Category: Natural Resources

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

 

District Scale Property Currently Being Developed by Gold Standard Ventures

 

Vancouver, British Columbia, Canada, November 2, 2020. Ely Gold Royalties Inc. (TSXV:ELY, OTCQX:ELYGF) (“Ely Gold” or the “Company”) has reached binding agreements with twelve separate individuals to purchase private mineral interests on over 8,000 acres of private fee ground in Elko County, Nevada (the “Mineral Interests”). All of 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 that is currently being developed as a heap-leach mining operation (the “Leases”). The Leases provide for a combined 1.15% net smelter returns royalty (“NSR”) and annual lease payments of over $150,000. The Mineral Interests and Leases cover large portions of the Dark Star, Pinion and 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). Eleven of the transactions (the “ORTT Transactions”) are expected to close on December 1, 2020 (the “Closing”). One of Transactions (the “OR Transaction”) is subject to the approval of the Toronto Venture Exchange (“TSXV”).

The Transactions

Ely Gold will pay total consideration of US$2,509,543 cash at Closing (the “Cash Consideration”) for the ORTT Transactions. In addition, Ely Gold will pay US$1,300,000 Cash Consideration and issue 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$1.15. 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 agreed to pay a cash finder’s fee to R&R Land, Mineral & Oil LLC totaling US$207,273. Closing of both transactions is subject to final due diligence by the Company.

Trey Wasser, President & CEO of Ely Gold commented, “Ely Gold has successfully consolidated another complex transaction resulting in a meaningful royalty position on one of Nevada’s next mine developments. Not only do these Leases cover approximately 35% of the total resources at South Railroad, they also cover most of GSV’s 2020 expansion drilling at Dark Star, Pinion and Jasperoid Wash.”

Railroad-Pinion

The Railroad-Pinion Project is an intermediate to 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. The Carlin Trend is a northwest alignment of sedimentary rock-hosted gold deposits with past production exceeding 80,000,000 ounces of gold. Each dome or “window” is cored by igneous intrusions that uplift and expose Paleozoic rocks and certain stratigraphic contacts that are favorable for formation of Carlin-style gold deposits. The Railroad-Pinion Project is centered on the fourth and southernmost dome-shaped window on the Carlin Trend.

On February 18, 2020, 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

In a press release dated July 16, 2020 GSV announced that they had entered into a binding letter of intent with Orion Mine Finance relating to a series of transactions, totaling approximately US$22.5 million. Orion also agreed to provide GSV with a term sheet to provide up to US$200 million of financing support to GSV, following the satisfaction of mutually agreed milestones, to help finance the construction of the South Railroad Project.

GSV recently 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, a RC hole that intersected 102.1m of 1.38 g Au/t, and SB-162-99, a core hole that twinned and verified the SB-136 results with an intercept of 112.0m of 1.24 g Au/t. (see GSV press release dated October 20, 2020)

All 75 of the drill holes in the 2020 Pinion development program are 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.

 

Barksdale Acquires Historic Sunnyside Drill Core

 

VANCOUVER, BC / ACCESSWIRE / October 30, 2020 / Barksdale Resources Corp. (“Barksdale” or the “Company“) (TSXV:BRO)(OTCQB:BRKCF) is pleased to announce that it has executed an agreement to acquire historic diamond drill core from ASARCO Ltd, a wholly owned subsidiary of Grupo Mexico, in exchange for 25,000 common shares of Barksdale.

ASARCO controlled portions of the Sunnyside property between the 1940’s and early 2000’s and, over that time period, conducted several exploration drilling programs that focused on exploring for near-surface copper targets such as supergene blankets and breccia pipes as well as deeper porphyry and skarn mineralization. While Barksdale currently has a significant inventory of historic drill cores at its storage facility near Patagonia, Arizona, at least 6,000 meters (~20,000 ft) of remaining drill cores that were completed by ASARCO are currently stored at the Mission copper mine in Arizona. Barksdale will provide a full inventory of the acquired drill cores once they are safely moved to the Company’s core storage facilities. Closing of the acquisition is anticipated to take place on or about November 2, 2020.

Technical information in this news release has been reviewed and approved by Lewis Teal, senior consultant to the company and a qualified person as defined under National Instrument 43-101.

Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, BC, that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.

ON BEHALF OF BARKSDALE RESOURCES CORP.

Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com

Terri Anne Welyki
Vice President of Communications
778-238-2333

TerriAnne@barksdaleresources.com

For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.com.

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

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes “forward-looking information” under applicable Canadian securities legislation, such as the anticipated closing date of the acquisition. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. In addition, there is uncertainty about the spread of COVID-19 and the impact it will have on the Company’s operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. 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, except as required by law.

SOURCE: Barksdale Resources Corp.

 

Palladium One seeks trading on OTCQB Venture Market

 

October 29, 2020 – Toronto, Ontario – An application for trading in the United States on the OTCQB Venture Market and in conjunction, DTC eligibility is being applied for, said Palladium One Mining Inc. (TSX-V: PDM, FRA: 7N11, OTC: NKORF) (the “Company” or “Palladium One”).

“Providing broader and more efficient access for US investors to participate in our recent discovery success, will enhance our shareholder base as palladium demand continues to exceed supply for the 9th year in a row. Our LK PGE-copper-nickel project, located in Finland, is consistently demonstrating that it hosts a large-scale, shallow, mineralized system. Timing is ideal, to provide US investors with more efficient investment access.” stated Derrick Weyrauch, President and CEO.

Application to trade on the OTCQB

The application to trade on the OTCQB is anticipated to provide greater liquidity and a more seamless trading experience for existing U.S. shareholders and potential new investors. Approval for trading on OTCQB would also provide exemptions from the U.S. state securities laws or “blue sky” exemptions which may help to further increase liquidity and expand the ability of investment advisors’ to research and recommend investment in Palladium One.

Application for DTC Eligibility

In conjunction with its OTCQB application, the Company is also applying for approval from the Depository Trust Company (DTC) to make the Company’s common shares eligible to clear electronically and settle through DTC. This approval would further facilitate trading in the United States.

