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Clean Air Metals Announces a Mineral Resource for the Thunder Bay North Project including a total Indicated Resource of 16,285,396 tonnes at an average grade of 3.5 g/t PdEq containing 1,834,158 ounces PdEq and a total Inferred Resource of 9,852,138 tonnes at an average grade of 2.1 g/t PdEq containing 663,660 ounces PdEq

Clean Air Metals Inc. (“Clean Air Metals” or the “Company“) (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce that the Company has released an updated Indicated and Inferred mineral resource estimate prepared in accordance with National Instrument 43-101 (“NI 43-101″) for the Company’s 100%-owned Thunder Bay North Project (the “Project“) which includes both the Current Lake and Escape Lake deposits.

The mineral resource estimate was prepared by Nordmin Engineering Ltd. (“Nordmin“) and is based on an underground ramp-access constrained resource model with a cutoff value equating to 1.56 g/tonne PdEq (2.56 g/tonne PtEq) using 3-year trailing average metal prices for all metals except cobalt, which used a 2-year trailing average as described below in Table 8. A technical report will be filed on SEDAR within 45 days of the date of this news release.

The Current Lake Deposit contains an Indicated mineral resource of 11,999,177 tonnes grading 3.44 g/t PdEq and an Inferred mineral resource of 6,406,960 tonnes grading 2.02 g/tonne PdEq (See Table 1; Figure 2).

The Escape Lake Deposit contains an Indicated mineral resource of 4,286,220 tonnes grading 3.67 g/t PdEq and an Inferred mineral resource of 3,445,179 tonnes grading 2.23 g/tonne PdEq (See Table 2; Figure 3).

Highlights

  • Indicated mineral resources at Thunder Bay North Project are approximately 1.33 million oz PdEq in the Current Lake Deposit and 0.50 million oz PdEq in the Escape Lake Deposit.
  • Inferred mineral resources at Thunder Bay North Project are approximately 0.41 million oz PdEq in the Current Lake Deposit and 0.25 million oz PdEq in the Escape Lake Deposit.
  • The underground resource at the Current Lake Deposit will now be the focus of a Preliminary Economic Assessment which will include specific work on geotechnical analysis and bench scale testing on a drilled bulk sample of mineralized material to verify metallurgical recoveries.
  • The Indicated mineral resource is developed in multiple zones which exhibit a variable grade profile with highest grades occurring at relatively shallow depths, including the lower Current Zone and Bridge Zone in the Current Lake Deposit. (See Table 3; Figure 1).
  • The initial mineral resource at Escape Lake is geologically open and will be the target of an extensive systematic drilling program planned for 2021.
  • Current Lake and Escape Lake are polymetallic deposits with a roughly 1:1 platinum to palladium ratio and comparable geological attributes and metal grades.
  • Nickel and Copper contribute significant metal values and will be tested for metallurgical flotation and recovery potential.
  • Gold, Silver, Cobalt and Rhodium are potentially valuable byproducts in the metal mix at Thunder Bay North Project.

Table 1: Thunder Bay North Project – Grade Summary

Grade

Category

Tonnes

Pt (g/t)

Pd
(g/t)

Au
(g/t)

Ag
(g/t)

Rh
(g/t)

Co
(g/t)

Cu (%)

Ni (%)

PtEq 
(g/t)

PdEq
(g/t)

Indicated – Current Lake

11,999,177

1.48

1.40

0.07

1.32

0.04

137

0.28

0.17

5.79

3.44

Indicated – Escape Lake

4,286,220

0.92

1.18

0.12

2.45

0.06

209

0.52

0.28

6.16

3.67

TOTAL INDICATED RESOURCE

16,285,396

1.33

1.34

0.08

1.62

0.05

156

0.34

0.20

5.89

3.50

Inferred – Current Lake

6,406,960

0.68

0.65

0.06

0.95

0.01

123

0.30

0.14

3.40

2.02

Inferred – Escape Lake

3,445,179

0.64

0.73

0.07

1.13

0.00

173

0.33

0.18

3.75

2.23

TOTAL INFERRED RESOURCE

9,852,138

0.67

0.68

0.07

1.01

0.01

140

0.31

0.15

3.52

2.10

Notes: See section “Input Parameters for Resource Calculation” below. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Table 2: Thunder Bay North Project – Contained Metal

Metal

Category

Tonnes

Pt (Oz)

Pd (Oz)

Au
(Oz)

Ag (Oz)

Rh (Oz)

Co
(Tonnes)

Cu
(Tonnes)

Ni
(Tonnes)

PtEq 
(Oz)

PdEq 
(Oz)

Indicated – Current Lake

11,999,177

569,176

538,181

26,121

508,434

16,998

1,649

33,751

20,969

2,233,575

1,328,789

Indicated – Escape Lake

4,286,220

127,090

162,337

16,928

337,946

8,009

896

22,390

12,016

849,481

505,369

TOTAL INDICATED RESOURCE

16,285,396

696,266

700,517

43,050

846,380

25,008

2,544

56,141

32,985

3,083,056

1,834,158

Inferred – Current Lake

6,406,960

140,400

133,333

12,888

195,484

1,836

785

19,155

9,113

700,621

416,810

Inferred – Escape Lake

3,445,179

70,520

80,989

7,754

124,809

71

595

11,293

6,046

414,932

246,850

TOTAL INFERRED RESOURCE

9,852,138

210,919

214,322

20,642

320,293

1,907

1,380

30,449

15,159

1,115,553

663,660

Notes: See section “Input Parameters for Resource Calculation” below. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Webinar

Clean Air Metals will be conducting a webinar to discuss the resource update with Amvest Capital on January 26th at 4:05pm EST. Please see the link below:

Link: https://attendee.gotowebinar.com/register/3724157345636755725?source=co

Executive Comments

Abraham DrostP.Geo., CEO of Clean Air Metals stated, “We are very pleased for our shareholders and participating First Nations with this milestone mineral resource study. An underground ramp-access mine planning approach by Nordmin Engineering has been the key to unlock value at the Thunder Bay North Project. We look forward to a busy year ahead as we continue drilling with two drills in an effort to increase and upgrade mineral resources at the Escape Lake. We also plan on adding a drill at the Current Lake Deposit focused on upgrading Inferred material to Indicated and testing nearby greenfields exploration targets with massive sulphide potential.”

Jim Gallagher, P.Eng., Executive Chairman of Clean Air Metals stated, “The broad suite of metals contained in the Thunder Bay North deposits is quite unique and positions the Company well for participation in the transition to a low carbon transportation future. Tougher emissions standards worldwide have significantly increased loadings of Palladium and Rhodium in auto catalysts pushing prices to near record levels. Platinum prices have risen sharply in the last several months as hydrogen and fuel cells become a viable alternative especially in the trucking and long-distance transportation sectors. Nickel, Copper and Cobalt are key to the battery electric revolution and Gold and Silver provide a potential sweetener to a future revenue stream. Subject to future feasibility studies around economic viability, this could give Clean Air Metals a natural hedge against fluctuating metal prices regardless of which technology becomes dominant.”

Table 3: Current Lake Deposit – Grade Summary

Grade

Category

Area

Tonnes

Pt
(g/t)

Pd
(g/t)

Au
(g/t)

Ag
(g/t)

Rh
(g/t)

Co
(g/t)

Cu
(%)

Ni
(%)

PtEq
(g/t)

PdEq
(g/t)

Indicated – Current Lake

Upper Current

1,089,212

1.60

1.50

0.08

1.72

0.07

148

0.35

0.20

6.50

3.87

Current

1,534,911

2.10

1.96

0.11

2.25

0.05

142

0.41

0.21

7.97

4.74

Bridge

3,355,050

1.72

1.67

0.08

1.49

0.05

130

0.35

0.17

6.67

3.97

Beaver

4,481,507

1.23

1.14

0.05

1.00

0.03

139

0.20

0.16

4.82

2.87

Cloud

1,538,497

0.93

0.89

0.04

0.66

0.04

136

0.17

0.16

4.00

2.38

437-SE

0

TOTAL INDICATED RESOURCE

11,999,177

1.48

1.40

0.07

1.32

0.04

137

0.28

0.17

5.79

3.44

Inferred – Current Lake

Upper Current

0

Current

0

Bridge

0

Beaver

1,735,331

0.80

0.75

0.05

0.79

0.02

146

0.20

0.18

3.72

2.21

Cloud

0

437-SE

4,671,629

0.64

0.61

0.07

1.01

0.01

114

0.34

0.13

3.28

1.95

TOTAL INFERRED RESOURCE

6,406,960

0.68

0.65

0.06

0.95

0.01

123

0.30

0.14

3.40

2.02

Notes: See section “Input Parameters for Resource Calculation” below.

