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Tocvan Closes $5.125 Million Private Placement with Institutional Investor

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF) (WKN:TV3/A2PE64), is pleased to announce the closing of a private placement to an institutional investor (the “Placement”) to raise an aggregate amount of $5.125 million (CAD). The proceeds from the Placement will be deposited with a third-party escrow agent (the “Escrow Agent”) and delivered to the Corporation in monthly tranches over the next 24 months pursuant to the terms and conditions of a Sharing Agreement (as defined below) and an escrow agreement dated June 28, 2022 between the Corporation, Sorbie Bornholm LP, and Orrick, Herrington & Sutcliffe (UK) LLP (the “Escrow Agreement”). The funds will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico and for general working capital purposes.

 

In connection with the Placement, the Company has entered into a series of agreements with Sorbie Bornholm LP (“Sorbie”), a UK based institutional investor, to issue the following securities for aggregate net consideration of $5.125 million over the next 24 months:

 

  • 3,200,000 units of the Company (each a “Unit”) Each Unit consists of one common share in the capital of the Company (a “Subscription Share”) at a price of $0.82 per Unit and one common share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase an additional common share at an exercise price of $1.20 for a period of three years from the closing date; and
  • 2,501 Convertible Loan Notes (“Notes”) in the principal amount of $1,000 per Note, bearing an interest rate of 1% per annum. Each Note is convertible into 1,220 common shares for a period of 3 years from the date of issuance. Each Note includes detachable warrant allowing the holder to acquire up to 1,220 common shares per Note, exercisable for 3 years. Of the 1,220 warrants, 610 Warrants can be exercised at C$1.30 per share, and 610 Warrants can be exercised at $1.40 per share. Conversion of the Notes is limited to only when shares issued combined with the then current holdings of the holder will not take the holder above 9.9% ownership of the Company. The Corporation shall also be entitled to issue an additional 308 Notes to Sorbie for proceeds of $307,500 pursuant to the terms of the Sharing Agreement described below.

 

“We are very pleased to align with a strategic investor to support us through our next phase of growth and guarantee we are funded to develop our projects for the next two years and beyond”, commented Brodie Sutherland, CEO. “We have a track record of performing exceptionally well with a limited budget; this agreement has us seeing the potential upside of continuing that performance whilst we advance our gold-silver assets in Mexico.”

In order to facilitate and secure the delivery of the funds over the next 24 months, the Company has entered into a sharing agreement dated June 28, 2022 with Sorbie (the “Sharing Agreement”) and the Escrow Agreement. This structure allows the Company to retain much of the economic interest in the Sorbie Subscription Shares and Notes. The Sharing transaction will allow the Company to secure the potential upside on 4,659,091 of the Sorbie Subscription Shares arising from news flow over the next 24 months. The Sharing transaction provides that the Company’s economic interest will be determined and payable in 24 monthly settlement tranches as measured against a benchmark price of $1.10 per share. If the measured share price exceeds the benchmark price, for that month, the Company will receive more than 100 per cent of the monthly settlement due. The measured share price is determined based on a VWAP for 20 trading days prior to the monthly settlement. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements. Should the share price be below the benchmark price, the Company will receive less than 100 per cent of the expected monthly settlement on a pro rata basis. In no case would a decline in the Company’s share price result in any increase in the number of ordinary shares to be issued to Sorbie or any other advantage accruing to Sorbie.

 

The structure of this Placement is designed to provide the Company with flexibility in continuing to advance the Company’s Projects in Mexico while maintaining a constant source of funds covering a portion of the Company’s short to medium term cash flow requirements.

 

Pursuant to the terms of the Sharing Agreement, the Company will receive the funds from the Placement based on the following payment schedule over the next 24 months.

 

Sharing Arrangement TransactionApplicable Settlement Date (Expressed as a Number of Months after the Trigger Date)Applicable Share Amount Transfer Amount (Assuming all Applicable Settlement Dates occur at earliest possible date)
Transaction 11 month after Trigger Date454,545CAD$500,000
Transaction 22 months after Trigger Date182,806CAD$201,087
Transaction 33 months after Trigger Date182,806CAD$201,087
Transaction 44 months after Trigger Date182,806CAD$201,087
Transaction 55 months after Trigger Date182,806CAD$201,087
Transaction 66 months after Trigger Date182,806CAD$201,087
Transaction 77 months after Trigger Date182,806CAD$201,087
Transaction 88 months after Trigger Date182,806CAD$201,087
Transaction 99 months after Trigger Date182,806CAD$201,087
Transaction 1010 months after Trigger Date182,806CAD$201,087
Transaction 1111 months after Trigger Date182,806CAD$201,087
Transaction 1212 months after Trigger Date182,806CAD$201,087
Transaction 1313 months after Trigger Date182,806CAD$201,087
Transaction 1414 months after Trigger Date182,806CAD$201,087
Transaction 1515 months after Trigger Date182,806CAD$201,087
Transaction 1616 months after Trigger Date182,806CAD$201,087
Transaction 1717 months after Trigger Date182,806CAD$201,087
Transaction 1818 months after Trigger Date182,806CAD$201,087
Transaction 1919 months after Trigger Date182,806CAD$201,087
Transaction 2020 months after Trigger Date182,806CAD$201,087
Transaction 2121 months after Trigger Date182,806CAD$201,087
Transaction 2222 months after Trigger Date182,806CAD$201,087
Transaction 2323 months after Trigger Date182,806CAD$201,087
Transaction 2424 months after Trigger Date182,804CAD$201,086

 

The Placement is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the Placement, nor the consideration paid, exceed 25% of the Company’s market capitalization. No additional insiders or related parties of the Company participated in the Placement. No new insiders or control persons were created in connection with the closing of the Placement.

