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Gran Colombia Declares Monthly Dividend to Be Paid on November 15, 2021; Renews Normal Course Issuer Bid for Its Common Shares

Gran Colombia Gold Corp. (“Gran Colombia” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on November 15, 2021 to shareholders of record as of the close of business on October 29, 2021.

Renewal of Normal Course Issuer Bid

Gran Colombia also announced today that it has filed with the Toronto Stock Exchange (the “TSX”), and the TSX has accepted, a notice of intention to make a normal course issuer bid (the “NCIB”) for its common shares trading under the symbol GCM (the “Shares”). The NCIB will allow the Company to purchase for cancellation up to 9,570,540 Shares of the Company over a 12-month period, representing 10% of the current issued and outstanding Shares in the public float as of October 6, 2021. As at October 6, 2021, the Company had a total of 98,485,775 Shares issued and outstanding.

The NCIB will commence on October 20, 2021 and terminate on October 19, 2022, or such earlier date on which purchases under the NCIB have been completed. Purchases of Shares under the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems at the market price of the Shares at the time of acquisition. The average daily trading volume of the Shares for the six months ended September 30, 2021 was 345,204 Shares. Daily purchases will be limited to 86,301 Shares, other than block purchase exceptions. Shares purchased under the NCIB will be cancelled. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company sought and received approval from the TSX to purchase up to 5,934,811 Shares, the Company purchased 1,536,100 Shares for cancellation through the facilities of the TSX at a volume weighted average trading price of $5.93 per Share during the period from September 4, 2020 to September 3, 2021.

Gran Colombia has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of Shares during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Shares will be purchased at the discretion of senior management of Gran Colombia.

Gran Colombia believes that the Shares may from time to time trade in a price range that does not adequately reflect the value of the Shares in relation to its activities and future prospects. Accordingly, the Board of Directors of Gran Colombia has determined that the repurchase of Shares pursuant to the NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of the Company’s shareholders.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production guidance, the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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Gran Colombia Announces Third Quarter 2021 Production and Webcast

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 17,213 ounces of gold at its Segovia Operations in September 2021 bringing the total gold production for the third quarter of 2021 to 49,848 ounces compared with 51,555 ounces from Segovia in the third quarter of 2020. The Company also produced 52,382 ounces of silver at Segovia in the third quarter of 2021, up from 47,560 ounces of silver in the third quarter last year. For the first nine months of 2021, Segovia’s gold and silver production totalled 151,104 ounces and 164,270 ounces, respectively, up from 146,278 ounces of gold and 134,820 ounces of silver in the first nine months of 2020.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s latest results, said, “We have maintained a steady pace of production in the third quarter of 2021, which included a planned four-day maintenance shutdown at the Maria Dama plant in July. With our trailing 12-months total gold production from Segovia at the end of the third quarter amounting to 201,187 ounces of gold, up 2% over 2020, we are confident we will meet our production guidance at Segovia for the full year of 200,000 to 220,000 ounces of gold. We are on track to complete our expansion of the Maria Dama plant to 2,000 tonnes per day (“tpd”) in the fourth quarter of 2021 and our mine and brownfield exploration programs are proceeding as planned. In addition, commissioning of the new polymetallic plant at Segovia is nearing completion and we expect to have our first concentrate production in the fourth quarter of 2021. At the end of September 2021, we had a cash position of approximately US$329 million, including the net proceeds of approximately US$268 million from the US$300 million offering of Senior Unsecured Notes due 2026 (“Notes”) completed in August that have been set aside to fund the Toroparu Project in Guyana. The Gold Notes were fully redeemed in September using a portion of the net proceeds of the Notes. At the end of September 2021, in addition to the Notes, we had CA$18 million of Convertible Debentures outstanding.”

The Segovia Operations processed an average of 1,487 tpd in the third quarter of 2021 with an average head grade of 12.6 g/t compared with 1,283 tpd at an average head grade of 15.1 g/t in the third quarter last year. For the first nine months of 2021, the Segovia Operations processed an average of 1,513 tpd with an average head grade of 12.7 g/t compared with 1,259 tpd at an average head grade of 14.7 g/t in the first nine months last year.

Third Quarter 2021 Results Webcast

Gran Colombia announced today that it will release its results for the 2021 third quarter and first nine months of 2021 after market close on Thursday, November 11, 2021 and will host a conference call and webcast on Friday, November 12, 2021 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/wyypvtrs
Canada Toll / International:1 (514) 841-2157
North America Toll Free:1 (866) 215-5508
Colombia Toll Free:01 800 9 156 924
Conference ID:50241486

A replay of the webcast will be available at www.grancolombiagold.com from Friday, November 12, 2021 until Friday, December 10, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production, the repayments of its Gold Notes, payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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Lucky Minerals Expands Mineralization at Surface Near Trench T-1 and Engages Renmark Financial Communications Inc.

