web analytics

silver

Posts, updates and videos about silver – updated automatically.

Eloro Resources Amends Payment Schedule for Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that, by mutual agreement with Empresa Minera Villegas S.R.L. (“Minera Villegas”), the title holder of the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia (“Iska Iska”), the payment schedule in connection with the US$10 million payment required for Eloro to earn a 99% interest in Iska Iska has been amended.

Pursuant to the private option agreement to acquire Iska Iska (see Eloro’s press release dated January 9, 2020), Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”) has made advance payments of US$3.4 million to date towards the US$10 million option payment. As per mutual agreement the schedule for the remaining option payments has been amended whereby Eloro, through Minera Tupiza, has agreed to pay Minera Villegas US$1 million on or before October 31, 2022, with the remaining US$5.6 million due on or before July 6, 2024.

Tom Larsen, CEO of Eloro, commented: “As a result of our continuing exploration success which has extended the potential high-grade zone at Iska Iska to as much as 2km along strike (see Eloro’s press release dated September 20, 2022) and the deferral of our inaugural Mineral Resource Estimate to Q1 2023, to allow time for further exploration drilling, both parties felt it prudent to extend the contract date an extra six months.  This extension also provides additional time to receive drilling assay results which have been delayed over the past two years due to Covid-related circumstances.”

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

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

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

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. As outlined in this press release as a result of continuing discoveries from recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the Company has pushed back the inaugural mineral resource to the end of Q1 2023.

Qualified Person

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

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

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

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

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

Posted in featured_news | Tagged , , , , , , , , | Leave a comment

Eloro Resources Intersects 150.47 g Ag eq/t (9.45 g Ag/t, 1.53% Zn, 0.88% Pb and 0.07% Sn) over 441.21m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

  • This intersection in hole DSB-30 includes a higher-grade portion grading 209.30 g Ag eq/t (10.06 g Ag/t, 2.76% Zn, 0.98% Pb and 0.07% Sn) over 102.30m. This hole has the longest continuously mineralized intersection obtained in drilling thus far.
  • Hole DSB-32, drilled on-section to the southeast with hole DSB-30 intersected 185.94 g Ag eq/t (44.55 g Ag/t, 0.57% Pb, 0.14% Cu and 0.25% Sn) over 135.15m including a higher-grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au/t, 1.01% Pb, 0.27% Cu and 0.33% Sn) over 66.04m.
  • Hole DSB-29 returned 108.31 g Ag eq/t (14.31 g Ag/t, 0.81% Zn and 0.40% Pb) over 110.40m and hole DSB-28 returned 98.98 g Ag eq/t (4.41 g Ag/t, 1.16% Zn and 0.49% Pb) over 96.51m; all holes testing the high-grade feeder zone.
  • Final underground hole DSBU-11 from the Santa Barbara adit intersected 96.24 g Ag eq/t (14.93 g Ag/t, 0.44% Zn and 0.68% Pb) over 128.33m and 85.85 g Ag eq/t (15.76 g Ag/t, 0.55% Zn, 0.13% Pb and 0.08%Sn) over 174.76m. Hole DSBU-09 intersected 136.48 g Ag eq/t (7.20 g Ag/t, 0.14 g Au/t, 2.47% Zn and 0.63% Pb) over 72.33m and 138.75 g Ag eq/t (13.05 g Ag/t, 0.11 g Au/t, 1.66% Zn and 0.42% Pb) over 72.20m.
  • New downhole geophysical data have significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling.
  • The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. Drilling in the Porco area intersected significant values over short intervals on the edge of this conductive zone.
  • The definition drill program has now been modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource has been pushed back to the end of Q1 2023.

TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from twenty-one (21) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Five (5) surface holes (DSB-28 to DSB-30, DSB-32 and DHK-25) tested the high-grade feeder zone in Santa Barbara which was also tested by two (2) underground holes (DSBU-09 and DSBU-011). Six (6) holes (DSB-16 to DSB-19, DSB-23 and DSB-27) tested the northwest extension of Santa Barbara. Eight (8) holes (DPC-04 to DPC-08 and DPC-10 to DPC-12) are reported for the Porco area. Five surface drills are focused on completing drilling in the Santa Barbara Resource Definition Drilling Area and its extension to the south-southeast. This press release also outlines a major update on the geophysical surveys which have greatly expanded the higher-grade feeder area target zone to the south-southeast.

Overall, the Company has completed 74,782m in 113 drill holes to-date at Iska Iska, including five holes in progress, as shown in Figure 1. Tables 1 to 3 list significant assay results for the drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in the July 18, 2022 press release. Table 4 summarizes drill holes with assays pending. Highlights for each major target area are as follows:

Santa Barbara High Grade Feeder Zone Definition Drilling.

Drilling continues to expand the extent of the high-grade feeder zone at Santa Barbara, especially to the south-southeast. New borehole geophysical data have significantly expanded the strike length of this important high-grade zone. The highly conductive zones correlate very well with previously released high grade drill intersections, as described below. The conductivity data from boreholes have extended the high-grade feeder zone a further 250m along strike to the south-southeast. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggests that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike. The definition drill program has now been modified to sectionally drill this highly prospective extension, with the intention of defining a major open pittable mineral resource in the valley of the caldera.

Tom Larsen, CEO of Eloro said: “The results presented in this press release, combined with the enhanced geological and geophysical interpretation, show the continuing expansion of the already extensive Iska Iska high-grade mineralized system, which has a potential strike length of at least 2km. The new data demonstrate excellent potential to outline a major open pittable deposit in the valley of the Iska Iska caldera. As a result, the estimated completion date for the maiden NI 43-101 mineral resource has been pushed back to the end of Q1 2023 to provide additional time to drill-test this important target. We thank both ALS and AHK laboratories for greatly reducing our backlog of samples over the last several months, enabling us to report the results from a large number of holes in this release.”

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are continuing our definition diamond drill program with five surface rigs focusing on the south-southeastern extension of the high-grade feeder zone. As each drill hole is completed, we survey the hole using a pole-dipole IP array down the hole as well as cross hole measurements using current in surrounding holes. Our borehole IP team from McKeown Exploration Services, which is supervised by our Chief Geophysicist Dr. Chris Hale, P.Geo., works closely with our drill contractor Leduc Drilling to allow holes to a 1000m depth to be surveyed efficiently. This has greatly enhanced our geophysical program and has led to the tremendous geophysical model disclosed in this press release. We continue to get numerous and extensive mineralized intersections in all our holes as outlined below. In addition, we now know that the DPC series of holes in the Porco area are mainly just on the edge of the massive conductive zone and magnetic susceptibility high that goes through the Porco area at a deeper level.”

Significant results from five (5) additional surface drill holes and two underground holes testing the high-grade feeder zone at Santa Barbara are as follows:

  • Hole DSB-30, drilled to the SW at -60° across the centre of the current high grade feeder zone, intersected 150.47 g Ag eq/t (9.45 g Ag/t, 1.53% Zn and 0.88% Pb) over 441.21m from 28.70m to 469.91m, including a higher-grade portion grading 209.30 g Ag eq/t (10.06 g Ag/t, 2.76% Zn and 0.98% Pb) over 102.30m from 80.05m to 182.35mThis is the longest continuous mineralized intersection obtained in drilling at Iska Iska thus far.
    • Overall, 67% of this 909.85m long hole contains reportable intersections which collectively average 133.49 g Ag eq/t
  • Hole DSB-32, drilled on-section at -60° to the southeast of hole DSB-30 intersected 185.94 g Ag eq/t (44.55 g Ag/t, 0.57% Pb, 0.14% Cu and 0.25% Sn) over 135.15m from 0.00 to 135.15m, including a higher-grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au/t, 1.01% Pb, 0.27% Cu and 0.33% Sn) over 66.04m from 45.13m to 111.17m.
  • Hole DSB-29, collared at surface to test the southeast extension of the high-grade feeder system, was drilled to the SW at -60° and intersected multiple intersections including:
    • 108.31 g Ag/t (14.31 g Ag/t, 0.08 g Au/t, 0.81% Zn, 0.40% Pb and 0.08% Sn) over 110.40m from 320.94 to 431.34m, including a higher-grade portion of 174.81 g Ag/t (18.66 g Ag/t, 0.17 g Au/t, 1.43% Zn and 0.88% Pb) over 36.06m from 334.66m to 370.72m
  • Hole DSB-28, located approximately 100m northwest of DSB-29, collared at surface to test the high-grade feeder system, was drilled to the SW at -60° and intersected multiple intersections including:
    • 98.98 g Ag/t (4.41 g Ag/t, 1.16% Zn and 0.49% Pb) over 96.51m from 39.49 to 136.00m, including a higher-grade portion of 220.47 g Ag/t (2.99 g Ag/t, 2.68% Zn, 1.13% Pb and 0.11% Sn) over 16.52m from 74.20m to 90.72m,
    • 94.39 g Ag eq/t (5.49 g Ag/t, 1.36% Zn and 0.31% Pb) over 90.18m from 163.17m to 253.35m, and
    • 83.44 g Ag eq/t (31.12 g Ag/t, 0.10 g Au/t, 0.27% Zn and 0.23%Pb) over 86.32m from 455.52m to 541.84m including higher-grade portions of 278.75 g Ag eq/t (56.42 g Ag/t, 0.23 g Au/t, 0.83% Zn, 2.38% Pb and 0.22 Sn) over 6.06m from 458.57 to 464.63m and 197.15 g Ag eq/t (136.45 g Ag/t, 0.22 g Au/t, 0.39% Zn, 0.11% Pb and 0.04 Sn) over 10.59m from 520.85 to 531.44m.
    • Overall, 55% of the overall length of this 831.80m long hole yielded reportable intersections, which collectively average 83.69 g Ag eq/t.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a99bfe9-a783-49ac-90c4-a23bef1e5a75

Major Extension of Santa Barbara High Grade Feeder Zone.

As noted above, new borehole geophysical data have significantly expanded the strike length of the important high-grade feeder zone at Santa Barbara. The highly conductive zones correlate very well with previously released high grade drill intersections. Figure 2 is a NW-SE longitudinal section showing the geophysical results in the Santa Barbara high grade feeder zone. Based on current data, this feeder zone has a potential overall strike length of at least 2km. Figure 3 is a view looking south across the Iska Iska caldera valley and Figure 4 shows the conductivity model in the same view as Figure 3.

Eloro’s Chief Geophysicist, Dr. Chris Hale, P.Geo. commented: “The geophysical measurements of the most recent boreholes have contributed to a clear picture extending the mineralization south-southeastwards from the mineralization reported in Eloro’s July 18, 2022 press release. Where we have borehole IP and conductivity data a conductive core of mineralization extends to the south-southeast for 250m. This conductive core is contained within a broad volume of elevated chargeability that reflects disseminated mineralization. The geophysical correlation is open at depth and to the east where it is only limited by the distribution of drill holes for the borehole IP measurements. A strong correlation of mineralization with both conductivity and magnetic susceptibility extends toward the south-southeast and likely continues for a further kilometer or more at depth where the magnetic susceptibility model indicates an extension but where we do not yet have any conductivity data other than for DPC-08 and DPC-09. Conductivity data for DPC-09 show that this south-directed hole is tangential to a strong off-hole conductivity just to the west. This conductivity anomaly merges with the magnetic susceptibility model showing that the Santa Barbara high grade feeder zone extends deep beneath the known Porco mineralization.“

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/083a6d95-30ed-40d8-bf8d-300a6b3be0a0
https://www.globenewswire.com/NewsRoom/AttachmentNg/d4061dd1-8d77-47b9-9a22-b310d8f54ec0
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff03a7d-b591-4e32-9ec0-49d4dba57c74

Reinterpretation and Significance of Drilling in the Porco Area.

