Category: Natural Resources

 

Palladium One Initiates 17,500-Meter Phase II Drilling Program In Finland

 

November 10, 2020 – Toronto, Ontario – A 17,500-meter Phase II drilling program targeting the Kaukua South zone is scheduled to begin on November 13, 2020, said Palladium One Mining Inc. (TSX-V: PDM, FRA: 7N11, OTC: NKORF) (the “Company” or “Palladium One”). The Phase II program is primarily designed to support a future inferred resource estimate at Kaukua South, which possesses a drill defined, greater than 4-kilometer mineralized strike length (Figure 1).

The initial stage of the Phase II program will include approximately 2,500 meters of diamond drilling to be completed before year end, targeting the 750-meter long high-grade section located between holes LK20-006 and LK20-016. Drilling will also include step-out exploration drilling to the east of drill hole LK20-016.

Hole LK20-016 returned:

• 62.7 m at 3.52 g/t of palladium equivalent (Pd_Eq)* starting at only 23.5 m down hole,
• Included a high-grade interval of 18.5 m at 4.58 g/t Pd_Eq starting near surface at 47.5 m down hole, (see news release October 22, 2020)

Hole LK20-006, located 750-meters west of hole LK20-016 returned:

• A core interval of 63.4 m at 1.88 g/t Pd_Eq starting near surface at 95.0 m down hole, within 166.7 m at 1.16 g/t Pd_Eq starting at only 43.8 m down hole (see news release August 11, 2020)

“The shallow mineralization and continuity of drill results demonstrates potential to rapidly add open pit ounces and significantly increase the existing NI 43-101 open pit constrained resource estimate.” Stated Derrick Weyrauch, President and CEO

Table 1
Select previously announced Phase I Drill Results from Kaukua South in the 750-meter long high-grade section between holes LK20-006 and LK20-016

* Includes 16.25m of unsampled core given a zero grade.
** Reported widths are “drilled widths” not true widths.
*** All values are previously released (see press release August 11, 2020, October 6, 2020, and October 22, 2020)

Figure 1
This figure shows the greater Kaukua Area, the NI 43-101 compliant Kaukua Open Pit resource, Murtolampi and Kaukua South zones. The drill defined four-kilometer strike length of the Kaukua South zone is shown with select drill holes from the winter (labelled in black) and summer (labelled in red) campaigns of the Phase I drill program.

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.

*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.

Qualified Person

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

About Palladium One

Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-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.

 

Chakana Announces New High-Grade Discovery at Paloma West – Soledad Project, Peru

 

22.65 Metres of 2.81 g/t Gold, 3.80% Copper, and 56.2 g/t Silver (9.36 g/t Au-eq) from 48 Metres

 

Vancouver, B.C., November 10, 2020 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), is pleased to report a new high-grade discovery at the Paloma West target at the expanded Soledad Project in Ancash, Peru. Results from the first three holes at Paloma West are part of the ongoing 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, gold-enriched tourmaline breccia pipe targets within the Paloma and Huancarama breccia complexes (Fig. 1). Ten holes have now been completed in the Paloma targets for a total of 2,387 metres. Drilling is currently underway at Huancarama where three holes have been completed thus far.

Mineralized intervals from these three holes at Paloma West include:

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

Significant intervals of mineralization were encountered in all three holes.

• The three holes were collared outside of the breccia pipe in wall rock, drilled through the breccia, and exited the breccia on the other side ending in wallrock.
• Higher grades occur along the margin of the breccia in each hole. For example, hole SDH20-140 has 80m of 0.39 g/t Au, 0.97% Cu, and 30.5 g/t Ag starting at 21m. At the first contact with breccia, the north margin zone averages 0.79 g/t Au, 1.95% Cu, and 82.7 g/t Ag over 18.05m. The margin zone on the south side of the breccia averages 0.73 g/t Au, 4.04% Cu, and 46.3 g/t Ag over 8m.
• The north margin zone in hole SDH20-141 is precious metal rich, averaging 2.66 g/t Au and 443.2 g/t Ag over 5m starting at 29m. The south margin zone in this hole averages 2.81 g/t Au, 3.80% Cu, and 56.2 g/t Ag over 22.65m starting at 48m.

