Category: Natural Resources

 

Palladium One discovers 600 m mineralized strike length at Murtolampi, discoveries now total 4.6 km of strike length in Greater Kaukua Area

 

October 20, 2020 – Vancouver, British Columbia – Additional visual results from core logging of the resumed Phase I drill program at the LK Project in Finland have retuned wide zones of magmatic sulfide mineralization at Murtolampi, located less than 2 kilometers north of the Kaukua Deposit, said Palladium One Mining Inc. (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today.

Key highlights

• New discovery suggests magmatic sulfide mineralization extends over greater than a 600 m strike length.
• Targeting induced polarization (IP) chargeability anomalies continues to result in PGE-Cu-Ni mineralization discoveries.
• Three drill holes tested the Murtolampi Zone, two of which intersected magmatic sulfide mineralization ranging from 40 m to 70 m in length (drilled core length).
• The Murtolampi zone could rapidly add near surface tonnes to existing NI 43-101 resources.

“We are excited to report this second discovery. Initial results from Murtolampi indicate that it could form a significant satellite open pit resource, adding to the Kaukua deposit, which is located less than 2 kilometers to the south,” said Derrick Weyrauch, President and Chief Executive Officer.

Summary:

• Drilling has extended magmatic sulfide mineralization in Murtolampi over 600 m southwest of hole LK20-012 which returned 20.2 m at 2.26 g/t palladium equivalent (Pd_Eq)*, within 87.2 m @ 1.43 g/t Pd_Eq (see news release dated August 25, 2020) (Figure 1).
• Surface sampling at Murtolampi, previously returned 4.9 g/t Pd_Eq, including 3.11 g/t PGE (see news release August 12, 2019).
• Disseminated to blebby magmatic sulfides, averaging 1-2% but locally up to 10%, consisting of chalcopyrite and pyrrhotite occur within intercepts ranging from 40 m to 70 m (drilled core length).
• Sulfide mineralization occurs in peridotite and is similar to hole LK20-012 and historic GTK (Geological Survey of Finland) drill holes.
• Murtolampi has many similarities to the Kaukua deposit, notably high tenor PGE mineralization.

Phase 1 Drill Program Update

The Company has completed logging and sampling the drill core from the recently completed drilling program. Fourteen holes totalling 2,566 m were completed during the resumed program in August and September, bringing the total Phase I exploration drilling program to 26 holes totalling 4,490 m. Additional assay results are expected within the next few weeks.

* 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.

New video on the LK Project, located in Finland

A new two-minute video introduction has been added to the Company’s website. The video is a quick introduction to Palladium One Mining, and outlines where the Company is targeting large-scale platinum-group-element (PGE)-copper-nickel deposits in Finland.

This video covers:

• location, infrastructure, and land tenure
• IP chargeability anomalies
• exploration drilling and resource potential in the Kaukua South/East zone of the LK Project

 

Figure 1

This figure shows the greater Kaukua Area, the NI 43-101 compliant Kaukua Open Pit resource, Murtolampi and Kaukua South zones. The resumed Phase I drill holes are labelled in red.

Figure 2

Murtolampi disseminated to blebby chalcopyrite-rich magmatic sulfide from holes LK20-024 (A) and LK20-026 (B) located 600 m apart

Figure 3

Murtolampi Long section looking northwest, showing IP Chargeability isoshells, mineralized peridotite and down hole logged sulfide percentages, resumed Phase I drill holes labelled in red.

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.

Sierra Metals Announces Positive Preliminary Economic Assessment Results for Doubling Output at Its Bolivar Mine in Mexico to 10,000 Tonnes Per Day

After Tax NPV of US$283 Million

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TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report the results of a Preliminary Economic Assessment (“PEA”) regarding the Company’s Bolivar Mine, located in Chihuahua State, Mexico.

This PEA report was prepared as a National Instrument 43-101 Technical Report for Sierra Metals Inc. (“Sierra Metals”) by SRK Consulting (Canada) Inc. (“SRK”).The full technical report will be filed on SEDAR within 45 days of this news release.

Highlights of the PEA include:

• After-tax Net Present Value (NPV): US$283 Million at an 8% discount rate
• Incremental benefit of increasing the production to 10,000 TPD from 5,000 TPD is estimated to have an after tax NPV (@8%) of US$57.4 million, and IRR of 27.9%
• Net After-tax Cash Flow: US$521 Million
• Life of Mine & Sustaining Capital Cost: US$317 Million
• Total Operating Unit Cost: US$19.77/tonne and US$1.16/lb copper equivalent
• Plant Processing Rate after expansion: 10,000 tonnes per day (TPD)
• Average LOM Copper Grade 0.72%
• Copper Price Assumption US$3.05/lb
• MineLife: 14 years based on existing Mineral Resource Estimate
• Life of Mine Copper Payable Production: 583 million pounds

Luis Marchese, CEO of Sierra Metals commented:
“I am very encouraged by the results of this PEA which support the Company’s organic growth strategy and plan to profitably develop and grow the Bolivar Mine production rate to 10,000 TPD in 2024 from today’s capacity of 5,000 TPD, based on current analyst consensus metal price estimates. The Company plans to continue with its disciplined approach of profitable growth and now plans to proceed with the next step of the completion of a prefeasibility study to further de-risk the plan and determine the best path forward.”