Equity Research Coverage by Noble Capital Markets

The Company is pleased to announce that it has entered into an equity research agreement (the “Agreement”) with Noble Capital Markets (“Noble”), a Florida corporation. Noble is a FINRA and SEC registered broker dealer.

Noble’s research department has been following the Company, gaining extensive knowledge about the Company’s business and assets. Noble has the capacity, knowledge and experience to assist Palladium One by building greater awareness of Palladium One in the investment community through continued monitoring, and through the publication of research reports on the Company’s business, securities, and financial position, and on the economic and geopolitical events affecting the Company’s business, that Noble believes will be relevant to the investment community’s perception and assessment of the Company. The Company expects that Noble’s services will be supportive of its future capital markets transactions, capital markets structuring, long-range planning, and growth.

Under the terms of the Agreement, Noble will produce at least four equity research reports on the Company and its securities for each year during the term of the Agreement. Noble will distribute these reports to the investment community through proprietary contacts, research aggregators and on an investment portal.

The Agreement will run for an initial one-year term, subject to extension, effective as of September 1, 2020. In consideration for the services provided by Noble, the Company has agreed to pay a quarterly cash fee of US$11,250 for one-year.

Palladium One and Noble are not related, and Noble does not have any direct or indirect interest in the Company or its securities or any right or intent to acquire Company securities. The Agreement, and the performance of Noble’s services under the Agreement, are subject to TSX Venture Exchange acceptance, and to compliance with all applicable regulatory requirements.

About Palladium One

Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium-dominant 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.

U.S. Gold Corp. Announces Maggie Creek Exploration Update

 

• High potential Nevada exploration project on the Carlin Trend
• Project has similar geological features as and in close proximity to Newmont’s Gold Quarry mine

ELKO, Nev., Oct. 28, 2020 /PRNewswire/ — U.S. Gold Corp. (Nasdaq: USAU) (the “Company”) a gold exploration and development company, is pleased to announce its potential future Maggie Creek exploration plans for the project on the Carlin Trend in Nevada.

The Maggie Creek Project is located in the heart of the Carlin Trend, immediately adjacent to Newmont’s (NYSE: NEM) 26-million-ounce Gold Quarry mine. The Project occurs along the northeast projection of the Gold Quarry fault zone, which is an important mineralizing control at the Gold Quarry mine, indicating the potential to discover Carlin style gold deposits. The recent discoveries at Carlin (Leeville) and Gold Quarry (Chukar) demonstrate the potential for high-grade deposits at depth, which are mostly untested at Maggie Creek. Newmont’s Rainbow deposit occurs immediately south of the Maggie Creek project boundary. U.S. Gold Corp. has an option to earn up to 70% of the Maggie Creek project from Orogen Royalties, Inc. (TSX.V: OGN).

The Company believes Maggie Creek has significant discovery potential and its exploration team and leading consultants are continuously interpreting all the historical drilling and exploration work previously done in the area. Results of a district-wide gravity survey on the Maggie Creek claims were previously announced on May 13, 2020. This new geological information, synthesized with historical district information, has been incorporated in the Company’s future exploration plans. The Maggie Creek exploration program in the future is expected to initially test mineralized gold horizons exposed at surface that are projected to down dip into district-scale structures. Historical drilling at Maggie Creek has been relatively shallow, with a mean depth of just 300 feet. The numerous gold showings within classical stratigraphy and structure that hosts the majority of gold ounces in the Carlin Trend are evident. The same host rocks and fault structures associated with the Gold Quarry Mine, including the Chukar-Alunite Fault Zone, that partly drive the high-grade mineralization at Gold Quarry potentially extend onto the Maggie Creek property. The projection of the Chukar-Alunite fault zone into the Maggie Creek Property where it intersects a strong NW structural corridor presents high priority potential drill targets.

Since acquiring the Maggie Creek option, U.S. Gold Corp. has been busy analyzing historical project data, conducting additional geophysical surveys and planning future exploration efforts. Ken Coleman – the Company’s Senior Project Geologist, has been out on the Maggie Creek claims, seeking to verify historical drill collars and conducting surface geological surveys and reviews. Future geophysical surveys and soil sampling are being designed and are planned for future exploration seasons. In addition, preliminary drilling plans are being formulated using existing and newly generated data.

The Company also engaged Nevada exploration expert Mr. John Norby to conduct a thorough, high-level geological-technical review of the Maggie Creek project. Mr. Norby’s Maggie Creek technical presentation can be viewed at:

www.usgoldcorp.gold/properties/maggie-creek/technical-ppt

Specific drill targets have emerged as a result of Mr. Norby’s work. Of the 241 historic drill holes at Maggie Creek, only 21 were drilled to depths of 1,000 feet or greater. Deeper underground targets in the district are largely untested. There are four initial target areas that will be considered as the focus of the Company’s initial Maggie Creek exploration efforts. These include:

The NE Soap Creek Target:

Local gold intercepts on the Maggie Creek claims may be a distal expression of larger gold concentrations along the Soap Creek fault. There is also potential for stratiform gold layers on the claims in the target area, as several historical drill holes were not drilled deep enough into projected favorable horizons or end in gold mineralization.

The Far North Rainbow Target:

This target is a down-dip continuation of drilled gold mineralization within decalcified upper-plate rocks at the footwall of the Cress fault. There is also potential in the hanging wall of the Cress fault for gold discoveries in similar lithologies.

The North Rainbow at Cress Fault Target:

Historically drilled gold mineralization is present in the Roberts Mountain Formation in the footwall of the Cress Fault. The upper-plate limey units in the hanging wall of the Cress Fault are also a target.

The North Rainbow Target:

This target is a down-dip continuation of drilled gold mineralization in the upper Roberts Mountain Formation, intersecting a mineralized, steeply dipping dike trend and possible sills.

Further updates about U.S. Gold Corp.’s future Maggie Creek exploration plans will be forthcoming.

About U.S. Gold Corp.

