Palladium One Additional Massive Magmatic Sulphide Intersections, up to 9.9% Ni_Eq (218 lbs/tonne) over 3.8 Meters at Tyko

 

January 19, 2021 – Toronto, Ontario – Final results from the 2020 Tyko drill program include massive magmatic sulphides grading up to 9.9% Ni_Eq* (218 pounds per tonne) over 3.8 Meters (8.1% Ni, 2.9% Cu, 1.3/t PGE), starting at less than 9 meters true-depth, located at the Smoke Lake target of the Tyko Ni-Cu-PGE Project said Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today. The intercept is within a broader interval that returned 6.1% Ni_Eq over 7.5 Meters (135 pounds per tonne) (4.5% Ni, 2.9% Cu, 1.0g/t PGE) from 5.3 meters down hole.

These results are in addition to previously announced results of 8.7% Ni_Eq* (193 pounds per tonne) over 3.8 Meters (6.6% Ni, 3.7% Cu, 1.5g/t PGE) (see press release January 5, 2021) and 7.5% Ni_Eq* (164 pounds per tonne) over 4.2 Meters (5.8% Ni, 2.7% Cu, 1.3/t PGE) (see press release January 12, 2021).

“Smoke Lake continues to deliver extraordinarily high-grade intercepts. The highest to date being 9.9% Ni_Eq over 3.8 meters, within a broader intercept of 6.1% Ni_Eq over 7.5 meters! An extremely high-value, near surface resource appears within our grasp at Smoke Lake.

The massive sulphide mineralization discoveries, combined with historic high-grade drill results 17-km to the west, provide significant encouragement for additional discoveries, especially given Tyko is incredibly underexplored. The Tyko project covers over 20,000 hectares, which includes the 7,000 hectare mafic-ultramafic Bulldozer intrusion, which has seen virtually no geological mapping nor exploration” said Derrick Weyrauch, President and CEO.

Key Highlights:

• Hole TK-20-023 returned 6.1% Ni_Eq over 7.5 meters (4.5% Ni, 2.9% Cu, 1.0g/t PGE) from 5.3 meters down hole.
  • Including 9.9% Ni_Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 1.3g/t PGE).

Hole TK-20-025, returned 6.3% Ni_Eq over 3.2 meters (4.4% Ni, 3.6% Cu, 0.9g/t PGE) from 36.6 meters down hole.

• • Including 11.8% Ni_Eq over 0.6 meters (9.6% Ni, 3.7% Cu, 1.5g/t PGE).
• All 13 holes drilled at Smoke Lake intersected magmatic sulphides.
  • Multiple massive sulphide intercepts up to 4 metres were encountered.
• A magmatic sulphide mineralized strike length of 270 meters has been defined by drilling and the deepest intercept to date has a true depth of only 100 meters.
• Mineralization remains open to the northwest and down dip.

The 2020 Tyko drill program consisted of 14 drill holes totalling 1,123 meters, 13 holes were drilled into the Smoke Lake electromagnetic (“EM”) anomaly. This program was the first to drill test the Smoke Lake EM anomaly (see press release January 21, 2020, November 18, 2020, December 7, 2020, January 5, 2021, January 12, 2021). High-resolution drone-based magnetic and ground-based horizontal loop EM surveys, undertaken shortly before drilling, refined the anomaly resulting in the successful discovery of massive magmatic sulphides. The final hole of the program (TK-20- 028) tested a separate magnetic anomaly which intersected mafic-ultramafic rocks with anomalous nickel which are interpreted to be related to the Smoke lake mineralization.

A bore hole EM survey is currently underway which will further delineate the Smoke Lake massive sulphide body. Palladium One Mining Inc. Suite 550 – 800 West Pender St. | Vancouver, BC | Canada V6C 2V6 info@palladiumoneinc.com Drilling to date indicates a mineralized ultramafic body at surface, transitioning to massive sulphides which dip shallowly (~32°) to the southwest. The massive sulphides occur as a consistent sheet with a possible fault near its base which could be controlling their emplacement in tonalite.

The lithologies at Smoke Lake closely resemble those found at both the Tyko and RJ showings, located 17-kilometers to the west, which returned up to 1.06% Ni and 0.35% Cu over 6.22 m including 4.71% Ni and 0.82% Cu over 0.87 m in hole TK-16-010 (see press release June 8, 2016).

Table 1: Tyko 2020 Drill Results from the Smoke Lake Discovery

(1) Reported widths are “drilled widths” not true widths.
(2) Shaded results are previously released, see press release January 5, 2020, January 12, 2021
(3) TK-20-028 tested a different target on the Tyko Property.

Figure 1. Massive magmatic sulphide intersection in hole TK-20-023.

Figure 2. Closeup of massive magmatic sulphide in hole TK-20-023.

Figure 3. High grade intersection from hole TK-20-025 which returned 11.8% Ni_Eq over 0.6 meters (9.6% Ni, 3.7% Cu, 1.5g/t PGE) from 37.2 to 37.8m

Figure 4. Plan map of the Smoke Lake area with 1st Vertical Mag as the background showing soil samples, as well as the axial traces of the two closely spaced ground based horizontal loop EM anomalies, and 2020 drill holes.

*Nickel Equivalent (“Ni_Eq”)

Nickel equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne (US$3.00 per pound) for copper, US$15,432 per tonne (US$7.00 per pound) for nickel and US$30,865 per tonne (US$14 per pound) for Cobalt. This calculation is consistent with the commodity prices used in the Company’s September 2019 NI 43-101 Kaukua resource estimate.