 

The closing of the Placement, as well as the issuance of the Units pursuant thereto, are subject to the final acceptance of the Canadian Securities Exchange (the “CSE”).

 

Management Change

As of July 1st, the Company wishes to announce the retirement of CFO, Greg Ball. Mr. Ball will remain a Director of the Company. Mr. Ball’s responsibilities as CFO will be transferred to Ms. Yana Silina, a Chartered Professional Accountant and senior accountant at Da Costa Management Corp.

Ms. Silina has worked in the accounting field providing her services mainly to venture capital companies since 2008. Ms. Silina is a Chartered Professional Accountant and holds a Diploma in Management Studies from Thompson Rivers University. Ms. Silina is a senior accountant at Da Costa Management Corp., a Company that provides bookkeeping and accounting services to both public and private companies. Ms. Silina is currently CFO and director of Cell MedX Corp (OTC QB: CMXC), CFO of Stuhini Exploration Ltd. (TSX.V: STU), and a director of Kesselrun Resources Ltd. (TSX.V: KES). Ms. Silina has previously held various management positions with other public companies listed on OTC Link alternative trading system and Canadian Securities Exchange.

“On behalf of the Board we would like to thank Greg for his dedication to the Company since inception and we wish him all the best in retirement”, commented Brodie Sutherland, CEO. “Greg has been a critical part of our growth and we are fortunate to have him stay involved as a Director of the Company. Moving forward we are in the capable hands of Ms. Silina as we continue to create shareholder value through the advancement of our Mexico gold-silver projects.”

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 has approximately 33 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There is no certainty that the full Placement will be realized.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Tocvan Restarts Drilling at Pilar, Targeting Priority Areas for Expansion. Outlines Path Forward for Sonora Projects

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3), is pleased to announce drilling has recommenced at its Pilar Au-Ag Project in Sonora, Mexico. As a continuation of Phase III, drilling will focus on priority exploration targets across the property. Targeting parallel trends and trend extensions will remain a focus as the Company looks to rapidly define the extent of mineralization at Pilar. Recent reconnaissance drilling in a 200-meter gap between the Main Zone and 4-T Trend was successful in defining a new parallel trend (JES-22-63 returned 54.9-meters at 0.3 g/t Au and 5 g/t Ag from 6.1-meters depth). Another 200-meters to the east, surface exploration returned chip samples of 6.6 g/t Au and 433 g/t Ag defining an untested extension of the 4-T Trend, both of these targets will be tested during this stage of drilling.

 

“We are excited for this next stage of drilling at Pilar, as we feel the potential to expand the known areas of mineralization is very significant,” commented Brodie Sutherland, CEO. “All of these targets have compelling surface geochemistry that warrant further evaluation. Information collected here will be instrumental to the next steps of development as we look to utilize substantial funding to fully unlock the potential of Pilar.”

 

Figure 1. Map of Phase III Drill Holes with Next Stage of Drilling (Red).


Click Image To View Full Size

 

Next Stage Drill Targets

  1. 1)Follow-Up on NEW Discovery Trend
  • JES-22-63 (RC)
    • 54.9m at 0.3 g/t Au and 5 g/t Ag, from 6.1m
      • Including 13.7m at 0.6 g/t Au and 13 g/t Ag, from 6.1m
        • Including 4.6m at 1.6 g/t Au and 29 g/t Ag, from 6.1m
      • And 9.2m at 0.6 g/t Au and 3 g/t Ag, from 42.7m
  • Soil Sample 170-meter southeast on trend returned 340 ppb Au and 19 ppm Ag
  1. 2)4-T Extension
    • Surface Chip sampling up to 6.6 g/t Au and 433 g/t Ag in silicified fault (See Plate 1.)
    • Soil Sample 100-meter southeast on trend returned 1,090 ppb Au and 127 ppm Ag
  2. 3)4-T Expansion
    • Untested, elevated surface sampling over 300-meter trend

 

Plate 1. Photo of rock chip sample 7591, which returned 6.6 g/t Au and 433 g/t Ag as part of the 4-T Extension target.

 


Click Image To View Full Size

 

Near-Term Catalysts at Pilar

  • Ongoing Exploration and Expansion Drilling
  • Ongoing Metallurgical Studies
  • Advancing Towards:
    • Maiden Resource Estimate
    • Bulk Test Mine Determination

 

Update on Metallurgical Studies

Metallurgical analysis of select trench samples are still underway, the Company expects reports to be available soon. The Company’s expectation is to have Pilar match other regional analogs that show a range of gold recovery between 67.6% (La Colorada, Argonaut Gold. 2022 Technical Report) and 75% (Santana, Minera Alamos. April 7, 2022 News Release). Continuous metallurgical work will be required to understand best methods to recover gold and silver across different domains on the project.

Exploration Update on El Picacho

Over the past two months field crews have been evaluating priority target areas at the El Picacho Au-Ag project. A total of  180 samples have been collected to date and are pending results. A preliminary trench program assessing the San Ramon and Jabali target areas is being planned for this summer.

 

Near-Term Catalysts at El Picacho

  • Ongoing Surface Exploration and Mapping
  • Advancing Towards:
    • Trench Program (San Ramon, Jabali, Cornea targets)
    • Maiden Drill Program (San Ramon target)

 

Plate 2. Photos from recent surface sampling at El Picacho, results are pending.