Results for eight (8) diamond drill holes that tested the magnetic susceptibility anomaly in the Porco area are summarized in Table 2. Locations of these holes are shown on Figure 1. Holes DPC-04, DPC-05 and DPC-06 were drilled from the Porco radial drill platform. Hole DPC-07 was drilled at an azimuth of 235° at -60° across the gap area between the Porco and Central Breccia pipes. Holes DPC-08 (Az 235°, -65°), DPC-10 (Az 225°, -70°) and DPC-11-12 (both Az 235°, -70°) were drilled from the access road to the Porco radial platform. Results from DPC-09 (Az 180°, -75°) were previously released on June 14, 2022. Highlights are as follows:

  • Hole DPC-10 returned 38 reportable intersections including 268.41 g Ag eq/t (30.31 g Ag/t, 2.22% Zn, 1.19% Pb and 0.16% Sn) over 17.88m from 253.77 to 271.65m and 185.50 g Ag eq/t (4.18 g Ag/t, 1.15% Zn, 0.92% Pb and 0.17% Sn) over 5.98m from 193.65 to 199.63m.
  • Hole DPC-11 returned 29 reportable intersections including 126.42 g Ag eq/t (5.09 g Ag/t, 1.77% Zn and 0.13% Pb) over 16.46m from 392.40 to 408.86m, 171.01 g Ag eq/t (16.34 g Ag/t, 0.16 g Au/t, 2.14% Zn and 0.81% Pb) over 8.93m from 241.07 to 250.00m and 595.23 g Ag eq/t (50.32 g Ag/t, 0.48 g Au/t, 8.67% Zn and 1.09% Pb) over 2.99m from 364.47 to 367.46m.
  • Hole DPC-12 returned 26 reportable intersections including 239.74 g Ag eq/t (58.26 g Ag/t, 2.49% Zn and 1.58% Pb) over 2.96m from 410.66 to 413.62m, 132.46 g Ag eq/t (25.58 g Ag/t, 1.57% Zn and 0.30% Pb) over 3.03m from 761.22 to 764.25m and 72.26 g Ag eq/t (13.73 g Ag/t, 0.87% Zn and 0.06% Pb) over 14.85m from 884.40 to 899.25m.
  • Hole DPC-08 returned 14 reportable intersections including:
    • 281.64 g Ag eq/t (15.34 g Ag/t, 0.44 g Au/t, 3.51% Zn, 0.77% Pb and 0.17% Cu) over 2.87m from 77.43m to 80.30m,
    • 140.31 g Ag eq/t (9.07 g Ag/t, 2.14% Zn and 0.61% Pb) over 3.03m from 149.20m to 152.23m,
    • 134.34 g Ag eq/t (6.40 g Ag/t, 2.27% Zn and 0.33% Pb) over 4.56m from 237.84m to 242.40m, and
    • 125.58 g Ag eq/t (5.55 g Ag/t, 0.29 g Au/t, 1.15% Zn and 0.13% Pb) over 9.02m from 443.40m to 452.42m.
  • Hole DPC-07 returned 13 reportable intersections including 286.53 g Ag eq/t (59.08 g Ag/t, 0.37 g Au/t, 1.80% Zn, 0.14% Pb 0.19% Cu and 0.20% Sn) over 3.00m from 587.12 to 590.12m and 158.27 g Ag eq/t (10.41 g Ag/t, 2.51% Zn and 0.09% Pb) over 4.51m from 681.95 to 686.46m.
  • Hole DPC-06 in the radial drill platform returned 11 reportable intersections including:
    • 122.34 g Ag eq/t (4.66 g Ag/t, 2.16% Zn and 0.16% Pb) over 16.43m from 156.01m to 172.44m,
    • 134.13 g Ag eq/t (9.37 g Ag/t, 2.11% Zn and 0.31% Pb) over 7.46m from 215.92 to 223.38,
    • 277.57 g Ag eq/t (50.31 g Ag/t, 3.44% Zn and 1.41% Pb) over 6.03m from 133.55 to 139.58m, and
    • 447.07 g Ag eq/t (4.10 g Ag/t, 0.91% Zn and 3.37% Pb) over 4.41m from 248.95 to 253.36m.

All the Porco holes reported in this release are on the margins of the conductive/magnetic anomalies, hence the presence of widespread higher-grade mineralization on the edge of these anomalies is very encouraging. Further drilling will be carried out to test the core of the geophysical anomalies in these areas.

Surface Diamond Drilling, Northwest Extension, Santa Barbara.

Results for six (6) diamond drill holes that tested the potential northwest extension of the Santa Barbara zone are summarized in Table 1. Locations of these holes are shown on Figure 1. Holes from southeast to northwest are DSB-23, DSB-18 and DSB-19 on the same section, DSB-17, DSB-27 and the northwesternmost hole DSB-16, which collectively cover a strike length of approximately 600m. Highlights are as follows:

  • Hole DSB-23 returned 27 reportable intersections including:
    • 186.67 g Ag eq/t (152.91 g Ag/t, 0.13% Pb and 0.19% Cu) over 6.35m from 264.27m to 270.62m,
    • 122.44 g Ag eq/t (22.28 g Ag/t, 0.22 g Au/t, 0.31% Zn, 0.12% Cu and 0.10% Sn) over 33.11m from 598.13m to 631.24m,
    • 195.93 g Ag eq/t (38.19 g Ag/t, 0.40 g Au/t, 0.12% Zn, 0.22% Cu and 0.19% Sn) over 11.69m from 613.50m to 625.19m, and
    • 97.91 g Ag eq/t (13.29 g Ag/t, 0.16 g Au/t, 0.12% Cu and 0.10% Sn) over 21.16m from 655.17m to 676.33m including a higher-grade section of 153.20 g Ag eq/t (22.87 g Ag/t, 0.32 g Au/t, 0.17% Cu and 0.15% Sn) over 7.66m from 668.67m to 676.33m.
  • Hole DSB-18 returned 32 reportable intersections including 144.53 g Ag eq/t (36.49 g Ag/t, 0.88% Zn, 0.98% Pb and 0.13% Cu) over 17.96m from 243.40 to 261.36m and 71.49 g Ag/t (3.49 g Ag/t, 0.22 g Au/t and 0.09% Sn) over 33.88m from 401.8m to 435.68m.
  • Hole DSB-19 returned 12 reportable intersections including 202.55 g Ag eq/t (10.56 g Ag/t, 0.47% Zn, 0.57% Pb and 0.25% Sn) over 16.52m from 247.28m to 263.80m and 128.74 g Ag eq/t (4.33 g Ag/t, 1.32% Zn and 0.58% Pb) over 13.38m from 217.37m to 230.75m.
  • Hole DSB-17 returned 40 reportable intersections including:
    • 76.59 g Ag eq/t (15.61 g Ag/t, 0.16% Cu and 0.09% Sn) over 85.31m from 80.00m to 165.31m,
    • 479.42 g Ag eq/t (5.19 g Ag/t, 0.11% Cu and 1.18% Sn) over 11.82m from 330.66m to 342.48, 85.69 g Ag eq/t (4.73 g Ag/t and 0.68 g Au/t) over 12.11m from 457.44m to 269.55m, and
    • 127.35 g Ag eq/t (30.61 g Ag/t, 0.23 g Au/t, 0.14% Cu and 0.13% Sn) over 18.14m from 624.82m to 642.96m including a higher-grade section of 410.38 g Ag eq/t (106.47 g Ag/t, 0.51 g Au/t, 0.52% Cu and 0.47% Sn) over 3.01m from 639.95m to 642.96m.
  • Hole DSB-27 returned 7 reportable intersections including 380.33 g Ag eq/t (9.00 g Ag/t, 0.86% Zn, 0.54% Pb and 0.80% Sn) over 1.54m from 130.56m to 132.10m, 143.69 g Ag eq/t (12.00 g Ag/t, 0.30 g Au/t, 1.04% Zn and 0.11% Sn) over 1.50m from 515.37 to 516.87m and 179.30 g Ag eq/t (55.00 g Ag/t, 0.14 g Au/t, 0.22% Cu and 0.20% Sn) over 1.48m from 675.93 to 677.41m.
  • Hole DSB-16, the northernmost hole returned 20 reportable intersections including 123.03 g Ag eq/t (15.26 g Ag/t, 0.82% Zn and 0.23% Cu) over 3.01m from 188.42m to 191.43m, 113.45 g Ag eq/t (15.13 g Ag/t, 0.52% Zn, 0.12% Cu and 0.11% Sn) over 6.03m from 462.67m to 468.70m, and 96.41 g Ag eq/t (20.64 g Ag/t, 0.15% Cu and 0.13% Sn) over 4.60m from 639.80m to 644.40m.

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area as at September 20, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-3010.6222.7612.1414.470.040.010.160.010.050.0090.00147.22
28.70469.91441.219.450.071.530.880.020.070.0040.009150.47
Incl.80.05182.35102.3010.060.022.760.980.030.070.0020.015209.30
Incl.220.10275.7555.6511.870.091.791.690.030.080.0060.018200.61
Incl.308.72344.7236.006.510.102.311.730.040.150.0110.011249.57
477.45489.7312.2830.780.150.140.360.030.210.0070.001149.09
494.28501.777.497.360.011.090.140.010.100.0010.005105.73
516.82554.6037.7843.860.070.040.020.020.100.0080.00195.16
569.68581.7812.1011.080.020.140.020.010.140.0010.00176.82
598.42613.4515.0326.060.040.390.070.010.160.0030.001113.36
622.55651.1328.588.270.010.520.120.010.090.0010.00276.40
658.77670.6611.895.290.020.350.050.010.070.0010.00253.39
682.70691.658.9517.650.020.420.050.000.060.0140.00270.40
703.64709.706.0619.000.080.060.010.070.310.0210.001160.63
723.23726.283.057.070.460.030.010.030.060.0050.00177.99
733.87735.381.5135.000.040.060.010.360.390.1090.001255.55
780.80785.264.463.640.400.050.010.020.040.0050.00162.60
794.38797.383.001.000.010.030.010.000.160.0010.00165.53
803.34804.861.521.000.060.010.010.030.220.0030.00196.30
894.77896.271.5010.000.090.020.010.060.060.0350.00157.35
905.27909.854.582.640.010.830.140.010.030.0010.00360.64

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

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

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):

ElementPrice $US (per kg)Ratio to Ag
Ag$607.001.0000
Sn$23.550.0589
Zn$2.980.0046
Pb$1.920.0032
Au$54,932.8079.7221
Cu$7.000.0134
Bi$12.760.0177
Cd$5.500.0076