About Tyko Ni-Cu-PGE Project

The Tyko Ni-Cu-PGE Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel focused project with the most recent drill hole intercepts returning up to 9.9% Ni_Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 1.3g/t PGE) in hole TK-20-023.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43- 101.

About Palladium One

Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-coppernickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladiumdominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email:
info@palladiumoneinc.com

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

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Source: Palladium One Mining Inc.

GoldHaven Appoints Chris Ford to GOH’s Advisory Board for Chilean Operations

 

Vancouver, British Columbia, January 14, 2021 – GoldHaven Resources Corp. (“GoldHaven” or the “Company”) (CSE: GOH) (OTCQB: GHVNF) (FRA: 4QS) announces the appointment of Chris Ford to the Company’s advisory board for its Chilean operations.

Daniel Schieber, GoldHaven’s CEO stated: “Chris lead the Gold Fields team that discovered the Salares Norte epithermal silver and gold deposit (5.2 Million ounces of Gold, set for production of 350,000 oz of Gold per annum) located approximately 25km’s north of our Rio Loa project.

Chris is joining our head of exploration Pat Burns who discovered Escondida (one of the top two Copper mines in the world) and Jack Pritting who was instrumental in leading the exploration of Kinross’s La Coipa mine (6.2 Million ounces of Gold).

Our unique land-position in the Maricunga Gold belt (251 square km’s) is beginning to attract the talent required to unlock the value of our assets. Pat, Chris and Jack are now the substance of our world-class exploration team.”

Chris Ford:

Mr. Ford (B.Sc. Hon’s Geology & Mining; M.Sc. Mineral Exploration) started his career in 1974 with Anglo American Corp as a geologist for the Welkom Gold Mine. In the 1980’s he began working with BHP Minerals until the late 1990’s with roles ranging from senior geologist, manager of exploration to technical manager. Mr. Ford then joined Gold Fields as an exploration manager for the Africa-Eurasia region and from 2008 to 2011 led the exploration team in Chile to a successful discovery at Salares Norte. Mr. Ford resides in Santiago, Chile.

About GoldHaven Resources Corp.

GoldHaven Resources Corp. is a Canadian junior exploration Company active in the Maricunga Gold Belt of northern Chile. The Maricunga Belt measures 150 km north-south and 30 km east-west and is host to discoveries in the last ten years of 100 million ounces of gold; 450 million ounces of silver and 1.3 billion pounds of copper. The Company has agreements in place to acquire seven high priority exploration targets as identified by geological studies. To date, GoldHaven has identified four of these seven properties as being “High Priority” targets and, will commence a drilling program during the first quarter of 2021. The four priority targets include Coya, located approximately 16 km northeast of the La Coipa mine where Kinross has extracted over 6.2 million ounces.; the second is Rio Loa, a project located 25 km south of Gold Field’s Salares Norte deposit (5.2 million ounces of Gold equivalent; the third and fourth projects are Alicia and Roma which are approximately 35 km. south of the Salares Norte deposit. These priority targets have been designated as High Priority owing to the extensive pervasive alteration, favourable geology and highly anomalous rock geochemistry results as well as their relative proximity to existing deposits.
We Seek Safe Harbor.

On Behalf of the Board of Directors

Daniel Schieber

For further information, please contact:

Daniel Schieber
CEO & Director
www.goldhavenresources.com
Office Direct: (604) 638-5938
Cell Direct: (604) 722-5798

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

Cautionary Statements Regarding Forward-Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the intended use of the proceeds received from the Offering, the possible acquisition of the Projects, the Company’s expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “will”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “potential”, “scheduled”, or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, and the receipt of any necessary regulatory or corporate approvals in connection with the Offering and the Assignment, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company’s projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental, health and safety laws.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the inability to close the Offering, the inability of the Company to enter into definitive agreements in respect of the Letters of Intent which are the subject of the Assignment, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management’s Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

SOURCE: GoldHaven Resources Corp

Palladium One More Massive Magmatic Sulphide Intersections, up to 7.5% Ni_Eq (164 lbs/tonne) over 4.2 Meters at Tyko

 

January 12, 2020 – Toronto, Ontario – Results for six additional drill holes containing several massive magmatic sulphides intercepts grading up to 7.5% Ni_Eq* (164 pounds per tonne) over 4.2 Meters (5.8% Ni, 2.7% Cu, 1.3/t PGE), have been received from the 2020 Tyko drill program, located at the Smoke Lake target of the Tyko Ni-Cu-PGE Project said Palladium One Mining (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today. These results are in addition to last weeks announcement of 8.7% Ni_Eq* (193 pounds per tonne) over 3.8 Meters (6.6% Ni, 3.7% Cu, 1.5g/t PGE) (see press release January 5, 2021)

Key Highlights:

• Hole TK-20-022, returned 7.5% Ni_Eq over 4.2 meters (5.8% Ni, 2.7% Cu, 1.3g/t PGE) from 46.8 meters down hole.
  • Including 8.8% Ni_Eq over 2.1 meters (7.3% Ni, 2.3% Cu, 1.3g/t PGE).
• Hole TK-20-019 returned 5.9% Ni_Eq over 1.7 Meters (3.9% Ni, 3.9% Cu, 0.9g/t PGE) from 28.7 meters down hole.
  • Including 8.7% Ni_Eq over 0.8 meters (6.2% Ni, 4.7% Cu, 1.6g/t PGE).
• All 13 holes drilled at Smoke Lake intersected magmatic sulphides
  • Multiple massive sulphide intercepts up to 4 metres were encountered.
  • Assays for the remaining 5 holes are pending.
• A magmatic sulphide mineralized strike length of 270 meters has been defined by drilling and the deepest intercept to date has a true depth of only 100 meters.
• Mineralization remains open to the northwest and down dip.

