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Eloro Resources reports 442 grams silver equivalent/tonne (Ag eq/t) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03%Pb and 1.16%Sn) over 56.2m in Continuous Channel Sampling of Santa Barbara Adit, Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 28 diamond drill holes totalling 10,677 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (“SBBP”) and Central Breccia Pipe (“CBP”) targets. This press release reports further drilling results from five additional holes (DSB-02 to DSB-06) on SBBP and detailed continuous channel sampling in the Santa Barbara adit. Two new holes (DCN-01 and DCN-02) have been completed on the CBP with results pending. Figure 1 is a geological plan map showing locations of the drill holes and updated geological interpretation. Figure 2 is a geological cross section along the axis of the SBBP showing location of the main mineralized zone. Figure 3 is a N-S cross section through the SBBP. Figure 4 is map of the continuous channel sampling at the Santa Barbara adit. Tables 1 gives significant drilling results, Table 2 gives complete continuous channel sampling results for the Santa Barbara Adit and Table 3 lists holes completed with assays pending. Highlights are as follows:

Highlights

  • 442 g Ag eq/t (165 g Ag/t, 3.46% Pb and 0.46% Sn) over 166m including 1,092 g Ag eq/t (including 446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m in continuous channel sampling of the Santa Barbara adit. This high-grade interval includes two exceptional sections with 2,445.88 g Ag eq/t (1,024 g Ag/t, 25.0% Pb and 1.16% Sn) over 8.11m and 1.941 g Ag eq/t (870 g Ag/t, 7.58% Pb and 2.43% Sn) over 12.3m.
  • 155.15 g Ag eq/t including notably high Sn, 0.43 %Sn over 73.29m in drill hole DSB-06
  • 115.76 g Ag eq/t over 84.0m and 66.44 g Ag eq/t over 217.9m in Hole DSB-03
  • 96.71 g Ag eq/t over 29.4m and 120.03 g Ag eq/t over 13.57m in Hole DSB-05
  • 65.72 g Ag eq/t over 83.3m including 120.91 g Ag eq/t over 25.0m in Hole DSB-02

Major Mineralized Zone Delineated at Santa Barbara Breccia Pipe

As shown in the geological cross section along the longitudinal axis of the SBBP (Figure 2) and the updated N-S geological cross section (Figure 3), first pass drilling has outlined a major mineralized zone which extends for at least 800m across the full long axis of the SBBP and is at least 400m wide with thickness ranging from approximately 200m to 400m. Recent drilling has doubled the extent of the breccia pipe from 400m to at least 800m in a northwest direction. The grade and intensity of mineralization appears to be increasing to the east, with the Santa Barbara adit returning the highest grades yet discovered at Iska Iska. The mineralized zone appears to be controlled by a major structure that dips shallowly westward and that cuts across both the breccia pipe and the surrounding fractured and altered dacitic dome. The higher-grade mineralization, which is more prevalent in the eastern half of the SBBP including discovery hole DHK-15 which returned 129.6 g Ag eq/t over 257.5m (see press release January 26, 2021), appears to be related to structural overprinting of an earlier epithermal stage of mineralization. Additional drilling under the adit and to the east is planned to further test this highly prospective area.

Drilling Central Breccia Pipe
Drill hole DSB-02 drilled at -60 degrees south from the radial setup at SBBP, intersected 332m of mineralized breccia in the northeast corner of the CBP as previously reported (see press release dated February 23, 2021) This hole returned a number of significant intersections including 65.72 g Ag eq/t over 83.3m including 120.03 g Ag eq/t over 25.0m. The host rocks at CBP are primarily granodioritic intrusion breccias, in contrast to the SBBP, which is dominated by dacitic fragments. Notably, the chemistry of the CBP is different with mineralization dominantly Sn and Ag with low values of Pb and Zn in contrast to the adjacent SBBP. This indicates that the CBP was probably originally formed at a deeper level. Two additional holes (DCN-01 and DCN-02) from the northern radial setup have been completed as shown in Figure 1 with a third hole (DCN-03) in progress. Results for these holes are pending.

Tom Larsen, Chairman & CEO commented: “These new drilling and continuous channel sampling results are demonstrating some very high metal values; especially silver and tin, within this immense mineralized system at Iska Iska. We continue to encounter mineralization in every drill hole to date, showing potential for a world-class bulk mineable deposit, blending higher grade metal values within the lower grade wide-spread mineralization at Iska Iska. We are well financed to continue pursuing an aggressive exploration program.”

Mr. Larsen, continued: “The technical team will shortly be commencing geophysical surveys, utilizing magnetic surveys to outline potential structures/breccia pipes and down hole Induced Polarization (IP) that will assist in pinpointing higher grade metal sections of the Iska Iska polymetallic-epithermal mineralized complex. The Santa Barbara Breccia Pipe has almost doubled in potential size from our radial drilling program demonstrating large tonnage potential. The Company believes along with the Santa Barbara and Central Breccia Pipes so far outlined, that the Porco (South) target has similar size potential and that there could be other comparable-size breccia pipes obscured by cover within the Iska Iska Caldera Complex.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We continue to intersect widespread silver-tin polymetallic mineralization in all our holes and have now doubled the extent of the SBBP. Our understanding of this remarkable mineralizing system continues to advance; however, we are still at a very early stage in the exploration. Following completion of our first pass drilling on SBBP, we will move the drill to test below the Santa Barbara adit and complete a section of holes to test east of the breccia pipe into the centre of the caldera complex. We will be working with Micon International to design further follow-up drilling on SBBP in order to define a National Instrument 43-101 mineral resource. Drilling will continue to test the CBP from both the north and south setups. As previously announced, we will be bringing in a third drill in early May to begin testing the very prospective Porco (South) target (see press release February 29, 2021).”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza SRL, and an expert on Bolivian geology, stated: “The polymetallic mineralization at Iska Iska likely formed in three stages: an early high temperature tin mineralization-stage that is overprinted by a second-stage lower temperature epithermal silver, zinc, lead and gold mineralizing event; and finally, a third stage of redeposition and remobilization/upgrading during Andean tectonism.”

Dr. Arce further commented: “The first stage of mineralization comprising principally tin appears to be related to intrusion breccias such as those seen in the CBP. This style of mineralization is comparable to other known tin deposits such as Chorolque 25km to the northwest which is hosted in an intrusion breccia. The second stage epithermal mineralization is hosted in phreatomagmatic and phreatic breccia pipes in volcanic and sedimentary rocks. The brecciation of all rocks during this phase generated veins, veinlets, disseminations and multidirectional stockworks, generally enriched in several metals. All the rocks were also commonly pervasively silicified, sericitized, argillized and propylitized during this time. The remarkable tin and/or silver-polymetallic enriched zones such as in the Santa Barbara adit likely formed in the third phase due to faulting and fracturing during major Andean deformation, which led to development of favourable sites for redeposition and remobilization/upgrading of the pre-existing tin and silver-polymetallic mineralization. This last stage was likely a prolonged multi-stage event with considerable telescoping of mineralization.”

Table 1: Significant Diamond Drilling Results, Iska Iska as at April 13, 2021
https://www.globenewswire.com/NewsRoom/AttachmentNg/c9d6580a-b689-4b71-bfa0-8712cbc9a5c5

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, is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling.

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

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,400.0065.60000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629

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

Table 2: Continuous Channel Sampling Results, Santa Barbara Adit
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a274f6b-50e7-4268-b230-5ce0af5d97e8

Table 3: Summary of Diamond Drill Holes at Iska Iska from press release of April 13, 2021 with assays pending.