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

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

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq**
g/tg/t%%%%%%g/t
DSB-320.00135.15135.1544.550.070.090.570.140.250.00330.002185.94
Incl.45.13111.1766.0478.120.090.011.010.270.330.00400.003277.34
181.48186.064.586.930.050.640.040.020.020.00370.00156.48
196.53201.054.521.790.260.010.020.030.040.05290.00157.35
205.58207.021.443.400.030.230.040.020.080.01600.00154.18
226.48227.951.475.000.020.351.000.020.050.00500.00177.16
245.08255.6310.558.060.030.510.030.030.040.00400.00156.97
266.12275.108.984.350.060.240.050.060.060.00960.00156.42
281.15284.092.941.300.010.530.120.020.050.00300.00256.04
314.11324.6010.4916.120.030.160.000.040.050.00640.00151.51
328.89331.882.9916.380.070.300.000.050.050.01530.00165.91
334.88337.893.0116.530.020.290.000.050.040.01150.00157.87
357.07358.531.4635.900.040.030.040.050.060.01200.00171.92
369.06370.551.4973.200.040.030.020.040.010.00600.00188.21
390.05403.5413.515.520.050.040.030.040.150.01290.00177.95
408.08409.541.464.000.020.050.050.060.080.00900.00150.70
444.37445.901.537.200.100.130.020.950.210.20100.001257.04
472.97474.421.454.000.010.010.010.000.310.00100.001124.51
483.52485.051.533.400.100.150.010.010.080.00100.00151.50
486.58488.121.541.600.010.090.010.000.140.00100.00161.19
552.02553.521.5013.900.010.010.000.110.100.01600.00170.77
556.52559.512.996.310.010.070.010.120.110.01450.00170.47
609.66611.171.517.800.060.230.120.000.060.00100.00151.43
656.13657.631.504.600.400.010.010.020.020.00500.00152.58
683.40684.901.5011.200.010.440.350.110.090.00100.00191.85
702.91704.381.472.100.850.010.010.010.010.01500.00188.37
897.93908.5010.573.880.050.000.000.300.010.15220.00178.45
911.45916.004.552.580.020.000.000.250.010.09890.00157.20
920.64922.161.521.600.050.000.000.360.000.01800.00152.14
923.68925.221.542.500.030.520.000.250.000.00300.00161.10

 

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-290.0014.1014.1023.680.060.000.260.010.100.0070.00178.83
93.1897.624.444.640.031.350.180.010.000.0010.00883.20
109.60118.709.104.480.011.010.370.000.000.0010.00368.14
121.76123.261.506.000.011.200.370.000.000.0010.00278.70
127.81129.321.516.000.021.080.210.000.000.0020.00168.76
144.33147.312.982.980.031.030.140.040.000.0010.00266.13
153.25191.0037.754.530.041.130.170.010.000.0020.00372.73
Incl.169.88174.444.5614.670.212.570.450.080.000.0110.009187.84
197.07209.1412.073.110.021.170.210.000.000.0010.00371.50
225.70244.0018.3020.050.112.181.000.050.040.0070.008191.20
Incl.225.70234.909.2037.880.183.351.780.100.070.0130.013315.40
253.00278.6825.685.280.011.170.430.020.050.0010.00498.28
310.32311.801.488.000.031.210.360.010.060.0010.005105.55
320.94431.34110.4014.310.080.810.400.010.080.0020.004108.31
Incl.334.66370.7236.0618.660.171.430.880.010.100.0030.007174.81
445.63504.4958.8613.320.220.440.040.010.060.0020.00180.18
521.10525.704.605.670.010.630.020.010.070.0010.00167.17
561.15562.601.455.000.040.910.020.010.020.0010.00262.48
586.31587.781.4712.000.060.830.030.010.010.0390.00170.39
596.84599.822.9822.360.120.340.040.010.020.0510.00172.72
611.86613.401.545.000.010.980.460.010.020.0010.00376.63
634.60645.3010.707.130.030.240.140.010.120.0030.00173.89
666.32679.9513.6311.900.060.490.080.010.110.0920.002106.53
707.22714.777.558.590.011.000.130.010.030.0040.00477.61
749.54751.031.4910.000.011.490.090.010.050.0010.008109.33
757.06758.581.522.000.011.290.160.020.010.0020.00579.93
785.57787.071.5015.000.022.020.510.010.340.0010.013265.39
799.10800.601.501.000.650.360.020.010.020.0680.001101.97
809.56814.024.462.460.980.390.080.010.010.0340.001125.91
823.11836.5813.474.410.190.380.040.030.030.0200.00259.64
847.11875.8728.769.820.220.160.090.070.030.0190.00163.48
880.40881.881.481.000.100.020.000.020.170.0020.00179.70
954.12982.4028.286.230.080.360.210.030.090.0040.00178.38
993.01995.962.952.020.130.220.210.020.060.0330.00164.88
1011.101021.5710.4752.140.040.110.200.040.090.0110.001111.05
1086.261087.791.5316.000.050.030.050.050.060.0030.00152.50
1102.831104.341.5115.000.060.320.020.080.050.0070.00164.79
1125.411127.001.5942.000.070.010.020.020.010.0130.00156.70

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-280.0024.1024.1013.970.020.010.180.010.050.0030.00144.83
39.49136.0096.514.410.021.160.490.030.040.0020.00898.98
Incl.74.2090.7216.522.990.022.681.130.030.110.0060.018220.47
142.02146.664.640.660.010.860.150.010.010.0010.00754.06
163.17253.3590.185.490.051.360.310.010.010.0030.00494.39
262.40263.911.512.000.010.820.850.020.020.0010.00380.45
269.92272.973.053.540.020.850.320.020.010.0010.00261.67
275.96277.481.527.000.012.290.690.010.010.0010.006147.23
283.45287.974.522.010.021.150.330.010.000.0010.00272.93
307.50339.3231.826.500.121.110.290.010.020.0020.00489.74
357.49388.9131.422.050.170.830.130.010.020.0010.00272.64
Incl.371.07376.875.802.010.831.030.230.000.070.0050.001163.61
401.03408.527.492.000.040.940.270.010.030.0010.00171.60
413.12419.176.052.510.080.690.290.000.030.0010.00164.41
423.84428.514.672.340.010.810.230.010.020.0010.00259.83
440.42443.402.985.000.010.940.240.000.030.0010.00172.29
455.52541.8486.3231.120.100.270.230.010.050.0020.00183.44
Incl.458.57464.636.0656.420.230.832.380.010.220.0020.002278.75
Incl.520.85531.4410.59136.450.220.390.110.030.040.0030.001197.15
564.39578.0013.6160.400.010.090.010.010.030.0010.00179.07
581.04582.591.552.000.010.100.010.000.140.0010.00163.44
587.07588.581.5110.000.011.320.010.010.050.0010.00698.38
620.44638.5818.1411.660.030.700.020.010.070.0070.00378.79
650.68653.753.073.980.010.980.010.010.040.0010.00470.00
700.45707.987.534.220.010.630.110.010.030.0010.00150.83
715.42719.924.507.300.010.490.230.010.040.0010.00155.63
824.14831.807.662.010.160.190.030.010.060.0150.00152.98

Table 1 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DHK-256.6541.1434.4934.300.031.140.860.040.010.0060.006129.99
Incl.23.0530.717.6648.350.022.041.400.020.010.0010.010200.48
68.3769.881.5145.000.053.781.010.040.020.0110.014282.41
80.4081.901.502.000.011.180.130.010.010.0010.00969.07
119.40120.921.525.000.010.910.120.020.010.0010.00359.80
134.48136.001.5210.000.011.510.290.010.010.0010.004100.81
151.05152.551.509.000.171.950.330.020.020.0010.005141.98
182.80185.803.000.755.190.670.120.020.010.0250.002519.34
203.86212.899.031.080.010.850.060.010.000.0010.00147.79
217.40218.921.522.000.010.890.700.010.000.0010.00370.82
221.90223.401.503.000.011.000.330.010.010.0010.00367.05
226.48227.981.508.000.012.510.490.020.010.0010.012152.28
238.54240.041.5015.000.042.110.470.020.020.0010.006147.62
244.53246.041.516.000.080.870.390.010.010.0010.00475.05
250.61252.101.497.000.051.240.620.010.020.0010.007100.96
268.57270.081.515.000.010.950.060.010.000.0010.00456.21
286.63289.582.956.490.011.470.250.010.010.0010.00491.91
321.12349.6428.5215.790.011.770.430.010.010.0010.005123.25
Incl.321.12334.6413.5223.120.012.940.630.010.020.0010.009197.65
366.29388.9522.6623.370.011.450.810.010.020.0010.005129.94
Incl.366.29373.857.5642.530.023.351.720.020.050.0010.012286.76
397.98400.993.014.510.011.220.190.010.010.0010.00376.94
410.06420.4710.415.790.021.620.340.010.020.0010.006108.03
446.08458.1812.104.460.011.260.280.010.020.0010.00583.28
474.67476.211.548.000.033.200.610.010.040.0010.012203.02
486.75489.763.010.750.011.250.190.000.010.0010.00471.96
503.40507.904.500.670.012.000.430.000.010.0010.004119.35
515.40516.901.502.000.010.960.280.000.010.0010.00362.70
524.50528.984.480.670.010.890.210.010.010.0010.00355.64
542.50554.6112.110.560.010.890.150.010.010.0010.00254.57
565.27571.396.121.500.011.000.240.010.010.0010.00366.45
581.94583.421.480.500.011.640.430.000.000.0010.00697.28
595.30616.1420.842.630.031.350.240.000.010.0060.00285.88
620.65623.602.952.000.010.740.150.010.030.0010.00156.38
628.15629.661.514.000.610.650.030.000.010.0150.00298.42
638.67646.107.4319.970.190.310.030.010.020.0280.00169.20
659.65662.592.940.750.270.500.060.030.000.0010.00156.39
671.69677.716.0210.620.011.540.350.030.050.0010.006119.89
691.24701.6910.4511.550.011.060.280.000.020.0010.00283.43
704.61706.111.5019.000.020.360.320.000.060.0010.00171.05
721.09751.1830.099.740.120.450.280.020.030.0020.00165.12
767.70769.301.600.500.630.030.010.010.000.0010.00161.99
889.43890.921.4923.000.110.010.010.120.120.0100.00195.68
949.83951.341.5110.000.091.190.060.020.020.0460.00199.34
1011.681013.201.526.000.041.290.100.110.070.1350.003143.17
1019.271020.791.521.000.060.000.000.050.010.2980.00176.61
1042.131043.631.5039.000.060.010.000.080.020.1690.00196.80
1058.871060.401.534.000.020.010.010.180.010.2140.00177.41
1080.001081.561.563.000.050.020.010.220.010.1390.00166.89
1102.781107.334.554.010.030.010.000.280.010.0960.00164.69
1119.261120.751.492.000.010.060.020.160.030.0770.00153.03
1132.781135.963.187.250.020.351.050.240.050.0250.001112.55
1152.471154.001.533.000.540.050.010.150.010.0290.00181.42


