Zinc One Reports Remaining Drill Results from Mina Grande Sur, Bongará Zinc Mine Project, Peru

Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZZOF; Frankfurt: RH33 – “Zinc One” or the “Company”) http://www.commodity-tv.net/c/search_adv/?v=298394  is pleased to announce the results from the last 27 drill holes of the Mina Grande Sur zone, Bongará Zinc Mine project located in north-central Peru.  These drill holes are located in the northern sector of Mina Grande Sur.  Holes identified as MGS18081 through 95 were drilled along the northern perimeter of mineralization delineating the northern extent of mineralization in the zone.  Noteworthy intercepts include 18.0 metres of 36.0% zinc from MGS18077 and 11.5 metres of 32.0% zinc from MGS18080.  Overall, 95 holes for a total of 2,328.4 metres have been drilled at Mina Grande Sur.

Jim Walchuck, President and CEO of Zinc One commented, “The Mina Grande Sur drill program delineated near-surface, zinc-oxide mineralization over a length of 350 metres in a north-south direction and as much as 200 metres in an east-west direction, open to the south and southwest.  Along with the zinc-oxide deposit discovered at Mina Chica, we expect the success of this drill program to be manifested by a contribution to the total project’s resource estimate, which we anticipate will be completed Q4 2018.”

Mina Grande Sur Additional Drill Results Highlights:

  • Results from 68 holes were reported previously (see news releases from March 29, May 7, May 29, and July 26, 2018).
  • Significant new intercepts include:
    • MGS18077 – 18.0 metres of 36.0% zinc, from 21.0 metres drill depth
      • True vertical thickness of 15.6 metres from true vertical depth of 18.2 metres
    • MCH18079 – 12.0 metres of 22.7% zinc, from surface
      • True vertical thickness of 9.2 metres
    • MGS18080 – 11.5 metres of 32.0% zinc, from 43.5 metres drill depth
      • True vertical thickness of 8.8 metres from true vertical depth of 33.3 metres
    • Mineralization at Mina Grande Sur includes zinc oxides, carbonates and silicates hosted by soils, highly-weathered carbonates, and fine- to coarse-grained dolomites, most of which are brecciated.

Mina Grande Sur is one of three known zones of high-grade, near-surface zinc-oxide mineralization along a 1.4 kilometre mineralized trend that was tested by this drill program., which consisted of 264 holes for 7,930.6 metres. All drill results from Bongarita, Mina Chica, and Mina Grande Sur have now been reported with results from Mina Grande Centro and Mina Grande Norte to be released in the coming weeks.

Geology and Discussion of Results

The zinc mineralization at the Bongará Zinc Mine project is classified as a Mississippi Valley-type deposit and is mostly hosted by strongly dolomitized brecciated limestones that are stratabound.  The mineralization can also occur as tabular bodies with irregular boundaries, which is a characteristic of that mineralization encountered along the periphery of breccias, especially at Mina Chica.  Hydrozincite (zinc oxide mineral), smithsonite (zinc carbonate mineral), hemimorphite (zinc silicate mineral), and a zinc-aluminum-iron silicate are the primary zinc minerals that are hosted by soils, dolomitized breccias, heavily-weathered fractured and vuggy dolomitized limestones, and fine- to coarse-grained dolomitized limestones. 

The results from drill holes MGS18069 through MGS18095 at Mina Grande Sur can be found below in Table 1.

Sampling and Analytical Protocols

Zinc One follows a systematic and rigorous Quality Control/Quality Assurance program overseen by Dr. Bill Williams, COO and Director of Zinc One.

The sample from each core run is placed in a 60-centimetre long, plastic core box that has five columns.   Core recovery, rock quality designation (“RQD”), and geologic features are logged and sample intervals, which are generally <2 metres, are chosen. Each core box is photographed and then sampled with a spatula, if soil and heavily-weathered rock, or cut with a core saw, 50% of which is placed in a sample bag and stored on site in a secure location. The Company independently inserts certified control standards, blanks, and duplicates, all of which comprise at least 20% of the sample batch, to monitor sample preparation and analytical quality.  The samples are stored in a secure area until such time they are shipped to the CERTIMIN laboratory in Lima (ISO 9001 Certified) for preparation and assay. At the laboratory, samples are dried, crushed, pulverized and then a four-acid digestion is applied.  This is followed by the ICP-AES analytical technique for 33 elements, including lead.  The same method is used to assay zinc for values up to 20%.  If zinc values exceed 20%, it is then analyzed using a titration method.  The laboratory also inserts blanks and standards as well as including duplicate analyses.

Qualified Person

The technical content of this news release has been reviewed, verified and approved by Dr. Bill Williams, COO and Director of Zinc One, a qualified person as defined by National Instrument 43-101.

About Zinc One Resources Inc.

Zinc One is focused on the exploration and development of prospective and advanced zinc projects in mining-friendly jurisdictions.  Zinc One’s key assets are the Bongará Zinc Mine Project and the Charlotte Bongará Zinc Project in north-central Peru.  The Bongará Zinc Mine Project was in production from 2007 to 2008 but was closed due to the global financial crisis and concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte Bongará Project, which is nearly six kilometres to the NNW and where past drilling intercepted various near-surface zones with high-grade zinc.  Zinc One is managed by a proven team of geologists and engineers who have previously constructed and operated successful mining operations.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongará Zinc Oxide Project and the need to comply with environmental and governmental regulations.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.

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

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Auryn Commences Drilling at Homestake Ridge Gold Project and Provides Update on Drilling Progress 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 drilling has commenced at its 100% owned Homestake Ridge project located in northwestern British Columbia. The program, which began on August 7th, 2018, consists of approximately 3,000 meters of core drilling to target gold mineralization along the high-grade South Reef deposit.

In the 2017 drill program, Auryn intercepted zones of high-grade gold mineralization at South Reef’s down plunge. These intercepts included 30 meters of 2.00 g/t Au (including 4m @ 6.03g/t Au & 2m @ 11.80 g/t Au) and 10 meters of 4.12 g/t Au (including 2m @ 18.01 g/t Au) (see Auryn’s press release dated December 12, 2017 for full results).

This year’s program aims to expand the known resource at South Reef by targeting the down plunge extension along the bottom of a graben, which defines the mineralized corridor (Figure 1).  The drill program will test 500 meters of strike extension along a one-kilometer gold-in-soils anomaly targeting multiple mineralized structures within the graben (Figure 2).

A Message from Michael Henrichsen, COO & Chief Geologist:

“The high-grade resource at the Homestake Ridge project has an exceptional opportunity for expansion along the South Reef mineralized corridor.  Geological modeling based on the 2017 drill campaign has identified a well-defined graben system that is open to the northwest and will be targeted with 6 – 8 drill holes.”