U.S. Gold Corp. is a publicly traded, U.S. focused gold exploration and development company. U.S. Gold Corp. has a portfolio of exploration properties. Copper King, now the CK Gold Project, is located in Southeast Wyoming and has a Preliminary Economic Assessment (PEA) technical report, which was completed by Mine Development Associates. Keystone and Maggie Creek are exploration properties on the Cortez and Carlin Trends in Nevada. The Challis Gold Project is located in Idaho. For more information about U.S. Gold Corp., please visit www.usgoldcorp.gold

Safe Harbor

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimated,” and “intend,” among others. These forward-looking statements are based on U.S. Gold Corp.’s current expectations, and actual results could differ materially from such statements. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks arising from: the prevailing market conditions for metal prices and mining industry cost inputs, environmental and regulatory risks, risks faced by junior companies generally engaged in exploration activities, whether U.S. Gold Corp. will be able to raise sufficient capital to implement future exploration programs, COVID-19 uncertainties, and other factors described in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the Securities and Exchange Commission, which can be reviewed at www.sec.gov. The Company has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company makes no representation or warranty that the information contained herein is complete and accurate and we have no duty to correct or update any information contained herein.

For additional information, please contact:

U.S. Gold Corp. Investor Relations: +1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold

SOURCE U.S. Gold Corp.

 

Comstock Mining Announces Notice of Third Quarter 2020 Results and Business Update Conference Call

 

Virginia City, NV (October 27, 2020) Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced today the Company will host a conference call on Tuesday, November 17, 2020 at 8:00 a.m. Pacific Standard Time/11:00 a.m. Eastern Standard Time to report its Third Quarter financial results and provide a business update. The live call will include a moderated Q&A, after the prepared remarks. Please join the event 5-10 minutes prior to scheduled start time. When prompted, provide the confirmation code. The dial-in telephone numbers for the live audio are as follows:

Toll Free: 1-800-367-2403
Direct: 1-334-777-6978
Confirmation Code: 2739116
The audio will be available, usually within 24 hours of the call,
at the Investor’s tab of the Company’s website:
www.comstockmining.com/investors/investor-library

About Comstock Mining Inc.

Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining that is currently commercializing environment-enhancing, precious-metal-based technologies, products and processes for precious metal recovery. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a significant portion of the Comstock District, amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and completed its first phase of production. The Company continues evaluating and acquiring properties inside and outside the district expanding its footprint and exploring all of our existing and prospective opportunities for further exploration, development and mining. The Company’s goal is to grow per-share value by commercializing environment-enhancing, precious-metal-based products and processes that generate predictable cash flow (throughput) and increase the long-term enterprise value of our northern Nevada based platform.

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; the possible redemption of debentures 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

Comstock Mining Inc.
1200 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

 

Chakana Reports 226 Metres Of 0.34 G/T Gold, 0.36% Copper, And 16.9 G/T Silver (1.11 G/T Au-Eq) From 3 Metres At Paloma East – Soledad Project, Peru

 

Including 15 Metres of 2.26 g/t Gold and 16.6 g/t Silver (2.48 Au-eq) from 21 Metres

 

Vancouver, B.C., October 26, 2020 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), is pleased to provide drill results from four additional holes completed at the Paloma East target at the expanded Soledad Project in Ancash, Peru. These results are part of the Phase 3 drill program, a fully funded 15,000 metre drill program that started August 15, 2020. Phase 3 is testing a tight cluster of high-grade, goldenriched tourmaline breccia pipe targets within the high-priority Paloma area and will then continue onto the Huancarama breccia complex (Fig. 1). Drilling is currently underway at Paloma West where eleven holes have been completed thus far.

Significant mineralized intervals from these four holes at Paloma East include:

Significant intervals of mineralization were encountered in all four holes.

• Elevated gold occurs in the top of holes SDH20-137, SDH20-138, and SDH20-139 with intercepts of 51.0 metres with 1.27 g/t gold and 23.9 g/t silver starting from 6.0 metres depth; 15.0 metres with 2.26 g/t gold and 16.6 g/t silver beginning at 21.0 metres depth; and 31.0 metres with 1.10 g/t gold and 8.8 g/t silver from 3.0 metres depth, respectively.
• In SDH20-138 – a long interval of moderate grade mineralization was intersected with 226.0 metres with 0.34 g/t gold, 0.36 % copper and 16.9 g/t silver (1.11 g/t gold equivalent) from 3.0 metres.
• Higher grade copper intercepts occur in each hole with 6.35 metres of 2.27% copper in SDH20-136 from 49.35 metres; 24.00 metres with 0.80% copper in SDH20-137 from 57.00 metres; 33.00 metres of 0.99% copper in SDH20-138 from 64.00 metres; and 9.45 metres of 1.19% copper in SDH20-139 from 136.45 metres.

Examples of drill core from these holes are shown in Figures 5 and 6.

David Kelley, President and CEO commented, “these four scout drill holes provide additional support for an extensive mineralized breccia system at Paloma. The long runs of mineralized breccia starting near surface and extending to approximately 200 metres depth is encouraging, particularly with indications of high-grade zones within the breccia. The shape of the breccia expands at depth, similar to what we have seen in several other breccia pipes.”

Phase 3 Drill Program Update – Paloma Target Area

The Paloma target area consists of two mapped outcropping breccia pipes, Paloma East and Paloma West (Fig. 2) and at least one breccia dike. Previous surface rock sampling confirmed strong anomalous gold concentrations in both the targeted breccia pipes as well as within several scattered small exposures of breccia and vein-like structures in the Paloma area. The Paloma East target is interpreted as the very top of a breccia pipe with a surface footprint of 25 metres in diameter. All seven holes completed at the Paloma East target (totaling 2,038 metres) have encountered mineralized tourmaline breccia (see news release dated September 17, 2020 for the first three holes).

Based on modeling, the breccia pipe increases from a diameter of 25 metres at surface to approximately 90 metres by 65 metres at a level 160 metres below surface where there is sufficient drill density to assess the geometry (Fig. 3). The main zone of gold-copper-silver mineralization starts at surface and extends to approximately 200 metres depth and is open in several directions. South of the main breccia pipe, two drill holes intersected a related mineralized breccia dike that is below and coincident with the PT Structure (Paloma Trench, Fig. 2), defining a vertical feature with a westnorthwest strike. At surface, nine rock chip breccia samples collected in the trench average 1.96 g/t gold, and 16.3 g/t silver. Directly beneath the trench at 72 metres depth, hole SDH20-139 intersected 9.45 metres with 0.52 g/t gold, 1.19% copper, and 77.0 g/t silver. These two zones correlate with the intercept in SDH20-138, 90 metres to the westnorthwest, of 16.00 metres 0.51 g/t gold, 0.55% copper, and 65.4 g/t silver.

