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GCM Mining Declares June 15, 2022 Monthly Dividend

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

About GCM Mining Corp.

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

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to the payment of dividends and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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

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Eloro Resources Announces Upsized Bought Deal Financing To C$8.5

Eloro Resources Ltd. (the “Company” or “Eloro“) (TSXV: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to announce that in connection with its previously announced bought deal financing, the Company and Cormark Securities Inc., (the “Underwriter“) have agreed to increase the size of the previously announced financing. The Underwriter has agreed to purchase, on a bought deal basis, 2,615,400 units of the Company (the “Units“) at a price of C$3.25 per Unit for gross proceeds to the Company of approximately C$8.5 million (the “Offering“). Each Unit will consist of one common share in the capital of the Company (each a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“) of the Company. Each Warrant shall entitle the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering.

The Company has agreed to grant the Underwriter an option (the “Over-Allotment Option“) to sell an additional 392,310 Units, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately C$9.775 million.

The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes as set out in the Prospectus Supplement (defined below).

The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing base shelf prospectus in all of the provinces of Canada (other than the Province of Quebec). The Prospectus Supplement (together with the related base shelf prospectus) will be available on SEDAR at www.sedar.com.

The Offering is scheduled to close on or about May 19, 2022 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 TSXV.

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 press 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.

About Eloro Resources Ltd.

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

Information in this news release may contain forward-looking information. Statements containing forward looking information such as the closing of the Offering, use of proceeds, and TSXV approval, 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.

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GCM Mining Announces First Quarter 2022 Results

GCM Mining Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three months ended March 31, 2022. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with “NG”. For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company’s MD&A.

Lombardo Paredes, Chief Executive Officer of GCM Mining, commenting on the first quarter results, said, “We have started off 2022 on a positive note, meeting our expectations for production, costs and cash flow in the first quarter. We are on track to once again meet our annual production guidance for 2022. Following the favorable Mineral Reserve and Resource update at Segovia that we announced in March, our exploration and mine geology teams have continued to execute the ongoing drilling campaigns at our four producing mines and the brownfield areas in our mining title. At our Toroparu Project in Guyana, we are advancing the infill drilling and the pre-construction activities. We are also completing the competitive bid process for the contract miner and selection processes for the power plant contractor and main civil works contractor are getting underway. We are on track to finalize the prefeasibility study in the third quarter of 2022, at which point formal construction of the project is expected to commence. The Company is also working with the local governmental agencies to finalize the mining license which is expected to be received in mid-2022.”

First Quarter 2022 Highlights

  • GCM Mining’s gold production from its Segovia Operations totaled 49,951 ounces in the first quarter of 2022, up 2% over the first quarter last year. In April 2022, Segovia produced 18,321 ounces of gold bringing Segovia’s trailing 12 months’ total gold production as of the end of April 2022 to 208,130 ounces, up 1% over 2021. Expansion of the Company’s processing plant at Segovia to 2,000 tpd is proceeding well and is expected to be fully completed by mid-2022. The Company is on track to meet its annual production guidance for 2022 of between 210,000 and 225,000 ounces of gold.
  • The new polymetallic recovery plant constructed in 2021 at Segovia produced approximately 252,000 lbs of payable zinc and 338,000 lbs of payable lead in the first quarter of 2022. The concentrate production is currently being stockpiled as the Company finalizes the offtake contract with an international customer for shipments to commence before the end of the second quarter of 2022.
  • Consolidated revenue, all of which was sourced from the Segovia Operations in the first quarter of 2022, amounted to $101.3 million compared with $101.9 million in the first quarter last year, which included $5.1 million from Aris Gold Corporation (“Aris”) prior to the loss of control of Aris on February 4, 2021. Segovia’s revenue in the first quarter of 2022 was up 5% from the first quarter last year reflecting a 2% increase in the volume of gold sold to 53,645 ounces and a 3% increase in realized gold prices to an average of $1,860 per ounce.
  • At the Segovia Operations, total cash costs NG averaged $817 per ounce in the first quarter of 2022 compared with $825 per ounce in the first quarter of 2021. Including the Marmato mining operations owned by Aris, consolidated total cash costs were $862 per ounce in the first quarter last year.
  • All-in sustaining costs (“AISC”) NG per ounce sold for the Segovia Operations were $1,187 in the first quarter of 2022 compared with $1,120 per ounce in the first quarter last year. The year-over-year increase in Segovia’s AISC primarily reflects $3.2 million of fees, equivalent to about $60 per ounce sold, included in G&A expenses in the first quarter of 2022 related to the Company’s ongoing arbitration proceedings with the International Centre for Settlement of Investment Disputes (“ICSID”) in respect of its claim against the Republic of Colombia (the “FTA Claim”). Including Marmato, consolidated AISC in the first quarter last year was $1,164 per ounce.
  • GCM Mining maintained its commitment to its exploration drilling campaigns in the first quarter of 2022, completing a total of approximately 8,700 meters of drilling at El Silencio and Sandra K and another approximately 6,500 meters through its brownfield drilling program at Cristales, Marmajito, Manzanillo and Vera.
  • Adjusted EBITDA NG amounted to $45.2 million for the first quarter of 2022 compared with $46.3 million in the first quarter last year. This brings the trailing 12 months’ total adjusted EBITDA at the end of March 2022 to $170.5 million compared with $171.6 million in 2021.
  • Net cash provided by operating activities in the first quarter of 2022 was $24.2 million compared with $13.6 million in the first quarter last year which was net of $10.1 million used by Aris prior to the loss of control in early 2021. This brings the trailing 12 months’ net cash provided by operating activities at the end of March 2022 to $91.1 million, up from $80.6 million in 2021.
  • Free Cash Flow NG in the first quarter of 2022 was $10.7 million compared with $2.5 million in the first quarter last year bringing the trailing 12 months’ Free Cash Flow at the end of March 2022 to $34.4 million, up from $26.2 million in 2021.
  • GCM Mining’s balance sheet remained strong with a cash position of $315.1 million at March 31, 2022. The Company also has $138.0 million of funding available for construction of its Toroparu Project in Guyana through a precious metals stream facility with Wheaton Precious Metals (Caymans) Ltd. Other than scheduled interest payments, the Company has no maturities of its long-term debt in the next 12 months.
  • The Company returned a total of $4.6 million to shareholders in the first quarter of 2022 with payment of its monthly dividends totaling $3.5 million and the repurchase of approximately 0.3 million shares for cancellation at a cost of $1.1 million. In April 2022, the Company purchased and cancelled an additional 100,000 common shares under its Normal Course Issuer Bid.
  • Income from operations in the first quarter of 2022 was $35.7 million, down from $39.1 million in the first quarter last year largely due to the increase in G&A, share-based compensation and social programs expenses which more than offset the benefit of the reduction in Segovia’s total cash cost NG per ounce sold in the first quarter of 2022 versus the first quarter last year.
  • The Company reported net income of $5.2 million ($0.05 per share) in the first quarter of 2022 compared with $118.3 million ($2.02 per share) in the first quarter last year. Net earnings in the first quarter last year included the benefit of a $56.9 million gain on loss of control of Aris, the $42.8 million gain on financial instruments and an $8.9 million gain on sale of the Zancudo Project, offset partially by $9.8 million of transaction costs incurred by Aris in connection with the loss of control in early 2021.
  • The Company reported adjusted net income NG for the first quarter of 2022 of $14.8 million ($0.15 per share) compared with $21.9 million ($0.36 per share) in the first quarter last year. The year-over-year decrease in adjusted net income in the first quarter of 2022 largely reflects the $4.0 million decrease in income from operations as noted above together with a $2.5 million increase in finance costs resulting from the Senior Notes issued in August 2021 and an increase in income tax expense due to the tax rate increase in Colombia effective in 2022.

