Posts, updates and videos about silver – updated automatically.
Denarius Metals Announces First Quarter 2023 Results
Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (“Denarius Metals” or “the Company”) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three months ended March 31, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.
Denarius Metals completed a Rights Offering in March 2023 and then followed up in early April with a Private Placement, raising total gross proceeds of CA$15.7 million (equivalent to approximately $11.6 million) that will be used to continue its exploration drilling campaigns, metallurgical testing and other technical work at its flagship Lomero Project in the Iberian Pyrite Belt in Southern Spain, to meet its obligations under the Definitive Agreement related to the Toral Project in Northern Spain and for working capital and general corporate purposes. As at March 31, 2023, the Company’s cash position was $5.8 million. On April 4, 2023, the Company added an additional $5.5 million to its cash position when it closed its Private Placement.
The Company used a total of $3.4 million of its cash in the first quarter of 2023 to continue its investing activities related to its expenditures on its exploration and evaluation assets and related plant and equipment, up from a total of $2.2 million in the first quarter of 2022.
In February 2023, the Company completed the Phase 2 surface validation and in-fill drilling program at its Lomero Project which had commenced in October 2022. Comprised of 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, the Phase 2 drill assays validated the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirmed the presence of higher-grade mineralized zones within the broader resource envelope. For the balance of 2023, activities at the Lomero Project will be focused on completion of a preliminary economic assessment (“PEA”) that will incorporate an updated Mineral Resource Estimate (“MRE”) based on the Phases 1 and 2 drill assays, additional engineering studies to support the future development of the project and execution of the planned 6,000 meters greenfield drilling program aimed at increasing the tonnage of the MRE update.
At the Toral Project, the first rig arrived on site and commenced drilling in March 2023 as part of a 12-month work program agreed to with Europa Metals Ltd. (“Europa”) pursuant to the Company’s arrangement to acquire an initial 51% ownership interest in the project. The current drilling program, which is supported by a second rig that arrived on site and commenced drilling in April, comprises 11 planned drill holes for a total of up to 7,000 meters comprising a combination of confirmatory and in-fill drilling within the Toral Project’s known indicated resource area outlined to date. On May 19, 2023, Europa announced the first assay results from this drilling program which displayed a thick, well mineralized intersection in keeping with the existing holes in the area.
In March 2023, the Company released a maiden Inferred MRE for its Zancudo Project in Colombia of 2.8 million tonnes grading 6.5 g/t gold and 112 g/t silver totaling 0.6 million ounces of gold and 10.0 million ounces of silver. This initial MRE confirms the historically significant high gold-silver grade potential of this project, as it remains open for further expansion in all directions. In addition, mineralization still exists outside the estimated block, but further exploration will be needed to improve the geological confidence to a sufficient level to define Mineral Resources.
The Company is making solid progress advancing the preparatory work at its the Zancudo Project with access road construction, site preparations and permitting all underway. The Company expects to start up mining operations later this year with a local contract miner targeting the existing mine workings and veins of the historic producing Independencia Mine while the Company carries out in-fill drilling to upgrade the current MRE and for mine planning purposes. The Company’s investment to start up operations at the Zancudo Project is initially being funded by the approximately $2.2 million cash payment received from Aris Mining Corporation in February 2023 in connection with the mutual agreement to terminate the license agreement at the Guia Antigua Project in Colombia.
In April 2023, the Company announced it was successful in its work over the last year to receive approval from the Mining Department in Huelva for a three-year extension of the Rubia Permit at its Lomero Project and the granting of an initial three-year permit for the neighboring Palomarejo exploration area, which is on trend and has a similar geological setting as the Company’s Lomero-Poyatos deposit.
The Company reported a net loss for the first quarter of 2023 of $3.1 million ($0.11 per share), including a $1.9 million non-cash loss related to the Company’s termination of the Guia Antigua Project license as noted above, compared with a net loss of $0.8 million (0.04 per share) in the first quarter last year.
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement 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.
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and Mineral Resource estimates. 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 Denarius Metals 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 April 21, 2023 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 Denarius Metals 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:
Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com
Denarius Metals Announces Final Drill Results from Completed Phase 2 In-Fill Drilling at Its Polymetallic Lomero Project in Spain, Including 10.25 Meters Grading 0.27% Copper, 4.79% Lead, 9.82% Zinc, 161 g/t Ag and 6.82 g/t Au
Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (“Denarius Metals” or “the Company”) announced today that it has received the final assays for 42 drill holes, mainly in-fill holes, totaling approximately 13,225 meters, from the Phase 2 surface validation and in-fill drilling program on its polymetallic Lomero Project in southern Spain. To date, Denarius Metals has completed approximately 41,850 meters of drilling in 128 drill holes, including twinning of historical drill holes. The in-fill phase, totaling 23,920 meters and representing 57% of the total drilling program, is now complete. A final 4,000 meters validation drilling campaign, designed to finish verifying the high-grade underground drill holes drilled in the 1980s by Indumetal/Billiton, is in progress. The full drilling results will be incorporated into the geological model and will be integrated in the Mineral Resource Estimate (“MRE”) update to be completed in conjunction with a preliminary economic assessment (“PEA”) in the second half of 2023.
Key takeaways from the exploration work carried out at the Lomero Project to date include:
- Phase 2 validation and in-fill drill holes completed on the central part of the deposit have mostly intersected significant copper mineralization in massive sulphides, showing better grades than the Cu average grade of the current MRE, ranging from 0.6% up to 1.86% over intervals up to 15.70 meters thick;
- Phase 2 in-fill drill holes completed on the eastern part of the deposit have intersected significant zinc and lead mineralization showing much better grades than the Zn and Pb average grades of the current MRE, ranging for Zn from 1.08% up to 11.01% over intervals up to 6.65 meters thick, and for Pb from 1.55% to 5.05% over intervals up to 6.65 meters thick. In-fill drilling has also, confirmed high zinc and gold grades over widths that widen to depth at the westernmost end of the permit. Zinc and lead mineralization is hosted primarily in the massive sulphide domain and, to a lesser extent, in the semi-massive sulphide domain;
- Validation by directional drilling of the underground drilling program completed in the 1980s by Indumetal/Billiton in short < 60 m horizontal holes from underground stations was successful in returning exceptional high grades from the polymetallic mineralization hosted in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% copper, 4.79% lead, 9.82% zinc, 161 g/t Ag and 6.82 g/t Au;
- A PEA-level metallurgical testwork program commenced in April 2023 at Grinding Solution UK’s facilities. The testwork will be completed using two separate composites, one semi-massive sulphide and one massive sulphide, with samples collected from drill cores produced during the Company’s Phase 1 and Phase 2 drill campaigns.
Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “We are encouraged by the Phase 2 drill assays validating the lateral and horizontal continuity of the massive sulphide and semi-massive sulphide mineralized lenses and confirming the presence of higher-grade mineralized zones within the broader resource envelope. In addition, the initial drill assays from the validation drilling program in process are very promising and could potentially increase the grades in the current geological model. For the balance of 2023, activities at the Lomero Project will be focused on completion of the PEA, additional engineering studies to support the future development of the project and execution of the planned greenfield exploration program. The greenfield exploration program comprises 6,000 m of drilling aimed at increasing the tonnage of the MRE update based on Phase 1 and Phase 2 drilling, targeting the Las Merinas and Alianza areas located along two main shear zones discovered in 2022 by field mapping, located to the south and to the north of the shear zone that hosts the Lomero-Poyatos deposit and both of which are E-W trending.”
The Phase 2 surface validation and in-fill drilling program commenced in October 2022 and was completed in February 2023. It was designed to validate some selected historical in-fill holes drilled by Corporacion de Recursos Iberia (CRI) in 2013 within the central sector of the existing mine and then conduct 50×50 m in-fill drilling to confirm the continuity of widths and grades within the massive sulphide and semi-massive sulphide lenses to upgrade the Inferred MRE to the Indicated category. Extension drilling was also carried out in 3 holes totaling 1,815 meters aimed at testing the combined TEM and gravity anomalies that occur down-dip of the main shear-zone hosting the Lomero-Poyatos deposit.
Key Highlights
- Validation and in-fill drill holes completed on the central part of the deposit mostly showed cupriferous mineralization with maximum intersection grades of 1.86% Cu, 21 g/t Ag and 2.85 g/t Au over 6.70 meters (LM22091), 1.23% Cu, 7 g/t Ag and 1.67 g/t Au over 15.70 meters, including 1.65 meter at 1.86% Cu, 15 g/t Ag and 0.61 g/t Au (LM22085), and 1.43% Cu, 16 g/t Ag and 1.34 g/t Au over 6.30 meters (LM22084).
- In-fill drill holes completed on the eastern part of the deposit mostly showed significant zinc and lead mineralization with maximum intersection grades of 6.12% Pb, 11.01% Zn, 95 g/t Ag and 4.01 g/t Au over 2.50 meters (LM22110), 3.43% Pb, 7.54% Zn, 88 g/t Ag and 5.30 g/t Au over 2.30 meters (LM22113), and 3.68% Pb, 3.56% Zn, 127 g/t Ag and 5.62 g/t Au over 1.70 meters (LM22116). Drill hole LM23103 confirms high zinc and gold grades at depth at the westernmost end of the permit, returning 0.32% Cu, 0.95% Pb, 2.04% Zn, 37 g/t Ag and 3.79 g/t Au over 6.65 meters, including 2.15 meters at 0.40% Cu, 1.29% Pb, 2.66% Zn, 52 g/t Ag and 5.09 g/t Au, demonstrating that the deposit remains open to the west.
- Validation by directional drilling of the underground drilling program completed in the 1980’s by Indumetal/Billiton using a series of short < 60 m horizontal holes from underground stations was successful in confirming the high-grade polymetallic mineralization present in the lower part of the historical mine, with drill hole LPDV002 intersecting 10.25 meters grading 0.27% Cu, 4.79% Pb, 9.82% Zn, 161 g/t Ag and 6.82 g/t Au. Polymetallic mineralization is entirely hosted in the massive sulphide domain. Although, the same validation program failed to confirm the unusually wide historical intersections, in consensus with SRK Consulting (U.S.), Inc., the decision was made to continue the program by conventional inclined diamond drilling to speed up drilling, targeting key intersections from the historical program.
- Extension drill hole LM22115, designed to test the combined TEM and gravity anomalies that occur well below the in-fill drilling carried out so far, intersected a wide zone of thin, dense veinlets, hosted by a much wider stockwork interval, showing trace chalcopyrite and coarse pyrite mineralization filling black chlorite-altered schistosity planes, returning low-grade Au mineralization of 16.10 meters at 0.13 g/t Au. This intercept is interpreted to be of a vertically extensive stringer feeder below the massive sulphide and semi-massive sulphide lenses. Drill holes LM22121 and LM22122 didn’t return any significant Au values.
- The ongoing metallurgical test work program is testing two separate composites, one semi-massive and one massive sulphide, aimed at optimizing the base metal floatation on representative composites with the average deposit grade. The test work is expected to be completed by mid- 2023.
The following table lists the key intercepts from the Phase 2 validation and in-fill drilling program since the issuance of the current MRE with an effective date of July 19, 2022:
Hole ID | Phase | From (m) | To (m) | Length (m) | Cu % | Pb % | Zn % | Ag g/t | Au g/t | CuEq % | Min. Type |
LM22081 | Infill | 201.00 | 202.00 | 1.00 | 0.97 | 0.12 | 0.04 | 6 | 2.15 | 2.66 | MS |
LM22082 | Infill | 215.80 | 223.85 | 8.05 | 1.19 | 0.23 | 0.34 | 20 | 1.02 | 2.30 | MS |
LM22083 | Infill | 206.50 | 211.00 | 4.50 | 0.60 | 0.06 | 0.08 | 4 | 0.43 | 1.00 | MS |
LM22084 | Infill | 161.25 | 162.70 | 1.45 | 0.30 | 0.09 | 0.11 | 22 | 3.64 | 3.27 | MS |
“ | 169.00 | 175.30 | 6.30 | 1.43 | 0.44 | 0.47 | 16 | 1.34 | 2.83 | MS | |
LM22085 | Infill | 222.95 | 238.65 | 15.70 | 1.23 | 0.07 | 0.05 | 7 | 1.55 | 2.48 | MS |
“ | 246.45 | 248.10 | 1.65 | 1.86 | 0.15 | 0.17 | 15 | 0.61 | 2.55 | MS | |
LM22086 | Infill | 224.25 | 226.50 | 2.25 | 0.27 | 0.65 | 0.10 | 33 | 3.93 | 3.70 | MS |
“ | 226.50 | 231.50 | 5.00 | mine void fill | |||||||
“ | 240.70 | 243.10 | 2.40 | 0.46 | 0.26 | 0.74 | 10 | 1.02 | 1.59 | MS | |
LM22087 | Infill | 192.90 | 198.10 | 5.20 | 0.62 | 0.50 | 0.24 | 34 | 3.22 | 3.54 | MS |
“ | 198.10 | 201.30 | 3.20 | mine void fill | |||||||
“ | 201.30 | 204.20 | 2.90 | 0.75 | 0.06 | 0.21 | 4 | 0.33 | 1.11 | MS | |
LM22088 | Infill | 214.70 | 216.70 | 2.00 | 1.26 | 0.18 | 0.06 | 22 | 0.84 | 2.17 | MS-SM |
“ | 222.10 | 228.30 | 6.20 | 0.71 | 0.41 | 0.40 | 15 | 1.68 | 2.32 | SM-MS | |
“ | 228.30 | 234.80 | 6.50 | mine void | |||||||
LM22089 | Infill | 255.55 | 274.50 | 18.95 | 0.50 | 0.42 | 0.78 | 20 | 2.38 | 2.79 | MS-SH |
including | 259.25 | 265.75 | 6.50 | 0.67 | 1.13 | 2.06 | 48 | 5.03 | 5.75 | MS | |
LM22089 | 283.70 | 287.50 | 3.80 | 0.51 | 0.32 | 0.65 | 9 | 0.53 | 1.45 | MS | |
LM22090 | Infill | 201.30 | 203.30 | 2.00 | 0.44 | 0.05 | 0.04 | 13 | 0.94 | 1.29 | MS |
“ | 209.00 | 211.50 | 2.50 | 0.28 | 0.82 | 0.59 | 102 | 3.81 | 4.52 | MS | |
“ | 211.50 | 213.80 | 2.30 | mine void | |||||||
LM22091 | Infill | 236.10 | 249.10 | 13.00 | 1.20 | 0.07 | 0.06 | 12 | 1.61 | 2.55 | MS |
including | 236.10 | 242.80 | 6.70 | 1.86 | 0.10 | 0.03 | 21 | 2.85 | 4.22 | MS | |
LM22093 | Infill | 270.90 | 282.70 | 11.80 | 0.43 | 0.54 | 0.40 | 22 | 2.24 | 2.58 | MS-SM |
including | 270.90 | 276.65 | 5.75 | 0.65 | 0.85 | 0.27 | 36 | 3.80 | 4.12 | MS-SM | |
LM22095 | Infill | 279.15 | 289.30 | 10.15 | 0.64 | 0.47 | 0.97 | 29 | 3.34 | 3.80 | MS-SH |
LM22096 | Infill | 274.40 | 281.80 | 7.40 | 0.56 | 0.63 | 2.06 | 31 | 3.59 | 4.28 | MS-SM |
LM22097 | Infill | 222.60 | 225.85 | 3.25 | 0.15 | 0.88 | 1.63 | 25 | 0.54 | 1.49 | SM |
LM22098 | Infill | 34.75 | 36.60 | 1.85 | 0.67 | 0.21 | 0.17 | 14 | 1.12 | 1.74 | SH |
LM22099 | Infill | 205.90 | 207.40 | 1.50 | mine void | ||||||
“ | 207.40 | 209.30 | 1.90 | 0.48 | 0.33 | 0.75 | 14 | 2.41 | 2.72 | MS | |
LM22100* | Infill | 75.30 | 78.30 | 3.00 | 0.12 | 0.18 | 0.23 | 9 | 1.24 | 1.03 | SM-LH |
“ | 78.30 | 81.20 | 2.90 | mine void | |||||||
LM22103 | Infill | 249.55 | 256.20 | 6.65 | 0.32 | 0.95 | 2.04 | 37 | 3.79 | 4.32 | MS |
including | 249.55 | 251.70 | 2.15 | 0.40 | 1.29 | 2.66 | 52 | 5.09 | 5.77 | MS | |
LM22104 | Infill | 309.20 | 310.80 | 1.60 | 0.05 | 0.36 | 0.57 | 13 | 0.84 | 1.06 | STKW |
LM22105 | Infill | 343.70 | 345.70 | 2.00 | 0.63 | 0.23 | 0.64 | 9 | 0.56 | 1.38 | MS |
LM22109 | Infill | 162.15 | 168.80 | 6.65 | 1.55 | 1.55 | 1.08 | 49 | 2.83 | 4.84 | MS |
LM22110 | Infill | 158.80 | 159.60 | 0.80 | 0.61 | 5.05 | 10.15 | 104 | 2.72 | 7.83 | SH |
“ | Infill | 166.30 | 168.80 | 2.50 | 0.26 | 6.12 | 11.01 | 95 | 4.01 | 8.86 | MS |
LM22112 | Infill | 173.10 | 175.00 | 1.90 | 0.23 | 0.50 | 2.01 | 14 | 2.41 | 2.84 | MS-DISS |
LM22113 | Infill | 108.90 | 111.20 | 2.30 | 0.28 | 3.43 | 7.54 | 88 | 5.30 | 8.10 | MS |
LM22116 | Infill | 62.10 | 66.20 | 4.10 | 0.16 | 1.62 | 1.54 | 59 | 3.04 | 3.86 | SH-MS |
including | 64.50 | 66.20 | 1.70 | 0.29 | 3.68 | 3.56 | 127 | 5.62 | 7.69 | MS | |
LM22119 | Infill | 263.00 | 264.00 | 1.00 | 0.56 | 0.15 | 0.84 | 12 | 0.73 | 1.50 | SM |
LM22120 | Infill | 221.45 | 225.90 | 4.45 | 0.30 | 1.20 | 1.69 | 58 | 5.58 | 5.80 | MS |
“ | 238.30 | 240.30 | 2.00 | 0.14 | 2.26 | 3.63 | 18 | 0.15 | 2.03 | STKW | |
LPDV002 | Validation | 276.30 | 286.55 | 10.25 | 0.27 | 4.79 | 9.82 | 161 | 6.82 | 10.96 | MS |
including | 277.30 | 281.90 | 4.60 | 0.32 | 4.61 | 9.25 | 176 | 9.66 | 13.04 | MS |
Notes:
(1) The holes were drilled at -45 to -80 degrees from the horizontal. Grades are for semi-massive sulphide to massive sulfide intersections and some stockwork and shear zones. Sample interval grades over CuEq >1% are reported. The width is the sample length and is not necessarily the true width of the intersection. All base and precious metal grades are uncut and are not diluted to a minimum mining width.
(2) The following holes returned intervals grading <1% CuEq and so are not listed in the table: LM22092, LM22094, LM22101, LM22102, LM22106, LM22107; LM22108, LM22111, LM22114, LM22115, LM22117, LM22118, LM22121 and LPDV003.
(3) Equivalent copper grade (CuEq%) was calculated using prices of US$1,800/oz gold, US$25/oz silver, US$3.55/lb copper, US$1.00/lb zinc and US$0.90/lb lead. No adjustments were made for recovery as the project is at an exploration stage and metallurgical data to allow for estimation of recoveries is not yet available.
(4) MS: massive sulfides; SM: semi-massive sulfides; STKW: stockwork; DISS: disseminated; SH: shear-zone.
(5) LM22100 partial reassays by ALS are pending (see QAQC below).
Please refer to the attached illustrative images (Attachments 1 to 7) showing (i) the location of drill holes, (ii) the location of the best copper, lead and zinc drill holes and (iii) five cross sections for drill holes LM22084, LM22088, LM22120, LPDV002, LM22115.
Qualified Persons Review
Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Quality Assurance and Quality Control
The Lomero-Poyatos samples were prepared by ALS Labs (ISO/IEC 17025:2017 and ISO 9001:2015) at their facilities in Seville, Spain and assayed in Clonmel, Ireland. Gold was assayed by 30 g fire assay with AAS finish, while silver and base metals were analyzed in a multi element analysis of base metal ores and mill products by strong oxidizing digestion and ICP-AES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
As part of its Quality Assurance and Quality Control procedures, Denarius Metals sent 331 pulps and coarse rejects at the end of Phase 2 of drilling to ALS Labs for umpire analysis to check the results from the primary laboratory, AGQ. The results from ALS showed excellent correlation for all elements for Phase 1 drilling. However, certain deviations were observed for the Phase 2 drilling results, in particular for gold fire assay and lead. Following a thorough review of internal laboratory QA/QC procedures, and confirmation assays received from a third laboratory, SGS in Huelva, Spain, the Company decided to send 100% of sample pulps from the massive and semi massive sulphide zones, plus 50% of the stockwork zones, from the Phase 2 drilling to ALS for check assays. In addition, 20% of massive sulphide samples, 10% of semi-massive sulphide samples, and 5% of stockwork samples from Phase 1 of drilling were sent to ALS for check assays. A total of 514 samples were sent to ALS for check assays.
The check assays received from ALS confirmed that Phase 1 results, as reported by the Company, are reliable. However, the check assays confirmed that there is a bias in the Phase 2 assays of the primary laboratory for gold and lead. Therefore, the AGQ results for Phase 2 were discarded and it was decided only to use results from ALS for Phase 2 drilling. The remainder of the Phase 2 stockwork zone samples are currently being reassayed by ALS for completeness. This affects one significant intersection in hole LM22100 which is reported in the table above as pending reassay results. However, given the low-grade nature of the stockwork mineralization, it is not anticipated the results will demonstrate any material differences. In addition, ALS has been designated as the primary laboratory for all future assays.