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

David Kelley, President and CEO commented, “the first three holes in Paloma West demonstrate very significant grades for copper and precious metals, which are especially encouraging given the shallow depths. When considered with the broad zones of mineralization encountered at Paloma East located 150 metres to the north east (see news releases dated September 17, and October 26, 2020), the Paloma area has far exceeded our expectations with initial scout drilling and mineralization open at depth. We look forward to releasing more results on drilling at Paloma West.”

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 strongly 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 and Paloma West surface expressions are located on the flanks of a prominent late-time electromagnetic conductivity feature (Fig. 4). The anomaly extends beyond the limits of the survey grid and the Paloma area, representing an expanded area for future exploration.

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. Location of section line for Figure 3 indicated.

Figure 3 – Section looking northwest showing the first three drill holes in Paloma West.

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 West: A) SDH20-140 – mosaic breccia showing base of oxidation; the interval 32-38m assays 0.96 g/t Au, 4.00% Cu, and 70.7 g/t Ag; B) SDH20-141 – shingle breccia with chalcopyrite-pyrite cement; the interval 49-55m assays 3.46 g/t Au, 7.21% Cu, and 85.9 g/t Ag; C) SDH20-141 – shingle breccia with abundant chalcopyrite-pyrite cement; the interval 65-70.75m assays 3.87 g/t Au, 3.26% Cu, and 65.8 g/t Ag; D) SDH20-142 –tourmaline-cemented mosaic breccia with sporadic chalcopyrite-pyrite in matrix; the interval 74-80m assays 4.12 g/t Au, 0.88% Cu, and 31.4 g/t Ag.

Figure 6 – Detailed core photos from Paloma West: A) SDH20-140 (29.8m) oxidized mosaic breccia, void spaces were originally filled with sulfide similar to photo B; B) SDH20-140 (35m) mosaic breccia with sporadic chalcopyrite-pyrite cement; C) SDH20-140 (78.9m) cavity filled with euhedral quartz-pyrite-chalcopyrite; D) SDH20-140 (99.5m) mosaic breccia with zones of semi-massive chalcopyrite-pyrite; E) SDH20-141 (50.7m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite cement; F) SDH20-141 (66.6m) shingle breccia with late chalcopyrite replacing pyrite; G) SDH20-142 (38.3m) contact of andesitic tuff with sheeted veining and tourmaline breccia with abundant chalcopyrite at margin; H) SDH20-142 (79.75) mosaic breccia with chalcopyrite cement; I) SDH20-142 (94.25m) mosaic breccia with chalcopyrite-pyrite cement; J) SDH20-142 (86.4m) massive euhedral chalcopyrite-pyrite filling void space in mosaic breccia.

 

Sierra Metals Reports Record Adjusted Ebitda Of $37.2 Million, A 73% Increase Over Q3 2019, As Part Of Its Strong Q3 2020 Consolidated Financial Results

 

Conference Call November 9, 2020 at 11:00 AM (EST)

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• Revenue from metals payable of $73.2 million in Q3 2020 increased 13% from $64.6 million in Q3 2019 due to higher throughput and metal production from all three mines
• Adjusted EBITDA of $37.2 million in Q3 2020 increased 73% from $21.6 million in Q3 2019, primarily due to increased revenues realized and a decrease in operating costs at all three mines
• Operating cash flows before movements in working capital of $37.9 million in Q3 2020 increased from $21.8 million in Q3 2019
• Q3 2020 consolidated copper production of 12.2 million pounds, consolidated silver production of 1.0 million ounces, consolidated gold production of 3,989 ounces, consolidated zinc production of 24.9 million pounds, and consolidated lead production of 9.9 million pounds; a 9% increase, 5% increase, 14% increase, 11% increase, and a 6% decrease respectively, compared to Q3 2019. Management expects to meet the revised annual production guidance issued on August 13, 2020, precluding any further COVID-19 interruptions to operations
• Q3 2020 revenues as a percentage of metals sold represent 37% from copper, 25% from silver, 20% from zinc, 9% from lead and 8% from gold
• 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
• $63.8 million of cash and cash equivalents as at September 30, 2020
• $62.9 million of working capital as at September 30, 2020
• Revised 2020 Financial Guidance Issued
• A shareholder conference call to be held Monday, November 9, 2020, at 11:00 AM (EST)

TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) today reported revenue of $73.2 million and adjusted EBITDA of $37.2 million on the throughput of 798,458 tonnes and metal production of 35.2 million copper equivalent pounds, or 4.2 million silver equivalent ounces, for the three month period ended September 30, 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201109005310/en/

The Company achieved record quarterly consolidated equivalent copper production and ore throughput, driven by a strong operational performance at its three mines despite the difficulties arising from the COVID-19 pandemic. Consolidated production of copper equivalent pounds increased 9% to 35.2 million pounds.

The Company earned revenues of $73.2 million, Adjusted EBITDA of $37.2 million, and operating cash flows before movements in working capital of $37.9 million. Higher revenues are primarily attributable to the 24% increase in throughput, in addition to higher gold head grades and higher recoveries at Bolivar, as well as increased head grades and recoveries, except silver recoveries at Cusi. Quarterly revenues were also boosted by the higher realized prices for all metals.

Quarterly revenues at Yauricocha were in line with the third quarter of 2019, as lower metal sales and increased treatment and refining charges offset the impact of higher metal prices. 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 were lower for the quarter due to a lower proportion of ore coming from the high-grade small ore bodies compared to the third quarter of 2019. Zinc grades were higher during the third quarter of 2020 due to mining in the Cachi Cachi area. However, recoveries were negatively affected by lower head grades and slightly reduced residence capacity in the flotation process, as a result of higher throughput.

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.

The Cusi mine produced a record of 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 33% higher than the 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 a 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.

Luis Marchese, CEO of Sierra Metals, commented,
“I am very pleased with the solid financial and production results achieved in the third quarter. We have continued to improve production rates at Bolivar and Cusi and continued to recover annual production tonnage lost at Yauricocha due to the COVID-19 pandemic. The robust production in the third quarter, along with improved operational efficiencies and improved metal prices, has resulted in record adjusted EBITDA for the Company. We also reported strong cash flow and net income. The Company continues to realize the benefits of our optimized operations and expansions ramp up, which provides for stronger financial and operational performances, which we expect to continue through the upcoming year. These improvements have enhanced the competitive position of both the Bolivar and Yauricocha mines within the cost curve for the global copper mining industry, with both mines now positioned in the lowest half of the cash cost curve.”

He continued,
“The COVID-19 situation in Peru and Mexico remains very serious and is an important factor in our daily operations. Protecting our employees, the communities in which we operate, and our operations are extremely important to us; as such, we continue adhering to strict health protocols. Testing and quarantining have helped identify and keep active cases from occurring in the mines, but as a result, we are operating with a lower than optimal headcount. We appreciate all our employee’s hard work in helping the mines to run safely, efficiently, and in helping us achieve the strong third quarter results.”

He concluded,
“We have reinitiated exploration and infrastructure projects at all mines that had been paused during the COVID-19 shutdowns. These programs and improvements are expected to help improve mine operations, production efficiencies as well as enable us to continue discovering and developing new and existing mineral resource opportunities. Barring any further COVID-19 work interruptions, the fourth quarter should help us to realize a strong finish for the year.”

The following table displays selected unaudited financial information for the three months and nine months (“9M 2020”) ended September 30, 2020:

(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.
(2) This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of the MD&A.