Hole No.TypeCollar EastingCollar NorthingElevAzimuthAngleHole Length m
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-07S205118.97656205.74356.0135-60683.4
DSB-08S205118.97656205.74356.045-60614.4
DSB-09S205118.97656205.74356.0315-60692.4
Subtotal1990.2
DSB-10S205118.97656205.74356.0225-60In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-01S204902.07655860.04420.045-60590.5
DCN-02S204902.07655860.04420.0225-60623.5
Subtotal1,214.0
DCN-03S204902.07655860.04420.0225-60In progress
TOTAL3,204.2

S = Surface; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 10,677m m in 12 underground holes and 16 surface holes with two surface holes in progress.

Qualified Person

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

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

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

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. The property can be classified as a silver-tin polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver-tin polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

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. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t, 0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. Highlights are as follows:

  • 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, 0.0064%Bi and 0.0083%Cd) from 0.0m to 257.5m in hole DHK-15, the deepest of the three holes reported within the SBBP;
  • 79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK-14 within the SBBP;
  • 74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is within the approximately 100m wide mineralized envelope that surrounds the breccia pipe.

Silver-tin polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex. A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

About Eloro Resources Ltd.

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

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

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

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

Figure 1: Geological Plan Map of the Santa Barbara Breccia Pipe area
https://www.globenewswire.com/NewsRoom/AttachmentNg/15a644ea-dbcb-4674-bf0d-d01a10abe1fb

Figure 2: Geological Cross Section on the Longitudinal Axis of the Santa Barbara Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a48d35f-2ae6-4a3d-912a-8578eaeb20c8

Figure 3: North-South Geological Cross Section, Santa Barbara Breccia Pipe and Northern Central Breccia Pipe, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/553642e2-26be-4a68-951f-5db7c947417f

Figure 4: Plan Map of Channel Sampling at Santa Barbara Adit, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5eb94cf-fda9-48bd-8794-4e27c93d6feb

 

Table 1Table 2Figure 1Figure 2Figure 3Figure 4
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GR Silver Mining Announces $8 Million Bought Deal Financing

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – announces that it has entered into an agreement with Beacon Securities Limited (the “Lead Underwriter“), as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” private placement basis, 13,600,000 units (“Units“) at a price of $0.59 per Unit (the “Issue Price“) for aggregate gross proceeds to the Company of $8,024,000 (the “Offering“).  Each Unit will consist of one common share in the capital of the Company 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 24 months following closing of the Offering at an exercise price of $0.74 per share.

The Warrants may be accelerated by the Company, at its sole option, at any time after the closing date of the Offering provided that the volume-weighted average closing price of the common shares of the Company on the TSX Venture Exchange is greater than or equal to $1.30 for a period of 60 consecutive trading days, by giving notice to the holders thereof and, in such case, the Warrants will expire at 4:00pm (Toronto time) on the earlier of: (i) the 30th day after the date on which such notice is given by the Company in accordance with the terms of the Warrants, and (ii) the actual expiry date of the Warrants.

The Company has granted the Underwriters an option, exercisable by the Lead Underwriter on behalf of the Underwriters, to purchase up to an additional 2,040,000 Units, for additional gross proceeds of up to $1,203,600, 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 April 27, 2021 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 and the applicable securities regulatory authorities.  All securities issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

In connection with the Offering, the Underwriters will receive: (i) a cash commission of 7.0% of the gross proceeds of the Offering; and (ii) that number of non-transferable compensation options (the “Compensation Options“) as is equal to 7.0% of the aggregate number of Units sold under the Offering.  Each Compensation Option is exercisable into one common share of the Company at the Issue Price for a period of 24 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 Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.

Plomosas Silver Project

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

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

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

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

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

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

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

San Marcial Project

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

Recent exploration has identified silver and gold mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, silver and gold mineralized zones on the footwall of the NI 43-101 resource area. Plomosas and San Marcial collectively represent a geological setting resembling the multi-millionounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.

La Trinidad Project

The La Trinidad Project was acquired in March 2021. While La Trinidad has been the focus of artisanal mining activity over many decades, commercial operations began late in the 20th century. Anaconda Minerals Corp. was first to drill the project in the mid-late 1980s. After initially taking up an option on the Project in 1993, Eldorado Gold Corp. then commenced an open pit gold mine at La Trinidad in 1995, known as the Taunus Pit, with ore being processed via a heap leach operation. The mine operated until 1998, producing approximately 52,000 ounces of gold1.

Exploration undertaken by Oro Gold from 2006 identified additional resources below the Taunus Pit and operations recommenced late in 2014. Gold output from the heap leach pads continued until late 2019 for a total cumulative production by Oro Gold of 112,000 oz gold 2,3. In addition to La Trinidad, the portfolio acquired by GR Silver Mining includes an extensive regional database of geological, geochemical and geophysical information resulting from historical exploration expenditure by Oro Gold of more than CDN$18.6 million since 2006.

Cimarron Project

Cimarron is another advanced stage project that was acquired along with the La Trinidad Project in March 2021 and is located 40 km to the NW of La Trinidad. A number of targets have been identified at Cimarron including Calerita, El Prado, Huanacaxtle, Betty and Veteranos, however Calerita is the only target to have been drilled to date. The near surface historical Inferred Resource at the Calerita prospect contains 3.7 Mt at 0.65 g/t Au for approximately 77,000 oz of gold4, which is considered to be open along strike and down dip.

Whilst the 2011 resource is considered by GR Silver Mining to be a historical resource, the Company considers the resource estimate as being relevant and reliable, considering a lack of significant additional exploration work since its release. A key parameter in the historical resource is the usage of a US$1,200/oz gold price compared to a much higher current spot gold price. A Qualified Person (QP) would be required to review the historical resource report and make recommendations in order to verify and upgrade it to a current resource. A QP has not done sufficient work to classify the historical estimate as current mineral resources. The Company is not treating the historical estimate as a current mineral resource. The company plans to re-assess the work completed by previous owners and define the feasibility of additional drilling, aiming at identifying additional near-surface mineralization.

Other Projects

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas, La Trinidad and San Marcial in the Rosario Mining District. Following the acquisition of Marlin, GR Silver Mining controls a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

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

____________________

1 Refer to Marlin Gold Mining Ltd. (Marlin) NI 43-101 News Release dated February 1, 2013 

2 Refer to Marlin MD&A Releases dated 30 April 2015, 29 April 2016, 1 May 2017, 30 April 2018, 29 August 2018

3 Refer to Mako Mining Corp. MD&A Releases dated 28 August 2019, 29 April 2020 

4 Refer to Marlin NI 43-101 News Release dated March 18, 2011                                        

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

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. 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.

SOURCE GR Silver Mining Ltd.

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

http://www.grsilvermining.com/

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Tocvan Samples 4.5 g/t Au and 735 g/t Ag in channel sample at New Triple Vein Zone. Sampling at 4 Trench Extension returns 19.9 g/t Au in channel sample

Tocvan Ventures Corp. (CSE: TOC) (CNSX:TOC.CN) (“Tocvan” or the “Corporation”) is pleased to report results from surface exploration at its flagship Pilar Gold-Silver Project. The aim of the program was to advance key targets with no previous mapping or detailed sampling to drill ready status for a Phase II drill program scheduled to begin in April. A total of 207 rock chip samples were collected covering the entire property (Figure 1). Sampling at the new Triple Vein Zone target has returned anomalous values over a 400-meter strike length, highlighted by 4.5 g/t Au with 735 g/t Ag and 4.3 g/t Au with 96 g/t Ag. Sampling along the 4 Trench Extension returned anomalous values over a 600-meter trend highlighted by 19.9 g/t Au with 8 g/t Ag and 5.1 g/t Au with 142 g/t Ag.

