Alvopetro Announces April 2022 Sales Volumes and Q1 2022 Results Webcast

Research, News, and Market Data on Alvopetro Energy

CALGARY, AB, May 5, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces April sales volumes of 2,494 boepd, including natural gas sales of 14.3 MMcfpd and associated natural gas liquids sales from condensate of 107 bopd, based on field estimates. 

Upcoming Q1 2022 results webcast

Alvopetro anticipates announcing Q1 2022 results on May 12, 2022 after markets close and will host a live webcast to discuss the results at 8:00 am Mountain time on May 13, 2022. Details for joining the event are as follows:

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation. 

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a leading
independent upstream and midstream operator in Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia in Brazil,
building off the development of our Caburé natural gas field and our strategic
midstream infrastructure.

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 news release.

All amounts contained in
this new release are in United States dollars, unless otherwise stated and all
tabular amounts are in thousands of United States dollars, except as otherwise
noted.

BOE Disclosure. The term barrels of oil
equivalent (“boe”) may be misleading, particularly if used in isolation.
A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of
natural gas to barrels of oil equivalence is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. All boe conversions in this news release
are derived from converting gas to oil in the ratio mix of six thousand cubic
feet of gas to one barrel of oil.

SOURCE Alvopetro Energy Ltd.

For further information: Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer, Phone: 587.794.4224, Email: info@alvopetro.com,
www.alvopetro.com, (TSX-V: ALV) (OTCQX: ALVOF)

Cypress Development Completes Enertopia Asset Acquisition

Research, News, and Market Data on Cypress Development

VANCOUVER, BC, May 5, 2022 /PRNewswire/ – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has completed its acquisition of Enertopia Corporation’s (“Enertopia”) Clayton Valley Lithium Claystone Project (“Enertopia Project”) located adjacent to the Cypress Clayton Valley Lithium Project in Nevada (“Cypress Project”).

“We are pleased with the addition of Enertopia’s property,” commented Dr. Bill Willoughby, President, and CEO of Cypress. “The property is a continuation of the lithium-bearing units in Cypress’ project, with Enertopia’s drilling having shown similar values of lithium. With this consolidation, the data will be incorporated into our resource model and has the potential to enhance the project through our Feasibility Study underway. We expect this consolidation of Clayton Valley lithium claystone projects to be of significant value for both Enertopia and Cypress shareholders.”

The purchase consideration for the Enertopia Project comprised US$1.1 million in cash and the issuance of 3,000,000 common shares in the capital of Cypress (“Consideration Shares”). The transaction also included Enertopia entering into an Irrevocable Proxy and Voting Agreement and Lock-Up Agreement with Cypress in relation to the Consideration Shares. (See Company’s February 24, 2022 new release for further information).  In terms of these agreements, Enertopia inter alia agreed to; (i) vote in favor of shareholder resolutions supported by Cypress’ Board of Directors (ii) certain limitations to the circumstances under which it could sell the Consideration Shares, and (iii) a 12-month standstill in relation to certain corporate activities pertaining to Cypress shares.

In connection with the transaction, the Company has agreed to pay a finder’s fee of US$105,000 to an arm’s-length party, subject to TSX Venture Exchange approval.

About Cypress Development Corp

Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CYPRESS DEVELOPMENT CORP.

WILLIAM WILLOUGHBY, PhD., PE

President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking
Statements

This release includes
certain statements that may be deemed to be “forward-looking
statements”. Forward-looking statements are subject to risks,
uncertainties and assumptions and are identified by words such as “expects,”
“estimates,” “projects,” “anticipates,”
“believes,” “could,” “scheduled,” and other
similar words. All statements in this release, other than statements of
historical facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from
those in the forward-looking statements. The Company undertakes no obligation
to update these forward-looking statements if management’s beliefs, estimates
or opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration, and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for
further information.

SOURCE Cypress Development Corp.

Allegiant Partner Drills 31 Metres of 456 g/t AgEq Silver Equivalent at Mogollon Property

Research, News, and Market Data on Allegiant Gold

Reno, Nevada /May 5, 2022 –
Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX)
is pleased to announce that Summa Silver Corp. (“Summa”) announced drill results from the first six holes drilled at the Mogollon Property (“Mogollon”) in the State of New Mexico.  Summa is currently working to earn a 75% interest in Mogollon by making share and cash payments totaling US$3 million and spending an additional US$3 million in work commitments. 