Table 2: Significant Results, Underground Diamond Drilling, Santa Barbara Resource
Definition Target Area as at September 20, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSBU-110.00128.33128.3314.930.050.440.680.070.060.0020.00496.24
134.45135.961.510.500.011.380.190.020.010.0010.00382.16
143.51184.4240.912.380.040.820.400.020.040.0020.00375.55
193.46207.124.653.670.031.350.610.020.040.0010.007109.60
217.80225.417.617.570.211.560.300.020.040.0010.005132.41
232.86252.5019.644.420.700.680.080.020.040.0050.002121.87
260.03263.163.1313.470.070.280.340.010.030.0010.00255.46
270.60290.1819.5817.010.241.110.510.020.140.0020.005167.84
297.72314.1016.383.110.760.270.060.010.050.0080.001106.61
322.94340.6617.7218.400.360.920.400.010.080.0120.005145.61
351.22352.821.6011.000.020.870.430.010.030.0020.00481.85
366.26381.5915.3322.400.010.280.100.020.110.0010.00186.41
389.18403.9814.8019.850.420.210.010.010.020.0060.00177.40
419.08420.591.5116.000.220.330.010.020.020.0020.00162.68
426.65428.151.5022.000.020.330.010.030.030.0010.00156.23
431.18432.681.5024.000.100.360.010.010.020.0010.00161.39
449.27624.03174.7615.760.050.550.130.010.080.0010.00285.35
629.80631.141.343.000.020.540.040.010.070.0010.00161.91
637.03654.1317.108.950.040.710.200.010.040.0020.00270.71
660.17661.701.533.000.011.000.090.000.060.0010.00479.57
675.26750.2574.998.000.201.680.230.010.040.0190.006138.03
761.31762.741.431.000.011.030.090.010.020.0010.00263.70
766.20769.203.001.500.030.950.080.020.020.0010.00362.80
780.70785.644.942.600.010.850.090.020.020.0010.00156.90
DSBU-090.0048.3448.3446.930.190.230.560.130.080.0070.004140.75
Incl.22.7839.3116.53112.290.440.010.730.260.070.0080.001235.56
72.3575.332.981.500.021.020.140.020.020.0020.00368.12
79.8496.5616.720.820.011.150.530.020.020.0010.00485.58
110.16140.3730.213.910.010.190.430.020.030.0010.00142.83
165.37212.0046.6311.300.031.860.850.010.040.0040.010152.47
225.55297.9072.357.200.141.850.430.020.020.0100.006136.48
Incl.270.71291.8121.1015.930.202.470.630.040.030.0080.011192.92
310.13313.102.971.240.020.930.080.010.000.0010.00253.78
334.10335.791.692.000.021.150.080.010.010.0010.00366.52
338.99346.127.131.790.010.900.160.010.010.0010.00355.31
364.14373.098.954.550.041.370.160.010.010.0010.00583.52
427.07428.651.585.000.041.200.150.010.000.0010.00474.79
431.53438.957.429.630.010.960.230.010.010.0010.00367.83
448.03449.341.3126.000.043.880.600.020.010.0050.016246.68
464.33478.0013.677.960.010.650.230.010.000.0010.00251.62
493.03494.611.586.000.420.260.150.020.010.0450.00174.91
499.13503.954.821.700.010.800.130.010.000.0010.00148.29
506.63508.141.514.000.011.600.170.020.010.0010.00794.04
514.01530.5116.505.730.010.860.160.010.010.0010.00256.75
558.80567.949.1410.030.010.600.230.000.000.0010.00249.89
576.91585.898.9810.590.010.560.320.010.010.0010.00252.42
596.58617.2220.646.310.010.780.190.010.000.0010.00254.11
633.77656.5422.778.200.010.600.290.010.010.0010.00152.02
685.02757.2272.2013.050.111.660.420.020.050.0020.006138.75
Incl.691.02700.008.9848.010.122.791.650.020.130.0030.011303.26
Incl.715.11722.647.5318.150.535.400.360.030.060.0070.021374.34
763.23787.5924.365.180.100.850.180.010.030.0010.00275.93
808.88831.4622.585.190.031.050.320.010.030.0010.00483.82
837.74840.712.979.880.011.490.500.010.030.0010.007113.61
890.16891.661.506.000.041.450.850.020.050.0010.005131.11

 See Note Table 1.

Table 2: Significant Results, Surface Diamond Drilling, Porco Target Area as at September 20, 2022.

PORCO AREA DIAMOND DRILLING
Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-1265.1566.631.4817.000.021.040.610.030.010.0050.00495.88
156.73162.535.801.890.010.980.150.000.000.0030.00257.71
235.87237.391.524.900.011.120.250.010.010.0030.00172.63
328.41329.901.491.900.021.220.170.000.000.0010.00570.85
352.35359.837.489.180.031.060.190.060.000.0010.00477.82
410.66413.622.9658.260.012.491.580.020.010.0010.014239.74
437.65439.101.459.800.011.380.240.000.010.0010.00691.92
458.64460.101.4611.800.011.280.700.010.010.0010.003103.96
565.44566.921.485.200.040.780.050.010.010.0030.00454.09
571.54573.051.516.200.021.350.110.010.000.0010.00780.21
607.54613.435.894.560.130.590.020.010.010.0070.00353.99
673.90678.464.5649.010.050.120.040.050.010.1060.00194.79
684.59685.991.4040.400.060.030.040.050.010.0930.00176.14
719.05720.581.5334.500.190.980.050.210.060.0350.004154.13
744.51747.613.1029.820.080.100.040.180.060.1530.001120.04
761.22764.253.0325.580.021.570.300.090.010.0200.007132.46
770.28771.741.4623.800.021.480.100.070.010.0460.009122.41
777.82779.401.5884.100.141.260.450.580.010.0950.006262.25
807.76809.221.469.200.011.480.260.040.010.0040.005102.03
825.65828.703.054.100.010.950.110.010.010.0020.00563.39
851.28852.761.4816.800.191.210.410.050.040.2740.005184.43
863.29864.791.509.200.090.860.490.020.010.1360.004109.73
884.40899.2514.8513.730.020.870.060.040.020.0030.00572.26
917.40918.901.5013.200.040.830.530.020.010.0060.00581.37
923.45924.951.5011.100.010.720.210.010.010.0010.00460.60
927.90929.401.5013.300.010.400.250.030.030.0040.00156.69

See Note Table 1.

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-110.0011.5311.532.690.010.010.030.000.130.0010.00155.46
94.1595.691.541.100.010.900.030.010.010.0010.00351.49
178.70180.181.4824.400.231.720.960.010.010.0060.007165.73
185.52187.001.483.200.010.480.780.000.010.0010.00155.82
211.12212.631.510.300.011.330.010.000.010.0010.00169.18
241.07250.008.9316.340.162.140.810.020.020.0030.012171.01
271.20277.256.053.410.141.110.170.010.010.0020.00580.85
331.21332.741.533.100.011.520.100.010.010.0010.00585.40
364.47367.462.9950.320.488.671.090.050.050.0530.041595.23
377.92380.862.940.510.030.400.030.000.110.0010.00168.27
385.32386.741.420.300.010.300.010.000.110.0010.00159.84
392.40408.8616.465.090.051.770.130.010.060.0010.005126.42
421.33425.814.485.180.061.230.030.020.010.0010.00380.48
434.95436.411.463.500.320.710.060.020.010.0090.00178.37
451.12452.681.5615.800.021.620.340.010.050.0010.005127.02
543.99545.521.53199.301.291.410.810.090.420.0310.008592.96
560.58562.101.521.500.010.060.310.010.230.0010.001104.77
572.60577.154.551.700.011.360.010.020.010.0010.00177.26
599.78601.281.50124.900.160.060.050.090.160.0100.001218.11
617.88619.351.473.600.150.590.010.010.020.0010.00254.34
627.01628.461.451.900.011.010.100.010.020.0010.00162.98
694.34695.861.5259.500.011.352.580.020.030.0010.003222.07
715.29749.7034.4113.980.040.320.270.020.070.0020.00271.00
757.21758.711.5013.900.040.120.040.040.060.0090.00155.53
796.24797.741.50105.400.020.020.640.030.270.0020.001235.91
856.01857.491.480.300.010.010.000.010.150.0010.00160.21
881.55883.081.532.600.170.010.000.050.040.0820.00156.74
958.15965.777.623.450.100.030.020.120.030.0110.00144.16
1029.231032.222.9912.400.240.330.140.070.070.0470.00298.43

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-100.0034.7534.752.630.010.010.020.000.090.0010.00160.92
139.93144.454.521.000.010.990.070.010.030.0010.00465.79
157.90163.835.932.760.021.010.420.010.030.0020.00481.48
193.65199.635.984.180.011.150.920.000.170.0010.004185.50
229.75231.231.483.000.010.850.400.000.130.0010.004134.22
235.75238.672.922.510.010.540.200.010.040.0010.00260.28
253.77271.6517.8830.310.042.221.190.010.160.0090.009268.41
276.25277.731.481.000.010.360.080.010.060.0010.00155.16
286.77323.1436.373.230.010.690.070.010.020.0020.00253.75
332.35333.881.5310.000.061.130.200.020.030.0050.00391.96
377.08378.551.4714.000.011.250.560.010.010.0270.005103.70
389.02390.321.3011.000.120.960.100.020.050.0040.00197.08
404.81406.271.461.000.260.370.070.010.010.0040.00148.42
410.40413.403.004.500.020.660.130.010.030.0010.00357.50
422.40425.423.022.990.120.180.040.020.030.0010.00140.02
431.40437.406.0013.030.330.030.100.010.050.0050.00177.23
456.90461.384.483.990.030.280.050.010.120.0010.00192.25
482.42488.405.982.050.100.790.010.020.020.0030.00160.42
495.90497.421.521.000.040.020.010.010.110.0010.00171.17
512.50516.954.451.410.030.230.020.020.100.0030.00175.59
532.05533.551.5014.000.150.020.040.040.060.0040.00168.36
541.05542.581.533.000.330.090.050.050.030.0110.00162.34
547.10556.088.983.360.610.160.050.020.020.0200.00177.12
560.54562.031.4914.000.220.010.030.020.040.0010.00156.98
574.02578.464.4412.400.020.120.180.010.060.0010.00163.06
588.76590.341.586.900.060.040.010.060.050.0010.00150.09
594.83596.341.5119.600.370.020.300.020.060.0070.00199.89
624.90629.404.504.940.060.990.030.030.030.0120.00282.89
692.43699.907.474.260.021.010.110.020.060.0010.00595.34
734.47737.422.954.560.060.080.010.060.050.0150.00153.99
797.45802.094.640.700.520.010.010.070.020.0260.00166.94
838.17839.651.4821.700.040.460.050.020.030.0110.00272.50
851.70853.201.509.200.010.010.010.070.060.0010.00151.74
856.15859.203.0529.030.060.160.060.150.100.0160.001125.80
899.85901.351.501.500.230.110.020.070.020.0390.00152.62
940.44943.453.011.201.290.160.000.050.020.0190.001133.49
958.53964.536.001.980.050.010.000.130.050.0590.00160.31
1050.381053.383.001.850.070.090.000.130.030.0230.00149.72