Lucky Minerals Inc. (TSXV:LKY)(OTC PINK:LKMNF)(FRA:LKY) (“Lucky” or the “Company“) is pleased to announce it has received sample assay results from its ongoing work at the Wayka epithermal gold discovery at its 100% owned Fortuna Property (“Fortuna“) in southern Ecuador. Work in the field is advancing on several fronts with work advancing on trench 14.

The current release reflects the results from trenches T-2, T-3, T-4, T-7, T-8, and T-9. All of these trenches are from the southern area of the Wayka prospect where trench T-1 results were previously announced (see July 12, 2021 News Release).

Wayka Trench Location Map

Trench T-1 to T-9 Location Map

Trenching Highlights

Trench T-2 confirms lateral extent of the breccia sampled along 27 meters averaging 1.91 g/t gold
Trench 2 was dug along the strike direction (275 degrees) of a breccia lens in order to confirm the orientation and continuity along the breccia and while sampling was systematic, more representative sampling of the system was sought out with trenches 3 and 4 as those are interpreted to crosscut the breccia structure.

Trench T-3 averages 0.32 g/t gold over 17m including 0.56 g/t gold over 9 meters
Trench T-3 intersected the east west breccia exposed in T-2 on a north south direction and confirmed a continuously mineralized interval of 0.32 g/t gold over 17 meters.

Trench T-4 averages 0.79 g/t gold over 7 meters
Trench T-4 is parallel to trench T-3 approximately 7 meters east of it.

Trench T-9 averages 0.59 g/t gold over 4 meters
Trench T-9 is located approximately 40 metres to the southwest of Trench T-2. This is the furthest point south that has been prospected and extends the system to the south and remains open.

Francois Perron President and CEO states “Work at the Southern portion of Wayka continues to expand the known occurrences of mineralization that exceeds 0.3 g/t gold. The potential for the scale of the system continues to expand as we find other areas that are mineralized that are further from the known feeders. In particular the newly exposed T-9 extends the project another 70 meters to the south and the system remains open in that direction. Our understanding of the mineralization is still in the early stages and will continue to improve over the coming weeks as more work is completed from surface. In addition to the current trenching, we have mobilized crews to complete a detailed soil sampling program which will be combined with geophysics to refine our targeting and drilling which is expected in the coming months.”

Fortuna – Next Steps

Wayka

Exploration teams are focused on trenching soil sampling and geophysical survey This work will be followed by a detailed compilation of all geologic data which will subsequently lead to scout drilling in the coming months.

Trenching Results

Trench T-2

Trench T-3

Trench T-4

Trench T-7 (2 meters)
No significant assays

Trench T-8 (2 meters)
No significant assays

Trench T-9

QA/QC Protocols

All exploration work is completed following QA/QC protocols and include the insertion of a coarse blank, a standard and duplicate sample on every batch of 25 samples.

Samples are being submitted approximately every two weeks to ALS Chemex Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory. Results will be released as they are received.

Renmark Financial Communications Inc.

In addition to the exploration update above, the Company is pleased to announce that it has entered into a retail investor relations agreement (the “Agreement“) with Renmark Financial Communications Inc. (“Renmark“), with respect to Renmark providing investor relations services to the Company. As part of the Agreement, Renmark will provide investor relations correspondence and telecommunications, and corporate development services to the Company. As consideration for the investor relations services to be provided by Renmark, the Company has agreed to pay to Renmark a fee of up to CAD$8,000 per month, plus reimbursement of all reasonable expenses.

The Agreement is for a 6-month period starting October 1, 2021 and ending March 31, 2022, and shall continue monthly thereafter, unless otherwise terminated pursuant to the terms of the Agreement, or extended by mutual agreement of the Company and Renmark.

Renmark is a full-service investor relations firm representing small, medium and large cap public companies. Mr. Henri Perron, an officer of Renmark, who will be providing the services to the Company is the brother of Mr. François Perron, the President and Chief Executive Officer of the Company.

Renmark does not have any interest, directly or indirectly, in Lucky Minerals Inc. or its securities, or any right or intent to acquire such an interest.

The Agreement is subject to TSX Venture Exchange approval.

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 Property.

The Company’s Fortuna Project is comprised of twelve contiguous, 550 km2 (55,000 Hectares, or 136,000 Acres) exploration concessions. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador.

Covid-19 Safety Protocols

Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are housed in separate and private accommodations and are isolated from the community.

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.

ON BEHALF OF THE BOARD

“François Perron”
President and 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.

Or by contacting:

Renmark Financial Communications Inc.

Daniel Gordon: dgordon@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com

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

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 to 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.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements unless required by Canadian securities law.

SOURCE: Lucky Minerals Inc.

