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First Mining Announces Positive Pre-Feasibility Study for the Springpole Gold Project, Ontario, Canada
Pre-Tax NPV5% of US$1.5 billion, Pre-Tax IRR of 36%
After-Tax NPV5% of US$995 million, After-Tax IRR of 29%
Average Annual Gold Production of 335,000 ounces and AISC of US$577/oz in Years 1 through 9
First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce the positive results of a Pre-Feasibility Study (“PFS”) completed for its 100%-owned Springpole Gold Project (the “Project” or “Springpole”) located in northwestern Ontario, Canada. The PFS results support a 30,000 tonnes-per-day open pit mining operation over an 11.3 year mine life.
- US$1.5 billion pre-tax net present value at a 5% discount rate (“NPV5%“) at US$1,600/oz gold (“Au”), increasing to US$1.9 billion at US$1,800/oz Au
- US$995 million after-tax NPV5% at US$1,600/oz Au, increasing to US$1.3 billion at US$1,800/oz Au
- 36.4% pre-tax internal rate of return (“IRR”); 29.4% after-tax IRR at US$1,600/oz Au
- Life of mine (“LOM”) of 11.3 years, with primary mining and processing during the first 9 years and processing lower-grade stockpiles for the balance of the mine life
- After-tax payback of 2.4 years
- Declaration of Mineral Reserves: Proven and Probable Reserves of 3.8 Moz Au, 20.5 Moz silver (“Ag”) (121.6 Mt at 0.97 g/t Au, 5.23 g/t Ag)
- Initial capital costs estimated at US$718 million, sustaining capital costs estimated at US$55 million, plus US$29 million in closure costs
- Average annual payable gold production of 335 koz (Years 1 to 9); 287 koz (LOM)
- Total cash costs of US$558/oz (Years 1 to 9); and US$618/oz (LOM)(1)
- All-in sustaining costs (“AISC”) of US$577/oz (Years 1 to 9), and AISC US$645 (LOM)(2)
Note: Base case parameters assume a gold price of US$1,600/oz and a silver price of US$20, and an exchange rate (C$ to US$) of 0.75. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement of construction and excludes all pre-construction costs.
(1) Total cash costs consist of mining costs, processing costs, mine-level general and administrative (“G&A”) costs, treatment and refining charges and royalties.
(2) AISC consists of total cash costs plus sustaining and closure costs.
“This PFS is an important milestone for the Company as we continue to advance and de-risk the Springpole Gold Project,” stated Dan Wilton, CEO of First Mining. “First Mining is declaring mineral reserves for the first time ever on the Springpole Gold Project, reflecting the culmination of a year of detailed data collection, trade-off studies, and engineering and technical de-risking work done by First Mining and our partners on our project team. The results of the PFS confirm that Springpole has the potential to become a strategically significant, highly profitable gold mine in one of the most attractive mining jurisdictions in North America. The work we have undertaken to date to reduce the potential environmental impact from the project demonstrates the potential for Springpole to be developed in a responsible manner and to mitigate long-term impacts. We look forward to the Project’s continual improvement through collaboration with our local and Indigenous communities of interest as we advance Springpole through the federal and provincial Environmental Assessment processes. We are very excited to have added Steve Lines and his team to lead this effort for First Mining. The team’s recent and significant experience successfully permitting the Hardrock project in Ontario and other similar open pit mining projects in Canada requiring in-lake cofferdams and associated dewatering will serve us well as we continue to advance Springpole.”
This PFS for the Springpole Gold Project was prepared by AGP Mining Consultants Inc. (“AGP”) of Toronto, Canada, and a technical report summarizing the PFS will be filed by the Company on SEDAR within 45 days of this news release.
The Springpole Gold Project, located in northwestern Ontario, Canada, is one of the largest undeveloped open pit gold projects in North America. The Project is located approximately 110 kilometres northeast of Red Lake. Springpole currently hosts 4.6 million ounces (“Moz”) of gold in the Indicated Mineral Resource category and 0.3 Moz of gold in the Inferred Mineral Resource category, as set out in the table below.
The PFS evaluates recovery of gold and silver from a 30,000 tonne-per-day (“tpd”) open pit operation, with a process plant that will include crushing, grinding, and flotation, with fine grinding of the flotation concentrate and agitated leaching of both the flotation concentrate and the flotation tails followed by a carbon-in-pulp recovery process to produce doré bars.
Important parameters of the PFS are presented in the following table:
Years 1 to 9
Base Case Commodity Prices
US$1,600/oz Au, US$20/oz Ag
Exchange Rate (C$ to US$)
Years 1 to 9
Total Tonnes Processed (Mt)
Total Tonnes Waste (Mt)
Mill Grade – Gold, Silver
0.97 g/t Au, 5.2 g/t Ag
1.12 g/t Au, 5.7 g/t Ag
Throughput (tonnes per day)
Strip Ratio (waste:ore)
2.36 : 1
2.66 : 1 (inc. PP period)
Overall Recovery – Gold, Silver
85.7% Au, 89.5% Ag
87.0% Au, 89.8% Ag
LOM Metal Recovered – Gold, Silver
3.2 Moz Au, 18.1 Moz Ag
3.0 Moz Au, 16.1 Moz Ag
Average Annual Production – Gold, Silver
287 koz Au, 1.6 Moz Ag
335 koz Au, 1.8 Moz Ag
Unit Operating Costs (1)
Years 1 to 9
Total Cash Cost (2)
US$618/oz Au (net)
US$673/oz AuEq (co-product)
US$558/oz Au (net)
US$612/oz AuEq (co-product)
All-In Sustaining Cost AISC (3)
US$645/oz Au (net)
US$698/oz AuEq (co-product)
US$577/oz Au (net)
US$631/oz AuEq (co-product)
Project Economics -US$1600/oz Gold Price
NPV5% – Pre-Tax, After-Tax
US$1.5 billion, US$995 million
IRR – Pre-Tax, After-Tax
Payback Period – Pre-Tax, After-Tax
2.2 years, 2.4 years
LOM Cash Flow – Pre-Tax, After-Tax
US$2.3 billion, US$1.6 billion
(1) All unit operating costs are shown on both equivalent as well as net of silver by-product credits
(2) Cash costs consist of mining costs, processing costs, mine-level G&A, treatment and refining charges and royalties
(3) AISC includes cash costs plus sustaining capital and closure costs
The Project economics and cash flows are highly sensitive to changes to the gold price.
Springpole Economic Sensitivity to Gold Price (base case in bold)
Gold Price (US$/oz)
Springpole Economic Sensitivity to Initial Capital Costs (base case in bold)
Initial Capital Costs
Springpole Economic Sensitivity to Operating Costs (base case in bold)
Mineral Processing and Metallurgical Testing
The PFS reflects recoveries for both gold and silver that resulted from updated metallurgical test work completed in 2020. The test work focused on understanding the variability in gold and silver recoveries as well as optimizing the process flowsheet.
