January 23, 2023 – Vancouver, Canada – Cypress Development Corp. (TSXV:CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to provide a progress update on its ongoing Feasibility Study being conducted on the Company’s Clayton Valley Lithium Project (“Project”) near Silver Peak, Nevada, and on its operational Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada.
Highlights
The Pilot Plant continues to function as designed, working to optimize the Project’s flowsheet. The Plant leaches lithium-bearing claystone material, through to the production of concentrated lithium solution using the Company’s Direct Lithium Extraction (“DLE”) process.
Additional piloting runs will take place at Saltworks Technologies, Inc. following the successful production of lithium carbonate (“Li2CO3”) from the Pilot Plant’s concentrated lithium solutions.
The Project’s Feasibility Study is on schedule and is continuing to advance toward an anticipated second quarter 2023 completion.
Arrangements are proceeding to initiate federal, state, and local permitting for the Project, with compilation of data and evaluation of related infrastructure, including access, water, and power supply corridors.
Ahead of the Feasibility Study and permitting, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.
Pilot Plant
Cypress continues to conduct testing at its Pilot Plant with the support of del Sol Refining, Inc. Since its start-up, the Pilot Plant has operated in 28 cycles of continuous 24/7 operation, with minimal down-time and maintenance matters. The test work was conducted using multiple configurations and equipment to best replicate the Project flowsheet. In the testing to date, nearly 10,000 samples of solutions, solids and precipitates have been collected and analyzed. Other data collection, including recording of flow rates and physical conditions at key sample points throughout the Pilot Plant, has been conducted, with particular attention to the DLE section of the Pilot Plant to develop the Project’s mass-balance calculations, and to finalize the flowsheet for the Feasibility Study.
Pilot Plant testing has achieved targets in most areas, including operating with 100% recycled solutions. Specific challenges were addressed with sufficient results to aid in the completion of the Feasibility Study. Further testing in 2023 is planned to confirm the overall process, continue to demonstrate the flowsheet, and produce samples of Li2CO3. Additional 1000-liter lots of concentrated lithium solution from the DLE section of the Pilot Plant will be shipped to Saltworks Technologies, Inc, in Richmond, B.C., Canada by month end.
2023 plans for the Pilot Plant include testing alternate reagents and equipment, which may include identification of potential by-products, and ways to enhance impurity removal and the DLE process area. Additional space within the Pilot Plant building has been prepared for this work.
Feasibility Study
The Feasibility Study is advancing on schedule, with completion anticipated by mid-year. On-site infrastructure designs, including, mine, processing plant, and tailings and waste storage facilities are completed. Cost estimating and market studies are underway, along with assessments for construction, component lead-time and off-site infrastructure. Completion of the Feasibility Study will then await integration of the design and cost estimates for the acid plant underway by thyssenkrupp nucera.
In addition, Cypress management is assessing personnel needs and future Project financing opportunities and structures, which may include government grants and loans.
About Cypress Development Corp
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CYPRESS DEVELOPMENT CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
In 2022, central banks purchased the largest amount of gold in recent history. According to the World Gold Council, central bank purchases of gold have reached a level not seen since 1967. The world’s central banks bought 673 metric tons in one month, and in the third quarter, the figure reached 400 metric tons. This is interesting because the flow from central banks since 2020 has been eminently net sales.
Why are global central banks adding gold to their reserves? There may be different factors.
Most central banks’ largest percentage of reserves are US dollars, which usually come in the form of US Treasury bonds. It would make sense for some of the central banks, especially China, to decide to depend less on the dollar.
China’s high foreign exchange reserves are a key source of stability for the People’s Bank of China. But the high amount of US dollars ($3.1 trillion) may have been a key stabilizing factor in 2022, but it could be too much if the next ten years bring a wave of money devaluation that has never happened before.
Central banks have been talking about the idea of issuing a digital currency, which would completely change the way money works today. By issuing a digital currency directly into a citizen’s account at the central bank, the financial institution would have all access to savers’ information and, more importantly, would be able to accelerate the transmission mechanism of monetary policy by eliminating the channels that prevent higher inflation from happening: the banking channel and the backstop of credit demand. What has kept inflation from going up much more is that the way monetary policy is passed on is always slowed down by the demand for credit in the banking system. This has obviously led to a huge rise in the prices of financial assets and still caused prices to go through the roof when the growth in the money supply was used to pay for government spending and subsidies.
If central banks start issuing digital currencies, the level of purchasing power destruction of currencies seen in the past fifty years will be exceedingly small compared with what can occur with unbridled central bank control.
In such an environment, gold’s status as a reserve of value would be unequalled.
There are more reasons why a central bank might buy gold.
Central banks need gold because they may be preparing for an unprecedented period of monetary devastation.
The Financial Times claims that central banks are already suffering significant losses as a result of the falling value of the bonds they hold on their balance sheets. By the end of the second quarter of 2022, the Federal Reserve had lost $720 billion while the Bank of England had lost £200 billion. The European Central Bank is currently having its finances reviewed, and it is predicted that it will also incur significant losses. The European Central Bank, the US Federal Reserve, the Bank of England, the Swiss National Bank, and the Australian central bank all “now face possible losses of more than $1 trillion altogether, as once-profitable bonds morph into liabilities,” according to Reuters.