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement 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.
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results and Mineral Resource estimates. 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 Denarius Metals 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 April 21, 2023 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 Denarius Metals 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:
Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com
Attachment 1 – Location of drill holes reported in this press release (numbered holes).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_001full.jpg
Attachment 2 – Location of drill holes showing Cu and Pb/Zn enrichment of the deposit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_002full.jpg
Attachment 3 – Cross section for drill holes LM22084 and LM22088 showing significant Cu mineralization.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_003full.jpg
Attachment 4 – Cross section for drill holes LPDV002 and LM22120 showing high Pb/Zn grades associated to high Au grades.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_004full.jpg
Attachment 5 – Cross section for drill hole LM22103 showing high Zn and Au grades at westernmost end of the permit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_005full.jpg
Attachment 6 – Cross section for drill hole LPDV002 validating Indumetal/Billiton drill hole L5W2 exceptional high grades.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9396/167847_ee516ed5e4f18b10_006full.jpg
Attachment 7 – Geophysical cross section for drill hole LM22115 showing TEM conductivity (bottom) and gravity profile (top). Hole LM22115 tested a thick zone of conductivity which is interpreted to be a stockwork feeder zone.
Cartier Silver Files NI 43-101 Technical Report by Micon for the Los Chorrillos (Gonalbert-Felizidad) Silver Project, Tupiza, Potosi Department, Southern Bolivia
Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that the Company has filed on SEDAR an independent technical report (“Technical Report”) by Micon International Limited (“Micon”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“). This Technical Report, authored by Mr. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM, of Micon, supports Cartier Silver’s planned exploration program at the Los Chorrillos (Gonalbert-Felizidad) Silver Project (“Los Chorrillos” or the “Project”), in the Potosí Department, southern Bolivia by Minera Cartier Bolivia S.R.L., Cartier Silver’s Bolivian subsidiary. The Technical Report will also be posted on the Company’s website, www.cartiersilvercorp.com.
In the Technical Report, Micon concludes: “In summary, the following factors qualify Los Chorrillos as a property of merit warranting detailed investigations to unravel its full potential:
- Favourable geological/metallogenic setting.
- Clear visual evidence of mineralization at surface and shallow underground workings offering opportunities for both open pit and underground exploitation.
- Presence of a current flourishing producing artisanal mine, which although small, could get better/bigger with detailed exploration and capital injection.”
Micon further noted: “The above resource/reserve potential attributes are enhanced by the following infrastructural advantages:
- Proximity to established power grids, domestic paved roads, and rail transportation routes.
- Easy access to Northern Chilean seaports (Somarco and Portezuelo).
- Road and rail access to 3 Bolivian smelters – Vinto, OMSA and Karachipampa.
Overall, Micon is of the opinion that detailed exploration/investigation of the Los Chorrillos will likely yield positive results towards establishing a much larger viable mining venture.”
A two-phase exploration program is recommended in the Technical Report. Phase I includes targeted exploration, geoscientific studies (Induced Polarization and Magnetometry) and limited sampling and is estimated at CDN$400,000. The Phase II exploration program, which is contingent on the successful completion of Phase 1, includes 5,000m of diamond drilling and is estimated to cost CDN$2,000,000. Micon concludes that the budget under consideration is reasonable and justified and recommends that Cartier Silver conduct the planned activities.
Tom Larsen, Cartier Silver’s CEO, commented: “The Company is very pleased with Micon’s efforts in completing the Los Chorrillos NI 43-101 Report. The Technical Report clearly defines Cartier Silver’s next steps to advance this project, in order to unlock its potential unrealized value. We are already proceeding forward with Phase I exploration on this highly prospective property.”
Qualified Person
Dr. Bill Pearson, P.Geo., a Qualified Person as defined under National Instrument 43-101 (NI 43-101), has reviewed and approved the scientific and technical content of this press release. Mr. Charley Murahwi, P.Geo., Pr. Sci. Nat., FAusIMM, of Micon International Limited, a Qualified Person as defined under NI 43-101, is the author of the Technical Report on the Los Chorrillos Gonalbert-Felizidad) Silver Project.
About Cartier Silver Corporation
Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.
For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com
For further information please contact:
Thomas G. Larsen Chief Executive Officer (800) 360-8006 (416) 360-8006 | Jorge Estepa Vice-President (800) 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”.
PDF available: http://ml.globenewswire.com/Resource/Download/fa46fe19-98dc-4145-b9ad-c2bd5bc16ff4
Cartier Files Early Warning Report in Respect of Earthwise Minerals Corp.
Cartier Resources Inc. (TSX.V: ECR) (“Cartier” or the “Corporation”) announces that it has filed an early warning report in respect of its holdings in Earthwise Minerals Corp. (“Earthwise”). The requirement to file this report was triggered by the receipt, on May 4, 2023, of 1,600,000 common shares of Earthwise (the “Consideration Shares”) issued to Cartier under the terms of an option agreement dated April 22, 2021, as amended, between Earthwise and Cartier (the “Option Agreement”). The Consideration Shares were issued at a deemed price of $0.08 per share in satisfaction of the scheduled share issuance required to be made by Earthwise under the terms of the Option Agreement (the “Share Issuance Payment”) and will be subject to a contractual release period, as follows: (a) July 22, 2023: 25%; (b) October 22, 2023: 25%; (c) January 22, 2024: 25%; and (d) April 22, 2024: 25%.
Immediately prior to the Share Issuance Payment, Cartier beneficially owned, and had control and direction over, 140,000 common shares of Earthwise, representing approximately 1.48% of the issued and outstanding common shares of Earthwise on a non-diluted basis. Immediately after the Share Issuance Payment, Cartier beneficially owns 1,740,000 common shares of Earthwise, representing approximately 15.74% of the issued and outstanding common shares of Earthwise on a non-diluted basis.
The Consideration Shares have been acquired by Cartier for investment purposes. Cartier has no current intention of increasing its ownership of, or control or direction over, additional securities of Earthwise. Cartier may, from time to time, increase or decrease its ownership of the Consideration Shares or other securities of Earthwise depending on market and other conditions.
This press release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated May 5, 2023. The early warning report has been filed on the System for Electronic Document Analysis and Review (“SEDAR“) at www.sedar.com under Earthwise’s issuer profile. To obtain a copy of the early warning report filed by Cartier, please contact Philippe Cloutier at (819) 856-0512 or refer to SEDAR (www.sedar.com) under Earthwise’s issuer profile.
For more information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
Clean Air Metals Announces the New SLR Mineral Resource Estimate for the Thunder Bay North Critical Metals Project with an Indicated Resource of 14.0 million tonnes containing 1.2 million ounces of 2PGE (Pt+Pd) 57,500 tonnes of Cu and 34,300 tonnes of Ni
Clean Air Metals Inc. (“Clean Air Metals” or the “Company“) (TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) is pleased to announce that further to its disclosure of February 15, 2023, the Company has completed an updated Indicated and Inferred Mineral Resource estimate disclosed in accordance with National Instrument 43-101 (“NI 43-101″) for the Company’s 100%-owned Thunder Bay North Critical Metals Project (the “Project“).
The New Mineral Resource Estimate was prepared by SLR Consulting Ltd. (“SLR”) and is based on an underground constrained resource model using a Net Smelter Return (NSR) cut-off value of US$48/tonne and consensus metal pricing (Table 3). An NI 43-101 technical report will be filed on SEDAR within 45 days of the date of this news release.
The Current Deposit contains an Indicated Mineral Resource of 8.2 million tonnes grading 2.7 g/t 2PGE (“Pt + Pd”), 0.33% copper and 0.22% nickel and an Inferred Mineral Resource of 1.6 million tonnes grading 1.7 g/tonne 2PGE, 0.32% copper, 0.20% nickel (See Table 1; Figure 1).
The Escape Deposit contains an Indicated Mineral Resource of 5.8 million tonnes grading 2.6 g/t 2PGE, 0.52% copper, 0.28% nickel and an Inferred Mineral Resource of 0.6 million tonnes grading 1.5 g/tonne 2PGE, 0.29% copper, 0.17% nickel (See Table 1; Figure 1).
Thunder Bay North Critical Mineral Project Highlights
- Contained metal Indicated mineral resource at the Current Deposit is 717,000 oz 2PGE, 27,000 tonnes copper, 17,700 tonnes nickel.
- Contained metal Indicated mineral resource at the Escape Deposit is 492,000 oz 2PGE, 30,400 tonnes copper, 16,500 tonnes nickel.
- The underground Mineral Resources at the Current and Escape Deposits will now be the focus of a renewed economic study which will include specific work completed on mining run rate, optimal sequencing of the two adjacent deposits, geotechnical analysis by Carlisle Mine Geotech and updated metallurgical recoveries.
- Bench scale metallurgical testing and recovery estimates are being completed to a pre-feasibility standard by DRA Americas and will be reported in due course.
- Rhodium and cobalt are not considered payables but are potentially valuable by-product credits in the metals mix at Thunder Bay North Project.
- The Current and Escape Deposits exhibit a roughly 1:1 platinum to palladium ratio and comparable geological attributes and metal grades.
Table 1: Thunder Bay North Project – Grade Summary | |||||||||
CLASS | Density | Tonnes | Pt | Pd | Au | Ag | Cu | Ni | 2PGE8 |
Deposit | t/m³ | ktonnes | g/t | g/t | g/t | g/t | % | % | g/t |
Current | |||||||||
Indicated | 2.94 | 8,223 | 1.4 | 1.31 | 0.09 | 1.98 | 0.33 | 0.22 | 2.7 |
Inferred | 2.95 | 1,641 | 0.87 | 0.79 | 0.07 | 1.91 | 0.32 | 0.2 | 1.7 |
Escape | |||||||||
Indicated | 3.11 | 5,810 | 1.17 | 1.46 | 0.11 | 3.32 | 0.52 | 0.28 | 2.6 |
Inferred | 3.01 | 631 | 0.67 | 0.80 | 0.06 | 1.67 | 0.29 | 0.17 | 1.5 |
Total | |||||||||
Indicated | 14,033 | 1.31 | 1.37 | 0.10 | 2.53 | 0.41 | 0.25 | 2.7 | |
Inferred | 2,272 | 0.81 | 0.79 | 0.07 | 1.84 | 0.31 | 0.19 | 1.6 |
Table 2: Thunder Bay North Project – Contained Metal | |||||||||
CLASS | Density | Tonnes | Pt | Pd | Au | Ag | Cu | Ni | 2PGE8 |
Deposit | t/m³ | ktonnes | koz | koz | koz | koz | ktonnes | ktonnes | koz |
Current Deposit | |||||||||
Indicated | 2.94 | 8,223 | 370.9 | 346.4 | 23.5 | 522.9 | 27.0 | 17.7 | 717.3 |
Inferred | 2.95 | 1,641 | 45.8 | 41.9 | 3.7 | 100.9 | 5.3 | 3.2 | 87.7 |
Escape Deposit | |||||||||
Indicated | 3.11 | 5,810 | 218.8 | 273.3 | 20.8 | 620.0 | 30.4 | 16.5 | 492.1 |
Inferred | 3.01 | 631 | 13.5 | 16.2 | 1.2 | 34.0 | 1.8 | 1.1 | 29.7 |
Total | |||||||||
Indicated | 14,033 | 589.7 | 619.7 | 44.3 | 1,142.9 | 57.5 | 34.3 | 1,209.4 | |
Inferred | 2,272 | 59.4 | 58.0 | 4.8 | 134.8 | 7.1 | 4.3 | 117.4 |
Table 1 and Table 2 Notes: | |||
1. | CIM (2014) definitions were followed for Mineral Resources. | ||
2. | The Mineral Resources have been reported within underground reporting shapes generated using Deswik Stope Optimizer (DSO) using an NSR cut-off value of US$48/tonne. | ||
3. | Material below lakes and within 20 m of the bottom of the overburden has been excluded from the Mineral Resource statement. | ||
4. | The NSR used for reporting is based on the following: | ||
a. | Long term metal prices of US$1,500/oz Pd, US$1,450/oz Pt, US$1,800/oz Au, US$24/oz Ag, US$4.25/lb Cu, US$10/lb Ni. | ||
b. | Net metallurgical recoveries of 86% Pd, 82% Pt, 50% Au, 40% Ag, 83% Cu, and 46% Ni. | ||
5. | Bulk densities were interpolated into blocks and averages range between 2.94 t/m3 and 3.11 t/m3. | ||
6. | Numbers may not add up due to rounding. | ||
7. | Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. | ||
8. | 2PGE = Pt + Pd |
Figure 1. Drill-indicated oblique view of the Current and Escape deposits as defined by wireframes of mineralized zones
Triple Flag Precious Metals
The Company is pleased to report that Triple Flag Precious Metals Corp. has now forwarded the Tranche 2 payment of C$5 million pursuant to the royalty facility of the Thunder Bay North Project, previously reported (Press release December 19, 2022).
Abraham Drost, CEO stated: “The new combined Mineral Resource Estimate (“MRE”) for the Escape and Current deposits comprising the Thunder Bay North Critical Metals Project is now complete. Work will continue to determine viability of a potentially bulk mineable, ramp accessible underground constrained mineral resource. Run rates, production sequencing and preliminary economics of the new MRE are presently being scoped internally in preparation to continue technical studies. The Inferred mineralization suggests that the Current and Escape deposits are open and that the underexplored remainder of the two host magma conduits have the potential to add additional mineral resources.
The Thunder Bay North Critical Metals Project is a potential domestic North American source of platinum, palladium, copper and nickel. Federal and provincial governments have placed a strong focus on bolstering the domestic critical mineral supply chain in North America. We are very pleased that Triple Flag Precious Metals has completed Tranche 2 of a previously announced royalty financing to facilitate potential development, together with our Indigenous partners, of a sustainable critical metals mining project at Thunder Bay North.”
2023 Exploration Update
A total of 73,990 m in 171 holes were drilled by the Company from 2020-2023 for a total drilling database of 105,086 m in 266 holes which support the new Mineral Resource Estimate at the Escape Deposit.
Similarly, a total of 17,172 m in 78 holes were drilled by the Company from 2020-2023 for a total drilling database of 179,630 m in 818 holes drilled variously in 2006 – 2015 and 2020 -2023 which support the new Mineral Resource Estimate at the Current Deposit.
Mineral Resource Estimate
Block models for the Current and Escape Deposits were created by SLR using Seequent’s Leapfrog Geo and Edge using drilling and assays results as of April, 2023. Wireframes for the ultramafic chonolith were generated based on logged lithologies and chromium assays. Higher grade mineralization wireframes were generated at a 1.0 g/t Pt + Pd cut-off grade with lower grades included to maintain continuity. Assays were composited to 2 m lengths and were used for block estimation on an uncapped basis. Pt, Pd, Au, Ag, Cu, Ni and density were interpolated using Ordinary Kriging (OK) into blocks measuring 5.0 m by 5.0 m by 2.5 m. Inverse Distance Squared (ID2) and Nearest Neighbour estimates were run for validation purposes. Blocks were classified following CIM Definitions (2014) as Indicated and Inferred using drill hole spacing based criterion. Indicated Mineral Resources were based on a nominal drill hole spacing of 50 m. Mineral Resources have been reported within underground reporting shapes based on an NSR cut-off value of US$48/tonne. A crown pillar exclusion of 20 m from the bottom of the overburden below lakes and the underground reporting shapes used during reporting ensure that the Mineral Resources meet the minimum requirements for Reasonable Prospects of Eventual Economic Extraction (RPEEE).
NSR and Mineral Resources Cut-off Value
NSR values have been estimated for an operating scenario that includes production of a split copper sulphide concentrate and a nickel-rich residual sulphide concentrate, each containing payable platinum and palladium, for both the Escape and Current deposits.
Metal prices are based on consensus, long term forecasts from banks, financial institutions, and other sources. The metal prices and other input parameters used in development of a unit NSR value for each block is provided in Table 3.
Table 3: NSR Parameters | |||||||
Commodity | Units | Metal | Net | Refining Cost | Transport Cost/wmt | Treatment Cost/dmt | Royalty |
Palladium | per oz | $1,500 | 86 % | $15.00 | US$100/US$100 | US$67.33/US$150 | 3.50 % |
Platinum | per oz | $1,450 | 82 % | $15.00 | |||
Silver | per oz | $24.00 | 40 % | $0.45 | |||
Gold | per oz | $1,800 | 50 % | $4.50 | |||
Copper | per lbs | $4.25 | 83 % | $0.07 | |||
Nickel | per lbs | $10 | 46 % | $0.00 |
For the purpose of Mineral Resource reporting, underground constraining shapes were developed using the Deswik Stope Optimizer (DSO) based on an NSR cut-off value of US$48/tonne. The cut-off parameters, based on previous study work, are provided in Table 4:
Table 4: Cut-off Parameters | ||
Parameter | Unit | Value |
Mining (Underground) | US$/t milled | $26.92 |
Processing | US$/t milled | $15.38 |
G&A | US$/t milled | $5.38 |
Total Unit Operating Cost | US$/t milled | $47.69 |
Previous Disclosure
In its press release of February 15th 2023, the Company disclosed that initial work on an updated mineral resource estimate indicated the potential for a material reduction in the total metals content of the Current deposit in the range of 20-50%. The Company confirms that on a comparative basis, under the new Mineral Resource Estimate, the Current Deposit is approximately 33% lower in Indicated Pt + Pd Contained Metal and 21% lower in Indicated Cu Contained Metal. Management has begun the process of evaluating the potential options and viability for development of the Thunder Bay North project based on the new mineral resource.
Qualified Persons
The Mineral Resource estimate was prepared by, Sean Horan, P.Geo. (Ontario) and Tudorel Ciuculescu, P.Geo. (Ontario), of SLR Consulting Ltd., independent “Qualified Persons” under National Instrument 43-101- Standards of Disclosure for Mineral Projects. Verification included a site visit to inspect drilling, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition, a random selection of the drill hole database results was compared with original records.
Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the twin magma conduit bodies which host the Current and Escape deposits forming the basis for the mineral resource estimate reported herein.
Executive Chair Jim Gallagher, P.Eng. and COO Mike Garbutt, P.Eng. lead an experienced technical team studying the economics of a sustainable mining operation at Thunder Bay North. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders
Social Engagement
Clean Air Metals Inc. and its wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay North Critical Metals Project is on the traditional territories of the Fort William First Nation, Red Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants in a Memorandum of Agreement dated January 9, 2021 (press release January 11, 2021) and Exploration Agreement signed April 13, 2022 (press release April 14, 2022).
The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations and Métis peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation.
Investor Relations
The Company is pleased to announce the engagement of Harbor Access in the capacity of investor relations service provider effective immediately. Harbor Access is a full-service and strategic investor relations advisory firm with offices in Stamford, Connecticut and Toronto, Ontario, Canada. Under the terms of the agreement, Harbor Access will be paid a retainer of US$8,500/month. Harbor Access has no interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
ON BEHALF OF THE BOARD OF DIRECTORS
“Abraham Drost”
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the potential of the Thunder Bay North Critical Metals Project and the Escape and Current deposits and timing of technical studies and mineral resource estimates. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company’s prospects, properties and business detailed elsewhere in the Company’s disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company’s expectation or projection.
SOURCE Clean Air Metals Inc.
For further information: Abraham Drost, Chief Executive Officer of Clean Air Metals Inc., Phone: 807-252-7800, Email: adrost@cleanairmetals.ca, Web: www.cleanairmetals.ca
Cartier Cuts Two New Zones at Chimo Mine Project
Highlights of press release (FIGURE 1):
- New 5BW Gold Zone (‘’West Chimo Mine’’ Sector):
- 16.8 g/t Au / 1.0 m, 6.0 g/t Au / 1.0 m and 1.2 g/t Au / 16.0 m
- New 6N1W Mineralized Zone (‘’West Chimo Mine’’ Sector):
- 13.2 g/t Au / 0.5 m and 6.0 g/t Au / 1.0 m within 42.0 m grading 0.9 g/t Au
- New intersections increasing the dimension of gold zones of ‘’East Chimo Mine’’ Sector:
- 13.0 g/t Au / 1.0 m, 9.7 g/t Au / 1.0 m included in 6.5 g/t Au / 2.0 m
- Two drills are currently operating on the property
Reminder of the highlights of project:
- Recent positive Preliminary Economic Assessment* (FIGURE 2):
- Post-Tax NPV5% of CAD$388M and 20.8% IRR
- Long term gold price of US$1,750/oz, Exchange rate of CAD $1.00 = US $0.77
- Payback period of 2.9 years and mine life of 9.7 years
- Capex of CAD$341M, average all-in sustaining cost of US$755/oz
- Average annual production of 116,900 oz at a milled average of 4.6 g/t Au
- Recent Mineral Resource Estimate** (FIGURE 3):
- 720,000 ounces of gold in the indicated resource category
- 1,633,000 ounces of gold in the inferred resource category
* NI43-101 Preliminary Economic Assessment for Chimo Mine Project, Québec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Eric Hinton, P.Eng. of A-Z Mining Professionals, Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions, April13nd, 2023.
** NI 43-101 Mineral Resources Estimate for Chimo Mine and West Nordeau Gold Deposits, Québec, Canada, Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc. and Marc R. Beauvais, P.Eng., InnovExplo Inc., August 22nd, 2022.
VAL-D’OR, Quebec, May 04, 2023 (GLOBE NEWSWIRE) — Cartier Resources Inc. (TSX-V: ECR) (“Cartier”) announce drill hole results from the program that is in progress at the Chimo Mine Project, where a recent (“PEA”) demonstrated its economic viability. The Chimo Mine property, which is 100% owned by Cartier, is located 45 km east of the Val-d’Or mining camp.