Committee Bay Update:
 

  • Auryn has drilled a total of 7200 meters in the 10,000 meter program
  • 3700 meters of diamond drilling to follow-up on the Aiviq discovery along a 1.2 kilometer strike length
  • 3500 meters of RAB drilling on high-resolution gold-in-till targets at Kalulik, Aarluk, Ridge, and Castle
  • Expected completion of the program is August 25th
  • Results anticipated between mid-September and the end of October

A Message from Ivan Bebek, Executive Chairman & Director:

“The fourth quarter of 2018 will be exciting for Auryn shareholders as we are drilling two fully-funded opportunities for significant gold discoveries in Canada. We have also made great progress in Peru over the summer at our Sombrero project, where we recently identified several drill targets.  Updates can be expected in the coming weeks.

With respect to our recently announced funding, we appreciate the support from existing shareholders and welcome new shareholders. We plan to remain judicious with our treasury in these less-than-optimal market conditions.”

Michael Henrichsen, P.Geo, COO of Auryn, is the Qualified Person who assumes responsibility for the technical disclosures in this press release.

ON BEHALF OF THE BOARD OF DIRECTORS OF AURYN RESOURCES INC.

Ivan Bebek

Executive Chairman

For further information on Auryn Resources Inc., please contact Natasha Frakes, Manager of Corporate Communications at (778) 729-0600 or info@aurynresources.com.

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

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.

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TerraX identifies two new gold zones on Northbelt property and channel samples 5.50 m @ 24.75 g/t Au at Ptarmigan on Eastbelt

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – http://www.commodity-tv.net/c/search_adv/?v=298245) is pleased to announce assay results from the Company’s summer field program now underway on the Yellowknife City Gold project.

The first set of assay results come from sampling done on two new zones called Gull Lake and Rater Lake that have been identified on our Northbelt property. These new targets are in the same mafic volcanic geology that also hosted the Giant and Con mines. The highlight assays are 43.7 g/t Au, 28.0 g/t Au, and 19.05 g/t Au on the Gull Lake Zone with several additional assays in the 1 to 5 g/t Au range on both zones. These gold zones are interpreted as being the continuation of the Giant Mine gold structure, warranting immediate further work along these structural trends.  A map showing the location of these samples is available here.

The second set of assay results come from channel sampling done around the past producing Ptarmigan Mine on Eastbelt, an asset that TerraX acquired in early 2018 (see news release of January 12, 2018). These channels were cut from outcrop along the Ptarmigan vein trends and sampled across the gold mineralized structures. Assay results for gold range up to 226 g/t Au and 126 g/t Ag in 0.50 m channel samples from Channel ECH18-037.  Intervals for the 3 sampled areas (ECH18-035 to ECH18-037) are indicated on the map available here and include:

  • ECH18-037 – 24.75 g/t Au over 5.50 m (including 82 g/t Au over 3.00 m)
  • ECH18-036 – 39 g/t Au over 7.50 m (including 10.44 g/t Au over 2.50 m)
  • ECH18-035 – 25 g/t Au over 2.00 m

Joseph Campbell, Executive Chairman of TerraX, stated: “These initial sample results from our summer program on both our Northbelt and Eastbelt properties were taken from easily accessible areas.  The Ptarmigan sampling is literally beside a paved road illustrating the excellent infrastructure of the land package for both exploration and eventual development. Further, the newly identified gold zones at Gull Lake and Rater Lake are proximal to the Crestaurum road. These veins look to be a continuation of prolific mineralized zones mined in the past at the high grade Giant Mine immediately to the south. The channels from the Ptarmigan area have grades very much in line with its historical high grade production and our initial work at both these areas confirms continuity within these large mineralizing systems. We are continuing to work in these areas and additional results are pending.”

Channel assays reported today from the Ptarmigan area total 194 samples with gold grades ranging from nil to 226 g/t Au. Channel samples are considered representative of the zones that have been sampled.

Assay values from grab sampling at Gull and Rater Lakes range from nil to a high of 43.7 g/t Au.  Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex’s laboratory in Yellowknife and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service.  It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area.

The technical information contained in this news release has been approved by Joseph Campbell, Executive Chairman of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") project encompasses 772 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district. 

For more information on the YCG project, please visit our web site at www.terraxminerals.com.

On behalf of the Board of Directors

"DAVID SUDA"

David Suda
President and CEO

For more information, please contact:

Samuel Vella
Manager of Corporate Communications
Phone: 604-689-1749
Toll-Free: 1-855-737-2684
svella@terraxminerals.com

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

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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TerraX extends Ptarmigan Zone 400 meters northwest

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – http://www.commodity-tv.net/c/search_adv/?v=298245) is pleased to announce further assay results from the Company’s ongoing summer field program  on the Yellowknife City Gold project.

David Suda, President and CEO stated: “The summer program continues to yield results that confirm the potential of the Yellowknife City Gold Project as a district scale camp. Surface results, magnetic imaging, and geochemistry data will provide a roadmap to future drilling on our most prospective targets. The Northbelt remains our core area of focus but we are systematically sampling 10km away on the Eastbelt with encouraging results”

Continued channel sampling and prospecting assay results come from the area immediately northwest of the past producing Ptarmigan Mine on Eastbelt. Detailed mapping and prospecting extends the Ptarmigan zone 400 meters northwest of previously reported channel sampling with a 19.00 g/t Au grab sample along the Ptarmigan trend. Channel sample results were cut from outcrop southeast of previously reported channels (24.75 g/t Au over 5.50 m including 44.82 g/t Au over 3.00 m reported on July 12, 2018) following the Ptarmigan vein trend and sampling across the gold mineralized structures. Assay results for gold range up to 124 g/t Au in a 0.70 m channel sample from Channel ECH18-039.  Mineralized intervals for the sampled areas (ECH18-034, 038, 039 and  ECH18-041) are indicated on the maps available here and include:

  • ECH18-034 – 4.76 g/t Au over 2.00 m
  • ECH18-038 – 60 g/t Au over 2.10 m
  • ECH18-039 – 85 g/t Au over 1.80 m
  • ECH18-041 – 18.13 g/t Au over 3.10 m

Joseph Campbell, Executive Chairman of TerraX, stated: “The high grade channels from the Ptarmigan area continue to impress, and the extension of the zone through prospecting 400 meters to the northwest greatly expands the target area for developing potential mineral resources.”

An additional grab sample was collected from a gossanous quartz vein 2.7 kilometers due west of the Ptarnigan Mine, and assayed 5.17 g/t Au. Further work is warranted  in this area. More results from the Northbelt and Eastbelt properties are expected during the Company’s current summer program. 

Assays reported today total 313 samples with gold grades ranging from nil to 124 g/t Au, and including 138 channel samples. Channel samples are considered representative of the zones that have been sampled. It should be noted that, due to their selective nature, assay results from grab samples may not be indicative of the overall grade and extent of mineralization on the subject area.