As reported on September 17, 2020, hole SDG20-137, drilled to the southwest from Paloma East toward Paloma West, intersected tourmaline breccia from 14.75 metres to 627 metres depth, excluding a few internal intervals of wallrock interpreted to be large blocks within the breccia. This hole has several mineralized intervals down to 304 metres. Below this point the breccia contains high concentrations of pyrite, calculated to average 22% pyrite from 380 to 498 metres (Fig. 5d). This increase in pyrite occurs within and below the unconformable contact with the volcanic conglomerate and into the lower andesite unit (Fig. 3). Pyrite-rich breccia within the lower andesite seen in Bx 5 and Bx 6 hosts high grade copper zones where late copper fluids have replaced the pyrite (see news releases dated April 2, 2019 and September 10, 2019). This style of replacement mineralization is also noted elsewhere at Paloma East reported here (Fig. 5b, 5f, 5h). The last 53 metres of breccia in this hole, from 574.0-627.0m, has elevated molybdenum, reaching 1,430 ppm and averaging 204 ppm (0.02% Mo) over this interval (Fig. 3). This is interpreted to be related to proximity to an underlying intrusion. The significance of hole SDH20-137 is a significantly expanded breccia system, high concentrations of pyrite where copper replacement may occur, association with a large late-time TDEM anomaly (see below), and evidence of proximity to an underlying intrusion.

Chakana completed a program of time-domain electromagnetic (TDEM) surveys during 2018 based upon an orientation survey from late 2017. This program involved 37 ground loops mostly situated over known pipes. Readings were taken within the loop, a design intended to provide an optimal configuration to identify conductive bodies with “flat” upper surfaces that were 30 to 60 metres in diameter. This work identified several high priority anomalies and many lesscertain features. In the Paloma area both shallow and deep anomalies were detected, one of which was modelled to occur at the depth and position of the pyrite body beginning at 308 metres (Fig. 4). The anomaly extends beyond the limits of the survey grid and the Paloma area, representing a potential target for future exploration.

Kelley added “The deeper mineralization represented by strong pyrite concentrations expands the footprint of the breccia that is open at depth. Pyrite is commonly zoned outward and away from copper mineralization, which forms in the direction of the heat source. The increase in molybdenum in the last 53 metres of breccia supports this zonation towards higher temperatures. We also know from deeper drilling on Bx 1, Bx 5, and Bx 6, that the pyrite zones can be replaced by chalcopyrite, resulting in very high grades. We see this same replacement process within the shallow Paloma East mineralization and the fluids that cause the high-grade copper emanate from depth, increasing the potential for copper replacement within the pyrite zone. We are excited about the potential of this very large breccia system and look forward to seeing continuing results from the Paloma West drilling.”

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 31,641 metres of drilling has been completed to-date, testing eight (8) of twentythree (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 at 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 showing location of outcropping Paloma East and Paloma West breccia pipes and drill hole lithology in holes completed to date. Red represents tourmaline breccia. Note: shape of breccia not shown in plan view due to the need for additional drilling. Location of section line for Figure 3 indicated.

Figure 3 – Section looking northwest showing the modeled breccia pipe for Paloma East. Light red 3D shape is based on Leapfrog model of breccia from all holes drilled to date.

Figure 4 – Map showing 2-D late-time conductivity response from time-domain electromagnetics survey at Paloma (Channel 15 z component, contour units in ohm-m).

Figure 5 – Examples of mineralized core from drill holes reported in this release showing different styles of mineralization found in Paloma East: A) SDH20-136 – mosaic breccia; the interval 49.35-55.70m assays 0.16 g/t Au, 2.27% Cu, and 37.6 g/t Ag; B) SDH20-137 – tourmaline mosaic breccia with pyrite matrix; C) SDH20-138 – oxidized shingle breccia; the interval 21.00-30.00m assays 2.50 g/t Au and 18.0 g/t Ag; D) SDH20-138 – shingle and mosaic breccia; the interval 147.0-153.0m assays 0.15 g/t Au, 1.15% Cu, and 17.0 g/t Ag; E) SDH20-138 – mosaic breccia; the interval 212.0-217.0m assays 0.33 g/t Au, 0.64% Cu, and 139.5 g/t Ag; F) SDH20-139 – mosaic breccia; the interval 140.0-145.9m assays 0.53 g/t Au, 1.28% Cu, and 107.3 g/t Ag.

Figure 6 – Detailed core photos from Paloma East: A) SDH20-136 (75.9m) chaotic shingle breccia with chalcopyrite filling vug; B) SDH20-136 (119.6m) silicified mosaic breccia with clast replaced by chalcopyrite; C) SDH20-137 (13.8m) sheeted veining in andesitic tuff wallrock adjacent to breccia; D) SDH20-137 (437.9m) pyrite-cemented tourmaline mosaic breccia; E) SDH20-137 (92.05m) chalcopyrite replacement in silicified mosaic breccia; F) SDH20-137 (149.8m) mosaic breccia with late chalcopyrite replacement; G) SDH20-137 (522.82m) botryoidal pyrite; H) SDH20-138 (150.6) mosaic breccia with late chalcopyrite replacement.

 

 

Palladium One Step Out Hole Yields Highest Grades Yet at Kaukua South

 

October 22, 2020 – Toronto, Ontario – Hole LK20-016 has the best combination of grade and width of all the results from the LK Project to date, said Palladium One Mining Inc. (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today.

Located 1,350 m east of the most westerly hole in Kaukua South, LK20-016 starting at only 23.5 m down hole, returned 62.7 m at 3.52 g/t of palladium equivalent (Pd_Eq)*, including 18.5 m at 4.58 g/t Pd_Eq (Figure 1).