Based on the test work carried out, a flowsheet that includes flotation followed by leaching of reground concentrate and flotation tails presents as the most beneficial processing route for the Project. The processing plant also features a filtered tailings plant. This flowsheet is based on a primary grind size of P80 150 micrometres (“µm”) ahead of flotation, with a cleaner flotation concentrate being reground to approximately 17 µm ahead of agitated leaching. The overall recoveries expected and used for the economics presented in the PFS are 85.7% for gold and 89.5% for silver. The reduction in recoveries in the PFS stems primarily from a better understanding of the lower recoveries associated with processing lower grade ores. First Mining plans to undertake follow-up metallurgical test work to investigate additional opportunities to further increase recoveries and believes that this remains an important focus area for further improving the economics of the Project.
Mineral Resource and Mineral Reserve Estimates
The mineral resource model prepared by SRK Consulting (Canada) Inc. (“SRK”) is based on 662 core boreholes drilled by previous property owners during the period 2003 to 2013, and seven core holes drilled by First Mining in 2016 and 2020. The Mineral Resources at the Springpole Gold Project are shown below:
Mineral Resources inclusive of Mineral Reserves
- The Qualified Person for the Mineral Resource estimate is Dr Gilles Arseneau, Ph.D., P.Geo., an SRK employee. The Mineral Resource estimate has an effective date of July 30, 2020.
- Mineral Resources are reported in accordance with the May 2014 edition of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves.
- Mineral Resources are reported inclusive of the Mineral Resources that have been converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
- Mineral Resources potentially amenable to open pit mining are reported within an optimized constraining shell using the following parameters:
- Metal prices of US$1,550/oz gold, US$20/oz silver, exchange rate of US$0.77:C$1
- Mining cost of CAD$1.62/t, processing cost of CAD$15.38/t milled, G&A cost of CAD$1.00/t milled
- Pit slopes varying between 35–50º depending on domain
- Gold recovery of 88% and silver recovery of 93%
- Mineral Resources are reported at a cut-off grade of 0.3 g/t Au.
The Mineral Reserves for the Springpole Gold Project are based on the conversion of Indicated Mineral Resources within the current pit design. The Springpole Gold Project Mineral Reserves are shown below:
Springpole Proven and Probable Reserves
- The Mineral Reserve estimate has an effective date of December 30, 2020 and is based on the Mineral Resource estimate that has an effective date of July 30, 2020.
- The Mineral Reserve estimate was completed under the supervision of Gordon Zurowski, P.Eng., of AGP, a Qualified Person as defined under NI 43-101.
- Mineral Reserves are stated within the final design pit based on a US$878/oz Au pit shell with a US$1,350/oz Au price for revenue.
- The equivalent cut-off grade was 0.34 g/t Au for all pit phases.
- The mining cost averaged CAD$1.94/t mined, processing cost averaged CAD$14.50/t milled, and the G&A cost averaged CAD$1.06/t milled. The process recovery for gold averaged 88% and the silver recovery was 93%.
- The exchange rate assumption applied was C$1.30 equal to US$1.00.
The mineral resources defined in the PFS do not reflect the significant opportunities that are available for resource expansion or discovery of additional ore bodies in the Springpole district. First Mining believes that Springpole has several avenues for resource expansion, both within the existing property footprint and regionally in the under-explored Birch Uchi Greenstone belt. In 2021, First Mining is planning to undertake a further 10,000 m of diamond drilling at the Springpole Gold Project for metallurgy, exploration, condemnation, and geotechnical purposes, and continues to review other exploration opportunities in the area.
The capital cost estimate for the proposed open pit operation in the PFS is based on the scheduled plant throughput rates, as well as a review of similar sized open pit gold operations.
The following table provides a summary of the capital cost estimate:
Capital Cost Estimate Details
Total Direct Costs
Note: EPCM = engineering, procurement and construction management.
Mining Capital Costs
The open pit mining activities for the Project were assumed to be undertaken by a leased fleet. Mining capital costs were estimated based on a detailed equipment schedule matched to the mining production schedule. Total initial mining capital was estimated at US$144 million, inclusive of capitalized stripping, Waste Management Facility (“WMF”) construction and equipment.
Processing Capital Costs
The process plant was designed using conventional processing unit operations. It will treat 30,000 tpd or 1,250 tonnes/hour based on an availability of 8,059 hours per annum or 92%. The crusher plant section design is set at 75% availability and the gold room availability is set at 52 weeks per year including two operating days and one smelting day per week. The plant will operate with two shifts per day, 365 days per year, and will produce doré bars.
Initial capital costs for the processing facility were estimated to be US$415 million, inclusive of a US$54 million contingency allocation. No major plant re-build or expansion was considered during the LOM, with sustaining capital set to maintain the equipment in operating condition. No allowance for salvage value was made.
Overall operating costs for the LOM, and the unit costs, are summarized below:
Total Operating Cost
Treatment & Refining Charges
Sustaining Capital (2)
All-in Sustaining Costs (AISC)
(1) Includes processing, WMF operating costs and water management costs
(2) Includes closure capital
Operating Cost Estimate Details
The PFS contemplates open pit mining undertaken by a leased fleet. An average unit mining cost of CAD$1.96/t of material mined was used in the economics. The cost estimate was built from first principles with detailed haulage profiles, vendor quotations for equipment and consumables, and is based on experience of similar sized open pit operations and local conditions. The open pit mining costs consider variations in haulage profiles by month and by year and variable equipment requirements necessary to meet the plant production.
An average cost of US$10.87/t of processed material was used in the PFS, based on the updated process flowsheet. This includes tailings handling, labour, consumables, maintenance, and supplies. A power cost of CAD$0.08/kWh was assumed.
Production Schedule and Mine Plan
Mining would occur as a series of phases within the ultimate pit with a maximum depth of approximately 350 metres. The deposit is planned to produce a total of 121.6 Mt of plant process feed and 287.5 Mt of waste (2.36:1 overall strip ratio) over an 11.3 year mine operating life. The current LOM plan focuses on achieving consistent processing feed production rates, mining of higher-grade material early in the schedule, and balancing grade and strip ratios.
Springpole Lake Dewatering
The deposit sits underneath a small portion of the northern bay of Springpole Lake. Two dewatering dikes (coffer dams), with a total length of approximately 940 metres, will need to be constructed to allow this small portion of the bay to be dewatered. The coffer dams will have a maximum height of 17 metres. The area proposed to be dammed and dewatered totals approximately 150 hectares and represents approximately 6% of the entire surface area of Springpole Lake (and approximately 3% of the volume).