Table 4: Current Lake Deposit – Contained Metal

Metal

Category

Area

Tonnes

Pt 
(Oz)

Pd
(Oz)

Au 
(Oz)

Ag
(Oz)

Rh 
(Oz)

Co
(Tonnes)

Cu
(Tonnes)

Ni
(Tonnes)

PtEq 
(Oz)

PdEq
 (Oz)

Indicated – Current Lake

Upper Current

1,089,212

56,185

52,487

2,692

60,154

2,342

161

3,800

2,150

227,801

135,523

Current

1,534,911

103,563

96,875

5,220

111,114

2,677

218

6,328

3,259

393,310

233,986

Bridge

3,355,050

185,255

179,929

8,702

160,257

5,079

436

11,851

5,832

720,020

428,351

Beaver

4,481,507

177,932

164,879

7,292

144,294

4,842

625

9,168

7,343

694,657

413,262

Cloud

1,538,497

46,241

44,010

2,216

32,615

2,058

209

2,604

2,385

197,787

117,667

437-SE

0

TOTAL INDICATED RESOURCE

11,999,177

569,176

538,181

26,121

508,434

16,998

1,649

33,751

20,969

2,233,575

1,328,789

Inferred – Current Lake

Upper Current

0

Current

0

Bridge

0

Beaver

1,735,331

44,527

41,708

2,718

44,020

1,031

253

3,446

3,203

207,495

123,442

Cloud

0

437-SE

4,671,629

95,873

91,625

10,170

151,464

806

533

15,709

5,910

493,125

293,368

TOTAL INFERRED RESOURCE

6,406,960

140,400

133,333

12,888

195,484

1,836

785

19,155

9,113

700,621

416,810

Notes: See section “Input Parameters for Resource Calculation” below.

Table 5: Escape Lake Deposit – Grade Summary

Grade

Category

Area

Tonnes

Pt
(g/t)

Pd
(g/t)

Au
(g/t)

Ag
(g/t)

Rh
(g/t)

Co
(g/t)

Cu
(%)

Ni
(%)

PtEq
(g/t)

PdEq
(g/t)

Indicated – Escape Lake

Steepledge North

135,650

0.71

0.81

0.06

1.28

0.01

157

0.28

0.18

3.87

2.30

Steepledge South

45,180

0.87

1.02

0.05

1.14

0.00

141

0.28

0.17

4.25

2.53

Escape South Perimeter

1,754,080

0.48

0.58

0.08

1.45

0.03

176

0.37

0.21

3.78

2.26

Escape South High-Grade Zone

2,351,310

1.27

1.65

0.16

3.29

0.08

238

0.66

0.34

8.11

4.82

TOTAL INDICATED RESOURCE

4,286,220

0.92

1.18

0.12

2.45

0.06

208.95

0.52

0.28

6.16

3.67

Inferred – Escape Lake

Steepledge North

148,609

0.44

0.52

0.05

0.53

0.00

150

0.26

0.21

3.14

1.87

Steepledge South

2,287,589

0.74

0.84

0.07

1.15

0.00

173

0.32

0.16

3.96

2.36

Escape South Perimeter

915,422

0.43

0.53

0.08

1.13

0.00

173

0.35

0.19

3.35

1.99

Escape South High-Grade Zone

93,559

0.43

0.34

0.09

1.45

0.01

191

0.38

0.20

3.29

1.96

TOTAL INFERRED RESOURCE

3,445,179

0.64

0.73

0.07

1.13

0.00

173

0.33

0.18

3.75

2.23

Notes: See section “Input Parameters for Resource Calculation” below.

Table 6: Escape Lake Deposit – Contained Metal

Metal

Category

Area

Tonnes

Pt
(Oz)

Pd
(Oz)

Au
(Oz)

Ag
(Oz)

Rh
(Oz)

Co
(Tonnes)

Cu
(Tonnes)

Ni
(Tonnes)

PtEq
(Oz)

PdEq
(Oz)

Indicated – Escape Lake

Steepledge North

135,650

3,087

3,545

266

5,577

43

21

383

238

16,897

10,053

Steepledge South

45,180

1,258

1,485

79

1,653

0

6

125

76

6,175

3,673

Escape South Perimeter

1,754,080

27,083

32,687

4,689

81,633

1,970

308

6,458

3,617

213,401

127,264

Escape South High-Grade Zone

2,351,310

95,662

124,619

11,894

249,083

5,996

560

15,424

8,085

613,007

364,380

TOTAL INDICATED RESOURCE

4,286,220

127,090

162,337

16,928

337,946

8,009

896

22,390

12,016

849,481

505,369

Inferred – Escape Lake

Steepledge North

148,609

2,119

2,462

255

2,508

0

22

394

309

14,985

8,915

Steepledge South

2,287,589

54,498

61,920

4,869

84,680

0

396

7,321

3,771

291,351

173,329

Escape South Perimeter

915,422

12,884

15,314

2,353

33,246

42

158

3,226

1,775

98,690

58,709

Escape South High-Grade Zone

93,559

1,019

1,293

276

4,375

29

18

353

190

9,905

5,896

TOTAL INFERRED RESOURCE

3,445,179

70,520

80,989

7,754

124,809

71

595

11,293

6,046

414,932

246,849

Notes: See section “Input Parameters for Resource Calculation” below.

2021 Exploration Update

A 2021 drill program on the initial resource at the Escape Lake Deposit will commence immediately with two drills, expanding the Escape Lake South high-grade zone area, upgrading Inferred material and filling in the gaps along the 3 km long conduit where geological potential for resource growth exists.

A third drill, commencing in Q2, 2021 will mobilize to the Current Lake Deposit area and upgrade Inferred material in the Beaver Lake Zone. Drilling will also test certain geophysical anomalies identified in last year’s work in the Feeder Zone area underlain by the Escape Lake Fault at the southern base of the Current Lake intrusion. The target in this area is the source of certain narrow, high grade massive sulphide lenses, found injected further up in the Current Lake conduit.

Social Engagement

Clean Air Metals and its wholly-owned subsidiary Panoramic PGMs (Canada) Limited acknowledge that the Escape Lake Property and the Current Lake Property, which collectively make up the Thunder Bay North Project, are on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties have entered into a Memorandum of Agreement as Cooperating Participants and are committed to ongoing updates and dialogue around the Thunder Bay North Project.

Input Parameters for Resource Calculation

Mining Cutoff Grade

The cutoff value used for the mineral resource is US$77/tonne (CA$101/tonne) insitu contained value, 1.58g/tonne Palladium Equivalent (PdEq) (US$77 / (US$1,516.82/31.10305)) or 2.65g/tonne Platinum Equivalent (US$77 / (US$902.38/31.10305)). The cutoff value is calculated based on estimations as follows: direct mining operating cost, onsite milling operating cost, tailings management facility operating cost, indirect operating cost, general and administration (G&A) cost, onsite milling metal recoveries, offsite smelting metal recoveries, and smelter metal payable percentages. A total estimated operating cost of CA$66.91/tonne of mill feed is comprised of;

  • Direct mining operating cost for underground mining of CA$35.88/tonne mill feed, consisting of the weighted average; 75% longhole open stope mining CA$30.45/tonne mill feed and 25% drift and fill mining CA$52.19/tonne mill feed,
  • Onsite milling and tailings management facility operating cost of CA$18.00/tonne mill feed,
  • Total indirect operating cost and G&A cost of CA$13.03/tonne mill feed.

Onsite estimated mill metal recoveries, offsite estimated smelting metal recoveries and estimated smelter payable percentages used for mineral resource cutoff grade calculations are summarized in Table 7. For resource cutoff calculation purposes, a mining recovery of 100.0% and 0.0% mining dilution were applied. The applicable metal prices are summarized in Table 8.

Table 7: Contained Metals Parameters of Mineral Resource Cutoff Grade Calculations

Parameter

Pd

Pt

Ag

Au

Cu

Ni

Co

Rh

Onsite Mill Metal Recoveries

75.00%

75.00%

50.00%

50.00%

90.00%

90.00%

90.00%

75.00%

Offsite Smelting Metal Recoveries

85.00%

85.00%

85.00%

85.00%

85.00%

90.00%

50.00%

85.00%

Smelter Payable Percentages

98.00%

98.00%

85.00%

97.00%

100.00%

100.00%

100.00%

98.00%

Note: Values taken from Panoramic Resources “AMEC Technical Report dated 6 October 2010”.

Geological Domaining

Nordmin examined and modelled the mineralization within the Current Lake and Escape Lake deposits for the purpose of grade concentration and isolation of composites, while including lithological, geochemical, and structural correlations between rock types that are influencing the mineralization at each respective deposit.