If a central bank experiences a loss, it can fill the gap by using any available reserves from prior years or by requesting help from other central banks. Similar to a commercial bank, it may experience significant difficulties; nevertheless, a central bank has the option of turning to governments as a last resort. This implies that the hole will be paid for by taxpayers, and the costs are astronomical.
The wave of monetary destruction that could result from a new record in global debt, enormous losses in the central bank’s assets, and the issuance of digital currencies finds only one true safe haven with centuries of proven status as a reserve of value: Gold. This is because central banks are aware that governments are not cutting deficit spending.
These numbers highlight the enormous issue brought on by the recent overuse of quantitative easing. Because they were unaware of the reality of issuer solvency, central banks switched from purchasing low-risk assets at attractive prices to purchasing any sovereign bond at any price.
Why do central banks increase their gold purchases just as losses appear on their balance sheets? To increase their reserve level, lessen losses, and foresee how newly created digital currencies may affect inflation. Since buying European or North American sovereign bonds doesn’t lower the risk of losing money if inflation stays high, it is very likely that the only real option if to buy more gold.
The central banks of industrialized nations will make an effort to shrink their balance sheets in order to fight inflation, but they will also discover that the assets they own are continuing to depreciate in value. A central bank that is losing money cannot immediately expand its balance sheet or buy more sovereign bonds. A liquidity trap has been set. Quantitative easing and low interest rates are necessary for higher asset values, but further liquidity and financial restraint may prolong inflationary pressures, which would then increase pressure on asset prices.
The idea that printing money wouldn’t lead to inflation served as the foundation for the monetary mirage. The evidence to the contrary now demonstrates that central banks are faced with a serious challenge: they are unable to sustain multiple expansion and asset price inflation, lower consumer prices, and fund government deficit spending at the same time.
So, why do they buy gold? Because a new paradigm in policy will unavoidably emerge as a result of the disastrous economic and monetary effects of years of excessive easing, and neither our real earnings nor our deposit savings benefit from that. When given the choice between “sound money” and “financial repression,” governments have forced central banks to choose “financial repression.”
The only reason central banks buy gold is to protect their balance sheets from their own monetary destruction programs; they have no choice but to do so.
About the Author:
Daniel Lacalle, Ph.D., economist and fund manager, is the author of the bestselling books Freedom or Equality (2020), Escape from the Central Bank Trap (2017), The Energy World Is Flat (2015), and Life in the Financial Markets (2014).
Daniel is a professor of global economy at IE Business School in Madrid.
Vancouver, British Columbia – January 20, 2023: Defense Metals Corp. (“Defense Metals” or the “Company”; TSX-V: DEFN / OTCQB: DFMTF / FSE:35D) is pleased to announce that it will participate at both, the AME Roundup in the Core shack, Booth# 821, January 25, & 26th, 2023 and the Vancouver Resource Investment Conference, Booth #119, on January 29-30, 2023. Defense Metals’ technical and financial management will be available during the conferences at the Vancouver Convention Centre East (AME) and West (VRIC).
About the Wicheeda REE Project
The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Project is located approximately 80 km northeast of the city of Prince George, British Columbia: population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, gas pipelines, the Canadian National Railway, and major highways.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (“PEA”) outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR[1]. This PEA contemplated an open pit mining operation with a 1.75:1 (waste: mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste: mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” (“QP”) as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein.
About Defense Metals Corp.
Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth elements are especially important in the production of magnets 1 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com). used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
For further information, please contact:
Todd Hanas, Bluesky Corporate Communications Ltd. Vice President, Investor Relations Tel: (778) 994 8072 Email: todd@blueskycorp.ca 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 contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, the Company’s plans for its Wicheeda REE Project, attending the conferences, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐ looking information, except as required by law.
[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exploration continues at Hopedale. Labrador Gold released results from grab and channel samples from the northernmost Thurber Dog license at the company’s Hopedale project in Labrador. Hopedale consists of 998 claims in five licenses covering 249 square kilometers of the Florence Lake greenstone belt. Previous work by others revealed significant gold in rock and soil over a three kilometer strike length, including four mineralized occurrences: 1) Thurber North with up to 3.8 grams per tonne, 2) TD500 with up to 21.59 grams per tonne, 3) Thurber Dog with up to 11.4 grams per tonne, and Thurber South with up to 4.1 grams per tonne. In addition to gold, the property has nickel and copper potential.
