.55g/t gold and 54g/t silver) within a broader copper-gold mineralised zone and confirms similar drill results obtained by previous operators (Figure 13). The mineralisation has a unique silver rich signature and is poorly understood.

Figure 12 provides a plan of drilling in relation to soil anomalism and illustrates the wide zone of multiple intercepts encountered and relationship to the much larger copper-in-soils anomaly. The location of drill holes is given in Figure 12, full results are given in Table 1, drill collar details in Table 2 and JORC Table 1 is provided in Appendix 1.

Please direct enquiries to:

Alistair Cowden David Ikin Jochen Staiger
Managing Director Professional Public Relations Swiss Resource Capital AG
Altona Mining Limited Perth Tel: +41 71 354 8501
Tel: +61 8 9485 2929 Tel: +61 8 9388 0944 js@resource-capital.ch
altona@altonamining.com David.Ikin@ppr.com.au

About Altona and the Cloncurry Copper Project

Altona Mining Limited (“Altona”) is an ASX listed company focussed on the Cloncurry Copper Project (“Project”) in Queensland, Australia. The Project has Mineral Resources containing some 1.67 million tonnes of copper and 0.43 million ounces of gold. It is envisaged that a 7 million tonnes per annum open pit copper-gold mine and concentrator will be developed at the Project. The development is permitted with proposed annual production(1) of 39,000 tonnes of copper and 17,200 ounces of gold for a minimum of 14 years. The Definitive Feasibility Study was refreshed in July 2017. In November 2017 Altona announced the intention to merge with TSX listed Copper Mountain Mining Corporation, a large Canadian Copper Producer. A shareholder vote on the Scheme of Arrangement is expected in late March 2018.

1Refer to the ASX release ‘Updated DFS Delivers Bigger and Better Cloncurry Copper Gold Project’ dated 2 August 2017 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.

Competent Persons Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Alistair Cowden, BSc (Hons), PhD, MAusIMM, MAIG, Mr Roland Bartsch, BSc(Hons), MSc, MAusIMM and Mr George Ross, MSc, MAIG. Dr Cowden, Mr Bartsch and Mr Ross are full time employees of the Company and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Cowden, Mr Bartsch and Mr Ross consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Copper Equivalence
Copper‐equivalent (“CuEq”) values are calculated using copper price US$2.95/lb and gold price of US$1,250/ounce and grade by the equation: CuEq. = copper % + (gold g/t x 0.62).

Copper‐Equivalent values do not specifically take into account the recoverability of copper or gold, however, for standard copper gold concentrates such as those at Little Eva, the differences in payability and recovery are small whereas the metal prices chosen have a large impact on the copper equivalent values.

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