“Smoke Lake continues to deliver exceptionally high-grade, nickel-copper, massive sulphide intersections, which are demonstrating the extremely high-value, near surface resource potential at Smoke Lake. This grass roots discovery underscores just how under explored Tyko is, there is significant potential for additional discoveries. The Tyko project covers over 20,000 hectares, which includes the 7,000-hectare mafic-ultramafic Bulldozer intrusion, which has seen virtually no geological mapping nor exploration” said Derrick Weyrauch, President and CEO.

The 2020 Tyko drill program consisted of 14 drill holes totalling 1,123 meters, 13 holes were drilled into the Smoke Lake electromagnetic (“EM”) anomaly. This program was the first to drill test the Smoke Lake EM anomaly (see press release January 21, 2020, November 18, 2020, December 7, 2020. High-resolution drone-based magnetic and ground-based large loop time domain survey (TDEM) surveys, undertaken shortly before drilling, refined the anomaly resulting in the successful discovery of massive magmatic sulphides returning 8.7% Ni_Eq* (193 pounds per tonne) over 3.8 Meters (6.6% Ni, 3.7% Cu, 1.5g/t PGE) (see press release January 5, 2021). A bore hole EM survey is scheduled to be completed in January 2021 to further delineate the Smoke Lake massive sulphide body.

Drilling to date indicates a mineralized ultramafic body at surface, transitioning to massive sulphides which dip shallowly (~32°) to the southwest. The mineralization occurs as a consistent sheet with a possible fault near its base which could be controlling their emplacement in tonalite.

The lithologies at Smoke Lake closely resemble those found at both the Tyko and RJ showings, located 17-kilometers to the west, which returned up to 1.06% Ni and 0.35% Cu over 6.22 m including 4.71% Ni and 0.82% Cu over 0.87 m in hole TK-16-010 (see press release June 8, 2016).

Table 1: Tyko 2020 Drill Results from the Smoke Lake Discovery

(1) Reported widths are “drilled widths” not true widths.
(2) Shaded results are previously released, see press release January 5, 2020

Figure 1. Massive magmatic sulphide intersection in hole TK-20-016. Wall rock is tonalite.

Figure 2. Closeup of massive magmatic sulphide in hole TK-20-016

Figure 3. Plan map of the Smoke Lake area with 1st Vertical Mag as the background showing soil samples, as well as the axial traces of the two closely spaced ground based horizontal loop EM anomalies, and 2020 drill holes.

Figure 4. Cross section showing three drill holes of the 2020 Smoke Lake drill program

*Nickel Equivalent (“Ni_Eq”)
Nickel equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne (US$3.00 per pound) for copper, US$15,432 per tonne (US$7.00 per pound) for nickel and US$30,865 per tonne (US$14 per pound) for Cobalt. This calculation is consistent with the commodity prices used in the Company’s September 2019 NI 43-101 Kaukua resource estimate.

About Tyko Ni-Cu-PGE Project
The Tyko Ni-Cu-PGE Project, is located approximately 65 kilometers northeast of Marathon Ontario, Canada. Tyko is an early stage, high sulphide tenor, nickel focused project that hosts at surface massive magmatic sulphides. Recent drilling intercepted up to 8.7% Ni_Eq* over 3.8 Meters (6.6% Ni, 3.7% Cu, 1.5g/t PGE) in hole TK-20-016 (see press release January 5, 2021) .

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43- 101.

About Palladium One

Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-coppernickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladiumdominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email:
info@palladiumoneinc.com

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

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Source: Palladium One Mining Inc.

Comstock Mining CEO Corrado DeGasperis to Present at NobleCon17

 

Virginia City, NV (January 12, 2021) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) today announced that Mr. Corrado DeGasperis, Executive Chairman and CEO of the Company, will present at NobleCon17 – Noble Capital Markets’ Seventeenth Annual Investor Conference on Wednesday, January 20, 2021 at 10:30 A.M. Eastern Standard Time. The conference is virtual, with no cost, obligation or restrictions to attend: www.nobleconference.com

A high-definition, video webcast of the presentation will be available the following day on the Company’s website: https://www.comstockmining.com/investor-library/, and as part of a complete catalog of presentations to be rebroadcast on Channelchek channelchek.vercel.app next month.

About Noble Capital Markets, Inc.

Noble Capital Markets (“Noble”) is a research driven boutique investment bank that has supported small & microcap companies since 1984. As a FINRA and SEC licensed and registered broker-dealer Noble provides institutional-quality equity research, merchant and investment banking, wealth management and order execution services. In 2005, Noble established NobleCon, an investor conference that has grown substantially over the last decade+. In 2018 Noble launched channelchek.vercel.app – an investment community dedicated exclusively to small and micro-cap companies and their industries. Channelchek is tailored to meet the needs of self-directed investors and financial professionals and is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 6,000 emerging growth companies are listed on the site, with growing content including webcasts, industry sector reports, advanced market data and balanced news.