Encouraging assay results. Grab samples at TD500 returned gold values ranging from 0.46 grams per tonne to 21.59 grams per tonne. Channel sampling over a strike length of 60 meters returned 2.91 grams gold per tonne over 5.17 meters including 14.02 grams of gold per tonne over 0.61 meters, 2.35 grams of gold per tonne over 6.88 meters, and 4.23 grams of gold per tonne over 5.04 meters. Shear hosted gold mineralization has been discovered over a 35 meter strike length. Grab samples at the Kaapak copper occurrence returned up to 10.2% copper with seven of nine grab samples assaying over 1% copper. Channel sampling over a strike length of 50 meters at Kaapak returned copper values of up to 3.31%.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2022 exploration program. The goal of Eskay Mining’s 2022 exploration program was to identify new precious metal-rich volcanogenic massive sulfide (VMS) deposits across its Consolidated Eskay Project based on mapping and geochemical sampling, along with more advanced work including widely-spaced drilling. During the 2022 exploration season, Eskay Mining completed 29,500 meters of diamond drilling along the TV-Jeff corridor and along the Scarlet Ridge-Tarn Lake Trend.
New precious metal-rich VMS system. Through its exploration work at Scarlet Knob-Tarn Lake, the company confirmed the presence of a second major trend of gold and silver-rich VMS mineralization at the northern end of the Eastern anticline which runs parallel to the Eskay anticline that hosts the Eskay Creek deposit located approximately seven kilometers to the west. Additionally, management thinks Tarn Lake and Scarlet Knob may be connected.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
TORONTO, Jan. 19, 2023 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results of prospecting and channel sampling at the Florence Lake Greenstone Belt on its Hopedale Project in Labrador.
Highlights of the exploration include high-grade copper and gold in rock from both grab and channel samples from the northernmost (Thurber Dog) license. Previous work by LabGold and others in this area has outlined significant gold in rock and soil over a 3km strike length, including four discrete mineralized occurrences: Thurber North up to 3.8 g/t Au; TD500 up to 21.59 g/t Au; Thurber Dog up to 11.4 g/t Au; Thurber South up to 4.1 g/t Au (Figure 1).
Follow up sampling at the TD500 gold occurrence returned gold values from grab samples ranging from 0.46 g/t to 21.59 g/t Au. The showing was channel sampled along eight channels over a strike length of approximately 60 metres. Gold varies from below detection limit (<5ppb) to 14.02 g/t with 48 samples assaying greater than 100ppb (0.1g/t) Au that includes 19 samples greater than 1 g/t Au. Highlights of the channel samples include 2.91 g/t Au over 5.17m including 14.02 g/t over 0.61m, 2.35 g/t Au over 6.88m and 4.23 g/t over 5.04m.
Shear hosted gold mineralization at TD500 has now been uncovered over a 35m strike length and occurs in quartz veins and disseminated in the host rocks close to the contact between mafic volcanic and metasedimentary rocks. Pyrite and arsenopyrite are commonly associated with the gold mineralization.
Grab samples from the copper occurrence (Kaapak) ranged from 131 ppm to 10.2% Cu, with seven of the nine samples assaying over 1% Cu. Elevated silver in these samples ranged from 0.2 to 9.8 g/t Ag. The showing was channel sampled along eight channels over a strike length of approximately 50 metres. Results showed copper values ranging from 18ppm to 3.31% and silver values from 0.1 to 2 g/t. Highlights include 3.31% Cu over 0.76m, 2.4% Cu over 0.6m and 1.55% Cu over 1m. Summaries of assay highlights are given in Tables 1 and 2.
Copper is present as disseminated to locally semi-massive chalcopyrite and lesser malachite associated with quartz veins close to the contact with mafic and ultramafic volcanic rocks.
Sample ID
Area/Occurrence
Au ppb
Ag ppm
Cu ppm
Cu %
751071
Kaapak
13
0.2
228
–
751072
Kaapak
47
2
10,000
7
751073
Kaapak
27
1.5
10,000
4.91
751074
Kaapak
121
9.8
10,000
4.15
751075
Kaapak
19
2.4
10,000
2.01
751107
Kaapak
30
0.7
10,000
1.17
751108
Kaapak
81
2.3
10,000
10.2
751111
Kaapak
2.5
0.3
131
–
751112
Kaapak
21
3.7
10,000
2
751084
TD500
3,192
0.1
16
–
751086
TD500
5,696
0.7
238
–
709102
TD500
12,568
0.7
93
–
709103
TD500
3,056
0.3
51
–
709104
TD500
1,341
0.1
30
–
833017
TD500
1,548
1.6
367
–
833016
TD500
21,587
1.2
126
–
833013
TD500
1,258
0.7
305
–
833011
TD500
8,049
0.7
117
–
833010
TD500
14,291
0.8
145
–
833009
TD500
6,269
0.5
113
–
833008
TD500
4,615
0.7
103
–
833007
TD500
3,987
0.9
67
–
833006
TD500
2,890
0.9
30
–
833003
TD500
1,349
0.8
112
–
751084
TD500
3,034
0.1
16
–
751086
TD500
6,699
0.7
238
–
709102
TD500
11,484
0.7
93
–
709103
TD500
4,706
0.3
51
–
709104
TD500
1,352
0.1
30
–
Table 1. Highlights of rock (grab) sampling from Kaapak and TD500.