Sampling included insertion of certified standards and blanks into the stream of samples for chemical analysis. Samples were prepared at ALS Chemex’s laboratory in Yellowknife and shipped to their Vancouver facility for gold analysis by fire assay and other elements by ICP analysis. ALS is a certified and accredited laboratory service. 

The technical information contained in this news release has been approved by Joseph Campbell, Executive Chairman of TerraX, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") project encompasses 772 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district. 

For more information on the YCG project, please visit our web site at www.terraxminerals.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy 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 Adds Two Drill Rigs to Idaho Project

First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the “Company” –  http://www.commodity-tv.net/c/search_adv/?v=298244) today announces that two additional drill rigs have been mobilized at its Iron Creek Cobalt Project in Idaho, USA to accelerate drilling activities. The Company is now drilling both from surface and underground.

Highlights

  • Drilling will test down dip extensions of known cobalt-copper zones to over 300 metres below surface and test lateral strike over one kilometre to extend mineralization beyond the current 520 metres
  • 81 holes and over 29,000 metres have been planned, primarily from new surface drilling stations constructed earlier this year
  • Maiden NI 43-101 mineral resource estimate expected by October 2018
  • New mineralized zones in the footwall are being targeted to test extensions to surface
  • Close-spaced drilling on two mineralized zones to bring a portion of the expected Inferred Mineral Resource estimate into Measured and Indicated Resource category in a second resource estimate

Trent Mell, President & Chief Executive Officer, commented:

Our confidence level in the growing footprint of the Iron Creek project warrants an acceleration of drilling activities. A maiden resource estimate is underway and will be available by October. We believe Iron Creek is an important part of the pipeline of cobalt concentrate we intend to feed into the First Cobalt Refinery in Ontario and the addition of two more drill rigs will significantly speed up activities.”

First Cobalt previously announced a fully-funded $9 million work program for the Iron Creek Project, which it acquired on June 4, 2018. Drilling is designed to extend the strike length of the mineralized zone to 1,032 metres from the current 520 metres and test down dip extensions of known cobalt-copper zones to over 300 metres below surface. Results reported to date have encountered cobalt-copper mineralization in both the No Name and the Waite Zones.

The addition of two surface rigs will accelerate drilling results and supplement ongoing underground drilling from existing adits. Surface drilling stations were constructed earlier this year and both rigs are already in operation.

In 2017, drilling from surface focused primarily on the No Name Zone and Q1 2018 drilling from underground targeted the lesser known Waite Zone. Results from that work program are currently being compiled and will form the basis of a maiden NI 43-101 mineral resource estimate expected by October 2018. The current drill program will support a second resource estimate anticipated in early 2019 and is expected to support a conversion of a portion of the expected Inferred Mineral Resource estimate into a Measured and Indicated Resource estimate.

The work program previously announced targeted a dip extent of 200m and a strike length of 900m (see June 11, 2018 press release). Due to ongoing success, the drill target area continues to grow, and the Company is now targeting 300m of dip and a strike length of 1,032 across the two zones (Figure 1).

The No Name and Waite Zones are roughly parallel and strike along a 290° azimuth and dip roughly 75° to the north, remaining open at depth. Additional mineralization has been encountered during drilling and some holes in the 2018 program are intended to confirm the potential for additional mineralized zones beyond No Name and Waite. The No Name Zone and the Waite Zone have true widths between 10m and 30m. Mineralization also occurs between the No Name and Waite Zones as 1 to 5m pods.

A total of 81 holes have been planned and an additional 12 holes are being considered to explore extensions to mineralized intercepts from previous drilling and down-dip extensions to the known mineralized zones below 300m.

Underground drilling has moved from Adit #2 to Adit #1 to provide more detailed data from within the No Name and Waite Zones, in part validating the drill spacing required for a Measured and Indicated Resource calculation (Figure 2). Adit #1 was sampled in detail in 2017 and material was sourced from Adit #1 for preliminary metallurgical tests. Drilling and sampling assays along the walls of Adit #1 done in 2017 returned comparable cobalt and copper grades to results reported pre-1970 (Table 1).

The Iron Creek property consists of mining patents and exploration claims with significant infrastructure already in place to support multiple drills and underground activity. Historic underground development includes 600 metres of drifting from three adits and an all-weather road connecting the project to a state highway.

Several inferred resource calculations were made in the 1980s and 1990s by Noranda Inc., Inspiration Mines and Cominco Ltd. These estimates only considered the No Name Zone, where historic drilling was most dense. Historic drilling, pre-1960, traced the No Name Zone for over one kilometre of strike length.

Quality Assurance and Quality Control

First Cobalt has implemented a quality control program to comply with common industry best practices for sampling, chain of custody and analyses. Blanks, duplicates and standards are inserted at the core processing site as part of the QA/QC program. Samples are prepared and analyzed by American Assay Laboratories (AAL) in Sparks, Nevada. Over 15% of the samples analyzed are control samples consisting of checks, blanks, and duplicates inserted by the Company; in addition to the control samples inserted by the lab. Drill core samples are dried, weighed crushed to 85 % passing -6 mesh, roll crushed to 85% passing -10 mesh, split 250 gram pulps, then pulverized in a closed bowl ring pulverizer to 95 % passing -150 mesh, then analyzed by a 5 acid digestion for ICP analysis. All samples have passed QA/QC protocols.

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 a vertically integrated North America pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, which has a historic mineral resource estimate, non-compliant with NI 43-101; the Canadian Cobalt Camp, with more than 50 past producing mines; and the only permitted cobalt refinery in North America capable of producing battery materials. The Iron Creek Project is, subject to First Cobalt’s buy-out rights, leased from Chester Mining Company.

On behalf of First Cobalt Corp.

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.

Historic Estimates

First Cobalt considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and First Cobalt is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be required to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the Iron Creek property. First Cobalt has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. First Cobalt believes that the historical estimates are relevant to guide exploration on the Iron Creek property.

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Maple Gold intersects several mineralized zones in east-central Resource Area: including 21m of 3.49 g/t Au and 27.5m of 1.25 g/t Au

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G- https://www.youtube.com/watch?v=EQ5Ha9MCkWE&t=3s) is pleased to report additional drill results from the eastern half of the Porphyry Zone within the current Resource Area at the Douay Project. Within this area (see Figure 1) a total of sixteen (16) infill and step-out holes were drilled in 2018, with all assays now received.  The highlighted results below are from holes that were drilled in an area with lower drill density (see Figure 1), so the opportunity exists to define additional zones further north. The main intercepts in DO-18-247 and DO-18-254 show significantly higher grades than adjacent holes, indicating that grade may increase with depth in this area.