Table 2 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DPC-0877.4380.302.8715.340.443.510.770.170.000.0360.010281.64
149.20152.233.039.070.032.140.610.010.000.0010.009140.31
161.28162.751.474.000.011.060.310.020.010.0010.00773.31
201.83203.301.473.000.020.990.140.030.010.0020.00667.16
218.31222.824.514.940.150.980.130.010.010.0040.00676.18
237.84242.404.566.400.012.270.330.020.000.0010.011134.34
284.32285.821.5012.000.031.970.250.040.000.0100.014127.83
386.23387.701.478.000.011.950.280.010.010.0010.010117.45
443.40452.429.025.550.291.150.130.050.060.0070.006125.58
508.00509.541.543.000.010.830.150.000.010.0010.00353.06
592.05593.501.457.000.032.020.030.020.010.0010.009116.41
638.60641.582.983.550.010.800.070.010.030.0010.00360.17
730.02731.451.432.000.011.020.050.000.000.0010.00356.24
737.36738.881.5215.000.022.500.050.050.010.0010.016150.28
DPC-0733.6236.803.1828.060.010.010.150.160.010.0010.00154.20
187.39188.901.510.300.011.030.020.010.010.0010.00157.35
262.79264.301.5111.000.020.750.420.050.060.0010.00191.48
288.39289.921.535.000.061.690.460.010.160.0010.008172.11
427.32430.383.0638.470.010.010.010.010.020.0010.00150.19
468.06469.541.4837.000.140.750.020.080.080.0750.003142.91
587.12590.123.0059.080.371.800.140.190.200.0060.001286.53
632.30635.303.0013.510.020.040.040.060.060.0060.00150.17
645.77648.783.016.260.290.040.020.030.030.0010.00148.54
681.95686.464.5110.410.032.510.090.020.040.0040.001158.27
712.03733.0120.988.600.040.100.020.040.040.0300.00146.15
Incl.725.61728.522.9120.800.170.080.020.090.090.1480.001115.07
768.86771.903.049.730.050.010.050.040.050.0760.00154.96
DPC-0669.2975.195.9006.440.0061.2250.3010.0080.0040.0020.00576.99
133.55139.586.03050.310.0093.4431.4110.0200.0150.0150.015269.26
145.58147.101.52041.000.0107.1801.4200.0180.0250.0010.034435.41
156.01172.4416.4304.660.0082.1570.1550.0040.0120.0010.008117.33
187.39188.871.4802.000.0900.9880.0210.0180.0120.0010.00364.86
215.92223.387.4609.370.0222.1110.3150.0200.0110.0080.009129.04
244.32245.831.5104.000.0100.9680.1360.0090.0170.0010.00565.17
248.95253.364.4104.100.0080.9113.3680.0070.2270.9600.005459.30
465.24466.701.46012.000.0400.7360.2720.0110.0060.0150.00365.46
490.70492.231.5301.000.0801.4100.0110.0110.0030.0250.00179.57
645.02646.521.500128.000.0100.7260.1590.0130.0910.0010.002222.75
DPC-0542.6747.134.461.660.011.610.160.000.000.0010.01388.83
114.51118.984.470.660.010.790.010.000.000.0010.00141.53
160.89162.391.500.500.440.080.010.010.000.0010.00146.50
242.84244.411.571.000.150.520.080.010.000.0010.00144.69
260.94262.391.450.500.030.810.150.000.000.0010.00149.30
297.00298.441.441.000.010.780.140.000.000.0010.00245.48
DPC-0435.0436.531.495.000.050.030.880.010.020.0030.00547.67
290.34293.332.993.980.011.050.120.010.010.0060.00064.61


Table 3: Significant Results, Surface Diamond Drilling, Northwest Extension, Santa Barbara Target Area as at September 20, 2022.

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-2742.3743.911.540.500.010.000.020.420.010.0010.00153.54
130.56132.101.549.000.010.860.540.020.800.0010.003380.33
515.37516.871.5012.000.301.040.030.060.110.0160.001143.69
539.40546.977.575.790.050.260.000.100.120.0140.00184.24
623.47624.961.490.500.010.960.000.010.010.0010.00152.57
675.93677.411.4855.000.140.010.010.220.200.0300.001179.30
749.47752.462.9912.990.040.010.000.150.120.0050.00181.74
DSB-23245.09246.571.4837.000.030.010.240.010.020.0020.00156.34
255.34258.302.965.490.010.010.080.350.010.0010.00152.39
264.27270.626.35152.910.020.030.130.190.010.0010.003186.67
275.04280.975.9310.100.030.530.110.020.020.0040.02254.55
324.71339.7715.064.910.020.530.180.050.050.0060.00464.29
351.65353.081.4312.000.060.060.050.030.060.0060.00150.41
357.57368.1010.535.760.040.110.010.020.090.0010.00155.11
392.14405.7013.564.850.060.010.010.020.100.0140.00156.31
417.81422.204.399.030.110.070.030.090.200.0050.001113.63
429.70432.723.024.970.100.010.010.070.100.0010.00161.80
435.76444.879.113.990.140.050.020.100.090.0130.00169.35
561.83563.381.551.000.050.940.280.010.000.0010.02564.60
566.48576.9210.447.570.160.070.060.010.080.0060.00661.82
598.13631.2433.1122.280.220.310.070.120.100.0430.004122.44
613.50625.1911.6938.190.400.120.070.220.190.0570.005195.93
655.17676.3321.1613.290.160.070.040.120.100.0580.01297.91
Incl.668.67676.337.6622.870.320.070.050.170.150.0900.007153.20
680.75683.732.986.500.430.050.020.070.070.0330.00188.79
701.79703.301.5112.000.010.010.000.150.140.0040.00186.28
713.87718.274.409.750.520.130.050.030.010.0340.00179.80
728.73730.221.496.000.080.040.020.050.040.3680.001115.26
733.22734.721.506.000.020.020.020.130.070.0450.00159.43
758.94760.421.487.000.010.020.010.130.110.0470.00176.91
766.35767.871.5227.000.040.030.010.190.160.0100.001120.01
779.96781.461.508.000.020.290.010.150.110.0410.00193.03
833.43834.941.514.000.050.040.010.270.080.2080.001117.51
837.95839.511.5611.000.220.060.030.310.110.2060.001157.70
850.05851.571.523.004.050.020.010.080.030.4600.001487.81

See Note Table 1.

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-19115.80151.6035.804.480.030.650.270.010.010.0010.03757.93
173.96188.8614.901.860.050.660.240.010.010.0020.01351.00
217.37230.7513.384.330.051.320.580.010.060.0130.011128.74
247.28263.8016.5210.560.010.470.570.010.250.0010.002202.55
275.80287.8212.025.640.010.340.140.000.050.0010.00155.97
343.37346.342.9712.950.180.630.190.010.010.0060.03174.71
445.42446.901.489.000.280.040.030.010.180.0040.001142.14
458.90464.845.941.380.010.020.010.010.090.0010.00156.01
469.36470.851.494.000.150.090.020.080.090.0020.00182.56
608.15609.641.4913.000.080.060.020.440.020.0990.001114.15
665.20666.701.506.000.040.240.000.250.010.1450.00187.05
680.17681.671.506.000.050.250.000.570.010.1400.001125.89
DSB-1865.0574.018.963.190.030.010.050.350.010.0010.00551.97
81.52103.9722.4525.100.020.020.080.210.020.0010.00561.32
132.54135.402.863.620.021.260.230.010.020.0010.04185.13
154.87156.391.5212.000.010.010.010.010.100.0010.00552.77
180.40183.382.986.490.040.050.060.020.120.0040.00465.46
201.40202.901.505.000.020.720.100.020.030.0010.00557.99
207.37208.871.5015.000.101.310.380.080.090.0090.010147.71
214.89216.391.5027.000.010.010.020.020.040.0010.00548.68
231.40232.861.4620.000.010.180.480.010.030.0010.00556.76
243.40261.3617.9636.490.030.880.980.130.040.0020.008144.53
268.91274.926.0114.310.040.190.170.020.090.0070.00473.14
279.39280.851.4621.000.020.060.540.060.050.0010.00569.82
288.36291.403.0422.940.030.080.350.030.050.0050.00564.33
349.52351.051.5314.000.020.030.120.080.140.0140.00588.02
357.13363.025.8918.670.040.020.100.070.130.0130.00587.58
366.00369.073.074.560.010.010.020.010.110.0040.00551.94
384.18385.661.485.000.010.020.010.060.120.0010.00558.95
401.80435.6833.883.490.220.010.020.070.090.0120.00571.49
453.25454.481.236.000.070.030.010.040.080.0070.00552.09
510.45513.823.378.940.270.520.020.070.050.0110.01088.90
563.27581.2417.9715.460.070.040.010.090.070.0210.00568.21
605.26612.787.526.980.190.100.010.100.080.0580.00582.91
618.77620.231.4610.000.480.080.010.020.010.0360.00572.28
626.27627.751.488.000.100.020.010.070.060.0130.00553.27
651.74662.2210.481.560.020.200.010.110.060.0510.00559.81
713.27714.741.471.000.190.020.050.050.010.1130.00554.22
764.28765.781.501.000.550.030.010.040.000.0610.00571.42
779.36780.851.494.000.140.020.010.150.100.0090.00576.02
795.89797.361.471.000.230.010.010.080.030.0240.00550.29
851.48855.914.434.960.040.010.000.340.020.0820.00573.07
863.50869.475.974.750.020.110.040.300.020.0250.00559.54
881.48884.442.964.520.060.040.010.300.040.0410.00569.95

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-1723.2026.052.8512.490.040.010.081.480.000.0010.005191.80
68.2069.701.505.000.080.041.110.010.000.0040.00552.73
75.6677.101.449.000.010.021.480.040.000.0120.00566.26
80.00165.3185.3115.610.060.010.100.160.090.0020.00576.59
177.17178.641.4733.000.080.010.210.010.030.0010.00558.07
185.76187.261.5027.000.020.010.020.010.050.0020.00551.31
196.18201.905.7220.090.120.050.150.040.050.0030.00562.28
206.42207.911.4911.000.010.010.030.170.060.0010.00556.50
228.69229.921.231.000.010.010.080.410.010.0010.00555.34
245.00264.2519.2525.400.010.010.080.260.020.0010.00567.37
276.48277.991.511.000.020.010.020.010.120.0010.00552.26
289.85292.792.9443.100.030.010.030.010.030.0010.00559.64
303.08305.952.871.510.010.010.150.000.120.0040.00556.35
314.72316.201.481.000.010.010.030.020.210.0010.00585.85
330.66342.4811.825.190.030.010.030.111.180.0010.005479.42
400.49401.991.5044.000.100.020.080.360.330.0380.005235.71
404.99406.481.4910.000.080.010.030.060.050.0380.00553.83
421.48422.981.5011.000.040.010.020.140.120.0010.00578.33
427.47430.533.063.990.010.010.010.010.120.0010.00552.69
457.44469.5512.114.730.680.010.000.060.030.0070.00585.69
537.11538.591.4825.000.020.020.010.280.250.0300.005163.38
549.10550.601.505.000.040.010.010.080.070.0240.00551.93
561.14562.631.4921.000.080.010.010.170.160.0220.005115.81
579.13580.621.496.000.110.010.010.090.080.0070.00561.27
589.74592.743.008.530.060.030.010.130.110.0490.00584.08
603.13609.156.026.020.110.050.010.110.090.0070.00567.35
616.82618.801.9810.000.190.080.020.040.030.0710.00564.16
624.82642.9618.1430.610.230.020.010.140.130.0370.005127.35
Incl.639.95642.963.01106.470.510.030.010.520.470.0560.005410.38
648.98653.344.3610.900.060.040.010.160.150.0780.005113.03
670.36671.891.5312.000.190.020.030.100.090.0930.00597.58
675.12676.641.525.000.090.360.020.150.080.0180.00582.47
679.60684.174.576.300.150.080.010.110.070.0170.00568.44
689.20690.631.431.000.550.010.010.040.030.0090.00569.79
707.14710.183.043.990.080.020.010.130.060.0310.00559.01
731.16734.203.041.510.030.120.030.200.010.2280.00586.82
741.70743.291.591.000.020.060.070.050.000.2590.00569.60
774.78776.952.171.000.030.310.020.200.010.0380.00554.56
783.28786.403.121.000.011.860.010.010.010.0060.00599.41
809.90812.822.921.000.010.010.010.140.010.1570.00554.12
818.59826.167.571.840.160.010.010.220.000.1340.00572.98