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Renforth drills 21.85m of 3.06 g/t gold at wholly owned Parbec open pit gold deposit in Malartic, Quebec

Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to announce the final results from our 2020/21 drill program at our wholly owned Parbec open pit gold deposit located in Malartic, Quebec, adjacent to the Canadian Malartic Mine, Canada’s largest gold mine. Assay results highlights appear below, including 21.85m of 3.06 g/t gold drilled in PAR-21-141, which was drilled as an “infill” drill hole, in an area which had not previously been drilled.  At the end of the program the field geologists decided to follow up on the visual results of PAR-21-141, which terminated at a vertical depth of ~250m as can be seen in the vertical section below, with a shallow “overcut”, PAR-21-145.

As seen in the section PAR-21-141 delivered new mineralization outside of the conceptual pit shell.  PAR-21-145, also delivering new mineralization, terminated at approximately 150m vertical depth, delivering highlights of 33m of 0.748 g/t gold, 19.5m of 1.09 g/t gold and 9.9m of 1.38 g/t gold. All of the assay data in these two holes is new mineralization, demonstrating continuity of mineralization at Parbec and extending mineralization to some depth.


Click Image To View Full Size

 

Assay intervals are as measured in the core box, not true width

Vertical Section 5075NW


Click Image To View Full Size

 

With the receipt of all assay data Renforth can now update the deposit database and update the deposit model.  In addition, a structural interpretation will be carried out, all of the drilling to date, and the resource modelling, has been on the basis of grade, as opposed to a structural interpretation.  With the >15,000m of new data Renforth believes an initial structural interpretation can now be completed.

 

“I am very happy to release the final Parbec drill results, after unprecedent lab delays caused by the impact of COVID on local labour.  I am thrilled that this final press release contains excellent results from drilling in a previously undrilled area, demonstrating that there is still lots to be learned at Parbec, and offering an immediate drill target for the future, an undercut of the 21.85m of an average grade above the current resource grade. Parbec’s future is bright” states Nicole Brewster, President and CEO of Renforth.

 

Samples referred to in this press release were bagged, tagged, and sealed in the field and transported directly to the facilities of AGAT Laboratories in Val d’Or, Quebec where they underwent Fire Assay – Trace Au, AAS finish (Code 202-051) for gold analysis.

 

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to 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

#269 – 1099 Kingston Road, Pickering ON L1V 1B5

 

Follow Renforth on Facebook, LinkedIn and Instagram!

 

About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this Renforth wholly owns the 260 km2 Surimeau District Property with several areas of historically identified polymetallic and gold mineralization.  This includes the Victoria West occurrence, Renforth’s current focus, interpreted to be a nickel-containing ultramafic unit,  juxtaposed with VMS-style copper-zinc mineralization which occurs over ~5km of strike in the western end of the 20km central anomaly at Surimeau. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  Renforth is well funded, with ~$5 million in cash and securities on hand (*as at 05/14/21), in addition to the gold contained in our gold deposit.

 

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.

 

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Cartier Iron: Ready for Gold Discovery in Newfoundland

Tom Larsen and Dr Bill Pearson are very busy men. As CEO and Executive VP Exploration of Eloro Resources Ltd (ELO.V) respectively, these two are riding the tiger of the company’s massive Bolivian silver/tin/zinc/lead deposit at Iska, Iska plus gearing up to drill in Peru. But Larsen took the time to have a quick chat about his other company, Cartier Iron (CFE.CNX). (We’ll be speaking to Dr. Pearson when drill results come in.)

There is something of a gold rush taking place in Newfoundland. While the staking has been concentrated in central Newfoundland, there are other areas which are very prospective.

For Cartier Iron, the opportunity to pair its Labrador iron resource with a gold exploration opportunity was right down the virtual hall. Dr. Bill Pearson is Cartier’s Chief Technical Advisor and he had worked on the Avalon trend. As it happened, the owner of a property Pearson was aware of, was looking for a company to properly explore the large epithermal gold system it contained. A deal was struck and Cartier Iron acquired an option on The Big Easy.

Located near Clarenville in eastern Newfoundland, The Big Easy has some historic drill results which suggest that it contains a low sulphidation epithermal gold mineralizing system. For Cartier, the challenge is to define that system.

While Cartier had drilled some holes in the last couple of years, they had to wait for permitting to drill holes where they believed the mineralization would be most intense. While they were waiting they undertook a CSAMT study. “CSAMT is a geophysical technique that measures the conductivity of subsurface materials using electromagnetic waves from a distant transmitter. Both electrical and magnetic sensors are used to characterize distortions in the flow of subsurface currents that result from conductivity variations.”

Cartier reported the results of this CSAMT study in a news release September 21, 2021. In that release, Dr. Pearson states, “The CSAMT results confirm our view that the low sulphidation epithermal mineralizing system at Big Easy occurs along a major structure and is potentially very large.”

“The CSAMT study confirms a major structure,” said Larsen. “We are going to follow up the 31 historic holes with a Fall drilling campaign. We plan to drill around 3000 meters. We’ll go deep. 400-800 meter holes. The prior drilling was to one side of that we believe to be the target structure.”