  • DO-18-247 cut several mineralized zones, including 0m of 3.49 g/t Au, including 6.0m of 9.32 g/t Au, both uncapped (see Figure 2A).
  • DO-18-254 cut 5m of 1.25 g/t Au, including 2.1m of 5.36 g/t Au (see Figure 2B)
  • DO-18-244 cut several mineralized zones, including 7m of 2.06 g/t Au and three others over 1 g/t Au (see Figure 2C)

In addition to the highlights mentioned above, several other drill-holes confirmed lateral and vertical continuity of mineralization (see Table 1: Highlighted Drill-Results from the Eastern Portion of the Porphyry Zone appended to this press release).

Maple Gold’s President and CEO, Matthew Hornor, stated: “We continue to intersect new zones of mineralization and given the widely spaced drilling in this eastern part of the Resource Area there is still good potential to make additional discoveries with further drilling.”

DO-18-247 (Figure 1 and 2A) confirmed the down-dip extension of the mineralized zones cut in historical hole DO-11-72 collared 260m to the north, with a significantly higher-grade intercept in the 2018 hole as compared to historical holes. Compared to the existing block model, DO-18-247 will improve block grades, and should allow the conceptual pit to extend to greater depth. Similarly, DO-18-254 confirmed the lateral continuity of the same interpreted mineralized zone, again with higher than expected grades. The up-dip extension of this zone will require additional drilling. The DO-18-254 intercept of 27.5m averaging 1.25 g/t Au intercept is part of a broader and lower grade envelope of 61.5m averaging 0.76 g/t Au.

Drill-hole DO-18-244 was collared 325m to the NE of DO-18-247, and was an infill hole that confirmed continuity of mineralization between older holes. In addition, the hole also cut 4 separate high-grade zones outside the northern limits of the current blocks that are interpreted to be new zones. The nearest drill-holes testing these structures occur 141m to the west. This eastern portion of the Porphyry Zone is a geologically more complex part of the deposit. Syenite is less abundant in this area as compared to the western part of the Porphyry Zone (see Figure 2: A, B & C).

Qualified Person

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

Maple Gold implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill-hole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the analytical laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC page on the website at: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement

About Maple Gold

Maple Gold is an advanced gold exploration company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 377 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource[1] that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has now completed a significant winter drill campaign to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information please visit www.maplegoldmines.com.

ON BEHALF OF MAPLE GOLD MINES LTD.

“Matthew Hornor”

  1. Matthew Hornor, President & CEO

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 PRESS RELEASE.

Forward Looking Statements:

This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective  mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

[1] (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company’s SEDAR filings for a copy of the Micon 2018 report.

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Exceptional 10.4m @44.0% Zinc At West Ayawilca Could Indicate Feeder System For Tinka Resources

By the Critical Investor. https://www.criticalinvestor.eu/…

Figure 1. Ayawilca project; drilling location

Introduction

Investors had to wait longer than expected for a big hit, but this week Tinka Resources (TK.V, TKRFF.US) proved that looking for substantially more mineralization first instead of preparing a Preliminary Economic Assessment (PEA) is a viable strategy. The latest hole returned an amazing intercept of 10.4m grading 44.0% Zn at West Ayawilca, and what is particularly interesting is that management seems to be verifying their new theory on Ayawilca structural controls of geology with this result. The share price reacted accordingly, with an impressive 36% jump and 2.7M shares traded volume on the day of the announcement:

Figure 2. Share price Tinka Resources 1 year timeframe; source tmxmoney.com

Obviously lots of investors were impressed, and in my view rightly so, as this news could indicate potential for more and higher grade tonnage than anticipated. It seems a bottom has formed at C$0.40-0.45, even a bit lower than my forecasted C$0.46-0.48 from the April update, as the selling took longer than expected. Fortunately, this seems behind us now considering the massive volume, also against neutral to slightly negative sector sentiment. The potential implications for the resource and economics can be read in this article.

All presented tables are my own material, unless stated otherwise.

All pictures are company material, unless stated otherwise.

All currencies are in US Dollars, unless stated otherwise.

Please note: the views, opinions, estimates or forecasts regarding Tinka’s performance are those of the author alone and do not represent opinions, forecasts or predictions of Tinka or Tinka’s management. Tinka has not in any way endorsed the information, conclusions or recommendations provided by the author.

Exploration Results

It was a pleasant surprise for Tinka Resources and investors to see an impressive intercept like 10.4m @44.0% Zn being returned by step out hole A18-129, as part of the current drill program at the Ayawilca project in Peru. Management started focusing more on expanding the high grade West and South zones as Zone 3 didn’t return the results which were hoped for so far, and this seems to be the right move.

Despite all the noise about the latest and pretty large C$16.2M financing in March-April of this year, I am convinced that Tinka management knows very well what it is doing on the exploration side of things, and it shows so far. It is also always interesting and inspiring to talk to CEO Carman, and hear him elaborating about different geological concepts that might be tested. The Ayawilca deposits don’t look very straightforward, but Carman and his team seem more than able to track them down.

Let’s have a look at the latest drill result first, as mentioned in the latest news release.  Six holes were reported from the West Ayawilca area (holes A18-117, 120 to 122, 126, 129) and one from the Central area (A18-127).

Key Highlights of the West Ayawilca Area:

Hole A18-129:

  • 11.9 metres at 39.6% zinc, 0.8% lead, 45 g/t silver & 761 g/t indium from 339.4 metres depth, including
    10.4 metres at 44.0% zinc, 0.4% lead, 43 g/t silver & 869 g/t indium from 340.6 metres depth;
  • Shallower intercepts in A18-129 include:
  • 21.2 metres at 9.0% zinc, 0.1% lead, 13 g/t silver & 53 g/t indium from 260.0 metres depth, including
    4.2 metres at 19.2% zinc, 0.1% lead, 17 g/t silver & 186 g/t indium from 277.0 metres depth; and
  • 6.5 metres at 11.0% zinc, 0.1% lead, 8 g/t silver & 52 g/t indium from 290.5 metres depth.

An average grade of 44.0% Zn in a substantial intercept in sulphides is world class, and is only encountered in Tier I deposits like Arizona Mining’s Taylor deposit (up to 31.7%Zn) and Ivanhoe Mines‘ Kipushi deposit (their average grade is even a freaky 34.9% Zn, twice as high as the next highest average grade zinc deposit, according to Wood Mackenzie). As this is a step-out hole, drilled about 50m west of the boundary of the outlined West Ayawilca orebody, it is interesting to see that the existing orebody extends to the west via the shallower intercepts, which are at the same depths, and have very decent width and grade as well.

  • Other significant recent drill intercepts include:
    Hole A18-117:
  • 7.8 metres at 8.1% zinc, 5.1% lead & 183 g/t silver from 94.0 metres depth*.
  • Hole A18-122:
  • 2.4 metres at 14.9% zinc, 0.3% lead, 25 g/t silver & 163 g/t indium from 351.3 metres depth.
  • Hole A18-126:
  • 1.0 metres at 23.7% zinc, 24 g/t silver & 30 g/t indium from 101.1 metres depth*; and
  • 1.7 metres at 18.9% zinc & 28 g/t silver from 111.5 metres depth*; and
  • 8.7 metres at 3.9% zinc, 1.4% lead, & 117 g/t silver from 235.7 metres depth.