Channel ID
Occurrence
from (m)
to (m)
width (m)
Cu (%)
HPD-22-20
Kaapak
0.94
1.70
0.76
3.31
HPD-22-21
Kaapak
0.00
0.60
0.60
2.40
HPD-22-23
Kaapak
0.00
0.60
0.60
1.08
HPD-22-24
Kaapak
0.00
1.50
1.50
1.09
including
0.50
1.50
1.00
1.55
HPD-22-25
Kaapak
0.00
1.19
1.19
1.14
including
0.00
0.81
0.81
1.48
and
0.48
0.81
0.33
1.59
Channel ID
Occurrence
from (m)
to (m)
width (m)
Au (g/t)
HPD-22-10
TD500
3.03
8.2
5.17
2.91
including
6.37
8.2
1.83
7.21
including
6.37
6.98
0.61
14.02
HPD-22-11
TD500
7.92
14.8
6.88
2.35
including
8.96
10.08
1.12
3.42
and
11.73
12.65
0.92
4.1
and
13.87
14.8
0.93
7.56
HPD-22-12
TD500
6.5
11.54
5.04
4.23
including
6.6
9.9
3.3
6.08
including
7.87
8.95
1.08
7.74
HPD-22-13
TD500
2.86
3.94
1.08
1.49
HPD-22-14
TD500
1.05
3.12
2.07
2.93
HPD-22-15
TD500
1.02
5.72
4.7
1.59
including
1.02
3.25
2.23
3.05
including
2.01
3.25
1.24
4.21
HPD-22-17
TD500
0
0.65
0.65
8.14
Table 2. Highlights of channel sample results from Kaapak and TD500. While true widths have not been calculated, channels were cut as close to perpendicular to strike as possible so the reported widths are expected to be close to true widths.
“While our focus continues to be our ongoing drilling at Kingsway, our exploration programs at Hopedale continue to turn up excellent results. The three kilometre “Thurber Dog trend” of significant gold mineralization that includes the four discrete gold occurrences is a compelling target for future work with the potential for further discovery,” said Roger Moss, President and CEO. “Our initial work at the Kaapak copper occurrence has demonstrated high grade copper that needs follow up to determine its true extent. In addition, based on LabGold’s initial work in the southern portion of the property, there appears to be potential for nickel mineralization associated with ultramafic rocks in the region.”
Figure 1. Gold in rock samples defining an anomalous trend over three kilometres in the Thurber Dog area.
Figure 2. Gold in channel samples at the TD500 showing.
Figure 3. Copper in channel samples at the Kaapak showing.
QA/QC
All rock samples were securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples were analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples with fire assay results greater than 1g/t Au were reassayed by metallic screen/fire assay. Overlimit copper samples were re-assayed by atomic absorption. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release. The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $18 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 11.4 g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt. Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact: Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter @LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Photos accompanying this announcement are available at:
TORONTO, ON / ACCESSWIRE / January 18, 2023 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has confirmed the presence of a precious metal-rich volcanogenic massive sulfide (“VMS”) mineralized system at Tarn Lake-Scarlet Knob in the northeastern part of its 100% controlled Consolidated Eskay Property in the Golden Triangle, British Columbia.
Highlights
During the 2022 exploration campaign, Eskay Mining’s geologic team confirmed the presence of a major new precious metal-rich VMS mineralized system at Scarlet Knob-Tarn Lake.
A spot rock chip sample collected at the Scarlet Knob VMS target on the eastern margin of Bruce Glacier has yielded 56.9 g/t Au and 154 g/t Ag. This sample displays sulfide mineralogy and textures indicative of a VMS origin and, importantly, is hosted by a stratigraphic unit that hosts the main Eskay Creek deposit located approximately 7km to the west.
Additional spot rock chip samples collected by Eskay’s exploration team at Scarlet Knob and Tarn Lake in 2022 as well as recently identified legacy sample data confirms the presence of robust Au- and Ag-rich VMS mineralization along a northeast trending zone approximately 500m long. Gold grades of these other samples range from less than 0.1 g/t up to 56.6 g/t and silver grades range from less than 1 g/t up to 142 g/t.
A spot rock chip sample collected along the western margin of Bruce Glacier at Tarn Lake yielded 9.2 g/t Au and 9.3 g/t Ag. Its visual appearance and mineralogy are nearly identical to that of the high-grade sample collected approximately 800m to the east at Scarlet Knob.
Additional spot rock chip samples collected by Eskay’s exploration team at Tarn Lake in 2022 as well as recently identified legacy sample data confirms the presence of significant Au- and Ag-rich VMS mineralization over an area approximately 300m across. Gold grades of these other samples range from less than 0.1 g/t up to 7.8 g/t and silver grades range from less than 1 g/t up to 174 g/t.
Preliminary results from the first ever drill holes completed at Tarn Lake include 4.10 g/t Au and 98.30 g/t Ag (5.39 g/t Au Eq) over 5.43m within 2.47 g/t Au and 72.20 g/t Ag (3.42 g/t Au Eq) over 11.34m within 0.80 g/t Au and 22.97 g/t Ag (1.10 g/t Au Eq) over 41.41m in hole TN22-10 providing drill confirmation of a significant new VMS discovery.