Domain wireframes were modelled for seven grade elements, including combined Platinum (“Pt”) and Palladium (“Pd”), Gold (“Au”), Silver (“Ag”), Copper (“Cu”), Nickel (“Ni”), Cobalt (“Co”), and Rhodium (“Rh”).  Each domain was built using geology, mineralization, and grade bin for a combination of Background grade (“BG”), Low Grade (“LG”), Medium Grade (“MG”), and High Grade (“HG”).  Background grades were isolated through applying the overall conduit wireframe.  The criteria include:

Current Lake Deposit

  1. Platinum and Palladium: Platinum and Palladium grades were summed and the resulting total used to model with the following criteria: BG Pt+Pt < 2 g/t, LG Pt+Pt 2 g/t to 6 g/t, MG Pt+Pd 6 g/t to 12 g/t, HG Pt+Pd > 12 g/t
  2. Gold:  BG Au < 0.25 g/t, HG Au > 0.25 g/t
  3. Silver: BG Ag < 5 g/t, HG Ag > 5 g/t
  4. Copper: BG: < 1% Cu, LG 1% to 2% Cu, MG 2% to 4% Cu, HG > 4% Cu
  5. Nickel BG < 0.25% Ni, LG 0.25% to 0.5% Ni, MG 0.5% to 1% Ni, HG > 1% Ni
  6. Cobalt: BG Co < 250 g/t, LG Co 250 g/t to 500 g/t, HG Co > 500 g/t
  7. Rhodium: BG Rh < 0.25 g/t, LG Rh 0.25 g/t to 0.5 g/t, MG Rh 0.5 to 1.0 g/t, HG Rh > 1.0 g/t

Escape Lake Deposit

  1. Platinum and Palladium: Platinum and Palladium grades were summed and the resulting total used to model with the following criteria: BG Pt+Pt < 2 g/t, LG Pt+Pt 2 to 6 g/t, MG Pt+Pd 6 to 12 g/t, HG Pt+Pd > 12 g/t
  2. Gold:  BG Au < 0.25 g/t, HG Au > 0.25 g/t
  3. Silver: BG Ag < 2.5 g/t, LG Ag 2.5 g/t to 5 g/t, HG Ag > 5 g/t
  4. Copper: BG: < 1% Cu, LG 1% to 2% Cu, HG > 2% Cu
  5. Nickel BG < 0.25% Ni, LG 0.25% to 0.5% Ni, MG 0.5% to 1% Ni, HG > 1% Ni
  6. Cobalt: BG Co < 250 g/t, LG Co 250 g/t to 500 g/t, HG Co > 500 g/t
  7. Rhodium: BG Rh < 0.25 g/t, LG Rh 0.25 g/t to 0.5 g/t, MG Rh 0.5 g/t to 1.0 g/t, HG Rh > 1.0 g/t

Wireframes were initially created on 10 m to 20 m plan sections and adjusted on vertical section views to edit and smooth each wireframe where required. When not cut off by drilling, the wireframes terminate at the contact of the conduit or due to lack of drilling, whichever was most appropriate. No wireframe overlapping exists within a given domain, but all domains are independent of each other.

The use of explicit modelling allows for mineralization in context with the deposit geology and associated geochemistry to be considered. It is Nordmin’s opinion that the explicit modelling approach minimizes risks compared to using implicit modelling for each deposit.

Compositing

Compositing of samples is a technique used to give each sample a relatively equal length to reduce the potential for bias due to uneven sample lengths; it prevents the potential loss of sample data and reduces the potential for grade bias due to the possible creation of short and potentially high-grade composites that are generally formed along the zone contacts when using a fixed length.

The raw sample data was found to have a relatively narrow range of sample lengths. Samples captured within all zones were composited to 1.0 m regular intervals based on the observed modal distribution of sample lengths, which supports a 5.0 m x 5.0 m x 5.0 m block model (with sub-blocking). An option to use a slightly variable composite length was chosen to allow for backstitching shorter composites that are located along the edges of the composited interval. All composite samples were generated within each mineral lens with no overlaps along boundaries. The composite samples were validated statistically to ensure there was no loss of data or change to the mean grade of each sample population.

Block Model Resource Estimation

A “soft boundary” was used for the application of composites for all mineralized domains except for the background domains, as follows:

  • Background Grade: Selected composites include only background domain composites.
  • Low Grade: Selected composites included background and low-grade domain composites.
  • Medium Grade (where applicable): Selected composites included medium and low-grade domain composites.
  • High Grade (where applicable): Selected composites included high grade and medium grade domain composites.

A series of upfront test modelling was completed to define an estimation methodology to meet the following criteria:

  • Representative of the deposit geology and structural models.
  • Accounts for the variability of grade, orientation, and continuity of mineralization.
  • Controls the smoothing (grade spreading) of grades and the influence of outliers.
  • Accounts for most of the mineralization.
  • Is robust and repeatable within the mineral domains.
  • Supports multiple domains.

Multiple test scenarios were evaluated to determine the optimum processes and parameters to use to achieve the stated criteria. Each scenario was based on Natural Neighbour (NN), Inverse Distance Squared (ID2), Inverse Distance Cubed (ID3), and Ordinary Kriging (OK) spatial interpolation and weighted averaging methods.

All test scenarios were evaluated based on global statistical comparisons, visual comparisons of composite samples versus block grades, and the assessment of overall smoothing. Based on results of the testing, it was determined that the final resource estimation methodology would constrain the mineralization by using hard wireframe boundaries to control the spread of high to grade and low to grade mineralization. OK was selected as the best representative interpolation method.

Equivalency

Equivalency formulas were calculated and used for reporting purposes.  The derivation of the equivalency formulas is based on accepted industry practices.  All equivalencies are reported as in-situ grades and are calculated using the trailing average commodity price deck referenced in Table 8.

Platinum equivalency (“Pt Eq”) and Palladium Equivalency (“Pd Eq”) was calculated for each deposit through the following formulas, using components from platinum (“Pt”), palladium (“Pd”), gold (“Au”), silver (“Ag”), copper (“Cu”), nickel (“Ni”), cobalt (“Co”), and rhodium (“Rh”):

Notes:

  • All percentage grades referenced in the formulas for Cu and Ni are numeral percentage rather than decimal percentages (i.e., 2% is 2.0, not 0.02).
  • 0.06857 is used for troy ounce and pound conversion.
  • 2204 is used for tonne and pound conversion.
  • 10,000 is used to convert from numerical percentage to grams.

Additional

  • The Independent and Qualified Person responsible for the Mineral Resource Estimate is Glen Kuntz, P.Geo. of Nordmin Engineering Ltd., Thunder Bay, Ontario, and the effective date of the estimate is January 18, 2021.
  • CIM Definition Standards on Mineral Resources and Reserves were used for the Thunder Bay North Project mineral resource estimate.
  • 3-year trailing average prices were used for all calculations with the exception of cobalt which used a 2-year trailing average price as itemized in Table 8.
  • Resource excludes all material immediately below Current Lake, above a minimum crown pillar thickness of 20m which is assumed to be not recoverable by underground methods.
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
  • Minor variations may occur during the addition of rounded numbers.
  • Calculations used metric units (meters (m), tonnes (t) and grams/tonne (g/t).

Table 8: Commodity Prices Used in Resource Calculation

Commodity

Units

Assumption
(USD$)

Palladium

per oz

$ 1,516.82

Platinum

per oz

$ 902.38

Silver

per oz

$ 17.35

Gold

per oz

$ 1,469.60

Copper

per lbs

$ 2.87

Nickel

per lbs

$ 6.15

Cobalt

per tonne

$ 34,839.16

Rhodium

per oz

$ 4,910.67

Note: 3-year trailing average except Cobalt is 2-year trailing average.

Qualified Persons

The Mineral Resource estimate was independently prepared under the supervision of Mr. Glen Kuntz, P.Geo. (Ontario) of Nordmin Engineering Ltd., a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Verification included a site visit to inspect drilling, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition, a random selection of the drill hole database results was compared with original records.

About Clean Air Metals Inc.

Clean Air Metals’ flagship asset is the Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum Holdings. The Clean Air Metals project hosts the Current Lake Deposit and magma conduit and the Company is actively exploring the Escape Lake Deposit, a twin structure to the Current Lake Deposit. Executive Chairman Jim Gallagher, P.Eng. and CEO Abraham Drost, P.Geo. lead an experienced team of geologists and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December, 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS

“Abraham Drost”
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.

For further information, please contact:

Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Phone: 807-252-7800
Email: adrost@cleanairmetals.ca
Website: www.cleanairmetals.ca

Neither the 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

The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the potential of the Thunder Bay North Project and the Escape Lake and Current Lake deposits and timing of technical studies and mineral resource estimates. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. 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 forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectations or projection.

SOURCE Clean Air Metals Inc.

Related Links

https://www.cleanairmetals.ca/

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GR Silver Mining Reports Wide and High-Grade Zones from New Underground Drilling in the Plomosas Mine Area:


  • 83 m @ 420 g/t AgEq1, including
  • 11 m @ 1,596 g/t AgEq, and
  • 4 m @ 1,319 g/t AgEq

GR Silver Mining Ltd(TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report wide and high-grade drill results from the Company’s underground core drilling program in the Plomosas Mine Area, as well as validation sampling results from historic drilling, at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The underground drilling program is targeting bulk tonnage-style mineralization in the Plomosas Mine Area (following the Company’s recent discovery at level 775, approximately 250 m below surface) aiming to delineate high margin precious and base metals mineralization with potential for large tonnage and scalability.