Selected Financial Information

First Quarter
20222021

Operating data

Gold produced (ounces) (1)49,95151,486
Gold sold (ounces)53,64555,317
Average realized gold price ($/oz sold) (2)$1,860$1,812
Total cash costs ($/oz sold) (2)817862
AISC ($/oz sold) (2)1,1871,164
Financial data ($000’s, except per share amounts)
Revenue$101,322$101,919
Adjusted EBITDA (2)45,21846,323
Net income5,238118,305
Per share – basic0.052.02
Per share – diluted0.051.28
Adjusted net income (2)14,78121,948
Per share – basic (2)0.150.36
Per share – diluted (2)0.140.31
Net cash provided by operating activities24,20913,617
Free cash flow (2)10,6882,497

(1) Includes production from the Marmato Project up to February 4, 2021, the date of loss of control of Aris.
(2) Refer to “Non-IFRS Measures” in the Company’s MD&A.

March 31, 2022December 31, 2021
Balance sheet ($000’s):
Cash and cash equivalents$315,064$323,565
Gold Bullion (1)2,6884,479
Senior Notes due 2026 – principal amount outstanding (2)300,000300,000
Convertible Debentures due 2024 – principal amount outstanding (3)CA18,000CA18,000

(1) The Company is maintaining a portion of its liquidity in gold bullion. As at March 31, 2022, the Company had 1,500 ounces in its gold bullion account (December 31, 2021 – 2,500 ounces).
(2) The Senior Notes were issued in August 2021 and are recorded in the Financial Statements at amortized cost. At March 31, 2022, the carrying amount of the Senior Notes outstanding, including accrued interest of $3.0 million, was $291.2 million (December 31, 2021 – $294.8 million, including $8.1 million of accrued interest).
(3) The Convertible Debentures are recorded in the Financial Statements at fair value. At March 31, 2022, the carrying amount of the Convertible Debentures outstanding was $20.2 million (December 31, 2021 – $19.5 million).

First Quarter 2022 Results Webcast

As a reminder, GCM Mining will host a conference call and webcast on Friday, May 13, 2022 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:https://edge.media-server.com/mmc/p/d8dyrtvh
Canada/ International Toll:1 (647) 484-8332 PIN: 51372134#
Canada Toll Free:1 (866) 455-3403 PIN: 51372134#
United States Toll:1 (404) 400-0571 PIN: 51372134#
United States Toll Free:1 (866) 374-5140 PIN: 51372134#
Colombia Toll:+57 601 485-0348 PIN: 51372134#
Conference ID:EV00134454

A replay of the webcast will be available at www.gcm-mining.com from Friday, May 13, 2022 until Friday, June 10, 2022.

About GCM Mining Corp.

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia – Marmato), Denarius Metals Corp. (28.6%; TSXV: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to production guidance, the Toroparu Project construction, mining license and technical studies, and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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

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Bayhorse 20 Foot Delineation Drill Intersection At the Silver Rich Bayhorse Silver Mine, Oregon, USA

Bayhorse Silver Inc (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (“Bayhorse” or the “Company”) reports on recent underground delineation drilling at its silver rich, Bayhorse Silver Mine, Oregon, USA.

A recent delineation underground drill hole under the Big Dog zone intersected 6 meter (20 feet) of silver mineralization from the floor of the historic workings, extending the zone to depth. The 6 meter (20 feet) interval assaying a weighted average of 210 g/t (6.75 oz/t).

The highest grade interval was 668g/t (21.48 oz/t) over 0.6m (2 ft.) in an underground hole.