Eskay Mining’s geologic team think that mineralization at Tarn Lake and Scarlet Knob potentially connect under the rapidly receding terminus of Bruce Glacier. Previously reported BLEG (stream sediment) geochemical anomalism displayed by several samples in this region may be derived in part from the Scarlet Knob-Tarn Lake VMS system.
Given the Scarlet Knob-Tarn Lake VMS system shares strong similarities to the Eskay Creek deposit, Eskay Mining is planning to conduct first ever drilling at Scarlet Knob as well as aggressive follow up drilling at Tarn Lake in 2023.
“A major focus of Eskay Mining’s 2022 exploration program was identifying new precious metal-rich VMS mineralization in underexplored areas of the large Consolidated Eskay Property,” commented Dr. John DeDecker, VP of Exploration for Eskay Mining Corp. “At Scarlet Knob-Tarn Lake, our team has confirmed the presence of a second major trend of Au- and Ag-rich VMS mineralization at the northern end of the Eastern anticline which runs parallel to the Eskay anticline that hosts the world class Eskay Creek deposit located approximately seven km to the west. Our rock chip samples from this area, some of which returned bonanza gold grades, display a similar appearance to mineralization at Eskay Creek. Importantly, the host rock at Scarlet Knob-Tarn Lake is the Eskay rhyolite, the same stratigraphic host unit at Eskay Creek. Preliminary results from our maiden drill program at Tarn Lake confirm the discovery of a significant zone of Au- and Ag-rich VMS mineralization. We are particularly excited about the potential connectivity between Tarn Lake and Scarlet Knob. We are planning maiden drilling at Scarlet Knob and aggressive follow up drilling at Tarn Lake in 2023.”
“Over the past three years, our geological team has made extraordinary progress toward our mission of discovering new high-grade VMS deposits across the Consolidated Eskay Property,” commented Mac Balkam, CEO of Eskay Mining. “Our large property has the right geology to host deposits comparable to the original Eskay Creek Mine, and we all know that VMS deposits typically occur in clusters. Our team’s 2022 work in the Scarlet Ridge-Tarn Lake trend, 7 Kilometers due east of the original mine, shows very encouraging gold and silver results from both rock chip samples and drill core. A rock chip sample from Scarlet Knob returned 56.9 g/t gold and 154 g/t silver, has an appearance similar to high-grade mineralization at Eskay Creek and is hosted by the same rock units as those at Eskay Creek. When plotted with legacy results including a 56.6 g/t gold and 32 g/t silver sample, a 500m long high-grade trend is now evident, with additional samples ranging from 1-10 g/t Au extending a further 900 m to the northeast. Straight across Bruce Glacier and 800m to the west, rock chip samples have defined a 300m wide zone of gold- and silver-rich VMS mineralization. We were able to get a few widely spaced holes in this target before the end of season and were able to confirm this discovery with solid drill results. There are compelling signs that Scarlet Knob and Tarn Lake connect under the toe of Bruce Glacier. I am delighted that our 2022 results validate our thesis that Eskay Consolidated has multiple precious metal-rich VMS targets with potential like that of the original mine. The Eskay team is very excited about conducting follow up work at Scarlet Knob-Tarn Lake as well as at TV-Hexagon-Mercury and SIB-Lulu. The stage is set for an exciting 2023 exploration program.”
Tarn Lake and Scarlet Knob
During the 2022 exploration campaign, a 300m wide zone of Au- and Ag-rich VMS mineralization was discovered by Eskay Mining’s geologic team at Tarn Lake (Figure 1). The highest-grade spot rock chip sample, collected along the western margin of Bruce Glacier, yielded 9.2 g/t Au and 9.3 g/t Ag (Figure 2). Additional spot rock chip samples collected at Tarn Lake in 2022 as well as recently identified legacy sample data bear gold grades ranging from less than 0.1 g/t up to 7.8 g/t and silver grades ranging from less than 1 g/t up to 174 g/t.
Near the end of the 2022 diamond drill program, Eskay Mining’s geologic team completed the first ever drilling at Tarn Lake, a series of widely spaced holes targeting areas underneath the location from which promising surface samples had recently been collected (Figure 3). Preliminary results from the first ever drill holes completed at Tarn Lake include:
4.10 g/t Au and 98.30 g/t Ag (5.39 g/t Au Eq) over 5.43m within 2.47 g/t Au and 72.20 g/t Ag (3.42 g/t Au Eq) over 11.34m within 0.80 g/t Au and 22.97 g/t Ag (1.10 g/t Au Eq) over 41.41m in hole TN22-10, and
3.96 g/t Au and 11.86 g/t Ag (4.12 g/t Au Eq) over 1.91m within 1.90 g/t Au and 7.94 g/t Ag (2.00 g/t Au Eq) over 6.95m in hole TN22-12.
A summary of significant preliminary assays from Tarn Lake is presented in a table below. Remaining assays from Tarn Lake drill holes will be reported once they have returned from the lab.
Mineralization at Tarn Lake is associated with sets of east-west trending andesite dikes, interpreted to represent VMS syn-volcanic feeder structures, and occurs as sub-seafloor sulfide replacement of favorable stratigraphic horizons (Figures 4 and 5). It is hosted by the Eskay rhyolite, one of the primary host rocks at the Eskay Creek mine. Assay results show that both the semi-massive and disseminated sulfide mineralization are Au- and Ag-bearing, an encouraging sign indicating that precious metal mineralization may be more extensive in this area.