The successful underground exploration drilling program at the Plomosas Mine Area has discovered extensions to the wide mineralization previously sampled at level 775, both below, and laterally to, previously mined areas. The mineralization is represented by thick intercepts of Au-Ag-Pb-Zn-Cu mineralization hosted in a series of hydrothermal breccias.

Drill intercept highlights from recently completed hole PLI20-042 include (see also Table 1):

  • 83.0 m @ 420 g/t AgEq (2.52 g/t Au, 33 g/t Ag, 0.9 % Pb, 2.9 % Zn and 0.3 % Cu, from 98.0 to 181.0 m), including:
    • 4.0 m @ 1,319 g/t AgEq (9.35 g/t Au, 38 g/t Ag, 0.4 % Pb, 10.5 % Zn and 0.3 % Cu); and
    • 11.0 m @ 1,596 g/t AgEq (9.41 g/t Au, 135 g/t Ag, 5.7 % Pb, 9.8 % Zn and 0.5 % Cu)

_________________________

1

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$3.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

2

As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths.

Two oriented underground core drill holes (PLI20-03, PLI20-04), drilled by GR Silver Mining, have provided important geological, structural and mineralization data, thus aiding the interpretation of these wide, high-grade zones. This data is assisting in the investigation of additional broad zones of sulphide-rich (sphalerite, galena and chalcopyrite) mineralization hosted in structurally controlled hydrothermal breccias in the Plomosas Mine Area (link to core photos).

Four historic underground drill holes (PLI17-05, PLI17-08, PLI17-15 and PLI17-16), located nearby, were also validated with new sampling by GR Silver Mining. All data and additional new sample results are being incorporated into a 3D geological model (Figure 1).

GR Silver Mining President and CEO, Marcio Fonseca, commented, “These are extraordinary drilling results from the Plomosas Mine Area, indicating potential for size and scalability in the geological model to host attractive precious and base metals mineralization in areas close to existing underground development. We will continue with underground drilling in the vicinity of this polymetallic mineralization in 2021 and will also apply the technical knowledge to look for similar mineralization in other targets in the Plomosas Silver Project.”

The drill hole PLI20-04 represents a 25 m step-out from the previously released high grade discovery  at the deepest level (775m RL) of the Plomosas Mine Area (see News Release dated 28 September, 2020). The step-out area displays an intersection of two fault systems: the low angle N-S trending Plomosas Fault and high angle NE oriented faults (see cross section 2551950N).

The wide mineralized zone is mainly comprised of high-grade Au-Ag-Pb-Zn hydrothermal breccia, with late disseminated chalcopyrite (Cu) – pyrite rich veins/veinlets. A pervasive chalcopyrite-pyrite quartz stockwork system is common not only on the footwall, but also on the hanging wall of the mineralized hydrothermal breccia. This system is apparently hosted by the two fault systems and also by specific geological units, oxidized andesites and andesitic tuffs, defining a prospective corridor along strike. A similar style of mineralization was recently mapped in the upper levels of the Plomosas Mine Area and is currently the subject of detailed exploration. Based on the recent underground drilling results, GR Silver Mining is continuing the investigation of all historical underground sampling in order to delineate new zones for drilling, aiming to incorporate all new areas in the upcoming NI 43-101 resource estimation.

Table 1 and 2 summarize the most significant assay results for the underground drill holes reported in this News Release.

Table 1: Underground Drill Hole Results – News Release January 05, 2021 (Plomosas Mine Area)

Hole No.

Type

From (m)

To (m)

Drilled width (m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq g/t

PLI20-03

UG

No significant assays

PLI20-04

UG

98.0

181.0

83.0

33

2.52

0.9

2.9

0.3

420

includes

99.0

103.0

4.0

38

9.35

0.4

10.5

0.3

1,319

139.0

150.0

11.0

135

9.41

5.7

9.8

0.5

1,596

Table 2: Historic Underground Drill Hole Results – News Release January 5, 2021 (Plomosas Mine Area)

Hole No.

Type

From (m)

To (m)

Drilled width (m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

 AgEq g/t

PLI17-05

UG

120.0

125.0

5.0

58

na

na

na

na

PLI17-08

UG

80.0

98.7

18.7

31

0.21

1.5

1.6

na

152

includes

91.0

95.6

4.6

88

0.73

5.8

5.3

0.1

512

PLI17-15

UG

0.0

41.1

41.1

14

0.35

1.5

2.8

na

180

PLI17-16

UG

0.0

32.1

32.1

6

0.39

1.9

1.9

na

As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn.and 70% Cu. “na” = no relevant assays. All numbers are rounded. Results are uncut and undiluted. UG: Underground Drill Hole, SURF: Surface Drill Hole

The following table (Table 3) summarizes the collar locations for drill holes identified in this News Release.

Table 3: Drill Hole Locations – News Release January 5, 2021 (Plomosas Mine Area)

Hole No.

East (m)

North (m)

RL (m)

Azimuth

Dip

Depth (m)

PLI20-03

451152

2551934

748

270

-10

165

PLI20-04

451152

2551934

748

270

-30

230

PLI17-05

451022

2551887

705

0

-45

125

PLI17-08

450917

2551891

705

56

-45

159

PLI17-15

451022

2551887

705

0

-45

124

PLI17-16

451023

2551886

705

25

-55

104

All numbers are rounded.

GR Silver Mining believes that the Plomosas Mine Area is part of a much larger low sulphidation epithermal system as indicated by field evidence along one kilometre of strike length, where only 400 m of that strike had previously been drilled. The 2020 underground and surface exploration program defined multiple styles of mineralization, creating an opportunity for the Company to continue discovering new mineralized zones close to the surface.

Qualified Person

The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo. He has approved the disclosure herein.

Quality Assurance Program and Quality Control Procedures (“QA/QC”)

The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.

The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.

About GR Silver Mining Ltd.

GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

PLOMOSAS SILVER PROJECT

GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.

The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.

The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.

The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent polymetallic discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.

The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.

The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.

In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.

SAN MARCIAL PROJECT

San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) NI 43-101 resource estimate. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 18, 2019 and amended on June 10, 2020.

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource.

Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11 Moz gold over a period of more than 100 years.

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.

Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SOURCE GR Silver Mining Ltd.

For further information: For Further Information: Contact: +1 (604) 202 3155, Email: info@grsilvermining.com

Related Links

http://www.grsilvermining.com/

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Eloro: Big Breccias in Bolivia

I think it is fair to say that Eloro (V.ELO) CEO Tom Larsen is excited by what the company is finding at its Iska Iska Property in Southern Bolivia. The announcement of a second major mineralized breccia pipe approximately 400m in diameter confirmed Larsen’s belief that Iska Iska may have significant tonnages of commercially viable material.

In the release, Larsen states, “The discovery of a new breccia pipe and outlining of a number of potential targets for breccia pipes is highlighting the potential for Iska Iska to host a significant bulk mineable polymetallic deposit. We are currently preparing access roads to enable additional surface drilling to further evaluate the new pipe as well as drill-test other potential breccia pipe targets.”

Iska Iska was taken on by Eloro as a second project when the company’s La Victoria project in Peru ran into regulatory headwinds. “We have the financing and the drill plan for La Victoria,” said Larsen on the phone. “What we have to get is a land rental agreement from the community. We are making progress on that but it is slow going.”

All of which has meant that Iska Iska has become Eloro’s flagship property. From the start, the property had the advantage of being privately owned and having been operated as a mine previously. The Huayra Kasa underground workings from the previous mine gave Eloro the great advantage of being able to drill from underground drill bays. While those workings are not deep, about 20 meters from surface, they illustrate a potential open pit operation.

“We’re drilling from three underground bays,” said Larsen. “This is on the northern part of the property. We drill holes from each bay in all four directions. Everything we have drilled, so far, has been mineralized. Whether there is commercial mineralization is yet to be determined. We have assay results for five holes with ten holes pending.”

What the drills are finding is a very strong set of indications that Eloro has found a second breccia pipe. “We drilled into the breccia and then we brought in another drill,” said Larsen. “Our hole # 14 drilled from the third underground bay going west intersected almost 180m of silicified and mineralized breccia in the Santa Barbara Breccia Pipe. Hole 14 ended in well-mineralized breccia once the drill reached its depth capacity and only penetrated approximately 50% of the breccia pipe.”

“This Santa Barbara Breccia Pipe is different,” said Larsen. “It’s more circular and about 400 meters in diameter. In the outlying areas of the pipe we’re seeing more lead and zinc. In the center we see tin, copper and bismuth which are less transportable and closer to the heat source. However, the field XRF analyser picking up on these metals is not set up to detect either gold or silver.”

This is the second breccia pipe Eloro has found at Iska Iska. The first was reported November 18, 2020. In that report Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, stated, “Breccia pipes such as the one we have discovered are important hosts of bulk tonnage ore bodies in many producing mines in epithermal and porphyry deposits especially in the Andean Cordillera of Central and South America.  These pipes tend to occur in clusters, and recent geologic work by our Bolivian geologic team led by Dr. Osvaldo Arce indicates the setting at Iska Iska is conducive for discovery of such a cluster.”