Waste Management Facility
The WMF was re-envisioned in the PFS as a comingled waste rock and filtered tailings facility to reduce the overall footprint and to spread the required costs over the LOM. The WMF will be located immediately west of the pit, and in the initial stages it will occupy a smaller footprint to reduce the construction period and to minimize the initial capital requirement. The surface of the filtered tailings and waste rock within the WMF will be graded to minimize infiltration and encourage water flow to defined sumps/pumping points. A synthetic liner has been included in the PFS design to limit exfiltration of contact water, and will be further considered through on-going environmental assessment work including additional geochemical testing and WMF design optimizations. The collected surface water will be directed to a Contact Water Management Pond (“CWMP”) that will be located southeast of the WMF. The water stored in the CWMP will be used to supplement mineral processing and/or will be treated and released to Springpole Lake.
The Company believes that the Project can play a meaningful role in encouraging the development of the road network in the area, with potential to connect the communities to the north with an all-season road that will provide access to the Municipality of Sioux Lookout, a major services hub for Northern Ontario. The PFS considers that the access road may be completed prior to commencement of construction and is not part of the study.
Approximately 55MW of electrical demand will be supplied via a new 230 kV overhead transmission line, built to connect to the provincial grid’s 230 kV line approximately 75 km to the southeast.
Project Enhancement Opportunities
The PFS identified several opportunities to enhance the economics of the Springpole Gold Project, and they will be investigated as First Mining continues to advance the Project. These opportunities include:
- Existing Resource Upgrades. Inferred Mineral Resources are contained within the existing pit design, and with additional infill drilling, these resources may potentially support conversion of some or all of this material into Indicated Mineral Resources that could be converted to Probable Mineral Reserves and evaluated in a Feasibility Study (“FS”).
- Mine Plan Optimization. Refined pit optimization parameters could result in better optimized open pit limits which could reduce the overall strip ratio.
- Process Optimization. Continued efforts to investigate opportunities to improve the metal recoveries through further metallurgical testing and refining milling processes, as well as other process optimizations.
- Further Geotechnical Studies. A better hydrogeological and geotechnical understanding may increase pit slope angles, potentially reducing costs associated with mining waste material.
- Additional Mineralization. There are geophysical targets in the area around the current resource, where additional drilling has the potential to identify additional mineralization that could support Mineral Resource estimation with upside potential for the LOM.
Permitting and Environmental Baseline Data
First Mining has made key strategic additions to our Environment and Community Relations team over the past couple of months to ensure that we have properly resourced the permitting and community relations work at Springpole. Steve Lines joined First Mining as Vice President, Environment and Community Relations on December 1, 2020, and has already built an expert team with extensive experience in Ontario’s Environmental Assessment process. The team brings across significant experience from Greenstone Gold Mines’ Hardrock project which was subject to the same Environmental Assessment process that Springpole requires, and bring further permitting and regulatory experience from similar in-lake open pit mines in Canada including the Meadowbank Gold Mine and Gahcho Kué Diamond Mine. Steve’s and his team’s experience, expertise and relationships will contribute significantly to the ongoing de-risking of Springpole.
First Mining has been actively collecting environmental baseline data necessary to support an Environmental Assessment (“EA”) for the Springpole Gold Project since 2010. The studies, both completed and ongoing, are focused on characterizing all relevant biological and physical components of the aquatic and terrestrial environments that may be impacted by, and may interact with, the Project.
First Mining continues to advance the Springpole Gold Project through the provincial and federal EA processes. The Company’s goal is to prepare a coordinated EA document that meets the federal and provincial requirements. Community consultation and engagement with local Indigenous communities and other stakeholders is important to First Mining and will remain on-going through the EA process.
First Mining plans to advance the development of the coordinated EA document in 2021 in accordance with the federal Environmental Impact Statement (“EIS”) Guidelines and the provincial EA Terms of Reference.
Qualified Persons and NI 43-101 Technical Report
The updated PFS for the Springpole Gold Project summarized in this news release was completed by AGP and will be incorporated in a NI 43-101 technical report that will be available under the Company’s SEDAR profile at www.sedar.com, and on the Company’s website, within 45 days of this news release. The affiliation and areas of responsibility for each of the independent Qualified Persons (as defined under NI 43-101) involved in preparing the PFS, upon which the technical report will be based, are as follows: Dr. Gilles Arseneau, Ph.D., P.Geo. – Qualified Person for Mineral Resource Evaluation (SRK); Mr. Gordon Zurowski, P.Eng. – Qualified Person for Open Pit Mine Engineering and Costing, Infrastructure and Financial Modelling (AGP); Mr. Roland Tosney, P.Eng. – Qualified Person for Open Pit Geotechnical Aspects (AGP); Mr. Cameron McCarthy, P.Eng., P.Geo. – Qualified Person for Environmental and Social Aspects (Swiftwater Consulting); Mr. Duke Reimer, P.Eng. – Qualified Person for Tailings and Coffer Dams (Knight Piésold Ltd.); and Dr. Adrian Dance, Ph.D., P.Eng. – Qualified Person for Mineral Processing and Recovery Methods (SRK).
The Qualified Persons responsible for the preparation of the PFS and the technical report in respect thereof have verified the data disclosed in this news release, including sampling, analytical, and test data underlying the information contained in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing drill data and core logs, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the Qualified Persons, the data, assumptions, and parameters used to estimate Mineral Resources and Mineral Reserves, the metallurgical model, the economic analysis, and the PFS are sufficiently reliable for those purposes. The technical report in respect of the PFS, when filed, will contain more detailed information concerning individual responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.
Non-IFRS Financial Measures
The Company has included certain non-IFRS financial measures in this news release, such as Initial Capital Costs, Total Cash Costs and All-In Sustaining Costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other companies. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.
Certain Non-IFRS financial measures used in this news release and common to the gold mining industry are defined below.
Total Cash Costs and Total Cash Costs per Gold Ounce
Total Cash Costs are reflective of the cost of production. Total Cash Costs reported in the PFS include mining costs, processing, water & waste management costs, on-site general & administrative costs, treatment & refining costs, royalties and silver stream credits. Total Cash Costs per Ounce is calculated as Total Cash Costs divided by total LOM payable gold ounces.
All-in Sustaining Costs (“AISC”) and AISC per Gold Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PFS includes Total Cash Costs, sustaining capital and closure costs. AISC per Ounce is calculated as AISC divided by total LOM payable gold ounces.
First Mining Review
Hazel Mullin, P.Geo., Director, Data Management and Technical Services of First Mining, a Qualified Person as defined under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of First Mining.
About First Mining Gold Corp.
First Mining is a Canadian gold developer focused on the development and permitting of the Springpole Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada. A Pre-Feasibility Study was recently completed on the Project and permitting is on-going with submission of the EIS targeted for 2021. The Company also holds a large equity position in Treasury Metals Inc. who are advancing the Goliath-Goldlund gold projects towards construction. First Mining’s portfolio of gold projects in eastern Canada also includes the Pickle Crow (being advanced in partnership with Auteco Minerals Ltd.), Cameron, Hope Brook, Duparquet, Duquesne, and Pitt gold projects.