All of which is by way of a heads up on Cartier. “We expect to be finished the drill program by the end of the year,” said Larsen. Core logging is ongoing and the core will go to the lab for assay and, then, assay results will be released in Q4 and in the New Year.

For investors, doing due diligence while the drills are turning is a smart move. We are heading into tax loss season and the junior market is down. Finding a company like Cartier ready to release results in the New Year is a significant opportunity.

 

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Eloro Intersects 160.22g Ag eq/t (36.53 g Ag/t, 1.63%Zn, 1.20%Pb and 0.10%Sn) over 194.14 m in the Santa Barbara Breccia Pipe at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company has completed 30,014 metres (m) in 57 drill holes including three (3) in progress to test major target areas at Iska Iska. This press release reports drilling results from two (2) additional holes which tested the Santa Barbara Breccia Pipe (“SBBP”) (Holes DHK-21 and DHK-22). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are completing drilling at SBBP in order to outline an initial National Instrument 43-101 (“NI 43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the Santa Barbara Adit, is testing the eastern part of the SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. This map depicts the recently identified robust magnetic anomaly to the northwest of the SBBP where drilling is in progress (see press release June 7, 2021, for an overview of the magnetic results). Figure 2 is a north-south section showing the major potential extension of the SBBP mineralized system. Table 1 provides significant drilling results with definitions of chemical symbols and Table 2 lists holes completed with assays pending, as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m from 168.85m to 362.99m in hole DHK-21, drilled from the west end of the Huayra Kasa underground workings at -70 degrees on section with discovery hole DHK-15, which intersected 129.60 g Ag eq/t over 257.5m (see press release dated January 26, 2021, and Figure 2). This intersection in Hole DHK-21 includes higher grade portions of:
    • 250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m from 238.21 to 256.45m;
    • 257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m from 283.57 to 299.90m; and
    • 350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m from 308.90 to 338.96m.
    • 64% of this 512.9m long hole contains reportable intersections
  • 94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m from 124.66m to 294.59m in hole DHK-22, drilled to the south-southwest at -60 degrees from the west end of the Huayra Kasa underground workings to test the eastern side of the SBBP. This intersection included a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03% Sn) over 29.84m from 135.20m to 165.04m. 49% of this 600m long hole contained reportable intersections.

Mineral Resource Definition Drilling at Santa Barbara Breccia Pipe

As reported in the September 6, 2021 press release, Eloro is focusing on defining a maiden NI 43-101 compliant mineral resource in a target area encompassing approximately 1,200m along strike, 500m in width and extending to a depth of 600m in the SBBP and surrounding mineralized envelope. Step-out holes DSB-12 and DSB-13 intersected significant mineralization in altered dacite visually similar to the style of mineralization in the mineralized envelope east of SBBP. A further set of step-out holes (DSB-15 and DSB-16) are being drilled 200m NW of the first step-out to test across the widest part of the magnetic anomaly. Fill-in sectional drilling at 100m intervals, starting with hole DSB-14 which will test across the centre of the SBBP, is in progress.

Three underground drill holes have been completed from the drill bay at the west end of the Santa Barbara adit. This drill can complete holes up to 600m long. DSBU-01 was drilled due east at -20 degrees to test the mineralized envelope of the SBBP. Holes DSBU-02 and DSBU-03 (in progress) are drilled due west at -20 degrees and -50 degrees, respectively, to test the southern margin of the SBBP. Assays on these holes are pending.

Structural work by Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), and his geological team indicate that higher grade mineralization appears to follow a north-westerly trend hence the drill holes with a southwest orientation should test this trend quite effectively.

Tom Larsen, CEO of Eloro commented: “Once again Dr Bill Pearson, Dr Osvaldo Arce and the technical team at Iska Iska are delivering with drill hole DHK-21 demonstrating a major intersection over 190 metres long with an average grade of 160.22 g Ag eq/t including up to 350.91 g Ag eq/t over 30.06 metres with significant silver of 112.57g Ag/t. This hole is the highest-grade hole yet within the prolific Santa Barbara Breccia Pipe and surrounding mineralized envelope. In addition, the latest step out holes to the northwest are demonstrating added mineralization, extending the strike length beyond the 1200 m that was initially reported.”

Mr. Larsen continued: “Due to the positive results to date from our drill campaign, initial engineering studies to establish potential economic parameters for mineral resource definition will commence shortly, with a site visit having already been completed by a top Peruvian Engineering firm. More detailed metallurgical studies are also planned.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “While we are focusing on drilling in the SBBP area, it is important to emphasize that this target is only part of an enormous, mineralized area in the Iska Iska Caldera Complex. We continue to obtain multiple reportable intersections in all holes that we have released. Other major targets, including the Central and Porco Breccia Pipes, require much further drilling in order to fully evaluate them. Our downhole Induced Polarization survey is advancing well, and we hope that this survey will help better define the geometry of the mineralization, especially the higher grade zones with greater sulphide content.”