As Eloro awaits assay results from its current drill holes it is completing an access road for a surface drill pad for surface definition drilling of the Santa Barbara breccia pipe.

“We have also located a Central Pipe which is to the south,” said Larsen. “It appears to be elongated and about 400 meters by 700 meters.”

“We have potential breccia pipe targets along the ring structure of the collapsed caldera,” said Larsen. “We are very enthused with the results to date. Our team is working very well. Remember, we really only started drilling in September. We’re able to drill 50 to 90 meters a day at a direct cost of about $110 US a meter.”

The breccia pipes may or may not contain commercially viable material but they are strong indicators that there is a magmatic-hydrothermal source underlying the breccias. Dr. Bill Pearson, P.Geo., Chief Technical Advisor commented, “given the strong association of gold with bismuth in the high-grade zones at Huayra Kasa, gold is likely to be present. It is also very likely that there is a major tin-copper-bismuth porphyry system beneath these breccia pipes; this possibility will be tested in the next round of surface diamond drilling.”

“All the rock is mineralized,” said Larsen. “It really suggests a porphyry intrusive running deeper.”

Larsen describes Iska Iska as a “typical Andean Cordilleran system”. What he does not say is that these sorts of systems produce copper, tin, silver and, perhaps, gold in huge tonnages. It is very early days at Iska Iska, but for investors, the very real possibility of a large mining opportunity becomes more realistic with each hole drilled.

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CBLT Enters LOI to Buy 70% of Werner Lake and Updates Hemlo Operations

CBLT Inc. (TSXV: CBLT) (“CBLT“) announces it has entered into a Letter of Intent (the “LOI“) to buy the 70% majority interest in the Werner Lake Copper-Cobalt-Gold Project (“Werner Lake“) from Global Energy Metals Corporation (“GEMC“). Readers are directed to GEMC’s website for details and documents related to Werner Lake (https://www.globalenergymetals.com/projects/werner-lake-cobalt-project/).

“This is an extremely exciting time for CBLT’s shareholders. Efficient M&A activity has meant CBLT has not had to carry out a financing since 2016,” said Peter M. Clausi, CBLT’s CEO. “The recent sale of our interest in Northshore Gold to Ready Set Gold Corp. (currently known as Omni Commerce Corp.) will extend that streak. We are thrilled to be able to use M&A proceeds to acquire and, in the future, develop such an intriguing project as Werner Lake.”

“Given the pandemic and border closures, it is important for us to acquire quality assets in jurisdictions to which our team can travel and work safely. Ontario is a great mining jurisdiction that meets those criteria which helps de-risk the project,” continued Clausi.

Werner Lake

GEMC published an updated NI43-101 resource estimate (the “Report“) on May 11, 2018, a summary of which is:

Indicated: 57.9kt @ 0.51% Cobalt and 0.25% Copper at a 0.25% Cobalt Cut-off for 653,000 lbs of Contained Cobalt

Inferred: 6.3t @ 0.48% Cobalt and 0.14% Copper at a 0.25% Cobalt Cut-off for 67,000 lbs of Contained Cobalt

The author of the Report was AGP Mining Consultants Inc. of Barrie, Ontario. CBLT has read the Report and sees no reason not to rely upon it and GEMC’s public disclosures for the purposes of its own disclosure. CBLT will carry out its own further due diligence prior to closing on the purchase of Werner Lake. As with every report under NI43-101 there are risks the author of the Report was incorrect or incomplete in its research, calculations or conclusions.

According to GEMC, the infill and expansion diamond drilling completed in 2018/2019:

  • Confirmed high-grade cobalt mineralisation intersected in numerous drill holes during previous diamond drilling programs;
  • Provided additional structural and geotechnical data for ongoing project development studies;
  • Increased pierce points within the current block model to enhance the current mineral resource; and
  • Regained an understanding of the geological controls on mineralisation and advance interpretive theories from the detailed work in the mid 1990’s.

Such infill and expansion drilling was carried out by Werner Lake’s 30% joint venture partner, who expended over AUD$1,000,000 to earn that 30%.

There are numerous historic references to ‘gold’ throughout the Report. Further work will be needed to follow up on these references.

Werner Lake is described as follows in the Report:

The Property consists of mineral rights to 108 patented mining claims and two leasehold interests which are 100% held by GEMC; of the 108 patented mining claims, six claims convey both mineral and surface rights.

The Property is located in northwestern Ontario approximately 85 km north of Kenora, Ontario and approximately 85 km east of the town of Lac du Bonnet, Manitoba. The project lies roughly 14 km east of the Manitoba-Ontario border and is located in the Umfreville Lake Sheet, NTS 52L/07, which is part of the Kenora Mining District. Infrastructure and local resources favour continued exploration and future development.

The Werner Lake Geological Belt lies within the Archaean English River sub-province which is a 25 to 100-kilometre-wide by 800-kilometre-long, east-west trending belt of predominantly metasedimentary gneisses intruded by syn- to late-tectonic felsic intrusive rocks within the Superior Geological Province. The Werner Lake Geological Belt is defined by a deep-seated structure that is believed to have ruptured the Superior Province. The structural zone is up to 500 m wide with near vertical dips. At Werner Lake, the structural zone is marked at surface by a prominent 25 to 50 m wide U-shaped valley which disappears to the west under Reynar Lake and is characterized by high grade, amphibolite to granulite facies, metamorphism.

Note the Report pre-dates the 30% earn-in so the reference to the quotation above was correct at the time.

The LOI

CBLT has agreed to pay a total of $270,000 (two hundred and seventy thousand dollars) to GEMC for Werner Lake. Of that amount, $20,000 (twenty thousand dollars) will be immediately paid as a non-refundable deposit. The remainder will be satisfied on the closing by CBLT issuing 5,000,000 (five million) shares issued at a deemed price of five ($0.05) cents per share, plus 3,500,000 (three million and five hundred thousand) common share purchase warrants each exercisable at $0.08 (eight cents) with a two year term. There is no accelerator on these warrants. The LOI terminates on December 19, 2020 unless extended by mutual agreement or a definitive agreement has been reached. A payment of $500,000 (five hundred thousand dollars) would be payable by CBLT to GEMC upon Werner Lake reaching commercial production. CBLT may pay an arm’s length finder’s fee should closing take place. If CBLT disposes of all or part of Werner Lake in the 24 months following closing, twenty per cent of the gross proceeds of such disposition would be payable to GEMC.

The LOI includes the delivery to CBLT of all technical data related to Werner Lake in GEMC’s power, control or possession.

Assuming a definitive agreement is reached, closing of such agreement would be conditional upon approval from the TSX Ventures Exchange and further due diligence by CBLT. CBLT does not believe shareholder approval will be needed.

The Roles of Cobalt and Copper in the Green Revolution

Copper and cobalt are two of the most important metals for the Green Revolution. Under current technological parameters the world will not be able to ‘greenify’ without additional sources of cobalt and copper. CBLT intends to develop its assets, hopefully including Werner Lake once it closes on its purchase, to ethically contribute towards such greenification and the lessening of the carbon footprint.

Hemlo Update

As previously announced CBLT sold its 55% joint venture interest in the Northshore Gold Project in Ontario to Omni Commerce Corp. (“Omni“) for cash and Omni shares. Those shares are subject to a regulatory four month hold and a voluntary escrow agreement providing for staggered releases over the following eight months. The first release from escrow of 25% of CBLT’s holdings will take place on or about December 20, 2020. CBLT has been advised that Omni is making normal corporate progress in the listing of its common shares on the Canadian Securities Exchange. Omni has expressed its intention to change its name to Ready Set Gold Corp.

On November 25, 2020, Omni disclosed it had raised $2,595,337.20 at $0.60 per share, in addition to flow-through financing for $240,000 at a price of $0.75, for an aggregate of $2,835,337.20. To CBLT this is especially impressive as Omni had earlier disclosed its target financing was $1,500,000. Readers are encouraged to review Omni’s press release for details on the financing and an operational update https://bit.ly/39aAYtk.

To the best of CBLT’s knowledge it is one of Omni’s largest shareholders, if not the largest shareholder, and will likely remain so even after Omni closes on its previously announced financing. CBLT is highly supportive of Omni’s efforts.

CBLT applied for a normal course exploration permit from the Ontario Ministry of Energy, Northern Development and Mines for its Big Duck Lake project in September, 2020. The Ministry has not responded as quickly as expected, causing CBLT to re-consider whether it will carry out exploration at Big Duck Lake in 2020 or 2021.

CONTACT INFORMATION

Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com

@ClausiPeter

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

This news release contains certain statements that constitute forward-looking statements as they relate to CBLT and its management. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “should”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, CBLT will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, CBLT assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: converting the LOI described above into a definitive agreement; closing on such definitive agreement in a timely manner; SARS-CoV-2; reliance on key personnel; shareholder and regulatory approvals; First Nations and other local communities; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; commodities pricing; effect of market interest on price of securities; and, potential dilution.

CBLT’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.