Click Image To View Full Size


Click Image To View Full Size

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 20,700 m of drilling have been completed to date. Significant results are highlighted below:

  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au
    • 47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
    • 29m @ 0.71g/t Au
    • 35.1m @ 0.66 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au
    • 16.5m @ 53.5g/t Au and 53 g/t Ag
    • 13.0m @ 9.6 g/t Au
    • 9.0m @ 10.2 g/t Au and 46 g/t Ag

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 has approximately 33 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Quality Assurance / Quality Control

RC chips and core samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, P.Geo., CEO 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.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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GR Silver Mining Discovers High-grade Shallow Precious Metals Mineralization at the Plomosas Project

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL), (OTCQB: GRSLF) (FRANKFURT: GPE) – announces drilling results from initial exploration carried out on new areas representing potential step outs from NI 43-101 mineral resources at both the San Juan/La Colorada and Plomosas Mine Areas. The gold (Au) and silver (Ag) discoveries are in addition to the Company’s successful exploration programs reported earlier this year at the Loma Dorada, Trampolín and Corta Pico vein systems (see News Releases dated February 10, 2022 and February 17, 2022).

Highlights:

  • Exploration results focused on new areas of El Saltito, Las Cuevas and Las Teresas, as well as the previously reported Loma Dorada vein system
  • Presence of high-grade Au results, close to the surface, with potential to extend mineralization along strike from existing resource areas, including:
    • LDS21-13A: 5.2 m at 4.52 g/t Au and 56 g/t Ag, including
    • 0.6 m at 10.17 g/t Au and 340 g/t Ag
    • ESS21-04: 0.5 m at 30.09 g/t Au and 76 g/t Ag
    • CVS21-01A: 0.9 m at 0.38 g/t Au and 459 g/t Ag
    • o LTS21-CH-001: 3.5 m at 1.21 g/t Au and 67 g/t Ag, including
    • 0.4 m at 9.44 g/t Au and 394 g/t Ag
    • o CHS21-CH-004: 1.0 m at 4.98 g/t Au and 314 g/t Ag
  • Ag mineralization at Las Cuevas supports the upside potential for along strike extension of the Ag mineralized system up to 1.5 km to the NW of the NI 43-101 resource at the Plomosas Mine Area
  • Recent Au-Ag rich drill results indicate the presence of low sulphidation epithermal veining in multiple areas of the Plomosas Project, which will likely be the subject of additional drilling in 2022

GR Silver Mining Chairman and CEO, Eric Zaunscherb commented, “Our primary focus remains on delivering updated mineral resource estimates for the San Marcial and Plomosas Mine Areas in Q1|23. We cannot, however, ignore the rich potential of the wholly owned, 432 km2 Plomosas Project in its entirety, with several strong regional, northwest-trending structures that remain untested over a combined 75 km strike length. The results released today are an indicator of the potential of the project’s pipeline targets, which we will reveal going forward.”

Loma Dorada Drill Program

The latest drill results from the 1 km along strike extension to the north of the San Juan/La Colorada vein system, intersected high-grade Au-Ag typical of epithermal veins with colloform banded quartz textures within the predominant NW trend (Figure 1). This structural trend extends to the north of the San Juan/La Colorada NI 43-101 mineral resource and is part of the NW to N-S trend of Loma Dorada. There is evidence that structures in this area intersect defining a ‘flower’ structural pattern with the potential to develop ore shoots at depth. The shallow results, such as those obtained from drill hole LDS21-13A, which intersected 5.2 m at 4.52 g/t Au and 56 g/t Ag, including 1.3 m at 10.17 g/t Au and 340 g/t Ag (Table 1), encourage the Company to continue drilling for potential resource delineation.

El Saltito Drill Program

Shallow drilling results revealed narrow high-grade Au-rich epithermal veining at the southern extension of the 1.5 km long El Saltito vein system (Figure 1). The high-grade gold intercept of 0.5 m at 30.09 g/t Au from drill hole ESS21-04 (Table 1), is the most SE hole in the area, indicating the potential for additional high-grade Au mineralization further to the SE. The system is therefore open to the south, along a structural extension that is exposed/mapped on surface for at least another 500 m.

Las Cuevas – New Discovery

The Las Cuevas vein system is located 1.5 km along strike to the N-NW of the NI 43-101 resource at the Plomosas Mine Area (Figure 1) and represents a new discovery of Ag-Au mineralization. Shallow drilling and channel sampling (Table 2) have been successful in discovering high-grade Au and Ag mineralization at this potential northern extension of the resource area. The mineralization coincides with a historical high-chargeability geophysical anomaly, and also with a high aeromagnetic anomaly identified in a ground geophysical survey. This drilling by GR Silver Mining is the first ever on the Las Cuevas target and, combined with encouraging Ag-Au channel results, provides justification for a follow up surface drilling program in the near future, aiming to integrate Las Cuevas with the existing resource area

Las Teresas – New Discovery

Exploration by GR Silver Mining in 2021 and early 2022 on the Las Teresas vein system, approximately 2 km to the NW of the Loma Dorada mineralization, has been successful in identifying potential extensions to the Au-Ag low sulphidation vein-style mineralization. Shallow drilling and surface channels have identified mineralized zones with Au-Ag anomalies that require follow up drilling.

Las Chorreras – New Discovery

Las Chorreras is located at the western end of Plomosas concession. Historical channel sampling in the area outlined Au-Ag anomalies on a 1 km long prominent hill with intense argillic alteration. Recent channel sampling by GR Silver Mining confirmed the discovery of high-grade Au and Ag mineralization associated with the intense advanced argillic alteration zone. This mineralization contains pyrite, galena and sphalerite, both disseminated and in irregular stringers, hosted within andesitic “block and ash” units in contact with dioritic intrusives and rhyolitic dykes. The next stage of exploration at this new target will involve shallow drilling to confirm the 3-D extension of mineralization below the positive channel sample results.