First Mining was created in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “plans”, “projects”, “intends”, “estimates”, “envisages”, “potential”, “possible”, “strategy”, “goals”, “opportunities”, “objectives”, or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of Mineral Resources and Mineral Reserves at the Springpole Gold Project; (ii) the results of the PFS and the PFS representing a viable development option for the Project; (iii) construction of a mine at the Project and related actions, including dewatering activities; (iv) the merits of the Project and the potential for the Project to become one of Canada’s largest gold mines when in production; (v) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods; (vi) the estimated amount of future production, both produced and metal recovered; (vii) life of mine estimates and estimates of operating costs and total costs, net cash flow, net present value and economic returns from an operating mine constructed at the Project; (viii) investigation of opportunities to improve the economics of the proposed mine and the success of any such opportunities; (ix) the completion of additional optimization studies on the Project in advance of, or in connection with, a Feasibility Study; (ix) timing for the filing of a technical report for the PFS on SEDAR; and * timing for the submission of the EIS. All forward-looking statements are based on First Mining’s or its consultants’ current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include: (i) the presence of and continuity of metals at the Project at estimated grades; (ii) the geotechnical, hydrological, hydrogeological, and metallurgical characteristics conforming to sampled results, including the quantities of water and the quality of the water that must be diverted or treated during mining operations; (iii) the capacities and durability of various machinery and equipment; (iv) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times; (v) currency exchange rates; (vi) metals sales prices and exchange rate assumed; (vii) appropriate discount rates applied to the cash flows in the economic analysis; (viii) tax rates and royalty rates applicable to the proposed mining operation; (ix) the availability of acceptable financing under assumed structure and costs; * metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing proposed operations; (xiii) receipt of permits and other regulatory approvals on acceptable terms; and (xiv) the fulfillment of environmental assessment commitments and arrangements with local communities. Although the Company’s management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward-looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: (i) risks relating to variations in the mineral content within the material identified as Mineral Resources and Mineral Reserves from that predicted; (ii) variations in rates of recovery and extraction; (iii) the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post closure, or the rate of flow of the water being different; (iv) developments in world metals markets; (v) risks relating to fluctuations in the Canadian dollar relative to the US dollar; (vi) increases in the estimated capital and operating costs or unanticipated costs; (vii) difficulties attracting the necessary work force; (viii) availability of necessary financing and any increases in financing costs or adverse changes to the terms of available financing, if any; (ix) tax rates or royalties being greater than assumed; * changes in development or mining plans due to changes in logistical, technical or other factors; (xi) changes in project parameters as plans continue to be refined; (xii) risks relating to receipt of permits and regulatory approvals; (xiii) delays in stakeholder negotiations (including negotiations with affected local and Indigenous communities of interest); (xiv) changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; (xv) the effects of competition in the markets in which First Mining operates; (xvi) operational and infrastructure risks; (xvii) management’s discretion to alter the Company’s short and long term business plans; and the additional risks described in First Mining’s Annual Information Form for the year ended December 31, 2019 filed with the Canadian securities regulatory authorities under the Company’s SEDAR profile at www.sedar.com, and in First Mining’s Annual Report on Form 40-F filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and mineral resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or other economic studies. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists, is economically or legally mineable, or will ever be upgraded to a higher resource category. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
SOURCE First Mining Gold Corp.
For further information: Spiros Cacos | Vice President, Investor Relations, Direct: +1 604 639 8825 | Toll Free: 1 844 306 8827 | Email: email@example.com , www.firstmininggold.com
Tocvan Ventures Corp. (CSE:TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to announce Rodrigo Calles-Montijo has been appointed to the Board of Directors and management team as Exploration and Corporate Development Manager, Mexico.
Mr. Calles-Montijo has been an integral part to the success of operations at the Pilar Gold-Silver Project and compliments the Board and management team with his experience and knowledge related to project development in Mexico. Mr. Calles has over 30 years of global mineral exploration experience, working with groups that include Rio Tinto, Kennecott, SRK Consulting and as an independent consultant. Rodrigo holds a MSc. in Geology from the University of Sonora and is a registered Certified Professional Geologist. Mr. Calles-Montijo is fluent in both Spanish and English. Mr. Calles-Montijo has been granted 150 000 stock options at an exercise price of $0.35 and a 5 year term to expiry in accordance with Tocvan’s stock option plan.
Derek Wood CEO commented “This addition to the Tocvan Team I regard as a major benefit to Tocvan Ventures Corp. Mr. Calles-Montijo’s experience and network within the Mexican mining sector will be of great benefit as we continue to advance the Pilar property, while researching, evaluating and negotiating additional Mexican opportunities.”
About Tocvan Ventures Corp.
Tocvan is a well-structured exploration mining company. Tocvan was created 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 Ventures Currently has approximately 24.5 million shares outstanding and is earning into two exciting opportunities. The Pilar Gold project in the Sonora state of Mexico and the Rogers Creek project in Southern British Columbia, Management feels both projects represent tremendous opportunity.
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 using 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 because 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 FURTHER INFORMATION, PLEASE CONTACT:
TOCVAN VENTURES CORP.
Derek A. Wood, President and CEO
Suite 1150 Iveagh House,
707 – 7th Avenue SW
Calgary, Alberta T2P 3H6
Telephone: (403) 200-3569
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.
Etruscus Samples 7,013 g/t Silver, 12.7 g/t Gold at Newly Discovered “Thunderstruck” Target at Rock & Roll
Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the “Company” or “Etruscus”) is pleased to announce substantial rock sampling results from the “Thunderstruck” target newly discovered during its 2020 summer exploration program in the Eskay Camp of BC’s resource-rich Golden Triangle. The Thunderstruck target is located 1.5 km southeast of the Hurricane Target (announced January 13, 2021), both located on the recently staked extended Rock & Roll claims, and 13 km northwest of the Black Dog Deposit.
Like Hurricane, the Thunderstruck target was immediately upgraded to high-priority due to the strong geochemistry returned from the high-grade samples. The area contained multiple quartz calcite veins of cm scale that spread over an area of hundreds of meters. Iron carbonate weathering and gossanous patches were visible through the deposited glacial moraine. The veins showed polymetallic signatures high in elements expected in epithermal environments such as Pretium’s high-grade Brucejack deposit.