The full results are tabulated below:

Intervalg/toz/t
2ft186.05.98
2ft174.25.60
2ft254.18.17
2ft25.80.83
2ft281.59.05
2ft671.221.58
2ft75.32.42
2ft158.65.10
2ft77.12.48
2ft353.011.35
2ft54.41.75

 

The drill hole was drilled from the floor of the historic Big Dog Stope and intercepted stockwork mineralization with a weighted average of 210 g/t (6.75 oz/t).

With the recent breakthrough in understanding the structural control of mineralization at the Bayhorse Mine, the Company’s geological consultants believe more definition drilling is required to ensure that the currently understood mineralized zones can be mined more effectively.

The timbering of the 88 foot high historic raise in the Goldilocks zone is progressing, and when completed, further drilling is planned in this zone to determine the northerly vertical extent of the mineralization, for comprehensive future mining development. Mineralization here is similar to, and continuous with, the historically extensively stoped, Big Dog zone.

The westerly trending Bayhorse mineralized zone is open to the west, averages 7.6 meters (25 feet) with thicknesses up to 20 meters (67 feet) as reported in the Company’s news release BHS2022-07, and is up to 200 feet in width. It rises to the North of the main haulageway and dips to the south. The Company is currently conducting drilling operations in a zone 300 meters (1,000 ft) to 450 meters (1,500 ft) west of the Mine Portal.

Underground drilling operations proceed as additional historic workings are made safe for drilling operations. Further drill results are pending and will be released when received.

The Company also announces that, subject to the approval of the TSX-V Exchange, the Company has extended the expiry date of the following warrants (all other terms remain unchanged):

a) Original expiry date of 731,138 warrants: May 29, 2022.
New expiry date of 731,138 warrants: May 29, 2023.
Exercise price of warrants: $0.125 cents.

b) Original expiry date of 733,333 warrants: July 3, 2022.
New expiry date of 733,333 warrants: July 3, 2023.
Exercise price of warrants: $0.125 cents.

c) Original expiry date of 1,000,001 warrants: July 22, 2022.
New expiry date of 1,000,001 warrants: July 22, 2023.
Exercise price of warrants: $0.125 cents.

d) Original expiry date of 1,700,000 warrants: August 27, 2022.
New expiry date of 1,000,001 warrants: August 27, 2023.
Exercise price of warrants: $0.125 cents.

Bayhorse CEO Graeme O’Neill comments, “With the recent turmoil in the general markets, and especially the volatility in both the silver and gold price, we are holding to our steady course in continuing development of the Bayhorse Silver Mine.”

The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. Stewart Jackson, P.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

About Bayhorse Silver Inc.

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

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

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Cartier Iron Reports on Diamond Drill Program on the Low Sulphidation Gold-Silver Epithermal System at Big Easy, Newfoundland

Cartier Iron Corporation (CSE:CFE) (“Cartier Iron” or the “Company”) provides an update on its diamond drilling program at its wholly-owned Big Easy property, located near Clarenville, in eastern Newfoundland. The Company carried out a 17-hole diamond drill program totaling 9,470.6m in winter 2022 to test significant resistivity anomalies along a major north-northeast trending structural break outlined by the Controlled Source Audio Magneto-Telluric (“CSAMT”) survey in the Central Anomaly – Big Easy Showing Area. Ten (10) of the drill holes tested the Central Anomaly area, three (3), the Central North Anomaly and four (4), the Big Easy South Anomaly (see Table 3 below). Collectively these reconnaissance drill holes tested CSAMT resistivity anomalies over a strike length of 2.4km as shown in Figure 1.

All the drill holes intersected wide sections up to 150m thick of interbedded rhyolites and siltstones in the lower part of the Musgravetown Group. The rhyolite units are typically extensively brecciated and cut by quartz veins with fine pyrite mineralization and local black sulfosalts. Hydrothermal alteration is very extensive consisting primarily of silicification and phengite micas. Visually the intersections looked promising however assay results returned only geochemically anomalous values of silver with very little gold as shown in Tables 1 and 2.

Table 1: Significant Intervals Geochemically Anomalous Silver (> 1.0 g/t) or gold (> 0.01 g/t), Big Easy.
DRILLHOLE IDFROM (m)TO
(m)
LENGTH *
(m)
SILVER GRADE ** (g/t)GOLD GRADE ** (g/t)
BE-21-37381.0414.333.32.10.01
BE-21-38371.9392.921.02.40.03
BE-21-38396.9404.07.11.50.01
BE-21-39419.3426.820.50.80.01
BE-21-39428.0441.05.71.90.03
BE-21-40366.0371.25.20.60.01
BE-21-41460.1465.25.10.30.01
BE-22-4947.754.06.31.80.02
BE-22-50139.0141.42.41.00.08
incl.139.0140.01.0<0.50.18
172.0178.06.0<0.50.02
Notes:
* Lengths reflect downhole lengths. True widths are not known at this time.
** Anomalous intercepts are defined as zones of continuous above background gold (0.01 g/t) or silver (1 g/t) with no breaks in anomalous levels greater than 1.0 meter in length.

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron commented: “Previous drilling in the Central Anomaly area (see press release June 8, 2021) was successful in confirming an extensive zone of silicification up to 200m wide with low sulphidation epithermal gold-silver mineralization. Hole BE-21-35, drilled in the recent winter 2021 program, returned 0.45 g/t Au and 9.7 g/t Ag over 34m, while Hole BE-21-36 intersected 0.62 g/t Au and 16.12 g/t Ag over 13m. The resistivity response from the CSAMT survey is markedly higher at deeper levels in the Central Anomaly area suggesting that these earlier holes may have been drilled too high in the low sulphidation epithermal system. While drilling in this deeper level intersected wide zones of silicification within wide sections with mineralized rhyolite, this alteration does not appear to be related to the mineralized system intersected in the shallower drill holes. We are reviewing results to determine if there are other targets that may reflect deeper mineralization that warrant testing.”