Table 1:   Plomosas Project New Vein Systems – Drill Results

Drill Hole

From (m)

To (m)

Apparent width (m)

True

width (m)

Ag g/t

Au g/t

Comments

LDS21-08

13.7

14.3

0.6

0.5

65

0.34

Loma Dorada

LDS21-09

66.3

68.2

1.9

1.7

8

2.55

LDS21-10

135.8

136.5

0.7

0.6

165

2.76

LDS21-11

na

LDS21-12

213.4

213.7

0.3

0.3

12

0.52

LDS21-13A

103.5

108.7

5.2

4.3

56

4.52

 including

1.5

2.8

1.3

1.1

340

10.17

LDS21-14

60.0

61.0

1.0

1.0

na

1.46

ESS21-01A

113.4

118.4

5.0

3.8

3

0.41

Includes 2.2m mine void

135.8

136.9

1.1

0.8

14

1.82

El Saltito

152.2

153.3

1.1

0.8

5

1.51

238.2

244.4

6.2

4.8

3

0.40

ESS21-02

na

ESS21-03

145.2

146.3

1.1

1.1

7

0.26

ESS21-04

203.5

204.0

0.5

0.5

76

30.09

CVSP21-01A

0.0

6.6

6.6

6.4

78

0.17

Las Cuevas

 including

3.3

4.2

0.9

0.9

459

0.38

CVSP21-02

na

CVSP22-01A

na

CVSP22-02

na

CVSP22-04A

0.0

2.0

2.0

1.9

15

na

LTSP22-001

na

Las Teresas

LTSP22-002

10.6

11.0

0.4

0.4

29

1.54

LTSP22-003

4.0

7.7

3.7

3.5

34

0.02

LTSP22-004

na

LTSP22-005

na

LTSP22-006

0.0

6.7

6.7

6.3

41

0.40

0-6.4m ~55% recovery

 including

6.4

6.7

0.3

0.3

79

5.28

LTSP22-007

4.8

9.4

4.6

4.3

5

0.68

“na” = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

Table 2:   Plomosas Project New Vein Systems – Channel Results

Channel Number

From (m)

To (m)

Apparent width (m)

True

width (m)

Ag g/t

Au g/t

Comments

CHS21-CH-004

2.0

3.0

1.0

1.0

314

4.98

Las Chorreras

CHS21-CH-005

na

CHS21-CH-006

0.0

0.3

0.3

0.3

15

0.06

CHS21-CH-007

1.0

2.0

1.0

0.8

15

0.17

CHS21-CH-013

na

CHS21-CH-017

na

CVS21-CH-001

0.0

4.0

4.0

3.5

371

0.18

Las Cuevas

including

1.4

2.8

1.4

1.2

680

0.20

CVS21-CH-003

na

LTS21-CH-001

0.0

3.5

3.5

3.4

67

1.21

Las Teresas

including

0.0

0.4

0.4

0.4

394

9.44

“na” = no significant result. Numbers may be rounded. Results are uncut and undiluted. True sample widths are approximate due to complexity of structural orientations.

Table 3:   Plomosas Project New Vein Systems – Surface Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth (˚)

Depth (m)

Results Status

LDS21-08

447585

2551619

921

-45

260

108.5

Received

LDS21-09

447833

2551765

905

-50

260

165

Received

LDS21-10

447433

2551536

913

-50

250

243

Received

LDS21-11

447405

2551326

894

-50

255

126

Received

LDS21-12

448095

2551451

899

-45

260

252

Received

LDS21-13A

447531

2551099

916

-75

250

150

Received

LDS21-14

447896

2552645

670

-45

250

165

Received

ESS21-01A

446309

2551001

723

-60

240

300

Received

ESS21-02

446283

2551181

757

-70

245

171

Received

ESS21-03

446714

2550276

699

-55

270

259

Received

ESS21-04

446701

2550049

764

-50

250

252

Received

CVSP21-01A

450783

2553187

1010

-30

265

10.85

Received

CVSP21-02

450632

2553561

840

-25

230

8.6

Received

CVSP22-01A

450648

2553546

843

-40

150

16.2

Received

CVSP22-02

451096

2553562

950

-45

95

6.5

Received

CVSP22-04A

451224

2553430

1020

-40

95

8.2

Received

LTSP22-001

446859

2554473

912

-55

235

9

Received

LTSP22-002

446882

2554472

886

-45

265

14

Received

LTSP22-003

446790

2554527

883

-45

200

15

Received

LTSP22-004

446774

2554540

907

-65

210

17

Received

LTSP22-005

446719

2554618

934

-50

230

16

Received

LTSP22-006

446716

2554577

930

-60

220

11

Received

LTSP22-007

446644

2554912

906

-55

285

17

Received

Note: all holes drilled from underground, targeting unmined areas where the Company previously adopted zero values on unsampled areas in the 2021 resource estimation, as well as areas with insufficient drilling and recently discovered new mineralization requiring additional data for geological/mineralization modelling.

Qualified Person

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

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation 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.

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

GR Silver Mining Ltd.

Eric Zaunscherb

Chairman & CEO

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.417.7952, Email: bdayton@grsilvermining.com

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GCM Mining Announces May 2022 Production; Declares July 15, 2022 Monthly Dividend

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Segovia Operations produced 18,507 ounces of gold in May 2022, up from 17,936 ounces of gold in May last year. This brings the total gold production for the first five months of 2022 to 86,779 ounces, up from 84,467 ounces in the first five months last year. Segovia’s trailing 12-months’ total gold production at the end of May 2022 was 208,701 ounces, up about 1% over 2021. Expansion of the Company’s processing plant at Segovia to 2,000 tonnes per day (“tpd”) is nearing completion and is expected to be finished in July. The Company is on track to meet its annual production guidance for 2022 of between 210,000 and 225,000 ounces of gold.

GCM Mining processed a total of 52,731 tonnes in May 2022 at its Maria Dama plant at Segovia, representing a daily processing rate of 1,701 tpd, compared with 49,089 tonnes and 1,584 tpd in May 2021. Segovia’s head grades averaged 12.1 g/t in May 2022 compared with 12.6 g/t in May last year. For the first five months of 2022, a total of 246,352 tonnes (equivalent to 1,631 tpd) were processed at Segovia at an average head grade of 12.2 g/t compared with a total of 229,747 tonnes (equivalent to 1,522 tpd) at an average head grade of 12.7 g/t in the first five months last year.