There is a lot of consistency in the mineralization throughout the property, as almost any mineralization shallower than say 300m is relatively narrow (<10m) in width/thickness, veiny and hosted in sandstone. Hole A18-120 and A18-121 weren’t mentioned in the highlights, so I assume these results weren’t economic. As can be seen at the map of the latest drill collar locations, (very) economic results like A18-126 and A18-129 can be located very close to uneconomic results like A18-121, so a lot of drilling is needed to precisely define mineralized bounderies:

Figure 3. Map drill locations June 2018

It appears that A18-120 just remained outside the mineralized horizon, but when we start looking at the C-section, it becomes clear what the geologists were looking for: a stacked system of two or more potentially layered limestone host rock. They came to this concept after analyzing the cores more in detail on structural controls, and discovered a few low angle thrust faults west of West Ayawilca, in the large, semi-vertical North-South trending fault area (which runs west of West and South Ayawilca), potentially capable of laterally (horizontally) displacing the mineralized limestone:

Figure 4. Section C-C‘

This is why hole A18-129 proved them right. As CEO Carman stated in the news release:

“The exceptional zinc grade in hole A18-129 is very exciting as it confirms Ayawilca mineralization can be very high-grade, while a repetition of the favourable Pucara limestone opens up a new exploration target at depth and also down-plunge of the new intercept. Previously, it was thought that the phyllite metamorphic rock represents a ‘floor’ to the zinc mineralization. Past drill holes were typically stopped a few metres into the phyllite, and some holes at Ayawilca may have been stopped prematurely.”

“The objectives of the drill program are to find additional high-grade zinc resources, as well as to improve the geological understanding of the Ayawilca deposit, which is evolving as more holes are drilled. The three-rig drill program is now focused on testing extensions of the zinc resources at West and South Ayawilca, including deeper repetitions of the limestone-hosted replacement mineralization, as well as possible connections of these areas with Central Ayawilca"

It must have been a good feeling as a geologist to see your theories confirmed with such strong results. On a sidenote: the holes A14-020 and A14-033 appeared to be ending in a mineralized envelope, apparently located at around the same depth as the new, spectacular intercept, which intrigued me. After looking into the corresponding news releases of 2014 and 2015, it showed that the deepest intercepts of these two holes were situated a good 70m more to the surface compared to A18-129:

"A14-20: 2.2 metres at 21.0% zinc from 164 metres depth; and 34.15 metres at 5.3% zinc from 179.85 metres depth, including 12.0 metres at 10.5% zinc from 179.85 metres depth; and 42 metres at 4.3% zinc from 268 metres depth;

A14-33: 77.1 metres at 4.0 % zinc from 268.0 metres depth, including 8.8 metres at 13.5 % zinc from 270.9 metres depth;"

So according to my view, and if these two holes ended in phyllite basement rock, the high grade intercept of A18-129 needs to be drawn in the section at greater depth, and the border between limestone and phyllite needs to be drawn a lot more angled, trending down to the right (eastern direction). This could indicate that a bigger/longer slab of limestone (and hopefully potentially more mineralization) could be located in this wedge between the two low angled faults that cut up the limestone exactly where it turns downward (anticline). CEO Carman wasn’t sure of this but is looking into it with his team.

We discussed the new concept of layered limestone a bit more in-depth, and Carman had some interesting insights to share. For example, he and his geos are contemplating that one or both of the two low angle faults might actually be the feeder, or lead to the feeder, being the conduits transporting the mineralization. According to him, it is unusual to get this very high grade zinc and only zinc in it in this location, as existing drill results directly around it are more irregular, containing other metals like led and silver. As a rule of thumb, with a precipitation event, copper and tin mineralization crystallizes first, then zinc, then led and silver, the further you go to the boundaries of a deposit or mineralized zone. The purity of the zinc tells Carman that it must be closer to a feeder than the more mixed zinc/led/silver intercepts.

As these two faults trend down, it is anticipated that an eventual feeder system could reside somewhere below Central Ayawilca, and could even be the actual source of all Ayawilca mineralization. This means that the earlier concept of all mineralization coming from the east (Zone3 and further away) seems to be less likely, despite the more early stage copper and tin intercepts over there. For this reason, and not getting very meaningful zinc intercepts at this zone, Tinka management decided not to proceed with more Zone 3 drilling for now, and focus more on West and South. In the news release of May 24th, the announced Zone 3 drill results showed little zinc in for example the highly anticipated hole A18-113:

"20.3 metres at 1.26 % tin & 0.30% copper from 658.0 metres depth, including

  • 7.9 metres at 2.39 % tin & 0.64 % copper from 664.1 metres depth."

Figure 5. Map drill locations May 2018

Holes A18-113 and A18-110 returned substantial amounts of (high grade) tin though, which could mean an interesting expansion of the existing tin tonnage. However, a hole that was actually pretty impressive in this news release was A18-118, drilled at West Ayawilca, stepping out about 50m:

"106.5 metres at 6.8 % zinc (uncut), 0.2 % lead, 17 g/t silver & 48 g/t indium from 237.3 metres"

Assuming continuous mineralization to West and a radius of 25m for this hole, I would like to estimate a hypothetical 1.5-2Mt of additional tonnage, bringing total tonnage to 45.5-46Mt at the moment (in the last April update I estimated 44.1Mt after reported intercepts). These were the highlights of the May 24th news release as a brief intermezzo, and I would like to continue with the new geological concept.

For now, management thinks that these low angle faults may actually run from West to South, and provide a wide and angled plane(s), acting as possible conduits. In order to test this concept, they are drilling several holes at the western part of West and South towards the big NW/SE fault, and one hole in between these deposits, named A18-134. Management hopes at least to find more high grade zinc in a displaced limestone area at the anticline, acting as a second mineralized layer, and possibly even more mineralized layers, and another goal is to try to connect West and South at depth through displaced mineralized limestone.

According to Carman, there is a particular order in time needed to get to the geology as it is now. He thinks the low angle faults were first, then the big NW/SE fault came, and after this the mineralization event took place. This created a question mark for me regarding the South deposit. Consensus is that South used to be part of Central, and was laterally displaced to the Southwest by a East-West running fault, after the mineralization event. But the NW/SE fault runs uninterupted when looking at the maps, with the anticline halting mineralization at the western side of South just as it did at the western side of West.