Qualified Person

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Cartier Iron, and a Qualified Person (“QP”) as defined under National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this press release. The CSAMT surveys were carried out by Clearview Geophysics under the direction of Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design and assisted in the interpretation from data processed by Clearview Geophysics. Messrs. Hale and Gilliatt are QPs as defined under NI 43-101. The diamond drilling program is being carried out under the supervision of Peter Webster, P.Geo. of Mercator Geological Services. Mr. Webster is an independent QP as defined under NI 43-101. The analytical work for the first two diamond drill holes in the program were done by Eastern Analytical Ltd. in Springdale, Newfoundland. The samples for the 15 remaining holes completed were prepared in ALS Laboratory’s Moncton or Sudbury facility, with the pulps to be analyzed by ALS Europe in their laboratory in Galway, Ireland or at the ALS laboratory in Vancouver, BC. Both Eastern Analytical and ALS Global are accredited laboratories. The Company employs an industry standard QA/QC program for all analytical work in addition to the laboratories internal QA/QC program.

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

Table 2: Significant Intervals of Low Level Anomalous Silver (> 1.0 g/t) or gold (> 0.01 g/t).

DRILLHOLE IDFROM (m)TO
(m)
LENGTH
(m)*
SILVER
GRADE **
(g/t)
GOLD GRADE ** (g/t)
BE-21-37353.0356.03.01.60.01
BE-21-37358.0361.03.00.60.01
BE-21-37364.4365.00.61.80.02
BE-21-37368.0370.02.01.0<0.01
BE-21-37374.7375.50.80.10.01
BE-21-37381.0414.333.32.10.01
BE-21-38371.9392.921.02.40.03
BE-21-38396.9404.07.11.50.01
BE-21-38405.8408.02.22.80.02
BE-21-39350.0351.01.03.5<0.01
BE-21-39408.0410.52.51.30.01
BE-21-39410.9411.50.6<0.50.01
BE-21-39419.3426.820.50.80.01
BE-21-39428.0441.05.71.90.03
BE-21-39548.4551.02.61.8<0.01
incl.550.0551.01.023.90.01
BE-21-39578.0579.01.0<0.50.01
BE-21-40141.8142.30.52.00.01
BE-21-40355.0356.01.01.00.01
BE-21-40366.0371.25.20.60.01
BE-21-40441.0442.01.0<0.50.02
BE-21-40486.0487.06.01.0<0.01
BE-21-41248.0249.51.5<0.50.05
BE-21-41273.0274.51.5<0.50.01
BE-21-41343.1344.00.91.50.01
BE-21-41398.0399.81.8<0.50.02
BE-21-41450.0451.01.0<0.50.01
BE-21-41455.9456.30.0<0.50.01
BE-21-41460.1465.25.1<0.50.01
BE-21-41491.4492.30.9<0.50.01
BE-21-41590.0594.04.01.30.00
BE-21-41601.3602.10.81.30.01
BE-21-42374.0375.01.0<0.50.01
BE-21-42379.0379.70.71.0<0.01
BE-21-42642.0643.01.0<0.50.01
BE-21-43431.5432.91.49.3<0.01
BE-21-43522.0523.01.0<0.50.02
BE-21-43663.5665.01.5<0.50.01
BE-21-44312.5314.01.5<0.50.05
BE-21-44332.0333.01.01.30.01
BE-21-44368.0368.60.61.2<0.01
BE-21-44392.0393.01.01.0<0.01
BE-21-44432.0432.70.71.0<0.01
BE-21-44435.0436.41.44.0<0.01
BE-21-44466.6467.00.4<0.50.06
BE-21-44510.3510.70.41.4<0.01
BE-21-44644.0645.01.00.30.02
BE-22-46437.7438.91.21.20.01
BE-22-47438.0441.03.00.30.02
BE-22-48384.8385.50.71.6<0.01
BE-22-4911.014.03.0<0.50.02
BE-22-4918.419.81.4<0.50.01
BE-22-4927.529.01.511.8<0.01
BE-22-4947.754.06.31.80.02
BE-22-49218.0220.02.0<0.50.01
BE-22-49233.0234.01.0<0.50.03
BE-22-49264.0265.01.0<0.50.01
BE-22-49266.0267.01.00.70.01
BE-22-49311.0312.01.01.1<0.01
BE-22-5068.070.02.0<0.50.01
BE-22-5073.076.03.0<0.50.03
BE-22-5077.478.30.9<0.50.01
BE-22-5083.284.00.80.30.01
BE-22-50139.0141.42.41.00.08
incl.139.0140.01.0<0.50.18
BE-22-50172.0178.06.0<0.50.02
BE-22-51Assays pending
BE-22-52Assays pending
Notes:
Lengths reflect downhole lengths. True widths are not known at this time.
** Anomalous intercepts are defined as zones of continuous above background gold (0.01 g/t) or silver (1 g/t) with no breaks in anomalism greater than 1.0 meter in length .