Dr. Osvaldo Arce, P.Geo., General Manager of Minera Tupiza, said: “While radial drilling at Santa Barbara was very useful for defining the general extent of the breccia pipe and mineralized envelope, more focused directed drilling is now being carried out to confirm the orientation of the mineralized zones. A preliminary structural analysis of the deposit shows a clear NW-SE trend of mineralization, which has been confirmed by the drilling of the step-out holes. Hole DSB-09 which intersected a series of relatively short, mineralized intervals from 1.5m to 15m long (see press release July 6, 2021, and Figure 1) appears to have been drilled parallel to this structural trend hence is not likely representative of the grade and extent of the mineralization in the western part of SBBP. Surface drill holes in progress with azimuths to the southwest across these structures will provide more representative sampling of this mineralization. It is also clear that the deposit displays both lateral and vertical zonation of metals both within the breccia pipe and in the surrounding envelope. Work is in progress to more accurately model this zonation which will be important for mineral resource estimation.”

A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/20693b29-0695-42fa-b686-66155950981f

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:

Element  Price (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,40065.6000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Preliminary metallurgical tests are in progress to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of September 28, 2021.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Surface Drilling Northwest Extension Santa Barbara
DSB-12S205072.77656867.54165.0225-40806.2
DSB-13S205072.77656867.54165.0225-60696.5
DSB-14S205283.07656587.24175.0225-65814.8
DSB-15S204973.17657053.84165.0225°-40731.2
Subtotal3048.7
DSB-14S205283.07656587.24175.0225-65In progress
DSB-16S204973.17657053.84165.0225°-65In progress
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-23UG205418.57656360.04151.9270-50598.0
Subtotal598.0
Underground Drilling Santa Barbara Adit
DSBU-1UG205285.27656074.84165.090-10260.5
DSBU-2UG205285.27656074.84165.0270-20563.6
Subtotal824.1
DSBU-3UG205285.27656074.84165.0270-20In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-05S204902.07655860.04420.090-60524.3
DCN-06S204902.07655860.04420.0180-80626.4
DCN-07S204902.07655860.04420.0270-60680.4
Subtotal1831.1
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-03S204852.17655612.34429.7225-60443.5
DCS-04S204852.17655612.34429.7180-60644.4
Subtotal1087.9
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.5
DPC-02S205457.27655110.94175.0225-60908.2
DPC-03S205457.27655110.94175.0135-60524.5
DPC-04S205457.27655110.94175.00-60371.4
DPC-05S205457.27655110.94175.090-60407.5
DPC-06S205457.27655110.94175.0243-60716.4
Subtotal3695.5
TOTAL11,085.3

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees

Total drilling completed since the start of the program on September 13, 2020, is 30,014m in 57 holes including 3 holes in progress (19 underground holes and 38 surface holes).

Graphics accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5067e89e-5d04-4d1f-aba0-99d4decf2547

https://www.globenewswire.com/NewsRoom/AttachmentNg/ad1f1434-1f05-4057-8e3f-6feb04b698c5

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher tin. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

Recently, AHK Laboratories, who manage a global network of laboratories have setup operations in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro has contracted AHK to provide additional analytical services in order to help reduce the sample backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check.

About Iska Iska

Iska Iska silver-tin polymetallic 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 in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45% Zn, 0.59% Pb, 0.080% Cu, 0.056% Sn, 0.0022% In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:

  • 122.66 grams silver equivalent/tonne (“g Ag eq/t”) (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m from 236.60m to 360.21m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m, from 317.21m to 349.53m.
  • 105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m from 449.87m to 623.45m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m, from 551.19m to 590.27m.
  • 146.19 g Ag eq/t (1.70 g Ag/t, 0.00% Zn, 0.01% Pb, 0.42% Sn and 0.02 g Au/t) over 10.20m from 171.60m to 181.80m in the oxide zone indicating potential for significant Sn mineralization in this strongly leached nearer surface zone.
  • In aggregate, 64% of this 683.4m long hole returned reportable mineralized intervals.

Eloro reported additional multiple holes with significant silver-tin polymetallic Intercepts in the SBBP and CBP on July 6, 2021 including:

  • Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.
  • Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

On July 28, 2021, Eloro reported results from hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings, to test the mineralized envelope of the SBBP. This hole intersected 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which previously reported continuous channel sampling returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals.