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based, precious and strategic metal-based exploration, economic resource development, mineral production and metal processing business with a strategic focus on high-value, cash-generating, environmentally friendly, and economically enhancing mining and processing technologies and businesses. The Company has extensive, contiguous property in the historic Comstock and Silver City mining districts (collectively, the “Comstock District”), is an emerging leader in sustainable, responsible mining and processing, and is currently commercializing environment-enhancing, metal-based technologies, products, and processes for precious and strategic metals recovery.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; future employment and contributions of personnel, including consultants; future land sales, investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings and growth.

These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors or others; assertion of claims, lawsuits and proceedings; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the SEC; potential inability to list our securities on any securities exchange or market; inability to maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Contact information for

Comstock Mining Inc.
117 American Flat Rd
PO Box 1118
Virginia City, NV 89440
http://www.comstockmining.com

Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
degasperis@comstockmining.com

Zach Spencer
Director of External Relations
Tel (775) 847-5272 ext.151
questions@comstockmining.com

Source: Comstock Mining

 

Chakana Copper Intersects 126.2m of 0.31 g/t Au, 0.53% Cu, and 34.6 g/t Ag (1.03% Cu-Eq; 1.57 g/t Au-Eq) from 92.8m at Huancarama, Soledad Project, Peru

 

Vancouver, B.C., January 12, 2021 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), has resumed its 15,000m drill program at the Soledad Project in Ancash, Peru. Prior to taking a short holiday break in late December, field crews had completed thirty-four drill holes for 6,634 metres at three high priority targets: Paloma East, Paloma West, and the Huancarama Breccia Complex (Fig. 1). The Company is now pleased to release additional positive results from the initial eight drill holes from the eastern portion of the Huancarama Breccia Complex, having previously reported on the new discoveries at Paloma East and Paloma West.

Mineralized intervals from initial holes at Huancarama include:

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu_eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au_eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307).

In addition to summary information reported here readers are also referred to figures 2 and 3 (included):

• Holes SDH20-153 to SDH20-155 are shallow holes drilled across the H1 breccia outcrop aiming to the south and southwest. All three holes intersected mineralized breccia; the best intercept is in hole SDH20-154 with 52.05m of 0.35 g/t Au, 0.26% Cu, and 58.3 g/t Ag (1.51 g/t Au-eq) starting at 54m depth.
• Holes SDH20-156 to SDH20-158 were drilled to the southwest across the H2 breccia. All three holes intersected mineralized breccia and a conglomerate that marks the base of the Calipuy volcanic section with holes SDH20-156 and SDH20-157 ending in pre-breccia granodiorite. At higher levels the breccia appears to be a neck-like body that is expanding at depth. Hole SDH20-156 intersected 17.66m with 0.72 g/t Au, 0.44% Cu, and 76.0 g/t Ag (2.39 g/t Au-eq) starting at 67.4m depth; hole SDH20-157 intersected 76.90m with 0.27 g/t Au, 0.28% Cu, and 44.3 g/t Ag (1.28 g/t Au-eq) from 84.10m depth.
• Holes SDH20-159 and SDH20-160 were drilled to the southeast from north of H2. Both holes intersected continuous mineralized breccia connecting H2 and H1 and confirming a large lateral extent of breccia. Hole SDH20-159 intersected 139m with 0.30 g/t Au, 0.29% Cu, and 39.2 g/t Ag (1.26 g/t Au-eq) starting at 71m; hole SDH20-160, drilled directly beneath the collapse zone, encountered 126.2m with 0.31 g/t Au, 0.53% Cu, and 34.6 g/t Ag (1.57 g/t Au-eq) from 92.8m depth. Notably, two high grade zones occur within this interval: 13m with 0.60 g/t Au, 1.40% Cu, and 48.4 g/t Ag (3.37 g/t Au-eq) from 138m; and 21m with 0.58 g/t Au, 1.35% Cu, and 58.8 g/t Ag (3.41 g/t Au-eq) starting at 184m depth.

Examples of mineralized drill core from these holes are shown in Figure 4.

David Kelley, President and CEO commented, “results from the initial scout drilling on the eastern half of the Huancarama Breccia Complex have confirmed a large, mineralized breccia with approximate dimensions of 100m by 50m. Holes SDH20-159 and SDH20-160 are particularly important as they demonstrate long runs of continuous mineralization with some impressive zones of high-grade encountered in SDH20-160. The breccia remains open at depth and the western half of the breccia complex is currently untested. The near surface mineralization encountered thus far may have bulk mineable potential. We are continuing additional scout drilling at Huancarama to further expand the area of mineralization, and we look forward to reporting additional drill results in the near future.”

Huancarama Target Area and the Phase 3b Drill Program

The Huancarama Breccia Complex is located 300m south of and 400m above the deepest breccia intercept at Paloma. Within the complex there are five principal breccia bodies exposed at surface over approximately 200m (Fig. 5). There is a distinctive feature believed to be a collapse zone with dimensions of 50m by 30m. Unverified reports suggest that this may be a mine collapse, but it may also be a natural feature. The largest breccia body in the complex is H1 (approximately 60m in diameter). Two historic adits are in the complex, one trending north-northeast for 170m along the western side of H1, and a second shorter adit of 21m at H2. Surface sampling from the breccia bodies and channel sampling of the adits yielded strongly anomalous gold results (see news release dated November 19, 2019). In addition to several targets within the complex, numerous targets exist between Huancarama and Paloma.