“The new results show the discovery potential of the ‘West Chimo Mine’ sector which has seen very little drilling to date; as well as the remainder of the property where gold-bearing zones remain to be further drilled in order to increase their dimensions with a view to fully optimize the resource growth potential of the project,” commented Philippe Cloutier, President and CEO.
“West Chimo Mine” Sector (FIGURE 1):
- The New 5BW Gold Zone, that is comprised of values such as 16.8 g/t Au /1.0 m, 6.0 g/t Au / 1.0 m and 1.2 g/t Au / 16.0 m (PHOTO 1), is situated at 100 m west of Chimo mine drifts between depths of 75 m and 350 m (Table 1). Two holes were drilled between depths of 150 m and 350 m, which assays are pending, in order to explore the vertical extension.
- The New 6N1W Mineralized Zone, is comprised of values such as 13.2 g/t Au / 0.5 m and 6.0 g/t Au / 1.0 m included in 3.3 g/t Au / 5.0 m; all of which are included in a wider interval of 42.0 m grading 0.9 g/t Au (PHOTO 2). This new zone is situated only 50 m west of Chimo mine drifts between depths of 450 m and 600 m. These drill hole results add to the historical results presented in table 2 below. One drill hole is currently in progress in order to explore the vertical extension of the zone between depths of 600 m and 835 m.
The geometry of the Chimo Mine Gold System should show a certain symmetry either side of the main mineralized sector of the project currently known as the “Chimo Mine” Sector. These first drill results, already suggest the development of a good discovery potential in the “West Chimo Mine” Sector, which is situated proximal to the Chimo mine infrastructures and which have been little explored to date.
“East Chimo Mine” Sector (FIGURE 1):
- New drill hole intersections that increase the dimension of the gold-bearing zones of the “East Chimo Mine” Sector (Table 1):
3E1 Gold Zone: 13.0 g/t Au / 1.0 m situated at a depth of 800 m
5BE Gold Zone: 9.7 g/t Au / 1.0 m included in 6.5 g/t Au / 2.0 m situated at a depth of 650 m
Table 1: Detailed information of new results:
Drill Hole | Coordinates UTM (°) | Azimut (°) /Plunge (°) | From (m) | To (m) | Au (g/t) | Length (m) | Gold Zone | Gold Structure |
‘’West Chimo Mine’’ Sector – New 5BW Gold Zone | ||||||||
CH23-76 | 331426/5320136/340 | 220/-55 | 87.0 | 103.0 | 1.2 | 16.0 | 5BW | 5B |
CH23-81 | 331426/5320140/340 | 212/-71 | 145.0 | 146.0 | 6.0 | 1.0 | ||
and | 169.0 | 170.0 | 16.8 | 1.0 | ||||
‘’West Chimo Mine’’ Sector – New 6N1W Mineralized Zone | ||||||||
CH19-61A | 331629/5320071/58 | 189/-71 | 599.0 | 641.0 | 0.9 | 42.0* | 6N1W | 6N1 |
including | 600.0 | 605.0 | 3.3 | 5.0* | ||||
including | 604.0 | 605.0 | 6.0 | 1.0* | ||||
including | 640.5 | 641.0 | 13.2 | 0.5* | ||||
‘’East Chimo Mine’’ Sector – Increase of dimension of gold-bearing zones | ||||||||
CH22-58B | 332568/5320290/-228 | 203/-59 | 903.0 | 904.0 | 13.0 | 1.0 | 3E1 | 3 |
CH22-62W | 332668/5319956/51 | 205/-74 | 695.0 | 697.0 | 6.5 | 2.0 | 5BE | 5B |
including | 696.0 | 697.0 | 9.7 | 1.0 |
The lengths of the mineralized intersections are expressed as lengths measured along the drill core.
The estimated true thickness of the mineralized intersections represents approximately 65 to 85% of the measured length.
* The estimated true thickness of this mineralized intersection represents approximately 45% of the measured length.
Table 2: Detailed information of historical results:
Drill Hole | Coordinates UTM (°) | Azimut (°) /Plunge (°) | From (m) | To (m) | Au (g/t) | Length (m) | Gold Zone | Gold Structure |
CH19-61 | 331645/5320154/343 | 220/-55 | 472.5 | 492.5 | 1.0 | 20.0 | 6N1W | 6N1 |
Including | 472.5 | 477.0 | 2.6 | 4.5 | ||||
Including | 473.5 | 474.0 | 14.4 | 0.5 |
The lengths of the mineralized intersections are expressed as lengths measured along the drill core.
The estimated true thickness of the mineralized intersections represents approximately 65 to 85% of the measured length.
With these results, the Chimo Mine Project, currently being drilled over a length of 3.7 km by 1.6 km depth (FIGURE 1), now consists of 30 gold-bearing zones that are situated within 19 gold-bearing structures.
About Cartier Resources Inc.
Cartier Resources Inc. was founded in 2006 and is an advanced gold project exploration company based in Val-d’Or. The company’s projects are all located in Quebec, which has consistently ranked as one of the world’s best mining jurisdictions. Cartier is advancing the development of its flagship Chimo Mine Project. The Company has a strong cash position exceeding $4.5 M and a significant corporate and institutional endorsement, including Agnico Eagle Mines, O3 Mining and Quebec investment funds.
Qualified Persons
The scientific and technical information on the Company and the Chimo Mine Project in this news release was prepared and reviewed by Mr. Gaétan Lavallière, P. Geo., Ph. D, Cartier’s Vice- President, and Mr. Ronan Déroff, P. Geo, M. Sc., Cartier’s Senior Geologist, Project Manager and Geomatician, both qualified persons as defined in NI 43-101. Mr. Lavallière approved the information contained in this press release.
Quality Assurance / Quality Control
Cartier inserts in the batches of samples sent to the laboratory, 5% of the number of samples in the form of certified standards and another 5% in the form of sterile samples to ensure quality control. The samples are analyzed at the Techni-Lab laboratory (Actlabs), located in Ste-Germaine-Boulé, Quebec, Canada. Samples of 3 to 5 kg are crushed by the laboratory up to 90% passing a mesh of 10 mesh (2.00 mm) then 500 g of sample is pulverized up to 90% passing a mesh of 200 mesh (0.07mm). The 50 g pulps are analyzed by fire assay and are read by atomic absorption. Samples with results ≥ 1.0 g/t and < 10.0 g/t are re-assayed by fire assay and read by atomic absorption. Results greater than or equal to 10.0 g/t Au are analyzed by fire assay with gravimetric reading. For samples containing visible gold, 500 g of rock are analyzed by the “Metallic Sieve” method.
For more information, contact: Philippe Cloutier, P. Geo. President and CEO Telephone: 819-856-0512 philippe.cloutier@ressourcescartier.com www.ressourcescartier.com |
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d233def3-ce9c-4f65-96a2-e02661133381
Eloro Resources’ drill hole DSB-47 intersects 114g Ag eq/t (9.90g Ag/t, 0.12 g Au/t, 0.96% Zn, and 0.68% Pb) over 320.97m in the Santa Barbara High-Grade Zone, at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from the last eight (8) diamond drill holes from the definition drill program at Santa Barbara in the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Two (2) of these drill holes (DSB-45 and DSB-47) filled in gaps in previous drilling of the High-Grade Zone. The remaining six (6) holes (DSB-44. DSB-48, DSB-49, DSB-50, DSB-51 and DSB-52) tested the potential south-southeastern extension of the High-Grade Zone at Santa Barbara.
As previously reported in Eloro’s press release dated November 27, 2022, the Company completed 84,495m of drilling in 122 holes to complete the definition drill program in the Santa Barbara target area, as shown in Figure 1. Tables 1 and 2 list significant assay results for the reported drill holes. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release to maintain consistency with Ag equivalent calculations in previous releases.
Tom Larsen, CEO of Eloro, said: “These latest results, which complete the Santa Barbara definition diamond drill program, have significantly expanded the potential open pittable resource across the valley of the Iska Iska Caldera. Micon International Limited (”Micon”) will be updating the deposit’s inaugural mineral resource model to incorporate these new results. Our geological technical team led by Dr. Bill Pearson, P.Geo. and Dr. Osvaldo Arce, P.Geo., is working closely with Micon to ensure all required information is completed. As recently reported (see Eloro’s press release dated April 4, 2023) additional metallurgical testing is being carried out under the direction of Mike Hallewell, C.Eng., Eloro’s Senior Strategic Metallurgist.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration commented: “Drilling is advancing in the Casiterita area as previously outlined to test for the potential tin porphyry (see Eloro’s February 14, 2023 press release). To date, a total of 3,302 metres of diamond drilling has been completed in 9 holes, including two in progress. Assay results from these holes are pending. We have also completed additional surface induced polarization/resistivity (“IP/Res”) surveys on the western side of Santa Barbara. Bore hole IP/Res (“BHIP”) surveys continue to be carried out on drill holes as holes are completed. Regional geological, prospecting and sampling, along with ground magnetic surveys, are being carried out on Eloro’s large land package in the Iska Iska area (see Eloro press release dated November 22, 2022).”
Santa Barbara Definition Drilling
Hole DSB-47 was drilled to test the area immediately southwest of the Santa Barbara Breccia Pipe (“SBBP”) (Figure 1) and returned a 321m long intersection with a number of higher-grade intervals as follows:
- 114g Ag eq/t (9.90g Ag/t, 0.12 g Au/t, 0.96% Zn, and 0.68% Pb) over 320.97m from 59.40m to 380.37m, including higher-grade portions of:
- 232.30 g Ag eq/t (29.86g Ag/t, 0.22 g Au/t, 0.63% Zn, 2.18% Pb, 0.30% Cu and 0.10% Sn) over 32.02m from 60.90m to 92.92m
- 147.06 g Ag eq/t (5.41g Ag/t, 1.90% Zn and 0.90% Pb) over 10.66m from 133.89m to 144.55m
- 184.83 g Ag eq/t (36.83g Ag/t, 1.81% Zn and 1.13% Pb) over 23.82m from 170.30m to 194.12m
- 243.09 g Ag eq/t (4.48g Ag/t, 0.95 g Au/t, 2.02% Zn and 0.81% Pb) over 13.68m from 218.45m to 232.13m and
- 249.06g Ag eq/t (18.48g Ag/t, 0.10 g Au/t, 2.34% Zn, 1.74% Pb and 0.11% Sn) over 24.30m from 285.25m to 309.55m
Six (6) holes (DSB-44. DSB-48, DSB-49, DSB-50, DSB-51 and DSB-52) tested the potential south-southeastern extension of the High-Grade Zone at Santa Barbara. All these holes, which were drilled at an azimuth of 2250 with a dip of -600, tested and confirmed an additional 300m of potential strike length to the south-southeast. Collectively, these holes intersected many significant intersections within altered and mineralized dacite porphyry, dacite and dacitic breccia.
The most significant holes are the most southernmost three, DSB-50, DSB-51 and DSB-52, which each returned well mineralized intersections over 100m in core length as follows:
- 86.67g Ag eq/t (13.57g Ag/t, 0.99% Zn and 0.41% Pb) over 105.42m including 193.50 g Ag eq/t (15.34g Ag/t, 3.22% Zn and 0.17% Pb) over 10.57m (DSB-50)
- 103.03g Ag eq/t (5.18g Ag/t, 1.72% Zn and 0.21% Pb) over 143.06m including 175.06 g Ag eq/t (9.39g Ag/t, 2.96% Zn and 0.35% Pb) over 49.87m (DSB-51)
- 123.28g Ag eq/t (7.46g Ag/t, 0.14 g Au/t, 1.85% Zn and 0.26% Pb) over 119.77m including 306.28 g Ag eq/t (18.03g Ag/t, 0.45g Au/t, 4.55% Zn and 0.47% Pb) over 28.79m (DSB-52)
Drill holes in the south-southeastern extension of the Santa Barbara Deposit are notably Zn-rich returning some of the highest Zn values intersected thus far. These three holes expand the strike extent of the Santa Barbara High-Grade Zone to more than 1,100m significantly expanding the potential open pittable resource. The High-Grade zone is now 800m across and is open along strike to the south-southeast.
In addition to the results cited above, all six holes drilled in the southeasternmost part of the target area returned numerous additional reportable intersections which are listed in detail in Table 2.
Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.
Table 1: Significant Results, Fill-in Surface Diamond Drilling Santa Barbara Deposit as at April 12, 2023.
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-47 | 14.12 | 20.13 | 6.01 | 3.00 | 0.18 | 0.02 | 0.42 | 0.07 | 0.01 | 0.001 | 0.001 | 45.31 |
35.10 | 38.13 | 3.03 | 5.02 | 0.16 | 0.06 | 0.77 | 0.02 | 0.04 | 0.001 | 0.001 | 63.85 | |
59.40 | 380.37 | 320.97 | 9.90 | 0.12 | 0.96 | 0.68 | 0.06 | 0.04 | 0.007 | 0.006 | 114.00 | |
Incl. | 60.90 | 92.92 | 32.02 | 29.86 | 0.22 | 0.63 | 2.18 | 0.30 | 0.10 | 0.037 | 0.008 | 232.30 |
Incl. | 133.89 | 144.55 | 10.66 | 5.41 | 0.02 | 1.90 | 0.90 | 0.02 | 0.04 | 0.002 | 0.008 | 147.06 |
Incl. | 170.30 | 194.12 | 23.82 | 36.83 | 0.02 | 1.81 | 1.13 | 0.02 | 0.04 | 0.007 | 0.009 | 184.83 |
Incl. | 218.45 | 232.13 | 13.68 | 4.48 | 0.95 | 2.02 | 0.81 | 0.03 | 0.05 | 0.012 | 0.021 | 243.09 |
Incl. | 285.25 | 309.55 | 24.30 | 18.48 | 0.10 | 2.34 | 1.74 | 0.03 | 0.11 | 0.012 | 0.011 | 249.06 |
407.54 | 443.53 | 35.99 | 60.46 | 0.04 | 0.17 | 0.04 | 0.03 | 0.06 | 0.016 | 0.001 | 102.52 | |
449.57 | 502.90 | 53.33 | 19.32 | 0.03 | 0.12 | 0.02 | 0.02 | 0.05 | 0.004 | 0.001 | 48.36 | |
523.78 | 544.27 | 20.49 | 46.60 | 0.33 | 0.18 | 0.03 | 0.05 | 0.06 | 0.038 | 0.001 | 122.11 | |
552.01 | 553.45 | 1.44 | 49.00 | 0.11 | 0.08 | 0.02 | 0.04 | 0.04 | 0.025 | 0.001 | 89.83 | |
558.01 | 565.49 | 7.48 | 5.57 | 0.03 | 0.11 | 0.02 | 0.02 | 0.05 | 0.010 | 0.001 | 40.35 | |
570.00 | 571.54 | 1.54 | 22.00 | 0.03 | 0.03 | 0.01 | 0.04 | 0.06 | 0.010 | 0.001 | 56.27 | |
577.49 | 579.02 | 1.53 | 65.00 | 0.53 | 0.08 | 0.14 | 0.07 | 0.15 | 0.136 | 0.001 | 217.80 | |
589.56 | 595.70 | 6.14 | 16.63 | 0.12 | 0.04 | 0.03 | 0.02 | 0.05 | 0.029 | 0.001 | 57.26 | |
602.08 | 603.62 | 1.54 | 1.00 | 0.01 | 0.05 | 0.02 | 0.00 | 0.13 | 0.001 | 0.001 | 56.14 | |
606.71 | 609.71 | 3.00 | 5.47 | 0.18 | 0.03 | 0.03 | 0.02 | 0.04 | 0.034 | 0.001 | 48.22 | |
612.72 | 615.73 | 3.01 | 0.75 | 0.01 | 0.02 | 0.01 | 0.01 | 0.11 | 0.001 | 0.001 | 45.72 | |
618.73 | 620.27 | 1.54 | 0.50 | 0.01 | 0.02 | 0.01 | 0.01 | 0.12 | 0.001 | 0.001 | 50.24 | |
626.26 | 627.77 | 1.51 | 2.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.11 | 0.001 | 0.001 | 48.49 | |
639.90 | 641.45 | 1.55 | 1.00 | 0.01 | 0.60 | 0.01 | 0.00 | 0.04 | 0.001 | 0.002 | 46.31 | |
654.89 | 656.38 | 1.49 | 7.00 | 0.16 | 0.12 | 0.01 | 0.06 | 0.08 | 0.009 | 0.001 | 66.86 | |
669.92 | 671.43 | 1.51 | 1.00 | 0.03 | 0.07 | 0.01 | 0.01 | 0.11 | 0.001 | 0.001 | 52.02 | |
701.66 | 704.66 | 3.00 | 5.93 | 0.11 | 0.26 | 0.03 | 0.03 | 0.29 | 0.005 | 0.001 | 145.91 | |
719.59 | 721.09 | 1.50 | 3.00 | 0.16 | 0.21 | 0.03 | 0.07 | 0.09 | 0.036 | 0.001 | 77.56 | |
773.78 | 778.30 | 4.52 | 1.33 | 0.13 | 0.06 | 0.05 | 0.00 | 0.08 | 0.047 | 0.001 | 60.85 | |
839.96 | 841.43 | 1.47 | 16.00 | 0.09 | 0.04 | 0.02 | 0.08 | 0.08 | 0.007 | 0.001 | 68.49 | |
853.45 | 859.50 | 6.05 | 6.95 | 0.19 | 0.19 | 0.02 | 0.04 | 0.02 | 0.012 | 0.001 | 47.65 | |
872.88 | 874.40 | 1.52 | 6.00 | 0.03 | 0.02 | 0.00 | 0.32 | 0.04 | 0.021 | 0.001 | 65.14 | |
888.02 | 892.58 | 4.56 | 5.97 | 0.22 | 0.16 | 0.02 | 0.09 | 0.02 | 0.022 | 0.001 | 58.69 | |
934.63 | 936.15 | 1.52 | 1.00 | 0.27 | 0.00 | 0.00 | 0.02 | 0.01 | 0.092 | 0.001 | 50.88 | |
966.19 | 967.73 | 1.54 | 1.00 | 0.65 | 0.01 | 0.00 | 0.01 | 0.01 | 0.002 | 0.001 | 64.93 | |
973.69 | 982.69 | 9.00 | 1.74 | 0.29 | 0.01 | 0.00 | 0.08 | 0.01 | 0.050 | 0.001 | 53.07 | |
Table 1 (con’t) –
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-45 | 14.40 | 15.75 | 1.35 | 14.00 | 0.04 | 0.00 | 0.38 | 0.01 | 0.13 | 0.011 | 0.001 | 82.58 |
57.15 | 58.65 | 1.50 | 27.00 | 0.03 | 0.00 | 0.29 | 0.01 | 0.02 | 0.014 | 0.001 | 49.73 | |
69.30 | 84.57 | 15.27 | 11.72 | 0.01 | 0.00 | 0.22 | 0.01 | 0.05 | 0.003 | 0.001 | 40.33 | |
92.45 | 95.63 | 3.18 | 20.09 | 0.05 | 0.01 | 0.60 | 0.03 | 0.21 | 0.036 | 0.001 | 135.39 | |
104.68 | 124.58 | 19.90 | 24.67 | 0.06 | 0.00 | 0.21 | 0.02 | 0.03 | 0.001 | 0.001 | 48.28 | |
139.70 | 157.37 | 17.67 | 21.74 | 0.10 | 0.01 | 0.33 | 0.01 | 0.01 | 0.001 | 0.001 | 46.54 | |
161.89 | 164.98 | 3.09 | 8.49 | 0.28 | 0.00 | 0.42 | 0.01 | 0.00 | 0.001 | 0.001 | 49.54 | |
172.53 | 177.26 | 4.73 | 31.95 | 0.18 | 0.01 | 0.17 | 0.01 | 0.03 | 0.066 | 0.001 | 80.33 | |
197.00 | 206.45 | 9.45 | 18.86 | 0.04 | 0.00 | 0.04 | 0.01 | 0.05 | 0.001 | 0.001 | 43.57 | |
230.67 | 239.67 | 9.00 | 2.12 | 0.02 | 0.51 | 0.06 | 0.01 | 0.02 | 0.001 | 0.004 | 40.74 | |
280.28 | 305.84 | 25.56 | 10.17 | 0.07 | 0.02 | 0.03 | 0.08 | 0.09 | 0.008 | 0.001 | 64.68 | |
Incl. | 298.27 | 302.82 | 4.55 | 21.75 | 0.20 | 0.03 | 0.03 | 0.27 | 0.27 | 0.037 | 0.001 | 186.19 |
316.46 | 339.21 | 22.75 | 30.04 | 0.01 | 0.01 | 0.01 | 0.05 | 0.06 | 0.010 | 0.001 | 62.73 | |
354.21 | 360.31 | 6.10 | 6.76 | 0.04 | 0.05 | 0.02 | 0.12 | 0.19 | 0.001 | 0.001 | 103.32 | |
413.20 | 417.70 | 4.50 | 21.33 | 0.03 | 0.03 | 0.00 | 0.06 | 0.09 | 0.005 | 0.001 | 67.39 | |
443.40 | 444.91 | 1.51 | 2.00 | 0.01 | 0.31 | 0.03 | 0.06 | 0.05 | 0.001 | 0.001 | 47.17 | |
450.90 | 455.40 | 4.50 | 10.86 | 0.03 | 0.01 | 0.01 | 0.01 | 0.13 | 0.007 | 0.001 | 69.23 | |
464.42 | 465.97 | 1.55 | 5.00 | 0.02 | 0.02 | 0.01 | 0.06 | 0.10 | 0.008 | 0.001 | 56.18 | |
506.84 | 509.86 | 3.02 | 15.00 | 0.39 | 0.20 | 0.05 | 0.29 | 0.27 | 0.003 | 0.001 | 201.22 | |
517.45 | 519.01 | 1.56 | 7.00 | 0.39 | 0.11 | 0.04 | 0.01 | 0.02 | 0.003 | 0.001 | 56.84 | |
526.47 | 531.00 | 4.53 | 7.00 | 0.17 | 0.19 | 0.05 | 0.01 | 0.03 | 0.003 | 0.001 | 47.20 | |
578.10 | 592.40 | 14.30 | 15.88 | 0.11 | 0.21 | 0.02 | 0.14 | 0.13 | 0.031 | 0.002 | 107.89 | |
Incl. | 584.05 | 589.35 | 5.30 | 19.23 | 0.08 | 0.33 | 0.02 | 0.32 | 0.30 | 0.013 | 0.002 | 198.35 |
608.89 | 622.54 | 13.65 | 4.83 | 0.09 | 0.14 | 0.01 | 0.06 | 0.04 | 0.010 | 0.001 | 43.15 | |
672.53 | 674.06 | 1.53 | 11.00 | 0.13 | 0.88 | 0.04 | 0.03 | 0.03 | 0.003 | 0.005 | 82.53 | |
686.18 | 687.65 | 1.47 | 15.00 | 0.13 | 0.03 | 0.08 | 0.09 | 0.10 | 0.007 | 0.001 | 80.58 | |
693.70 | 695.20 | 1.50 | 0.50 | 0.66 | 0.03 | 0.02 | 0.04 | 0.00 | 0.001 | 0.001 | 67.92 | |
716.50 | 724.05 | 7.55 | 4.78 | 1.10 | 0.24 | 0.02 | 0.04 | 0.04 | 0.169 | 0.001 | 171.18 | |
790.55 | 799.68 | 9.13 | 7.14 | 0.06 | 0.01 | 0.01 | 0.14 | 0.12 | 0.079 | 0.001 | 90.87 | |
805.78 | 807.25 | 1.47 | 5.00 | 3.40 | 0.36 | 0.01 | 0.01 | 0.01 | 0.151 | 0.001 | 366.52 | |
817.74 | 819.26 | 1.52 | 1.00 | 1.95 | 0.04 | 0.00 | 0.02 | 0.03 | 0.091 | 0.001 | 210.52 | |
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows: (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):
Element | Price $US (per kg) | Ratio to Ag | |
Ag | $607.00 | 1.0000 | |
Sn | $23.55 | 0.0589 | |
Zn | $2.98 | 0.0046 | |
Pb | $1.92 | 0.0032 | |
Au | $54,932.80 | 79.7221 | |
Cu | $7.00 | 0.0134 | |
Bi | $12.76 | 0.0177 | |
Cd | $5.50 | 0.0076 |
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Research to establish levels of recovery for each element reported. The preliminary phase of Ag, Zn and Pb testwork is complete but additional development and optimization will be required. Metallurgical testing is in progress to establish Sn recovery. Future geo-metallurgical programs will also include studies to understand the deportment of other potential metals such as gold, copper, bismuth and indium. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Significant Results, Definition Surface Diamond Drilling South-Southeastern Extension Santa Barbara Deposit as at April 11, 2023.