Spot rock chip sampling at Scarlet Knob in 2022 yielded a notable high-grade sample grading 56.9 g/t Au and 154 g/t Ag. Additional spot rock chip samples collected by Eskay’s exploration team as well as recently identified legacy sample data bear gold grades ranging from less than 0.1 g/t up to 56.6 g/t and silver grades range from less than 1 g/t up to 142 g/t. These collectively define a northeast trending zone approximately 500m long.
Rock chip samples from Scarlet Knob, on the eastern flank of Bruce Glacier, bear a strong resemblance to those collected at Tarn Lake, on the western side, some 800m distant (Figures 6 and 7). Like Tarn Lake, mineralization at Scarlet Knob is hosted by the Eskay rhyolite. Eskay Mining’s geologic team thinks there is a likelihood that VMS mineralization connects between these two areas underneath the toe of the rapidly receding Bruce Glacier. Further exploration will focus on establishing connectivity along this ~1 km long east-west corridor. Ability to drill through ice in this area is being examined.
Scarlet Ridge and Scarlet Valley
In 2022, Eskay Mining’s geologic team identified zones of stockwork and replacement-style VMS mineralization at Scarlet Ridge and Scarlet Valley. Mineralization is associated with east-west trending andesite dikes interpreted to be syn-volcanic VMS feeder structures. Surface sampling and diamond drilling were conducted at both locations, both techniques yielding anomalous gold and silver grades (Figures 8, 9 and 10). Significant drill results are summarized in a table below.
Eskay Mining’s geologic team views the hydrothermal alteration and anomalous precious metal concentrations at Scarlet Ridge and Scarlet Valley to be distal components of the VMS system centered around Scarlet Knob-Tarn Lake. Therefore, emphasis will be placed on follow up exploration around the latter location in 2023. SkyTEM data indicates the presence of a significant conductive feature immediately southwest of Tarn Lake in need of field follow up examination (Figure 11).
2022 Exploration Program
The fundamental goal of the 2022 exploration program was to identify new precious metal-rich VMS deposits across the Consolidated Eskay Project through early-stage work including mapping and geochemical sampling, and more advanced work including widely spaced drilling. During the 2022 exploration season, Eskay Mining successfully completed 29,500m of diamond drilling along the TV-Jeff corridor and along the Scarlet Ridge-Tarn Lake trend.
Drill results discussed in this news release come from holes drilled along the Scarlet Ridge-Tarn Lake trend. Significant assays from fifteen drill holes that are part of this release are tabulated in a table below. Holes with no significant results are not listed in this table.
Further analytical data is expected back over the next few weeks. This includes assays from additional drill holes drilled along the Scarlet Ridge-Tarn Lake trend, holes drilled at the TV deposit and analyses from substantial numbers of soil, surface rock chip, and infill BLEG samples from across the project. These will be presented to the market as they become available.
Au Eq and Ag Eq Calculations and True Width:
Note on use of Au eq (Au eq=Au+Ag/76) and Ag eq (Ag eq=Au*76+Ag): Mineralization at the TV and Jeff deposits displays similar characteristics and mineralogy to the Eskay Creek deposit and therefore for Au eq, and Au:Ag, a ratio of 76:1 is used and Au eq and Ag eq values are deemed to be reasonable based on assumed gold recovery (84.2%) and silver recovery (87.3%) as reported in the Eskay Creek Project NI 43-101 Technical Report and Prefeasibility Study, British Columbia, Canada, Effective Date: 22 July, 2021, Prepared for: Skeena Resources Ltd., Prepared by: Absence Engineering Canada Inc.
True widths of reported intercepts are not fully understood at this time but given the moderately dipping tabular nature of these deposits and the steep angle of drilling, Eskay geologists estimate true widths represent approximately 70-90% of the reported drill intercept lengths.
QA/QC, Methodology Statement:
Halved HQ drill core samples are submitted to ALS Geochemistry in Terrace, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, mercury, and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver is by fire assay and gravimetric analysis on 30 g of pulp. Mercury is analyzed using the trace Hg Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) method. All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.
Historical rock chip sample data is sourced from Assessment Report AR19675 by Granges dated February 7, 1990. Eskay Mining is unable to fully verify this data, and it should be treated as such by the reader.
Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Eskay Mining Corp:
Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).
All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.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 release.
Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Deep sea sponges and other creatures live on and among valuable manganese nodules like this one that could be mined from the seafloor. (GEOMAR)
Deep Seabed Mining Plans Pit Renewable Energy Demand Against Ocean Life in a Largely Unexplored Frontier
As companies race to expand renewable energy and the batteries to store it, finding sufficient amounts of rare earth metals to build the technology is no easy feat. That’s leading mining companies to take a closer look at a largely unexplored frontier – the deep ocean seabed.
A wealth of these metals can be found in manganese nodules that look like cobblestones scattered across wide areas of deep ocean seabed. But the fragile ecosystems deep in the oceans are little understood, and the mining codes to sustainably mine these areas are in their infancy.