Results reported here are part of the ongoing Phase 3b drill program, which is fully funded from the Company’s current treasury and is anticipated to see 15,000 metres completed. Phase 3b is testing a cluster of high-grade, gold-enriched tourmaline breccia pipe targets within the Paloma and Huancarama target areas. Twenty-eight holes have now been reported from the Phase 3b program; twenty-six of the holes have reportable intercepts.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 33,353 metres of drilling has been completed to-date, testing nine (9) of twenty-three (23) confirmed breccia pipes with more than 92 total targets. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver. For more information on the Soledad project, please visit the website a www.chakanacopper.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley”
David Kelley
President and CEO

For further information contact:
Joanne Jobin, Investor Relations Officer
Phone: 647 964 0292
Email: jjobin@chakanacopper.com

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

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 – View looking north showing breccia pipes and occurrences within the northern Soledad cluster. Pipes that have been drilled in previous campaigns are shown in red. Targets shown in green are the focus on this 15,000m drill campaign. Other pipes and occurrences remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.

Figure 2 – Map of the Huancarama Breccia Complex and drill hole lithology in holes completed to date. Red represents tourmaline breccia based on the first eight holes and lithology mapped in the underground tunnel. Black dotted outlines show surface expression of mapped breccias; white dashed line shows collapse zone. Location of section line for Figure 3 indicated.

Figure 3 – Section looking northeast highlighting the drill holes at Huancarama reported in this release. Light red 3D shape shows preliminary shape of breccia based on the first eight holes and lithology mapped in the underground tunnel.

Figure 5 – Drone image looking northeast at the Huancarama Breccia Complex showing the five principal tourmaline breccia bodies exposed at surface (H1-H5), historic adit portal, and drill platforms. Note drill rig in center of image.

SOURCE: Chakana Copper

Jaguar Mining Reports Fourth Quarter Production With 22,532 Gold Ounces

 

Turnaround Year with 23% Year-Over-Year Production Increase Within Upper Half of the 2020 Production Guidance Exploration Program Started at Corrego Brandão

Toronto, January 12, 2021 – Jaguar Mining Inc. (“Jaguar” or the “Company”) (TSX: JAG) today announced Production results for the three months (“Q4 2020”) and twelve months ended December 31, 2020 (“FY 2020”). All figures are in US Dollars, unless otherwise expressed.

FY 2020 Annual and Q4 2020 Operating Results Summary

• Annual consolidated gold production for 2020 increased 23% with 91,116 ounces compared to 2019 production of 74,083 ounces; in the upper half of the 2020 production guidance of 84,000 to 94,000 ounces of gold despite a tumultuous year dominated by the COVID-19 pandemic. Both mines saw significant improvement from 2019 production levels with Pilar up 25% and Turmalina up 20%. Q4 2020 consolidated gold production increased 12% to 22,532 ounces, compared to Q4 2019 production of 20,029 ounces.
• Annual consolidated tonnage for 2020 processed was 804,000 tonnes at 3.99 grams per tonne (g/t), an increase of 5% in tonnes and an increase of 17% in grade from 2019´s 767,000 tonnes processed at 3.41 g/t. Q4 2020 consolidated tonnage processed was 228,000 tonnes at 3.50 g/t; increases of 7% from the fourth quarter of 2019 with 214,000 tonnes at 3.32 g/t.
• Annual 2020 development of 7,085 primary and 2,640 secondary metres for a total of 9,725 metres, which is an increase of 13% on FY 2019 total metres developed of 8,606. Q4 2020 primary metres of 1,871 metres and secondary metres of 667, totalling 2,538 metres which is an 11% increase on Q4 2019 development of 2,278 metres. These development rates provide sustainable progress on the ramp and ore development.
• Diamond Drill metres for FY 2020 increased 96% to 68,397 metres from 34,899 metres in FY 2019. Q4 2020 metres were at 21,521 a 76% increase from Q4 2019 drilling of 12,197 metres.
• Treasury position as of December 31, 2020, with cash of $39 million compared to cash of $11 million on December 31, 2019 and $39 million on September 30, 2020, demonstrating continued generation of free cash flow. During Q4 2020 the Company also,
  • Invested total capital expenditures of $11 million (sustaining capital $9 million and growth capital $2 million), compared to $9 million total capital expenditures in prior period in 2019;
  • Spent $6.7M on returns to shareholders including a quarterly dividend of $4.4 million and purchased $2.3 million of shares through the Normal Course Issuer Bid program.

Vern Baker, President and CEO of Jaguar Mining stated: “The results for the year demonstrate an exceptional turn around for Jaguar implemented by our mining teams in Brazil. In 2021 we expect to make further strides and reach our target of 100,000 sustainable ounces produced per year. Year over year, Jaguar saw an increase of 23% in production ounces, made up of a 25% improvement at Pilar and a 20% improvement at Turmalina. This coincided with a year-over-year increase in primary metres developed by 30%, an increase in Diamond Drill metres by 96%, and reduction of lost time injuries by 70% while seeing an increase in man-hours of 20%. The quarterly results continue strong for Pilar, while Turmalina´s fourth quarter gold production was below our expectations.