Key highlights

• In Hole LK20-016, the core interval of 18.5 m at 4.58 g/t Pd_Eq starts near surface at 47.5 m down hole.
• Hole LK20-019 started in mineralization and hit 35.0 m at 2.76 g/t Pd_Eq and also started near surface after 17.3 m of overburden.
• Holes LK20-016 and LK20-019 are located 750 m east of hole LK20-006 (see news release dated August 11, 2020), which returned 166.7 m at 1.16 g/t Pd_Eq, including a core zone of 63.4 m at 1.88 g/t Pd_Eq.
• Holes LK20-016 and LK20-019 are 1,350 m east of hole KAU-08-035, which returned a core zone of 33.0 m at 1.90 g/t Pd_Eq.
• Continuity between holes LK20-006 and LK20-016 demonstrates potential to rapidly add ounces, providing the opportunity to significantly increase the existing NI 43-101 Kaukua open pit resource.
• All holes drilled in the Kaukua South Extension have returned PGE-Ni-Cu mineralization and are open along strike and at depth.

“Of the 11 discovery holes drilled at Kaukua South, hole LK20-016 is the highest-grade drilled to date. The robust intercepts strengthen our belief that there are many more ounces than initially thought at our LK Project in Finland. We look forward to receiving assay results for the remaining three exploration holes drilled at Murtolampi, only 2 kilometers north of Kaukua.” said Derrick Weyrauch, President and Chief Executive Officer. “Each additional impressive drill result brings us closer to realizing our belief that the Kaukua area hosts a large-scale, shallow, mineralized system with significant continuity.”

Palladium One has now confirmed PGE-Ni-Cu mineralization over 4 km of strike length at the Kaukua South zone and the zone remains open laterally for expansion both to the east and west, as well as depth (Figure 1 and 2).

As the size of the Kaukua South zone has grown so has its complexity. Holes in the western half of the zone have very high PGEs and lower Cu-Ni grades similar to the Kaukua deposit, whereas the eastern half have lower PGEs and higher Cu-Ni grades, more similar to the Haukiaho trend (see news releases on May 26, 2020 and September 15, 2020). This change in PGE tenor occurs within a 1.5 km gap in the drilling between holes LK20-016 and LK20-017 (Figure 1, 2 and 3). More drilling is required to define exactly where this change in PGE tenor occurs. Additionally, regional magnetic data indicate there is over 2 km of strike length to Kaukua South beyond LK20-021, the further east hole. This area remains to be drill tested.

Phase II Infill Drill Program

Based on the positive results to date from the Phase I Exploration Drill Program, planning is under way to determine if it is feasible to restart drilling before year end.

Figure 1

This figure shows the greater Kaukua Area, the NI 43-101 compliant Kaukua Open Pit resource, Murtolampi and Kaukua South zones. The new drill defined three-kilometer eastern extension of the Kaukua South zone is shown with select resumed Phase I drill holes labelled in red.

Figure 2

Kaukua South Long section looking north, showing IP Chargeability isoshells and Pd_Eq grade for resumed Phase I drill holes labelled in red.

Figure 3

Kaukua South cross section, looking west showing hole LK20-016 and 019.

Table 1: Resumed Phase 1 Drill Results from Kaukua South Zone

*Palladium Equivalent

Palladium 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 for copper, and US$15,4332 per tonne for nickel. This calculation is consistent with the calculation in the Company’s September 2019 NI 43-101 Kaukua resource estimate.

QA/QC

The Phase I drilling program was carried out under the supervision of Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company.

Drill core samples were split using a rock saw by Company staff, with half retained in the core box and stored indoors in a secure facility, in Taivalkoski, Finland. The drill core samples were transported by courier from the Company’s core handling facility in Taivalkoski, Finland, to ALS Global (“ALS”) laboratory in Outokumpu, Finland. ALS, is an accredited lab and are ISO compliant (ISO 9001:2008, ISO/IEC 17025:2005). PGE analysis was performed using a 30 grams fire assay with an ICP-MS or ICP-AES finish. Multi-element analyses, including copper and nickel were analysed by four acid digestion using 0.25 grams with an ICP-AES finish.

Certified standards, blanks and crushed duplicates are placed in the sample stream at a rate of one QA/QC sample per 10 core samples. Results are analyzed for acceptance at the time of import. All standards associated with the results in this press release were determined to be acceptable within the defined limits of the standard used.

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-copper-nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium-dominant 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.

Canada Nickel Company Announces Significant Mineral Resource Update at Crawford Nickel-Cobalt Sulphide Project

 

Highlights

• Resource update more than doubles Measured and Inferred resources
  • Main Higher Grade Zone Measured resource increased by 162% to 153 Mt at 0.32% nickel (485 kt nickel). Total M&I resource increased by 9% to 657 Mt at 0.26% nickel (1.7 Mt nickel).
  • Total Inferred resource increased by 121% to 646 Mt at 0.24% nickel (1.6 Mt nickel) including an increase of 50% in Main Zone (433 Mt @ 0.23% nickel) and an initial resource from East Zone of 213 Mt at 0.24% nickel (505 kt nickel).
• Significant exploration potential remains with approximately 50% of Crawford structure untested and is now actively being explored. The Main Zone remains open to the west and the East Zone has more than 2.8 kilometres of strike length (40%) remaining to be drilled.

 

TORONTO, October 21, 2020 – Canada Nickel Company Inc. (TSX-V:CNC) (“Canada Nickel” or the “Company“) today announced an updated mineral resource for its 100% owned Crawford Nickel-Cobalt Sulphide Project (“Crawford”) near Timmins, Ontario which more than doubles mineral resources in both Measured and Inferred resource categories. This report includes a resource update for its previously reported Main Zone and an initial resource for its East Zone.

Mark Selby, Chair and CEO of Canada Nickel commented, “This latest drilling phase did an outstanding job of delivering on both of its key objectives – better defining and increasing the Main-Higher Grade Zone and establishing an initial resource in the East Zone. With a 162% increase in the Measured High Grade Zone nickel content, a 121% increase in total inferred resources, and an initial East Zone resource, this resource update puts us in excellent position for the delivery of a Preliminary Economic Analysis (“PEA”) by year-end. I look forward to continued drilling results as we explore several highly prospective nickel and PGM targets at Crawford, and to completing the remaining metallurgical and engineering testing for the PEA. With the recently completed financing, the Company is well-positioned to aggressively advance Crawford towards a Feasibility Study expected by year-end 2021.”