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Renforth Successfully Drills Polymetallic Mineralization at Surimeau

Renforth Resources Inc. (CSE:RFR) (“Renforth” or the “Company”) is pleased to announce a first successful drill test on its Surimeau polymetallic project located twenty kilometers south of the town of Cadillac, Québec. The project covering an area of 215 km2 is a regional exploration setting covering an area of interest west of, and adjoining, the Agnico-Eagle and Yamana Gold owned Canadian Malartic Mine.

“We are very happy to have completed as much of our maiden Surimeau drill program as we did at this time, and look forward to resuming it. We successfully intersected polymetallic mineralization at some depth in drill core, in both VMS and sedimentary host rock. Our drilling ties on to, and extends, the kilometric scale Victoria West historic area of interest, with the difference that we were drilling deliberately into the large scale geophysical structure that underpins the Victoria West and, 20 kms to the east, Colonie historic mineralized showings, as opposed to under trenches. We consider our achievement to be a new discovery at Surimeau, where we have proven over 200m that the geophysical anomaly and its associated surface mineralization carries metal sulphides sub-surface, at some initial depth. We look forward to building on this discovery”, states Nicole Brewster, President and CEO of Renforth.

This phase of drill test was performed using a small track mounted drill set up on existing forestry trails. Work has been temporarily concluded due to equipment breakage and weather issues, but not without producing noteworthy core intervals in relation to the polymetallic potential of the property. The drillholes completed targeted the historical Victoria nickel – zinc – copper showing but were collared east of the main worked area.

In both holes SUR-20-001 and SUR-20-002, visual description identified intervals of strong stringers zones and disseminated sulfides, mainly pyrrhotite, on multiple intervals varying between 1 metres and 13 metres of core length. Overall, the sulfides bearing envelope makes respectively 26.5m and 60 metres for hole one and two which are located about 220 metres apart.

Base metals sulfides such as sphalerite (zinc sulfide) and chalcopyrite (copper sulfide) were observed locally in association with pyrrhotite. Sulfides mineralization is hosted in varied lithologies, both sedimentary and volcanic. The strong structural layering suggests a remobilization of sulfides through deformation.

Surimeau Core Log Highlights

Easting (UTMnad83)

From:

To:

Interval (m)

Observations

SUR-20-001

698210

5.5

16.4

10.9

5-10 % pyrite-pyrrhotite, sphalerite in fractures

SUR-20-001

698210

21.1

27.3

6.2

Up to 20 % pyrite-pyrrhotite layering with sphalerite

SUR-20-002

697990

5.9

18.9

13

Sulfides stringer, up to 30 % pyrrhotite over metric intervals with sphalerite and chalcopyrite

SUR-20-002

697990

35

42.8

7.8

10-20 % disseminated pyrrhotite with sphalerite

Suriemau Core Photos

A third hole, which ended at 32m due to equipment breakdown, was designed to be the second hole in a four holes fence, this fence was designed to give a cross section of 300 metres (north/south) to cover a favorable lense of lithologies which caused a strong geophysical footprint centered on a strongly conductive graphitic mudstone layer. The intent of the ongoing program is to cover the entire thickness of the volcanic complex previously identified at Victoria, and understand the structure and associated alteration zoning to understand the distribution of metals, including gold.

The core generated in this program has been logged and will be sampled, split core will be delivered to an assay laboratory with results reported on as available.

This press release was reviewed and approved by Martin Demers P.Geo (ogq#770) and Brian H. Newton P.Geo, each is a “qualified person” pursuant to the requirements of NI 43-101.

For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#200 – 65 Front St. E, Toronto, ON M5E 1B5

No securities regulatory authority has approved or disapproved of the contents of this news release.

Forward Looking Statements

This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.

SOURCE: Renforth Resources Inc.

Renforth Resources Inc.

Back to Newsroom

 

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Lucky Identifies Stockwork Quartz Veining at the Sherman Prospect – Sampling 0.477 g/t Gold at Surface

Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) (“Lucky” or the “Company“) is pleased to announce that field work on the northwestern section of the Sherman Prospect (Fortuna 4 concession), has identified an area with significant stockwork type quartz veining, in which a rock chip panel sample (0.50 m x 0.50 m) taken from outcrop, returned 0.477 g/t gold (click here to view map of sample locations).

Lucky’s CEO, Mr. Francois Perron stated: “The discovery of stockwork potential at the Sherman prospect is extremely exciting. As our field crews begin demobilisation from the current campaign, new assay results point to near surface potential. The team spent approximately 4 weeks at the Sherman prospect and successfully discovered anomalous gold in quartz veins (News Release -October 27, 2020), and now have added to that a mineralized stockwork discovery. While still early days, it is exciting to discover outcrop mineralization with bulk tonnage potential. Our work in the Fortuna concessions continues to underscore the gold potential of the area.”

Sherman Prospect – quartz stockwork in meta-granites

Geological field work recently identified this area of stockwork type quartz veins with disseminated pyrite and iron oxides, within fracture surfaces in a meta-granite. It is along this densely fractured intrusive that hydrothermal fluids have migrated and deposited the quartz-pyrite found as narrow veinlets with widths ranging from a few millimetres up to 3 centimeters. A rock chip panel sample (0.50 m x 0.50 m) (#261490) taken from outcrop in this area returned 0.477 g/t gold.

Please click here to view the Sherman Prospect Outcrop Geology Map showing location of the stockwork area (yellow square) and the area previously sampled across schists (black square).

Though still early stage, Lucky is excited about this new stockwork system, as it may have potential for a large tonnage low grade type target.

Please click here to view photo of the meta-granite outcrop with stockwork quartz-iron oxide veins.

The next step in this area will include detailed field reconnaissance and sampling in order to define the scale of the structure, behaviour of the quartz vein stockwork and its gold content.

All rock samples are submitted to ALS Chemex laboratories in Quito for prep work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. QA/QC protocols are in place and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

Qualified Person

Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna and Emigrant Projects.

The Company’s Fortuna Project is a royalty-free 550 km2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador. Lucky has a memorandum of understanding on Fortuna with First Quantum Minerals Ltd. (“First Quantum”) whereby First Quantum is able to earn up to 70% of copper targets.

The Emigrant Creek Project covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.

ON BEHALF OF THE BOARD

“Francois Perron”
Chief Executive Officer

Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting Francois Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

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.

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

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Eloro Resources Ltd. Retains Micon International to Complete NI 43-101 Technical Report on the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce that it has retained Micon International Limited (“Micon”) to complete a National Instrument (“NI”) 43-101 Technical Report on the Iska Iska polymetallic epithermal project (the “Property”), in the Potosí Department, southern Bolivia, which is under option by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary. Eloro recently announced the signing of the Definitive Option Agreement on the Property (see Eloro’s press release dated January 8, 2020).

“We are very pleased to have the well known firm Micon proceed with the preparation of the NI 43-101 Technical Report on Iska Iska,” stated Tom Larsen, Eloro’s President and CEO. “Mr. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM, Senior Economic Geologist of Micon, will be travelling to the Property this week to carry out a site visit. Mr. Murahwi has over 35 years of experience in the mining industry, covering mineral exploration, mine development and mining operations. With Micon in Toronto, he is involved in mineral resource estimation and auditing, and in the assessment/evaluation of mineral properties. Since joining Micon in 2008, Charley has undertaken assignments for clients in Canada, USA, Spain, Portugal, Panama, Mexico, West Africa and Australia. Dr. Osvaldo Arce, P.Geo., Eloro’s Chief Geologist and Manager in Bolivia will coordinate the site visit.”

About Iska Iska
Iska Iska pollymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi. The property can be classified as a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex. This is an important mineral deposit type in Bolivia.

Geological mapping on the property by Eloro has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres. The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminations, forming a subvertical vein system in both the stock and the volcanic and sedimentary rocks. Preliminary evaluation work including 42 channel samples in underground and on surface workings at Iska Iska returned significant results as summarized below. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m (see Eloro’s press release dated October 8, 2019 for further details).

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35 – >500 g/t In (34% of channel samples).

Qualified Person
Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NationaI Instrument 43-101 has reviewed and approved the technical content of this news release.

About Micon
Micon is an independent employee-owned firm of senior geological, mining, metallurgical and environmental consultants headquartered in Toronto, Canada with offices in Vancouver and the United Kingdom. The professionals of Micon have extensive international experience in the mining industry with both mining companies and leading consultancy firms. Micon provides teams of geologists, mining engineers, metallurgists, environmental and social consultants who combine skills in economic geology, mine and process plant design, mineral economics, environmental and social management, minerals and metal production, and project management, the firm is well qualified to carry out consulting assignments throughout the world. Consulting services include valuation and evaluation of mineral properties, estimation of mineral resources and mineral reserves, preparation of Technical Reports under Canadian National Instrument 43-101 and Competent Person/JORC reports, feasibility studies, mineral market analysis, comparative benchmarking, technical due diligence, litigation support and services as Independent Engineer/Independent Technical Advisor.