Table 3 Continued

Hole No.From (m)To (m)Length (m)AgAuZnPbCuSnBiCdAg eq
g/tg/t%%%%%%g/t
DSB-160.003.753.7556.000.020.010.010.010.000.0010.00560.83
128.55134.525.976.520.030.540.140.040.050.0010.00563.66
152.50156.984.485.300.010.720.040.010.020.0010.00550.56
179.45180.981.531.000.010.090.010.030.140.0010.00565.47
188.42191.433.0115.260.070.820.050.230.080.0020.005123.03
201.94203.441.508.000.011.170.020.020.030.0010.00580.81
218.47231.9613.498.950.020.740.080.010.030.0010.00663.04
251.38252.931.557.000.010.860.020.010.010.0030.00557.65
290.40291.921.5210.000.020.030.010.090.090.0060.00559.68
293.44294.941.5017.000.190.070.030.020.030.0080.00553.88
339.95341.431.489.000.060.060.040.100.100.0150.00574.13
366.90374.317.416.810.060.390.040.020.030.0090.00547.90
462.67468.706.0315.130.060.520.010.120.110.0560.005113.45
476.26477.751.493.000.820.110.010.060.040.0490.005114.02
501.73506.144.415.040.120.120.020.050.050.0640.00560.71
584.20585.751.5515.000.230.100.020.100.130.0010.005103.21
603.17604.731.5611.000.030.020.010.080.080.0040.00557.35
639.80644.404.6020.640.040.010.010.150.130.0060.00596.41
718.08721.083.0010.490.010.010.010.190.040.0060.00552.70
746.10747.601.501.000.290.350.010.030.010.0040.00552.21

 Table 4: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from September 20, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
(m)
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension
DSB-31S205652.47656108.44088.0225°-60°1055.6
DSB-33S205259.47655997.84262.7225°-60°869.4
DSB-34S205088.47656105.54339.1225°-60°851.4
DSB-35S205274.07655896.14224.5225°-60°1061.4
DSB-36S205016.07656179.14360.0225°-60°935.4
DSB-37S205729.97656034.64054.8225°-60°917.4
DSB-38S205588.07655893.04087.0225°-60°851.5
DSB-39S205823.17655981.94035.0225°-60°857.4
DSB-40S205684.37655839.54062.3225°-60°1052.4
DSB-41S205540.37655695.54092.7225°-60°842.4
DSB-42S205653.07656253.04125.0225°-60°845.4
DSB-43S205277.07656316.04156.3225°-65°833.1
Subtotal10,972.8
DSB-44S205157.07656038.04301.0225°-55°In progress
Santa Barbara Geotechnical Drill Holes
DHK-26S205700.37656454.44180.0225°-65°In progress
DHK-27S205529.47656222.54153.1270°-45°In progress
DHK-28S205597.37656479.64151.4225°-65°In progress
DHK-29S205485.77656489.54158.0225°-70°In progress
Santa Barbara Underground Metallurgical Hole
METSBUG-03UG205284.57656080.04167.1270°-35°707.8
Subtotal707.8
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01S20594476542113674.030°-60°860.3
Subtotal860.3
TOTAL12,540.9

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 is 74,782m in 113 drill holes (32 underground drill holes and 82 surface drill holes) including 5 holes in progress.

Qualified Person

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

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

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

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

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53 g Ag/t, 0.078 g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. As outlined in this press release as a result of continuing discoveries from recent drilling that have substantially extended the high-grade feeder zone at Santa Barbara, the Company has pushed back the inaugural mineral resource to the end of Q1 2023.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150m to 4,400m above sea level.

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

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

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

Figure 1Figure 2Figure 3Figure 4
Posted in featured_news | Tagged , , , , , , , , | Leave a comment

Tocvan Announces Attendance at Discoveries Conference and Filing of Warrant Extension

Calgary, Alberta – TheNewswire – September 16, 2022 – Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3) is pleased to announce it will be presenting at the Discoveries Mining Conference in Hermosillo, Sonora, Mexico on October 5th. This is the 8th addition of the conference that showcases Mining and Exploration companies of Mexico. The conference is held October 4th to 6th. Tocvan will have a booth for the duration of the event (Booth #173) and President & CEO, Brodie Sutherland will be presenting on the Company’s two gold-silver assets in Sonora. For more information on the conference visit: 2022 | Discoveries Mining Conference (discoveriesconference.com)

The Company also announces it has filed to extend the expiration date of 1,244,668 common share purchase warrants (the “Warrants”) by six months.

The Warrants are exercisable into common shares of the Company at a price of $0.75 per common share. The Warrants were issued pursuant to a non-brokered private placement of 1,244,668 units at a price of $0.60 on March 30, 2021. The Warrants were set to expire September 30, 2022 and will have an amended expiry date of March 31, 2023. All other terms and conditions of the Warrants, including the exercise price, remain the same.

 

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 36 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 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

Posted in featured_news | Tagged , , , , | Leave a comment

GR Silver Mining Announces Infill Drilling Results at Plomosas Mine Area – 5.7 m at 514 g/t Ag, including 1.0 m at 1,634 g/t Ag

Organization Profile

Posted in featured_news | Tagged , , , , | Leave a comment

Tocvan Extends Discovery Trend 125m, Discovers Mineralization 375m from Main Zone in Reconnaissance Drilling at Pilar

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (FSE:TV3), is pleased to announce the latest drill results from its Pilar Au-Ag Project in Sonora, Mexico. Seven drill holes were completed, totalling 1,382-meters. Results for the final four drill holes are highlighted in this release. All four drill holes were drilled in new areas and intersected alteration and structures known to host gold-silver mineralization at Pilar. Hole JES-22-72, 125-meters southeast of drill hole JES-22-63 (13.7m of 0.6 g/t Au and 13 g/t Ag and 9.2m of 0.6 g/t Au) returned 22.9-meters of 0.3 g/t Au and 19 g/t Ag, including 7.6-meters of 0.8 g/t Au and 51 g/t Ag (Figure 1) Three drill holes intersected low-grade gold and silver values indicating close proximity to significant mineralization. Hole JES-22-70 returned 12.2-meters of 0.3 g/t Au, including 3.1-meters of 0.8 g/t Au and 3.1-meters of 0.5 g/t Au. Hole JES-22-69 intersected 1.5-meters of 0.7 g/t Au at the end of hole, leaving it open at depth for targeting. The Company is extremely encouraged by these reconaissaince results and planning is underway for the next stage of drilling at Pilar.


Click Image To View Full Size

 

Figure 1. Plan Map highlighting the results from the latest stage of drilling at Pilar.

Drill Highlights

JES-22-72

  • 22.9m of 0.3 g/t Au and 19 g/t Ag (0.5 g/t AuEq), from 27.5m
    • Incl., 10.7m of 0.6 g/t Au and 40 g/t Ag (1.0 g/t AuEq)
    • Incl., 7.6m of 0.8 g/t Au and 51 g/t Ag (1.3 g/t AuEq)
    • Incl., 3.1m of 1.6 g/t Au and 109 g/t Ag (2.8 g/t AuEq)

*Note: AuEq calculated based on metal price assumptions of $1,700/oz gold and $18.00/oz silver

JES-22-70

  • 12.2m of 0.3 g/t Au, from surface
    • Incl., 3.1m of 0.8 g/t Au and 5 g/t Ag
    • And 3.1m of 0.5 g/t Au

JES-22-69

  • 1.5m of 0.7 g/t Au at end of hole, open at depth

“With each progressive stage of reconnaissance drilling along previously untested trends we are uncovering excellent indications that mineralization continues to the southeast and in parallel trends to our Main Zone”, commented CEO, Brodie Sutherland. “All seven drill holes intersected alteration, quartz-veining and fault structures know to host significant mineralization at Pilar. All three trends tested during this stage of drilling have shown indications of continued mineralization and warrant follow-up drilling as we believe a much larger system is yet to be defined at Pilar.”

Discussion of Results

As part of the ongoing Phase III drill program, a total of seven reverse circulation (“RC”) drill holes have been completed, totalling 1,382-meters. Drilling focused on the 4-T Expansion and Extension targets and a new trend discovered during the last stage of drilling (Figure 1 and Table 1).

 

JES-22-69

This drill hole was targeting the 4-T Extension, where surface sampling of artisanal workings returned 6.6 g/t Au and 433 g/t Ag. Four quartz-sericite veins with pyrite were intersected at 10.7 to 30.5-meters, 82.4 to 86.9-meters, 157.1 to 158.6-meters and 173.9 to 176.9-meters. Low-grade gold mineralization was intersected from surface to 16.8-meters depth. A 1.5-meter interval of 0.7 g/t Au was recorded at the end of the hole with coincident elevated arsenic values (>1500 ppm) which suggest mineralization is open at depth. Follow-up targeting up and down-dip of this drill hole is warranted to test continuation of mineralization.

JES-22-70

This drill hole was targeting the 4-T Trend, 80-meters southeast of where a recent surface trench (T-21-2) returned 19.5-meters of 0.6 g/t Au. Three quartz-sericite veins with pyrite were intersected at 58.0 to 63.0-meters, 132.7 to 143.8-meters, and 163.2 to 164.7-meters. From surface, JES-22-70 returned 12.2-meters of 0.3 g/t Au including, 3.1-meters of 0.8 g/t Au and 3.1-meters of 0.5 g/t Au. Low-grade gold and zinc were recorded further down hole from 77.8-meters (3.1-meters of 0.4 g/t Au and 1.82% Zn). The 4-T Trend remains larger untested down-dip at depth, the indications of mineralization and structure recorded warrant further follow-up of the trend for broad, higher-grade intervals.

JES-22-71

This drill hole was targeting the Discovery Trend, 115-meters southeast of JES-22-72 (see below). Quartz-sericite veins with pyrite were intersected from surface to 36.0-meters, 90.0 to 95.0-meters, 108.7 to 112.9-meters and 154.0 to 158.6-meters. Low-grade silver and zinc were recoded from surface to 6.1-meters (6 g/t Ag and 0.1% Zn).  Although no significant mineralization was recorded the structure and alteration intersected indicate potential for significant mineralization continues along this trend.

 

JES-22-72

This drill hole was targeting the newly identified Discovery Trend, 125-meters southeast of drill hole JES-22-63 which returned, 54.9-meters of 0.3 g/t Au and 5 g/t Ag including, 13.7-meters of 0.6 g/t Au and 13 g/t Ag and 9.2-meters of 0.6 g/t Au). Drill hole JES-22-72 returned 22.9-meters of 0.3 g/t Au and 19 g/t Ag or 0.5 g/t AuEq including, 7.6-meters of 0.8 g/t Au and 51 g/t Ag or 1.3 g/t AuEq. Zinc values are elevated across the upper half of the drill hole with high concentrations (1.97% Zn over 7.6-meters) associated with high Au-Ag values.  Quartz-sericite veins with pyrite were intersected at 9.2 to 15.0-meters, 91.5 to 100.7-meters and 120.5 to 129.7-meters. The highest-grade mineralization is hosted with in a silicified andesite with quartz veinlets and moderate iron-oxide alteration. Both JES-22-63 and JES-22-72 remain untested down-dip, mineralization and structure seen in JES-22-71 indicates the system has room to expand further to the southeast. The discovery trend remains open to the northwest.

Table 1. Summary of Results from latest Stage of Drilling at Pilar.

Hole IDFrom (m)To (m)Width (m)*Au (g/t)Ag (g/t)
JES-22-6630.5047.2816.780.1117.6
including30.5036.606.100.2547.4
including35.0836.601.530.55185.0
JES-22-670.00138.78138.780.100.3
including0.0030.5030.500.410.3
including0.001.531.537.610.8
JES-22-68No Significant Values
JES-22-690.0016.7816.780.151.1
including0.007.637.630.191.0
and82.3586.934.580.126.8
and128.10134.206.100.135.8
including128.10129.631.530.3317.2
and187.58189.101.530.702.2
JES-22-700.0018.3018.300.241.4
including0.0012.2012.200.341.8
including0.003.053.050.784.5
and9.1512.203.050.491.8
and77.7885.407.630.180.9
including77.7880.833.050.391.9
and109.80111.331.530.290.3
JES-22-710.006.106.100.076.2
JES-22-720.0050.3350.330.149.6
including0.0038.1338.130.1712.3
or25.9350.3324.400.2718.1
including27.4538.1310.680.5940.4
including30.5038.137.630.7851.0
including35.0838.133.051.64109.0
including36.6038.131.532.39165.0
and106.75128.1021.350.130.9
including106.75109.803.050.490.3
and152.50154.031.530.3816.5

 

Table 2. Collar Data for Latest stage of Drilling at Pilar.