 

Highlights from Surface Sampling:

 

Triple Vein Zone

  • – 4.5 g/t Au and 735 g/t Ag, channel sample of quartz vein in previously unmapped artisanal working

    – 8.0 g/t Au and 8 g/t Ag, channel sample of oxidized brecciated andesite

    – 4.3 g/t Au and 96 g/t Ag, channel sample of oxidized brecciated andesite

    – 5.1 g/t Au and 24 g/t Ag, channel sample of vein in previously unmapped artisanal working

    – 2.8 g/t Au and 15 g/t Ag, channel sample of silicified brecciated andesite 3-meters thick

4-Trench Extension

  • – 19.9 g/t Au and 8 g/t Ag, channel sample, andesite dyke with quartz

    – 5.1 g/t Au and 142 g/t Ag, grab float sample along vein strike

    – 3.7 g/t Au and 62 g/t Ag, grab float sample along vein strike

    – 3.4 g/t Au and 28 g/t Ag, channel sample of oxidized quartz vein

    – 1.9 g/t Au and 178 g/t Ag, channel sample of oxidized quartz vein

*All samples are rock channel or grab samples . Grab samples are selective and may not represent mineralization over wider intervals.

 

“The results released today confirm the new vein corridors recently identified by mapping are mineralized and carry similar grade to our Main Zone,” commented VP Exploration, Brodie Sutherland. “Our next phase of drilling will begin later this month. Not only do we have follow-up work to continue at our Main Zone with the recent surface exploration results we have no shortage of targets to test, especially along the 4 Trench Extension and the new Triple Vein Zone.”

 


Click Image To View Full Size

 

Figure 1. 3D Target Map of Pilar Gold-Silver Project. Veins are outlined in red. Outside of the Main Zone the majority of the project area has not been drill tested.

 

About the Pilar Property

The Pilar Gold-Silver property is interpreted as a structurally controlled low-sulphidation epithermal project hosted in andesite and rhyolite rocks. Three zones of mineralization have been identified in the north-west part of the property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4 Trench. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Over 19,200 m of drilling have been completed to date. Significant results are highlighted below:

  • – 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
    • – 94.6m @ 1.6 g/t Au, including 1.5 m @ 9.2m @ 10.8 g/t Au and 38 g/t Ag;

      – 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0g/t Au and 12 g/t Ag ;

      – 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

    – 17,700m of Historic Core & RC drilling. Highlights include:

    • – 61.0m @ 0.8 g/t Au

      – 16.5m @ 53.5g/t Au and 53 g/t Ag

      – 13.0m @ 9.6 g/t Au

      – 9.0m @ 10.2 g/t Au and 46 g/t Ag

Soil and Rock sampling results from undrilled areas indicate mineralization extends towards the southeast from the Main Zone and 4-Trench Zone. Recent Surface exploration has defined three new target areas: Triple Vein Zone, SE Vein Zone and 4 Trench Extension.

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

 

Sampling Methods

Samples collected are of rock grab and rock chips, grab samples are selective and not necessarily representative of the mineralization over wider widths. Rock 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.

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan currently has approximately 27 million outstanding and is earning into two exciting opportunities. The Pilar Gold-Silver project in Sonora, Mexico and the Rogers Creek Copper project in southern British Columbia, management feels both projects represent tremendous opportunity to create shareholder value.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

TOCVAN VENTURES CORP.

Derek A. Wood, President and CEO

Suite 1150 Iveagh House,

707 – 7th Avenue SW

Calgary, Alberta T2P 3H6

Telephone: (403) 200-3569

Email:  dwood@tocvan.ca

 

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.

 

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

 

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Eloro Resources Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia

Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 26 diamond drill holes totalling 9,427 metres to test the Huayra Kasa Mine area, Santa Barbara Breccia Pipe (SBBP) and Central Breccia Pipe (CBP) targets. Results have been released for 18 of these holes (see press releases November 18, 2020 (DHK-01 to DHK-05), January 26, 2021 (DHK-06 to DHK-15) and February 23, 2021 (DHK-16, DHK-17 and DSB-01) with results pending for holes completed on SBBP (DSB-2 to DSB-08) and CBP (DCN-01).

Santa Barbara Breccia Pipe (SBBP)

On the SBBP, eight (8) surface drill holes (DSB-01 to DSB-08) totalling 4,753 metres have been completed in a radial pattern from the centre of the pipe; the ninth hole DSB-09, is in progress (Figure 1 and Table 1). Drilling has confirmed the surface diameter of the SBBP to be approximately 400m with the pipe bulging deeper to a diameter of approximately 500m. Substantial widths of mineralized breccia have been intersected in all drill holes in the SBBP; deep hole DSB-06 drilled at -80 degrees to the south intersected approximately 400 metres of silicified and mineralized breccia to a depth of 725 metres.

Central Breccia Pipe (CBP)

At CBP, one hole, DCN-01, 590 metres long, drilled at -60 degrees to the northeast has been completed in the northern radial setup (Figure 1 and Table 1). This hole intersected 380 metres of silicified and mineralized breccia; assays are pending. A second hole, DCN-02, drilled at -60 degrees southwest is in progress to complete an initial northeast-southwest section across the CBP (Figure 2). This will be followed by a deep hole DCN-03 at -80 degrees to the south to test for a potential tin porphyry at depth. Additional first pass planned holes on 90-degree quadrants in CBP are shown in Figure 2.

Porco (South) Breccia Pipe Target

The Porco (South) target is a potential breccia pipe target approximately 600m in diameter located in the southern part of the Iska Iska caldera structure as shown in Figure 2. Channel sampling by Dr. Osvaldo Arce, P.Geo. in the 2019 due diligence program returned significant values in the Porco adit about 200m south of the potential pipe as shown in Figure 3. The average grade of this channel sampling over a strike length of 50m along the vein structure for an average sample width of 2.49m was 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn. Mineralization in the Porco adit occurs within an east-west striking vein structure cutting Ordovician quartz sandstones.   Within this structure, there is a massive sulphide vein that ranges from 30cm to 1m wide surrounded by veinlets and disseminations of sulphide in the sandstone.   It is likely that this mineralization is related to the potential Porco (South) breccia pipe in the same way that the high-grade veins in the Huayra Kasa underground workings occur within the mineralized envelope around the Santa Barbara and Huayra Kasa breccia pipes. All of the mineralization at Iska Iska is related to a major silver-tin polymetallic porphyry-epithermal complex that is associated with the 1.8km diameter Iska Iska caldera structure which extends for at least 1km vertically.

Geophysical, Metallurgical and Mineralogical Studies

Other work in progress at Iska Iska includes a detailed ground magnetic survey over the entire property, preliminary metallurgical tests, mineralogical and petrographic studies and synchrotron mineralogical studies. Induced polarization/resistivity (IP/Res) surveys, both downhole and along traverses at surface, are planned to commence in early May. Physical property measurements completed on core samples indicate that the mineralization at Iska Iska will respond very well to the IP/Res surveys.

Tom Larsen, Chairman and CEO of Eloro, commented: “I am extremely pleased on behalf of the shareholders and the Eloro team that the Company completed the bought deal financing for aggregate gross proceeds of Cdn $25,012,500 on March 26, 2021. Eloro recognizes and appreciates the confidence and support shown by the underwriting team of Haywood Securities Inc. and Cantor Fitzgerald Canada Corp. as co-underwriters and joint bookrunners; and Cormark Securities Inc as co-lead underwriter. Eloro is now well positioned financially to move forward with the 50,000 metre diamond drilling program that is currently underway. This is an exciting time for Eloro as it moves towards unlocking the full value of the extensive potential world-class silver-tin polymetallic porphyry-epithermal complex at Iska Iska.”

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are continuing to aggressively explore the major targets at Iska Iska with drilling progressing well on both the SBBP and CBP. A third drill will be brought to site in early May to begin testing the Porco (South) target which has excellent potential. We have also expanded our geological team and are in the process of upgrading our facilities and infrastructure to handle the expanded drilling program.”

Table 1: Summary of Diamond Drill Holes at Iska Iska from the February 23, 2021 press release, with assays pending.