On September 7, 2021 assay results were reported from a further four (4) additional four holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) and the central-southern part of the Central Breccia Pipe (“CBP”), including;

  • Hole DHK-20, drilled from the west end of the Huayra Kasa underground workings at -50 degrees on section with hole DHK-18, which intersected 129.65 g Ag eq/t over 300.75m (see press release dated July 28, 2021), returned 234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.20m from 139.35m to 192.55m including a higher grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m. Multiple additional significant mineralized intervals occur above and below this intercept. Mineralization occurs within the mineralized envelope east of SBBP in all host rock types.
  • Hole DHK-19, drilled to the southeast at -45 degrees from the west end of the Huayra Kasa underground workings, intersected 108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m from 46.95m to 95.15m in altered dacite in the mineralized envelope of the SBBP. This includes a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and 1.05% Pb) over 15.02m. Multiple additional significant mineralized intervals occur above and below this intercept.
  • Hole DCN-04 was drilled at -80 degrees to the north from the northern radial platform of the CBP. This hole intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and 0.19% Sn) over 62.01m from 281.40m to 343.41m; 70.42 g Ag eq/t (28.74 g Ag/t and 0.16% Sn) over 22.59m from 417.05m to 439.64m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m from 659.55m to 677.00m.
  • Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.76 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m. Mineralization in the southern part of the CBP is notable for containing significant Zn and Pb as well as Ag and Sn, a metal assemblage more comparable to SBBP and Porco. The northern part of the CBP is dominantly Sn-Ag suggesting a deeper origin for this part of the breccia pipe.

A detailed ground magnetic survey of the Iska Iska property, reported on June 6, 2021, confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation, including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition there is a prominent area of low intensity magnetics northwest of the SBBP which was reported on in this press release.

Geological mapping and satellite interpretation identified a third major breccia pipe target, Porco (South), that is approximately 600m in diameter (South) located southeast of the CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. This target is currently being drill tested. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q1 2022. A downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

Eloro Resources Ltd. Webinar

The Company is also pleased to announce that CEO, Tom Larsen and Executive Vice President, Exploration, Dr. Bill Pearson, P. Geo., will be presenting the latest update from the Company’s Iska Iska project in a live webinar taking place on Tuesday, September 28th, 2021, at 1 p.m. PT / 4 p.m. ET. The webinar will be hosted by Focus Communications Investor Relations (FCIR) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the Company prior to the event by e-mailing FCIR at info@fcir.ca.

Event Details:

Date: Tuesday, September 28th, 2021
Time: 1 p.m. PT/ 4 p.m. ET
Registration:  https://event.webinarjam.com/channel/ELO

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also 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. La Victoria 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, Chairman 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.

Table 1Figure 1Figure 2
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Renforth Presenting at Global Mining Symposium Weds. Sept 22 Surimeau Exploration Update

Renforth Resources Inc. (CSE:RFR) (OTC:RFHRF) (FSE:9RR) (CNSX:RFR.CN) (“Renforth” or the “Company”) is pleased to announce that a corporate presentation will be made online to any interested parties at the Global Mining Symposium presented by The Northern Miner on Wednesday September 22 at 11:40 am EST, registration is free.

 

In addition to this the previously announced fall field work at Surimeau has commenced with the chipping almost completed and the mobilization of the stripping crew and their equipment ongoing.  Renforth’s geological team will be in the field later this week in order to prospect and sample as the stripping progresses.

 

Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to 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

#269 – 1099 Kingston Road, Pickering ON L1V 1B5

 

Follow Renforth on Facebook, LinkedIn and Instagram!

 

About Renforth

Renforth holds the Parbec open pit constrained gold deposit in Malartic Quebec, contiguous to the Canadian Malartic mine, with a 2020 resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au. This resource estimate is now considered by Renforth to be out of date due to the results received in a 15,569m drill program which has been recently completed. This program was planned to twin, infill and undercut existing drill holes at Parbec, to support a rebuild of the geological model and a resource estimate restatement. In addition to this Renforth wholly owns the 260 km2 Surimeau District Property with several areas of historically identified polymetallic and gold mineralization.  This includes the Victoria West occurrence, Renforth’s current focus, interpreted to be a nickel-containing ultramafic unit,  juxtaposed with VMS-style copper-zinc mineralization which occurs over ~5km of strike in the western end of the 20km central anomaly at Surimeau. Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.  Renforth is well funded, with ~$5 million in cash and securities on hand (*as at 05/14/21), in addition to the gold contained in our gold deposit.

 

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.

 

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CSAMT Survey Confirms Low Sulphidation Gold-Silver Mineralizing System at Big Easy, Newfoundland Occurs on a Major Structure That Extends to a Depth of at Least 1 Kilometre

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) is pleased to announce the results of its Controlled Source Audio Magneto-Telluric (“CSAMT”) in the Central Anomaly – Big Easy Showing Area on its 100% owned Big Easy Gold-Silver Project near Clarenville in eastern Newfoundland.

CSAMT data indicate that a major north-northeast-trending structural break separates high resistivity rocks to the east of the Central Induced Polarization/Resistivity (IP/Res) Anomaly from a much lower resistivity zone to the west where recent drilling by Cartier Iron has intersected anomalous gold (Au) within an extensive zone of silicification up to 200m wide (see press release June 8, 2021).