The Pilar Mine continued showing consistent performance with a quarterly production of 12,352 ounces which led to an annual production of 51,049 gold ounces. The primary development performance at Pilar was also strong with 837 metres completed for an annual total of 2,675 primary development metres showing a 25% increase over 2019. Diamond drilling at Pilar also increased for the quarter and the year with 10,316 metres in the quarter for an annual total of 29,840 metres an 108% increase over 2019. Additional investment in the future continued with projects at both the plant and mine designed to strengthen infrastructure in Q4.

The Turmalina Mine produced 10,180 gold ounces in Q4 for an annual total of 40,067 ounces for the year an increase of 20% over 2019. Turmalina´s primary development was 1,034 metres for the quarter and reached 4,410 metres for the year, an increase of 34% year-over-year. Diamond drilling within the mine was 11,205 metres for the quarter leading to an annual total of 38,557 for an 88% increase over 2019. A number of projects to strengthen the mine and plant infrastructure were initiated in the fourth quarter.

Turmalina production was negatively impacted by COVID-19 Cases in both Q3 and Q4. The highest December rainfall in 9 years also impacted production due to grid power outages; and underground water pumping stoppages to control surface pond levels. Discussions with the power provider are ongoing to strengthen the mine´s access to consistent power. Turmalina has developed the working areas to sustain production at 50,000 ounces per year. Turmalina has also modified the mine design in Orebody C to reduce waste development; modified the mine plan in Orebody A to increase use of cemented paste backfill to improve stope sequencing and reliability; and increased the percentage of Orebody C production which is closer to surface. These changes provide the pathway to consistent production of 50,000 ounces per year.

Vern added, “Our exploration programs are moving ahead with the increased diamond drill metres in the undergrounds continuing to expand known mineralized areas. Exploration efforts have been growing through the year but have been hampered by the slow returns of assays from the outside laboratories. Samples from the Faina deposit are currently going through an extensive metallurgical program to help us develop our next steps on this deposit which is within 1 kilometres of our Turmalina workings. Work on the Zona Basal property continues with both oxide and sulphide intercepts being evaluated. We are pleased that the drilling of the Corrego Brandão (CB) exploration project was initiated in December. We believe that CB is an outstanding target and are excited about getting drilling started. We expect to be putting out exploration releases as assay results are received.”

2021 Production Guidance

Our guidance for production performance for FY 2021 is 95,000-105,000 ounces. We expect the All-in-Sustaining-Costs for 2021 to be within the range of $975 to $1,125 per ounce, utilizing a foreign exchange rate of R$5.2 for the Brazilian Real versus the US dollar.

Cash Position and Use of Funds

• Treasury position as of December 31, 2020, with cash of $39 million compared to cash of $39 million on September 30, 2020, and $11M cash on December 31, 2019, demonstrating an year of continued generation of free cash flow.
• The Company also invested total capital expenditures of $11 million (sustaining capital of $9M and growth capital of $2M, approximately) being the highest total capital spend in a quarter in the past 7 years.
  • In FY 2021, total capital (sustaining and growth) expenditures of $11-13 million per quarter are expected to continue, with new projects including Pilar’s new ventilation system, expenditures on the Caeté filter press, dry stack tailings project at Turmalina to extend life of the tailings, purchase of new mining equipment, purchase of new diamond drill rigs to advance exploration activities, and capitalization of diamond drilling converting resources to reserves.
• During the quarter, the Company also spent $7 million on financing activities including:
  • A quarterly dividend of $4.4 million,
  • Purchase of $2.3 million of shares through the Normal Course Issuer Bid program, and
  • Debt and interest payments of $0.3 million.

Q4 2020 Detailed Operating Results

FY 2020 Detailed Operating Results

Qualified Persons

Scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, BSc (Hons) (Economic Geology – UCT), FAUSIMM, Senior Expert Advisor Geology and Exploration to the Jaguar Mining Management Committee, who is also an employee of Jaguar Mining Inc., and is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The Iron Quadrangle

The Iron Quadrangle has been an area of mineral exploration dating back to the 17th century. The discovery in 1699–1701 of gold contaminated with iron and platinum-group metals in the southeastern corner of the Iron Quadrangle gave rise to the name of the town Ouro Preto (Black Gold). The Iron Quadrangle contains world-class multi-million-ounce gold deposits such as Morro Velho, Cuiabá, and São Bento. Jaguar holds a prospective land position in the Iron Quadrangle of over 35,000 hectares plus over 27,000 hectares under JV with IAMGOLD.

About Jaguar Mining Inc.

Jaguar Mining Inc. is a Canadian-listed junior gold mining, development, and exploration company operating in Brazil with two gold mining complexes and a large land package with significant upside exploration potential from mineral claims covering an area of approximately 102,000 hectares. The Company’s principal operating assets are located in the Iron Quadrangle, a prolific greenstone belt in the state of Minas Gerais and include the Turmalina Gold Mine Complex and Caeté Mining Complex (Pilar Mine and Caeté Plant). The Company also owns the Paciência Gold Mine Complex, which has been on care and maintenance since 2012. The Roça Grande Mine has been on care and maintenance since April 2018. Additional information is available on the Company’s website at www.jaguarmining.com.