Hole No.TypeCollar
Easting
Collar
Northing
ElevAzimuthAngleHole Length
m
Santa Barbara Breccia Pipe – Surface Radial Drilling from Centre
DSB-02S205118.97656205.74356.0180-60632.5
DSB-03S205118.97656205.74356.090-60515.3
DSB-04S205118.97656205.74356.00-60536.4
DSB-05S205118.97656205.74356.0270-60611.2
DSB-06S205118.97656205.74356.0210-80818.5
DSB-07S205118.97656205.74356.0135-60683.4
DSB-08S205118.97656205.74356.045-60614.4
Subtotal4,752.7
DSB-09S205118.97656205.74356.0315-60In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-01S204902.07655860.04420.045-60590.5
Subtotal590.5
DCN-02S204902.07655860.04420.0225-60In progress
TOTAL5,343.2

S = Surface; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 9,147 m in 12 underground holes and 14 surface holes with two surface holes in progress.

Qualified Person

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

Drill and channel samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the press release of February 23, 2021, Eloro has changed the assay protocol to utilizing X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

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

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. The property can be classified as a silver-tin polymetallic (Ag, Zn, Pb, Au, Cu, Bi, Sn, In) and porphyry-epithermal complex. This is an important mineral deposit type in the prolific South Mineral Belt of Bolivia.

Silver-tin polymetallic mineralization at Iska Iska occurs within a Miocene possibly collapsed/resurgent caldera that consists of granodioritic stocks and five (5) dacitic domes which are each about 500m in diameter. These rocks intrude/extrude an intensely deformed sequence of Ordovician shales, siltstones, and sandstones, which are partially covered by Miocene pyroclastic rocks. The silver polymetallic mineralization occurs mainly as veins, vein swarms, veinlets, stockworks, disseminations and in breccias associated with intense hydrothermal alteration. The Iska Iska dome complex has several major phases of igneous breccias, quartz porphyries, dikes and dacitic syn-kinematic flows.

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. Diamond drilling intersected a number of extensive mineralized intersections within the major breccia pipe including 54.48 g Ag/t, 1.45% Zinc (Zn) and 1.60% Lead (Pb) over 16.39m (140.91 g Ag eq/t) within a broader interval of 122.74m grading 14.29 g Ag/t, 0.81% Zn and 0.41% Pb (53.67 g Ag/t eq) in Hole DHK-04 (see press release November 18, 2020).

The high-grade gold-bismuth zone outlined in channel samples in the underground working averaged 7.1 g Au/t and 0.2% Bi (8.29 g Au eq/t) over 3.04m width for strike length of 47m. Hole DHK-05 on the strike extension of the high-grade Au-Bi zone intersected 6.51g Au/t, 0.07% Bi and 31.96 g Ag/t (7.68 g Au eq/t) over 11.85m grading including 29.56 g Au/t,0.26% Bi/t and 63.69 g Ag/t (31.94 g Au eq/t) over 2.31m in this high-grade zone.

On January 26, 2021, Eloro announced significant results from drilling at the Santa Barbara Breccia Pipe. Highlights are as follows:

  • 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, 0.0064%Bi and 0.0083%Cd) from 0.0m to 257.5m in hole DHK-15, the deepest of the three holes reported within the SBBP;
  • 79.00 g Ag eq/t over 121.33m (21.77g Ag/t, 0.034g Au/t, 0.35%Zn, 0.23%Pb, 0.18%Cu, 0.056%Sn, 0.0011%In, 0.004%Bi and 0.0055%Cd) from 0.0m to 121.33m in Hole DHK-14 within the SBBP;
  • 74.16 g Ag eq/t over 40.88m (33.43g Ag/t, 0.032g Au/t, 0.04%Zn, 0.33%Pb, 0.13%Cu, 0.045%Sn, 0.0010%In and 0.0012%Bi) from 30.40m to 71.28m in Hole DHK-13 which is within the approximately 100m wide mineralized envelope that surrounds the breccia pipe.

Silver-tin polymetallic mineralization within the Iska Iska system occurs over a potential strike length of more than 2.5km along major ring structures in the caldera complex.   A synchrotron study of the underground channel samples (see press release dated June 25, 2020) concluded that the mineral cluster analysis identified four mineralogical domains that cover the entire sampling area suggesting they are related and represent a single, large mineralizing system. Furthermore, the mineralogy of the domains is consistent with minerals identified in hand specimen and are likely related to a telescoped porphyry/epithermal style of mineralization.

About Eloro Resources Ltd.

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

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

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

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

Figure 1: Geological Plan Map of the Santa Barbara Breccia Pipe area
https://www.globenewswire.com/NewsRoom/AttachmentNg/dcddc6ef-b70b-43a3-8510-c93197a8ea8a

Figure 2: Geological Plan Map of the Iska Iska Caldera Complex Showing Planned Drilling on the Central Breccia Pipe and Potential Porco (South) Breccia Pipe Targets
https://www.globenewswire.com/NewsRoom/AttachmentNg/30210d49-559f-4586-a4bf-287d79c73f64

Figure 3: Plan Map of Channel Sampling at Porco Adit, Iska Iska Project
https://www.globenewswire.com/NewsRoom/AttachmentNg/0265e8a0-c466-424e-bba3-636255e814e7

Figure 1Figure 2Figure 3
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GR Silver Mining Drills Wide, High-Grade Silver Mineralization in the Plomosas Mine Area

GR Silver Mining Ltd. (TSXV: GRSL) (FRANKFURT: GPE) (OTCQB: GRSLF) (“GR Silver Mining” or the “Company”) – is pleased to report results from the Company’s current core drilling program, demonstrating wide intercepts of silver mineralization from underground drilling in the Plomosas Mine Area at the Plomosas Silver Project (“Plomosas Project”) in Sinaloa, Mexico.

The underground drill hole results reported in this News Release are part of the drilling program that will be incorporated with existing historic drilling data to support the upcoming resource estimate on the Plomosas Project. This is one of two  areas  with resource estimates underway, the other is on the San Juan Area located 2.5 km from the Plomosas Mine Area.

The wide intervals, including 21 m of drilled silver mineralization, represent un-mined zones extending the mineralization footprint along strike and down-dip. The silver mineralization was intercepted up to 350 m below surface, in areas previously not drilled. An additional surface hole, completed in the vicinity of the Plomosas Mine Area, is also reported in this News Release, delineating a new wide zone of Pb-Zn-Ag-Au mineralization hosted by quartz-sulphide rich, banded epithermal veins.

Additional surface and underground core drilling is ongoing at the Plomosas Mine Area, along with 3D wireframe modelling of the mineralization, which will include these recently discovered high-grade Ag mineralized systems into the maiden resource estimate, scheduled for completion in Q2/2021.

The following figure illustrates a longitudinal section parallel to the Plomosas Fault along the 0.6 km trend that hosts precious and base metals mineralization at the Plomosas Mine Area, (Figure1).

_________________

1 

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.

GR Silver Mining President and CEO, Marcio Fonseca, commented, Our surface and underground drilling program continues to expand the high-grade Ag-Au bulk tonnage zones at the Plomosas Mine Area. The lower levels of the historic Plomosas Mine had seen only limited drilling by previous operators, oriented primarily towards exploitation of only Pb-Zn mineralization rather than the high-grade Ag-Au mineralization recently being discovered by GR Silver Mining. Our recent drilling, including highlighted intercepts in this release of 21 m at 466 g/t AgEq84 m @ 74 g/t AgEq and 71 m at 48 g/t AgEq, confirms the presence of multiple, broad unmined Ag-Au rich zones. These results are evidence of the potential bulk tonnage scale of the high-grade mineralizing system at the Plomosas Mine Area. They also demonstrate the opportunities that lie ahead for the Plomosas Project with additional core drilling programs to follow the upcoming resource estimates.”