He continued “The PEA study compared the value of the current operations at Bolivar at 5,000 TPD against several output expansion alternatives from 7,000 to 15,000 TPD and determined 10,000 TPD as the optimum production level based on our current mineral resource base. We note that the estimated value for Bolivar at 5,000 TPD using current analyst estimates at US$225 million, was roughly in-line with the value estimated in our 2018 PEA ($214 million) which justified our expansion to 5,000TPD two years ago. The value could be further increased by the potential sale of magnetite (iron ore) as a by-product and recent exploration drilling which could further increase the resources and value of our asset, as they get incorporated into future operating plans.”

He concluded, “We are continuing with our strategy to increase the value of the company on a per share basis. This builds upon the demonstrated success we have shown with increasing our current mineral resource base and improving the throughput at all mines. We expect these positive developments to further improve profitability and cashflow for the Company and all shareholders this coming year as well as in the future.”

Mineral Resource Estimate

The property is located in the Piedras Verdes District of Chihuahua State, Mexico, approximately 250 kilometers southwest of the city of Chihuahua and consists of 14 mineral concessions (6,800 hectares). The Bolivar deposit is a Cu-Zn skarn and is one of many precious and base metal deposits of the Sierra Madre belt, which trends north-northwest across the states of Chihuahua, Durango, and Sonora in northwestern Mexico (Meinert, 2007). Mineralization exhibits strong stratigraphic control, and two stratigraphic horizons host the bulk of the mineralization: an upper calcic horizon, which predominantly hosts Zn-rich mineralization, and a lower dolomitic horizon, which predominantly hosts Cu-rich mineralization. In both cases, the highest grades are developed where structures and associated breccia zones cross these favorable horizons near skarn-marble contacts.

This PEA considers depleted measured, indicated, and inferred resources reported in 2019 by SRK and effective as of December 31, 2019. The results of this PEA shown in Table 1-1 are indicative of conceptual potential and are not definitive.

Table 1-1: Summary of Mineral Resources estimate as reported by SRK,2020 (Effective December 31, 2019)

Source: SRK, 2020

1. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
2. All figures are rounded to reflect the relative accuracy of the estimates.
3. Mineral resources are reported at a value per tonne cut-off of US$24.25/t using the following metal prices and recoveries; Cu at US$3.08/t and 88% recovery; Ag at US$17.82/oz and 78.6% recovery, Au at US$1,354/oz and 62.9% recovery.

Mining Methodology

Bolivar is a producing operation. The primary mining method at Bolivar is underground room and pillar mining. Previous mining at Bolivar has sometimes used lower cost and more productive long hole stope mining in areas where the mineralized zones have a steeper dip angle, and the mine plans to undertake a geotechnical assessment program in 2020/2021 to expand the use of long hole mining.

Mineral Processing

The Piedras Verdes Plant, located 5.1 kilometers from the Bolivar Mine, uses a conventional crushing-grinding-flotation circuit to recover mineralized mineral and to produce commercial quality copper concentrates with silver and gold by-product credits. Mineral is delivered from the mine to the plant in 18-tonne trucks. The mine is constructing an underground tunnel that will enable mineralized material to be delivered via underground truck transport to a portal adjacent to the mill. This development will eliminate the impact of bad weather on the current surface truck haulage system and will provide a lower cost and more reliable method of delivering mineralized material to the plant.

Mineral processing and the recovery of the mineral is demonstrated, and copper, silver and gold recoveries are established at 88%, 78.7% and 62.43% respectively.

The Piedras Verdes Plant’s current throughput capacity is 5,000 TPD. In line with proposed increases in mine output, the processing capacity at Piedras Verdes will increase to 10,000 TPD in 2024.

A new dry-stack tailing storage facility (“TSF”) (herein referred to as “New TSF”) is to be located just to the west of the existing facility, and has an expected life through 2025. The site is also installing an additional thickener and filter presses to allow additional water recovery. Thickened tails (60% solids) are currently being placed in the TSF. After the filter presses are constructed, dry-stack tailings will be placed in the New TSF starting in the latter part of 2020. The PEA considers the use of tailings as backfill and has included the capital and operating costs for a backfill plant. Storing some of the tailings underground would increase the life of the New TSF, and potentially permit the removal of mineralized material pillars that are currently unrecoverable.

The overall Project infrastructure exists already and is functioning and adequate for the purpose of the supporting the mine and mill.

Economic Analysis

This PEA indicates an after tax NPV of US$283 million (using a discount rate of 8%) at 10,000 TPD (in 2024). Total operating cost for the life of mine is US$827 million, equating to a total operating cost of US$19.77 per tonne milled and US$1.16 per pound copper equivalent. Highlights of the PEA are provided in Table 1-2.