Q3 2020 Financial Highlights

Revenue from metals payable of $73.2 million in Q3 2020 increased by 13% from $64.6 million in Q3 2019. Revenues in Q3 2020 from metals payable from the Yauricocha Mine in Peru were $44.6 million, in line with $44.4 million in Q3 2019, as the increase in average realized sale prices were offset by lower payable metals and higher treatment and refining costs as compared to Q3 2019. Revenues generated at the Bolivar Mine for Q3 2020 were $23.3 million, compared to $14.7 million for the same period in 2019. The increase in revenues was a result of the 24% increase in throughput, higher recoveries for all metals, and higher realized metal prices for copper (13%), silver (44%) and gold (29%). This was partially offset by an 11% decrease in silver head grades during the quarter. Q3 2020 revenues of $5.3 million generated at the Cusi Mine were in line with revenues of Q3 2019, despite being operational for only 65 days in Q3 2020, as the impact of the 19% higher silver head grades, 20% higher gold head grades and higher realized sale price for both precious metals, were offset by lower silver equivalent ounces sold.

Yauricocha’s cost of sales per copper equivalent payable pound was $0.92 (Q3 2019 – $1.04), cash cost per copper equivalent payable pound was $0.82 (Q3 2019 – $0.94), and AISC per copper equivalent payable pound of $1.93 (Q3 2019 – $1.64). Cash costs per pound were driven lower mainly by the 26% lower operating costs per tonne during Q3 2020. The increase in the AISC per copper equivalent payable pound for Q3 2020 compared to Q3 2019 was due to the higher treatment and refining costs, higher sustaining capital and 5% lower copper equivalent payable pounds attributable to lower head grades and recoveries for all metals, except zinc.

Bolivar’s cost of sales per copper equivalent payable pound was $1.02 (Q3 2019 – $1.86), cash cost per copper equivalent payable pound was $1.01 (Q3 2019 – $1.40), and AISC per copper equivalent payable pound was $1.72 (Q3 2019 – $2.53) for Q3 2020. The decrease in the AISC per copper equivalent payable pound was due to lower operating costs per tonne and lower sustaining capital as compared to Q3 2019. Additionally, copper equivalent payable pounds were driven 36% higher by the 24% higher throughput and the increase in metal recoveries during Q3 2020 as compared to the same quarter of 2019.

Cusi’s cost of sales per silver equivalent payable ounce was $13.53 (Q3 2019 – $10.10), cash cost per silver equivalent payable ounce was $11.56 (Q3 2019 – $18.77), and AISC per silver equivalent payable ounce was $16.47 (Q3 2019 – $24.60) for Q3 2020. AISC per silver equivalent payable ounce decreased despite 31% lower silver equivalent ounces payable, resulting from unsold concentrate inventory at quarter end. Cash costs and AISC per silver equivalent payable ounce was lower due to 13% lower operating costs and 65% lower sustaining costs capital during the Q3 2020 as compared to Q3 2019.

Adjusted EBITDA(1) of $37.2 million for Q3 2020 increased by 73% compared to $21.6 million in Q3 2019. The increase in adjusted EBITDA in Q3 2020 was due to the increase in revenues realized and a decrease in operating costs at all three mines.

Cash flow generated from operations before movements in working capital of $37.9 million for Q3 2020 increased compared to $21.8 million in Q3 2019. The increase in operating cash flow is mainly the result of higher revenues generated and higher gross margins realized.

Net income attributable to Shareholders of the Company for Q3 2020 was $17.5 million (Q3 2019: $1.8 million) or $0.11 per share (basic and diluted) (Q3 2019: $0.01).

Cash and cash equivalents of $63.8 million and working capital of $62.9 million as at September 30, 2020, compared to $43.0 million and $49.9 million, respectively, at the end of 2019. Higher working capital at the end of Q3 2020 was a result of the increase in cash and cash equivalents, and trade receivables, which more than compensated for the increase in current liabilities, attributable to movement between current and long term portion of the credit facility. Cash and cash equivalents have increased during 9M 2020 due to $47.2 million of operating cash flows being partially offset by capital expenditures incurred in Mexico and Peru of $23.0 million and interest payment of $3.2 million.

(1)This is a non-IFRS performance measure, see Non-IFRS Performance Measures section of the MD&A.