For further information please contact:

Vernon Baker
Chief Executive Officer
Jaguar Mining Inc.
vernon.baker@jaguarmining.com

416-847-1854

Hashim Ahmed
Chief Financial Officer
Jaguar Mining Inc.
hashim.ahmed@jaguarmining.com

416-847-1854

Forward-Looking Statements

Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking statements and information are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking information made in this news release is qualified by the cautionary statements below and those made in our other filings with the securities regulators in Canada. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected,” “is forecast,” “is targeted,” “approximately,” “plans,” “anticipates,” “projects,” “anticipates,” “continue,” “estimate,” “believe” or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “would,” “might,” or “will” be taken, occur or be achieved. All statements, other than statements of historical fact, may be considered to be or include forward-looking information. This news release contains forward-looking information regarding, among other things, expected sales, production statistics, ore grades, tonnes milled, recovery rates, cash operating costs, definition/delineation drilling, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of projects and new deposits, success of exploration, development and mining activities, currency fluctuations, capital requirements, project studies, mine life extensions, restarting suspended or disrupted operations, continuous improvement initiatives, and resolution of pending litigation. The Company has made numerous assumptions with respect to forward-looking information contained herein, including, among other things, assumptions about the estimated timeline for the development of its mineral properties; the supply and demand for, and the level and volatility of the price of, gold; the accuracy of reserve and resource estimates and the assumptions on which the reserve and resource estimates are based; the receipt of necessary permits; market competition; ongoing relations with employees and impacted communities; political and legal developments in any jurisdiction in which the Company operates being consistent with its current expectations including, without limitation, the impact of any potential power rationing, tailings facility regulation, exploration and mine operating licenses and permits being obtained and renewed and/or there being adverse amendments to mining or other laws in Brazil and any changes to general business and economic conditions. Forward-looking information involves a number of known and unknown risks and uncertainties, including among others: the risk of Jaguar not meeting the forecast plans regarding its operations and financial performance; uncertainties with respect to the price of gold, labour disruptions, mechanical failures, increase in costs, environmental compliance and change in environmental legislation and regulation, weather delays and increased costs or production delays due to natural disasters, power disruptions, procurement and delivery of parts and supplies to the operations; uncertainties inherent to capital markets in general (including the sometimes volatile valuation of securities and an uncertain ability to raise new capital) and other risks inherent to the gold exploration, development and production industry, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company and described herein. In addition, there are risks and hazards associated with the business of gold exploration, development, mining and production, including environmental hazards, tailings dam failures, industrial accidents and workplace safety problems, unusual or unexpected geological formations, pressures, cave-ins, flooding, chemical spills, procurement fraud and gold bullion thefts and losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). In addition, the Company’s principal operations and mineral properties are located in Brazil and there are additional business and financial risks inherent in doing business in Brazil as compared to the United States or Canada. In Brazil, corruption represents a challenge requiring extra attention by those who conduct business there. Corruption does not only occur with the misuse of public, government or regulatory powers, it also can occur in a business’s supplies, inputs and procurement functions (such as illicit rebates, kickbacks and dubious vendor relationships) as well as the inventory and product sales functions (such as inventory shrinkage or skimming). Employees as well as external parties (such as suppliers, distributors and contractors) have opportunities to commit theft, procurement fraud and other wrongs against the Company. While corruption, bribery and fraud and theft risks can never be fully eliminated, the Company reviews and implements controls to reduce the likelihood of these events occurring. The Company’s present and future business operations face these risks. Accordingly, for all of the reasons above, readers should not place undue reliance on forward-looking information.

For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Annual Information Form and Management’s Discussion and Analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “Jaguar Mining Inc.” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

SOURCE: Jaguar Mining

Ely Gold Royalties (TSXV: ELY, OTCQX: ELYGF) Closes Railroad-Pinion Royalty, Nevada

District Scale Property Currently Being Developed by Gold Standard Ventures

 

Vancouver, British Columbia, Canada, January 11, 2021. Ely Gold Royalties Inc. (TSXV: ELY, OTCQX: ELYGF) (“Ely Gold” or the “Company”) is pleased to announce that on December 30, 2020 it closed the purchase of private mineral interests on over 8,000 acres of private fee ground in Elko County, Nevada (the “Mineral Interests”).

All the fee ground and the Mineral Interests are currently leased to Gold Standard Ventures Corp (NYSE AMERICAN: GSV, TSX: GSV) (“GSV”) and cover certain portions of GSV’s Railroad-Pinion Project currently being developed as a heap-leach mining operation (the “Lease”). The Lease provides for a combined 0.436% net smelter returns royalty (“NSR”) and annual lease payments of US$79,800 (the “OR Transaction”). The Mineral Interests and Leases cover large portions of the Pinion, Dark Star, Jasperoid Wash deposits in the South Railroad Complex as well as portions of the POD and Bald Mountain zones in the North Railroad (see Figure 1). The Company first announced the OR Transaction in a press release dated November 2, 2020 (the 11/2/2020 Press Release”)

The OR Transaction

Ely Gold paid total consideration of US$1,300,000 cash and issued 300,000 common stock warrants (the “Ely Warrants”) for the OR Transaction. The Ely Warrants have a five-year term and will have an exercise price of CDN$1.14. Securities issued under the Ely Warrants will be subject to a four-month hold period. In connection with its assistance with both transactions, Ely Gold has paid a cash finder’s fee to R&R Land, Mineral & Oil LLC (R&R) totaling US$65,000.

The ORTT Transaction

The 11/2/2020 Press Release also included the acquisition of additional mineral interests and leases (the “ORTT Transaction”) for total payment of US$2,509,543 cash. The ORTT Transaction included leases that provided for a 0.71% NSR as well as annual advance royalty payments. After further due diligence and lastminute negotiations by certain owners, Ely Gold has opted to terminate the ORTT Transaction. Ely Gold has paid R&R a break fee of US$134,000 in connection with this termination.