Drill holes reported in this News Release successfully confirmed and expanded the high-grade, bulk tonnage silver mineralized zones at the Plomosas Mine Area. Drilling by the Company in the lower levels of the historical mine area, where there is limited previous underground drilling, has consistently intercepted multiple broad zones of disseminated galena (Pb) and sphalerite (Zn) mineralization, in addition to multiple sub-parallel Ag-rich banded quartz epithermal veins, located on both the footwall and hanging wall of the Plomosas Fault. These drill holes are extending the footprint of the high-grade, bulk tonnage zone along strike and down-dip. Best intercepts from drill holes in these zones are shown in the tables below.

Table 1: Underground Drill Hole Assay Results – News Release March 25, 2021

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag
g/t

Au
g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLI21-07

77.0

97.0

20.0

12.9

63

0.03

0.1

0.1

na

73

includes

89.5

97.0

7.5

4.8

126

0.03

na

0.1

na

132

112.0

133.0

21.0

13.5

377

0.23

0.7

1.5

na

466

includes

112.5

119.5

7.0

4.5

633

0.20

0.9

1.5

na

726

includes

112.5

114.0

1.5

1.0

1,987

0.58

1.9

4.0

na

2,218

PLI21-06

54.5

94.0

39.5

27.9

5

0.06

0.3

0.4

na

PLI21-05

0.0

71.0

71.0

30.0

10

0.20

0.2

0.4

0.1

48

PLI21-04

20.0

49.0

29.0

27.3

5

0.09

0.2

0.3

0.1

PLI21-03

0.0

69.0

69.0

68.9

9

0.15

0.3

0.4

0.1

PLI17-20

166.4

171.3

4.9

4.8

31

0.10

0.4

1.9

na

108

PLI17-25

43.9

54.2

10.3

8.4

9

0.06

0.1

0.4

0.3

87.9

89.1

1.2

1.0

144

0.60

0.5

na

0.1

230

PLI17-29

53.5

55.8

2.4

2.4

81

0.20

0.3

1.0

0.2

152

PLI17-34

52.3

73.9

21.6

21.5

9

0.20

0.3

0.4

na

79.7

87.3

7.6

7.6

42

0.20

0.3

0.7

na

92

PLI17-40

50.1

53.3

3.2

2.3

94

0.26

0.4

0.4

na

143

82.9

89.6

6.7

4.7

30

0.30

0.3

0.3

na

77

See note below

Table 2: Surface Drill Hole Assay Results – News Release March 25, 2021

Hole No.

From
(m)

To
(m)

Drilled
width
(m)

True
width
(m)

Ag g/t

Au g/t

Pb %

Zn %

Cu %

AgEq
g/t

PLS20-08

246.0

330.0

84.0

84.0

7

0.14

1.0

0.6

0.01

includes

246.0

256.0

10.0

10.0

6

0.50

1.0

1.1

0.01

282.2

293.2

11.0

11.0

19

0.20

2.2

1.4

0.09

159

SD-2

343.6

350.6

7.0

7.0

4

1.10

0.4

2.0

0.01

AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. “na” = no relevant assays

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

Table 3: Drill Hole Locations – News Release March 25, 2021

Hole No.

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth
(˚)

Depth
(m)

PLI21-07

451099

2551713

732

-10

115

147.3

PLI21-06

451073

2551749

728

0

110

144.0

PLI21-05

451111

2551797

708

-50

95

93.2

PLI21-04

451112

2551797

705

-45

90

52.5

PLI21-03

451111

2551797

708

-60

295

100.5

PLI17-20

450926

2551773

731

-45

90

207.0

PLI17-25

450926

2551771

731

-60

138

300.0

PLI17-29

450928

2551774

731

-75

354

220.0

PLI17-34

451025

2551793

729

-50

90

144.7

PLI17-40

451024

2551794

728

-80

80

123.3

PLS20-08

451052

2551793

966

-75

180

561.0

SD-2

450910

2551768

946

-90

0

421.1

All numbers are rounded. Red drill holes are drilled by GRSL; East (m) and North (m) are UTM coordinates in WGS84, zone 13.

The Ag-rich mineralization in PLI21-07 is represented by NW oriented crustiform-banded silica-rich epithermal veins, crosscutting or subparallel to the N-S oriented Plomosas Fault (see link to Core Photos). The Plomosas Fault commonly hosts high-grade Ag-Au-Pb-Zn hydrothermal breccias, with evidence of multiple stages of brecciation and mineralization within the Plomosas Mine Area. The  hydrothermal breccias rich in base metals appear to indicate an early stage mineralized system, which has undergone reactivation and remobilization. The crustiform-colloform veins yield a precious metals-rich epithermal system with potential for high grade mineralization at depth. A NE oriented fault system also demonstrates potential for high-grade Au mineralized zones with indications in places of an association with copper mineralization. At some underground levels, where all three structural systems intersect, the presence of wide, potentially bulk mineable mineralized zones are common.

Preliminary processed results of ground magnetic and IP geophysical survey data have recently indicated significant multiple shallow anomalous zones in the vicinity of the Plomosas Mine Area. IP and magnetic anomalies may be related to shallow sulphide-bearing mineralization, in and around the modelled resource area, expanding the potential footprint of the mineralized system, (Figure 1).

GR Silver Mining believes that the Plomosas Project represents a district-scale mineralized system. The Company is carrying out a 11,900 m diamond core drilling program and plans to complete a resource estimation in two areas (Plomosas Mine Area and San Juan Area) in the second quarter of 2021. Work to date by the Company has resulted in the  successful expansion of the known zones of mineralization within these two areas. The Plomosas Mine Area displays evidence of a 600 m long epithermal system, potentially extending up to 1.2 km, whereby multiple veins and discoveries have defined a much larger high-grade Ag and Au mineralized footprint. Through surface exploration and drilling, the San Juan Area, initially thought to consist of only one 400 m long epithermal vein, now appears as a 2 km long epithermal system, consisting of at least six epithermal veins.

The Plomosas Mine Area and San Juan Area represent two areas at resource estimation stage. Both areas have a geological footprint similar to the nearby San Marcial Project, where the company has estimated a NI 43-101 resource of 29 Moz Ag (Indicated) and 10 Moz Ag (Inferred)2. The San Marcial NI 43-101 resource covers a 500 m strike length, which is part of a larger 6 km trend under exploration within the San Marcial Project.

The integration of the Plomosas Project and the San Marcial Project, together with concessions under acquisition adjacent to these projects, provides the company full control of the major structural corridors on the eastern edge of the Rosario Mining District. During 2021, GR Silver Mining continues to explore new mineralized zones, close to surface, within these exploration concessions, providing potential for additional resource growth.

_________________

2 

Refer to News Release dated June 12, 2020

Qualified Person

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

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

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

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

About GR Silver Mining Ltd.

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

PLOMOSAS SILVER PROJECT

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

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

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

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

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

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

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

SAN MARCIAL PROJECT

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

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

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

OTHER PROJECTS

GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District. The recently announced Share Purchase Agreement (see News Release February 1, 2021), to acquire Marlin Gold Mining Ltd., consolidates the business strategy to control the most important silver and gold assets in the multi-million ounce historic Rosario Mining District. The acquisition is expected to close on March 31, 2021, when GR Silver Mining will control a concession portfolio of over 1,000 km2, two previously producing mines fully permitted for future developments and a total combined 75 km of structures with field evidence of 24 Ag-Au veins in historic old workings.

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

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

Disclaimer for Forward-Looking Information

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

SOURCE GR Silver Mining Ltd.

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

http://www.grsilvermining.com/

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Newlox Gold Welcomes Tarrnie Williams to the Advisory Board

Vancouver, BC – TheNewswire – 18 March 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to welcome Tarrnie Williams to the Company’s advisory board. Tarrnie is a highly experienced executive who has served on the board of several successful public and private companies over his 50-year business career. Tarrnie’s involvement in the development and commercialization of technology companies, including founding Canada’s first public software company and experience as CEO of Electronic Arts Canada, will be instrumental in developing Newlox’s emerging green mining technology division.