The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity. Canada Nickel has launched wholly-owned NetZero Metals Inc. with the aim to develop zero-carbon production of nickel, cobalt, and iron at the Crawford Project.

Crawford Mineral Resource Estimate Update

For the update to the initial Mineral Resource Estimate, a total of 30,519 metres of core drilling in 62 drill holes was utilized to calculate the Mineral Resources in the three categories as provided in Table 1 below, and specifically Measured + Indicated Resources of 657 million tonnes grading 0.26% Ni and Inferred Resources of 646 million tonnes grading 0.24% Ni. A cut-off grade of 0.15% Ni was used for the low-grade domain and 0.25% Ni for the higher-grade domain (Higher Grade Core) of the Mineral Resource Estimate. Example cross-section and block model views of the resource estimate are provided in Figures 1 through 5 below.

The drilling program was launched in the fourth quarter of 2019, continued through 2020, and achieved the objectives of finding extensions around the initial resource and new areas of mineralization, as well as proving up the extension and the continuity of the mineralization.

The higher grade mineralization at Crawford has been significantly expanded. This resource update increased the contained nickel in the 0.35% grade shell by 96% to 208kt (58 Mt at 0.36% nickel) and in the 0.30% grade shell by 109% to 683kt (201 Mt at 0.34% nickel).

Canada Nickel announced on May 19, 2020 the discovery of the East Zone. After an 11-hole, 5,328-metres drilling campaign, Canada Nickel is pleased to declare an initial Measured + Indicated Resources on the East Zone of 47.9 million tonnes grading 0.26% Ni and Inferred Resources of 213.2 million tonnes grading 0.24% Ni. A cut-off grade of 0.15% Ni was used.

This Mineral Resource Estimate was prepared by Caracle Creek International Consulting Inc. in accordance with CIM Definition Standards on Mineral Resources and Reserves. A Technical Report in support of the Mineral Resource Estimate will be filed on SEDAR (https://www.sedar.com) within 45 days. The Mineral Resource Estimate is effective as of October 18, 2020.

Table 1 – Updated Total Mineral Resource Estimate for the Crawford Nickel-Cobalt Sulphide Project, Ontario

1. The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Mr. Luis Oviedo, P.Geo. (Chilean Mining Commission: RM, CMC #013), of Caracle Creek International Consulting Inc. and Atticus Chile S.A. The effective date of the Mineral Resource Estimate is October 18, 2020.
2. These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. A cut-off grade of 0.15% Ni was used for the low-grade domains (Main and East zones) and cut-off grades of 0.25% Ni (Main Zone) and 0.21% Ni (East Zone) were used for the high-grade domains. Cut-offs were determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison to analogous deposit types. Given the current stage of the Project, the mineral resources contained within the Main and East zone deposits have not been constrained by open pit optimization. The Company is planning to complete open pit optimization and present pit-constrained mineral resources as part of its Preliminary Economic Assessment (“PEA”) scheduled to be completed by year-end 2020.
4. Geological and block models for the Mineral Resource Estimate used data from a total of 62 surface drill holes (51 in the Main Zone and 11 in the East Zone), completed by Spruce Ridge Resources (4 holes in 2018) and Noble Mineral Exploration and Canada Nickel Company (58 holes in 2019-2020). The drill database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into assay batches by CNC and by comparison of umpire assays performed at a second laboratory.
5. Estimates in Table 1 have been rounded to two significant figures.
6. The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).

MAIN ZONE

7. The geological model as applied to the Mineral Resource Estimate for the Main Zone comprises three mineralized domains hosted by variably serpentinized ultramafic rocks: a relatively high-grade core (largely dunite) and two northern and southern lower grade envelopes (combination of dunite and peridotite). Individual wireframes were created for each domain.
8. The block model was prepared using Micromine 2020. A 12 m x 12 m x 9 m block model was created and samples were composited at 4.5 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Fe, S, Pd and Pt using the Ordinary Kriging interpolation method.
9. Grade estimation was validated by comparison of input and output statistics (nearest neighbour and inverse distance cubed), swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
10. Density estimation was carried out for the mineralized domains using the Ordinary Kriging interpolation method, on the basis of 3,270 specific gravity measurements collected during the core logging process, using the same block model parameters of the grade estimation. As a reference, the average estimated density value within the high-grade is 2.64 g/cm3 (t/m3), while low-grade domains of the resource model yielded averages of 2.63 g/cm3 (t/m3) in the north and 2.71 g/cm3 (t/m3) in the south.

EAST ZONE

11. The geological model as applied to the Mineral Resource Estimate for the East Zone comprises three mineralized domains hosted by variably serpentinized ultramafic rocks: a relatively high-grade core (largely dunite) and two northern and southern lower grade envelopes (largely peridotite). Individual wireframes were created for each domain.
12. The block model was prepared using Micromine 2020. A 20 m x 20 m x 15 m block model was created and samples were composited at 3 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Fe and S using the Inverse Distance Squared method.
13. Grade estimation was validated by comparison of input and output statistics (nearest neighbour), swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.
14. An average bulk density value for each mineralized domain was calculated on the basis of 244 specific gravity measurements collected during the core logging process. Blocks within the high-grade were assigned a single bulk density value of 2.62 g/cm3 (t/m3), while low-grade domains of the resource model were assigned single bulk density values of 2.66 g/cm3 (t/m3) in the north and 2.72 g/cm3 (t/m3) in the south.

Figure 1 – Plan view of Main Zone & East Zone Nickel Resources, Crawford Nickel-Cobalt Sulphide Project, Ontario.

Figure 2 – Crawford Nickel-Cobalt Sulphide Project – Main Zone Sections (625E, 175E, 375E) With Resource Boundaries & 0.3% and 0.35% Grade Shells

Figure 3 – Plan View of Main Zone Resource at the Crawford Nickel-Cobalt Sulphide Project, Ontario.

Figure 4 – Plan View of Main Zone – Comparison of Current and Prior Mineral Resource and Grade Shells at the Crawford Nickel-Cobalt Sulphide Project, Ontario.

Figure 5 – Cross-section of the East Zone Mineral Resource, Crawford Nickel-Cobalt Sulphide Project, Ontario.