Table 1-2: PEA Highlights

Quality Control

All technical data contained in this news release has been reviewed and approved by:

Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Augusto Chung, FAusIMM CP (Metallurgist) and Vice President of Metallurgy and Projects to Sierra Metals is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2019 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Mike McAllister
Vice President, Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com

Americo Zuzunaga
Vice President of Corporate Planning
Sierra Metals Inc.
Tel: +1 (416) 366-7777

Luis Marchese
CEO

Sierra Metals Inc.
Tel: +1 (416) 366-7777

Source: Sierra Metals Inc.

Tuesday, October 20, 2020

Newrange Gold (NRGOF)(NRG:CA)

Drilling Commences at Gold Box Canyon

As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Second phase of drilling. Following a first phase of drilling that included 34 holes for a total of 3,462 meters of drilling along Pamlico Ridge, Newrange hired a new contractor, and drilling resumed on September 19. An additional 35 holes are expected to be drilled during the second phase, including diamond drilling later in the program to test targets at depth. In its entirety, the drilling program will entail over 10,000 meters of drilling. Road construction will begin shortly to drill test the upper Good Hope Mine where underground channel sampling identified consistent high-grade results.


Gold Box Canyon is highly prospective.  Newrange Gold has commenced drilling in the Gold Box Canyon area of the Pamlico Project in Nevada. Preliminary underground mapping and sampling identified mineralized structures in multiple historic mine workings. Additionally, 67 chip-channel samples ranging from 0.4 to 2.4 meters all contained anomalous gold ranging from 0.048 to 16.9 grams of gold …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Troilus Reports Up to 203 g/t (6.53 Oz/tonne) Gold, 2,440 g/t (78.45 Oz/tonne) Silver and 4.37% Copper From Insitu Sample Located 10km South of Current Mineral Resource

 

October 19, 2020, Toronto, Ontario – Troilus Gold Corp. (TSX: TLG) (OTCQB: CHXMF) (“Troilus” or the “Company”) is pleased to report further results from the summer 2020 regional exploration program on its 100%-owned Troilus Project, located northeast of Chibougamau, Quebec, including the highest insitu gold grades recovered to date within the Frôtet-Evans Greenstone Belt. Earlier this year, Troilus increased its land position by more than 90,000 ha, becoming the largest claim holder within this highly prospective greenstone belt (see press releases dated April 28, July 21 and October 8, 2020). The exploration program focused on generating high-priority targets within this extensive land package. Results reported herein were obtained from our newly defined Testard target (see Figure 1), located approximately 10 kilometres south of the main mineral resource area (Zones Z87, Z87 South, J Zone and Southwest) and mine site.

Highlights from the Testard Zone

• 203 g/t (6.53oz/t) gold, 2,440 g/t (78.45 oz/t) silver and 4.37% copper from outcrop (Sample Y939452).
• Additional Testard outcrop samples:
• 54.2 g/t gold (Sample Y939451)
• 34.9 g/t gold (Sample Y939441)
• 13.55 g/t gold (Sample Y939446)
• 8.44 g/t gold (Sample Y939444)
• 8.25 g/t gold (Sample Y939445)
• 2.35 g/t gold (Sample Y346903)
• As well as 31.5 g/t and 13.4 g/t silver (Samples Y346903 and Y346902)
• Mineralization occurs within a 35-45 metre wide zone of brittle deformation and quartz vein swarms, hosted within a broad, undelineated intrusive tonalite package.
• Similar Testard mineralization has been traced in outcrop on Troilus ground up to 400 metres from the main showing.
• The silica flooding and brittle features that host gold bearing sulphides at Testard have the same characteristics as the Troilus mine and the newly discovered Southwest Zone.
• Results from 35 surface samples obtained in the vicinity of the Testard showing are still pending. Extensive mechanical clearing has been completed and channel samples were taken with further results pending.

“We are thrilled with the latest insitu results including, the highest grade gold occurrence on our property to date and the highest ever reported in outcrop within the Frotêt-Evans Belt, located only 10 kilometres from our resource and mine site,” said Justin Reid, CEO of Troilus. “What’s particularly exciting about these results is that the geological characteristics of the Testard Zone and host rock are not only the same as our main mineral resource zones, including the newest Southwest Zone discovered earlier this year, but also hold many geological similarities to the recently announced Beyan Gold Zone Discovery (see press release dated September 30, 2020) and the Goldfield Boulder Zone discovery (see press release dated October 8, 2020), located 8 kilometres and 36 kilometres away from the Troilus mine site. To date, gold bearing outcrops displaying the same geological features as these positive Testard results have already been traced over a strike length of 400 metres and we look forward to pending results and further planned work to better define this zone. Results from our regional exploration program continue to validate our revised geologic model and exploration approach. The scale and range of the gold-bearing system at Troilus is very exciting, and continues to strengthen our confidence in the district potential of our project.”

During the initial work program, which included outcrop stripping, bedrock mapping and boulder tracing, Troilus’ exploration team identified several mineralized outcrops on the main Testard Block, assaying up to 203 g/t gold with the best results highlighted in Table 1 below. The Testard showing is characterized by quartz veining in a distinct brittle shear zone, cross cutting a large, spatially undefined tonalite, over a distance of 30 metres (see Figure 2). Chalcopyrite is associated locally with veining. Locally the tonalite is strongly deformed and altered.