The Company also processed an average of 93 tpd of tailings in May 2022 at its polymetallic plant at Segovia resulting in the production of approximately 130 tonnes of zinc concentrate and approximately 94 tonnes of lead concentrate which have been stockpiled. The Company finalized the offtake contract for the concentrates earlier this month and is making preparation for the initial shipments which are expected to occur by the end of this month. Payable production from the concentrates in May 2022 is estimated to total approximately 114,000 pounds of zinc, 124,000 pounds of lead, 9,500 ounces of silver and less than 50 ounces of gold. Actual payable quantities are subject to change and will be finalized once the concentrates are shipped.

Monthly Dividend Declaration

GCM Mining 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 July 15, 2022 to shareholders of record as of the close of business on June 30, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is a leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada – Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 its production and 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 GCM Mining 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, 2022 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 GCM Mining 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@gcm-mining.com

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Annual General and Special Meeting of Shareholders of GCM Mining Corp. (the “Corporation”)

REPORT OF VOTING RESULTS
(Pursuant to Section 11.3 of National Instrument 51-102)

TORONTO, June 15, 2022 (GLOBE NEWSWIRE) — The following briefly describes the matters voted upon and the outcome of votes at the Corporation’s Annual General and Special Shareholder’s meeting held on Wednesday, June 15, 2022.

ItemDescription of MatterOutcomeVotedVoted (%)
Fixing the number of directors at sevenApproved49,373,903 For
228,895 Against
99.54%
0.46%
The election of the following individuals as directors of the Corporation to hold office until the next annual meeting of the Corporation or until their successors are appointed or elected:
Serafino IaconoApproved43,128,204 For
6,474,595 Withheld
86.95%
13.05%
Miguel de la CampaApproved49,334,382 For
268,417 Withheld
99.46%
0.54%
De Lyle BloomquistApproved49,338,959 For
263,840 Withheld
99.47%
0.53%
Hernan MartinezApproved49,345,091 For
257,708 Withheld
99.48%
0.52%
Robert MetcalfeApproved42,702,900 For
6,899,899 Withheld
86.09%
13.91%
Jaime Perez BrangerApproved49,351,093 For
251,706 Withheld
99.49%
0.51%
Belinda LabatteApproved45,292,319 For
4,310,480 Withheld
91.31%
8.69%
Appointment of KPMG LLP as auditors of the Corporation at a remuneration to be fixed by the directorsApproved54,569,887 For
210,512 Withheld
99.62%
0.38%
Approval and reconfirmation of the Corporation’s Shareholders’ Rights Plan dated as of January 2, 2019 between the Corporation and TSX Trust Company as Rights Agent, as more particularly described in the management information circular dated May 3, 2022Approved49,342,646 For
260,152 Against
99.48%
0.52%

Dated at the City of Toronto, Ontario this 15th day of June, 2021.

GCM MINING CORP.

“Amanda Fullerton”

________________

Amanda Fullerton
General Counsel & Secretary

For Further Information, Contact:

Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com

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Tocvan Announces Closing of Private Placement and Executes Term Sheet for $5.125M Financing

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (WKN:TV3/A2PE64), is pleased to announce it has executed a binding term sheet in connection with a proposed financing for $5,125,000.00 (CAD) (the “Proposed Financing”) with an institutional investor, the terms of which will be announced once all due diligence has been completed, which is expected by June 30, 2022. The Company has agreed to pay a refundable due diligence deposit of $75,000 (CAD) (the “Deposit Shares”) via the issuance of 81,522 common shares of the Company at a deemed issue price of $0.92 per common share.

The Deposit Shares, and the securities to be issued pursuant to the Proposed Financing, will distributed to an institutional investor in the United Kingdom pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada and, as such, will not be subject to a statutory hold period in accordance with applicable securities laws.

“Over the last year it has been our goal to align with an institutional investor that sees the potential of our Sonora projects and wants to be part of our next stage of growth,” commented Brodie Sutherland, CEO. “An investment of this size will ensure we can actively drill and advance both our projects for the next two-years and beyond. This is a big endorsement of our team and the hard work they have put in. Having an investment partner with a passion for mining and a track record of success is critical for our continued growth. We look forward to continuing our drill campaign at Pilar and moving Picacho towards a maiden drill program.”

 

Closing of Private Placement

The Company is also pleased to announce it has closed a non-brokered private placement of 243,500 units (the “Units”) at CAD $0.82 per Unit, for gross proceeds of $199,670 (CAD) (the “Offering”).  Each Unit is comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Company at a price of CAD $1.40 for a period of 24 months from the date the Units are issued, subject to the accelerated expiry provision described in the notes below.

 

If, on any 10 consecutive trading days occurring after four months and one day has elapsed following the closing  date of  the Offering, the closing sales price of the Shares (or the closing  bid, if no sales were reported on a trading day) as quoted on the Canadian Securities Exchange (“Exchange”) is greater than CAD $1.65 per Common Share, the Company may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 30th day after the date on which the Company issues such press release.

 

Closing of the Offering is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada.

 

The proceeds from the Offering will go towards drilling at the Pilar Au-Ag project in Sonora, Mexico, payment of finder’s fees under the Offering, and for general working capital purposes.

The Company has also agreed to issue 54,878 common shares at a deemed issue price of $0.82 to an arm’s length consultant to settle an account for $45,000 for services rendered to the Company by the consultant. The common shares issued in connection with the debt settlement will be subject to a statutory hold period of four months plus a day from the date of issuance, in accordance with applicable securities legislation in Canada.