Next Steps

• A technical report with respect to the Mineral Resource Estimate Update disclosed today will be filed within 45 days as required by The National Instrument 43-101.
• Mineralogical studies and metallurgical testwork will continue through the fourth quarter of 2020, and will be incorporated into the PEA expected to be completed by the end of 2020.
• Drilling has begun on other prospective geophysical targets on the several kilometres of the Crawford structure, including those which were previously untested on the west side of the highway. An airborne geophysical survey on regional option properties has been completed and interpretation work now underway will inform a regional drilling program expected to be completed this winter. See Figure 6.

Figure 6 – Planned and Previous Airborne Geophysical Survey Areas over Crawford, Kingsmill, Nesbitt-Aubin, Nesbit North, MacDiarmid and Mahaffy-Aubin Properties, Ontario.

Issuance of Shares

The Company also announced today that it will be issuing a total of 200,000 of its common shares to third parties in satisfaction of certain contractual obligations. The shares will be subject to a four-month hold period under applicable securities laws.

Conference Call Details

Canada Nickel is hosting a live Q&A conference call on October 22 at 10:00 a.m. Eastern time (7:00 a.m. Pacific time). Participants may join the call by dialing:
Local: Toronto: 416-764-8688
North American Toll Free: 888-390-0546
Webcast URL: https://produceredition.webcasts.com/starthere.jsp?ei=1389471&tp_key=79c1b4fb17

A playback version will be available for two weeks after the call at +1-416-764-8677 (local or international) or toll free at +1-888-390-0541 (passcode 442999#).

Assays, Quality Assurance/Quality Control and Drilling and Assay Procedures

William E. MacRae, MSc, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. Samples are bagged with QA/QC samples inserted in batches of 35 samples per lot. Samples are transported in secure bags directly from the Canada Nickel core shack to Actlabs Timmins, an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and 17 other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of one QA/QC sample per 32 core samples making a batch of 35 samples that are submitted for analysis.

Qualified Person and Data Verification

Dr. Scott Jobin-Bevans (P.Geo., APGO #0183), independent of the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release. The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Mr. Luis Oviedo (P.Geo., Chilean Mining Commission: RM, CMC #013), of Caracle Creek International Consulting Inc. and Atticus Chile S.A. The Quality Control-Quality Assurance review was conducted by independent engineer Mr. John Siriunas (P.Eng., APEO #42706010), a Qualified Person as defined by NI 43-101.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill results relating to the Crawford Nickel-Cobalt Sulphide Project, the potential of the Crawford Nickel-Cobalt Sulphide Project, timing of economic studies and resource estimates, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, timing of the updated resource estimate, risks of the mining industry, delays in obtaining governmental approvals, and failure to obtain regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

For further information, please contact:

Mark Selby, Chair and CEO
Phone: 647-256-1954
Email: info@canadanickel.com

 

Viscount Mining Samples 1925 G/t Silver And 76g/t Gold And Adds Claims At Cherry Creek Property In Nevada

 

VANCOUVER, Canada –- (October 20, 2020) Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or “the Company”) has expanded the claim block on their 100% controlled Cherry Creek Project in eastern White Pine County, Nevada. The company staked 24 unpatented lode claims in the southeast part of the project, adjacent to an area of prolific historic gold and silver mining. Precious metal mineralization in the area commonly occurs in quartz veins with several distinct orientations hosted by quartzite and interbedded phyllite. Review and reinterpretation of existing surface geochemical data identified three untested gold and silver exploration targets, including: New Century Mine East, Rattlesnake Canyon and Nitown.

The New Century Mine is a historic gold and silver producer on the east end of an east-west trending mineralized vein that includes the past-producing Exchequer Mine. Gold and silver ore in the New Century occurred in near-vertical quartz veins and breccia zones in a quartzite host rock. The East New Century Mine target occurs along a projected eastern extension of the New Century vein. The extension is defined by an east-striking quartz vein, with local large resistant outcrops of jasperoid and silicified quartz breccia that occur at intersections between the veins and north-striking high-angle faults. A sample of a brecciated quartz vein outcrop along the eastern extension contained a gold concentration of 1.69 g/t and 320 g/t Ag. Another sample taken approximately 600 meters to the east of the previous sample, contained 16.95 g/t Au and 1925 g/t Ag. This indicates that the extension could have a strike length on the order of 800 meters. Jasperoid breccia outcrops contained elevated gold (0.034 g/t) and silver concentrations (2.65 g/t), although were not extensively sampled.

Further east of the New Century Mine, samples from the dumps of two small prospects in the Rattlesnake Canyon area contained gold concentrations of 76 g/t and 7.5 g/t. The samples came from quartz veins that possibly strike to the north in quartzite. The 76 g/t sample represents the highest gold value in a rock-chip sample on the Cherry Creek project. Beyond local rock-chip sampling, little exploration or evaluation work has been done in this area.

The Nitown target occurs along a ridge with scattered workings and mining disturbance several hundred meters southeast of the Star Mine, the largest historic gold and silver mine on the property. The exploration target is defined by gold concentrations in soil samples. The gold in soils anomaly includes four soil samples of greater than 100 ppb Au, two of which are greater than 700 ppb Au. The samples occur in an elongated southeast trend that is approximately 800 meters long. Rock-chip sampling, additional geologic mapping, and possible trenching are warranted to evaluate this target.

Work plans are currently being formulated to evaluate these targets along with other known targets on the property.

QC and Analytical Procedures

The soil and rock chip analytical packages have been conducted by ALS Labs Limited, of Elko, Nevada. Soil samples were collected and analyzed by a 58 elements via ME-MS61 and AuAA-23, with over limit analyses for Au, Ag, Pb, Zn and Cu. Rock Chip samples were collected and analyzed by a 58 elements via ME-MS61 and AuAA-23, with over limit analyses for Au, Ag, Pb, Zn and Cu. Consult the ALS website for more information on the analytical packages being used on the Cherry Creek samples.

Qualified Persons

The scientific and technical information contained in this news release has been reviewed and approved by Harald Hoegberg PG, an independent consulting geologist who is a “Qualified Person” (QP) as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)

Viscount Mining is a project generator and an exploration company with a portfolio of silver and gold properties in the Western United States, including Silver Cliff in Colorado and Cherry Creek in Nevada.