- Grab sample* # B0026845 assayed 7,013 g/t silver, 12.7 g/t gold, 3.9% zinc, 2.4% lead, and 0.2% copper;
- Another grab sample taken 85 meters (“m”) away also had very impressive silver results with 1,017 g/t silver, as well as significant gold, copper, lead and zinc;
- Historic work from this area in 1983 suggest it was entirely under ice at that time;
- The nearby Argentina vein 1,800 m northwest sampled 555 g/t silver;
- The nearby Heather vein 1,500 m southeast sampled 25 g/t gold, 332 g/t silver and 5.1% lead in 2019 and soil sampled** 9.5 g/t gold and >100 g/t silver in 1983; and
- Further rock sampling to the south along the edge of the glacier, 200 m and 700 m south also returned rocks with elevated silver and gold (Click Here to View Map).
Through an extensive 20-day geological mapping and sampling program completed on the extended Rock & Roll claims this past summer, the team discovered numerous veins at or near the Thunderstruck target. These veins appear to show potential for precious metal mineralization including high-grade silver and gold, and often demonstrate elemental signatures representative of an epithermal system. They occur in a fine-grained sedimentary sequence of siltstones and calcareous sediments tentatively assigned to be Upper Stuhini Stratigraphy.
The Company is still waiting for additional sampling results from its 2020 exploration program. However, encouraged by results to date, the Company is already planning a larger, more defined sampling, mapping and prospecting program of the area for 2021. With recently unglaciated terrain, the area is mostly unexplored and has become very prospective for high-grade mineralization.
Dr. Dave R. Webb, Vice President, Exploration, comments on Thunderstruck, “As we search for extensions to our Black Dog Deposit, we have discovered a new area of high-grade mineralization that appears to have an epithermal signature similar to Pretium’s Brucejack deposit. There is an abundance of high-grade samples and veins in this area that has barely seen any exploration. With new VTEM data and geological mapping done in 2020, we are looking forward to advancing this target quickly, including a plan to drill it this year.
Gordon Lam, President and CEO of Etruscus further comments, “To say we are excited about these results is an understatement. We have now been able to strategically identify key areas for further exploration which we are confident will provide evidence of significant mineralization of high-grade silver and gold.”
Technical aspects of this news release have been reviewed and approved by Dr. Dave R. Webb, Ph.D., P.Geo., who is a Qualified Person as defined under National Instrument 43-101.
QA/QC and Analytical Procedures
The Company has adopted a rigorous quality assurance and quality control (“QA/QC”) program to ensure best practices in sampling both diamond drill core and surface rock chip samples of approximately 1 kg in weight. The Company’s samples and drill core are being assayed by MSA LABS which has facilities in Terrance and Langley, BC. and is independent of the Company. Core is flown from drill sites to the core shack facility where it was sampled at 1-3m intervals. The samples were then half cut with one half sent to the lab and the other half stored on site. Once at the lab, samples were crushed to 70% pass 2mm fraction, and then a 250g split was pulverized to better than 85% passed a 75-micros screen. The geochemical analyses were performed by MSA LABS using multi-element aqua-regia digestion ICP-MS package (IMS-111). Gold was analyzed by fire assay technique FAS-114. Higher gold grades (>3 g/t) were analyzed by fire assay. MSA LABS is a provider of geochemical laboratory services for the exploration and mining industries is an ISO 17025 (Testing and Calibration) and ISO 9001 (Quality Management System) accredited laboratory. In addition to the lab’s internal QA/QC program, the Company inserted 10% lab certified standards, blanks and field duplicates into the overall sampling stream.
* Grab samples are selectively collected and are therefore not representative of all mineralization hosted on the property.
** Historic samples cannot be verified by Etruscus but are deemed to be accurate to the best of our knowledge.
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF” on the OTC markets and “ERR” on the Frankfurt Stock Exchange and has 28,514,306 common shares issued and outstanding.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute ‘forward-looking’ statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management’s Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Etruscus Resources Corp.
For further information: Investor Relations Contact: Derek Wood, Email: firstname.lastname@example.org; Telephone: 403-668-7855; Company Contact: Gordon Lam, CEO, Email: email@example.com; Telephone: 604-336-9088, Website: www.etruscusresources.com
Elite Strategic has put out a new report on Etruscus Resources (ERT.C).
“Highly undervalued Gold-Silver deposit in BC’s prolific Golden Triangle – worth $1.02, trading at $0.30.”
nforth Resources Inc. (CSE:RFR) (“Renforth” or the “Company”) is pleased to provide shareholders with the most recent assays, including 13m of 1.72 g/t Au, from our Fall 2020 9,644m drill program at Parbec, designed to add ounces to our NI 43-101 Resource Estimate Open Pit Constrained Gold Deposit, adjacent to, and on strike of, the Canadian Malartic Mine, Canada’s largest gold mine, currently operating as an open pit. Today’s press release brings to 5 the drillholes reported on, out of 27 drilled in the program. Highlights for PAR-20-103, PAR-20-104A and PAR-20-104, each of which intersected gold, as did each of the prior 40 holes drilled by Renforth at Parbec, are as follows;
*Previously press released Dec. 16 2020
“Parbec continues to deliver gold assays, I worry that our press releases are repetitive, but then I figure that this sort of repetitive press release, more gold assays at Parbec, cannot possibly be a bad thing. We look forward to resuming work splitting samples for the 7 holes not yet sent to the lab, then getting the drill turning on the balance of our 15,000m program at Parbec, in the very near future,” states Nicole Brewster, President and CEO of Renforth.
Interpretation of Results
PAR-20-104A and PAR-20-104 were drilled from the same collar location.
PAR-20-104A was terminated at 66m, we now know within mineralization, as blocky ground had caused the hole to shallow and deflect from the planned dip and azimuth. For the entire length of the terminated hole the core consists of sediments, consistently along almost the entire 66m is the logging of quartz/albite/carbonate veinlets, running with (parallel), and across (perpendicular), the drill core. The drillhole was drilling to the NE, perpendicular to the Cadillac Break. In outcrop on surface at Parbec there are several instances where structures, including veinlets, are observed as running parallel to the Cadillac Break, these would appear perpendicular in the drill core. It is possible that the drill hole intercepted and ran along veinlets that are also perpendicular to the Cadillac Break (these would appear parallel to the drill core), that is not yet confirmed.
PAR20-104, drilled from the same set up, was the same as PAR-20-104A for the first 66m, in sediments in blocky ground, largely comprised of quartz/albite/carbonate veinlets running with and across the drill hole. At this time the difference in width and grade, between two holes which are fairly close together, is being attributed to the nugget effect known to occur at Parbec, as visually the core is identical. Small specks of visible gold have previously been observed in similar veinlets at Parbec, while not logged as visible in this instance, the presence of coarse gold would explain the difference between the two holes.
These holes also confirm that there is a highly prospective gold bearing package at Parbec located within the sediments, outside of the Cadillac Break and its mineralized lenses, which requires additional follow up work.