The Testard area is almost entirely till covered with limited outcrop exposure, however local stripping completed to date has traced similar Testard mineralization in outcrop up to 400 metres from the main showing. In light of these positive results, Troilus will be prioritizing additional work at Testard including further clearing, ground geophysics and prospecting through the conclusion of the fall season.

Troilus Property, Regional Geology and Location of the Testard Zone

 

Figure 2 – Ground and Aerial Photos of the Testard Zone

 

The Troilus property remains underexplored and highly prospective as evidenced by the two recent gold discoveries, Beyan and Goldfield Boulder zones, as well as the continued regional success at Testard. Initial field exploration work undertaken this summer across the +107,000 hectare Troilus property is currently being compiled to identify new prospective targets. Further assays are pending and will be updated in due course.

 

Table 1 – Testard Zone Initial Surface Sample Results

 

Quality Assurance and Control

All outcrop samples were collected by hand and were located by hand-held GPS, bagged and sealed, and sent for assaying at ALS Laboratory, a certified commercial laboratory. Every sample was processed with standard crushing to 85% passing 75 microns on 500 g splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were higher than 3.5 g/t Au, assays were redone with a gravimetric finish. In addition to gold, ALS carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.

Qualified Person

All technical and scientific information, in this press release has been reviewed and approved by Bertrand Brassard, M.Sc., P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. Mr. Brassard is an employee of Troilus and is not independent of the Company under NI 43-101.

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 planned drill program and results on the Company, 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 to be filed 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

 

A two-minute primer on the LK Project

 

View our new video on the LK Project, located in Finland. It’s a quick introduction to Palladium One Mining, which is targeting large-scale platinum-group-element (PGE)-copper-nickel deposits in Finland and Canada. This video covers:

• location, infrastructure, and land tenure
• induced polarization (IP) chargeability anomaly
• exploration drilling and resource potential in the Kaukua South/East zone of the LK Project

“Our exploration program at LK this year is starting to realize the potential of this exciting project. Results from the Kaukua South Zone continue to indicate that the Kaukua area hosts the footprint of a large-scale, shallow, mineralized system displaying continuity,” said Derrick Weyrauch, President and Chief Executive Officer. “Meanwhile, the first diamond drill hole assays from the Haukiaho Trend, returned a wide interval of mineralization in a previously untested area.”

 

 

About Palladium One

Palladium One Mining Inc. is an exploration and development 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.

Palladium One Mining is listed on the TSX Venture Exchange under the symbol PDM.

Thursday, October 15, 2020

Sierra Metals (SMTS)(SMT:CA)

Better-Than-Expected Third Quarter Production; Increasing Estimates

As of April 24, 2020, Noble Capital Markets research on Sierra Metals is published under ticker symbols (SMTS and SMT:CA). The price target is in USD and based on ticker symbol SMTS. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico. Yauricocha is an underground polymetallic mine using the sublevel block caving and cut-and-fill mining methods. Bolivar is a copper-silver-zinc-gold underground mine using room-and-pillar mining method. The majority of the revenue is earned by selling of the mineral concentrates to its customers in Peru.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

SMTS reports third quarter production results. Compared with the prior year period, third quarter copper production increased 9.2% to 12.2 million pounds, while gold, zinc, and silver increased 14.3%, 10.6%, and 4.8% to 3,989 ounces, 24.9 million pounds, and 1.0 million ounces, respectively. Lead production declined 6.2% to 9.9 million pounds. Third quarter production exceeded our expectations.


Updating estimates.  We have increased our full year 2020 EPS and EBITDA estimates to $0.14 and $83.9 million, respectively, compared to prior estimates of $0.13 and $82.0 million. Additionally, we have raised our 2021 EPS and EBITDA estimates to $0.30 and $137.8 million from $0.28 and $132.1 million, respectively, to reflect modestly higher production at Yauricocha based on greater average …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Newrange Drills 14.85 g/t Gold Over 9.15 Meters at Pamlico, Including 34.11 g/t Au Over 3.05 Meters

 

VANCOUVER, BRITISH COLUMBIA, October 13, 2020 (TSXV: NRG, US: NRGOF, Frankfurt: X6C) – Newrange Gold Corp. (“Newrange” or the “Company”) is pleased to announce that hole P20-82 in the Merritt Zone of the Pamlico Project intersected near surface oxide gold mineralization averaging 14.85 grams gold per metric tonne (g/t Au) and 3.57 grams silver per metric tonne (g/t Ag) over the 9.15 meter interval from 53.35 to 62.50 meters. This mineralized zone contained a high-grade core returning 34.11 g/t Au and 7.64 g/t Ag and lies within a larger 32.01 meter interval assaying 4.74 g/t Au and 2.25 g/t Ag from 44.21 to 76.22 meters.

Hole P20-82 also intersected a shallower zone of mineralization averaging 1.10 g/t Au and 3.67 g/t Ag over the 9.15 meter interval from 22.86 to 32.01 meters. A second hole, P20-83, expanded this oxide gold mineralization to the southeast with an intercept from 4.57 to 10.67 meters averaging 0.484 g/t Au and 4.57 g/t Ag. Hole P20-82, in particular, expands the footprint of high-grade mineralization by filling in an important gap between adjacent holes P17-03, 18 and 32. The table below summarizes these drill results and a map of hole locations can be found here.