About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

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Eloro Resources Granted Option to Acquire the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce it has signed a Letter of Intent (the “Agreement”) with a private arm’s-length Bolivian-based corporation (the “Title Holder”), granting Eloro an option to acquire up to a 100% interest in the Iska Iska Polymetallic Property (“Iska Iska” or the “Property”), consisting of one mineral concession totalling 900 hectares. The Property is located in a world-class polymetallic mining district in the Potosi Department in the southern half of the Bolivian tin belt, which hosts the largest silver deposit in the world, the Cerro Rico de Potosi, and the polymetallic mining districts of Chorolque, Animas, Choroma, Siete Suyos, Chocaya and Tasna, situated in the same geological trend.

FIGURE 3FIGURE 2FIGURE 1

The Agreement

Under the terms of the Agreement, Eloro will conduct an exploration and development program on the Property during the four-year period following the signing of a definitive agreement (the “Definitive Agreement”), which is due on or before December 31, 2019. Within 30 days following the completion of the four year period the Title Holder will convey to Eloro’s, Bolivian subsidiary, a 100% interest in the Property upon Eloro paying the amount indicated in the table below, which amount is based on the number of mineral resource tonnes at Iska Iska in the “Inferred” and/or “Indicated” categories, as such terms are defined by National Instrument 43-101 (“NI 43-101”).

Number of Mineral Resource Tonnes at the Iska Iska
Polymetallic Property in the “Inferred” and/or “Indicated”
Categories as per NI 43-101.
Amount Payable
More than 300 million tonnesUS $10 million
More than 100 million tonnes but less than 300 million tonnesUS $5 million
More than 20 million tonnes but less than 100 million tonnesUS $3 million
Less than 20 million tonnesUS $1 million

Pursuant to the Agreement, Eloro has also agreed to issue to the Title Holder 250,000 common shares within 30 days of the signing of the Definitive Agreement and a further 250,000 common shares on or before the date which is two years from the signing of the Definitive Agreement, should Eloro elect to continue with the Iska Iska exploration program at that time.

Eloro and the Title Holder have agreed to proceed to the execution and delivery of a definitive agreement (“Definitive Agreement”) on or before December 31, 2019, incorporating the terms contained in the Agreement. The execution of the Definitive Agreement is subject to the satisfactory completion by Eloro of its ongoing due diligence investigation of the Property and also subject to the approval by the Boards of Directors of Eloro and the Title Holder, and the approval of the TSX Venture Exchange, as well as the laws of the Plurinational State of Bolivia.

The Iska Iska Polymetallic Property and Due Diligence Work Completed to Date

Iska Iska is a road accessible, royalty-free property, wholly-owned by the Title Holder and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi (see Figure 1). The Property can be classified as a polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) epithermal-porphyry complex, which overprints an early higher temperature xenothermal phase.

Geological mapping on the Property has revealed the spatial and temporal zonation of alteration and vein minerals in an area of about 5 square kilometres through the property area (Fig. 2). Alteration minerals include quartz, chlorite, pyrite, illite, sericite, and hematite.  The polymetallic mineralization occurs mainly as veins, subsidiary vein swarms, veinlets, stockworks, and disseminated, forming a subvertical vein system in both the stock, the volcanic and sedimentary rocks. Some of the veins are “rosary” type in shear zones and tension fractures, which locally form bonanza zones and stockworks in an extensive mineralized system. Veins are typically less than 50 cm wide and have orientations between N10º at 45ºE and dips ranging from 64º SE to vertical.

The identified metallic minerals are pyrite, galena, sphalerite, complex silver-rich phases, argentite electrum, native gold, chalcopyrite and cassiterite. Gangue minerals are quartz, kaolinite, arsenopyrite, pyrrhotite, marcasite, sericite, and siderite. The mineralization represents a multiple phase (telescoped) polymetallic system with at least two stages of mineralization; an early stage with high temperature minerals as cassiterite and bismuthinite, and a lower temperature with the silver, gold, zinc, lead and copper minerals.

In August 2019, Eloro performed preliminary evaluation work at Iska Iska that included geological mapping and sampling, whereby 42 channel samples were collected. All of the channel samples included altered wall rock with widths ranging between 1.20 to 5.55 m, averaging 2.90 m. Four underground workings were sampled, including the Huayra Kasa which has two branches, one bearing a W-NW direction and the second oriented in a North-South direction, with the latter appearing to be more enriched in gold. Additionally, the Santa Barbara, Porco and Mine 2 adits were sampled, together with two sectors on surface. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis).

The results of the channel sampling program are detailed in Table 1, and are summarized below:

  • Silver. Anomalous silver values range between 35.5-694 g/t Ag (46% of channel samples).
  • Gold. Anomalous gold values range between 0.31-28.6 g/t Au (42% of channel samples).
  • Zinc. Anomalous zinc values range between 1.05-16.95% Zn (37% of channel samples).
  • Lead. Anomalous lead values range between 0.41- 16.95% Pb (49% of channel samples).
  • Copper. Anomalous copper values range between 0.1->1% (22% of channel samples).
  • Bismuth. Anomalous bismuth values range between 967-7,380 g/t Bi (22% of channel samples).
  • Indium. Anomalous indium values range between 10.35 – >500 g/t In (34% of channel samples).

It is significant to note that the due diligence and sampling program was performed only on approximately 15% of the total Property area.

FIGURE 1 – Iska Iska Property Location And Main Deposits In Bolivia
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0b25196-9627-470a-b62e-26a4f08de467

International Mining Presence in the Department of Potosi, Bolivia

In addition to various state mining ventures, the main projects in the private/mixed mining sector in Bolivia include the San Cristobal open-pit silver, lead and zinc mine (owned by the Sumitomo Group), the San Vicente silver mine (95% owned by Pan American Silver) and the San Bartolome silver mine (owned by Argentum Investments, AB). As well, recent foreign investment and exploration in the Potosi mining district is currently being undertaken by New Pacific Metals Corp. at their flagship Silver Sand project and by Prophecy Development Corp. at its Pulacayo-Paca project.

Tom Larsen, Eloro CEO stated, “We are delighted to sign the Letter of Intent to acquire this exciting project in Bolivia, especially as this country is starting to be recognized as a “go-to” destination for foreign investment in the mineral resource sector. The results of our initial due diligence, supervised by Dr. Osvaldo Arce, P. Geo., are very positive and suggest the potential for a large polymetallic mineralized system in a similar geological setting to other major deposits in the belt. It is significant to note that this property has not been drilled to date. We look forward to finalizing the Definitive Agreement and advancing the exploration effort at Iska Iska.”