Table 3: Drill Hole Collar Coordinates and Hole Lengths for Drill Holes Completed, Big Easy

Hole. No.Easting*Northing*Elevation (m)Azimuth (Deg.)Dip
(Deg.)
Length
(m)
CENTRAL ANOMALY
BE-21-377098765346497120270-55425
BE-21-387099755346498136270-55473
BE-21-397100755346390137270-55626
BE-21-407102005346400130270-60632
BE-21-417100975346290131270-60628
BE-21-427102005346291131270-50672.6
BE-21-437103005346296120267-60752
BE-21-44710193534610113090-60656
BE-22-457102005346100135270-60683
BE-22-46710020534609613090-60698
CENTRAL NORTH ANOMALY
BE-22-477105295346697122270-45665
BE-22-487105885346695120270-55543
BE-22-537105305346693122260-55473
BIG EASY SOUTH ANOMALY
BE-22-497105055347704111270-50422
BE-22-507106765347705107270-50488
BE-22-517107975347702110270-55302
BE-22-527105105347700108250-70332
Total9,470.6
Note:
* All coordinates are in UTM NAD 83 Zone 21; Elevation is relative to sea level; Core size is NQ

About Cartier Iron Corporation

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

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

For further information please contact:

Thomas G. LarsenJorge Estepa
Chief Executive OfficerVice-President
(416) 360-8006(416) 360-8006

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b95b8438-e9b8-4e74-83e9-94d4524cea9f

PDF available: http://ml.globenewswire.com/Resource/Download/719a2bb4-858f-451a-88c7-7d78b508c2fc

Figure 1

Attachments

Cartier Iron Diamond Drill Program - Big Easy.pdf
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Trenching Continues At Wayka: A One-metre-wide Magnetite Lens Returns 7.81 g/t Gold

Lucky Minerals Inc. (TSXV:LKY),(OTC PINK:LKMNF)(FRA:LKY) (“Lucky” or the “Company“) is pleased to announce it continues with the trenching program for the upcoming drill program at the Wayka epithermal gold discovery at its 100% owned Fortuna Property (“Fortuna”) in southern Ecuador.

Wall Zone trenching identifies additional altered mineralized structures that will be tested in upcoming drilling

Trenching in the Wall Zone (trenches T-22, T-23 and C-7) in weakly altered meta granites returned anomalous gold. The foliation in trench T-22 strikes 118 degrees and dips 38 degrees SE.

Kelly Zone trenching returns 1.21 g/t gold over 10 metres and also identifies anomalous altered structures

Trenching in the Kelly Zone which includes trench T-12 located approximately 700 metres north of trench T-5 (Discovery Zone) returned an average of 1.21 g/t gold over 10 metres (Please see news release October 25, 2021). Mineralization in this area is mainly of sericite-quartz type in contrast to that of mainly strong silicification found in the Discovery Zone trenches T-5 and T-6. Other trenches in the Kelly Zone, T-24 and T-25 are in silicified hydrothermal breccias and returned anomalous gold. Trench T-26 in silicified schists also returned anomalous gold.

First prospecting effort in area of significant soil anomaly yields 7.8 g/t gold over 1 metre

Approximately 1 km ENE of the Wall Zone a massive lens of magnetite with pyrite veinlets and disseminations was identified hosted in a leucocratic coarse-grained granite. The magnetite lens strikes northwest and has a vertical dip. A sample taken across one metre returned 7.81 g/t gold. The lens lies approximately 1.2 km east of the El Buitre porphyry prospect. See map below.

Lucky Minerals Inc., Tuesday, May 10, 2022, Press release picture

Map showing trench and channel locations by zones

Lucky Minerals Inc., Tuesday, May 10, 2022, Press release picture

Map showing Wall Zone trenches and location of magnetite lens

Francois Perron, CEO stated, “Field work continues to add information about the alteration systems at Wayka. The upcoming drilling campaign, slated to begin in June, will start to expand this knowledge to depth as we follow up our trenches in the Discovery Zone. Hopefully by understanding the intensity of alteration in all of these structures we will better understand how to direct our exploration efforts towards higher potential areas. The new sample from a magnetite vein located 1 km east of our current trenching efforts adds a new avenue of exploration as this type of mineralization is distinct from what we have encountered thus far.

Wayka – Next Steps

  • Mobilization for drilling campaign (underway)
  • Drilling (June)
  • Trenching (ongoing)
  • Prospecting in other areas to deepen our understanding of overall Wayka area (ongoing).

QA/QC Protocols

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

Samples are submitted to ALS Chemex Labs in Quito for preparation work, and the analytical work is completed at their lab facility in Lima, Peru. ALS Chemex is an ISO certified and accredited laboratory.

ON BEHALF OF THE BOARD

“Francois Perron”
Chief Executive Officer

About Lucky

Lucky is an exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky owns a 100% interest in the Fortuna Property.

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

Covid-19 Safety Protocols

Lucky has strict rules in place for all workers arriving to and from field sites. All personnel are tested upon arriving and leaving and are tested every two weeks. All personnel are following COVID protocols with permanent disinfection procedures in place and are following correspondent social distancing while being isolated from the surrounding communities.

Qualified Person

Victor Jaramillo, M.Sc.A., P.Geo., Lucky’s Exploration Manager and a qualified person in accordance with National Instrument 43-101, is responsible for supervising the exploration

program at the Fortuna Project for Lucky Minerals and has reviewed and approved the technical information contained in this news release.

Further information on Lucky can be found on the Company’s website at www.luckyminerals.com and at www.sedar.com, or by contacting François Perron, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.

Or by contacting:

Renmark Financial Communications Inc.
Kerry Schacter: kschacter@renmarkfinancial.com
Tel: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

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

Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such factors include, but are not limited to: uncertainties related to exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Important factors that could cause actual results to differ materially from the Company’s expectations also include risks detailed from time to time in the filings made by the Company with securities regulators.

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

SOURCE: Lucky Minerals Inc.