These mineralized intercepts are thoroughly oxidized and focused in and near contact zones between the rhyolite and latite volcanic rocks that have been intensely sheared and brecciated due to the competency contrast of these two rock types.

The Company is expanding the drill pattern in this and other areas of the property including step outs on hole P17-10, the highest grade hole in the Company’s 2017 program that contained multiple high-grade intercepts including 6.1 meters averaging 97.94 g/t Au as announced June 19, 2017. Road construction will commence shortly to drill test the upper Good Hope Mine at a similar rhyolite / latite contact zone where underground channel sampling has identified consistent high grade results including 40 meters averaging 13.89 g/t Au and 71.19 g/t Ag in the 5690 level of the mine as announced May 14, 2020. The Company is also conducting follow-up drilling of hole P20-65 that returned 4.6 meters of 0.535 gram gold from surface with additional highly anomalous gold mineralization at depth in Gold Box Canyon as discussed in the Company’s press release of September 20, 2020. Similar rhyolite / latite contact zones are exposed throughout the canyon and have been heavily prospected by artisanal miners in the past with production evident in three separate series of mine workings.

Quality Assurance/Quality Control

Mr. Robert G. Carrington, P. Geo, a Qualified Person as defined by National Instrument 43-101, the President and Chairman of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release. All drilling was conducted by Reverse Circulation (RC) methods using a five-inch diameter center return bit. All drilling was supervised by professional geologists. Samples were collected on 1.5 meter (5 foot) intervals. Drill cuttings were captured in a vacuum augmented, closed system cyclone, then riffle split in a three-tiered Jones-type splitter. Samples were then securely stored and delivered to Paragon Geochemical Laboratories in Sparks, Nevada for sample preparation and analysis. Samples were dried then stage crushed to 80% passing 10 mesh. A 300 gram sub-sample was then split out and pulverized to 90% passing 140 mesh from which 1 Assay Ton, approximately 30 gram samples were split for analysis by fire assay (FA) with an OES finish. Samples assaying in excess of 5 g/t Au were re-assayed by fire assay with a gravimetric finish. Silver was determined by fire assay with an atomic absorption finish. In addition to the QA – QC conducted by the laboratory, the Company inserts blanks, standards and certified reference material (CRM) at a rate of not less than 1 in 20. Duplicate samples are collected for all drill samples and are submitted at a rate of 1 in 40.

About Pamlico

Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project enjoys excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Gold Bar and Sunset mines.

Discovered in 1884, the district rapidly gained a reputation as being one of Nevada’s highest-grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.

About Newrange Gold Corp.

Newrange is a precious metals exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Ontario and Colorado. With numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne, the Company’s flagship Pamlico Project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.

Signed: “Robert Archer” CEO & Director

For further information contact:
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
Email: info@newrangegold.com

Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: dcross@crossdavis.com

Website: www.newrangegold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement: Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.

Sierra Metals Reports Record Third Quarter 2020 Production Results, As The Production Ramps Up To Full Capacity At All Three Mines

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TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report third-quarter 2020 production results.

Results are from Sierra Metals’ three underground mines in Latin America: The Yauricocha polymetallic mine in Peru, and the Bolivar copper and Cusi silver Mines in Mexico.

Third Quarter 2020 Consolidated Production Highlights

• Copper production of 12.2 million pounds; a 9% increase from Q3 2019
• Silver production of 1.0 million ounces; a 5% increase from Q3 2019
• Gold production of 3,990 ounces; a 14% increase from Q3 2019
• Zinc production of 24.9 million pounds; an 11% increase from Q3 2019
• Lead production of 9.9 million pounds; a 6% decrease from Q3 2019
• Copper equivalent production of 35.2 million pounds; a 9% increase from Q3 2019
• Record quarterly ore throughput, and copper and gold production at the Bolivar Mine in Mexico
• Record quarterly silver production at the Cusi Mine in Mexico, despite being in care and maintenance for part of the quarter

The Company achieved record quarterly consolidated equivalent copper production and ore throughput, driven by strong operational performance at its three mines despite the difficulties arising from the COVID-19 pandemic.

Luis Marchese, CEO of Sierra Metals commented: “I am very pleased to report that the Company continues to strengthen its performance in 2020 with the achievement of production records on a Company consolidated basis and at the Bolivar Mine for quarterly equivalent metal production as well as for ore throughput. At Yauricocha, we continue to process throughput at increased levels which has helped us to recover some of the lower production experienced during the Q2 COVID-19 shutdowns. At Cusi we recommenced production in late July and operated for 65 days during the third quarter with ore throughput reaching over 1,000 tonnes per day during that period.”

He continued, “The COVID-19 situation in Mexico and Peru is still very serious and remains an important factor in our daily operations at the mines. We are continuing to adhere to strict health protocols to protect our employees, the communities in which we operate and our operations. Testing and quarantining has helped us to identify and keep active cases from the mines but as a result we are operating with a lower head count than optimal. I would like to thank our employees for the hard work in holding safe, helping the mines to run efficiently, and helping to maintain the strong production levels as noted in the third quarter results.”