Sample results reported on in this press release were logged and split in the field, bagged, tagged and sealed, then delivered personally by project geologists to ALS Canada Ltd. in Val d’Or, Quebec. The samples were assayed using fire assay for gold with a gravimetric finish.
Francis R. Newton P.Geo (OGQ# 2129) a “qualified person” pursuant to the requirements of NI 43-101, has reviewed and approved the technical disclosure in this press release.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
#200 – 65 Front St. E, Toronto, ON M5E 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
SOURCE: Renforth Resources Inc.
GoldSpot Machine Learning Identifies 8 New Syenite Drill Targets at Northstar’s Miller Gold Property
Northstar Gold Corp. (CSE: NSG) (“Northstar” or the “Company“), reports that machine learning stochastic cluster analysis and final 3D inversions by GoldSpot Discoveries Corp. (GoldSpot) on a 2020, 5 km2 gravity and magnetic geophysical survey dataset has identified multiple anomalies with the same signature as known gold-bearing syenites on the Miller Gold Property (Figure 1).
“GoldSpot’s state-of-the-art machine learning analysis and 3D inversions clearly suggests that the alkalic syenite intrusive gold system at the Miller Gold Property is much larger than previously indicated. GoldSpot has identified no less than eight new syenite gold exploration targets along 2 property-wide trends, providing numerous drill targets that can potentially result in a number of new gold discoveries on the Property” states Brian P. Fowler, CEO of Northstar. “With the recent close of a $2.4M private placement tranche (See Northstar News Release dated December 23, 2020), Northstar is fully funded to expand the new Allied Gold Zone discovery and test these new targets with a Phase II diamond drill program in early 2021.”
“GoldSpot is pleased to have deployed its new technology MinusOne, our latest deterministic and stochastic inversion tool for gravity and magnetic data on Northstar’s Miller Gold Property geophysical datasets. Eight newly defined machine learning cluster anomalies represent prime gold exploration targets on the Miller Gold Property”, states Vincent Dubé-Bourgeois, Chief Executive Officer of GoldSpot.
Click here to view a Proactive Canada interview with Steve Darling moderating a discussion with Northstar CEO Brian Fowler and GoldSpot CEO Vincent Dubé-Bourgeois detailing the process, significance and exploration implications of GoldSpot’s findings on Northstar’s Flagship Miller Gold Property.
GoldSpot Machine Learning 3D Inversion Highlights
- Machine learning analysis and 3D inversions delineated the three-known gold-bearing syenites on the Miller Gold Property (Allied, Planet and Meilleur Syenites) as well as an additional eight bodies with similar geophysical signatures that have never been drill tested.
- The syenite targets range in diameter from 130 m to 350 m, with one having a geophysical signature length of 700 m.
- The large Meilleur Syenite appears to have two satellite bodies to the west and east of the main intrusion (Targets 2 and 3 – Figure 1) and may extend 300 m further SSW than previously mapped for a total length of 700 m.
- The Planet Syenite appears to extend further eastwards, possibly doubling in size (Target 4 – Figure 1) (Figure 2).
- The geophysics shows conductive and chargeable zones as halos surrounding the known syenite gold-bearing intrusions, co-incident with structures trending along the 1600 m x 600 m high chargeability corridor (Figure 1). The halos surrounding the known syenite gold-bearing intrusions include recent intersections such as 1.2 g/t Au over 107.3 m, and 1.4 g/t Au over 118.5 m- which are open. In general, highly conductive and chargeable zones = possible mineralized fault structures which produce Metal Factor anomalies (Figure 3), while high resistivity and chargeability = disseminated sulphides with quartz veining which produce RSC (Resistivity Scaled Chargeability) anomalies (Figure 4).
- The largest of the untested syenite targets includes surface exposures of syenite in outcrop with pervasive widespread alteration in the surrounding metavolcanics and co-incident I.P. chargeability and low resistivity anomalies (Target 1 – Figure 1) (Figure 4).
Syenite Intrusions and Gold
The Miller Gold Property is host to a large scale alkaline magmatic gold system which is potentially connected at depth to the same magmatic source feeding the nearby Kirkland Lake Gold camp. In both camps most of the gold discovered to date is hosted in sheared syenitic dikes or stocks such as the Allied Syenite (Figures 3A and 3B).
Syenite intrusions are favourable hosts for gold mineralization at Miller for several reasons:
a) The location of the syenite intrusions often correspond with dilatant zones along significant first or second order structures which represent prime conduits for exsolved magmatic fluids ascending from depth.
b) When subjected to deformation, the ductility contrast between the host syenites and the surrounding more ductile lithologies create extensive brittle fracturing or tectonic brecciation within the syenite intrusions with intense metasomatism, hydrothermal alteration and mineralization of the syenites.
c) The contacts between the syenite intrusive and the host lithologies represent zones of weakness that like deeper fault structures are often pathways for hydrothermal fluids and represent favourable depositional sites for gold mineralization.
Figure 1: Plan View of I.P. Chargeability at 100m Draped Over 3D Gravity Anomalies Highlighting Known Syenites and 8 New Syenite Drill Targets
To view an enhanced version of Figure 1, please visit:
Figure 2. Planet Syenite Magnetic and Gravity 3D Inversion Section Illustrating Enlarged Target Areas 4 and 6 and I.P. RSC Targets
To view an enhanced version of Figure 2, please visit:
Figure 3A. Allied Syenite Section Illustrating 3D Inversion of Metal Factor and Potential Gold-Bearing Sulphide Mineralization
To view an enhanced version of Figures 3A and 3B, please visit:
Figure 4. Miller Gold Property Section of 3D Gravity and RSC Data through Syenite Drill Target 1
To view an enhanced version of Figure 4, please visit:
Structural Geology Model
Geochronological age dating and geochemistry indicates that the Miller and Kirkland Lake gold deposits were formed contemporaneously and derived from a common gold enriched magmatic hydrothermal reservoir at depth. The Catharine Fault Zone, which crosscuts the Miller Gold Property is interpreted as a broad composite “first order structure” capable of channelling deep seated exsolved magmatic hydrothermal fluids into favourable sites of gold deposition, namely intrusive contacts and cross cutting second order structures. GoldSpot’s machine learning analysis and 3D inversions highlight these newly identified syenite drill targets, providing additional insights into the structural geology and controls on gold mineralization of the Miller Gold Property that will be a Phase II diamond drill program focus.
Northstar is positioning and fully funded to conduct a 3,000 metre drill program in early 2021 to follow-up the 2020 Allied Gold Zone discovery and test these new potential syenite associated gold targets.
Lindsay Hall, MSc., P.Geo. (APGO 0891), a ‘Qualified Person’ (Q.P.) as defined under Canadian National Instrument NI 43-101, has reviewed technical aspects of this news release.