 

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 has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There is no certainty that the Proposed Financing will be completed.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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Cartier Iron Provides Update on Exploration for Low Sulphidation Gold-Silver Epithermal Mineralization at Big Easy, Newfoundland

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) carried out a 17-hole diamond drill program totaling 9,470.6m in winter 2022 to test significant resistivity anomalies along a major north-northeast trending structural break outlined by the Controlled Source Audio Magneto-Telluric (“CSAMT”) survey in the Central Anomaly – Big Easy Showing Area (see Cartier Iron’s May 10, 2022 press release). Although assay results returned only geochemically anomalous values of silver, all the drill holes intersected wide sections of interbedded rhyolite and siltstone up to 150m thick in the lower part of the Musgravetown Group. Hydrothermal alteration is very extensive consisting primarily of silicification and phengite micas.

Hole BE-21-35, drilled in the winter 2021 program, returned 0.45 g/t Au and 9.7 g/t Ag over 34m, while Hole BE-21-36 intersected 0.62 g/t Au and 16.12 g/t Ag over 13m; but, a downdip continuation of this system was not intersected in the interbedded rhyolite and siltstone below the structural break.

The shallow-gold bearing low resistivity zone where previous drilling by Cartier Iron in the Central Anomaly area was successful in confirming an extensive zone of silicification up to 200m wide with low sulphidation epithermal gold-silver mineralization (see Cartier Iron’s June 8, 2021 press release) appears to be separated from the area drilled in winter 2022 by a major thrust fault (Figure 1).

Historically, gold at the Big Easy Zone has been associated with silicified sediments that contain a few percent pyrite and clay alteration products that lead to the comparatively low resistivity. The large alteration halo defined by the pyrite chargeability can be traced for kilometres, southwards from the Big Easy Zone, but only on the west side of the inferred major structure as shown in Figure 2.

Drilling at the Big Easy Zone only extended to approximately 260m in vertical depth but it returned the highest gold grades to date and a wide intersection of 0.87 g/t over 30.5m within a broader zone in BE11-03. (see Silver Spruce Resources Inc.’s May 3, 2011 press release).

Dr. Bill Pearson, P.Geo. Chief Technical Advisor for Cartier Iron commented: “Based on a comparison to other low sulphidation epithermal deposits, Big Easy has a permissive environment to host a significant deposit. The wide lower grade gold intercepts from both previous drilling by Cartier Iron and historic drilling by Silver Spruce Resources Inc. have the potential to blossom into higher grade zones according to accepted deposit models. The major structure identified during this past winter program indicates that the focus of further exploration needs to shift westwards and to the south where previous work by Cartier Iron has outlined extensive chargeability anomalies within a number of areas with coincident gold soil geochemical anomalies”.

Soil geochemical sampling in the Western Anomaly Zone in 2020 showed that although the chargeability anomalies occur at depths approaching 200m they are associated with anomalous gold values. Chargeability anomalies with coincident Au-in-soil peaks provide compelling drill targets but surface conditions generally favor a winter drill program. These deeper targets can likely be defined by additional IP/Resistivity Surveys employing larger dipoles to increase the depth of investigation. Surface IP/Resistivity lines have been recommended north and south of the western anomaly where the chargeability response is known to be associated with gold.

Despite intense silicification, the resistivity measured at the Sleigh Pond Zone during the 2020 IP/Resistivity Survey was comparatively low where it coincides with chargeability anomalies (see Figures 3 and 4) that resemble the Big Easy Zone response approximately 10 km farther north. Soil geochemistry confirms this as a good target for drill testing. A stronger chargeability trend farther to the east provides a second drill target on the Sleigh Pond Grid.

The 2022 winter drill program has outlined a major structural boundary east of the Big Easy Zone and the Central Anomaly Zone. Property scale geophysical surveys suggest this structural boundary could extend tens of kilometres to the south. With only a small fraction of the property tested to date, Cartier Iron feels that good potential remains for a discovery within this large strike extent.

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 2022 winter diamond drilling program was carried out under the supervision of Peter Webster, P.Geo. of Mercator Geological Services. Mr. Webster is an independent QP as defined under NI 43-101. The analytical work for the first two diamond drill holes in the program were done by Eastern Analytical Ltd. in Springdale, Newfoundland. The samples for the 15 remaining holes completed were prepared in ALS Laboratory’s Moncton or Sudbury facility, with the pulps to be analyzed by ALS Europe in their laboratory in Galway, Ireland or at the ALS laboratory in Vancouver, BC. Both Eastern Analytical and ALS Global are accredited laboratories. The Company employs an industry standard QA/QC program for all analytical work in addition to the laboratories internal QA/QC program.

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

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”.

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e1731fc2-0f6e-4fca-b8d1-d2715ee728e1

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7f43a83-f0d8-4964-b9c6-a7e7f5770ea3

https://www.globenewswire.com/NewsRoom/AttachmentNg/57d68b25-9c60-4db2-9877-fc8396de1787

https://www.globenewswire.com/NewsRoom/AttachmentNg/012b1e31-f6df-47ad-b857-7fa97cc5d0f9

PDF available: http://ml.globenewswire.com/Resource/Download/ef62d6fa-f8bf-4456-8f44-0d0861354334

Figure 1Figure 2Figure 3Figure 4
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GCM Mining Publishes 2021 Annual ESG Report

 GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has published its second annual ESG report entitled “2021 Sustainability Report” which is available on its website at www.gcm-mining.com.