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Tocvan Closes Unit Private Placement

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (WKN:TV3/A2PE64), is pleased to announce that it has closed its previously announced non-brokered private placement of units (“Units”) for gross proceeds of $346,200 (the “Offering”). The Offering consisted of the issuance of an aggregate of 432,750 Units at a price of
$0.80 per Unit.  Each Unit consists of one common share (“Common Share”) in the capital of the Company and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $1.40, for a period of 24 months from the closing of the Offering.
In connection with the Offering, the Company paid aggregate cash commissions to arm’s length finders who assisted with the Offering of approximately $27,696 and issued 34,620 finder warrants (“Finder Warrants”). Each Finder Warrant is exercisable at a price of $0.80 per Common Share for a period of 24 months from the closing of the Offering.

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

 

The Offering is subject to all necessary regulatory approvals including acceptance from the CSE. All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The company currently has 32,692,022 Common Shares outstanding.

 

Discussion on Use of Proceeds

The proceeds of the raise will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico.

 

At Pilar, results for four drill holes are pending. A Phase III program was initiated to define the extent of the established Main Zone, while continuing to explore several new prospective trends including 4-T. Advanced metallurgical studies are underway for bulk material across the property and will evaluate the recovery of gold and silver across mineralized oxide zones exposed at surface.

 

At El Picacho, surface exploration mapping and sampling has been ongoing to define future trench and drill targets.

 

Webinar Scheduled for Thursday, May 12th

 

The Company is hosting an investors webinar on Thursday, May 12th at 2:15 PM CST. Please join us as we discuss the Company’s path forward:

Register here: https://meet.zoho.com/VGAMMqyhNZ

 

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

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

 

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

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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

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GCM Mining Files National Instrument 43-101 Technical Report for Its Segovia Operations

GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has filed an updated Prefeasibility Study technical report for its Segovia Operations (the “Technical Report”) pursuant to National Instrument 43101 – Standards of Disclosure for Mineral Projects (“NI 43‐101″). The Technical Report, which supports the disclosure made by the Company in its March 24, 2022 news release and its 2021 Annual MD&A dated March 31, 2022, was prepared by SRK Consulting (U.S.), Inc. and is based on the updated Mineral Reserve and Mineral Resource estimates for the Segovia Operations with an effective date of December 31, 2021.

About GCM Mining Corp.

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

Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2022 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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

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Tocvan Announces Private Placement

Tocvan Ventures Corp. (the “Company”) (CSE:TOC); (OTC:TCVNF); (WKN:TV3/A2PE64), is pleased to announce it will shortly be closing a non-brokered private placement of up to 432,750 units (the “Units”) at CAD $0.80 per Unit for gross proceeds of up to CAD $346,200 (the “Offering”).  Each Unit is comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Company at a price of CAD $1.40 for a period of 24 months from the date the Units are issued, subject to the accelerated expiry provision described in the notes below.

“Recent drill success has put us in a favourable position as we continue to expand and define the extent of the mineralized system at Pilar.”, commented CEO, Brodie Sutherland. “These funds will ensure continued advancement of Pilar along with exploration at El Picacho to define drill targets.”

Use of Proceeds

The proceeds of the raise will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico.

 

At Pilar, results for four drill holes are pending. A Phase III program was initiated to define the extent of the established Main Zone, while continuing to explore several new prospective trends including 4-T. Advanced metallurgical studies are underway for bulk material across the property and will evaluate the recovery of gold and silver across mineralized oxide zones exposed at surface.

 

At El Picacho, surface exploration mapping and sampling has been ongoing to define future trench and drill targets.

 

Notes On the Offering

 

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

 

Closing of the Offering is subject to several conditions, including receipt of all necessary corporate and regulatory approvals, including the Exchange (CSE). All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation in Canada as well as the required legend under applicable U.S. securities legislation. The proceeds from the Offering will be used for general working capital. The Company may pay finders fees and finder warrants to eligible finders.

The Existing Shareholder Exemption and Investment Dealer Exemption

 

The Offering is also made available to existing shareholders of the Company who, as of the close of business on
April 29, 2022, who hold common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in Alberta Securities Commission Rule 45-513 — Prospectus Exemption for Distribution to Existing Security Holders and in similar instruments in other jurisdictions in Canada. The existing shareholder exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the existing shareholder exemption exceeding the maximum amount of the financing, the Company intends to adjust the subscriptions received on a pro rata basis.

 

The Company has also made the Offering available to certain subscribers pursuant to the investment dealer exemption.
In accordance with the requirements of the investment dealer exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.

Any participation by insiders of the Company in the Offering will be on the same terms as arm’s-length investors. Depending on market conditions, the gross proceeds of the Offering could be increased or decreased. The participation of any directors or officers of the Company in the Offering will constitute a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and the policies of the exchange. For any such participation, the Company will be relying upon exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(b) and 5.7(1)(a), respectively, of MI 61-101 on the basis that the Company is not listed on a specified stock exchange and, that at the time the Offering is agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves an interested party (within the meaning of MI 61-101) in the offerings, will exceed 25 per cent of the Company’s market capitalization calculated in accordance with MI 61-101.

About Tocvan Ventures Corp.

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

 

Cautionary Statement Regarding Forward Looking Statements

 

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

 

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

 

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

 

For more information, please contact:

TOCVAN VENTURES CORP.

Brodie A. Sutherland, CEO

820-1130 West Pender St.

Vancouver, BC V6E 4A4

Telephone: 1 888 772 2452

Email: ir@tocvan.ca

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

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GR Silver’s Surface Infill Drilling Delivers Wide, High-grade Results at Plomosas: 24.2 m at 1,094 g/t Ag, including 0.6 m at 7,178 g/t Ag in PLS22-005A

GR Silver Mining Ltd. (“GR Silver Mining” or the “Company”) (TSXV: GRSL) (OTCQB: GRSLF) (FRANKFURT: GPE) – announces wide and high-grade silver (Ag) results from its surface infill drilling program at the Plomosas Project in Sinaloa State, Mexico. These Ag-rich drilling results are part of the Phase I surface infill drilling program initiated in December 2021 at the Plomosas Mine Area, targeting intervals on the upper levels of the historical Plomosas underground mine where unsampled intervals of historical drill holes within the mineralized zone were assigned zero values, and hence affected the grade of model blocks, in the 2021 NI 43-101 mineral resource estimation.