This isn’t possible with the currently assumed order of events, unless the NW/SE fault line actually didn’t run uninterupted in a more or less straight line, but was partly located much more to the east, and got shifted to the west when South started moving laterally as well. As a consequence, management had to pick very consciously a spot to test the connection between West and South, as South was moved, and therefore hole A18-134 was located more to the east to anticipate on all this. See light orange as the estimated original trajectory of the NW/SE fault line:

Figure 6. Map drill locations June 2018 and fault trajectories

Something must have happened, but it is not all clear cut. When looking at the greyish satellite pic which is the basis of the map, one sees a ridge running more or less at the projected ‚old‘ fault trajectory. This is confusing but the current drilling will probably define the correct structural controls in this area.

More to the west the mineralization drops off quickly when the big north-west / south-east fault is encountered. This type of large faults can act as subvertical conduits for mineral precipitation, but more often than not they are filled with clay and other material that acts like a barrier. Carman thinks, as mineralization halts abruptly at the NE/SW fault, that this is in fact a barrier, and he wants to infill drill at a 50m grid spacing, and test the consistency of this barrier as well.

For now, the most important objective is to prove up the eventual repititiveness of the high grade intercept in the third dimension, parallel at the C section. When the geologists succeed in this, this could create a mineralized zone at West of 300m long, 50m wide laterally and 10m thick which could be about 0.5Mt. The next question of course would be if it would be high grade across the entire envelope, if such a high grade zone could be established at South, and between South and West, and finally if a feeder system could be discovered. Tonnage doesn’t need to be big as the ore would be incredibly profitable, and very much suitable to front load a mining operation for rapid payback and very high IRR.

[*] Economics

To get an idea of gross metal value: 30% zinc means US$759/t @$1.15/lb Zn which is the equivalent of 18.8g/t gold. One million tonnes of this material mined in the first year or two years could mean a good US$400M pre tax cash flow after opex, recovery, payability, G&A, penalties, treatment charges etc, which in itself would account for almost the entire capex in my models. Of course continuous 30%Zn mineralization would be optimistic, so I remained very conservative when modeling (adding around US$100M in total after tax NPV at base case with more additional tonnage). As a reminder, the basic data for my estimated hypothetical Ayawilca PEA were based on a peer comparison of economic studies. For this article, I added 2 more studies, the PEA of Fireweed Zinc and the PEA of Callinex Mines. The last one is an open pit project, but I added it anyway to get some insight in open pit numbers too. Here is part I:

Figure 7. Peer comparison economic studies part I

And part II:

Figure 8. Peer comparison economic studies part II

I consider the 50-60Mt target of Tinka management realistic after this recent development, so I modeled various discounted cash flows on this (6000tpd operation) with this new sensitivity table as a result:

Figure 9. Sensitivity Analysis

I consider a post-tax IRR of 25% at a conservative zinc price the minimum for a medium sized zinc project to be attractive for take over candidates. No wonder that Arizona’s Taylor project got acquired recently, with an IRR of 42% @US$1.10/lb Zn which is stand out world class, and traded well above 50% of PEA NPV8 before and after the PEA came out. Economics and jurisdiction of Ayawilca are not as good, but should be able to provide sufficient upside for investors, as it would trade at 17% of hypothetical PEA NPV8 at the moment, if my calculations are correct of course. I view this project as the best available project behind Arizona’s Taylor project. Nonetheless, I still used the US$1.15/lb zinc price for base case, as I consider this a solid target price for the future. Zinc has a tendency to spike for only a few years, and gravitate back to more modest levels:

Figure 10. Zinc price chart; source InfoMine

Looking at this chart, a new normal of US$1.00/lb wouldn’t even be too conservative in my view, but considering the lack of good, new advanced projects shovel ready, a US$1.15/lb long term zinc price doesn’t seem unrealistic.

[*] Catalysts, Plans

According to CEO Carman, Tinka is planning to keep drilling until mid August with 3 rigs, which would mean another 8 to 10 holes. This might change when they hit something really spectacular, but this is the current schedule they have in mind now. After closing off the data for the upcoming resource update, the metallurgical test work results will be completed and published early Q4, and at the end of Q4 the Preliminary Economic Assessment (PEA) is planned. For now, management doesn’t really have a tonnage target in mind, but they are aiming at roughly 50-60Mt.

The idea is to keep drilling during the PEA work, with one rig at Central Ayawilca, probably doing one deep, vertical hole in order to look for potential layered mineralization over there as well, and/or a possible feeder of it all. Management is also looking at deepening some existing holes at Central after the PEA is completed.

Some final information: Tinka is fully financed for the next 12 months at least, with C$15M of cash in the treasury. The issued and outstanding share count stands at 260.8M at the moment, and the fully diluted number is about 307M shares. At a current market cap of C$143M, there is still plenty of upside to be expected, as opex in Peru is very low in general, providing lots of margin of error on my estimates.

[*] Conclusion

Hole A18-129 was a very interesting hole. It might not be the biggest overall mineralized intercept for grade times meters, but it seems to be the best indicator for a potential feeder system so far. Besides this, if the new mineralization concept could be verified along the west side of South and West Ayawilca, and hopefully in between, including the extremely high grade, this could imply a significant improvement for already impressive hypothetical PEA economics. Tinka Resources seems very much on its way to a 50Mt target, and this estimated tonnage could prove to be very profitable as well. In that case, upcoming PEA-generated NPV and IRR figures could firmly establish Tinka as the next take over target after Arizona Mining. This could be shaping up as a pretty interesting second half of this year.

I hope you will find this article interesting and useful, and will have further interest in my upcoming articles on mining. To never miss a thing, please subscribe to my free newsletter at www.criticalinvestor.eu, in order to get an email notice of my new articles soon after they are published.

Disclaimer:

The author is not a registered investment advisor, and has a long position in this stock. Tinka Resources is a sponsoring company. The views, opinions, estimates or forecasts regarding Tinka’s performance are those of the author alone and do not represent opinions, forecasts or predictions of Tinka or Tinka’s management. Tinka has not in any way endorsed the information, conclusions or recommendations provided by the author.

All facts are to be checked by the reader. For more information go to www.tinkaresources.com and read the company’s profile and official documents on www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.

Figure 11. Ayawilca project surroundings

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Maple Gold intersects several mineralized zones and extends mineralization at depth in west-central Resource Area

Maple Gold Mines Ltd. (“Maple Gold” or the “Company”) (TSX-V: MGM, OTCQB: MGMLF; Frankfurt: M3G – https://www.youtube.com/watch?v=QHmDlWCznkI&t=11s) is pleased to report additional drill results from the western half of the Porphyry Zone within the current Resource Area at the Douay Property. Within this area (see Figure 1) a total of eight (8) infill and step-out holes were drilled in 2018, with assays pending for the westernmost hole of these only. Both geological observations and assay results for these new holes show good continuity of mineralization in this area, with several higher grade intervals, within a syenite dyke or dyke swarm in the hanging wall of one of the Casa Berardi Faults (see Figure 2).