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-44 | 30.72 | 32.20 | 1.48 | 0.50 | 0.51 | 0.02 | 0.02 | 0.01 | 0.01 | 0.001 | 0.001 | 54.61 |
74.27 | 77.22 | 2.95 | 3.10 | 0.01 | 1.11 | 0.15 | 0.01 | 0.02 | 0.001 | 0.002 | 70.58 | |
116.55 | 118.02 | 1.47 | 3.00 | 0.01 | 1.24 | 0.17 | 0.01 | 0.01 | 0.001 | 0.004 | 75.40 | |
122.53 | 125.54 | 3.01 | 6.01 | 0.01 | 1.82 | 0.22 | 0.04 | 0.01 | 0.001 | 0.006 | 114.11 | |
136.08 | 137.57 | 1.49 | 7.00 | 0.02 | 1.77 | 0.48 | 0.01 | 0.00 | 0.001 | 0.005 | 113.23 | |
216.26 | 241.83 | 25.57 | 5.95 | 0.03 | 1.42 | 0.24 | 0.02 | 0.01 | 0.002 | 0.005 | 92.71 | |
256.90 | 264.36 | 7.46 | 0.89 | 0.03 | 1.99 | 0.43 | 0.01 | 0.01 | 0.001 | 0.006 | 119.73 | |
271.92 | 276.43 | 4.51 | 1.51 | 0.06 | 0.47 | 0.08 | 0.07 | 0.01 | 0.011 | 0.002 | 45.10 | |
291.52 | 300.53 | 9.01 | 5.67 | 0.04 | 1.13 | 0.27 | 0.02 | 0.01 | 0.001 | 0.004 | 78.77 | |
332.08 | 336.60 | 4.52 | 3.99 | 0.01 | 0.59 | 0.27 | 0.01 | 0.01 | 0.001 | 0.003 | 46.16 | |
347.09 | 389.20 | 42.11 | 5.85 | 0.17 | 1.10 | 0.26 | 0.02 | 0.01 | 0.005 | 0.005 | 90.53 | |
Incl. | 380.25 | 389.20 | 8.95 | 10.59 | 0.56 | 1.67 | 0.62 | 0.03 | 0.01 | 0.020 | 0.007 | 175.29 |
416.30 | 425.40 | 9.10 | 5.16 | 0.02 | 0.96 | 0.12 | 0.01 | 0.01 | 0.001 | 0.004 | 63.12 | |
436.06 | 472.20 | 36.14 | 7.01 | 0.03 | 1.22 | 0.14 | 0.01 | 0.01 | 0.001 | 0.007 | 80.71 | |
Incl. | 439.06 | 445.15 | 6.09 | 12.07 | 0.11 | 2.75 | 0.27 | 0.01 | 0.01 | 0.001 | 0.018 | 171.92 |
Incl. | 464.62 | 469.13 | 4.51 | 7.53 | 0.01 | 1.45 | 0.24 | 0.02 | 0.03 | 0.001 | 0.004 | 102.66 |
478.46 | 487.40 | 8.94 | 8.98 | 0.08 | 0.99 | 0.16 | 0.01 | 0.01 | 0.001 | 0.005 | 76.33 | |
499.49 | 525.13 | 25.64 | 11.41 | 0.03 | 1.04 | 0.29 | 0.01 | 0.03 | 0.001 | 0.004 | 87.00 | |
Incl. | 499.49 | 508.52 | 9.03 | 22.37 | 0.06 | 1.71 | 0.60 | 0.02 | 0.03 | 0.001 | 0.009 | 144.05 |
534.16 | 544.69 | 10.53 | 5.45 | 0.02 | 0.56 | 0.10 | 0.01 | 0.02 | 0.001 | 0.002 | 48.25 | |
547.80 | 567.30 | 19.50 | 6.54 | 0.12 | 0.72 | 0.07 | 0.02 | 0.04 | 0.001 | 0.003 | 72.23 | |
574.84 | 576.34 | 1.50 | 18.00 | 0.22 | 2.49 | 0.42 | 0.03 | 0.07 | 0.001 | 0.010 | 204.13 | |
583.86 | 586.82 | 2.96 | 6.52 | 0.01 | 1.21 | 0.12 | 0.01 | 0.03 | 0.001 | 0.004 | 83.80 | |
598.90 | 603.39 | 4.49 | 24.73 | 0.25 | 0.51 | 0.18 | 0.03 | 0.09 | 0.001 | 0.001 | 117.24 | |
619.93 | 630.64 | 10.71 | 12.39 | 0.12 | 0.88 | 0.03 | 0.02 | 0.03 | 0.004 | 0.001 | 80.09 | |
634.94 | 636.44 | 1.50 | 11.00 | 0.09 | 0.30 | 0.03 | 0.02 | 0.04 | 0.001 | 0.001 | 52.06 | |
706.11 | 709.22 | 3.11 | 4.68 | 0.09 | 1.57 | 0.04 | 0.02 | 0.05 | 0.001 | 0.006 | 114.27 | |
730.20 | 736.28 | 6.08 | 4.51 | 0.08 | 0.21 | 0.00 | 0.03 | 0.06 | 0.001 | 0.001 | 49.75 | |
748.30 | 769.47 | 21.17 | 7.34 | 0.04 | 0.52 | 0.02 | 0.01 | 0.03 | 0.001 | 0.002 | 50.23 | |
787.70 | 833.13 | 45.43 | 10.17 | 0.14 | 0.36 | 0.13 | 0.01 | 0.10 | 0.001 | 0.002 | 83.94 | |
Incl. | 824.04 | 830.07 | 6.03 | 26.60 | 0.09 | 0.53 | 0.23 | 0.01 | 0.22 | 0.001 | 0.003 | 155.60 |
869.40 | 870.90 | 1.50 | 47.00 | 0.03 | 0.08 | 0.03 | 0.16 | 0.16 | 0.023 | 0.001 | 140.96 | |
931.33 | 932.83 | 1.50 | 2.00 | 1.57 | 0.02 | 0.01 | 0.01 | 0.00 | 0.001 | 0.001 | 147.71 | |
944.92 | 946.46 | 1.54 | 3.00 | 0.40 | 0.33 | 0.00 | 0.02 | 0.01 | 0.001 | 0.002 | 59.87 | |
Table 2 (con’t) –
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-48 | 0.00 | 1.59 | 1.59 | 3.50 | 0.01 | 0.01 | 0.02 | 0.00 | 0.12 | 0.001 | 0.001 | 52.48 |
76.14 | 79.13 | 2.99 | 36.17 | 0.32 | 0.09 | 0.81 | 1.10 | 0.01 | 0.127 | 0.003 | 251.50 | |
132.07 | 133.54 | 1.47 | 1.10 | 0.50 | 0.55 | 0.07 | 0.18 | 0.00 | 0.005 | 0.001 | 98.73 | |
151.55 | 154.57 | 3.02 | 1.05 | 0.05 | 1.14 | 0.05 | 0.03 | 0.00 | 0.001 | 0.003 | 68.53 | |
210.44 | 217.93 | 7.49 | 7.88 | 0.11 | 2.38 | 0.22 | 0.21 | 0.00 | 0.001 | 0.012 | 168.86 | |
287.40 | 306.97 | 19.57 | 18.21 | 0.07 | 1.15 | 0.19 | 0.19 | 0.00 | 0.020 | 0.004 | 114.11 | |
342.90 | 345.90 | 3.00 | 8.30 | 0.05 | 1.47 | 0.21 | 0.06 | 0.00 | 0.001 | 0.005 | 99.52 | |
386.60 | 443.60 | 57.00 | 10.62 | 0.59 | 0.88 | 0.14 | 0.19 | 0.00 | 0.026 | 0.005 | 141.41 | |
Incl. | 415.04 | 425.66 | 10.62 | 27.98 | 1.54 | 1.82 | 0.32 | 0.57 | 0.01 | 0.066 | 0.010 | 348.43 |
Incl. | 437.58 | 443.60 | 6.02 | 33.43 | 2.40 | 2.07 | 0.40 | 0.43 | 0.01 | 0.112 | 0.012 | 442.47 |
452.63 | 454.14 | 1.51 | 4.40 | 0.35 | 1.05 | 0.11 | 0.03 | 0.00 | 0.002 | 0.005 | 96.55 | |
457.22 | 458.71 | 1.49 | 8.20 | 0.46 | 1.57 | 0.22 | 0.15 | 0.00 | 0.004 | 0.007 | 153.17 | |
479.83 | 481.33 | 1.50 | 5.60 | 0.33 | 1.06 | 0.12 | 0.04 | 0.01 | 0.004 | 0.005 | 101.35 | |
506.93 | 508.48 | 1.55 | 15.10 | 0.55 | 2.42 | 0.12 | 0.53 | 0.01 | 0.003 | 0.015 | 252.37 | |
515.99 | 522.05 | 6.06 | 9.43 | 0.24 | 2.52 | 0.17 | 0.15 | 0.01 | 0.002 | 0.014 | 181.04 | |
537.10 | 543.18 | 6.08 | 8.01 | 0.17 | 1.87 | 0.23 | 0.26 | 0.01 | 0.001 | 0.013 | 158.64 | |
586.64 | 588.15 | 1.51 | 6.40 | 0.10 | 1.46 | 0.22 | 0.02 | 0.01 | 0.001 | 0.008 | 100.15 | |
627.50 | 628.97 | 1.47 | 3.60 | 0.52 | 0.44 | 0.04 | 0.01 | 0.00 | 0.025 | 0.001 | 81.27 | |
642.38 | 643.95 | 1.57 | 15.20 | 0.01 | 1.65 | 0.34 | 0.01 | 0.01 | 0.001 | 0.008 | 114.00 | |
693.78 | 695.33 | 1.55 | 6.10 | 0.01 | 0.91 | 0.06 | 0.00 | 0.00 | 0.001 | 0.004 | 55.62 | |
705.88 | 708.90 | 3.02 | 5.28 | 0.01 | 0.93 | 0.11 | 0.00 | 0.01 | 0.001 | 0.004 | 58.81 | |
730.00 | 731.53 | 1.53 | 6.60 | 0.02 | 0.96 | 0.04 | 0.00 | 0.01 | 0.001 | 0.005 | 59.97 | |
745.12 | 746.68 | 1.56 | 5.50 | 0.01 | 1.21 | 0.05 | 0.01 | 0.04 | 0.001 | 0.007 | 84.11 | |
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-49 | 3.08 | 74.40 | 71.32 | 6.94 | 0.04 | 0.09 | 0.21 | 0.01 | 0.05 | 0.002 | 0.001 | 43.87 |
99.68 | 106.67 | 6.99 | 5.27 | 0.01 | 0.52 | 0.84 | 0.02 | 0.00 | 0.001 | 0.052 | 65.29 | |
143.83 | 151.60 | 7.77 | 17.41 | 0.01 | 1.34 | 0.43 | 0.01 | 0.00 | 0.001 | 0.004 | 100.11 | |
162.20 | 163.74 | 1.54 | 4.00 | 0.01 | 0.70 | 0.13 | 0.00 | 0.01 | 0.001 | 0.001 | 45.97 | |
174.48 | 175.99 | 1.51 | 4.00 | 0.01 | 1.23 | 0.10 | 0.00 | 0.00 | 0.001 | 0.004 | 69.90 | |
200.34 | 201.86 | 1.52 | 0.50 | 0.88 | 0.23 | 0.01 | 0.00 | 0.00 | 0.007 | 0.001 | 94.27 | |
253.30 | 263.93 | 10.63 | 21.02 | 0.03 | 1.23 | 0.49 | 0.02 | 0.00 | 0.025 | 0.005 | 109.66 | |
285.32 | 291.28 | 5.96 | 10.90 | 0.06 | 0.54 | 0.10 | 0.01 | 0.00 | 0.023 | 0.002 | 54.11 | |
313.95 | 338.13 | 24.18 | 6.21 | 0.02 | 0.43 | 0.15 | 0.01 | 0.01 | 0.003 | 0.002 | 37.62 | |
348.76 | 419.28 | 70.52 | 15.57 | 0.22 | 1.28 | 0.22 | 0.01 | 0.01 | 0.113 | 0.005 | 134.92 | |
Incl. | 353.33 | 363.92 | 10.59 | 32.75 | 0.10 | 1.88 | 0.26 | 0.02 | 0.05 | 0.040 | 0.008 | 171.67 |
Incl. | 382.22 | 393.11 | 10.89 | 2.61 | 0.67 | 0.15 | 0.04 | 0.00 | 0.00 | 0.410 | 0.001 | 159.09 |
Incl. | 402.24 | 414.78 | 12.54 | 31.80 | 0.05 | 4.16 | 0.78 | 0.03 | 0.01 | 0.045 | 0.018 | 281.40 |
449.50 | 450.94 | 1.44 | 3.00 | 0.01 | 0.85 | 0.12 | 0.01 | 0.01 | 0.001 | 0.003 | 54.87 | |
465.96 | 469.07 | 3.11 | 71.05 | 0.17 | 1.68 | 0.86 | 0.02 | 0.01 | 0.117 | 0.004 | 228.13 | |
497.83 | 502.27 | 4.44 | 3.64 | 0.02 | 0.81 | 0.13 | 0.01 | 0.01 | 0.003 | 0.002 | 55.57 | |
570.16 | 571.62 | 1.46 | 3.00 | 0.01 | 0.72 | 0.24 | 0.00 | 0.00 | 0.001 | 0.001 | 47.62 | |
595.75 | 664.63 | 68.88 | 10.26 | 0.04 | 1.07 | 0.30 | 0.01 | 0.01 | 0.003 | 0.005 | 81.61 | |
Incl. | 622.87 | 628.85 | 5.98 | 20.43 | 0.17 | 2.39 | 0.37 | 0.01 | 0.01 | 0.006 | 0.010 | 172.19 |
669.26 | 670.67 | 1.41 | 3.00 | 0.04 | 0.89 | 0.18 | 0.01 | 0.01 | 0.004 | 0.003 | 61.62 | |
684.31 | 695.53 | 11.22 | 12.10 | 0.04 | 0.84 | 0.37 | 0.01 | 0.01 | 0.001 | 0.002 | 73.56 | |
716.79 | 738.00 | 21.21 | 4.41 | 0.08 | 0.63 | 0.11 | 0.01 | 0.01 | 0.001 | 0.001 | 50.56 | |
756.12 | 759.14 | 3.02 | 6.50 | 0.02 | 1.74 | 0.15 | 0.01 | 0.01 | 0.001 | 0.005 | 105.26 | |
766.69 | 769.81 | 3.12 | 6.39 | 0.01 | 0.65 | 0.17 | 0.01 | 0.01 | 0.001 | 0.002 | 49.87 | |
Table 2 (con’t) –
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-50 | 0.00 | 103.81 | 103.81 | 4.29 | 0.02 | 0.06 | 0.13 | 0.01 | 0.07 | 0.002 | 0.001 | 41.06 |
117.59 | 119.01 | 1.42 | 2.00 | 0.23 | 0.11 | 0.62 | 0.02 | 0.01 | 0.023 | 0.001 | 59.30 | |
129.75 | 155.43 | 25.68 | 15.38 | 0.11 | 0.43 | 0.43 | 0.01 | 0.01 | 0.031 | 0.024 | 73.81 | |
162.92 | 268.34 | 105.42 | 13.57 | 0.02 | 0.99 | 0.41 | 0.01 | 0.02 | 0.001 | 0.004 | 86.67 | |
Incl. | 220.07 | 230.64 | 10.57 | 15.34 | 0.01 | 3.22 | 0.17 | 0.04 | 0.02 | 0.002 | 0.013 | 193.50 |
278.84 | 290.87 | 12.03 | 8.28 | 0.26 | 0.31 | 0.18 | 0.01 | 0.01 | 0.269 | 0.001 | 112.50 | |
Incl. | 283.40 | 290.87 | 7.47 | 4.05 | 0.26 | 0.14 | 0.15 | 0.00 | 0.00 | 0.425 | 0.001 | 130.16 |
299.95 | 301.45 | 1.50 | 14.00 | 0.01 | 0.72 | 0.35 | 0.02 | 0.00 | 0.002 | 0.003 | 65.24 | |
337.64 | 340.67 | 3.03 | 10.05 | 0.02 | 0.81 | 0.41 | 0.02 | 0.00 | 0.003 | 0.001 | 69.44 | |
355.67 | 361.68 | 6.01 | 20.16 | 0.05 | 1.61 | 0.36 | 0.01 | 0.00 | 0.002 | 0.007 | 119.29 | |
384.37 | 407.10 | 22.73 | 3.41 | 0.01 | 0.82 | 0.08 | 0.01 | 0.00 | 0.003 | 0.003 | 50.40 | |
422.13 | 423.70 | 1.57 | 3.00 | 0.01 | 1.02 | 0.11 | 0.01 | 0.00 | 0.001 | 0.004 | 58.99 | |
481.16 | 482.67 | 1.51 | 17.00 | 0.08 | 2.45 | 0.82 | 0.03 | 0.01 | 0.013 | 0.012 | 181.44 | |
526.40 | 536.91 | 10.51 | 6.13 | 0.01 | 0.58 | 0.40 | 0.01 | 0.01 | 0.001 | 0.003 | 51.80 | |
545.97 | 555.14 | 9.17 | 15.73 | 0.38 | 0.49 | 0.26 | 0.01 | 0.00 | 0.011 | 0.003 | 87.74 | |
568.74 | 571.75 | 3.01 | 19.18 | 0.05 | 0.81 | 0.91 | 0.01 | 0.02 | 0.002 | 0.004 | 101.29 | |
591.41 | 628.87 | 37.46 | 10.83 | 0.07 | 1.81 | 0.31 | 0.01 | 0.02 | 0.003 | 0.009 | 125.32 | |
Incl. | 591.41 | 595.77 | 4.36 | 11.03 | 0.27 | 2.95 | 0.32 | 0.01 | 0.02 | 0.003 | 0.015 | 200.81 |
Incl. | 603.24 | 607.78 | 4.54 | 28.69 | 0.23 | 5.52 | 0.65 | 0.04 | 0.02 | 0.015 | 0.027 | 361.08 |
Incl. | 613.94 | 621.32 | 7.38 | 18.41 | 0.03 | 2.30 | 0.55 | 0.01 | 0.02 | 0.001 | 0.011 | 162.39 |
639.43 | 642.51 | 3.08 | 17.27 | 0.07 | 2.28 | 0.12 | 0.02 | 0.02 | 0.002 | 0.011 | 148.51 | |
656.06 | 666.65 | 10.59 | 3.64 | 0.01 | 0.63 | 0.10 | 0.00 | 0.01 | 0.001 | 0.002 | 42.59 | |
678.71 | 680.20 | 1.49 | 6.00 | 0.01 | 0.65 | 0.32 | 0.00 | 0.01 | 0.001 | 0.002 | 51.35 | |
701.42 | 711.72 | 10.30 | 12.09 | 0.17 | 2.06 | 0.39 | 0.02 | 0.02 | 0.003 | 0.008 | 151.06 | |
738.93 | 744.96 | 6.03 | 4.84 | 0.05 | 0.85 | 0.12 | 0.01 | 0.01 | 0.004 | 0.003 | 61.44 | |
763.08 | 764.60 | 1.52 | 3.00 | 0.02 | 0.70 | 0.12 | 0.01 | 0.00 | 0.003 | 0.003 | 45.79 | |
836.89 | 839.93 | 3.04 | 11.01 | 0.23 | 0.84 | 0.12 | 0.01 | 0.00 | 0.014 | 0.004 | 83.26 | |
847.39 | 848.92 | 1.53 | 4.00 | 0.01 | 1.11 | 0.04 | 0.01 | 0.01 | 0.001 | 0.004 | 63.47 | |
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-51 | 27.20 | 28.73 | 1.53 | 1.80 | 0.01 | 0.02 | 0.07 | 0.00 | 0.12 | 0.001 | 0.001 | 50.93 |
33.60 | 35.10 | 1.50 | 1.40 | 0.01 | 0.01 | 0.03 | 0.00 | 0.13 | 0.001 | 0.001 | 53.10 | |
87.47 | 99.50 | 12.03 | 10.58 | 0.83 | 0.18 | 0.11 | 0.20 | 0.00 | 0.054 | 0.001 | 133.99 | |
109.95 | 114.50 | 4.55 | 1.93 | 0.26 | 0.39 | 0.04 | 0.01 | 0.01 | 0.007 | 0.007 | 51.61 | |
120.40 | 141.43 | 19.51 | 7.95 | 0.39 | 0.43 | 0.04 | 0.13 | 0.00 | 0.024 | 0.001 | 87.59 | |
189.66 | 194.14 | 4.48 | 55.04 | 0.21 | 1.12 | 0.38 | 0.31 | 0.00 | 0.044 | 0.003 | 187.89 | |
203.20 | 204.69 | 1.49 | 5.10 | 0.01 | 2.10 | 0.17 | 0.01 | 0.01 | 0.001 | 0.009 | 120.52 | |
228.70 | 230.19 | 1.49 | 24.10 | 0.02 | 2.84 | 0.32 | 0.01 | 0.00 | 0.008 | 0.012 | 180.69 | |
240.70 | 243.75 | 3.05 | 3.73 | 0.05 | 0.88 | 0.15 | 0.01 | 0.00 | 0.001 | 0.002 | 58.83 | |
254.31 | 397.37 | 143.06 | 5.18 | 0.02 | 1.72 | 0.21 | 0.02 | 0.00 | 0.002 | 0.006 | 103.03 | |
Incl. | 346.09 | 395.96 | 49.87 | 9.39 | 0.03 | 2.96 | 0.35 | 0.03 | 0.00 | 0.003 | 0.011 | 175.06 |
409.49 | 419.94 | 10.45 | 4.37 | 0.01 | 0.89 | 0.21 | 0.01 | 0.01 | 0.001 | 0.003 | 59.37 | |
436.54 | 438.04 | 1.50 | 2.60 | 0.01 | 1.05 | 0.21 | 0.01 | 0.00 | 0.001 | 0.004 | 64.14 | |
477.16 | 510.20 | 33.04 | 15.24 | 0.08 | 2.07 | 0.42 | 0.02 | 0.01 | 0.006 | 0.010 | 143.70 | |
Incl. | 480.19 | 501.18 | 20.99 | 20.76 | 0.10 | 2.83 | 0.61 | 0.02 | 0.01 | 0.003 | 0.013 | 194.49 |
541.89 | 558.36 | 16.47 | 8.88 | 0.11 | 0.94 | 0.25 | 0.00 | 0.01 | 0.002 | 0.004 | 77.20 | |
583.97 | 585.46 | 1.49 | 5.40 | 0.01 | 0.83 | 0.23 | 0.02 | 0.01 | 0.001 | 0.003 | 59.20 | |
591.54 | 599.04 | 7.50 | 14.46 | 0.50 | 2.99 | 0.28 | 0.23 | 0.01 | 0.003 | 0.015 | 248.02 | |
608.11 | 623.17 | 15.06 | 8.61 | 0.03 | 0.82 | 0.09 | 0.02 | 0.01 | 0.001 | 0.004 | 60.04 | |
632.28 | 633.80 | 1.52 | 5.30 | 0.04 | 0.73 | 0.13 | 0.01 | 0.00 | 0.001 | 0.003 | 51.51 | |
659.40 | 660.90 | 1.50 | 7.40 | 0.48 | 1.02 | 0.11 | 0.12 | 0.00 | 0.001 | 0.004 | 119.55 | |
669.85 | 671.40 | 1.55 | 3.30 | 0.10 | 0.51 | 0.09 | 0.01 | 0.01 | 0.006 | 0.001 | 44.95 | |
766.07 | 769.04 | 2.97 | 11.59 | 0.01 | 0.56 | 0.06 | 0.01 | 0.01 | 0.001 | 0.002 | 45.73 | |
787.00 | 788.50 | 1.50 | 2.20 | 0.22 | 0.64 | 0.07 | 0.01 | 0.01 | 0.013 | 0.001 | 62.14 | |
Table 2 (con’t) –
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DSB-52 | 6.45 | 7.92 | 1.47 | 1.40 | 0.01 | 0.00 | 0.02 | 0.00 | 0.12 | 0.001 | 0.001 | 50.31 |
58.14 | 92.70 | 34.56 | 5.27 | 0.03 | 0.10 | 0.02 | 1.35 | 0.00 | 0.001 | 0.002 | 170.69 | |
Incl. | 76.06 | 86.67 | 10.61 | 7.70 | 0.05 | 0.10 | 0.01 | 3.60 | 0.00 | 0.001 | 0.001 | 434.10 |
104.78 | 113.78 | 9.00 | 16.51 | 0.13 | 0.37 | 0.15 | 0.32 | 0.00 | 0.021 | 0.006 | 94.69 | |
177.43 | 178.88 | 1.45 | 4.70 | 0.07 | 0.69 | 0.09 | 0.03 | 0.00 | 0.003 | 0.001 | 53.41 | |
210.70 | 212.23 | 1.53 | 2.80 | 0.15 | 1.00 | 0.13 | 0.03 | 0.01 | 0.001 | 0.003 | 75.08 | |
236.43 | 237.94 | 1.51 | 2.60 | 0.01 | 0.87 | 0.14 | 0.01 | 0.01 | 0.001 | 0.003 | 54.85 | |
248.65 | 267.07 | 18.42 | 5.85 | 0.07 | 0.84 | 0.13 | 0.02 | 0.00 | 0.002 | 0.003 | 61.46 | |