Project Development

Mine development at Bolívar during Q3 2020 totaled 1,745 meters. A portion of the meters (928m) were developed to prepare stopes for mine production. The remainder of the meters (817m) were related to the deepening of ramps in the Lower El Gallo Inferior orebody and Bolivar West orebody. During Q3 2020, at the Cusi property, mine development totaled 1,168 meters, which included 998 meters of ramp development at the Promontorio; the rest of the development related to stope preparation in various zones within the mines.

Exploration Update

Peru:

Suspension of surface exploration activities, which started in the second quarter of 2020, continued in Q3 2020 as a result of the COVID-19 emergency declaration and restrictions on manpower at site. During the first half of September 2020, evaluations of the exploration zones were completed to begin drilling operations in the copper and molybdenum porphyry, as well as in the southern end of the Central mine, such as Doña Leona, El Paso, Kilkasca and Fortuna. Exploration is expected to return to normal in Q4 2020.

Mexico:

• Bolivar
  At Bolívar during Q3 2020, 8,878 meters were drilled from surface as well as diamond drilling within the mine area towards La Montura which intersected a mineralized skarn orebody of semi-massive magnetite and disseminated chalcopyrite. Exploration also continued in the northwest extension of the Bolivar West.
• Cusi
  During Q3 2020, the Company drilled 3,220 meters in the new discovery called NE-SW system from Santa Rosa de Lima.

Revised 2020 Financial Guidance Issued

• Revised consolidated EBITDA guidance including corporate expenses is expected to be between $100 and $105 million
• Revised consolidated CAPEX guidance is expected to be between $40 and $45 million
• Revised full year Cash Costs and All-In Sustaining Costs by Mine are as follows:

*AISC includes treatment and refining charges, selling costs, G&A and sustaining capex

Conference Call Webcast

Sierra Metals’ senior management will host a conference call on Monday, November 9, 2020, at 11:00 AM (EST) to discuss the Company’s financial and operating results for the three and nine months ended September 30, 2020.

Via Webcast:

A live audio webcast of the meeting will be available on the Company’s website: https://event.on24.com/wcc/r/2625379/4399524BDDAF896736F6AE5F19B5AB48
The webcast, along with presentation slides, will be archived for 180 days on www.sierrametals.com.

Via phone:

To register for this conference call, please use the link provided below. After registering, a confirmation will be sent through email, including dial-in details and unique conference call codes for entry. As well, reminders will be sent to registered participants in advance of the call. If you have trouble registering, please dial: (888) 869-1189 or (706) 643-5902 for extra assistance.

Registration is open throughout the live call; however, to ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

Conference Call Registration Link: http://www.directeventreg.com/registration/event/5555479

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

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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.

U.S. Gold Corp. Provides a PFS Update and Surface Sample Results up to 11.9 g/t Gold at the CK Gold Project in Wyoming

 

Pre-Feasibility Study (PFS) and additional technical studies well underway

ELKO, Nev., Nov. 5, 2020 /PRNewswire/ — U.S. Gold Corp. (NASDAQ: USAU) (the “Company”), a gold exploration and development company, is pleased to provide an update on the Pre-Feasibility Study (PFS) in progress at the CK Gold Project, located just outside of Cheyenne, Wyoming. Field activities have been ongoing since August, 2020.

Surface Sample Results

The attached maps show gold and copper values from a series of 21 surface samples taken at the start of current field season activities. Values shown are plotted on an image along with the outline of the open pit mine limit derived from the Preliminary Economic Assessment completed in 2017 by Mine Development Associates. See the news release dated January 11, 2017 for additional information. The Company anticipates that following drilling in 2017, 2018 and the current 2020 drill program, there will be an updated block model and new pit limit as part of the final PFS report, expected in the first half of 2021. In the attached maps the following symbols relate to the gold and copper grades encountered:

Figure 1: CK Gold Project – Gold in rock

Gold: > 0.3 g/t yellow triangles, > 1 g/t orange triangles, > 3.0 g/t red triangles, > 10.0 g/t magenta triangle