  • DO-18-229 cut several mineralized zones, including 0m of 1.90 g/t Au, 8.5m of 3.80 g/t Au (uncapped) and 5.5m of 1.94 g/t Au, all of which form part of a broader envelope of lower-grade halo mineralization which extends to surface in historical hole D-92-07 (see Figure 2A).
  • DO-18-234 cut several mineralized zones, including an upper zone in basalt with 7.0m grading 1.47 g/t Au and a lower zone in syenite with 27.9m grading 0.66 g/t Au. The latter extends to surface in historical hole DO-05-02 (see Figure 2B)
  • DO-18-230 also cut multiple mineralized zones, including an upper zone in basalt with 8m grading 1.25 g/t Au and a lower zone in syenite with 24.0m grading 0.75 g/t Au, including 7.0m grading 1.17 g/t Au. These zones also extend to surface in holes DO-12-97 and 70586-0, respectively (see Figure 2C)

In addition to the highlights mentioned above, several other drill-holes successfully confirmed both lateral and vertical continuity of mineralization (see Table 1: Highlighted Drill-Results to-date from the Western Portion of the Porphyry Zone, below).

Maple Gold’s President and CEO, Matthew Hornor, stated: “Infill and step-out drilling has successfully confirmed down-dip extensions of existing mineralized zones in the main Porphyry Zone. Further drill results are expected in the coming weeks from the Nika Zone, the eastern half of the Porphyry Zone and also from new greenfields drilling to the NE and NW of the Resource Area.”

Table 1: Highlighted 2018 Drill Results to-date from Western Portion of the Porphyry Zone
(Newly reported drill-holes shaded grey)

Intervals given are all down-the hole lengths, which are estimated to be approximately 90% of true width. Coordinates are NAD83 Zone 17N. All assays were performed by ALS Laboratories by AU-ICP21, i.e. 30 g fire assay with ICP finish with any over limits (>10 g/t Au) redone by AU-GRA21, i.e. gravimetric analysis of 30g sample weight. Nominal cut-off to obtain intercepts is 0.25 g/t Au, but depending on grade distribution effective cut-offs can be somewhat higher or lower. All intercepts are uncapped, those identified with (*) include samples with overlimits (>10 g/t Au); which may be subject to grade capping during future resource estimation.

2018 drilling in the western half of the Porphyry Zone shows a broad (90-130m true width) halo of gold mineralization, extending several hundred meters along strike and mainly hosted in syenites (see Figures 1,2) within which higher grade (>1 g/t Au) intervals are found. In some cases the lower portion of the halo has the best grades (e.g. DO-18-229 shown in Figure 2A), in others the upper portion (DO-18-230 shown in Figure 2C). Narrow high grade structures are also found in basaltic wallrocks (Figure 2B).

The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Fred Speidel, M. Sc, P. Geo., Vice-President Exploration, of Maple Gold. Mr. Speidel is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Speidel has verified the data related to the exploration information disclosed in this news release through his direct participation in the work.

Quality Assurance (QA) and Quality Control (QC)

Maple Gold implements strict Quality Assurance (“QA”) and Quality Control (“QC”) protocols at Douay covering the planning and placing of drill holes in the field; drilling and retrieving the NQ-sized drill core; drill-hole surveying; core transport to the Douay Camp; core logging by qualified personnel; sampling and bagging of core for analysis; transport of core from site to the analytical laboratory; sample preparation for assaying; and analysis, recording and final statistical vetting of results. For a complete description of protocols, please visit the Company’s QA/QC page on the website at: http://maplegoldmines.com/index.php/en/projects/qa-qc-qp-statement

About Maple Gold

Maple Gold is an advanced gold exploration company focused on defining a district-scale gold project in one of the world’s premier mining jurisdictions. The Company’s 377 km² Douay Gold Project is located along the Casa Berardi Deformation Zone within the prolific Abitibi Greenstone Belt in northern Quebec, Canada. The Project has an established gold resource[1] that remains open in multiple directions, with excellent infrastructure and several large scale operating mines within this prolific mining district. Maple Gold has now completed a significant winter drill campaign to expand on the known Resource Areas and test new discovery targets within the Company’s 55 km of strike along the Casa Berardi Deformation Zone. For more information please visit www.maplegoldmines.com.

[1] (Micon 2018) 479,000 ounces at 1.59 g/t Au (Indicated category) and 2,759,000 ounces at 1.02 g/t Au (Inferred category), using a 0.45 g/t Au cut-off grade. Please visit www.maplegoldmines.com or the Company’s SEDAR filings for a copy of the Micon 2018 report.

Forward Looking Statements:

This news release contains “forward-looking information" and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about the prospective  mineral potential of the Porphyry Zone, the potential for significant mineralization from other drilling in the referenced drill program and the completion of the drill program. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding timing and completion of the private placement. When used herein, words such as “anticipate”, “will”, “intend” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are based on certain estimates, expectations, analysis and opinions that management believed reasonable at the time they were made or in certain cases, on third party expert opinions. Such forward-looking statements involve known and unknown risks, and uncertainties and other factors that may cause our actual events, results, performance or achievements to be materially different from any future events, results, performance, or achievements expressed or implied by such forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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Auryn Acquires Good Lucky Prospect and Discovers New Prospects at Sombrero

Auryn Resources Inc. (TSX: AUG, NYSE American: AUG) (“Auryn” or the “Company” – https://www.youtube.com/watch?v=89IOKIaiPvc&index=4&list=PLBpDlKjdv3yoWEe8WGEU2dq8ikvb5EJ4l&t=0s) is pleased to announce the acquisition of rights to the Mollecruz concessions, which are key claims in the northern area of the Sombrero Project, located in southern Peru. The Mollecruz concessions include the Good Lucky prospect, which is located five kilometers from the Sombrero project, where Auryn recently trenched 99 meters of 0.46% copper equivalent. Samples taken within the Mollecruz concessions yielded results up to 5.12 g/t gold and 4.29% copper.

In addition, two new prospects, Totora and Uchuy, have also been discovered through sampling. At Totora, Auryn’s geologists have sampled gold values up to 5.07 g/t and copper values up to 3.14%. At Uchuy, strong arsenic and antimony values have been sampled which indicate the potential for proximal base and precious metal mineralization.

A Message from Auryn’s Executive Chairman and Director:

Ivan Bebek stated, “The Sombrero project continues to impress us both with the potential size of the structures and grades of mineralization we continue to identify.”

The Good Lucky Prospect:

The Good Lucky prospect is located within the Mollecruz concessions which are approximately 1,000 hectares and represent another cluster of mineralizing intrusive bodies in the Sombrero district that are characterized by copper-gold skarn mineralization (Figure 1). 

The principle skarn body at the Good Lucky prospect demonstrates high-grade copper-gold mineralization sampled over a 600 meter length and over 250 vertical meters (Figure 2).  Rock samples graded up to 5.12 g/t gold and 4.29% copper in sulphide mineralization. A summary of the highlights is presented below in Table 1.