Incl. | 257.99 | 264.09 | 6.10 | 7.52 | 0.13 | 1.85 | 0.26 | 0.01 | 0.00 | 0.002 | 0.006 | 121.67 |
274.70 | 394.47 | 119.77 | 7.46 | 0.14 | 1.85 | 0.26 | 0.01 | 0.00 | 0.005 | 0.007 | 123.28 | |
Incl. | 295.89 | 323.18 | 27.29 | 6.13 | 0.08 | 1.89 | 0.32 | 0.01 | 0.00 | 0.002 | 0.007 | 119.70 |
Incl. | 342.86 | 371.65 | 28.79 | 18.03 | 0.45 | 4.55 | 0.47 | 0.03 | 0.00 | 0.016 | 0.018 | 306.28 |
414.19 | 415.73 | 1.54 | 7.10 | 0.01 | 1.57 | 0.53 | 0.01 | 0.00 | 0.001 | 0.007 | 104.43 | |
421.76 | 423.29 | 1.53 | 10.10 | 0.01 | 0.46 | 0.22 | 0.00 | 0.00 | 0.018 | 0.001 | 45.37 | |
453.60 | 458.17 | 4.57 | 21.44 | 0.08 | 0.86 | 0.31 | 0.02 | 0.00 | 0.011 | 0.003 | 87.03 | |
494.38 | 531.20 | 36.82 | 4.77 | 0.08 | 1.05 | 0.24 | 0.04 | 0.00 | 0.002 | 0.005 | 77.28 | |
584.04 | 635.60 | 51.56 | 12.13 | 0.09 | 0.96 | 0.21 | 0.06 | 0.00 | 0.012 | 0.004 | 85.12 | |
Incl. | 584.04 | 591.60 | 7.56 | 60.67 | 0.55 | 3.52 | 0.63 | 0.35 | 0.01 | 0.075 | 0.016 | 363.38 |
646.23 | 647.75 | 1.52 | 9.70 | 0.01 | 0.75 | 0.16 | 0.01 | 0.00 | 0.004 | 0.003 | 55.03 | |
662.81 | 694.57 | 31.76 | 13.17 | 0.28 | 0.66 | 0.18 | 0.07 | 0.01 | 0.002 | 0.002 | 90.35 | |
Incl. | 677.96 | 687.00 | 9.04 | 25.53 | 0.83 | 1.05 | 0.21 | 0.16 | 0.02 | 0.005 | 0.003 | 188.17 |
717.20 | 720.23 | 3.03 | 7.79 | 0.02 | 1.61 | 0.24 | 0.01 | 0.00 | 0.007 | 0.007 | 100.27 | |
727.80 | 745.95 | 18.15 | 9.40 | 0.03 | 0.74 | 0.10 | 0.02 | 0.00 | 0.006 | 0.003 | 56.23 | |
752.02 | 753.53 | 1.51 | 8.50 | 0.01 | 1.19 | 0.20 | 0.01 | 0.00 | 0.002 | 0.005 | 76.72 | |
765.61 | 807.87 | 42.26 | 9.82 | 0.04 | 0.77 | 0.10 | 0.01 | 0.00 | 0.002 | 0.003 | 58.02 | |
Incl. | 789.82 | 795.85 | 6.03 | 41.56 | 0.20 | 1.14 | 0.15 | 0.06 | 0.00 | 0.008 | 0.006 | 131.23 |
See note Table 1
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53 g Ag/t, 0.078g Au/t, 1.45% Zn, 0.59% Pb, 0.080% Cu, 0.056% Sn, 0.0022% In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46% Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera.
The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area.
On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km2 southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km2.
Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.
Recently completed magnetic surveys by Eloro has outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.
The Porco adit from which previously reported channel sampling returned 103m grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments, is located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.
Drilling is planned in the Porco area and on Mina Casiterita commencing in early February 2023 with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.
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 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.
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 TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Eloro Resources’ drill hole DHK-27 intersects 202.43g Ag eq/t (69.80g Ag/t, 1.21% Zn, 0.49% Pb, and 0.12%Sn) over 325.48m including a higher-grade portion of 395.98 g Ag eq/t (182.02g Ag/t, 1.73% Zn, 0.97% Pb, 0.18% Cu and 0.19%Sn) over 109.60m in the High-Grade Zone, Santa Barbara Deposit at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from eight (8) additional diamond drill holes from its definition drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m to fill-in gaps in previous drilling of the High-Grade Zone. Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were drilled to the southwest from the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. Hole DSB-43 was drilled on southwest side of Santa Barbara and hole DSB-46 tested the potential south-southeastern extension.
As previously reported in a press release dated November 27, 2022, the Company completed 84,495m of drilling in 122 holes to complete the definition drill program in the Santa Barbara target area, as shown in Figure 1. Tables 1 and 2 list significant assay results for the reported drill holes. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s July 21, 2022 press release. Table 3 summarizes drill holes completed but with assays pending. The remaining eight (8) holes outstanding are in the south-southeastern extension area of the southern part of the Iska Iska caldera.
In addition to the new drill results, the Company is pleased to report on channel sampling results from the Mina 1 and Mina 2 underground workings located approximately 2km south-southeast of the Santa Barbara adit and approximately 800m east of the Porco adit where previously reported channel sampling returned a 103m strike length grading 521 g Ag eq/t (g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments (see Eloro’s November 17, 2021 press release). The location of Mina 1 and Mina 2 is shown in Figure 1. Complete channel sampling results are listed in Tables 4 and 5.
Tom Larsen, CEO of Eloro, said: “Hole DHK-27 when determining grade times intercept of 65,887 g Ag eq/t-m is the 2nd most valuable drill hole recorded to date and only just behind the 441-meter 66,389 g Ag eq/t-m intersection in hole DSB-30 reported last fall (see press release September 20, 2022). These are remarkable intercepts and grades. The significance of DHK-27 is the consistent high silver grades averaging 69.80 g Ag/t over a length of 325.48 meters which is close to true thickness. The higher grade 182.02 g Ag/t over 109.60 m portion of Hole DHK-27 attests to the potential of outlining much higher-grade areas in the Santa Barbara deposit with further drilling. It is also important to note that calculations for equivalent Ag grade in this release are based on July 2022 metal prices which for the major metals at Iska Iska are 13% to 33% lower than current prices hence the quoted values for silver equivalent are conservative.”
“The technical team under the supervision of Dr. Bill Pearson, P.Geo. and Dr. Osvaldo Arce, P.Geo. are setting up for resumption of diamond drilling in early February that will target the major tin porphyry that they believe is below the Iska Iska porphyry and extends into the newly acquired Mina Casiterita property,” continued Mr. Larsen. “Eloro has a remarkable opportunity to outline a second, potential world class tin deposit at Iska Iska in addition to the already extensive Santa Barbara silver-tin polymetallic deposit which is the focus of our inaugural mineral resource estimate expected by the end of Q1 2023. Expect to see a lot of activity in and around Iska Iska in 2023!”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “We are working closely with Micon International to ensure that they have all the data necessary to complete the inaugural mineral resource estimate on the Santa Barbara deposit targeted for the end of Q1 2023. Blue Coast Research in Parksville, B.C. is completing their metallurgical studies and Gemin Associates in Lima, Peru is preparing preliminary economic parameters for the mineral resource estimation. On the ground, the Company has commenced induced polarization surveys on the Mina Casiterita property and is preparing for the restart of drilling in early February. The next phase of exploration drilling will target the potential tin porphyry in the Porco and Mina Casiterita areas. In addition, we have also initiated a program of geological mapping, sampling, and prospecting to evaluate the newly staked properties in the Iska Iska area which are detailed in our November 22, 2022 press release.”
Updated Geological Model for Iska Iska and its Santa Barbara Deposit
Drilling across the valley of the Iska Iska Caldera indicates that this area is underlain by a coarse-grained porphyritic dacitic intrusion that is well mineralized with Ag, Zn and Pb and is the likely source of the extensive epithermal mineralization in the Santa Barbara and Central Breccia areas. The porphyry, now named the Iska Iska Porphyry, is approximately 800m by 600m (Figure 1) and is notable for the absence of tin mineralization despite the abundance of tin in the nearby area. The tin at Iska Iska has been long recognized by Dr. Osvaldo Arce, P.Geo., an expert on Bolivian geology, as likely being the product of an earlier higher temperature and deeper tin porphyry, which has been overprinted by the later higher-level porphyry-epithermal Ag-Zn-Pb mineralization related to the Iska Iska porphyry.
Detailed analysis and modeling of the geological, geophysical, and geochemical data at Iska Iska indicates that the hydrothermal signature for the Iska Iska porphyry-epithermal system is approximately 2.8km along strike, up to 1.2km across strike and extending to a depth of at least 1.4km (Figure 1).
The High-Grade Zone that occurs within this extensive hydrothermal system defined by the >90 g Ag eq/t grade shell model is approximately 1,000m along strike, 800m wide and extends to a depth of 1,100m (Figure 2). This zone is open to the south, west and northwest as well as at depth. Magnetic inverse modelling and limited deep drilling suggest that the major tin porphyry is likely below the Iska Iska Porphyry and to the south and southwest in the Porco and Mina Casiterita areas.
The definition drilling program has more than doubled the potential volume of high grade mineralized material to be assessed for the mineral resource. Figure 2 shows the >90 g Ag eq/t grade shell model released September 20, 2022, compared to the date of this release. The success of the definition drilling in expanding the >90 g Ag eq/t zone is readily evident in Table 6, below and in Figure 2.
Table 6: Comparison of September 2022, >90 g Ag eq/t Grade Shell Model versus January 2023 Model for Santa Barbara Deposit
Dimension | September 2022 Model | January 2023 Model | Increase (m) | % Increase | |
Strike | 700m | 1,000m | 300m | 42 | % |
Width | 650m | 800m | 150m | 23 | % |
Depth | 810m | 1,100m | 290m | 36 | % |
The overall mineralized zone as defined by the >30 g Ag eq/t grade shell has a strike length of 2,200m, a width of 1,200m and extends to a depth of at least 1,400m. Note that much of the drilling at Santa Barbara is at 100m spacing hence further drilling will likely provide better definition of higher-grade zones within the extensive mineralized envelope.
Santa Barbara Definition Drilling Huayra Kasa Area
Hole DHK-27 was drilled from Huayra Kasa due west at -45 degrees to a length of 860m. 50% of this hole returned reportable intersections averaging 172.09 g Ag eq/t. The silver grades in this hole are the highest and most extensive yet intersected in the Santa Barbara deposit.
Highlights from Hole DHK-27
- 202.43g Ag eq/t (69.80g Ag/t, 1.21% Zn, 0.49% Pb, and 0.12%Sn) over 325.48m from 93.30m to 418.78m, including a higher-grade portion of:
- 395.98 g Ag eq/t (182.02g Ag/t, 1.73% Zn, 0.97% Pb, 0.18% Cu and 0.19%Sn) over 109.60m from 198.41m to 308.01m.
Five (5) additional holes (DHK-26. DHK-28, DHK-29, DHK-30 and DSB-42) were collared in the Huayra Kasa area to test the eastern margin of the Santa Barbara deposit. All these holes were drilled at an azimuth of 2250 with a dip of -600. Collectively, these holes intersected many significant intersections within altered and mineralized dacite and dacitic breccia including:
Highlights from Hole DHK-26
- 221.51g Ag eq/t (28.44 Ag/t, 3.11% Zn and 0.26% Pb) over 53.90m from 729.40m to 783.30m including:
- 486.82g Ag eq/t (89.75g Ag/t, 0.21 g Au/t, 6.23% Zn and 0.83% Pb) over 7.42m from 751.84m to 759.26m.
- 517.28g Ag eq/t (50.66g Ag/t, 0.13 g Au/t, 7.95% Zn, 0.38% Pb and 0.10 % Sn) over 12.08m from 769.72m to 781.80m.
- 99.76g Ag eq/t (32.59g Ag/t, 0.11 g Au/t, 0.54% Zn and 0.18% Pb) over 82.38m from 819.50m to 901.88m including:
- 238.64g Ag eq/t (115.01g Ag/t, 0.09 g Au/t, 0.76% Zn, 0.38% Pb and 0.12% Sn) over 7.59m from 838.63m to 846.22m.
- 273.63g Ag eq/t (149.42g Ag/t, 0.26 g Au/t, 1.54% Zn and 0.41% Pb) over 7.52m from 853.72m to 861.24m.
- 187.82g Ag eq/t (33.08g Ag/t, 0.26 g Au/t 1.54% Zn and 0.49% Pb) over 7.53m from 877.72m to 885.25m.
Highlights from Hole DHK-28
- 140.99g Ag eq/t (25.01g Ag/t, 1.85% Zn and 0.64% Pb) over 7.52m from 174.18m to 181.70m.
- 125.48g Ag eq/t (5.01g Ag/t and 2.10% Zn) over 6.04m from 413.20m to 419.24m.
- 79.22g Ag eq/t (26.26g Ag/t, 0.35% Zn and 0.33% Pb) over 141.56m from 728.88m to 870.44m including:
- 162.77g Ag eq/t (67.00g Ag/t, 0.55% Zn and 1.30% Pb) over 23.85m from 734.70m to 758.55m.
Highlights from Hole DHK-29
- 176.28g Ag eq/t (19.10g Ag/t, 2.29% Zn and 0.27% Pb) over 21.30m from 206.30m to 227.60m.
- 156.90g Ag eq/t (30.88g Ag/t, 0.19 g Au/t, 1.67% Zn and 0.10% Pb) over 10.78m from 608.85m to 619.63m.
- 82.48g Ag eq/t (5.07g Ag/t, 0.21 g Au/t, 0.78% Zn and 0.18% Pb) over 69.18m from 727.12m to 796.30m.
Highlights from Hole DHK-30
- 113.69g Ag eq/t (17.63g Ag/t, 0.19 g Au/t, 1.13% Zn and 0.34% Pb) over 7.54m from 136.52m to 144.06m.
- 116.22g Ag eq/t (14.31g Ag/t, 0.43 g Au/t, 0.86% Zn and 0.10% Pb) over 6.08m from 382.93m to 389.01m.
- 430.17g Ag eq/t (63.65g Ag/t, 0.23 g Au/t, 0.29% Zn, 1.02% Pb, 0.70% Sn and 0.13% Bi) over 2.94m from 559.68m to 562.62m.
Highlights from Hole DSB-42
- 494.23g Ag eq/t (3.03g Ag/t, 4.59 g Au/t, 0.63% Zn and 0.15% Pb) over 2.99m from 51.71m to 54.70m.
- 63.86g Ag eq/t (2.66g Ag/t, 1.01% Zn and 0.21% Pb) over 31.72m from 374.64m to 406.36m, including a higher-grade section of:
- 161.05g Ag eq/t (5.33g Ag/t, 2.74% Zn and 0.32% Pb) over 4.53m from 385.25m to 389.78m.
- 260.46g Ag eq/t (67.81g Ag/t, 0.11 g Au/t, 2.58% Zn and 1.42% Pb) over 18.21m from 442.58m to 460.79m, including a higher-grade section of:
- 678.61g Ag eq/t (189.03 g Ag/t, 0.30 g Au/t, 6.40% Zn and 3.76% Pb) over 6.08m from 445.60m to 551.68m.
- 138.95g Ag eq/t (22.69g Ag/t, 1.65% Zn and 0.75% Pb) over 10.52m from 477.38m to 487.90m.