Tarrnie holds a B.Sc. in Mathematics (U of Alberta) and has been a Director of several public, private, and not-for-profit organizations, including having served as Chairman, President and Audit Chair of several public companies over his long and varied career. Tarrnie has had significant hands-on experience in project management, mergers, acquisitions, divestitures, restructurings, private and public placements of equity and debt, and IPO transactions and served for ten years as an Adjunct Professor at the Sauder School of Business, University of British Columbia.

Presently, Tarrnie holds the position of Executive Chairman of Kidoz Inc. (TSXV: KIDZ); a kid-tech software developer and owner of the KIDOZ Safe Ad Network reaching over 300 million children monthly through a curated online experience. Tarrnie’s position at Kidoz is a continuation of his illustrious career in the technology sector, and we are excited for him to bring his experience and enthusiasm to Newlox Gold.

A Message from Ryan Jackson, President & CEO:

“We are pleased to welcome Tarrnie Williams to Newlox Gold’s advisory board. Tarrnie is a strong supporter of Newlox Gold and has already offered valuable advice to the Company drawn from his wealth of experience. Tarrnie is best known for his successful ventures in the tech industry, resulting in his recognition as the “God Father of Video Games” in Canada by DigiBC with their Lifetime Achievement Award.  Tarrnie has led or mentored multiple business ventures, including companies in the resource sector in the past. The combination of his ability to advance technology companies with his knowledge and passion for the resource industry is a significant asset to Newlox Gold.”

Forward-Looking Information

 

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct.  Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).

 

Technical Disclaimer

 

The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.

 

On Behalf of the Board, Newlox Gold Ventures Corp.

 

Contact Newlox Gold

 

Ryan Jackson

Newlox Gold Ventures Corp., President

Website:                                                         www.newloxgold.com

www.newlox.tech

Email:                                                                 ryan@newloxgold.com

Phone:                                                                 +1 778 738 0546

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Stratabound Reports 3.34% Copper Equivalent over 11.5m Including 5.39% Copper Equivalent over 2.5m with High Cobalt Values at Captain Cu-Co-Au-Ag Deposit

Highlights:

  • Final three holes include more high-grade intercepts consistent with previous reports
  • Hole CP-20-49 yields 5.39% CuEq(1) over 2.5m within broad lower grade halo of 3.34% CuEq(1) over 11.5m true width,
  • Higher grade cobalt values of 0.115% Co over 0.7m, 0.186% Co over 2.3m, and 0.130% Co over 3.5m (all true widths) in holes CP-20-48, CP-20-49 and CP-20-51, respectively
  • Highest value of 7.25% CuEq(1) over 0.7m includes 5.48% Cu, 0.115% Co, 1.140 g/t Au and 29.8 g/t Ag
  • Drilling complete; study underway to investigate small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow

Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) is pleased to report assay results on the final three drill holes completed on its Captain Copper/Cobalt/Gold/Silver Deposit, in the Bathurst District, New Brunswick. A total of 15 tightly spaced and shallow diamond drill holes were completed in late 2020 for the purpose of defining the near-surface potential for a small-scale direct-shipping mining project.

Twelve of the fifteen holes completed, including the three reported today, intercepted significant copper-cobalt-gold-silver mineralization within 6-9m of surface at the bedrock interface, across an average 9.6m true width and along approximately 120m of strike length.

Results reported in this release along with historical results are detailed in Figures 1 and 2, and in Table 1 below.

Mr. R. Kim Tyler, President and CEO of the Company commented, “We are pleased these latest drill results projecting high-grade mineralization to surface are consistent with deeper-drilled high-grade results. We are moving ahead with the evaluation of a small-scale, direct-shipping mining project whereby a plant, concentrator, tailings, ancillary facilities, and associated capital cost and permitting delays would not be required. It bears repeating that the Captain Deposit’s high grades, road access, proximity to a rail head, and the deep-water port at Belledune near Bathurst, New Brunswick make for a very attractive direct-ship cash-generating opportunity.”

The Captain Deposit is open at depth below the deepest intersection to date at 360m vertical depth of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag for a 12.20% CuEq(1) over 2m down-hole in hole CP-09-23 .

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Table 1

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/4064/77571_3caf6786c4a038cc_002full.jpg

(1) CuEq% based on CuEq%= ((Cu lb/t*US$3.75.lb) +(Co lbs/t*US$20/lb) +(Au g/t*0.03215*US$1,750/oz) +(g/t Ag*0.03215*US$25/oz))/US$3.75/lb Cu insitu value and does not account for metallurgical, refining or other losses.

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Figure 1. Section 100N: All widths posted are true widths.

To view an enhanced version of Figure 1, please visit:
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Figure 2. Recent and historic drill results within 20m of surface. All widths posted are true widths.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4064/77571_3caf6786c4a038cc_003full.jpg

About the Captain Deposit

The Captain Deposit hosts an NI 43-101 Measured and Indicated Resource totaling 448,000 tonnes averaging 1.75% Cu, 0.046% Co, and 0.30 g/t Au for a 2.2% CuEq%(1), plus an inferred resource of 162,000 tonnes averaging 1.47% Cu, 0.04% Co and 0.24 g/t Au for a 1.87% CuEq%. The Deposit is located along the “Brunswick Horizon”, within a 20km radius and the same stratigraphic contact that hosts the world-class Glencore Brunswick No.12 and No.6 mines with past production totaling an aggregate 149.4 million tons of 8.72% zinc, 3.3% lead, 0.35% copper and 99 g/t silver,(2) (Figure 3). The Captain is a volcanic massive sulphide, or VMS-type deposit, similar to the above described deposits.

Drilling on the Captain Deposit now totals 10,452m over 53 holes across 120m of strike and is open beyond the deepest intersection to date at 359m yielding 1.12% Cu over a down-hole length of 19.5m including a 2m interval of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag in hole CP-09-23.

(1) (“Technical Report on an Updated Mineral Resource Estimate, Stratabound Minerals Corp. Captain Cu-Co Deposit”; Mercator Geological Services Limited, Dec. 8, 2010)

(2) (source: Government of New Brunswick DNR Mineral Occurrence Database)

Quality Assurance/Quality Control

The core samples referenced in this press release were marked and cut by diamond saw whereby half the sample was bagged and hand-delivered by Stratabound personnel to a secure carrier and transported to the Activation Laboratories (Actlabs) preparation lab in Fredericton, New Brunswick. The remaining half-core is stored at the Madran core facility in Madran, NB.

Actlabs prepared the samples by crushing to 80% less than 10 mesh. A riffle split of 250 grams was then taken and pulverized to a 95% passing 200 mesh pulp sub-sample. The pulps were then shipped by Actlabs to its Ancaster, Ontario laboratory for copper, cobalt, gold and multi-element analyses. A 4-acid near-total digestion ICP-MS 42-element analysis was performed on all samples and a duplicate 4-acid digestion ICP-OES procedure performed where values exceeded 350ppm for cobalt and 5,000ppm for copper in the original digestion. Gold was determined separately by the 1A2 standard fire assay procedure with an atomic absorption (AA) finish on a 30-gram sub-sample taken from the 250-gram split. If the gold result exceeded 5 g/t a duplicate sample was processed by method 1A3-30

Actlabs uses a procedure of standards, blanks and duplicates inserted into the sample stream results. Actlabs is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical analysis company.

In addition to the quality assurance and quality control program performed by Actlabs, Stratabound personnel insert lab-certified standards and field blanks into the sample stream, as well as sample duplicates, at the rate of one QA/QC sample for every 7 core samples.

About Stratabound Minerals Corp.

Stratabound Minerals Corp. is a fully-funded Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.

Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a “Qualified Person” for the purpose of NI 43-101, has reviewed and approved the contents of this news release.

For more information please visit the company’s website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com.