According to the May 3, 2022 news release issued by Summa, the following key highlights were reported:

• 31.0
  metres at 459 grams per tonne silver equivalent* (3.88 g/t gold, 129 g/t silver) including 0.5 m at 6,311 g/t silver equivalent (66.8 g/t Au, 638 g/t Ag) and two m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/t Ag) in MOG22-05 where total grade thickness through all mineralization is 14,233 g/t AgEq*m;
• Aggressive step-out: Hole
  MOG22-05 is a 270-metre step-out from previously reported MOG22-04 which intersected 11.6
  m at 450 g/t silver equivalent (2.7 g/t Au, 220 g/t Ag);
• Open in all directions: The newly drilled mineralized zone at the Consolidated Extension target remains open to expansion in all directions;
• Aggressive drill plan: The company anticipates a minimum of 25,000 m of drilling in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 by 300 m to publish its first resource estimate on this first Mogollon property target;
• Work just beginning: The Consolidated Extension target represents only 1.5 per cent of the total prospective vein and structure length present on the property. All other prospective areas remain largely unexplored;
• Drilling to resume at Mogollon: The company is planning to resume drilling at Mogollon within 30 days and after the completion of required continuing wildlife surveys;

*Silver equivalent (AgEq) based on an Ag/Au ratio of 85:1 at Mogollon, true widths are unknown.

Full details of the results can be seen in the Summa news release dated May 3, 2022, inclusive of QA/QC procedures.
 

Peter Gianulis, CEO of
Allegiant Gold, commented: “We are excited about the recent drill results reported by Summa and look forward to the aggressive ongoing drilling program they have outlined at Mogollon, one of the best projects in our portfolio.  Summa has proven to be an excellent partner with strong technical capabilities and qualifications that will prove invaluable in proving up one of the best underground silver/gold projects remaining in the U.S.”
 

ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

 

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Neither 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.

Certain statements and
information contained in this press release constitute “forward-looking
statements” within the meaning of applicable U.S. securities laws and
“forward-looking information” within the meaning of applicable Canadian securities
laws, which are referred to collectively as “forward-looking
statements”. The United States Private Securities Litigation Reform Act of
1995 provides a “safe harbor” for certain forward-looking statements.
Allegiant Gold Ltd.’s
(“Allegiant”) exploration plans for its gold exploration properties, the drill
program at Allegiant’s Eastside project, the preparation and publication of an
updated resource estimate in respect of the Original Zone at the Eastside
project, Allegiant’s future exploration and development plans, including
anticipated costs and timing thereof; Allegiant’s plans for growth through
exploration activities, acquisitions or otherwise; and expectations regarding
future maintenance and capital expenditures, and working capital
requirements.  Forward-looking statements are statements and information
regarding possible events, conditions or results of operations that are based
upon assumptions about future economic conditions and courses of action. All
statements and information other than statements of historical fact may be
forward-looking statements. In some cases, forward-looking statements can be
identified by the use of words such as “seek”, “expect”, “anticipate”,
“budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and
similar words or phrases (including negative variations) suggesting future
outcomes or statements regarding an outlook.  Such forward-looking
statements are based on a number of material factors and assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements, or industry results, to
differ materially from those anticipated in such forward-looking information. You
are cautioned not to place undue reliance on forward-looking statements
contained in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those expressed in
the forward-looking statements are described in the sections entitled “Risk
Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed
with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile
at www.sedar.com. 
Actual results and future events could differ materially from those anticipated
in such statements. Allegiant undertakes no obligation to update or revise any
forward-looking statements included in this press release if these beliefs,
estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.

Element79 Gold Announces $5M Equity Facility Upsized to $10M

News and Market Data on Element79 Gold

VANCOUVER, BC / ACCESSWIRE
/ May 5, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) (“Element79 Gold”, the “Company”) is pleased to announce that Crescita Capital LLC (“Crescita”) has increased its equity drawdown facility commitment to the Company from $5,000,000 to $10,000,000. The additional funding is being made available pursuant to an amendment dated May 2, 2022 (the “Amendment”) to the original Investment and Advisory Agreement with Crescita dated September 14, 2020 (the “Original Agreement”, and together with the Amendment, the “Agreement”). The Company is able to make drawdown requests for funding, from time to time, pursuant to the facility and on closing of each drawdown, the Company will issue common shares to Crescita in accordance with the terms of the Agreement.