All samples disclosed in this table were grab samples and were selectively taken. The results are not necessarily representative of the mineralization hosted on the property.

Importantly, the skarn mineralization encountered at Good Lucky occurs in the Gramadal limestone sequence situated below the Ferrobamba limestone sequence. The Ferrobamba sequence hosts mineralization at the Sombrero project as well as the Tintaya and Las Bambas deposits (Figure 3).  This is significant because it demonstrates that there are two mineralized limestone sequences within the district, increasing the likelihood of a potential discovery. The outcropping mineralization is interpreted to extend under thin volcanic cover to the north. A magnetic survey will be conducted to determine the extent of the system.

Terms of the Acquisition

Under the terms of an option agreement dated June 22, 2018, the Company may acquire a 100% interest in the Mollecruz concessions by completing US$3,000,000 in work expenditures and by making payments totaling US$1,600,000 to the underlying owner over a five year period. At signing, Auryn paid US$50,000 and upon exercise of the option, the underlying owner will retain 0.5% NSR royalty with an advance annual royalty payment of US$50,000.

Totora and Uchuy Prospects:

Auryn has followed-up on results from its regional 2017 stream sediment survey in the concessions to the west of Good Lucky and has identified previously unknown copper-gold porphyry-style of mineralization (the Totora prospect) and an area of abundant skarn mineralization (the Uchuy prospect). These prospects have been discovered in an area with extensive post-mineralization volcanic cover.

At Totora, a 50-meter-wide porphyritic monzonite dyke within a larger diorite body has been identified.  The dyke itself is completely altered by porphyry-style silica and clay and has extensive stockwork veining over its entire width (Figure 4). Reconnaissance sampling from Totora has yielded gold and copper mineralization over a 200 meter length with rock samples grading up to 4.92g/t gold and 3.14% copper along the margins of the monzonite dyke.  Additional rock samples have been collected across the stockwork vein system with results expected in the coming weeks. 

Auryn’s technical team views the discovery of the Totora prospect as highly significant because it demonstrates the potential for copper-gold porphyry-style mineralization within the Sombrero district.  A summary of the reconnaissance rock samples from Totora is presented below in Table 2. 

A Message from Auryn’s COO and Chief Geologist:

Michael Henrichsen stated, “Our sampling and mapping over the northern half of the Sombrero Project is identifying high-grade gold and copper mineralization over several kilometers.  We view the new prospects of Good Lucky, Totora and Uchuy as the next mineralized cluster of intrusive bodies within the greater Sombrero district. The technical team is very excited about the potential of the district and the effectiveness of our regional stream sediment survey in identifying mineralized bodies.”

Michael Henrichsen (Chief Operating Officer), P.Geo is the QP who assumes responsibility for the technical contents of this press release.

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, 2016 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.

Grabs 2018 Sampling (Sombrero, Peru):

All samples were approximately 2kg of rock chips material per sample and were collected for analysis and sent to ALS Lab in Lima, Peru for preparation and analysis. All samples are assayed using 30g nominal weight fire assay with ICP finish (Au-ICP21) and multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61). Where ICP21 results were > 3 g/t Au the assay were repeated with 30g nominal weight fire assay with gravimetric finish (Au-GRA21). Where MS61 results were greater or near 10,000 ppm Cu, Zn or Pb the assay were repeated with ore grade four acid digest method (OG62). QA/QC programs for 2018 rock grab samples using internal standard and blank samples; field and lab duplicates indicate good overall accuracy and precision. Grab samples were selectively taken and are not representative of the average mineralization in the area.

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TerraX appoints David Suda as President and CEO

TerraX Minerals Inc. (TSX-V: TXR; Frankfurt: TX0; OTC Pink: TRXXF – https://www.youtube.com/watch?v=kLSt_VpUzmw&t=1s&list=PLBpDlKjdv3yoX1N3x4RmnEyhecw5EVhv9&index=4 ) is pleased to announce that David Suda has been appointed as President and Chief Executive Officer of the Company, effective immediately.  Mr. Suda will work closely with Joseph Campbell, the Executive Chairman of TerraX, to help lead the company towards continued success in discovery while enhancing the Company’s profile within the investment community.

"David Suda’s appointment is an exciting milestone and comes at an integral time for TerraX”, says Joe Campbell, Executive Chairman. "David’s people-focused leadership style and capital markets experience will improve the company’s ability to finance and fully capitalize on TerraX’s exploration successes and exceptional opportunities.”

David Suda has over 11 years of capital markets experience. He graduated with honours from York University with a Bachelor’s Degree in Environmental Studies.  Most recently, Mr. Suda was Head of Trading and Managing Director at Beacon Securities.  He has established relationships with investors including institutional managers and public companies.   His extensive capital markets experience with a focus on public resource-based companies will provide TerraX access to a skill set which includes marketing, corporate strategy and investment banking.

David Suda, President and CEO stated “It is an exciting and unique opportunity to work with a gold exploration company with so much upside and access to infrastructure in a favorable mining jurisdiction such as Terrax. The work of the team led by Joe Campbell and the commanding land position that has been assembled around two of the highest grade historic gold mines in Canada are the reasons I have decided to join the company.  I look forward to working with such a strong technical team to broaden the profile, heighten interest and provide increased value to shareholders.”

Joe Campbell further stated   “David brings new energy, vision, strategic thinking and discipline to TerraX as we move towards achieving our long term goal of establishing a major world class Canadian gold district. In addition, David’s background in Environmental Studies will ensure that we maintain and grow our strong relationship with the community in Yellowknife.  I am excited to mentor David in his new role, and to follow his lead on investment and corporate strategy.”

TerraX Minerals Inc. has agreed, subject to regulatory approval, to grant incentive stock options to Mr. Suda on 1,250,000 common shares at an exercise price of $0.41 per share for a period of three years from the date of grant.  These options will vest over an eighteen month period.

To accommodate Dave Suda’s appointment, Stuart Rogers has agreed to step down as President and to serve as Chief Financial Officer, replacing Mark Gelmon, who will be leaving the Company at the end of June.

About the Yellowknife City Gold Project

The Yellowknife City Gold ("YCG") project encompasses 772 sq km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, TerraX controls one of the six major high-grade gold camps in Canada. Being within 10 km of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power and skilled tradespeople.

The YCG lies on the prolific Yellowknife greenstone belt, covering 70 km of strike length along the main mineralized break in the Yellowknife gold district, including the southern and northern extensions of the shear system that hosted the high-grade Con and Giant gold mines. The project area contains multiple shears that are the recognized hosts for gold deposits in the Yellowknife gold district, with innumerable gold showings and recent high-grade drill results that serve to indicate the project’s potential as a world-class gold district. 

For more information on the YCG project, please visit our web site at www.terraxminerals.com

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