- 130.69g Ag eq/t (7.19g Ag/t, 1.83% Zn and 0.48% Pb) over 42.17m from 519.62m to 561.79m, including a higher-grade section of:
- 283.75g Ag eq/t (17.53g Ag/t, 0.13 g Au/t, 3.97% Zn and 1.31% Pb) over 13.49m from 519.62m to 533.11m.
- 129.98g Ag eq/t (19.71g Ag/t, 1.50% Zn and 0.57% Pb) over 72.31m from 596.33m to 668.64m, including a higher-grade section of:
- 208.42g Ag eq/t (33.10g Ag/t, 2.37% Zn and 1.00% Pb) over 34.64m from 634.00m to 668.64m.
- 57.11g Ag eq/t (1.75g Ag/t, 0.67% Zn and 0.13% Pb) over 78.10m from 685.15m to 763.25m, including a higher-grade section of:
- 120.06g Ag eq/t (2.95g Ag/t, 1.61% Zn and 0.30% Pb) over 13.21m from 742.49m to 755.70m.
Hole DSB-43 tested the southwest side of Santa Barbara while hole DSB-46 tested the south-southeast extension. Highlights in these two holes are as follows:
Highlights from Hole DSB-43
128.40g Ag eq/t (58.77g Ag/t, 0.12% Zn, 0.08% Pb, 0.10% Cu and 0.11% Sn) over 28.75m from 434.28m to 463.03m, with higher-grade portions of:
- 190.20g Ag eq/t (94.23g Ag/t, 0.11% Zn, 0.11% Pb, 0.15% Cu and 0.14% Sn) over 16.60m from 438.90m to 455.50m.
- 103.50g Ag eq/t (16.83g Ag/t, 0.14 g Au/t, 0.30% Zn, 0.26% Pb and 0.12% Sn) over 15.02m from 650.28m to 665.30m.
Highlights from Hole DSB-46
- 107.44g Ag eq/t (5.83g Ag/t, 1.75% Zn, 0.12% Pb) over 33.50m from 504.15m to 537.65m, with a higher-grade portion of:
- 137.05g Ag eq/t (6.58g Ag/t, 2.20% Zn and 0.14% Pb) over 10.77m from 510.18m to 520.95m.
- 257.17g Ag eq/t (15.28g Ag/t, 4.39% Zn and 0.26% Pb) over 6.07m from 531.58m to 537.65m.
Channel Sampling Mina 1 and Mina 2
Channel sampling of the Mina1 and Mina2 underground workings in the southern part of the property, approximately 2km south-southeast of the Santa Barbara adit, returned significant values from vein breccias as follows:
- 153.94g Ag eq/t (55.03g Ag/t, 0.11 g Au/t, 0.70% Zn, 0.16% Pb and 0.08% Sn) over 145.95m of the northwest trending drift, including a higher-grade portion of 285.16g Ag eq/t (120.18g Ag/t, 0.25 g Au/t 1.23% Zn, 0.30% Pb and 0.13% Sn) over 56.34m in Mina 1.
- 382.79g Ag eq/t (15.67g Ag/t, 1.70 g Au/t, 2.20% Zn and 0.75% Pb) over 68.53m in an east-west trending crosscut in Mina 2. A second shorter crosscut on a secondary subparallel structure approximately 20m to the south returned 475.78g Ag eq/t (69.31g Ag/t, 0.26 g Au/t, 5.62% Zn and 1.92% Pb) over 26.67m in Mina 2.
Figure 3 is a plan map showing sampling results at Mina 1 and Mina 2. Table 6 gives details of the sampling results.
These results, along with the previously reported channel sample results from Porco noted above, clearly indicate that the Iska Iska mineralizing system extends much further south outside of the principal Iska Iska Caldera. Based on field work by the Eloro geological team, it appears that there may be a second, larger ringer structure with a diameter of approximately 4.6km outside the main Iska Iska caldera that could be another major focus of mineralization. This possibility is currently being explored by geological mapping and geophysical surveys to outline targets for drill-testing in conjunction with work in the Porco area and the nearby Mina Casiterita property.
Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred to in this release highlighted.
Figure 2: >90 g Ag eq/t Grade Shell Model and Magnetic Inverse Model, Santa Barbara Deposit; Comparison between the September 2022 Model and the Current Model
Figure 3: Plan Map Showing Channel Sample Results at Mina 1 and Mina 2, southern part of Iska Iska Property
Table 1: Significant Results, Definition Surface Diamond Drilling Huayra Kasa Area, Santa Barbara Deposit as at January 31, 2023.
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA | ||||||||||||
DHK-27 | 47.98 | 60.12 | 12.14 | 16.37 | 0.02 | 1.08 | 0.53 | 0.04 | 0.05 | 0.001 | 0.015 | 114.89 |
66.23 | 75.48 | 9.25 | 7.62 | 0.01 | 0.74 | 0.29 | 0.01 | 0.02 | 0.001 | 0.004 | 63.88 | |
93.30 | 418.78 | 325.48 | 69.80 | 0.03 | 1.21 | 0.49 | 0.07 | 0.12 | 0.003 | 0.006 | 202.43 | |
198.41 | 308.01 | 109.60 | 182.02 | 0.03 | 1.73 | 0.97 | 0.18 | 0.19 | 0.003 | 0.012 | 395.98 | |
Incl. | 402.32 | 412.78 | 10.46 | 8.13 | 0.02 | 0.06 | 0.05 | 0.01 | 0.42 | 0.001 | 0.003 | 179.71 |
445.90 | 447.40 | 1.50 | 19.00 | 0.05 | 0.03 | 0.02 | 0.08 | 0.06 | 0.003 | 0.001 | 59.46 | |
451.92 | 453.42 | 1.50 | 25.00 | 0.02 | 0.04 | 0.01 | 0.05 | 0.04 | 0.010 | 0.001 | 54.00 | |
462.42 | 463.93 | 1.51 | 2.00 | 0.06 | 0.26 | 0.03 | 0.01 | 0.08 | 0.001 | 0.001 | 52.18 | |
471.48 | 480.52 | 9.04 | 6.50 | 0.04 | 0.14 | 0.02 | 0.02 | 0.11 | 0.001 | 0.002 | 64.38 | |
489.53 | 498.53 | 9.00 | 31.67 | 0.02 | 0.14 | 0.01 | 0.02 | 0.04 | 0.003 | 0.001 | 57.32 | |
522.54 | 530.11 | 7.57 | 16.55 | 0.06 | 0.11 | 0.02 | 0.04 | 0.05 | 0.034 | 0.001 | 57.16 | |
537.63 | 539.17 | 1.54 | 8.00 | 0.09 | 0.14 | 0.04 | 0.01 | 0.27 | 0.003 | 0.002 | 130.10 | |
567.88 | 595.12 | 27.24 | 13.07 | 0.17 | 0.25 | 0.05 | 0.08 | 0.07 | 0.006 | 0.001 | 81.02 | |
602.46 | 606.30 | 3.84 | 20.51 | 0.02 | 0.04 | 0.00 | 0.10 | 0.09 | 0.001 | 0.001 | 70.28 | |
621.60 | 624.70 | 3.10 | 14.48 | 0.11 | 0.17 | 0.01 | 0.06 | 0.03 | 0.004 | 0.002 | 51.77 | |
642.84 | 650.37 | 7.53 | 2.47 | 0.34 | 0.18 | 0.01 | 0.03 | 0.03 | 0.006 | 0.001 | 56.67 | |
683.66 | 686.63 | 2.97 | 5.01 | 0.12 | 0.12 | 0.01 | 0.11 | 0.06 | 0.045 | 0.001 | 67.91 | |
DHK-26 | 38.50 | 40.00 | 1.50 | 45.40 | 0.01 | 1.90 | 1.13 | 0.02 | 0.01 | 0.001 | 0.013 | 181.01 |
61.34 | 64.39 | 3.05 | 0.50 | 0.73 | 0.12 | 0.01 | 0.00 | 0.00 | 0.023 | 0.001 | 79.04 | |
84.08 | 87.17 | 3.09 | 25.11 | 0.01 | 0.71 | 0.81 | 0.00 | 0.00 | 0.001 | 0.003 | 87.72 | |
91.74 | 93.23 | 1.49 | 12.80 | 0.02 | 1.00 | 0.44 | 0.01 | 0.00 | 0.001 | 0.004 | 80.14 | |
108.31 | 115.88 | 7.57 | 8.58 | 0.02 | 0.79 | 0.27 | 0.01 | 0.00 | 0.001 | 0.004 | 61.38 | |
126.47 | 131.04 | 4.57 | 8.74 | 0.14 | 0.59 | 0.24 | 0.03 | 0.00 | 0.001 | 0.004 | 62.57 | |
140.12 | 158.14 | 18.02 | 9.14 | 0.01 | 0.88 | 0.24 | 0.01 | 0.01 | 0.001 | 0.007 | 67.05 | |
164.23 | 167.22 | 2.99 | 5.10 | 0.02 | 0.72 | 0.16 | 0.00 | 0.01 | 0.001 | 0.005 | 50.53 | |
186.81 | 188.31 | 1.50 | 19.10 | 0.02 | 0.48 | 0.47 | 0.01 | 0.01 | 0.004 | 0.003 | 64.15 | |
198.90 | 200.37 | 1.47 | 89.80 | 0.22 | 5.36 | 2.59 | 0.07 | 0.02 | 0.005 | 0.034 | 472.73 | |
207.89 | 227.45 | 19.56 | 9.48 | 0.01 | 0.62 | 0.36 | 0.03 | 0.01 | 0.001 | 0.004 | 58.07 | |
301.44 | 302.95 | 1.51 | 6.50 | 0.01 | 1.92 | 0.21 | 0.01 | 0.01 | 0.001 | 0.007 | 112.05 | |
334.60 | 336.10 | 1.50 | 0.30 | 1.49 | 0.02 | 0.02 | 0.02 | 0.00 | 0.003 | 0.001 | 140.41 | |
376.82 | 385.83 | 9.01 | 1.14 | 0.01 | 1.58 | 0.42 | 0.01 | 0.00 | 0.001 | 0.004 | 96.07 | |
400.90 | 418.96 | 18.06 | 3.48 | 0.02 | 2.03 | 0.26 | 0.01 | 0.01 | 0.001 | 0.007 | 118.88 | |
524.38 | 527.39 | 3.01 | 7.00 | 0.03 | 1.73 | 0.27 | 0.01 | 0.01 | 0.001 | 0.008 | 107.71 | |
592.35 | 595.45 | 3.10 | 3.32 | 0.01 | 0.91 | 0.12 | 0.02 | 0.01 | 0.001 | 0.002 | 57.34 | |
729.40 | 783.30 | 53.90 | 28.44 | 0.09 | 3.11 | 0.26 | 0.04 | 0.05 | 0.003 | 0.013 | 222.51 | |
Incl. | 751.84 | 759.26 | 7.42 | 89.75 | 0.21 | 6.23 | 0.83 | 0.07 | 0.09 | 0.008 | 0.027 | 486.82 |
Incl. | 769.72 | 781.80 | 12.08 | 50.66 | 0.13 | 7.95 | 0.38 | 0.09 | 0.10 | 0.006 | 0.031 | 517.28 |
819.50 | 901.88 | 82.38 | 32.59 | 0.11 | 0.54 | 0.18 | 0.03 | 0.05 | 0.010 | 0.002 | 99.76 | |
Incl. | 838.63 | 846.22 | 7.59 | 115.01 | 0.09 | 0.76 | 0.38 | 0.08 | 0.12 | 0.054 | 0.003 | 238.64 |
Incl. | 853.72 | 861.24 | 7.52 | 149.42 | 0.27 | 0.49 | 0.41 | 0.07 | 0.13 | 0.019 | 0.002 | 273.63 |
Incl. | 877.72 | 885.25 | 7.53 | 33.08 | 0.26 | 1.54 | 0.49 | 0.04 | 0.08 | 0.022 | 0.006 | 187.82 |
924.61 | 926.08 | 1.47 | 9.40 | 0.01 | 0.84 | 0.08 | 0.03 | 0.04 | 0.010 | 0.001 | 76.46 |
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA (CON’T) | ||||||||||||
DHK-28 | 10.30 | 23.52 | 13.22 | 20.71 | 0.02 | 0.43 | 0.69 | 0.01 | 0.00 | 0.001 | 0.003 | 68.57 |
91.20 | 94.26 | 3.06 | 12.61 | 0.01 | 1.05 | 0.39 | 0.01 | 0.00 | 0.001 | 0.005 | 80.42 | |
97.20 | 98.77 | 1.57 | 7.00 | 0.01 | 1.03 | 0.21 | 0.01 | 0.01 | 0.001 | 0.006 | 69.07 | |
124.38 | 127.40 | 3.02 | 9.99 | 0.01 | 1.21 | 0.29 | 0.01 | 0.00 | 0.001 | 0.005 | 82.05 | |
138.02 | 147.04 | 9.02 | 13.48 | 0.02 | 1.01 | 0.34 | 0.02 | 0.00 | 0.001 | 0.004 | 78.26 | |
174.18 | 181.70 | 7.52 | 25.01 | 0.01 | 1.85 | 0.64 | 0.02 | 0.00 | 0.001 | 0.011 | 140.99 | |
207.58 | 210.62 | 3.04 | 5.43 | 0.01 | 0.65 | 0.09 | 0.02 | 0.01 | 0.002 | 0.002 | 49.22 | |
230.24 | 233.14 | 2.90 | 1.95 | 0.01 | 1.01 | 0.28 | 0.01 | 0.02 | 0.001 | 0.002 | 71.24 | |
275.62 | 278.49 | 2.87 | 3.95 | 0.01 | 1.22 | 1.09 | 0.01 | 0.02 | 0.001 | 0.004 | 107.09 | |
289.03 | 290.60 | 1.57 | 15.00 | 0.02 | 2.86 | 1.30 | 0.02 | 0.01 | 0.001 | 0.019 | 207.62 | |
361.79 | 363.31 | 1.52 | 6.00 | 0.05 | 1.05 | 0.03 | 0.02 | 0.03 | 0.001 | 0.005 | 78.99 | |
413.20 | 419.24 | 6.04 | 5.01 | 0.05 | 2.10 | 0.04 | 0.02 | 0.02 | 0.001 | 0.008 | 125.48 | |
488.78 | 490.23 | 1.45 | 4.00 | 0.01 | 0.99 | 0.02 | 0.01 | 0.01 | 0.001 | 0.003 | 58.37 | |
497.76 | 499.26 | 1.50 | 17.00 | 0.05 | 2.36 | 0.80 | 0.02 | 0.01 | 0.001 | 0.006 | 168.58 | |
536.99 | 540.05 | 3.06 | 8.49 | 0.01 | 2.30 | 0.48 | 0.03 | 0.04 | 0.001 | 0.010 | 155.33 | |
588.80 | 591.10 | 2.30 | 1.00 | 0.01 | 1.06 | 0.01 | 0.02 | 0.00 | 0.001 | 0.001 | 57.36 | |
604.96 | 608.03 | 3.07 | 25.80 | 0.02 | 2.35 | 0.03 | 0.17 | 0.15 | 0.001 | 0.008 | 224.29 | |
707.72 | 710.71 | 2.99 | 9.58 | 0.01 | 1.13 | 0.28 | 0.01 | 0.03 | 0.001 | 0.004 | 88.46 | |
728.88 | 870.44 | 141.56 | 26.26 | 0.07 | 0.35 | 0.33 | 0.02 | 0.04 | 0.006 | 0.001 | 79.22 | |
Incl. | 734.70 | 758.55 | 23.85 | 67.00 | 0.05 | 0.55 | 1.30 | 0.02 | 0.05 | 0.005 | 0.002 | 162.77 |
878.04 | 881.07 | 3.03 | 8.26 | 0.10 | 0.54 | 0.10 | 0.08 | 0.09 | 0.004 | 0.001 | 92.98 | |
938.26 | 941.21 | 2.95 | 6.54 | 0.03 | 0.78 | 0.07 | 0.04 | 0.02 | 0.001 | 0.001 | 61.33 | |
DHK-29 | 44.89 | 47.85 | 2.96 | 16.56 | 0.01 | 1.26 | 0.41 | 0.04 | 0.01 | 0.001 | 0.009 | 99.84 |
58.49 | 60.05 | 1.56 | 7.10 | 0.01 | 0.61 | 0.14 | 0.15 | 0.00 | 0.001 | 0.005 | 60.64 | |
108.42 | 114.40 | 3.05 | 1.66 | 0.01 | 2.13 | 0.29 | 0.01 | 0.01 | 0.001 | 0.009 | 120.39 | |
126.31 | 130.84 | 4.53 | 1.75 | 0.01 | 1.06 | 0.17 | 0.01 | 0.00 | 0.001 | 0.005 | 62.64 | |
206.30 | 227.60 | 21.30 | 19.10 | 0.07 | 2.29 | 0.27 | 0.06 | 0.05 | 0.011 | 0.009 | 176.28 | |
248.71 | 250.18 | 1.47 | 2.60 | 0.02 | 0.92 | 0.01 | 0.02 | 0.01 | 0.001 | 0.003 | 58.22 | |
277.40 | 280.52 | 3.12 | 4.70 | 0.02 | 0.88 | 0.01 | 0.01 | 0.01 | 0.002 | 0.004 | 56.98 | |
375.80 | 384.95 | 9.15 | 6.98 | 0.06 | 1.05 | 0.10 | 0.02 | 0.03 | 0.008 | 0.004 | 82.46 | |
407.25 | 410.20 | 2.95 | 2.79 | 0.01 | 0.91 | 0.01 | 0.01 | 0.01 | 0.001 | 0.003 | 54.76 | |
416.10 | 420.50 | 4.40 | 3.14 | 0.01 | 0.71 | 0.05 | 0.01 | 0.03 | 0.003 | 0.004 | 52.81 | |
441.70 | 443.16 | 1.46 | 3.50 | 0.01 | 1.23 | 0.04 | 0.01 | 0.01 | 0.001 | 0.006 | 70.33 | |
446.13 | 449.16 | 3.03 | 3.56 | 0.01 | 1.62 | 0.04 | 0.00 | 0.01 | 0.001 | 0.006 | 89.23 | |
488.40 | 489.93 | 1.53 | 2.00 | 0.08 | 0.65 | 0.09 | 0.02 | 0.02 | 0.001 | 0.002 | 55.96 | |
502.04 | 508.04 | 6.00 | 4.81 | 0.24 | 0.67 | 0.09 | 0.02 | 0.04 | 0.011 | 0.001 | 80.88 | |
521.65 | 523.17 | 1.52 | 3.50 | 0.03 | 1.43 | 0.05 | 0.01 | 0.01 | 0.003 | 0.006 | 84.21 | |
544.32 | 547.32 | 3.00 | 2.90 | 0.47 | 0.28 | 0.04 | 0.02 | 0.03 | 0.006 | 0.001 | 75.88 | |
596.90 | 598.36 | 1.46 | 29.50 | 0.03 | 3.44 | 0.19 | 0.01 | 0.04 | 0.001 | 0.018 | 224.90 | |
608.85 | 619.63 | 10.78 | 30.88 | 0.19 | 1.67 | 0.10 | 0.03 | 0.05 | 0.006 | 0.006 | 156.90 | |
650.69 | 655.18 | 4.49 | 7.15 | 0.05 | 0.78 | 0.02 | 0.01 | 0.02 | 0.005 | 0.002 | 61.49 | |
659.69 | 665.52 | 5.83 | 13.09 | 0.27 | 0.37 | 0.15 | 0.02 | 0.04 | 0.054 | 0.001 | 91.46 | |
689.78 | 698.81 | 9.03 | 5.31 | 0.09 | 0.51 | 0.13 | 0.02 | 0.03 | 0.007 | 0.001 | 57.66 | |
701.88 | 704.80 | 2.92 | 3.45 | 0.28 | 0.30 | 0.07 | 0.02 | 0.01 | 0.007 | 0.001 | 55.95 | |
712.35 | 713.82 | 1.47 | 16.30 | 0.06 | 0.02 | 0.02 | 0.01 | 0.02 | 0.115 | 0.001 | 56.82 | |
727.12 | 796.30 | 69.18 | 5.07 | 0.21 | 0.78 | 0.18 | 0.02 | 0.03 | 0.005 | 0.003 | 82.48 |