Lombardo Paredes, Chief Executive Officer of GCM Mining, commenting on the Company’s latest ESG report which focuses on the Company’s Segovia Operations, said, “ESG has always been an important part of our operations and our annual report gives us an opportunity to highlight our initiatives and progress in line with international reporting standards. Our people are key to our success and we remain focused on continuing to provide opportunities for training and advancement and to improve health and safety throughout our operations. We actively participate with our communities to reinforce existing relationships through job creation, social and economic growth in our areas of operation and support for local businesses through local procurement. The pandemic has highlighted the importance of healthcare for our workers, their families and the stakeholders in the areas where we operate. We were able to supply 12,780 vaccine doses and, as a result, we have vaccinated close to 20% of the population in the municipalities where we are located. We are also committed to the environment and actions against climate change. Anchored in the United Nations Sustainable Development Goals (SDGs), we have taken on the challenge of conducting the necessary actions to address the complexity of this global issue. I would like to thank all of our employees, contractors and the community for their ongoing support. I encourage our stakeholders to read our ESG report and to watch our latest videos which provide a tremendous overview of our ESG initiatives and their impact on our operations and communities.”

In support of its annual ESG report, GCM Mining has also released a full-length video entitled ‘A Sustainable World’ and additional video segments entitled ‘The Era of Transformation’ which focus on GCM Mining’s new polymetallic plant, its El Chocho tailings storage facility, its artisanal small-scale mining model and its education initiatives, all at its Segovia Operations. The videos, produced and directed by award-winning Colombian journalist Yamid Ahmad, give viewers an opportunity to see the positive impact of GCM Mining’s ESG initiatives throughout the communities of Segovia and Remedios and highlight the Company’s operational and ESG initiatives, progress and accomplishments. The videos can be found on the Company’s website at www.gcm-mining.com and on its YouTube page.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada – Juby), Denarius Metals Corp. (~29%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 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 GCM Mining 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, 2022 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 GCM Mining 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@gcm-mining.com

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Tocvan Discovers NEW Parallel Trend to the Main Zone in Exploration Drilling at Pilar

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3), is pleased to announce drill results from its Pilar Au-Ag Project in Sonora, Mexico. Results for drill holes JES-22-63 and JES-22-65 are provided in this release, both testing parallel trends to the Main Zone (see Figure 1). JES-22-63 returned 54.9-meters at 0.3 g/t Au and 5 g/t Ag from 6.1-meters depth, including 13.7-meters at 0.6 g/t Au and 13 g/t Ag and 9.2-meters at 0.6 g/t Au and 3 g/t Ag. JES-22-63 was a RC reconnaissance drill hole testing a 200-meter gap between the Main Zone and 4-T Trend (see Plate 1). JES-22-65 was successful in intersecting a broad anomalous zone in the 4-T Trend, with elevated zinc (weight averaged >500 ppm) from surface to 81.2-meters down hole depth. Follow-up on each trend is warranted to evaluate the full extent of each. A total of 1,562 meters of Phase III drilling has been completed to date in nine drill holes providing key information across the Main Zone and 4-T Trend.

 

Figure 1. Map of Phase III Drill Holes.


Click Image To View Full Size

 

Drill Highlights (This Release)

JES-22-63 (RC)

  • 54.9m at 0.3 g/t Au and 5 g/t Ag, from 6.1m
    • Including 13.7m at 0.6 g/t Au and 13 g/t Ag, from 6.1m
      • Including 4.6m at 1.6 g/t Au and 29 g/t Ag, from 6.1m
    • And 9.2m at 0.6 g/t Au and 3 g/t Ag, from 42.7m

 

“To conclude this stage of drill results with a discovery of a new trend parallel to our Main Zone, gives us confidence in the significance of the mineralized system at Pilar and provides us with more targets to follow-up on,” commented Brodie Sutherland, CEO. “For the first drill hole on this trend to return broad low-grade mineralization is extremely encouraging. We are very proud of the team and the success we have had to date, to have eight of nine drill holes return significant mineralization is a testament to their hard work.  Planning is underway to complete more drilling within the next month to further evaluate these new target areas.”

 

Summary of Phase III Drill Highlights to Date (9 drill holes, totalling 1,562 meters)

 

JES-22-58 (Core)

  • 33.3m at 0.6 g/t Au and 2 g/t Ag, from 85.6 meters
    • Including 21.7m at 0.9 g/t Au

JES-22-59 (Core)

  • 116.9m at 1.2 g/t Au and 7 g/t Ag
    • Including 48.1m at 2.8 g/t Au and 9 g/t Ag
    • Including 10.2m at 12.0 g/t Au and 23 g/t Ag

JES-22-61 (Core)

  • 63.4m at 0.6 g/t Au and 11 g/t Ag, from 60.8m
    • Including 29.9m at 0.9 g/t Au and 18 g/t Ag, from 60.8m

JES-22-62 (Core)

  • 108.6m at 0.8 g/t Au and 3 g/t Ag, from 48.7m
    • Including 31.9m at 2.4 g/t Au and 2 g/t Ag, from 125.4m
    • Including 9.4m at 7.6 g/t Au and 5 g/t Ag, from 144.8m

JES-22-63 (RC)

  • 54.9m at 0.3 g/t Au and 5 g/t Ag, from 6.1m
    • Including 13.7m at 0.6 g/t Au and 13 g/t Ag, from 6.1m

 

Discussion of Results

As part of the Phase III program, nine drill holes have been completed totalling over 1,562 meters (Figure 1). Drilling looked to expand the Main Zone through 25, 50 and 100-meter step-outs to the southeast in a gap zone that has seen little drilling focused on the main trend between hole JES-20-32 (94.6m at 1.6 g/t Au) and hole JES-21-50 (39.7m at 0.96 g/t Au).

 

Drill hole JES-22-63 was successful in intersecting a significant zone of broad low-grade gold mineralization in a silicified andesite host with quartz veining (54.9 meters of 0.3 g/t Au, including 13.7 meters of 0.6 g/t Au and 9.2 meters of 0.6 g/t Au). The intersection included a near surface quartz vein zone grading 1.6 g/t Au and 29 g/t Ag over 4.6 meters. The broader low-grade interval is interpreted to be a new parallel trend, 100-meters northeast of JES-21-47 (47.3m of 0.7 g/t Au) and 200-meters northeast of JES-22-62 (108.6m of 0.8 g/t Au).