TABLE 1 – Eloro Iska Iska Channel Sampling Results

Channel
Sample No.
Width
(m) 1
Au
g/t
Ag g/tZn %Pb %Cu g/tBi g/tIn g/tSn g/t 
HK-012.350.010.530.010.01171.0012.501.0844.9Granodiorite,  tr-1% py-aspy dissem
HK-024.100.361.390.510.44519.00123.004.7257.8Granodiorite,  1% py-aspy dissem
HK-033.102.5025.502.150.63569.00967.009.76107.5Granodiorite, brecciated 3% py dissem
HK-043.600.8510.501.990.28439.0052.5026.3071.7Granodiorite, py, gal, sph 3mm veinlets
HK-053.100.041.680.320.04187.006.516.7467Dacite, minor py, sph veinlets
HK-062.600.0746.103.010.77541.0040.80>50077.6Dacite, abundant dissem sulphides, massive sulphide veinlets.
HK-073.200.35204.004.814.13479.0030.70384.00131Dacite,  4 veinlets 1cm wide; massive sulphides, 30cm breccia
HK-083.700.0275.101.401.35219.0040.40101.5065.6Sandstone brecciated; py, aspy, gal, sph veinlets
HK-093.300.02266.005.758.24127.5071.0046.40215Sandstone brecciated, 3-5cm gal, sph, py veins
HK-102.700.01570.0010.609.721510.0073.00>500250Sandstone brecciated, abundant sph, gal, py, aspy veinlets
HK-112.40<0.011.670.690.1583.8023.709.6836.6Granodiorite, tr-1% fine sulph dissem.
HK-123.15<0.013.781.290.80105.501.945.6781.4Dacite, local fine dissem sulphides, sph, gal; 5 veinlets
HK-132.25<0.013.100.390.15111.001.259.5568.8Dacite, local fine dissem sulphides
HK-142.900.0413.600.380.43171.504.122.8252.1Granodiorite fine disseminated py
HK-152.50<0.011.821.050.03104.501.812.0766.8Dacite, boxworks FeOx, 3cm sph, py veinlets
HK-162.15<0.010.850.080.01148.002.020.9938.7Granodiorite 1% fine dissem sulphides
HK-173.00<0.015.990.310.25130.003.061.83102.5Dacite 1% fine dissem sulphides
HK-183.850.03362.009.239.53327.0066.8023.00>500Dacite carbonaceous, 5mm sph, gal veinlets, abundant sulphides dissem
HK-193.000.0337.701.511.33435.0044.108.95>500Mine front-end, granodiorite cpy, py, gn, sph veinlets & dissem
HK-202.9515.507.580.250.07617.005860.001.0423.4N-S gallery, brecciated granodiorite 1 cm 3 gn veins, 1-2% dissem py
HK-213.350.342.600.510.07150.00100.503.9525Sandstone FeOx stockwork-sulphides
HK-222.909.1073.703.801.70750.001230.00323.0065.5Sandstone networkpy, boxwork FeOx, massive aspy, 3% dissem sulphides
HK-232.9012.3557.401.861.44191.001200.0019.3542Sandstone  2-5cm  abundant veins gn-sph
HK-242.560.033.030.010.21423.0036.707.09185Granodiorite 10 py veinlets, 1% fine dissem sulphides
HK-252.550.3226.900.011.16401.00162.5028.50>500Mine front-end granodiorite fine dissem sulphides
HK-262.552.71295.000.020.48>100003160.0024.10>500Qtz Sandstone py-aspy veinlets, 10cm massive sulphide veins
HK-271.251.6155.700.010.11>10000503.004.78>500Similar to former channel sample, abund py, pyrrh, cpy, calcoc
HK-283.351.65321.000.000.352920.001850.0016.85>500Qtz sandstone, euhedral crystalspy, po, fine dissem sulphides
HK-291.960.6068.700.010.01>100001500.0010.35>500Qtz sandstone massive sulph vns, py-aspy intergrowths,-veinlets
HK-302.100.011.720.010.00129.006.310.50127.50Qtz sandstone with 3% dissem sulphides, sporadic coarse py dissem
HK-312.302.60288.000.010.421430.002850.0010.60>500Qtz sandstone oxidized-bleached, stockwork FeOx
HK-324.600.022.900.020.011375.0021.400.8375.40Granodiorite oxidized micaceous, 5 mm FeOx veinlets
HK-335.550.114.060.020.171025.0018.355.2140.40Similar to former channel sample
HK-342.100.021.610.000.0147.4017.700.6959.00Granodiorite brecciated, specularite matrix, dacite clasts
HK-352.300.010.550.000.0120.206.170.5843.60Similar to former channel sample
HK-361.602.148.990.010.72166.50646.005.8430.90Granodiorite brecciated, massive sulphide vein
HK-371.800.081.430.010.07112.508.973.8890.00Granodiorite, FeOx veinlets
HK-381.2028.6061.600.010.413140.007380.004.3717.00Massive sulphide vein 30 cm, py, po, cpy in altered granodiorite
HK-395.300.151.150.000.01137.5042.101.1365.50Granodiorite brecciated w/sulphidic matrix
HK-403.162.1868.903.753.75539.00334.005.44311.00Qtz Sandstone massive sulphides cpy, py, gn, sph, dissem, veinlets
HK-412.150.1973.401.081.08348.00428.0032.20171.50Similar to former channel sample, though includes stockwork py
HK-422.700.01694.0016.9516.95644.0037.00>500181.50Sandstone brecciated, abundant sph, gn, py, aspy vnlts

1. Reported channel sample widths are approximately 90% of true widths.
2. Abbreviations py=pyrite, gn=galena, sph=sphalerite, dissem=disseminated, aspy=arsenopyrite, qtz=quartz, FeOx=iron oxide, po=pyrrhotite, tr=trace, mm=millimetre, cm=centimetre

FIGURE 2 – Preliminary Interpretation of Iska Iska Geology and Mineral System (see Figure 3 for location map).
https://www.globenewswire.com/NewsRoom/AttachmentNg/f67b745c-e94a-4c20-84b2-a03493ae3151

FIGURE 3 – Underground Channel Sampling Iska Iska Property (Huayra Kasa Adit)
https://www.globenewswire.com/NewsRoom/AttachmentNg/f0dfd6fc-084b-4c0f-8faf-154a2678d827

Qualified Person

Dr. Osvaldo Arce, P. Geo., an expert on Bolivian geology and a Qualified Person in the context of NI 43-101 supervised the due diligence work completed at Iska Iska by Eloro. Dr. Bill Pearson, P.Geo., a Qualified Person in the context of National Instrument 43-101 has reviewed and approved the technical content of this news release. Chemical assays were performed at the ALS Laboratory in both Oruro, Bolivia (preparation) and in Lima, Peru (analysis). ALS Laboratory employs an industry standard QA/QC program.  Eloro Resources will utilize an independent QA/QC program including blanks, duplicates and external standards for its planned exploration program at Iska Iska.

Quality Assurance Quality Control Procedures and Protocol Employed by Eloro Resources Ltd.

The integrity of a resource database is fundamental to Eloro’s success in securing debt or equity finance for a new mining project. The validity and quality of data can only be guaranteed when appropriate sampling and assaying protocols have been implemented. Eloro has implemented Quality Assurance/Quality Control (QA/QC) programs in its projects applied during all phases of sampling programmes. QA/QC programmes are carefully designed and implemented at all stages of exploration and development where sampling of material is undertaken. Furthermore, QA/QC programs will require review prior to, and during, each sampling programme with modifications made where necessary based on numerous factors such as sample type, size, and the proposed sample processing and treatment methods.

Eloro acknowledges that QA/QC is required to ensure all chemical data generated over the course of a sampling programme during the overall exploration. The key areas subject to QA/QC auditing prior to mineral resource estimation will be project-specific protocols and available sample data from QA/QC sampling and analysis.

Project-specific protocols, often in the form of Standard Operations Procedures (“SOPs”), will be in place before any sampling commences. SOPs should outline the procedures and operating practices to be implemented during the sampling programmes, from the initial set up of the drill rig through to the analysis of QA/QC data upon receipt of the sampling results. SOPs help to ensure that a culture of QA/QC is established throughout sampling programmes, and also aid in identifying areas of risk within a procedure where errors could occur.

Three essential stages which are applicable to all projects are the following:

  • It will be standard practice to include the right mix of QA/QC materials in every batch of samples submitted to a laboratory.
  • The geologist/technician initiating the analysis will critically review the results of all QA/QC samples within a sample batch as soon as the results are received from the laboratory. This will be undertaken prior to the associated data being included within the resource database, and used to update any resource models.
  • Action must be taken when QA/QC results fall outside of predetermined acceptable limits.

QA/QC materials inserted into sample streams will be used to assess the three fundamental aspects (precision, accuracy, identification of errors) of QA/QC. Best practice QA/QC programmes will include a combination of the following QA/QC materials:

Primary Standards (or Standards, Certified Reference Materials (“CRMs”)

Material with a known metal content and specific chemical characteristics similar to the mineralisation being sampled, will be utilised to evaluate bias within a sample dataset. These can be externally sourced commercial standards (CRMs) or company ‘in house’ standards (which require a specific QA/QC analytical testing programme). For example Eloro has reviewed projects in the past where in order of 10 different standards were used with some standards being only inserted into the sample stream 2 or 3 times, therefore not providing a large enough population for meaningful assessment.

Blank Samples

Samples containing no detectable trace of the key mineral(s) identified within the resource will be inserted into sample streams to identify the presence of any contamination introduced at the laboratory or in sample preparation. Alternatively, quantities of material suitable for use as blanks will be purchased commercially. Blank samples allow the QP to monitor the cleanliness of the sample preparation equipment (on site or at the laboratory) and calibration of analytical equipment.

Duplicates

‘Field’ duplicate samples will be formed from splitting the original sample interval into equal portions and submitting both samples for analysis (pulp duplicates should be taken by the laboratory of choice during sample preparation). A drawback with following pre-determined duplication (i.e. every 20 samples) is that it can lead to many repeats of background (waste) material.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

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Crown Mining Applies for Drill Permit at Moonlight

Copper is enjoying a bit of a run with the spot price hovering at just less than $3.00 a pound.

Which is a great time for Stephen Dunn at Crown Mining to move forward with the permitting needed to drill the Moonlight copper deposit in California. In today’s press release Dunn states,

“The Moonlight deposit was evaluated in a report titled “Technical Report and Preliminary Economic Assessment on the Moonlight Deposit” by Tetra Tech dated April 18, 2018 (“PEA”) and found on Sedar. The oxide deposit, which had been partially evaluated by previous operators, has not been fully delineated and was treated as waste in the PEA. Proper and positive delineation of the oxide and metallurgical results from this proposed oxide drill program could substantially improve the economics of Moonlight.”

You can read the whole press release here.

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Is there a new golden age for copper coming to British Columbia? Mining.com

Nelson Bennett writing in Business in Vancouver takes a look at BC’s significant copper mining industry and how junior explorers may be coming into their own.

“Majors like Rio Tinto have not yet picked up any copper projects in B.C.

“We would like to be, but we just need to find the right project,” Chris Welton, Americas region exploration director for Rio Tinto PLC (NYSE:RIO) said. “My exploration manager bugs me almost every time that I speak to him. And he reminds me that, to balance our portfolio in Canada, he wants a B.C. porphyry.”

Read the whole thing at mining.com

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