Hole_IDEastingNorthingElevation (m)DepthAzimuthDip
JES-22-666178733144802409180.0230-50
JES-22-676179763144759420213.5230-55
JES-22-686181043144528460213.5225-55
JES-22-696180443144610448189.1225-55
JES-22-706178333144623437201.3230-55
JES-22-716178403144377445207.4230-55
JES-22-726177833144472447176.9230-50

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal system 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-T. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 22,000 m of drilling has been completed to date. Significant results are highlighted below:

  • 2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
    • 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
    • 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
    • 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
    • 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
    • 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
    • 29m @ 0.7 g/t Au
    • 35.1m @ 0.7 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 @ 6.0 g/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
  • 15,000 of Historic Core RC drilling. Highlights include:
    • 61.0m @ 0.8 g/t Au
    • 16.5m @ 53.5 g/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 36 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.

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.

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.

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

Posted in featured_news | Tagged , , , , | Leave a comment

GCM Mining Declares September 15, 2022 Monthly Dividend

 GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its Board of Directors has declared the next monthly dividend of CA$0.015 per common share will be paid on September 15, 2022 to shareholders of record as of the close of business on August 31, 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 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 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 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

Posted in featured_news | Tagged , , , , , , , | Leave a comment

GCM Mining Announces Second Quarter and First Half 2022 Results

GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements (“Financial Statements”) and accompanying management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2022. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with “NG”. For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company’s MD&A.

Second Quarter and First Half 2022 Highlights

  • GCM announced on July 25, 2022 that it will merge with Aris Gold Corporation (“Aris”) through a plan of arrangement to create a leading Americas gold producer (the “Aris Merger”). Under the terms of the Aris Merger, all the outstanding Aris shares not held by GCM will be exchanged at a ratio of 0.5 of a common share of GCM for each common share of Aris. Based on respective share values as of the date of execution of the Arrangement Agreement, on closing, GCM shareholders and Aris shareholders (taking into consideration the 44.3% of Aris currently held by GCM) are expected to own, on a diluted in-the-money basis, approximately 74% and 26% of the combined group, respectively. The no premium transaction will create the top-of-the-class company among junior producers and the largest gold company in Colombia, with diversification in Guyana and Canada. The Aris Merger also brings together teams with unmatched experience in Colombia and extensive project development and mine building expertise. The Aris Merger is subject to GCM and Aris shareholder approval, receipt of all required governmental and regulatory approvals including Toronto Stock Exchange (“TSX”) and Colombian anti-trust approvals, and other customary conditions. The shareholder meetings have been set for September 19, 2022 and closing is expected a short time thereafter.
  • Subsequent to the announcement of the proposed Aris Merger, Fitch Ratings and S&P Global Ratings have both affirmed B+ ratings for the Company’s Senior Notes due 2026. Fitch Ratings maintained its outlook at Stable while S&P Global Ratings revised its outlook to Positive from Stable. The ratings reflect the view that GCM will have an immediately increased productive asset base with the addition of the Marmato Project, which is currently in production and undergoing an expansion, which will accelerate deleveraging and result in larger scale and cash flow generation without requiring additional funding or compromising its liquidity. With both the Toroparu Project and the expansion of the Marmato Project funded and the combined group generating Free Cash Flow from its producing assets, the combined group following the proposed Aris Merger is expected to maintain a low leverage profile.
  • GCM’s gold production from its Segovia Operations totaled 53,198 ounces in the second quarter of 2022, up 2% over the second quarter last year. For the first half of 2022, gold production was 103,149 ounces compared with 103,684 ounces in the first half last year. In July 2022, Segovia produced 17,951 ounces of gold bringing Segovia’s trailing 12 months’ total gold production as of the end of July 2022 to 210,975 ounces, up 2% over 2021. With completion of the expansion of the Company’s processing plant at Segovia to 2,000 tpd in August 2022, GCM is on track to meet its annual production guidance for 2022 of between 210,000 and 225,000 ounces of gold.
  • The new polymetallic recovery plant constructed in 2021 at Segovia has been in steady operation through the first half of 2022 and is expected to commence sales of stockpiled zinc and lead concentrates under an offtake contract with an international customer commencing in the third quarter of 2022.
  • Consolidated revenue amounted to $101.4 million in the second quarter of 2022, up 5% over the second quarter last year on the strength of the production increase and a 3% increase in realized gold prices, bringing revenue for the first half of 2022 to $202.7 million, up from $198.3 million in the first half of 2021 (which included $5.1 million from Aris prior to the loss of control of Aris on February 4, 2021).
  • At the Segovia Operations, total cash costs NG averaged $877 per ounce in the second quarter of 2022, reflecting an increase in the proportion of its quarterly gold production sourced from higher-cost, high-grade small-scale miners, the implementation of annual labor rate increases, an increase in local electricity rates and a temporary shift toward a higher cost electricity source while a transformer at the lower cost electricity source was repaired, and an increase in various activity-based costs such as maintenance programs associated with older underground mine equipment, the semi-annual replacement of the mill liners in June, the delivery of mechanized equipment into the Carla mine and additional headcount required to support these activities. The Company expects that its total cash costs per ounce will decrease in the third quarter of 2022 with electricity sourcing back to normal, the maintenance activities noted above having been completed and the impact of the plant capacity expansion that will reduce fixed costs on a per ounce basis. This brings Segovia’s total cash cost for the first half of 2022 to $847 per ounce compared with $796 per ounce in the first half last year. Including Marmato, consolidated total cash costs in the first half last year was $816 per ounce.
  • All-in sustaining costs (“AISC”) NG per ounce sold for the Segovia Operations increased to $1,228 in the second quarter of 2022, largely reflecting the increase in total cash costs per ounce. This brings Segovia’s AISC to $1,207 per ounce in the first half of 2022 compared with $1,110 per ounce in the first half last year. Segovia’s AISC for the first half of 2022 reflects the increase in total cash costs per ounce and the $4.0 million of fees, equivalent to about $37 per ounce sold, included in G&A expenses in the first half of 2022 related to the Company’s ongoing arbitration proceedings with the International Centre for Settlement of Investment Disputes (“ICSID”) in respect of its claim against the Republic of Colombia (the “FTA Claim”). Including Marmato, consolidated AISC in the first half last year was $1,133 per ounce.
  • GCM maintained its commitment to its exploration drilling campaigns in the first half of 2022, completing a total of approximately 38,000 meters of drilling through its in-mine/near-mine and mine geology programs at its producing mines and another approximately 15,000 meters through its brownfield drilling program at Cristales, Marmajito, Manzanillo and Vera. GCM’s press release dated June 27, 2022 reported the continuation of significant high-grade intercepts at its producing Sandra K and El Silencio mines and success in its brownfield drilling campaign on the La Guarida-Cristales Vein System including 48.45 g/t Au and 34.2 g/t Ag over 0.47 meters.
  • Adjusted EBITDA NG amounted to $45.9 million for the second quarter of 2022 compared with $48.0 million in the second quarter last year. For the first half of 2022, adjusted EBITDA amounted to $91.1 million compared with $94.3 million in the first half last year. This brings the trailing 12 months’ total adjusted EBITDA at the end of June 2022 to $168.4 million compared with $171.6 million in 2021.
  • Net cash provided by operating activities in the second quarter of 2022 increased to $31.5 million from $12.8 million in the second quarter last year, benefitting from the receipt of pending VAT refunds from 2021 and lower income tax payments this year. For the first half of 2022, net cash provided by operating activities was $55.7 million compared with $26.4 million in the first half last year (which was net of $10.1 million used by Aris prior to the loss of control in early 2021). This brings the trailing 12 months’ net cash provided by operating activities at the end of June 2022 to $109.9 million, up from $80.6 million in 2021.
  • Free Cash Flow NG in the second quarter of 2022 was $20.5 million compared with negative $2.8 million in the second quarter last year, benefitting from the improvement in operating cash flow. Similarly, for the first half of 2022, Free Cash Flow improved to $31.2 million compared with negative $0.3 million in the first half last year. This brings the trailing 12 months’ Free Cash Flow at the end of June 2022 to $57.7 million, up from $26.2 million in 2021.
  • The Company’s balance sheet remained strong with a cash position of $265.5 million at June 30, 2022. GCM used a portion of its cash position in the second quarter of 2022 to fund the acquisition of the $35.0 million Aris Convertible Debenture due October 12, 2023. The Company also has $138.0 million of funding available for construction of its Toroparu Project in Guyana through a precious metals stream facility with Wheaton Precious Metals (Caymans) Ltd. (“Wheaton”). Other than scheduled interest payments, the Company has no maturities of its long-term debt in the next 12 months.
  • GCM has been making considerable progress at the Toroparu Project in Guyana in the first half of 2022 focused on pre-construction activities, preparation of the PFS, finalization of the mining license and selection and engagement of key contractors to be involved in the construction and eventual operation of the project. The Company incurred a total of $31.0 million of non-sustaining capital expenditures NG in the first half of 2022 at the Toroparu Project. In light of the proposed Aris Merger, it is now expected that the PFS will not be finalized until after the closing of the transaction. The updated application for the mining license was submitted in early 2022 and the Company is continuing to support the approval process for the mining license which it expects to finalize by the fourth quarter of 2022.
  • The Company returned a total of $10.1 million to shareholders in the first half of 2022 with payment of its monthly dividends totaling $7.0 million and the repurchase of approximately 0.8 million shares for cancellation under its Normal Course Issuer Bid (“NCIB”) at a cost of $3.1 million.
  • Income from operations in the second quarter of 2022 was $37.8 million, down from $39.6 million in the second quarter last year largely due to the impact of the increase in Segovia’s total cash cost NG per ounce sold on cost of sales, offset partially by a reduction in share-based compensation. For the first half of 2022, the increased level of legal costs associated with the FTA Claim, most of which impacted the first quarter of 2022, and the increased total cash costs per ounce sold in the second quarter of 2022 contributed to a decrease in income from operations to $73.5 million compared with $78.7 million in the first half last year.
  • The Company reported net income of $39.0 million ($0.40 per share) in the second quarter of 2022 compared with $29.8 million ($0.41 per share) in the second quarter last year. The gain on financial instruments recorded in the second quarter of 2022 more than compensated for the decrease in income from operations, higher finance costs and income taxes, and an increase in the loss from equity accounting in associates, all compared with the second quarter last year. For the first half of 2022, the Company reported net income of $44.2 million ($0.45 per share) compared with $148.1 million ($2.31 per share) in the first half last year, reflecting the decrease in income from operations, higher finance costs and income taxes, and an increase in the loss from equity accounting in associates compared with the first half last year. Net earnings in the first half of 2021 also included the benefit of a $56.9 million gain on loss of control of Aris and an $8.9 million gain on sale of the Zancudo Project, offset partially by $9.8 million of transaction costs incurred by Aris in connection with the loss of control in early 2021.
  • The Company reported adjusted net income NG for the second quarter and first half of 2022 of $14.2 million ($0.15 per share) and $29.0 million ($0.30 per share), respectively, compared with $23.6 million ($0.33 per share) and $45.5 million ($0.69 per share), respectively, in the second quarter and first half last year. The decrease in adjusted net income in the second quarter and first half of 2022 compared with the corresponding periods last year largely reflects the decrease in income from operations as noted above together with increase in finance costs and an increase in income tax expense due to the tax rate increase in Colombia effective in 2022.
  • GCM published its second annual sustainability report in June 2022. The report reflects a focused effort on measuring and disclosing the Company’s Environmental, Social and Governance priorities and performance and highlights GCM’s initiatives and progress in line with international reporting standards.