Figure 1 shows an East-West cross-section along Line 46300N. The location of this section is indicated on a plan view of the Central Anomaly target in Figure 2. Cartier Iron’s historical resistivity data from the 2018 IP/Res survey were limited to depths less than 200m. CSAMT data now extend the resistivity data to a depth of more than 1 km. Both types of resistivity data have been combined in a single colour grid in Figure 1. A dramatic boundary marks the eastern side of the Central IP anomaly. Highly resistive rocks to the east of this break can be traced to the maximum depth of the CSAMT survey as can the comparatively conductive zone of alteration further west. Using the new CSAMT data additional drill holes (BE21P-19, 20 and 21) are planned for the Fall 2021 diamond drill program in progress to test the deeper extension of this zone.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron said: “The CSAMT results confirm our view that the low sulphidation epithermal mineralizing system at Big Easy occurs along a major structure and is potentially very large. The high resistivity to the east of the major structure shown on Section 46300N is too high to be consistent with unaltered sedimentary rocks. It more likely reflects potential intrusive rocks which may be the heat engine driving the low sulphidation epithermal system.
Considering this new data, we have adjusted our planned drill holes to better test the major structure at a deeper level than previous drilling which appears to have been too high in the epithermal system. Drilling is at an early stage with an initial two holes totaling 898m completed with assays pending (Table 1 and Figure 2).”

About CSAMT

CSAMT is a geophysical technique that measures the conductivity of subsurface materials using electromagnetic waves from a distant transmitter. Both electrical and magnetic sensors are used to characterize distortions in the flow of subsurface currents that result from conductivity variations. In the audio frequencies, this technique can measure comparatively resistive rocks from 250m to 1000m deep. A total of 19.4 line-km was surveyed on twelve (12) Lines spaced at 200m to extend coverage southward from the Big Easy Showing to the Central Anomaly Induced Polarization/Resistivity target where drilling in 2018 and 2021 confirmed strong alteration and significant gold values. The silicification that accompanies gold emplacement in epithermal systems usually results in a volume with extremely low resistivity that can be mapped in three dimensions using CSAMT data.

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this press release. The CSAMT surveys were carried out by Clearview Geophysics under the direction of Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design and assisted in the interpretation from data processed by Clearview Geophysics. Messrs. Hale and Gilliatt are QPs as defined under NI 43-101. The diamond drilling program is being carried out under the supervision of Peter Webster, P.Geo. of Mercator Geological Services. Mr. Webster is a QP as defined under NI 43-101. Analytical work for the diamond drill program will be done by Eastern Analytical Ltd. in Springdale, Newfoundland. The Company employs an industry standard QA/QC program for all analytical work.

Cartier Iron gratefully acknowledges the support of the Newfoundland and Labrador government through the Junior Exploration Assistance program.

Table 1: Diamond Drill Holes Completed with Assays Pending, Central Anomaly Target, Big Easy Gold-Silver Project

DDHUTM EUTM NAzimuthDipLength (m)
BE-21-37709876.35346497.3270-55425
BE-21-38709975.05346498.0270-55473
  TOTAL898

Core size is NQ.

About Cartier Iron Corporation

Cartier Iron is an exploration and development Company focused on discovering and developing significant iron ore resources in Quebec, and a potentially significant gold property in the province of Newfoundland and Labrador. The Company’s iron ore projects include the Gagnon Holdings in the southern Labrador Trough region of east-central Quebec. The Big Easy gold property is located in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland.

Please visit Cartier Iron’s website at www.cartieriron.com.

For further information please contact:
Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

The CSE has not reviewed nor accepts responsibility for the adequacy or accuracy of this release. Statements in this release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements”.

Figure 1: Cross Section Showing Combined Resistivity from IP/Res (to 200m) and CSAMT (to 1km depth) on Line 46300N in the Central Anomaly. Locations of previously drilled holes and deeper planned holes are also shown.
https://www.globenewswire.com/NewsRoom/AttachmentNg/001f69b5-4a69-4a5e-86d4-1b9907910121

Figure 2: Plan Map of Central Anomaly Target Area showing Location of the CSAMT Lines Surveyed, Location of Figure 1 – Section 46300N and two diamond drill holes (BE-21-37 and -38) completed with assays pending in the current drill program.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0567f3f-afb4-4f7c-83f7-677a894f3a5b

PDF Available: http://ml.globenewswire.com/Resource/Download/ed4867a6-1cfa-4026-b60b-afad3d5918f9

Figure 1Figure 2

Attachments

2021 09 21 Cartier Iron Announces Results of CSAMT Survey FINAL.pdf
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Gran Colombia Announces Segovia Production for August 2021; Declares Monthly Dividend to Be Paid on October 15, 2021

Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced 17,377 ounces of gold and 17,915 ounces of silver at Segovia in August 2021 bringing the total for the first eight months of the year to 133,891 ounces of gold and 144,796 ounces of silver, up from 129,082 ounces of gold and 118,570 ounces of silver at Segovia in the first eight months of 2020.