A fierce debate is now playing out as a Canadian company makes plans to launch the first commercial deep sea mining operation in the Pacific Ocean.
The Metals Company completed an exploratory project in the Pacific Ocean in fall 2022. Under a treaty governing the deep sea floor, the international agency overseeing these areas could be forced to approve provisional mining there as soon as spring 2023, but several countries and companies are urging a delay until more research can be done. France and New Zealand have called for a ban on deep sea mining.
As scholars who have long focused on the economic, political and legal challenges posed by deep seabed mining, we have each studied and written on this economic frontier with concern for the regulatory and ecological challenges it poses.
Manganese nodules on the seafloor in the Clarion-Clipperton Zone, between Hawaii and Mexico, . (GEOMAR)
What’s Down There, and Why Should We Care?
A curious journey began in the summer of 1974. Sailing from Long Beach, California, a revolutionary ship funded by eccentric billionaire Howard Hughes set course for the Pacific to open a new frontier — deep seabed mining.
Widespread media coverage of the expedition helped to focus the attention of businesses and policymakers on the promise of deep seabed mining, which is notable given that the expedition was actually an elaborate cover for a CIA operation.
The real target was a Soviet ballistic missile submarine that had sunk in 1968 with all hands and what was believed to be a treasure trove of Soviet state secrets and tech onboard.
The expedition, called Project Azorian by the CIA, recovered at least part of the submarine – and it also brought up several manganese nodules from the seafloor.
Manganese nodules are roughly the size of potatoes and can be found across vast areas of seafloor in parts of the Pacific and Indian oceans and deep abyssal plains in the Atlantic. They are valuable because they are exceptionally rich in 37 metals, including nickel, cobalt and copper, which are essential for most large batteries and several renewable energy technologies.
Manganese nodules form as metals accumulate around a shell or part of another nodule. (GEOMAR)
These nodules form over millennia as metals nucleate around shells or broken nodules. The Clarion-Clipperton Zone, between Mexico and Hawaii in the Pacific Ocean, where the mining test took place, has been estimated to have over 21 billion metric tons of nodules that could provide twice as much nickel and three times more cobalt than all the reserves on land.
Mining in the Clarion-Clipperton Zone could be some 10 times richer than comparable mineral deposits on land. All told, estimates place the value of this new industry at some US$30 billion annually by 2030. It could be instrumental in feeding the surging global demand for cobalt that lies at the heart of lithium-ion batteries.
Yet, as several scientists have noted, we still know more about the surface of the moon than what lies at the bottom of the deep seabed.
Deep Seabed Ecology
Less than 10% of the deep seabed has been mapped thoroughly enough to understand even the basic features of the structure and contents of the ocean floor, let alone the life and ecosystems therein.
Even the most thoroughly studied region, the Clarion-Clipperton Zone, is still best characterized by the persistent novelty of what is found there.
Brightly colored sea cucumbers and many other unusual deep sea creatures live among the nodules in the Clarion-Clipperton Zone (GEOMAR)
Brightly colored sea cucumbers and many other unusual deep sea creatures live among the nodules in the Clarion-Clipperton Zone. (GEOMAR)
Between 70% and 90% of living things collected in the Clarion-Clipperton Zone have never been seen before, leaving scientists to speculate about what percentage of all living species in the region has never been seen or collected. Exploratory expeditions regularly return with images or samples of creatures that would richly animate science fiction stories, like a 6-foot-long bioluminescent shark.
Also unknown is the impact that deep sea mining would have on these creatures.
An experiment in 2021 in water about 3 miles (5 kilometers) deep off Mexico found that seabed mining equipment created sediment plumes of up to about 6.5 feet (2 meters) high. But the project authors stressed that they didn’t study the ecological impact. A similar earlier experiment was conducted off Peru in 1989. When scientists returned to that site in 2015, they found some species still hadn’t fully recovered.
Environmentalists have questioned whether seafloor creatures could be smothered by sediment plumes and whether the sediment in the water column could effect island communities that rely on healthy oceanic ecosystems. The Metals Company has argued that its impact is less than terrestrial mining.
Given humanity’s lack of knowledge of the ocean, it is not currently possible to set environmental baselines for oceanic health that could be used to weigh the economic benefits against the environmental harms of seabed mining.
Scarcity and the Economic Case for Mining
The economic case for deep seabed mining reflects both possibility and uncertainty.
On the positive side, it could displace some highly destructive terrestrial mining and augment the global supply of minerals used in clean energy sources such as wind turbines, photovoltaic cells and electric vehicles.
Terrestrial mining imposes significant environmental damage and costs to human health of both the miners themselves and the surrounding communities. Additionally, mines are sometimes located in politically unstable regions. The Democratic Republic of Congo produces 60% of the global supply of cobalt, for example, and China owns or finances 80% of industrial mines in that country. China also accounts for 60% of the global supply of rare earth element production and much of its processing. Having one nation able to exert such control over a critical resource has raised concerns.