Highlights:

  • Phase 1 drilling has defined wide, high-grade predominantly Ag-rich mineralization in the upper levels (up to 160 m below surface) of the historical Plomosas Mine.
  • High-grade Ag results (Table 1) include:
    • PLS22-05A:      24.2 m at 1,094 g/t Ag (1,180 g/t AgEq1), including
                                0.6 m at 7,178 g/t Ag (7,367 g/t AgEq)
    • PLS22-06:        18.2 m at 289 g/t Ag (297 g/t AgEg), including
                                5.4 m at 690 g/t Ag (701 g/t AgEq)
    • PLS22-04:        13.2 m at 410 g/t Ag (505 g/t AgEq), including
                               2.8 m at 1,323 g/t Ag (1,447 g/t AgEq)
    • PLS21-36:        9.8 m at 541 g/t Ag
    • PLS21-38:        9.6 m at 486 g/t Ag
  • Closely spaced drilling at Plomosas, with line spacing averaging 50 to 100 m, was designed to obtain representative Ag grades to improve the resource block model.
  • High-grade Ag results suggest potential to significantly increase grade in some areas of the resource model, and hence improve the average
  • Ag grades for the Company’s next resource estimation at Plomosas (Figure 1).

____________

1 see Table 1 footnote

GR Silver Mining Chairman and CEO, Eric Zaunscherb commented, “From the time of the release of the Technical Report for the Plomosas Project in October 2021, it was clear that new infill drilling could offer the opportunity to improve the grade of the mineral resource estimate by addressing un-sampled or under-sampled areas in the block model. In addition to the expansion of mineralization to depth and along strike at San Marcial, it is GR Silver’s priority to address the questions about grade at the Plomosas Mine. After-all, historical production at the Plomosas Mine amounted to 2.5 M tonnes averaging 190 g/t Ag, 0.92 g/t Au, 2.0% Zn and 2.4% Pb. It is deeply satisfying to see the ongoing infill drill program demonstrating grades materially higher than interpolated in the resource model, and over attractive widths.”

Plomosas Mine Area – Resource Expansion Program

The infill drilling program at the Plomosas Mine Area commenced in December 2021 and is ongoing. Initially focussing on holes drilled to access unmined areas close to surface, the program is now progressing with a focus on underground infill drilling with three drill rigs.

Surface Infill Drilling

The initial surface infill drilling program was designed to test unmined areas of the Plomosas Mine, located up to 160 m below surface (862 RL to 1025 RL) (see Table 2). The targeted areas are located between old workings and represent sections of the 2021 resource block model where historical drill holes were designated zero grades, resulting in the interpolation of low-grade blocks within the resource model. The infill drilling program has a surgical approach using drill rigs with the capacity to drill NQ and BQ diameter holes in selective and tight underground sites.

The successful surface infill drilling program has potential to support a significant expansion of high-grade Ag mineralization at the Plomosas Mine. A total of nine holes have been completed on surface to date in 2022. Major highlights from the initial six 2022 holes, and four 2021 holes, are summarized in Table 1. These intervals confirm consistent high-grade Ag mineralization in areas of previously unsampled historical drill hole intervals, where a zero Ag grade was applied in the NI 43-101 report issued on October 8, 2021. The results also confirm the presence of predominantly high-grade Ag zones close to the surface in unmined areas (Figure 1).

Additional drilling is anticipated, as part of the current underground infill drilling program. Upon completion of the 2022 drill program, the Company anticipates commencing a resource upgrade for the Plomosas Mine Area.

Underground Infill Drilling

As a result of the Company’s underground mapping and sampling program in the Plomosas Mine over the past six months, the Company is confident that high-grade Ag mineralization can be defined where the NI 43-101 resource block model currently has interpolated low-grade Ag material. The total infill drilling program currently scheduled for 2022 anticipates drilling a total of 7,300 m, between surface and the 775 level, which is 250 m below the surface. The existing underground infrastructure within the Plomosas Mine, including ramps and galleries, provides flexibility and optimization of the program, avoiding additional underground development.

Infill Program – Discussion of Results

The drill holes PLS22-03, PLS22-04, PLS22-05A and PLS22-06 targeted the mapped high-grade Ag mineralization, which was identified on surface, with underground continuity, when validating the current resource model. The Ag resource model displayed low-grade Ag mineralization and was inconsistent with the high-grade mineralization the Company encountered during the mapping process. All four holes indicate the presence of multiple hydrothermal zones with Ag results >1,000 g/t Ag hosted by a wide hydrothermal breccia with consistent mineralization over its length.

PLS22-05A achieved an exceptional Ag-rich interval comprising 24.2 m at 1,094 g/t Ag. Within this interval, results are consistently high-grade, with individual samples up to 7,117 g/t Ag reinforcing the presence of high grades in sections of the current resource model where the Company believes that the interpolated Ag grades are underestimated (Figure 2).