About the Miller Gold Property
The Miller Gold Property and the Kirkland Lake Gold camp share many important geological features such as similar rock types, gold telluride mineralogy, timing of mineralization and large- scale hydrothermal gold systems featuring multi-stage and long-lived alkalic magmatic gold deposition. This strongly suggests the gold mineralization in both regions is derived from a common gold enriched alkaline magmatic-hydrothermal reservoir at depth and channelled to surface by deep seated, interconnected structures such as the first order Catharine Fault zone. An important difference is the Miller Property, in addition to high-grade gold-telluride mineralization, has several near-surface broad, low-grade bulk-tonnage drill zones (Planet and Allied Syenites) and remains un-explored at depth.
About Northstar Gold Corp.
Prior to going public on the CSE on January 2, 2020 by way of a $3 million Initial Public Offering, Northstar operated for the past 11 years as a private company focused primarily on gold exploration in the prolific Kirkland Lake District in northeastern Ontario (>24.5 million ounces gold produced from 7 mines since 1915). Northstar has an accomplished Board, Special Advisor and Management Group comprised of professionals highly experienced in exploration, mining, finance and investment banking on a global basis.
The Company’s flagship property is the 100% owned Miller Gold Property, situated 18 km southeast of Kirkland Lake and Kirkland Lake Gold’s Macassa SMC gold mine. Northstar has just completed a 5,023 metre, 28-hole drill program and integrated 3D IP, gravity and magnetic survey on the Miller Gold Property, making a number of new gold discoveries. This includes the near-surface Allied Syenite Gold Zone, returning intercepts that include 19.4 g/t Au over 4.4m within 1.4 g/t Au over 118.5m and 4.7 g/t Au over 8m within a 107.3m interval averaging 1.2 g/t Au. Northstar is positioning and fully funded to resume drilling at the Miller Gold Property in February 2021 with a 3,000 metre, 15-hole Phase II drill program.
Northstar also has 3 additional 100%-owned exploration projects in northern Ontario, including the recently acquired 1,200 ha Rosegrove Property situated 0.5 km from the Miller Gold Property, the 5,090 hectare Bryce Property, an intrusive-gold / PME VMS project located 35 km southwest on the Rideout Break, and the Temagami-Milestone Cu-Ni-Co Property located in Strathcona Township. Northstar is considering options to advance the Bryce and Milestone projects through joint venture partnerships or otherwise.
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
President, CEO and Director
For further information, please contact:
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Northstar Goldcorp. which may cause actual results, performance or achievements of Northstar Gold Corp to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.
CBLT Inc. (TSXV: CBLT) (“CBLT”) announces it has closed on its previously announced intention to effect a flowthrough financing in an amount of $53,202 (fifty-three thousand two hundred and two dollars) by issuing 886,700 Flowthrough Units priced at $0.06 (six cents) per Flowthrough Unit. Each Flowthrough Unit comprises of one flowthrough share and one full 9-cent warrant with a 24-month term, with each 9-cent warrant being exercisable into a flowthrough common share. A finder’s fee equal to $1,974 was paid to a registrant related to this financing.
CBLT also announces its has closed on its previously announced intention to carry out a hard dollar financing in an amount of $15,000 (fifteen thousand dollars) by issuing 250,000 Common Units priced at $0.06 (six cents) per Common Unit. Each Common Unit comprises of one common share and one full 8-cent warrant with a 24-month term, with each such 8-cent warrant being exercisable into one common share.
The intended use of proceeds from the Flowthrough Units is to perform qualifying work at CBLT’s existing properties and those that may be acquired in 2021. The intended use of proceeds from the Common Units is general corporate purposes.
CBLT also announces that it has been advised by Ready Set Gold Corp. (“RDY”) that RDY has received final approval to list its common shares on the Canadian Securities Exchange. Trading is anticipated to commence trading on or about Monday, January 11, 2021 under the symbol “RDY”.
CBLT owns 1,833,333 shares (approximately 6.1%) of RDY. CBLT has received its first release from escrow of 458,333 free-trading shares. There are three remaining escrow releases of the same number of shares, to take place on or about April 18, June 18 and August 18, all in 2021. RDY’s last financing was carried out at $0.75 (seventy-five cents) per share (FT).
- A basket of gold projects in the Hemlo area in Ontario with a focus on high-grade gold exploration and development potential, including the 100% owned Northshore Gold Project hosting Indicated Resources of 391,000 oz Au in 12.36 million tonnes at a grade of 0.99 g/t and Inferred Resources of 824,000 oz Au in 29.58 million tonnes at 0.87 g/t Au using a cut-off grade of 0.50 g/t Au. (NI43-101 Technical Report – 2014)
- A proven team of public company executives and explorers focusing on profitable exits for shareholders
- Low share float of 29.8 million shares outstanding and 37.1 million shares fully diluted
CBLT also announces it will not be proceeding with the previously announced Werner Lake acquisition at this time. Road access to Werner Lake is only from Ontario through Manitoba and back into Ontario to reach the property. This access issue means CBLT has not been able to and for the foreseeable future will not be able to complete its technical due diligence until the easing of restrictions related to SARS-CoV-2 and COVID-19, and as a result management cannot deliver a complete due diligence report to CBLT’s board of directors.
CBLT continues to review other M&A opportunities and, as instructed by the shareholders at the Annual and Special Shareholder Meeting held August 31, 2020, to consider the diversification of CBLT’s growth plan into other business areas.
Peter M. Clausi
CEO and Director
1 416 890 1232
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that constitute forward-looking statements as they relate to CBLT and its management. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “should”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, CBLT will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, CBLT assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to; SARS-CoV-2; reliance on key personnel; shareholder and regulatory approvals; First Nations and other local communities; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; commodities pricing; environmental issues; effect of market interest on price of securities; and, potential dilution.
CBLT’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
Etruscus Resources Corp. (CSE:ETR) (CNSX:ETR.CN) (FSE:ERR) (the “Company” or “Etruscus”), a Vancouver-based junior exploration company, announces that, subject to Canadian Securities Exchange (“CSE”) approval, the Company has closed the second and final tranche of its non-brokered private placement announced on December 8, 2020, raising $62,500 for a total of $530,200.
In this second tranche, the Company issued a total of 250,000 non-flow-through units at $0.25 per unit for proceeds of $62,500. For the entire private placement, the non-flow-through funds were oversubscribed by 260,000 units and will be used for both exploration and general working capital while the flow-through funds will be used for continued exploration of the Company’s Rock & Roll Property.
Each non-flow-through unit consists of one common share and one-half (½) of one share purchase warrant at a price of $0.25 per unit. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.40 per share for a 2-year period.
Each flow-through unit consists of one flow-through common share and one-half (½) of one non-flow-through share purchase warrant at a price of $0.32 per unit. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.50 per share for a 2-year period.