Gran Colombia processed 50,245 tonnes in August at its Maria Dama plant, representing a daily processing rate of 1,621 tonnes per day (“tpd”), and head grades averaged 12.0 g/t in the month. This brings the daily processing rate for the first eight months of 2021 to an average of 1,505 tpd with an average head grade of 12.7 g/t compared with 1,242 tpd at an average head grade of 14.7 g/t in the first eight months of 2020.

Commissioning of the new polymetallic recovery plant at Segovia has commenced and the Company expects to begin producing concentrate including zinc, lead, gold and silver from its tailings in the fourth quarter of 2021.

With its trailing 12-months total gold production amounting to 201,170 ounces, Gran Colombia remains on track to produce between 200,000 and 220,000 ounces of gold in 2021 from its Segovia Operations.

Monthly Dividend Declaration

Gran Colombia also announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on October 15, 2021 to shareholders of record as of the close of business on September 30, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. In Guyana, the Company is advancing the Toroparu Project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato), an approximately 27% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain – Lomero-Poyatos; Colombia – Guia Antigua and Zancudo) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production guidance, the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com

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Tocvan Finalizes Agreement with Millrock Resources for the Transfer of the El Picacho Au-Ag Property Option in Sonora, Mexico

Tocvan Ventures (CNSX:TOC.CN) (OTC:TCVNF) (WKN:TV3/A2PE64), is pleased to announce the company has completed their due diligence process and completed and executed the final agreement to acquire Millrock Resources’ option to acquire up to 100% interest in the El Picacho mining concessions located in the state of Sonora, Mexico.

The Project is located 140 kilometers north of Hermosillo in Sonora, Mexico and is fully accessible by road. Extensive surface exploration has been conducted historically defining five gold targets on the project. Millrock and Tocvan believe these targets will be ready for drill testing with surface confirmation via trenching. A permit is currently active to allow for trenching and drilling on the Project.

About El Picacho

Location and Infrastructure

  • – Total Area: 2,413.7 ha

    – Road accessible, 140 km north-northwest of Hermosillo

    – Excellent Road access. Railroad on eastern edge of Project

    – 18 km southwest of San Francisco Mine.

Historic Work Summary

  • – Five Orogenic Gold Targets Defined: San Ramon, Tortuga, El Peurto, La Cornea, and El Jabali (see Figure 2)

    – 2,650 rock samples collected

    – Regional Scale mapping completed

    – 3,548 soil samples collected, covering Project Area

    – 70% of area covered by ground magnetic survey

    – 17.8 line-km of IP surveys

    – Limited drilling completed, widely spaced

    – Fully permitted for drilling and trenching

Derek Wood CEO of Tocvan Ventures Commented “We are very please to have negotiated and completed this agreement with Millrock. This is a prime example of the ability of Tocvan to negotiate transactions which we believe add significant accretive value to Tocvan shareholders, while allowing previous operators and landowners to benefit greatly from a successful outcome as Tocvan works to de-risk the property toward economic viability. We like to create win-win opportunities for all stake holders and feel that we have accomplished this with execution of this agreement.”

 

Terms of Option Agreement
Tocvan must make cash payments of $1,989,600 USD to the underlying concession owners (the Suarez brothers) over a five-year term to acquire 100% interest in the project.

Terms of Assignment Agreement
In the event that Tocvan exercises its option to purchase a 100% interest from the Suarez brothers, Millrock will vest with a 2% NSR royalty. Tocvan may purchase back 1% for US$1.0 million. The royalty contains a provision for an Annual Advance Minimum Royalty (“AMR”). The initial AMR payment to Millrock would be US$25,000. The amount of the AMR will double each year until commercial production occurs. Any AMR payments made can be deducted from NSR royalty payments.


Click Image To View Full Size

 

Figure 1. Location of El Picacho Project within the Caborca Orogenic Gold Belt


Click Image To View Full Size

Figure 2. Plan View Map of Target Areas at El Picacho.

 

Qualified Person
Brodie A. Sutherland, P.Geo., VP Exploration for Tocvan Ventures Corp. and a qualified person (“QP”) as defined by Canadian National Instrument 43- 101, has reviewed and approved the technical information contained in this release.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 29 million shares outstanding and is earning into three exciting opportunities. The Pilar Gold-Silver project and the El Picacho Property within the Caborca Orogenic Gold Belt both located in Sonora and the Rogers Creek Copper project in southern British Columbia, management feels all three projects represent tremendous opportunity to create long term shareholder value.

 

ON BEHALF OF THE BOARD

Derek Wood President & CEO

Dwood@tocvan.ca

Phone: 403-668-7855

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