SANTA BARBARA DEFINITION DRILLING HUAYRA KASA AREA (CON’T) | ||||||||||||
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
DHK-30 | 32.59 | 35.57 | 2.98 | 0.30 | 0.64 | 0.02 | 0.01 | 0.01 | 0.00 | 0.001 | 0.001 | 61.76 |
52.28 | 53.78 | 1.50 | 67.40 | 0.23 | 2.77 | 1.39 | 0.15 | 0.01 | 0.176 | 0.012 | 326.16 | |
91.38 | 92.86 | 1.48 | 38.90 | 0.02 | 1.35 | 0.77 | 0.03 | 0.01 | 0.012 | 0.008 | 141.03 | |
104.93 | 106.41 | 1.48 | 16.50 | 0.02 | 0.86 | 0.34 | 0.03 | 0.01 | 0.022 | 0.004 | 82.44 | |
136.52 | 144.06 | 7.54 | 17.63 | 0.19 | 1.13 | 0.34 | 0.04 | 0.02 | 0.004 | 0.005 | 113.69 | |
175.66 | 177.17 | 1.51 | 3.80 | 0.03 | 0.90 | 0.06 | 0.02 | 0.01 | 0.003 | 0.004 | 61.59 | |
189.21 | 199.78 | 10.57 | 4.04 | 0.05 | 1.01 | 0.07 | 0.03 | 0.02 | 0.001 | 0.004 | 69.44 | |
208.80 | 210.31 | 1.51 | 4.00 | 0.04 | 0.58 | 0.01 | 0.06 | 0.04 | 0.001 | 0.002 | 60.32 | |
219.36 | 220.88 | 1.52 | 7.60 | 0.02 | 1.46 | 0.03 | 0.04 | 0.03 | 0.001 | 0.007 | 99.88 | |
228.37 | 229.93 | 1.56 | 7.30 | 0.31 | 0.25 | 0.00 | 0.12 | 0.11 | 0.001 | 0.001 | 103.30 | |
243.51 | 246.56 | 3.05 | 2.71 | 0.24 | 0.75 | 0.01 | 0.02 | 0.01 | 0.002 | 0.002 | 70.08 | |
263.30 | 266.25 | 2.95 | 2.49 | 0.03 | 0.62 | 0.01 | 0.02 | 0.04 | 0.003 | 0.002 | 56.28 | |
275.35 | 278.36 | 3.01 | 3.20 | 0.01 | 0.77 | 0.01 | 0.02 | 0.02 | 0.001 | 0.003 | 54.26 | |
282.90 | 286.12 | 3.22 | 2.66 | 0.01 | 0.86 | 0.03 | 0.01 | 0.01 | 0.001 | 0.002 | 53.40 | |
301.30 | 302.80 | 1.50 | 2.50 | 0.02 | 1.29 | 0.01 | 0.01 | 0.02 | 0.001 | 0.005 | 76.23 | |
343.40 | 351.27 | 7.87 | 3.11 | 0.03 | 0.80 | 0.03 | 0.01 | 0.01 | 0.002 | 0.001 | 53.07 | |
382.93 | 389.01 | 6.08 | 14.31 | 0.43 | 0.86 | 0.10 | 0.01 | 0.03 | 0.019 | 0.004 | 116.22 | |
440.31 | 441.81 | 1.50 | 6.00 | 0.04 | 1.36 | 0.03 | 0.01 | 0.01 | 0.011 | 0.006 | 86.68 | |
512.65 | 515.62 | 2.97 | 2.74 | 0.03 | 0.59 | 0.11 | 0.00 | 0.04 | 0.001 | 0.002 | 55.43 | |
523.31 | 524.75 | 1.44 | 5.80 | 0.04 | 0.39 | 0.21 | 0.00 | 0.09 | 0.001 | 0.001 | 70.91 | |
549.28 | 553.81 | 4.53 | 4.17 | 0.01 | 0.49 | 0.04 | 0.01 | 0.09 | 0.001 | 0.002 | 65.33 | |
559.68 | 562.62 | 2.94 | 63.65 | 0.23 | 0.29 | 1.02 | 0.02 | 0.70 | 0.131 | 0.001 | 430.17 | |
576.51 | 578.03 | 1.52 | 2.20 | 0.01 | 0.06 | 0.25 | 0.01 | 0.15 | 0.001 | 0.001 | 72.78 | |
580.86 | 583.98 | 3.12 | 6.72 | 0.02 | 0.23 | 0.24 | 0.02 | 0.08 | 0.001 | 0.001 | 61.72 | |
588.52 | 591.57 | 3.05 | 13.03 | 0.06 | 0.16 | 0.09 | 0.05 | 0.08 | 0.005 | 0.001 | 69.16 | |
615.20 | 616.69 | 1.49 | 2.90 | 0.78 | 0.14 | 0.07 | 0.01 | 0.02 | 0.015 | 0.001 | 94.92 | |
636.28 | 637.83 | 1.55 | 4.30 | 0.01 | 0.73 | 0.28 | 0.02 | 0.06 | 0.002 | 0.004 | 75.65 | |
665.11 | 672.61 | 7.50 | 6.02 | 0.01 | 1.11 | 0.12 | 0.02 | 0.04 | 0.003 | 0.002 | 84.14 | |
683.04 | 686.14 | 3.10 | 2.31 | 0.02 | 1.63 | 0.22 | 0.06 | 0.08 | 0.005 | 0.002 | 129.03 | |
782.40 | 785.40 | 3.00 | 1.65 | 0.02 | 0.42 | 0.07 | 0.17 | 0.09 | 0.006 | 0.002 | 80.23 | |
791.40 | 794.39 | 2.99 | 1.23 | 0.01 | 0.80 | 0.30 | 0.03 | 0.02 | 0.002 | 0.001 | 62.58 | |
DSB-42 | 51.71 | 54.70 | 2.99 | 3.03 | 4.59 | 0.63 | 0.15 | 0.02 | 0.01 | 0.168 | 0.002 | 494.23 |
62.31 | 63.84 | 1.53 | 1.00 | 0.02 | 1.10 | 0.33 | 0.03 | 0.00 | 0.001 | 0.003 | 72.15 | |
69.90 | 74.31 | 4.41 | 2.66 | 0.21 | 0.26 | 0.17 | 0.03 | 0.00 | 0.139 | 0.001 | 74.63 | |
130.30 | 139.36 | 6.06 | 10.15 | 0.12 | 0.81 | 0.12 | 0.02 | 0.01 | 0.015 | 0.006 | 74.15 | |
156.06 | 157.57 | 1.51 | 0.50 | 0.64 | 0.02 | 0.01 | 0.02 | 0.00 | 0.001 | 0.001 | 62.61 | |
193.85 | 195.42 | 1.57 | 13.00 | 0.15 | 1.04 | 0.51 | 0.01 | 0.01 | 0.001 | 0.005 | 98.83 | |
242.06 | 243.55 | 1.49 | 5.00 | 0.01 | 0.76 | 0.18 | 0.01 | 0.01 | 0.001 | 0.002 | 54.97 | |
317.45 | 318.96 | 1.51 | 5.00 | 0.04 | 2.19 | 0.14 | 0.01 | 0.01 | 0.001 | 0.011 | 126.24 | |
374.64 | 406.36 | 31.72 | 2.66 | 0.01 | 1.01 | 0.21 | 0.01 | 0.00 | 0.001 | 0.004 | 63.86 | |
Incl. | 385.25 | 389.78 | 4.53 | 5.33 | 0.04 | 2.74 | 0.32 | 0.02 | 0.01 | 0.005 | 0.011 | 161.05 |
442.58 | 460.79 | 18.21 | 67.81 | 0.11 | 2.58 | 1.42 | 0.02 | 0.01 | 0.026 | 0.010 | 260.46 | |
Incl. | 445.60 | 451.68 | 6.08 | 189.03 | 0.30 | 6.40 | 3.76 | 0.04 | 0.02 | 0.077 | 0.028 | 678.61 |
477.38 | 487.90 | 10.52 | 22.69 | 0.04 | 1.65 | 0.75 | 0.02 | 0.01 | 0.003 | 0.005 | 138.95 | |
519.62 | 561.79 | 42.17 | 7.19 | 0.07 | 1.83 | 0.48 | 0.01 | 0.02 | 0.008 | 0.006 | 130.69 | |
Incl. | 519.62 | 533.11 | 13.49 | 17.53 | 0.13 | 3.97 | 1.31 | 0.01 | 0.04 | 0.002 | 0.014 | 283.75 |
575.22 | 576.74 | 1.52 | 1.00 | 0.01 | 1.05 | 0.08 | 0.01 | 0.00 | 0.001 | 0.004 | 57.83 | |
581.30 | 582.80 | 1.50 | 4.00 | 0.01 | 1.97 | 0.06 | 0.01 | 0.03 | 0.001 | 0.006 | 118.53 | |
596.33 | 668.64 | 72.31 | 19.71 | 0.03 | 1.50 | 0.57 | 0.01 | 0.04 | 0.003 | 0.006 | 129.98 | |
Incl. | 634.00 | 668.64 | 34.64 | 33.10 | 0.04 | 2.37 | 1.00 | 0.01 | 0.06 | 0.001 | 0.010 | 208.42 |
685.15 | 763.25 | 78.10 | 1.75 | 0.08 | 0.67 | 0.13 | 0.02 | 0.02 | 0.001 | 0.002 | 57.11 | |
Incl. | 742.49 | 755.70 | 13.21 | 2.95 | 0.08 | 1.61 | 0.30 | 0.01 | 0.05 | 0.004 | 0.005 | 120.06 |
814.88 | 817.75 | 2.87 | 0.75 | 0.02 | 0.87 | 0.08 | 0.01 | 0.02 | 0.001 | 0.001 | 57.61 |
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.
Chemical symbols: Ag = silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows (Prices updated as of July 21, 2022, to more accurately reflect current metal prices):
Element | Price $US (per kg) | Ratio to Ag | |
Ag | $607.00 | 1.0000 | |
Sn | $23.55 | 0.0589 | |
Zn | $2.98 | 0.0046 | |
Pb | $1.92 | 0.0032 | |
Au | $54,932.80 | 79.7221 | |
Cu | $7.00 | 0.0134 | |
Bi | $12.76 | 0.0177 | |
Cd | $5.50 | 0.0076 |
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Significant Results, Definition Surface Diamond Drilling Southwestern and South-Southeastern Extensions Santa Barbara Deposit as at January 31, 2023.
Hole No. | From (m) | To (m) | Length (m) | Ag | Au | Zn | Pb | Cu | Sn | Bi | Cd | Ag eq |
g/t | g/t | % | % | % | % | % | % | g/t | ||||
SANTA BARBARA DRILLING SOUTHWESTERN EXTENSION | ||||||||||||
DSB-43 | 43.86 | 56.02 | 12.16 | 15.01 | 0.04 | 0.01 | 0.03 | 0.01 | 0.09 | 0.001 | 0.001 | 56.74 |
157.55 | 163.60 | 6.05 | 18.05 | 0.21 | 0.12 | 0.16 | 0.03 | 0.10 | 0.020 | 0.001 | 93.89 | |
185.44 | 192.80 | 7.36 | 6.80 | 0.02 | 0.01 | 0.05 | 0.06 | 0.09 | 0.003 | 0.001 | 52.42 | |
213.80 | 236.94 | 23.14 | 6.21 | 0.10 | 0.00 | 0.02 | 0.00 | 0.17 | 0.011 | 0.001 | 82.61 | |
262.08 | 265.00 | 2.92 | 0.30 | 0.03 | 0.00 | 0.00 | 0.07 | 0.16 | 0.017 | 0.001 | 74.55 | |
278.62 | 283.43 | 4.81 | 2.19 | 0.02 | 0.00 | 0.01 | 0.01 | 0.17 | 0.004 | 0.001 | 71.93 | |
295.41 | 304.60 | 9.19 | 1.50 | 0.03 | 0.00 | 0.02 | 0.00 | 0.11 | 0.005 | 0.001 | 50.40 | |
321.13 | 327.30 | 6.17 | 4.23 | 0.01 | 0.00 | 0.03 | 0.58 | 0.08 | 0.001 | 0.001 | 103.98 | |
378.85 | 380.41 | 1.56 | 1.90 | 0.01 | 0.00 | 0.03 | 0.11 | 0.11 | 0.003 | 0.001 | 60.77 | |
386.30 | 398.38 | 12.08 | 4.10 | 0.03 | 0.00 | 0.05 | 0.01 | 0.29 | 0.014 | 0.001 | 126.39 | |
434.28 | 463.03 | 28.75 | 58.77 | 0.04 | 0.12 | 0.08 | 0.10 | 0.11 | 0.028 | 0.001 | 128.40 | |
Incl. | 438.90 | 455.50 | 16.60 | 94.23 | 0.05 | 0.11 | 0.11 | 0.15 | 0.14 | 0.046 | 0.001 | 190.20 |
573.46 | 574.94 | 1.48 | 16.20 | 0.45 | 0.11 | 0.10 | 0.01 | 0.09 | 0.012 | 0.001 | 104.61 | |
596.10 | 612.66 | 16.56 | 60.05 | 0.10 | 0.07 | 0.01 | 0.02 | 0.02 | 0.003 | 0.001 | 82.12 | |
627.74 | 635.22 | 7.48 | 5.70 | 0.19 | 0.71 | 0.16 | 0.02 | 0.02 | 0.011 | 0.005 | 76.77 | |
650.28 | 665.30 | 15.02 | 16.83 | 0.14 | 0.30 | 0.26 | 0.02 | 0.12 | 0.016 | 0.001 | 103.50 | |
761.80 | 767.87 | 6.07 | 6.63 | 0.07 | 0.02 | 0.09 | 0.05 | 0.05 | 0.108 | 0.001 | 66.16 | |
805.24 | 806.76 | 1.52 | 6.00 | 0.12 | 0.06 | 0.01 | 0.10 | 0.10 | 0.116 | 0.001 | 94.19 | |
829.25 | 833.10 | 3.85 | 8.43 | 0.02 | 0.05 | 0.01 | 0.11 | 0.08 | 0.031 | 0.001 | 64.65 | |
SANTA BARBARA DRILLING SOUTH-SOUTHEASTERN EXTENSION | ||||||||||||
DSB-46 | 87.15 | 88.70 | 1.55 | 1.40 | 0.01 | 0.84 | 0.05 | 0.09 | 0.00 | 0.001 | 0.003 | 56.17 |
114.31 | 115.85 | 1.54 | 5.60 | 0.23 | 1.76 | 0.28 | 0.08 | 0.00 | 0.001 | 0.006 | 133.06 | |
145.05 | 146.57 | 1.52 | 2.30 | 0.01 | 0.65 | 0.05 | 0.27 | 0.00 | 0.001 | 0.003 | 69.08 | |
170.65 | 172.19 | 1.54 | 16.00 | 0.76 | 7.76 | 0.83 | 0.46 | 0.00 | 0.001 | 0.030 | 548.36 | |
218.84 | 220.37 | 1.53 | 8.90 | 0.23 | 4.65 | 0.17 | 0.05 | 0.01 | 0.003 | 0.017 | 273.50 | |
277.60 | 279.11 | 1.51 | 3.10 | 0.07 | 1.40 | 0.11 | 0.05 | 0.01 | 0.001 | 0.006 | 90.90 | |
325.80 | 351.50 | 25.70 | 8.05 | 0.03 | 1.24 | 0.18 | 0.05 | 0.01 | 0.003 | 0.008 | 85.82 | |
360.48 | 362.01 | 1.53 | 4.10 | 0.32 | 0.23 | 0.06 | 0.07 | 0.00 | 0.013 | 0.001 | 57.77 | |
365.05 | 371.09 | 6.04 | 7.71 | 0.58 | 0.38 | 0.08 | 0.19 | 0.00 | 0.020 | 0.002 | 108.11 | |
383.11 | 384.62 | 1.51 | 6.80 | 0.04 | 0.70 | 0.20 | 0.02 | 0.01 | 0.001 | 0.005 | 56.05 | |
401.27 | 402.80 | 1.53 | 2.20 | 0.14 | 0.60 | 0.08 | 0.03 | 0.00 | 0.001 | 0.003 | 51.49 | |
405.84 | 407.30 | 1.46 | 4.80 | 0.06 | 0.62 | 0.18 | 0.01 | 0.01 | 0.001 | 0.003 | 50.23 | |
416.42 | 422.49 | 6.07 | 7.28 | 0.15 | 1.37 | 0.18 | 0.03 | 0.00 | 0.001 | 0.009 | 100.10 | |
434.59 | 437.55 | 2.96 | 4.92 | 0.02 | 0.94 | 0.11 | 0.01 | 0.00 | 0.001 | 0.004 | 59.21 | |
442.16 | 446.66 | 4.50 | 9.55 | 0.07 | 1.43 | 0.21 | 0.01 | 0.00 | 0.001 | 0.008 | 96.18 | |
460.25 | 478.47 | 18.22 | 6.95 | 0.10 | 1.34 | 0.20 | 0.03 | 0.01 | 0.001 | 0.009 | 93.84 | |
484.57 | 485.98 | 1.41 | 7.50 | 0.01 | 2.15 | 0.20 | 0.01 | 0.01 | 0.001 | 0.016 | 125.15 | |
504.15 | 537.65 | 33.50 | 5.83 | 0.04 | 1.75 | 0.12 | 0.02 | 0.01 | 0.001 | 0.010 | 107.44 | |
Incl. | 510.18 | 520.95 | 10.77 | 6.58 | 0.07 | 2.20 | 0.14 | 0.03 | 0.02 | 0.001 | 0.013 | 137.05 |
Incl. | 531.58 | 537.65 | 6.07 | 15.28 | 0.05 | 4.39 | 0.26 | 0.04 | 0.02 | 0.001 | 0.025 | 257.17 |
542.13 | 543.64 | 1.51 | 2.40 | 0.08 | 0.86 | 0.06 | 0.02 | 0.01 | 0.001 | 0.006 | 59.16 | |
570.73 | 572.31 | 1.58 | 8.70 | 0.14 | 1.36 | 0.24 | 0.01 | 0.01 | 0.002 | 0.005 | 102.13 | |
602.40 | 611.42 | 9.02 | 0.12 | 0.02 | 0.07 | 1.09 | 0.00 | 0.01 | 0.004 | 0.000 | 43.33 | |
646.17 | 647.66 | 1.49 | 25.60 | 0.02 | 1.11 | 0.77 | 0.04 | 0.03 | 0.001 | 0.005 | 121.36 | |
664.18 | 665.70 | 1.52 | 12.00 | 0.52 | 1.99 | 0.21 | 0.02 | 0.01 | 0.004 | 0.010 | 171.30 | |
688.55 | 690.07 | 1.52 | 11.60 | 0.36 | 1.27 | 0.30 | 0.05 | 0.01 | 0.003 | 0.008 | 125.92 | |
718.90 | 720.41 | 1.51 | 17.70 | 0.90 | 0.25 | 0.05 | 0.02 | 0.02 | 0.003 | 0.001 | 125.06 | |
730.92 | 732.43 | 1.51 | 7.20 | 0.01 | 0.94 | 0.17 | 0.00 | 0.03 | 0.001 | 0.005 | 73.23 | |
764.37 | 765.88 | 1.51 | 39.40 | 0.29 | 3.22 | 2.02 | 0.01 | 0.31 | 0.004 | 0.017 | 409.92 | |
768.86 | 770.43 | 1.57 | 4.20 | 0.02 | 0.88 | 0.14 | 0.01 | 0.01 | 0.001 | 0.006 | 59.82 | |
784.00 | 785.50 | 1.50 | 5.00 | 0.26 | 1.55 | 0.04 | 0.01 | 0.05 | 0.005 | 0.011 | 127.82 | |
811.15 | 812.70 | 1.55 | 1.30 | 0.12 | 0.66 | 0.08 | 0.02 | 0.01 | 0.001 | 0.003 | 51.79 |
See Note Table 1.
Table 3: Summary of Diamond Drill Holes Completed with Assays Pending at Iska Iska from January 31, 2023, press release.
SUMMARY DIAMOND DRILLING ISKA ISKA | |||||||
Hole No. | Type | Collar Easting | Collar Northing | Elev. | Azimuth | Angle | Hole Length (m) |
Surface Drilling Santa Barbara Resource Definition South-Southeast Extension | |||||||
DSB-44 | S | 205611 | 7655625 | 4076 | 225° | -60° | 964.1 |
DSB-45 | S | 205263 | 7656426 | 4240 | 225° | -60° | 836.4 |
DSB-47 | S | 205370 | 7656108 | 4227 | 225° | -60° | 1,001.4 |
DSB-48 | S | 205752 | 7655483 | 4054 | 225° | -60° | 821.4 |
DSB-49 | S | 205894 | 7655911 | 4017 | 225° | -60° | 830.4 |
DSB-50 | S | 205965 | 7655841 | 4016 | 225° | -55° | 854.4 |
DSB-51 | S | 205894 | 7655628 | 4028 | 225° | -60° | 803.4 |
DSB-52 | S | 205965 | 7655558 | 4002 | 225° | -60° | 824.4 |
TOTAL | 6,935.9 |
S = Surface UG = Underground; collar coordinates in meters; azimuth and dip in degrees. Total drilling completed since the start of the program on September 20, 2020 to the completion of the Santa Barbara definition drill program on November 27, 2022 is 84,495m in 122 drill holes (32 underground drill holes and 90 surface drill holes).
Table 4: Channel Sampling Results, Mina 1.