He concluded, “As we continue to ramp up operations, we have been able to reinitiate on the backlog of exploration and infrastructure projects at the mines. This will help us to improve mine operations and operating efficiencies while continuing to discover and develop mineral resources. We are also proceeding with expansion studies at all mines based on the current large mineral resource levels and probable future discoveries of additional mineral resources at all mines. Precluding any further COVID-19 work interruptions the fourth quarter should continue advancing production throughput to capacity levels and help us to realize a strong finish for the year.”

Consolidated Production Results

(1) Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2020 were calculated using the following realized prices: $24.89/oz Ag, $2.97/lb Cu, $1.08/lb Zn, $0.85/lb Pb, $1,916/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2019 were calculated using the following realized prices: $17.28/oz Ag, $2.63/lb Cu, $1.06/lb Zn, $0.94/lb Pb, $1,481/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2020 were calculated using the following realized prices: $19.35/oz Ag, $2.63/lb Cu, $0.97/lb Zn, $0.80/lb Pb, $1,742/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2019 were calculated using the following realized prices: $15.91/oz Ag, $2.74/lb Cu, $/1.16lb Zn, $0.91/lb Pb, $1,370/oz Au.

Yauricocha Mine, Peru

The Yauricocha Mine processed 318,155 tonnes during Q3 2020, representing a 4% increase compared to Q3 2019. Daily ore throughput averaged 3,636 tpd during the quarter, as the mine continued its efforts to recover some of its annual production lost due to the COVID-19 related shutdown in Peru.

Grades for all metals, except zinc, declined for the quarter due to lower proportion of ore coming from the high-grade cuerpos chicos, as compared to Q3 2019. Zinc grades were higher during Q3 2020 due to mining in the Cachi Cachi zone. Recoveries were negatively impacted by the lower head grades as well as to the slightly reduced residence capacity in the flotation, resulting from the higher throughput. With the commissioning of the new DR-180 cells and related automated controls of the flotation process, the Company anticipates improvement in recoveries when the new cells are commissioned.

A summary of production from the Yauricocha Mine for Q3 2020 is provided below:

(1) Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2020 were calculated using the following realized prices: $24.89/oz Ag, $2.97/lb Cu, $1.08/lb Zn, $0.85/lb Pb, $1,916/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2019 were calculated using the following realized prices: $17.28/oz Ag, $2.63/lb Cu, $1.06/lb Zn, $0.94/lb Pb, $1,481/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2020 were calculated using the following realized prices: $19.35/oz Ag, $2.63/lb Cu, $0.97/lb Zn, $0.80/lb Pb, $1,742/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2019 were calculated using the following realized prices: $15.91/oz Ag, $2.74/lb Cu, $/1.16lb Zn, $0.91/lb Pb, $1,370/oz Au.

Bolivar Mine, Mexico

The Bolivar Mine processed a quarterly record of 410,468 tonnes in Q3 2020, representing a 24% increase over Q3 2019. The average daily ore throughput realized during the quarter was approximately 4,691 tpd, and the Company remains on track to reach the targeted 5,000 tpd during Q4 2020. The 24% increase in throughput, higher gold head grades, and higher recoveries partially offset by lower silver grades resulted in a 37% increase in copper equivalent pounds produced during Q3 2020 compared to Q3 2019. In Q3 2020, copper production increased by 32% to 6,734,000 pounds, silver production increased 15% to 199,000 ounces, and gold production increased 32% to 2,740 ounces compared to Q3 2019.

Development and infrastructure improvements continue in the effort to achieve ore throughput at Bolivar of 5,000 TPD during Q4 2020. Increased throughput and the use of massive mining methods have increased dilution at the stopes, reducing head grade to the plant. Target mining areas will be the El Gallo Mine and Bolivar W. Infill drilling will continue on the Bolivar West and Gallo Inferior areas, while mine development will focus on the Gallo Inferior and Bolivar W zones, with priority towards deepening of the ramps. This work will allow the Company to increase the number of minable stopes available in order to increase ore throughput at the plant.

A summary of production for the Bolivar Mine for Q3 2020 is provided below:

(1) Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2020 were calculated using the following realized prices: $24.89/oz Ag, $2.97/lb Cu, $1.08/lb Zn, $0.85/lb Pb, $1,916/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2019 were calculated using the following realized prices: $17.28/oz Ag, $2.63/lb Cu, $1.06/lb Zn, $0.94/lb Pb, $1,481/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2020 were calculated using the following realized prices: $19.35/oz Ag, $2.63/lb Cu, $0.97/lb Zn, $0.80/lb Pb, $1,742/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2019 were calculated using the following realized prices: $15.91/oz Ag, $2.74/lb Cu, $/1.16lb Zn, $0.91/lb Pb, $1,370/oz Au.