 

Drill hole JES-22-65 tested an area along the 4-T Trend where surface sampling returned consistent gold mineralization. Although no significant mineralization was recorded, a broad anomalous zinc zone with average grades above 500 ppm was recorded from surface to 81.2 meters depth. Propylitic alteration recorded in the hole associated with a silicified andesite host suggests the hole is proximal to more robust mineralization.

 

Table 1. Summary of Phase III Drill Results to Date.

Hole IDFrom (m)To (m)Width (m)*Au (g/t)Ag (g/t)
JES-21-576.1012.206.100.517.68
JES-22-5885.60118.8533.250.631.92
including85.60107.3021.700.942.69
including90.1594.154.005.0814.28
JES-22-5920.20137.05116.851.196.57
including55.70103.7548.052.819.03
including55.7065.9010.2012.0423.35
including55.7059.904.2028.3448.91
JES-22-605.4010.905.500.649.85
and26.1026.600.502.4513.40
and77.1579.101.950.661.70
JES-22-6160.75124.1063.350.6110.74
including60.7590.6529.900.9118.27
including81.7590.658.902.1144.81
JES-22-6238.65157.30118.650.743.11
including48.70157.30108.600.812.91
including125.40157.3031.902.372.21
including144.80154.229.427.635.27
JES-22-636.1061.0054.900.284.69
including6.1019.8213.720.5712.87
including6.1010.684.581.5628.90
also`42.7051.859.150.563.41
JES-22-6460.30167.60107.300.082.25
including93.20138.0044.800.151.00
JES-22-65No Significant Mineralization Recorded

 

*Reported widths are apparent widths.

 

Table 2. Phase III Drill Holes.

CollarDepthEastingNorthingElevationAzimuthDip
JES-21-57190.66176083144631420240-55
JES-22-58149.3617373314461238460-55
JES-22-59170.46174773144576424240-55
JES-22-60173.46176223144509404225-65
JES-22-61175.06175533144537427235-45
JES-22-62188.46175413144483428235-60
JES-22-63114.46177113144572424225-60
JES-22-64200.16175543144437421235-45
JES-22-65200.26177803144664428225-50

 

Figure 2. Cross-Section of JES-22-63.

­
Click Image To View Full Size

 

Plate 1. Photo JES-22-63 Collar with JES-22-62, 200m to the southwest in the background.


Click Image To View Full Size

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 20,700 m of drilling have been completed to date. Significant results are highlighted below:

  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 0.96 g/t Au, including 1.5m @ 14. g/t Au
    • 47.7m @ 0.70 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
    • 29m @ 0.71g/t Au
    • 35.1m @ 0.66 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses
    • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
    • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;
    • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au
    • 16.5m @ 53.5g/t Au and 53 g/t Ag
    • 13.0m @ 9.6 g/t Au
    • 9.0m @ 10.2 g/t Au and 46 g/t Ag

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 has approximately 33 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

Quality Assurance / Quality Control

RC chips and core samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, P.Geo., CEO 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.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases 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.

 

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.

 

There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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GR Silver Announces Receipt of Final Prospectus and Automatic Exercise of Special Warrants into Units

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) is pleased to report that it has filed its final short form prospectus dated May 30, 2022 (the “Prospectus“) and obtained a receipt (the “Final Receipt“) with the securities regulatory authorities in the Provinces of British ColumbiaAlbertaManitoba and Ontario.  The Prospectus qualifies the distribution of an aggregate of 27,236,755 units of the Company (each a “Unit“), which are issuable for no additional consideration upon the deemed exercise of 27,236,755 special warrants (each a “Special Warrant“) which were sold pursuant to a brokered private placement offering (the “Offering“) completed by the Company on March 29, 2022 (the “Closing Date“). The Special Warrants were sold at a price of $0.27 per Special Warrant for aggregate gross proceeds of $7,353,923.85.  The Offering was conducted by Beacon Securities Limited and Red Cloud Securities Inc., as co-lead agents, and Echelon Wealth Partners Inc. (collectively, the “Agents“).

In accordance with the terms of a special warrant indenture dated March 29, 2022, between the Company and TSX Trust Company, as special warrant agent, each Special Warrant will be automatically exercised into one Unit on June 6, 2022, being the fifth business day after the date of obtaining the Final Receipt.

Each Unit is comprised of one common share in the capital of the Company (a “Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant is exercisable to acquire one Share for a period of 36 months following the Closing Date at an exercise price of $0.37 per Share. The Warrants are subject to the terms of a warrant indenture dated March 29, 2022, between the Company and TSX Trust Company, as warrant agent.

The Prospectus also qualifies the distribution of 1,566,410 broker warrants underlying the special broker warrants issued to the Agents on the Closing Date (the “Broker Warrants“). The Broker Warrants will be issued on June 6, 2022 and each Broker Warrant is exercisable for one Share at a price of $0.27 per Share for a period of 36 months following the Closing Date.

For more information on the Offering, please refer to the Prospectus, as well as the Company’s press release dated March 29, 2022, available on the Company’s profile on SEDAR at www.sedar.com.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Qualified Person

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

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based, Mexico-focused junior mineral exploration company engaged in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern edge of the Rosario Mining District, in the southeast of Sinaloa State, Mexico. GR Silver Mining controls 100% of two past producer precious metal underground and open pit mines, within the expanded Plomosas Project, which includes the integrated San Marcial Area and La Trinidad acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the Company holds 734 km2 of concessions containing several structural corridors totaling over 75 km in strike length.

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation 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.

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

SOURCE GR Silver Mining Ltd.

For further information: Brenda Dayton, VP Corporate Communications, Telephone: +1.604.558.6248, Email: bdayton@grsilvermining.com

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