CHANNEL SAMPLING RESULTS – MINA 1 | |||||||||
SAMPLE No. | Distance between samples (m) | Channel Width (m) | Ag g/t | Au g/t | Zn % | Pb % | Sn % | Ag eq g/t* | |
M1-14 | 12.84 | 2.14 | 0.01 | 1.00 | 0.02 | 0.01 | 0.02 | 14.26 | |
M1-15 | 5.69 | 1.81 | 0.01 | 0.50 | 0.01 | 0.00 | 0.01 | 7.93 | |
M1-16 | 5.84 | 1.46 | 0.01 | 0.50 | 0.01 | 0.00 | 0.01 | 12.25 | |
M1-17 | 4.94 | 2.12 | 0.01 | 4.00 | 0.05 | 0.02 | 0.05 | 52.53 | |
M1-19 | 3.71 | 1.65 | 0.01 | 1.00 | 0.01 | 0.00 | 0.01 | 6.65 | |
M1-20 | 6.32 | 2.30 | 0.01 | 3.00 | 0.03 | 0.04 | 0.03 | 33.20 | |
M1-21 | 5.10 | 2.00 | 0.01 | 1.00 | 0.07 | 0.02 | 0.07 | 49.85 | |
M1-22 | 4.59 | 1.52 | 0.01 | 3.00 | 0.07 | 0.05 | 0.07 | 53.44 | |
M1-23 | 3.83 | 1.62 | 0.01 | 34.00 | 0.12 | 1.03 | 0.12 | 152.55 | |
M1-25 | 3.41 | 2.08 | 0.97 | 197.00 | 0.19 | 0.49 | 0.19 | 467.14 | |
M1-01 | 4.38 | 1.20 | 383.00 | 0.54 | 5.90 | 0.63 | 0.33 | 918.09 | Avg-01* |
M1-40 | 4.38 | 2.60 | 427.00 | 0.49 | 6.78 | 0.63 | 0.33 | 1002.63 | |
M1-02 | 4.70 | 2.74 | 149.00 | 0.10 | 1.08 | 0.23 | 0.08 | 265.68 | Avg-02* |
M1-41 | 4.70 | 1.42 | 174.00 | 0.09 | 0.95 | 0.23 | 0.12 | 305.07 | |
M1-03 | 5.36 | 1.50 | 0.61 | 267.00 | 0.18 | 0.40 | 0.18 | 541.76 | |
M1-04 | 3.53 | 1.17 | 0.91 | 290.00 | 0.26 | 0.66 | 0.26 | 689.08 | |
M1-05 | 6.78 | 1.37 | 0.16 | 54.00 | 0.08 | 0.22 | 0.08 | 142.87 | |
M1-26 | 4.19 | 2.76 | 0.04 | 84.00 | 0.17 | 0.03 | 0.17 | 210.81 | |
M1-27 | 3.77 | 2.89 | 0.07 | 21.00 | 0.03 | 0.02 | 0.03 | 50.58 | |
M1-28 | 3.86 | 1.97 | 0.04 | 31.00 | 0.05 | 0.04 | 0.05 | 71.14 | |
M1-29 | 2.85 | 1.82 | 0.01 | 17.00 | 0.03 | 0.24 | 0.03 | 68.45 | |
M1-30 | 5.50 | 2.58 | 0.01 | 4.00 | 0.02 | 0.02 | 0.02 | 34.43 | |
M1-31 | 4.46 | 1.90 | 0.01 | 1.00 | 0.00 | 0.00 | 0.00 | 5.11 | |
M1-32 | 4.53 | 1.60 | 0.01 | 2.00 | 0.03 | 0.01 | 0.03 | 23.56 | |
M1-06 | 6.51 | 1.10 | 13.00 | 0.02 | 0.34 | 0.07 | 0.04 | 59.11 | Avg-03* |
M1-07 | 6.51 | 0.98 | 158.00 | 0.03 | 7.22 | 0.48 | 0.12 | 581.92 | |
M1-09 | 6.51 | 0.72 | 42.00 | 0.11 | 0.08 | 0.04 | 0.18 | 171.70 | |
M1-33 | 6.51 | 2.25 | 4.00 | 0.01 | 0.07 | 0.08 | 0.16 | 105.88 | |
M1-35 | 6.51 | 1.96 | 21.00 | 0.03 | 0.54 | 0.06 | 0.14 | 135.55 | |
M1-36 | 6.51 | 1.93 | 22.00 | 0.06 | 0.09 | 0.03 | 0.08 | 85.12 | |
M1-42 | 6.51 | 1.73 | 89.00 | 0.10 | 3.10 | 0.17 | 0.11 | 316.37 | |
M1-10 | 4.24 | 1.60 | 0.04 | 49.00 | 0.12 | 0.19 | 0.12 | 189.44 | |
M1-11 | 7.08 | 1.56 | 0.05 | 70.00 | 0.21 | 0.47 | 0.21 | 280.27 | |
M1-12 | 3.85 | 1.72 | 0.03 | 29.00 | 0.12 | 0.10 | 0.12 | 118.70 | |
M1-13 | 5.53 | 1.42 | 0.01 | 3.00 | 0.12 | 0.07 | 0.12 | 79.06 | |
M1-38 | 3.97 | 1.95 | 0.01 | 1.00 | 0.10 | 0.03 | 0.10 | 60.30 | |
M1-39 | 4.60 | 1.08 | 0.01 | 1.00 | 0.00 | 0.00 | 0.00 | 3.48 | |
Avg-01* | 4.38 | 2.60 | 383.00 | 405.00 | 6.34 | 0.63 | 0.33 | 960.36 | |
Avg-02* | 4.7 | 2.74 | 161.50 | 0.10 | 1.01 | 0.23 | 0.10 | 285.38 | |
Avg-03* | 6.51 | 10.67 | 49.86 | 0.05 | 1.64 | 0.13 | 0.12 | 207.95 | |
Right Wall | Distance between samples (m) | Channel length (m) | Ag g/t | Au g/t | Zn % | Pb % | Sn % | Ag eq g/t* | |
145.95 | 63.60 | 55.03 | 0.11 | 0.70 | 0.16 | 0.08 | 153.94 | ||
Note. Ag equivalent calculation is based on prices in July 21, 2022 press release. | |||||||||
Weighted average grade | |||||||||
Avg-01* | M1-01 and M1-40 | ||||||||
Avg-02* | M1-02 and M1-41 | ||||||||
Avg-03* | M1-06; M1-07; M1-09; M1-33; M1-35; M1-36; M1-42 |
Note: See Table 1 for metal prices used to calculate g Ag eq/t.
Table 5: Channel Sampling Results, Mina 2.
CHANNEL SAMPLING RESULTS – MINA 2 | |||||||||
Sample No. | Channel Width (m) | Distance between samples (m) | Ag g/t | Au g/t | Zn % | Pb % | Sn % | Ag eq g/t* | |
M2-81 | 1.41 | 3.81 | 2.00 | 0.01 | 0.47 | 0.06 | 0.01 | 31.49 | |
M2-82 | 1.83 | 3.78 | 1.00 | 0.01 | 0.08 | 0.03 | 0.01 | 11.02 | |
M2-39 | 0.85 | 3.93 | 1.00 | 0.01 | 0.59 | 0.14 | 0.02 | 41.81 | |
M2-83 | 1.45 | 4.89 | 0.30 | 0.01 | 0.05 | 0.01 | 0.01 | 5.98 | |
M2-84 | 1.40 | 4.39 | 0.30 | 0.01 | 0.01 | 0.00 | 0.01 | 4.17 | |
M2-85 | 1.57 | 5.09 | 0.30 | 0.01 | 0.01 | 0.00 | 0.00 | 2.80 | |
M2-09 | 2.00 | 4.45 | 1.00 | 0.01 | 0.08 | 0.03 | 0.01 | 10.04 | |
M2-10 | 2.00 | 2.07 | 1.00 | 0.01 | 0.08 | 0.03 | 0.01 | 11.43 | |
M2-11 | 1.67 | 1.63 | 1.00 | 0.91 | 0.46 | 0.17 | 0.02 | 213.75 | |
M2-12 | 2.00 | 2.90 | 1.00 | 0.19 | 0.12 | 0.04 | 0.01 | 30.06 | |
M2-103 | 1.32 | 4.83 | 1.00 | 0.01 | 0.01 | 0.00 | 0.01 | 6.19 | |
M2-104 | 1.64 | 4.83 | 2.00 | 0.01 | 0.52 | 0.06 | 0.00 | 31.68 | |
M2-105 | 1.78 | 4.05 | 1.00 | 0.01 | 0.23 | 0.03 | 0.05 | 34.23 | |
M2-106 | 1.78 | 3.54 | 1.00 | 0.01 | 0.07 | 0.02 | 0.01 | 8.68 | |
M2-107 | 1.45 | 3.92 | 0.30 | 0.01 | 0.01 | 0.00 | 0.01 | 3.74 | |
M2-108 | 1.27 | 5.81 | 0.30 | 0.01 | 0.01 | 0.00 | 0.01 | 5.69 | |
M2-109 | 1.65 | 5.99 | 1.00 | 0.01 | 0.10 | 0.04 | 0.01 | 9.80 | |
M2-110 | 1.70 | 4.66 | 0.30 | 0.01 | 0.02 | 0.00 | 0.00 | 3.32 | |
M2-111 | 1.51 | 4.40 | 0.30 | 0.01 | 0.04 | 0.01 | 0.01 | 5.75 | |
M2-40 | 0.40 | 3.72 | 98.00 | 0.01 | 3.35 | 4.16 | 0.01 | 400.95 | |
M2-112 | 1.73 | 4.37 | 0.30 | 0.01 | 0.01 | 0.00 | 0.00 | 3.22 | |
M2-41 | 0.64 | 2.41 | 1.00 | 0.01 | 0.06 | 0.03 | 0.01 | 8.05 | |
M2-43 | 0.40 | 0.55 | 12.00 | 0.01 | 2.17 | 0.50 | 0.01 | 138.50 | |
M2-44 | 0.60 | 1.87 | 1.00 | 0.01 | 0.19 | 0.04 | 0.00 | 13.58 | |
M2-113 | 1.66 | 4.12 | 1.00 | 0.01 | 0.10 | 0.01 | 0.00 | 9.13 | |
M2-114 | 1.56 | 3.97 | 2.00 | 0.01 | 0.34 | 0.02 | 0.00 | 21.66 | |
M2-116 | 1.67 | 4.09 | 5.00 | 0.01 | 0.38 | 0.07 | 0.01 | 34.95 | |
M2-117 | 1.26 | 4.04 | 7.00 | 0.01 | 1.54 | 0.19 | 0.01 | 94.95 | |
M2-118 | 0.85 | 3.76 | 2.00 | 0.01 | 0.26 | 0.08 | 0.01 | 23.27 | |
M2-119 | 1.23 | 3.95 | 7.00 | 0.01 | 1.00 | 0.40 | 0.01 | 73.55 | |
Weighted average grade | 115.81 | 4.64 | 0.02 | 0.34 | 0.18 | 0.01 | 34.94 | ||
M2-34 | 0.90 | 4.07 | 1.00 | 0.01 | 0.83 | 0.03 | 0.01 | 49.98 | Avg-01* |
M2-36 | 0.35 | 4.07 | 128.00 | 0.07 | 3.91 | 0.72 | 0.35 | 648.64 | |
M2-37 | 0.69 | 4.07 | 1.00 | 0.01 | 0.05 | 0.01 | 0.01 | 7.96 | |
M2-65 | 2.00 | 4.07 | 29.00 | 0.02 | 0.95 | 0.17 | 0.14 | 178.81 | |
M2-67 | 1.33 | 3.90 | 32.00 | 0.44 | 0.95 | 0.37 | 0.03 | 160.50 | |
M2-68 | 1.18 | 1.32 | 2.00 | 0.04 | 0.05 | 0.02 | 0.01 | 16.55 | |
M2-69 | 1.13 | 2.97 | 2.00 | 0.01 | 0.01 | 0.00 | 0.01 | 17.83 | |
Weighted average grade | 3.95 | 24.08 | 0.16 | 0.79 | 0.20 | 0.06 | 130.66 | ||
M2-89 | 1.27 | 1.76 | 6.00 | 0.01 | 0.78 | 0.12 | 0.01 | 52.82 | |
M2-05 | 1.65 | 3.83 | 1.00 | 1.75 | 1.13 | 0.23 | 0.03 | 244.34 | |
M2-88 | 3.50 | 3.89 | 9.00 | 0.39 | 0.70 | 0.28 | 0.08 | 124.27 | |
M2-06 | 1.33 | 3.82 | 1.00 | 4.20 | 0.28 | 0.10 | 0.01 | 435.80 | |
M2-87 | 2.20 | 3.61 | 2.00 | 1.33 | 0.51 | 0.16 | 0.02 | 164.51 | |
M2-08 | 1.27 | 4.56 | 12.00 | 0.46 | 2.02 | 0.60 | 0.02 | 187.61 | |
M2-86 | 3.50 | 4.36 | 1.00 | 0.52 | 0.21 | 0.06 | 0.01 | 69.60 | |
M2-13 | 1.37 | 4.89 | 21.00 | 1.50 | 2.72 | 0.75 | 0.02 | 696.20 | |
M2-91 | 2.56 | 4.07 | 20.00 | 0.28 | 0.74 | 0.53 | 0.03 | 166.64 | |
M2-14 | 1.62 | 3.90 | 5.00 | 1.52 | 3.12 | 0.65 | 0.03 | 459.88 | |
M2-92 | 1.57 | 3.92 | 14.00 | 3.08 | 1.45 | 0.60 | 0.01 | 487.86 | |
M2-16 | 1.23 | 3.33 | 30.00 | 4.77 | 3.46 | 2.13 | 0.04 | 969.42 | |
M2-93 | 1.48 | 3.13 | 28.00 | 10.20 | 3.70 | 1.35 | 0.04 | 1305.70 | |
M2-17 | 1.45 | 3.74 | 46.00 | 0.27 | 3.16 | 2.28 | 0.07 | 351.99 | |
M2-94 | 2.13 | 3.31 | 33.00 | 0.68 | 8.84 | 1.73 | 0.04 | 627.02 | |
M2-18 | 1.40 | 3.87 | 26.00 | 0.92 | 3.52 | 1.61 | 0.02 | 345.00 | |
M2-95 | 2.24 | 4.76 | 6.00 | 0.09 | 2.27 | 0.13 | 0.02 | 141.32 | |
M2-96 | 1.59 | 3.77 | 26.00 | 0.43 | 1.78 | 0.56 | 0.02 | 210.69 | |
Weighted average grade | 68.53 | 15.67 | 1.70 | 2.20 | 0.75 | 0.03 | 382.79 | ||
M2-97 | 1.20 | 5.73 | 0.30 | 0.01 | 0.04 | 0.01 | 0.00 | 7.17 | |
M2-98 | 1.52 | 3.88 | 2.00 | 0.01 | 0.67 | 0.05 | 0.00 | 39.59 | |
M2-99 | 1.35 | 3.00 | 7.00 | 0.01 | 1.14 | 0.26 | 0.01 | 82.92 | |
Weighted average grade | 12.61 | 2.42 | 0.01 | 0.49 | 0.08 | 0.00 | 35.16 | ||
M2-100 | 1.50 | 3.71 | 31.00 | 0.01 | 5.58 | 0.81 | 0.01 | 342.47 | |
M2-101 | 1.60 | 2.63 | 76.00 | 0.10 | 5.88 | 2.89 | 0.03 | 486.13 | |
M2-02 | 1.57 | 5.28 | 28.00 | 0.10 | 2.19 | 1.22 | 0.02 | 210.15 | |
M2-03 | 1.15 | 8.95 | 120.00 | 0.66 | 6.30 | 2.89 | 0.09 | 680.10 | |
M2-01 | 1.45 | 3.06 | 66.00 | 0.03 | 8.91 | 1.87 | 0.05 | 589.72 | |
M2-04 | 1.36 | 3.03 | 36.00 | 0.01 | 6.08 | 0.88 | 0.02 | 374.13 | |
Weighted average grade | 26.67 | 69.31 | 0.26 | 5.62 | 1.92 | 0.05 | 475.78 | ||
Avg-01* | 2.00 | 4.07 | 39.75 | 0.03 | 1.43 | 0.23 | 0.13 | 221.35 | |
*Note. Ag equivalent calculation is based on prices in July 21, 2022 press release. | |||||||||
Weighted average grade | |||||||||
Avg-01* | M2-34; M2-36; M2-37; M2-65 |
Note: See Table 1 for metal prices used to calculate g Ag eq/t.
Qualified Person
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P.Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078 g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m). Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined an extensive target zone. In its September 20, 2022 press release, the Company reported that new downhole geophysical data has significantly extended the strike length of the high-grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from existing drilling. The 3D inverse magnetic model which correlates very strongly with the conductive zone suggested that the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along strike for a total potential strike length of at least 2 km. As reported, the definition drill program was modified to sectionally drill this potential extension with the intention of defining a major open pittable deposit in the valley of the caldera. As a result, the estimated completion date for the maiden National Instrument 43-101 mineral resource was pushed back to the end of Q1 2023.
The Company completed 84,495m of drilling in 122 holes from the definition drill program in the Santa Barbara target area, as previously announced on November 27, 2022.
On November 22, 2022, Eloro announced the acquisition of the Mina Casiterita and Mina Hoyada properties covering 14.75 km2 southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Following the acquisition, the total land package in the Iska Iska area to be controlled by Eloro will total 1,935 quadrants covering 483.75 km2.
Artisanal mining in the 1960’s identified high grade tin (Sn) veins on the Mina Casiterita property that are hosted in an intrusive dacite. Production from 1962 to 1964 is reported by the Departamento Nacional de Geología in Bolivia to be 69.85 tonnes grading 50.60% Sn.
Recently completed magnetic surveys by Eloro has outlined an extensive, near surface, magnetic intrusive body on the Mina Casiterita property immediately southwest of Iska Iska. This intrusive hosts the previously mined high-grade tin veins and is very likely the continuation of the porphyry tin intrusion projected to be below the epithermal Ag-Sn-Zn-Pb mineralization at Iska Iska.
The Porco adit from which previously reported channel sampling returned 103m grading 521 g Ag eq/t (including g 117g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) in altered basement sediments, is located near the northeast part of the magnetic anomaly, attesting to the potential strength and high-grade nature of the mineralized system in the area.
Drilling is planned in the Porco area and on Mina Casiterita commencing in early February 2023 with geological mapping, sampling and geophysical surveys now in progress on the full land package across the Iska Iska region.
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 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine.
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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce30823-fe4c-4f72-a3d8-929e6570e0b3
https://www.globenewswire.com/NewsRoom/AttachmentNg/455df381-6439-40b5-bf6a-b9af4235468c
https://www.globenewswire.com/NewsRoom/AttachmentNg/3c1d7522-6763-472d-b75a-54cd9233254d
Cartier Silver Announces Closing of Its Previously Announced Financing
Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed the final tranche of a previously announced (see Cartier Silver news releases dated November 22, 2022, December 15, 2022 and December 16, 2022) non-brokered private placement (the “Private Placement”) for additional proceeds of $999,500 pursuant to the offering of 10,000,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for aggregate gross proceeds of $4,000,000. A total of 2,498,750 Units were issued to investors in connection with the final closing of the Private Placement.
Each of the 2,498,750 Units issued consists of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant of the Company (each whole, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.70 for a term of 30 months from the issuance date.
In connection with this final closing of the Private Placement, an arm’s length finder received as compensation cash commissions aggregating $4,905.
The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement are subject to the applicable statutory four-month hold period.
Some insiders of Cartier Silver participated in the Private Placement (“Insiders”). The part of the Private Placement in respect of the issuance of Units to Insiders constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). A formal valuation was not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders was only $122,500 and, accordingly, does not exceed 25% of the Corporation’s market capitalization as of the date of the Private Placement. Similarly, minority shareholder approval was also not required under MI 61-101 because the fair market value of the consideration for the transaction involving the Insiders does not exceed 25 percent of the Corporation’s capitalization as of the date of the Private Placement.
The Insiders who participated in this Private Placement made their decisions to do so shortly before the closing of the Private Placement and, given the uncertainty as to whether Insiders would participate in the Private Placement and to what extent, the Corporation did not have the opportunity to announce this related party transaction 21 days in advance of closing of the first tranche.
Subscribers to the Private Placement also included two investment funds (collectively, the “Fund”) which invested a total of $700,000 by purchasing 1,750,000 Units. In connection with the purchase of the 1,750,000 Units, Cartier Silver granted the Fund the right (the “Participation Right”) to participate, subject to applicable securities laws and stock exchange policies, in any private placement or public offering of securities of the Company, other than certain “excluded issues” (such as the grant or exercise of incentive stock options or the exercise of currently outstanding warrants). More specifically, the Participation Right provides the Fund with the right to subscribe for that percentage of the securities being offered by the Company as is equal to the percentage of the outstanding Common Shares of the Company then owned by the Fund. Such Participation Right terminates on the date on which the Fund’s ownership of outstanding Common Shares falls below 3% of the then outstanding Common Shares.
This press release does not constitute an offer to sell or a solicitation of an offer to buy 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 or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cartier Silver Corporation
Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.
For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com
For further information please contact: | |
Thomas G. Larsen | Jorge Estepa |
Chief Executive Officer | Vice-President |
(800) 360-8006 | (800) 360-8006 |
(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”.
PDF available: http://ml.globenewswire.com/Resource/Download/73e86447-3868-442c-b186-507b5dfeea4b
Cartier Silver Announces First Closing of its Previously Announced Financing
Cartier Silver Corporation (CSE:CFE) (“Cartier Silver” or the “Company”) is pleased to announce that it is has closed the first tranche of a previously announced (see Cartier Silver news releases dated November 22, 2022 and December 15, 2022) non-brokered private placement (the “Private Placement”) for proceeds of $3,000,500 pursuant to the offering of up to 10,000,000 units of Cartier Silver at a price of $0.40 per unit (“Units”) for aggregate proceeds of up to $4,000,000. A total of 7,501,250 Units were issued to investors in connection with the first closing of the Private Placement.
Each of the 7,501,250 Units issued consists of one common share in the capital of Cartier Silver (a “Common Share”) and one half of one Common Share purchase warrant (each whole, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.70 per share for a term of 30 months from the issuance date.
In connection with this initial closing of the Private Placement, arm’s length finders received as compensation cash commissions aggregating $76,890.
The net proceeds of the Private Placement will be used to finance exploration at the optioned Chorrillos Project and at the additional claims staked by the Company’s subsidiary in the Potosi Department, Bolivia and for working capital purposes. All securities issued pursuant to the Private Placement are subject to the applicable statutory four-month hold period. The Private Placement is subject to certain conditions, including, but not limited to the receipt of all necessary approvals.
This press release does not constitute an offer to sell or a solicitation of an offer to buy 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 or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cartier Silver Corporation
Cartier Silver is an exploration and development Company focused on discovering and developing its recently acquired silver property assets, including the Chorrillos Project and claims staked by the Company’s subsidiary, all of which are located in the Potosi Department of southern Bolivia. The Company also holds significant iron ore resources at its Gagnon Holdings in the southern Labrador Trough region of east-central Quebec, and the Big Easy gold property in the Burin Peninsula epithermal gold belt in the Avalon Zone of eastern Newfoundland and Labrador.
For further information please visit Cartier Silver’s website at www.cartiersilvercorp.com
For further information please contact:
Thomas G. Larsen | Jorge Estepa |
Chief Executive Officer | Vice-President |
(800) 360-8006 | (800) 360-8006 |
(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”.