Figure 2: CK Gold Project – Copper in rock

Copper: 0.5 % yellow crosses, > 1.0% orange crosses, > 2.0% red crosses

Table 1. CK Gold Project Rock Samples

Surface samples taken at the CK Gold Project represent samples of interest that may have originated from either surface outcrop, surface erosional float or dump material discarded from an old 80 ft shaft, lateral development or adits into the near surface portion of the resource. The grades of the samples, while encouraging and indicative of values that might be encountered in the deposit, do not necessarily reflect any significant change to the overall resource grade as reported in the Preliminary Economic Assessment completed in 2017 by Mine Development Associates. See the news release dated January 11, 2017 for additional information.

Pre-Feasibility and Project Study Progress

The following bullet points outline progress to date

• August initiated PFS Study for the CK Gold Project with associated consultants
• August 5th commenced complete re-log of historic drill core with oversight from highly experience consulting geologists
• September 5th kick-off meeting with diamond drill crew at project site
• October 2nd completed last of seven diamond core drill holes totaling 4,651 ft (1,418 m) to gather metallurgical samples from representative areas of the known resource
• October 3rd initiated the first of five planned geotechnical and hydrological diamond core holes to be completed in early November. Approximately 4,800 ft planned
• October 15th R/C drill rig on site to commence drilling on 6 well/monitoring holes for site water characterization and up to 10 exploratory holes aimed at infill drilling to convert inferred resource to measured/indicated category, as well as expand limits of known resources. Drilling will continue into November dependent on weather and progress and we anticipate a total footage of 12,000 ft before we demobilize for winter
• Contracted hydrological consultants to characterize local groundwater hydrology, open pit hydrology and surface hydro-geochemistry. Also, to establish project baseline for the natural hydrological conditions. Falling head and packer testing is ongoing during the drilling program
• Contracted geotechnical consultants to establish open pit stability and design parameters. Specific geotechnical logging, point load testing and lab sample selection is ongoing during the drilling program
• Contracted local environmental and permitting specialist to assist with environmental baseline program design and capture, permit application preparation. This includes the deployment of a monitoring station and assessment of drainages for any potential wetland impact
• Monitoring the delivery, chain of custody and QA/QC for assay values at the laboratory, prioritizing metallurgical samples to allow metallurgical work to commence later in the year as soon as representative composites can be identified once assay results are in

In commenting on the sample values received and the progress to date, George Bee, President of U.S. Gold Corp. stated, “We are grateful for the collaboration that we have had from all our consultants and drill contractors. They are doing an outstanding, safe and responsible job. We also thank our local hosts, including the respective Wyoming agencies who have been very helpful to date and the local ranch owner who holds grazing rights on our mineral leases.” Mr. Bee went on to say; “It is very encouraging to see the good grade samples from outcrops on surface that support our thesis about the project. We are also going well beyond the minimal PFS requirements and capturing baseline data to put the company into a position to rapidly advance the project once we have the PFS results in hand.”

COVID-19 Policy

U.S. Gold Corp. recognizes the heightened health risks associated with the current pandemic. At this stage of the CK Gold Project development, focusing largely on the gathering of information from the field, our personnel, contractors and consultants do not need to come into close contact with others apart from work within individual pods such as the drill crew and core logging personnel. Much of our work is conducted outdoors and physically separated. Meetings are conducted from remote locations using available video conferencing software. When it is necessary for individuals to meet or visit facilities, health guidelines are followed to avoid and minimize the risk of spreading the COVID-19 virus. We take the health and safety all those associated with our activities very seriously. If necessary we will suspend activities and observe quarantine regimens until any health uncertainty passes.

Note on Qualified Person

QP Review: This statement has been reviewed by Kevin Francis, P Geo, RM, Principle of Mineral Resource Management LLC who has inspected the data furnished in this announcement and has knowledge of the activities outlined in the CK Gold Project update. Acting within the scope of his expertise, Mr. Francis as a Qualified Person, has reviewed the information provided and finds it to be accurate and reflecting facts.

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 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.