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

WARNING: The Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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Etruscus Samples High-Grade Copper and Silver at Sugar; VTEM Results Suggest Massive Sulphide Source

Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the “Company” or “Etruscus”) is pleased to announce VTEM© and rock sampling results from the Sugar Property “Hammer” target, just 5 kilometres northwest of the Company’s flagship Rock & Roll Project in the Eskay Camp. The “Hammer” has been upgraded to a well-defined drill target due to its strong geophysical and geochemical signatures.

Hammer Target Highlights:

  • New airborne geophysical survey (VTEM) has identified a 100-m long x 300-m wide magnetic anomaly underlying a historic magnetite skarn showing;
  • Multiple discrete conductors, slightly offset from the mag high and possibly associated with massive sulphides, broaden the area of interest to at least 500 meters;
  • 2020 rock sampling at this historic showing returned high-grade copper results, including 8.3% Cu (grab) and 5.5% Cu (float), with five out of six samples grading over 1.5% Cu;
  • Grab samples also revealed anomalous Au, Ag and Co values.

Other exploration in 2020 at Sugar also returned favorable results including:

  • Skarn trend (Click Here to View Map) extended to 3 km with identification of a new massive sulphide showing;
  • Angular float B0026887 returned 8.2% Zn and 0.3% Cu upstream of any historical showings, indicating more mineralization in unexplored areas;
  • Two samples from a 30-cm wide historic quartz vein that plunges underneath a talus slope returned high copper and silver values. Grab sample B0026713 assayed 5.6% Cu, 225 g/t Ag and 0.4 g/t Au. Float sample B0026774 assayed 2.9% Cu, 483 g/t Ag and 0.7 g/t Au.

The Sugar Property has seen favorable developments in recent years with significant glacial retreat opening up new areas for exploration. Work completed in the past two years has expanded the Company’s geological understanding of the area and has led to the discovery of new zones of copper mineralization. Geological mapping led by Jim Logan, who has over 30 years of B.C. Geological Survey experience in Northwest B.C., also helped identify local stratigraphy and mapped various intrusions at Sugar.  The region immediately surrounding the Sugar Property is seeing improved infrastructure and access, in particularly related to the advancement of Galore Creek, located approximately 24 km north.  One of the largest undeveloped copper, gold, and silver projects in the world, Galore Creek is currently operated under a Teck-Newmont joint venture and is building a road to within 10 km of Sugar.

Grab sampling results indicate the potential for a copper-rich deposit type.  14 of 36 rock samples taken (39%) during 2020 have graded over 0.25% copper (shown below):

Sample #

Easting

Northing

Type

Rock type

Cu %

Ag g/t

B0026814

344898

6304239

Float

Quartz Vein

8.26

45.43

B0026773

339110

6304495

Grab

Quartz Vein

5.62

225.00

B0026754

344966

6304389

Grab

Skarn

5.48

22.05

B0026857

344954

6304384

Grab

Siltstone

3.48

10.54

B0026774

339111

6304505

Float

Quartz Vein

2.96

483.00

B0026753

344922

6304375

Float

M. Magnetite

2.44

8.43

B0026893

344950

6304260

Grab

Skarn

1.58

13.21

B0026888

338383

6306132

Grab

Andesite

0.55

5.95

B0026778

337571

6310667

Grab

M. Sulphide

0.50

1.33

B0026875

338510

6309136

Grab

Felsic dyke

0.31

2.21

B0026887

338552

6306074

Float

Skarn

0.28

1.32

B0026766

338654

6309149

Grab

Siltstone

0.27

0.13

B0026767

338204

6308767

Grab

Quartz Vein

0.27

1.67

B0026802

344799

6304219

Float

Skarn

0.26

1.64

Encouraged by results, the Company is planning further sampling, mapping and prospecting of the area for 2021, focusing on the “Hammer” target, the newly discovered skarn, areas of high copper and other recently unglaciated terrain. Sugar remains mostly unexplored and very prospective for high-grade mineralization.

Gordon Lam, President and CEO of Etruscus, commented, “We’ve been quietly developing Sugar while Rock & Roll has been taking centre stage. But Sugar is likely to become more prominent this year with the Hammer target nearly ready to be drilled while other areas are also demonstrating strong prospectivity for copper-rich mineralization.”

Qualified Person

Technical aspects of this news release have been reviewed and approved by Dr. Dave R. Webb, Ph.D., P.Geo., who is a Qualified Person as defined under National Instrument 43-101.

QA/QC and Analytical Procedures

The Company has adopted a rigorous quality assurance and quality control (“QA/QC”) program to ensure best practices in sampling both diamond drill core and surface rock chip samples of approximately 1 kg in weight. The Company’s samples and drill core are being assayed by MSA LABS which has facilities in Terrance and Langley, BC. and is independent of the Company. All rock samples were crushed to 70% pass 2mm fraction, and then a 250g split was pulverized to better than 85% passed a 75-micros screen. The geochemical analyses were performed by MSA LABS using multi-element aqua-regia digestion ICP-MS package (IMS-111). Gold was analyzed by fire assay technique FAS-114. Higher gold grades (>3 g/t) were analyzed by fire assay. MSA LABS is an independent provider of geochemical laboratory services for the exploration and mining industries is an ISO 17025 (Testing and Calibration) and ISO 9001 (Quality Management System) accredited laboratory. In addition to the lab’s internal QA/QC program, the Company inserted 10% lab certified standards, blanks and field duplicates into the overall sampling stream.

* Grab samples are selectively collected and are therefore not representative of all mineralization hosted on the property.

About Etruscus

Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.’s prolific Golden Triangle.

Etruscus is traded under the symbol “ETR” on the Canadian Securities Exchange, “ETRUF” on the OTC markets and “ERR” on the Frankfurt Stock Exchange and has 28,514,306 common shares issued and outstanding.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute ‘forward-looking’ statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management’s Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

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

SOURCE Etruscus Resources Corp.

For further information: Investor Relations Contact: Derek Wood, Email: dwood@conduitir.com, Telephone: 403-668-7855; Company Contact: Gordon Lam, CEO, Email: info@etruscusresources.com, Telephone: 604-336-9088, Website: www.etruscusresources.com

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Stratabound Reports 3.33% Copper Equivalent over 4.8m True Width Near Surface at Captain Cu-Co-Au-Ag Deposit, Bathurst District, New Brunswick

Highlights:

  • Four more drill holes with high-grade cores within lower-grade lenses.
  • Drill intercepts between 2.12% to 3.33% CuEq(1) across true widths between 4.8m to 8.0m.
  • Best result of 3.33% CuEq(1) over 4.8m true width at 26m below bedrock surface in hole CP-20-47.
  • Results continue to support a case for small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow.
  • Assays pending on three more holes.

Stratabound Minerals Corp. (TSXV: SB) (OTC Pink: SBMIF) (“Stratabound” or the “Company”) reports it has received assay results on five more drill holes completed on its Captain Copper/Cobalt/Gold/Silver Deposit in addition to the six new holes reported previously on February 25, 2021. The zone projects to the bedrock contact lying between 6-9m below surface. One hole was drilled beyond the strike extent of mineralization and was not sampled.

Results reported in this release are detailed in Figures 1 and 2, and in Table 1 below. Drill holes CP-20-40 and CP-20-47 which intercepted 2.67% CuEq(1) over 8.0m true width and 3.33% CuEq(1) over 4.8m true width respectively occur approximately 110m directly up-dip of historic hole CP-08-13 which intercepted 5.53% CuEq(1) over 7.3m true width (Figure 1.) Drill holes CP-20-45 and CP-20-46 were drilled on approximate 45m projected extensions of past drill results at opposite ends of known strike limits. Neither of the holes intercepted significant mineralization.

Mr. R. Kim Tyler, President and CEO of the Company commented, “The results reported today continue to confirm continuous high-grade copper-cobalt-gold-silver mineralization across tight-spaced 10m-wide sections along approximately 120 metres of strike and across an average true width of 8m.. As noted in the previous release, the Captain Deposit’s high grades, road access, close proximity to a rail head, and the deep-water port at Belledune near Bathurst, New Brunswick make for a very attractive direct-ship cash-generating opportunity.”