Railroad-Pinion Project

The Railroad-Pinion Project is an advanced stage gold project with a favorable structural, geological and stratigraphic setting situated at the southeast end of the Carlin Trend of north-central Nevada, adjacent to and south of Nevada Gold Mines’ Rain Mining District.

On February 18, 2019, Gold Standard announced an updated Pre-Feasibility Study for The South Railroad portion of the Railroad-Pinion project consisting of the Dark Star deposit and the Pinion Deposit. Key Highlights of the Updated Base Case South Railroad PFS include: (all currencies are shown in US dollars):

• Pre-tax net present value (“NPV”) of $331.4M at a 5% discount rate and an after tax NPV of $265.0M at a $1,400 gold price and a $17.11 silver price, with a mineral reserve pit designs based on a gold price $1,250 per ounce and a silver price of $15.30 per ounce.
• Proven and probable mineral reserves of 1.246 million ounces of gold and 2.705 million ounces of silver.
• Average annual gold placement of 156,000 ounces of gold per year over an initial 8-year mine life.
• Average life of mine cash cost of $582 per ounce after by-product credit, and all in sustaining costs (“AISC”) of $707 per ounce.
• Initial capital expenditures of $132.9M

Details of the Pre-Feasibility study can be found in Form 43-101F1 Technical Report Updated Preliminary Feasibility Study Elko County, Nevada at the following link:
https://goldstandardv.com/site/assets/files/4408/m3_gsv_revised_pfs_23_03_2020.pdf

On July 16, 2020 GSV announced the entering into a binding letter of intent with Orion Mine Finance relating to a series of transactions, totaling approximately US$22.5 million, including a term sheet to provide up to US$200 million of financing support to GSV, to help finance the construction of the South Railroad Project.

On December 2, 2020 and January 5, 2021, GSV announced the appointment of new senior management with strong experience in Capital Markets and mine development and construction.

On November 12, 2020 GSV announced encouraging drill results from 24 of 75 holes in the 2020 Pinion deposit development program. Oxide results include:
42.7m of 0.92 g Au/t, including 7.6m of 2.69 g Au/t in hole PR20-14; 38.1m of 0.97 g Au/t in PR20-15;
64.0m of 0.81 g Au/t, including 22.9m of 1.20 g Au/t in hole PR20-19; and 29.0m of 0.77 g Au/t, including 12.2m of 1.28 g Au/t in PR20-23.

Objectives of the 2020 Pinion development program include: 1) decreasing drill spacing on the Pinion Phase 4 ($1400 pit) inferred oxide resource for potential conversion to Measured and Indicated; 2) provide material for metallurgical testing; and 3) tighten the drill spacings near historic Cameco holes SB-136, an RC hole that intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that twinned and verified theSB-136 results with an intercept of 112.0m of 1.24 g Au/t.

On November 18, 2020, GSV released results from six holes targeting and intersecting up-dip, near-surface oxide mineralization to the east of GSV’s drilling at Main Dark Star Deposit. The results from step out holes DR20-01 through DR20-06 intersected thick intervals of oxide mineralization to the east of the existing GSV drilling at Main Dark Star including hole DR20-02 that intersected 61.0m of 0.66 g Au/t including 24.4m of 1.03 g Au/t. This mineralization begins at the current topographic surface and remains open to the east along a strike length of approximately 330m. These results indicate the possibility to expand the Main Dark Star deposit to the east with low strip up front ounces during early production.

All drill holes in the 2020 Pinion & Dark Star Main development programs are located on the Mineral Interests being purchased by Ely Gold. (see Figure 2)

Mineral Interests & Leased Claims

Figure 1
GSV Expansion Drilling

Figure 2

Qualified Person

Stephen Kenwood, P. Geo, is director of the Company and a Qualified Person as defined by NI 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.

About Ely Gold Royalties Inc.

Ely Gold Royalties Inc. is a Nevada focused gold royalty company. Its current portfolio includes royalties at Jerritt Canyon, Goldstrike and Marigold, three of Nevada’s largest gold mines, as well as the Fenelon mine in Quebec, operated by Wallbridge Mining. The Company continues to actively seek opportunities to purchase producing or near-term producing royalties. Ely Gold also generates development royalties through property sales on projects that are located at or near producing mines. Management believes that due to the Company’s ability to locate and purchase third-party royalties, its strategy of organically creating royalties and its gold focus, Ely Gold offers shareholders a favourable leverage to gold prices and low-cost access to long-term gold royalties in safe mining jurisdictions.

On Behalf of the Board of Directors
Signed “Trey Wasser”
Trey Wasser, President & CEO

For further information, please contact:

Trey Wasser, President & CEO
trey@elygoldinc.com

972-803-3087

Joanne Jobin, Investor Relations Officer
jjobin@elygoldinc.com

647 964 0292

FORWARD-LOOKING CAUTIONS: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including, but not limited to, statements regarding completion of the Transaction. Forwardlooking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, 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 future results to differ materially from those anticipated in these forward-looking statements include the Company’s inability to control whether the buy-down right will ever be exercised, and whether the right of first refusal will ever be triggered, uncertainty as to whether any mining will occur on the property covered by the Probe Royalty such that the Company will receive any payment therefrom, and the general risks and uncertainties relating to the mineral exploration, development and production business. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effect.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Source: Ely Gold Royalties