The Silver Cliff property in Colorado lies within the historic Hardscrabble Silver District in the Wet Mountain Valley, Custer County, south-central Colorado. It is located 44 miles WSW of Pueblo, Colorado, and has year-around access by paved road. The property consists of 2,319.48 hectares where high grade silver, gold and base metal production came from numerous mines during the period 1878 to the early 1900’s. The property underwent substantial exploration between 1967 and 1984.

The property is interpreted to encompass a portion of a large caldera and highly altered sequence of tertiary rhyolitic flows and fragmental units which offers potential to host deposits with both precious and base metals. This has been demonstrated in the mineralization historically extracted from the numerous underground and surface mining operations. Drilling in the 1980s by Tenneco resulted in a historical pre-feasibility study on which basis it was planned to bring the property to production. The plan was abandoned following a takeover by another company.

The Cherry Creek exploration property is in an area commonly known as the Cherry Creek Mining District, located approximately 50 miles north of the town of Ely, White Pine County, Nevada. Cherry Creek consists of 293 unpatented and patented claims as well as mill rights and is comprised of more than 2,442 hectares. Cherry Creek includes more than 20 past producing mines.

For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com

 

ON BEHALF OF THE BOARD OF DIRECTORS

“Jim MacKenzie”
President, CEO and Director

For further information, please contact:

Viscount Investor Relations
Email: info@viscountmining.com

FORWARD-LOOKING STATEMENTS

This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to Viscount Mining’s operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Specifically, this news release contains forward looking statements with respect to the Offering, the receipt of required approvals, the timing of thereof and the amount and use of proceeds therefrom. Generally, forward-looking statements can be identified by the forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “projects”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or “variations of such words and phrases or state that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Viscount Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and development and operation of Viscount Mining’s projects, the actual results of current exploration, development activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future precious metals prices, as well as those factors discussed in the sections relating to risk factors of our business filed in Viscount Mining’s required securities filings on SEDAR. Although Viscount Mining has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.

There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Viscount Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Troilus Wins “Excellence In Sustainable Development” Award At XPLOR 2020

 

October 19, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) is proud to announce that it is the recipient of the “Excellence in Sustainable Development” award presented annually by the Quebec Mineral Exploration Association (AEMQ), for the advancement of its 100%-owned Troilus Gold Project, located northeast of Chibougamau, Quebec, within the Frôtet-Evans Greenstone Belt. The Excellence in Sustainable Development is awarded to a company that has exhibited high standards in sustainable development during the year.

The award was accepted by Justin Reid, CEO of Troilus, on behalf of the Company at AEMQ’s XPLOR 2020 Virtual Award Ceremony on October 19, 2020. Award recipients are selected by a committee reporting to AEMQ’s Board of Directors, who make their selections based on an evaluation of the work, projects and research carried out during the year by AEMQ’s +140 corporate members.

Justin Reid, CEO and Director of Troilus, commented, “We couldn’t be more proud to have been selected as the winner of the Excellence in Sustainable Development Award from an esteemed field of finalists who represent some of the highest quality mining operations in Quebec and Canada. We at Troilus believe that our job is not only to deliver returns to shareholders, but to make sure the decisions we make now will have a long-lasting positive impact on all of our stakeholders. Earlier this year we became the first Quebec mineral exploration company to obtain UL 2723: ECOLOGO Certification Program for Mineral Exploration Companies, a new third party standard launched by AEMQ in November 2019 to validate, recognize and promote environmental, social and economic best practices. This recognition by AEMQ is a testament to the hard work and dedication of our entire team as well as our commitment to the highest environmental and social standards as we continue to advance the Troilus Gold project.”

To learn more about Sustainability at Troilus, please visit www.troilusgold.com

About Troilus Gold Corp.

Troilus is a Toronto-based, Quebec focused, advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine. The 107,326 hectare Troilus property is located within the Frotêt-Evans Greenstone Belt in Quebec, Canada. From 1996 to 2010, Inmet Mining Corporation operated the Troilus project as an open pit mine, producing more than 2,000,000 ounces of gold and nearly 70,000 tonnes of copper.

For more information:

Justin Reid
Chief Executive Officer
+1 (647) 276-0050 x 1305
Justin.reid@troilusgold.com

Paul Pint
President

+1 (416) 602-1050
paul.pint@troilusgold.com

Cautionary Note Regarding Forward-Looking Statements and Information

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability; the estimate of Mineral Resources in the updated Mineral Resource statement may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that the Indicated Mineral Resources will be converted to the Probable Mineral Reserve category, and there is no certainty that the updated Mineral Resource statement will be realized.

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact of the likelihood of the Company receiving the awards and the impact in the event the Company is successful, the planned drill program and results on the Company, the reliability of historical estimates and the likelihood that they will be updated to current mineral resource estimates, the possible economics of the project, the Company’s understanding of the project; the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates; the timing and amount of estimated future exploration; the anticipated results of the Company’s 2020 drill program and their possible impact on the potential size of the mineral resource estimate; the impact of the novel coronavirus (COVID-19) and the considerable uncertainties about the geographic, social and economic impact on the Company of its continuing global spread costs of future activities; capital and operating expenditures; success of exploration activities; the anticipated ability of investors to continue benefiting from the Company’s low discovery costs, technical expertise and support from local communities. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances or achievements of Troilus to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Troilus will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Troilus to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company’s activities (including without limitation on its employees and suppliers) and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on gold and other metals; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates; the high degree of uncertainties inherent to preliminary economic assessments and other mining and economic studies which are based to a significant extent on various assumptions; variations in gold prices and other precious metals, exchange rate fluctuations; variations in cost of supplies and labour; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental and other risks of the mining industry, including without limitation, risks and uncertainties discussed in the Technical Report and in other continuous disclosure documents of the Company available under the Company’s profile at www.sedar.com. Although Troilus 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. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Troilus does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Troilus Gold Corp.
36 Lombard Street, Floor 4
Toronto, Ontario
M5C 2X3
Canada

Tel: +1 647.276.0050
Email: info@troilusgold.com