All securities issued under tranche 2 are subject to a four month hold period which will expire on May 1, 2021. Finders’ fees were paid in accordance with securities regulations. The Company paid $2,000 and issued 8,000 finder’s warrants to an arms-length party in connection with tranche 2, as permitted by securities law.
Gordon Lam, CEO commented, “We are very pleased to receive further support from funds and institutions who believe in our vision of the Rock & Roll and Sugar projects. As we await 2020 exploration and drilling results still being processed at the assay labs, we look forward to an exciting 2021 where we plan to accelerate development at our properties.”
The flow-through shares will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Act”). The Proceeds of the flow-through private placement will be used to incur “Canadian exploration expense” (within the meaning of the Act). The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2020, and as required under the Act.
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle.
Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange and “ERR” on the Frankfurt Stock Exchange and has 28,514,306 common shares issued and outstanding.
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Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. 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”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company’s annual and quarterly management’s discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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GR Silver Mining Reports Wide and High-Grade Zones from New Underground Drilling in the Plomosas Mine Area:
- 83 m @ 420 g/t AgEq1, including
- 11 m @ 1,596 g/t AgEq, and
- 4 m @ 1,319 g/t AgEq
GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report wide and high-grade drill results from the Company’s underground core drilling program in the Plomosas Mine Area, as well as validation sampling results from historic drilling, at its 100%-owned Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.
The underground drilling program is targeting bulk tonnage-style mineralization in the Plomosas Mine Area (following the Company’s recent discovery at level 775, approximately 250 m below surface) aiming to delineate high margin precious and base metals mineralization with potential for large tonnage and scalability.
The successful underground exploration drilling program at the Plomosas Mine Area has discovered extensions to the wide mineralization previously sampled at level 775, both below, and laterally to, previously mined areas. The mineralization is represented by thick intercepts of Au-Ag-Pb-Zn-Cu mineralization hosted in a series of hydrothermal breccias.
Drill intercept highlights from recently completed hole PLI20-042 include (see also Table 1):
- 83.0 m @ 420 g/t AgEq (2.52 g/t Au, 33 g/t Ag, 0.9 % Pb, 2.9 % Zn and 0.3 % Cu, from 98.0 to 181.0 m), including:
- 4.0 m @ 1,319 g/t AgEq (9.35 g/t Au, 38 g/t Ag, 0.4 % Pb, 10.5 % Zn and 0.3 % Cu); and
- 11.0 m @ 1,596 g/t AgEq (9.41 g/t Au, 135 g/t Ag, 5.7 % Pb, 9.8 % Zn and 0.5 % Cu)
AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$3.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.
As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths.
Two oriented underground core drill holes (PLI20-03, PLI20-04), drilled by GR Silver Mining, have provided important geological, structural and mineralization data, thus aiding the interpretation of these wide, high-grade zones. This data is assisting in the investigation of additional broad zones of sulphide-rich (sphalerite, galena and chalcopyrite) mineralization hosted in structurally controlled hydrothermal breccias in the Plomosas Mine Area (link to core photos).
Four historic underground drill holes (PLI17-05, PLI17-08, PLI17-15 and PLI17-16), located nearby, were also validated with new sampling by GR Silver Mining. All data and additional new sample results are being incorporated into a 3D geological model (Figure 1).
GR Silver Mining President and CEO, Marcio Fonseca, commented, “These are extraordinary drilling results from the Plomosas Mine Area, indicating potential for size and scalability in the geological model to host attractive precious and base metals mineralization in areas close to existing underground development. We will continue with underground drilling in the vicinity of this polymetallic mineralization in 2021 and will also apply the technical knowledge to look for similar mineralization in other targets in the Plomosas Silver Project.”
The drill hole PLI20-04 represents a 25 m step-out from the previously released high grade discovery at the deepest level (775m RL) of the Plomosas Mine Area (see News Release dated 28 September, 2020). The step-out area displays an intersection of two fault systems: the low angle N-S trending Plomosas Fault and high angle NE oriented faults (see cross section 2551950N).
The wide mineralized zone is mainly comprised of high-grade Au-Ag-Pb-Zn hydrothermal breccia, with late disseminated chalcopyrite (Cu) – pyrite rich veins/veinlets. A pervasive chalcopyrite-pyrite quartz stockwork system is common not only on the footwall, but also on the hanging wall of the mineralized hydrothermal breccia. This system is apparently hosted by the two fault systems and also by specific geological units, oxidized andesites and andesitic tuffs, defining a prospective corridor along strike. A similar style of mineralization was recently mapped in the upper levels of the Plomosas Mine Area and is currently the subject of detailed exploration. Based on the recent underground drilling results, GR Silver Mining is continuing the investigation of all historical underground sampling in order to delineate new zones for drilling, aiming to incorporate all new areas in the upcoming NI 43-101 resource estimation.
Table 1 and 2 summarize the most significant assay results for the underground drill holes reported in this News Release.
Table 1: Underground Drill Hole Results – News Release January 05, 2021 (Plomosas Mine Area)
Drilled width (m)
No significant assays
Table 2: Historic Underground Drill Hole Results – News Release January 5, 2021 (Plomosas Mine Area)
Drilled width (m)
As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn.and 70% Cu. “na” = no relevant assays. All numbers are rounded. Results are uncut and undiluted. UG: Underground Drill Hole, SURF: Surface Drill Hole
The following table (Table 3) summarizes the collar locations for drill holes identified in this News Release.
Table 3: Drill Hole Locations – News Release January 5, 2021 (Plomosas Mine Area)
All numbers are rounded.
GR Silver Mining believes that the Plomosas Mine Area is part of a much larger low sulphidation epithermal system as indicated by field evidence along one kilometre of strike length, where only 400 m of that strike had previously been drilled. The 2020 underground and surface exploration program defined multiple styles of mineralization, creating an opportunity for the Company to continue discovering new mineralized zones close to the surface.
The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo. He has approved the disclosure herein.
Quality Assurance Program and Quality Control Procedures (“QA/QC”)
The Company has implemented QA/QC procedures which include insertion of blank and standard samples in all sample lots sent to SGS de México, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.
The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de México, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Pb and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.
About GR Silver Mining Ltd.
GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.
PLOMOSAS SILVER PROJECT
GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.
The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.
The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.
The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent polymetallic discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.
The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.
The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.
In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade silver-lead-zinc open pit-amenable project, which contains a 36 Moz AgEq (Indicated) and 11 Moz AgEq (Inferred) NI 43-101 resource estimate. The company recently completed over 320 m of underground development in the San Marcial Resource Area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The Company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial Project – Resource Estimation and Technical Report) was completed by WSP Canada Inc. on March 18, 2019 and amended on June 10, 2020.
Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource.
Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz silver and 11 Moz gold over a period of more than 100 years.
GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.
Mr. Marcio Fonseca
P. Geo, President & CEO
GR Silver Mining Ltd.
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Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE GR Silver Mining Ltd.
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