Cusi Mine, Mexico

The Cusi mine produced a record 304,000 ounces of silver during the quarter, despite being in care and maintenance for part of the quarter. The mine resumed operations on July 28, 2020 and operated for 65 days during the quarter. Ore throughput reached approximately 1,074 tpd during Q3 2020, which was 34% higher than throughput rate achieved in Q3 2019. The mine continues to work towards reaching full capacity during Q4 2020. Total quarterly throughput was 69,835 tonnes which was 1% below the Q3 2019 throughput due to lower number of operating days in Q3 2020. Higher silver and gold grades, and higher gold recoveries were partially offset by 5% lower silver recoveries during Q3 2020 resulting in a 12% increase in silver equivalent ounces produced, despite slightly lower throughput.

Mine development and production were also focused on the Northeast Southwest vein system, as exploration results indicated higher grades (please refer to press release dated June 18, 2020 – Sierra Metals confirms new high-grade silver zone at its Cusi Mine). Ore processed from the NE SW vein system negatively impacted recoveries as the presence of pyrite reduced the flotation capacity at the plant. The Company is conducting metallurgical research to be able to adapt the process to this condition.

Silver production of 304,000 ounces increased 12%, gold production of 173 ounces increased 28%, and lead production of 305,000 pounds increased 82% in Q3 2020 compared to Q3 2019.

A summary of production for the Cusi Mine for Q3 2020 is provided below:

(1) Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2020 were calculated using the following realized prices: $24.89/oz Ag, $2.97/lb Cu, $1.08/lb Zn, $0.85/lb Pb, $1,916/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for Q3 2019 were calculated using the following realized prices: $17.28/oz Ag, $2.63/lb Cu, $1.06/lb Zn, $0.94/lb Pb, $1,481/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2020 were calculated using the following realized prices: $19.35/oz Ag, $2.63/lb Cu, $0.97/lb Zn, $0.80/lb Pb, $1,742/oz Au. Silver equivalent ounces and copper and zinc equivalent pounds for 9M 2019 were calculated using the following realized prices: $15.91/oz Ag, $2.74/lb Cu, $/1.16lb Zn, $0.91/lb Pb, $1,370/oz Au.

Expansion Studies

The Company is undertaking Expansion studies to determine the best growth options for its operations in Mexico and Peru.

Quality Control

All technical data contained in this news release has been reviewed and approved by Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person and chartered professional qualifying as a Competent Person under the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves.

Augusto Chung, FAusIMM CP (Metallurgist) and Vice President of Metallurgy and Projects to Sierra Metals is a Qualified Person and chartered professional qualifying as a Competent Person on metallurgical processes.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:

Mike McAllister
Vice President, Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com

Luis Marchese
CEO

Sierra Metals Inc.
Tel: +1 (416) 366-7777

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2019 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available atwww.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Source: Sierra Metals Inc.

Wednesday, October 14, 2020

Endeavour Silver (EXK)(EDR:CA)

Making Good Progress

As of April 24, 2020, Noble Capital Markets research on Endeavour Silver is published under ticker symbols (EXK and EDR:CA). The price target is in USD and based on ticker symbol EXK. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third quarter production results. Compared to the prior year period, third quarter silver production declined 0.7% to 942,274 ounces while gold production increased 5.6% to 10,260 ounces. While silver production was below our expectations, gold production modestly exceeded our estimate. Fourth quarter throughput at Guanacevi is expected to reach 1,200 tonnes per day compared with 911 tonnes per day during the third quarter. Additionally, Bolanitos mine performance is expected to benefit from grade improvement. EXK sold 741,263 ounces of silver and 8,998 ounces of gold and ended the quarter with 412,913 ounces of silver and 1,963 ounces of gold bullion in inventory.


Maintaining EPS estimates.  We are maintaining our 2020 loss estimate of $(0.08) per share which reflects earnings per share of $0.02 and $0.03 in the third and fourth quarters, respectively. Our 2021 EPS estimate remains $0.16. Our 2020 and 2021 EBITDA estimates did move up modestly to $19.9 million and $70.1 million from $19.5 million and $68.6 million, respectively …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, October 14, 2020

Ely Gold Royalties (ELYGF)(ELY:CA)

Deliberate Addition to ELY’s Growing Nevada Royalty Portfolio

As of April 24, 2020, Noble Capital Markets research on Ely Gold Royalties is published under ticker symbols (ELYGF and ELY:CA). The price target is in USD and based on ticker symbol ELYGF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. Ely Gold Royalties Inc is an emerging royalty company with producing and development assets focused in Nevada and the Western US. It offers shareholders a low-risk leverage to the current price of gold and low-cost access to long-term gold royalties.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Trenton Canyon royalty acquisition. Ely Gold Royalties, through its wholly owned subsidiary Nevada Select Royalty, agreed to purchase a 0.3% net smelter returns royalty from a private individual. The Trenton Canyon royalty covers 52 unpatented mining claims located on the Battle Mountain-Eureka Trend in Nevada, which is included in a drilling program by SSR Mining (NASDAQ, SSRM, Not Rated). In a May 14th update, SSR indicated that exploration drilling on the Trenton Canyon property yielded high-grade gold results from newly discovered sulphide mineralization, while confirmation drilling for oxide mineralization also yielded gold intercepts.