The Company has fully utilized the initial $5,000,000 of Crescita’s invested capital in its corporate development and project advancement since its IPO in August 2021, including completing the Phase 1 exploration program on the Dale property, the drilling program on the Snowbird property, and closing on the acquisition of the Nevada portfolio. Element79 Gold intends to utilize the additional capital to continue progress on its high-tempo development strategy, including the upcoming acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources Inc. (“Calipuy”), the continued advancement of the 43-101 compliant mineral resource at the Company’s flagship Maverick Springs Project, and further exploration of the highly prospective Battle Mountain Portfolio. Near term, additional diamond drilling and metallurgical studies are planned to enable a significant portion of the Maverick Springs resource to be upgraded from the inferred to the indicated category.

“Securing this additional capital, particularly in this market environment where many investors are tightening their purse strings, could not be a stronger vote of confidence for Element79 Gold” remarked James Tworek, CEO of Element79 Gold. “We appreciate Crescita’s repeated investment and belief in our story. The timing is excellent. Element79 Gold now enters into its next phase of development from a position of strength, with the ability to focus on the long-term strategic wins for all our stakeholders.”

In addition to providing for the additional $5,000,000 equity drawdown commitment (the “Second Commitment”), the Amendment provides for certain amendments to the Original Agreement including the addition of the requirement for the Company to make a top up payment to Crescita in the event that the volume weighted average price of the Company’s common shares is less than the subscription price paid by Crescita for a particular drawdown in the 30 days following the drawdown, and amends the fees payable to Crescita for the Second Commitment. The Company will pay an 8% fee to Crescita on the Additional Commitment, which fee will be satisfied by the issuance of 533,333 common shares at a deemed price per share equal to the last closing price of the shares prior to the date of the Amendment, less the maximum discount permitted by the Canadian Securities Exchange. These shares are subject to a four-month hold. A copy of the Original Agreement and Amendment are both filed on SEDAR under the Company’s profile.

Potential Road to
Cashflow Operations: Tailings Utilization and Pre-Production Cashflow

The additional capital will be used to start technical work leading to a PEA and also unlocking the potential for preproduction cashflow through at Machacala as the project develops into 350tpd production. This will also allow the Company to investigate opportunities for cashflow, including reprocessing the historic tailing, estimated to contain approximately 200,000 tonnes at Machacala which were estimated in 1997 by Gold Hawk to contain grades of 1.26 g/t gold and 74 g/t silver.⁽¹⁾ Previous metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching of un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching. While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

“The Peruvian assets, and particularly Machacala, have a clear path towards production in the near-term,” commented Antonios Maragakis. “These funds will be critical in progressing the key geological and engineering work to unlock the mines’ potential in an expedited manner”.

While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

Jason Wells, Managing Director of Crescita Capital stated: “We are excited to continue to financially support Element79 Gold and its transition from an exploration company to a producer. The upside that this brings all of the shareholders is significant”.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a “qualified person” as defined by National Instrument 43-101.

About Element79
Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department

Phone: +1 (604) 200-3608
E-mail: investors@element79.gold

Cautionary Note
Regarding Forward Looking Statements

This press contains “forward?looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward?looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the availability of funding for the Company and issuance of shares to Crescita pursuant to the Agreement; the Company’s plans for use of the funding provided by Crescita; the Company’s plans for exploration and development of the properties the own or are proposing to acquire; the completion of the acquisition of Calipuy and the advancement of its properties; the prospects for mineral resources on certain properties; the prospects for leaching and milling at certain properties; the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated, including the risk that the Company does not advance its properties as planned;, that the results of exploration and development are not favorable to the Company; that the projects are not feasible; and the risk that Crescita is not able to fund drawdowns as requested by the Company. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward?looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company’s other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

1. Gold Hawk Resources Inc News Release, 2004-06-28

Neither the Canadian
Securities Exchange nor the Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.

SOURCE: Element79 Gold Corp.