The Captain Deposit is open at depth below the deepest intersection to date at 360m vertical depth of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag for a 12.20% CuEq(1) over 2m down-hole in hole CP-09-23 .

As noted in the previous press release, the Company is investigating the opportunity for a small-scale, high-grade, direct-shipping mining project to generate near-term cash-flow. The Captain Deposit is strategically located 100km by road to the deep-water port of Belledune near Bathurst, New Brunswick and 40km by road to the nearest railroad.

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(1) CuEq% based on CuEq%= ((Cu lb/t*US$3.75.lb) +(Co lbs/t*US$20/lb) +(Au g/t*0.03215*US$1,750/oz) +(g/t Ag*0.03215*US$25/oz))/US$3.75/lb Cu insitu value and does not account for metallurgical, refining or other losses.
Table 1

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/4064/76567_strata-orig.JPG

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Figure 1. Section 070N: All widths posted are true widths.

To view an enhanced version of Figure 1, please visit:
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Figure 2. Recent and historic drill results within 20m of surface. All widths posted are true widths

To view an enhanced version of Figure 2, please visit:
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About the Captain Deposit

The Captain Deposit hosts an NI 43-101 Measured and Indicated Resource totaling 448,000 tonnes averaging 1.75% Cu, 0.046% Co, and 0.30 g/t Au for a 2.2% CuEq%(1), plus an inferred resource of 162,000 tonnes averaging 1.47% Cu, 0.04% Co and 0.24 g/t Au for a 1.87% CuEq%(1), (“Technical Report on an Updated Mineral Resource Estimate, Stratabound Minerals Corp. Captain Cu-Co Deposit”; Mercator Geological Services Limited, Dec. 8, 2010). The Deposit is located along the “Brunswick Horizon”, within a 20km radius and the same stratigraphic contact that hosts the world-class Glencore Brunswick No.12 and No.6 mines with past production totaling an aggregate 149.4 million tons of 8.72% zinc, 3.3% lead, 0.35% copper and 99 g/t silver,(2) (Figure 3.) The Captain is a volcanic massive sulphide, or VMS-type deposit, similar to the above described deposits. (2) (source: Government of New Brunswick DNR Mineral Occurrence Database).

Drilling on the Captain Deposit now totals 10,452m over 53 holes across 120m of strike and is open beyond the deepest intersection to date at 359m yielding 1.12% Cu over a down-hole length of 19.5m including a 2m interval of 5.46% Cu, 0.093% Co, 0.30 g/t Au and 30.5 g/t Ag in hole CP-09-23.

Quality Assurance/Quality Control

The core samples referenced in this press release were marked and cut by diamond saw whereby half the sample was bagged and hand-delivered by Stratabound personnel to a secure carrier and transported to the Activation Laboratories (Actlabs) preparation lab in Fredericton, New Brunswick. The remaining half-core is stored at the Madran core facility in Madran, NB.

Actlabs prepared the samples by crushing to 80% less than 10 mesh. A riffle split of 250 grams was then taken and pulverized to a 95% passing 200 mesh pulp sub-sample. The pulps were then shipped by Actlabs to its Ancaster, Ontario laboratory for copper, cobalt, gold and multi-element analyses. A 4-acid near-total digestion ICP-MS 42-element analysis was performed on all samples and a duplicate 4-acid digestion ICP-OES procedure performed where values exceeded 350ppm for cobalt and 5,000ppm for copper in the original digestion. Gold was determined separately by the 1A2 standard fire assay procedure with an atomic absorption (AA) finish on a 30-gram sub-sample taken from the 250-gram split. If the gold result exceeded 5 g/t a duplicate sample was processed by method 1A3-30.

Actlabs uses a procedure of standards, blanks and duplicates inserted into the sample stream results. Actlabs is an independent internationally recognized and ISO/IEC 17025:2017 accredited chemical analysis company.

In addition to the quality assurance and quality control program performed by Actlabs, Stratabound personnel insert lab-certified standards and field blanks into the sample stream, as well as sample duplicates, at the rate of one QA/QC sample for every 7 core samples.

About Stratabound Minerals Corp.

Stratabound Minerals Corp. is a fully-funded Canadian exploration and development company focused on gold exploration at its flagship Golden Culvert Project, Yukon Territory and its McIntyre Brook Project, New Brunswick, Canada. The Company also holds a significant land position that hosts three base metals deposits in the Bathurst base metals camp of New Brunswick featuring the Captain Copper-Cobalt-Gold Deposit that hosts an NI 43-101 Measured and Indicated Resource.

Mr. R. Kim Tyler, P.Geo., President and CEO of Stratabound, and a “Qualified Person” for the purpose of NI 43-101, has reviewed and approved the contents of this news release.

For more information please visit the company’s website at www.stratabound.ca or contact: R. Kim Tyler, President and CEO 416-915-4157 info@stratabound.com

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

WARNING: The Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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Eloro Resources Announces Filing of Preliminary Short Form Prospectus

Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that, in connection with its previously announced bought deal financing (see Eloro press releases dated March 2, 2021 and March 3, 2021), it has filed a preliminary short form prospectus with the applicable securities regulators in each of the provinces of Canada, except Quebec. Under the terms of the financing, Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation as co-lead underwriters and joint-bookrunners, and Cormark Securities Inc. as co-lead underwriter (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, 5,800,000 units (the “Units”) at a price of C$3.75 per Unit (the “Issue Price”) for gross proceeds to the Company of C$21,750,000 (the “Offering”).

Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$5.25 for a period of 24 months from the closing date of the Offering. The expiry date of the Warrants may be accelerated by the Company at any time following the six-month anniversary of the closing date of the Offering and prior to the expiry date of the Warrants if the volume-weighted average trading price of the Company’s Common Shares is greater than C$7.00 for any 20 consecutive trading days, at which time the Company may accelerate the expiry date by issuing a press release to announce the reduced warrant term, whereupon the Warrants will expire on the 20th calendar day after the date of such press release.

In addition, the Company has agreed to grant to the Underwriters an option to purchase up to an additional 15% of the number of Units sold under the Offering at a price per Unit equal to the Issue Price, on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering.

The Company intends to use the net proceeds from the Offering mainly for continued exploration and development of the Company’s Iska Iska project in Bolivia.   To March 3, 2021, a total of 7,539 metres of diamond drilling has been completed in 12 underground holes from the Huayra Kasa workings and 11 surface holes at Iska Iska. On February 16, 2021, Eloro announced the addition of a second drill rig to commence drilling on the Central Breccia Pipe target. Planned diamond drilling for the balance of 2021 and Q1 2022 is 51,000 metres, comprising 6,000 metres already budgeted and an additional 45,000 metres planned to be funded from the Offering. Additional drills will be added in stages so that by July 2021, 4 surface drill rigs are expected to be operating with an expected production of 6,000 metres per month. This drilling will be done to explore and define a mineral resource in the Santa Barbara Breccia Pipe, Central Breccia Pipe, South Porco Breccia Pipe target and the Huayra Kasa Breccia Pipe and underground workings. Included as part of the 45,000 metres are 6,000 metres of drilling in outside targets at Iska Iska and the Pache property located 20 kilometres southwest of Iska Iska.   Eloro also intends to pay from the proceeds of the Offering US$2,500,000 toward the US$10,000,000 option price under an option agreement to acquire a 99% interest in the Iska Iska Project.

The Offering is scheduled to close on or about March 26, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

The preliminary short form prospectus is still subject to completion or amendment. A copy of the preliminary short form prospectus is available electronically at www.sedar.com. There will not be any sale of or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Qualified Person

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a Qualified Person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Eloro

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

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

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the completion of the Offering, the use of proceeds from the Offering and the Company’s exploration plans at the Iska Iska property). 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 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.

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