 Table 1:   Plomosas Mine Area – Drill Results

Drill Hole

From (m)

To (m)

Apparent
width (m)

True
width
(m)

Ag g/t

Au
g/t

Pb
%

Zn
%

AgEq*
(g/t)

PLS22-01

na

PLS22-02

147.00

150.0

3.0

2.3

1

0.67

na

0.2

71

PLS22-03

64.6

66.0

1.4

0.9

435

0.01

1.1

5.1

663

94.0

95.2

1.2

0.9

805

na

4.2

5.6

1,140

105.0

112.2

7.2

4.5

257

0.01

0.3

0.4

282

includes

105.0

108.9

3.9

3.2

334

na

0.4

0.5

365

119.4

131.5

12.1

9.0

96

0.11

0.2

0.4

127

includes

120.0

123.7

3.7

2.8

176

0.07

0.3

0.4

206

150.0

157.6

7.6

5.8

20

0.22

0.8

0.8

94

PLS22-04

55.9

69.1

13.2

8.5

410

0.30

1.0

1.0

505

includes

55.9

63.0

7.1

4.6

720

0.34

1.0

1.2

826

includes

56.6

59.4

2.8

1.8

1,323

0.42

1.9

0.8

1,447

PLS22-05

Cancelled, re-drilled as PLS22-05A

PLS22-05A

87.4

118.6

24.2

19.5

1,094

0.05

1.1

1.3

1,180

includes

93.8

96.0

2.2

1.4

2,567

0.01

0.9

1.2

2,640

includes

95.4

96.0

0.6

0.4

7,178

na

2.6

3.0

7,367

99.6

108.6

9.0

6.9

1,521

0.03

1.2

1.6

1,619

118.6

161.0

42.4

30.5

12

0.28

1.0

0.8

97

PLS22-06

94.5

112.7

18.2

16.0

289

0.01

0.1

0.1

297

includes

107.3

112.7

5.4

4.8

690

0.01

0.1

0.2

701

includes

107.3

108.5

1.2

1.1

1,331

0.01

0.2

0.3

1,349

PLS21-36

21.7

28.5

6.8

5.9

87

na

0.1

0.2

98

39.0

55.8

16.8

15.7

238

0.08

0.1

0.1

252

includes

45.1

54.9

9.8

6.6

541

0.18

0.1

0.2

568

95.0

115.5

20.5

16.5

8

0.20

na

0.1

30

PLS21-37

39.0

69.5

30.5

20.5

2

0.20

0.1

0.1

27

PLS21-38

100.5

114.0

13.5

9.5

372

na

0.1

0.1

379

includes

111.0

111.8

0.8

0.5

3,917

na

0.4

0.2

3,936

118.5

124.5

6.0

5.3

50

0.01

na

na

51

PLS21-39

na

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

* AgEq calculations using US$20.00/oz Ag, US$1,600/oz Au, US$0.90/lb Pb and US$1.10/lb Zn, with metallurgical recoveries of Ag – 74%, Au – 86%, Pb – 69% and Zn – 75%. AgEq = ((Ag grade x Ag Price x Ag recovery) + (Au grade x Au price x Au recovery) + (Pb grade x Pb price x Pb recovery) + (Zn grade x Zn price x Zn recovery))/(Ag price x Ag recovery)

Drill holes PLS21-36 and PLS21-37, as well as PLS21-38 (Figure 3) are located adjacent to mined areas where a low density of historic drilling resulted in only low-grade Ag mineralization being allocated to the relevant blocks within the current NI 43-101 model. There is a predominance of Ag and an absence of base metal mineralization (Pb-Zn) in the hydrothermal breccias intersected by these drill holes, as illustrated by PLS21-36 with 9.8 m at 541 g/t Ag.

The drill hole PLS21-39 is located at the northern end of the current resource model and encountered intensive hydrothermal alteration, however cross-cutting faults appear to displace the main Plomosas Breccia at this extremity. Recent surface mapping in an area named Las Cuevas, immediately 1.3 km north of this hole location, has recently identified the presence of mineralization on surface and additional drilling is being considered to better delineate the Ag mineralization beyond the current northern limit of the existing NI 43-101 resource model.

Drill holes PLS22-01 and PLS22-02 are located in the vicinity of a small historical underground development named Plomositas. Preliminary drilling results at Plomositas indicate the presence of gold-bearing structures up to 3.0 m wide and potential displacement of the main Plomosas Breccia, at the northern end of the current resource model, resulting from E-W regional faulting.

Table 2:   Plomosas Mine Area – Surface Infill Drill Hole Details

Drill Hole

East (m)

North (m)

RL (m)

Dip (˚)

Azimuth
(
˚)

Depth (m)

Results
Status

PLS22-01

451620

2552273

926

-90

0

45.0

Received

PLS22-02

451562

2552331

977

-90

0

180.0

Received

PLS22-03

451377

2551811

986

-90

0

180.0

Received

PLS22-04

451457

2551948

974

-90

0

72.0

Received

PLS22-05A

451405

2551933

999

-90

0

190.5

Received

PLS22-06

451432

2551691

1000

-90

0

113.2

Received

PLS21-36

451456

2551949

973

-90

0

115.5

Received

PLS21-37

451483

2552239

924

-80

90

124.5

Received

PLS21-38

451382

2551718

1014

-90

0

124.5

Received

PLS21-39

451487

2552279

946

-85

90

162.0

Received

Note: all holes drilled from surface targeting unmined areas where the Company previously adopted zero values on unsampled areas in the 2021 resource estimation or in areas with insufficient drilling, requiring additional data for geological/mineralization modelling.

CORPORATE UPDATE

GR Silver Mining announces it has received TSX-V approval to the shares for debt transactions previously announced on April 14, 2022, and consequently has issued 136,909 common shares to settle debt of $33,542.87.  All shares issued in conjunction with the debt settlements are subject to a hold period expiring August 26, 2022, in accordance with applicable securities laws and the policies of the TSX-V.

Qualified Person

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

About GR Silver Mining Ltd.

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

GR Silver Mining Ltd.
Eric Zaunscherb
Chairman & CEO

Cautionary Statement Regarding Forward-Looking Information

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

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

SOURCE GR Silver Mining Ltd.

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

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