Terms of the transaction.  Ely will pay total consideration of US$300 thousand, comprised of US$150 thousand in cash payable immediately and US$150 thousand in cash on January 15, 2021. Ely Gold will issue one million common stock warrants which have a two-year term with an exercise price of C$1.36. The transaction is expected to close on December 1, 2020 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

U.S. Gold Corp. Issues October 2020 Shareholder Letter

 

ELKO, Nev., Oct. 13, 2020 /PRNewswire/ — U.S. Gold Corp. (NASDAQ: USAU) (the “Company”), a gold exploration and development company, today announced that it has issued a letter to its shareholders outlining the Company’s recent and expected milestones, as it continues to advance its assets and projects.

Recent Company highlights include:

• Acquisition of Northern Panther Resource Corporation, which provided USAU with the Challis Gold Project in Idaho, additional capital and some key industry shareholders
• Strengthening of the management team with the appointments of George Bee as President and Eric Alexander as CFO
• Commencement of the CK Gold Project Pre-Feasibility Study

“This year has been anything but normal with the ongoing upheavals caused by the COVID-19 pandemic, but I’m proud that U.S. Gold Corp. has continued to push forward and advance our portfolio like the CK Gold Project and grow our business with the acquisition of Northern Panther,” stated Edward Karr, CEO of U.S. Gold Corp. “With the consistent strength of the gold market through turbulent times, I’m excited for what the coming months and years hold for our Company, and look forward to speaking with shareholders further at our annual general meeting in November.”

A copy of the letter is available on our website at: www.usgoldcorp.gold/Oct2020-SH-Letter

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.

Ely Gold Royalties (TSXV:ELY, OTCQX:ELYGF) Purchases Trenton Canyon Royalty, Nevada

Property Currently Being Drilled by SSR Mining

 

Vancouver, British Columbia, Canada, October 13, 2020. Ely Gold Royalties Inc. (TSXV:ELY, OTCQX:ELYGF) (“Ely Gold” or the “Company”) through its wholly owned subsidiary, Nevada Select Royalty, Inc. (“Nevada Select”) has agreed to purchase, a 0.3% net smelter returns royalty (“NSR”) from a private individual (the “Trenton Canyon Royalty”). The Trenton Canyon Royalty covers 52 unpatented mining claims (the “Royalty Claims”) located on the Battle Mountain-Eureka trend, Nevada, which is currently being drilled by SSR Mining (NASDAQ: SSRM, TSX:SSRM) (“SSR”). (see Figure 1). The transaction is subject to the approval of the Toronto Venture Exchange (“TSXV”) and is expected to close on December 1, 2020 (the “Closing”).

The Trenton Canyon property consists of 7,350 hectares located immediately south and along the mineralized trend from SSR’s Marigold mine where Ely Gold also has a 0.75%. (see figure 2). The property was previously operated as an open-pit run-of-mine heap leach operation from 1996 to 2001 by Newmont Corporation. SSR purchased Trenton Canyon from Newmont in June 2019. Recent drilling by SSR (see news release May 14, 2020), on the Royalty Claims, returned 7.27 g/t gold over 30.5 meters, including 12.2 meters of 17.23 g/t gold, leading to the discovery of gold mineralization that is transitional oxide in drillhole MRA7092. Two additional mineralized intercepts in the MRA7092 returned 19.8 meters of 2.03 g/t gold and 6.1 meters of 3.65 g/t gold. (see figure 3). Numerous other drill holes immediately south of the Royalty Claims returned significant results in multiple zones. These include MRA7178 which assayed 94.5 meters of 5.19 g/t gold including 7.6 meters of 44.68 g/t gold (see figure 3).

The Transaction

Ely Gold will pay total consideration of US$300,000 to be comprised of US$150,000 in cash payable now and US$150,000 in cash to be paid on January 15, 2021(the “Deferred Payment”). Ely Gold will also issue 1,000,000 common stock warrants (the “Ely Warrants”). The Ely Warrants have a two-year term and will have an exercise price of CDN$1.36. Securities issued under the Ely Warrants will be subject to a four-month hold period. The deferred payment will accrue simple interest at 5%.

Trey Wasser, President & CEO of Ely Gold commented, “Once again our relationships in Nevada have provided
us with an excellent royalty opportunity. SSR is generating exploration excitement at Trenton Canyon and this
royalty purchase places us right in the middle of that action. It also fits our strategy of adding to our portfolio of existing royalty positions in Nevada.”

Jerry Baughman, President of Nevada commented, “The Trenton Canyon Royalty is located on the Battle Mountain-
Eureka trend and with its close proximity to infrastructure and a strong operating partner in SSR Mining, provides an excellent royalty value to Ely Gold. This asset is yet another example of our strategy of acquiring or generating royalties that are at or near producing mines. This transaction is a testament to our ability to make third-party royalty purchases due to our long-standing relationships throughout Nevada.”

Trenton Canyon Royalty

Figure 1

Ely Gold Marigold Royalty Claims

Figure 2

SSR Mining Cross Sections

Figure 3

Figure 4

Drill results and Figures 3 & 4 see SSR Mining press release dated May 14, 2020

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.