Selected Financial Information

Second QuarterFirst Half
2022202120222021

Operating data

Gold produced (ounces) (1)53,19852,198103,149103,684
Gold sold (ounces)53,88452,838107,529108,155
Average realized gold price ($/oz sold) (2)$1,859$1,797$1,859$1,805
Total cash costs ($/oz sold) (2)877767847816
AISC ($/oz sold) (2)1,2281,1011,2071,133
Financial data ($000’s, except per share amounts)
Revenue$101,371$96,353$202,693$198,272
Adjusted EBITDA (2)45,86347,99591,08194,318
Net income38,96529,79944,203148,104
Per share – basic0.400.410.452.31
Per share – diluted0.150.280.241.47
Adjusted net income (2)14,22423,55629,00545,504
Per share – basic (2)0.150.330.300.69
Per share – diluted (2)0.130.280.270.58
Net cash provided by operating activities31,52512,78655,73426,403
Free cash flow (2)20,483(2,834)31,171(337)

June 30,
2022
December 31,
2021
Balance sheet ($000’s):
Cash and cash equivalents$265,501$323,565
Gold Bullion (3)2,6884,479
Senior Notes due 2026 – principal amount outstanding (4)300,000300,000
Convertible Debentures due 2024 – principal amount outstanding (5)CA18,000CA18,000

(1) First half 2021 includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris.
(2) Refer to “Non-IFRS Measures” in the Company’s MD&A.
(3) The Company is maintaining a portion of its liquidity in gold bullion. As at June 30, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 – 2,500 ounces).
(4) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At June 30, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $8.1 million, was $296.9 million (December 31, 2021 – $294.8 million, including $8.1 million of accrued interest).
(5) The Convertible Debentures are recorded in the Financial Statements at fair value. At June 30, 2022, the carrying amount of the Convertible Debentures outstanding was $14.0 million (December 31, 2021 – $19.5 million).

Second Quarter and First Half 2022 Results Webcast

As a reminder, GCM Mining will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/yswncieo
Canada/ International Toll:1 (647) 484-8332 PIN: 19483475#
Canada Toll Free:1 (866) 455-3403 PIN: 19483475#
United States Toll:1 (404) 400-0571 PIN: 19483475#
United States Toll Free:1 (866) 374-5140 PIN: 19483475#
Colombia Toll:+57 601 485-0348 PIN: 19483475#
Colombia Toll Free:+57 800 519-0788 PIN: 19483475#
Conference ID:EV00136622

Participants should note that for the Q&A portion of the webcast, questions must be submitted through the live event webcast portal noted above.

A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 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 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 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 the proposed Aris Merger, production guidance, the Toroparu Project construction, mining license and technical studies, 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

Posted in featured_news | Tagged , , , , , , , , , , | Leave a comment

GR Silver Mining Announces $5 Million Best Efforts Private Placement of Units

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company“) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – is pleased to announce that it has entered into an agreement with Beacon Securities Limited (“Beacon“), on behalf of a syndicate of agents (collectively, the “Agents“), in connection with a “best efforts” private placement of up to 33,334,000 units of the Company (the “Units“) at a price of $0.15 per Unit (the “Issue Price“) for aggregate gross proceeds to the Company of up to $5,000,100 (the “Offering“). Each Unit shall consist of one common share in the capital of the Company (a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant will be exercisable to acquire one Common Share for a period of 36 months following the closing of the Offering at an exercise price of $0.22 per Common Share.

The Company has granted the Agents an option, exercisable by Beacon on behalf of the Agents, to sell up to an additional 5,000,100 Units at the Issue Price for additional gross proceeds of up to $750,015, exercisable in whole or in part at any time up to 48 hours prior to the closing date of the Offering.

The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Offering is expected to close on or about August 30, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The Units, Warrants, Warrant Shares and Common Shares issuable pursuant to the Compensation Options (as defined below) will be subject to a four-month hold period from the date of closing of the Offering in addition to any other restrictions under applicable law.

The Offering will be conducted pursuant to the terms of an agency agreement to be entered into between the Company and the Agents on or prior to the Closing Date. In connection with the Offering, the Agents will receive: (i) a cash commission of 6.0% of the gross proceeds of the Offering; and (ii) that number of compensation options (the “Compensation Options“) as is equal to 6.0% of the aggregate number of Units sold under the Offering. Each Compensation Option will be exercisable into one Common Share at the Issue Price for a period of 36 months from the closing date of the Offering.

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.

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 kilometers in strike length.

GR Silver Mining Ltd.

Mr. Eric Zaunscherb
Chairman & CEO

Cautionary Statement on 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. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and completion of the Offering, the use of proceeds of the Offering and the availability of regulatory approvals for the Offering. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. 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) accept responsibility for the adequacy or accuracy of this press release.

SOURCE GR Silver Mining Ltd.

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

Posted in featured_news | Tagged , , , , , , | Leave a comment

Bayhorse Silver Receives Drill Permit for Brandywine Gold-Silver Project, Whistler, BC, Canada

Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the “Company” or “Bayhorse”) has received the diamond drilling permit for its readily accessible Brandywine Gold, Silver and Volcanogenic Massive Sulphide (VMS) Project, Whistler, BC, Canada.

The Company is now mobilizing for a minimum 1,200 m (4,000 ft) ten (10) hole diamond drill program at the Dave’s Pond high grade gold -silver target, that lies in the center of the 1,450 Ha Brandywine project. Access roads to the drill sites have been completed to enable the movement of heavy equipment to the drill site, and to ensure all weather operations can be readily conducted.

In the Company’s QA/QC Report of 2020, the 2010 drill core from the Dave’s Pond drilling program was resampled and due to the presence of visible gold in the core, was re-assayed using metallic screen assay. Gold values of up to 20.2 g/t (0.65 oz/t) Au over 1.5 m core length were returned from the re-assay of drillhole BRW10-05. Drillhole BRW10-05 returned 3.1 meters (10 feet) core length of 11.42 grams per tonne (g/t) gold (Au) (0.37 oz/t) from 26.5 m depth, including 1.6 m of 20.2 g/t (0.59 oz/t) Au and drillhole BRW10-06 returned 3.1 m core length of 3.35 g/t Au (0.1 oz/t) from 32.6 m depth, including 1.6 m of 4.10 g/t (0.12 oz/t) Au. (Baldys, 2019) Brandywine NI-43-101 Report of 2021.

The Brandywine property conceptually falls within a class of high gold-silver volcanogenic massive sulphide deposits that include the Eskay Creek deposit of northern British Columbia and the Green’s Creek deposit on Admiralty Island near Juneau, Alaska. This family of deposits is particularly silver and lead rich with important gold, zinc, copper and other metal values.

The Brandywine Property comprising 15 contiguous mineral claims, covering a total area of 1,679.8 has undergone several historical exploration phases including bulk tonnage shipments to smelters, extensive drilling, and extensive geochemical and geophysical studies.

Cannot view this image? Visit: https://i2.wp.com/images.newsfilecorp.com/files/5015/133131_60736fdad4d6a9e0_001.jpg?w=570&ssl=1

Figure 1 Brandywine drill core showing visible gold

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5015/133131_60736fdad4d6a9e0_001full.jpg.

Bayhorse CEO Graeme O’Neill comments, “Dave’s Pond is our priority drill target. Excellent coarse gold assay results were obtained from three short drill holes in one small corner of the 200 m. x 100 m. Dave’s Pond target, 85 feet along strike from a significant 36.9 g/t (1.08 oz/t) gold intersection in 1995. Brandywine, with its high grade gold content, along with its known high grade silver content, complements our high grade Bayhorse Silver Mine.”

Cannot view this image? Visit: https://i1.wp.com/images.newsfilecorp.com/files/5015/133131_60736fdad4d6a9e0_002.jpg?w=570&ssl=1

Figure 2 Dave’s Pond drill target area

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5015/133131_60736fdad4d6a9e0_002full.jpg.

Microscopic analysis of the core suggested that the “highest gold assays obtained in holes BRW10-05 and BRW10-06 are substantiated by the presence of native gold with minor galena (less than 1%). Other sections, showing high Pb content from ICP analyses, show larger proportion of silver mineralization in relation to gold (Hole BRW10-06 at 32.6 m depth). Microscopic study shows that silver here is carried by Ag-bearing tetrahedrite in addition to galena, while gold occurs as electrum (Baldys, 2020).”

As a result of the confirmation of coarse free milling gold at Brandywine, the metallic screen method will be used during the upcoming drill program in addition to standard gold fire assaying plus the standard 43 geochemical element analysis.

Additionally, the reports identify the presence of Pyrargyrite (Ruby Silver), as well as the rare silver specimen minerals, diasphorite, fizelyite, (rare silver-lead-antimony Sulfosalt) semseyeyite, miargyrite,(silver, antimony sulphide) and prostilpnite (Ag, Sb, S), all indicative of the presence of high grade silver, as well as the rare mineral hubnerite on the property.

In 1977, Van Silver Mines Ltd. built a 136.1 tonne (150 ton) per day mill to treat mineralization mined from the Silver Tunnel Showing, Main Showing and Tedi Pits. A total of 3,583.4 tonnes (3,950 tons) were mined and averaged 15.43 g/t (0.45 troy ounce per short ton (oz/t)) Au, 2,420.91 g/t (70.61 oz/t) Ag, 6.08% Pb and 8.90% Zn (Lee, 1996).

The Company advises that the information and resources are historical in nature. Historic production estimates and grades reported have not been verified. A qualified person has not done sufficient work to verify the historical estimates nor classify the historical estimates as current mineral resources or mineral reserves, and the Company is not treating the historical estimates as current mineral resources or mineral reserves.

While the various historical tonnage calculations have not been verified by a Qualified Person, the detailed drill data available from extensive work by several exploration groups is preserved, and will serve as a basis for confirmation drilling of the known sulphide mineralization target areas.This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content. Dr. Stewart Jackson, P.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.

On Behalf of the Board.

Graeme O’Neill, CEO
866-399-6539, 604-684-3394

About Bayhorse Silver Inc.

Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA. With state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%, we have created a minimum environmental impact facility capable of mining 200 tons of mineralization per day and the ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

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

Posted in featured_news | Tagged , , , , , | Leave a comment

GCM Mining Announces Second Quarter 2022 Results Webcast

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it will release its second quarter and first half 2022 results after market close on Thursday, August 11, 2022 and will host a conference call and webcast on Friday, August 12, 2022 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/yswncieo
Canada/ International Toll:1 (647) 484-8332 PIN: 19483475#
Canada Toll Free:1 (866) 455-3403 PIN: 19483475#
United States Toll:1 (404) 400-0571 PIN: 19483475#
United States Toll Free:1 (866) 374-5140 PIN: 19483475#
Colombia Toll:+57 601 485-0348 PIN: 19483475#
Colombia Toll Free:+57 800 519-0788 PIN: 19483475#
Conference ID:EV00136622

A replay of the webcast will be available at www.gcm-mining.com from Friday, August 12, 2022 until Friday, September 9, 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 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 timing for dissemination of second quarter and first half 2022 financial results 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

Posted in featured_news | Tagged , , , , , , , , , | Leave a comment