Deep seabed mining comes with significant uncertainties, however, particularly given the technology’s relatively early state.
First are the risks associated with commercializing a new technology. Until deep sea mining technology is demonstrated, discoveries cannot be listed as “reserves” in firms’ asset valuations. Without that value defined, it can be difficult to line up the significant financing needed to build mining infrastructure, which lessens the first-mover advantage and incentivizes firms to wait for someone else to take the lead.
Commodity prices are also difficult to predict. Technology innovation can reduce or even eliminate the projected demand for a mineral. New mineral deposits on land can also boost supply: Sweden announced in January 2023 that it had just discovered the largest deposit of rare earth oxides in Europe.
In all, embarking on deep seabed mining involves sinking significant costs into new technology for uncertain returns, while posing risks to a natural environment that is likely to rise in value.
Who Gets to Decide the Future of Seafloor Mining?
The United Nations Convention on the Law of the Sea, which came into force in the early 1990s, provides the basic rules for ocean resources.
It allows countries to control economic activities, including any mining, within 200 miles of their coastlines, accounting for approximately 35% of the ocean. Beyond national waters, countries around the world established the International Seabed Authority, or ISA, based in Jamaica, to regulate deep seabed mining.
Critically, the ISA framework calls for some of the profits derived from commercial mining to be shared with the international community. In this way, even countries that did not have the resources to mine the deep seabed could share in its benefits. This part of the ISA’s mandate was controversial, and it was one reason that the United States did not join the Convention on the Law of the Sea.
Where large numbers of manganese nodules are found. The areas with the greatest concentrations are circled. (GEOMAR)
Where large numbers of manganese nodules are found. The areas with the greatest concentrations are circled. (GEOMAR)
With little public attention, the ISA worked slowly for several decades to develop regulations for exploration of undersea minerals, and those rules still aren’t completed. More than a dozen companies and countries have received exploration contracts, including The Metals Company’s work under the sponsorship of the island nation of Nauru.
ISA’s work has started to draw criticism as companies have sought to initiate commercial mining. A recent New York Times investigation of internal ISA documents suggested the agency’s leadership has downplayed environmental concerns and shared confidential information with some of the companies that would be involved in seabed mining. The ISA hasn’t finalized environmental rules for mining.
Much of the coverage of deep seabed mining has been framed to highlight the climate benefits. But this overlooks the dangers this activity could pose for the Earth’s largest pristine ecology – the deep sea. We believe it would be wise to better understand this existing, fragile ecosystem better before rushing to mine it.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Keeping an eye on Park Place. The Park Place Lithium Brine project, located 20 kilometers south of the company’s flagship Boardwalk project in Alberta, encompasses 1,602,209 acres of contiguous mineral permits that cover a significant portion of the highly prospective Leduc reef complex in this area. Unique to Park Place is the hydraulic connectivity between the Leduc and the Swan Hills Formations. Historical samples collected by multiple petroleum operators and donated to the Alberta Geological Survey, range from 76 milligrams per liter to 130 milligrams per liter lithium and are located within Park Place’s permitted area.
Assay results. The company released assay results from samples taken at Park Place. Three brine samples were collected from a 72-meter-thick interval at the top of the Leduc Formation and returned grades ranging from 71.2 to 82.0 milligrams per liter lithium with an overall average grade of 77.2 milligrams per liter lithium.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2022 drill program. The 2022 resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totaling 5,510 meters. Defense Metals recently released results from eight core drill holes, representing 2,104 meters of drilling, completed during 2022. To date, assay results have been announced for a total of 16 holes with results for the two remaining holes expected shortly.
Recent assay results. Recent results were from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling programs. Following receipt of remaining results, Defense Metals expects to update the Wicheeda mineral resource to include results from 10,859 meters of drilling in 47 core holes completed during the 2021 and 2022 drilling programs that were not included in the preliminary economic assessment (PEA).
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
VANCOUVER, BC , Jan. 17, 2023 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company”) (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) is pleased to announce Rare Earth Element (“REE”) assay results from an additional eight core drill holes, totalling 2,104 metres (“m”), completed during 2022 at its 100% owned Wicheeda REE Deposit. These assay results are from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which (hole WI22-73) returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling campaigns (10,859 metres in 47 core holes).
Figure 1. Wicheeda REE Deposit Long Section Looking East (CNW Group/Defense Metals Corp.)
Pit slope geotechnical drill hole WI22-74 (-65o dip at azimuth 139o) drilled into the south pit wall intersected high-grade mineralized dolomite carbonatite that assayed 3.77% total rare earth oxide (“TREO”) over 30 metres (“m”) from surface and 2.52% TREO over 59 m at mid-hole depths, within a broader zone averaging 2.03% TREO over a 192 m interval (see Table 1 and Figure 1).
Resource delineation drill holes WI22-71 (-50o dip at 163o azimuth) and WI22-73 (-60o dip at azimuth 134o) drilled within the central area of the deposit similarly intersected mineralized dolomite-carbonatite, from surface, assaying 2.83% TREO over 66 m and 2.35% TREO over 81 m, respectively; within broader mineralized zones yielding 1.47% TREO over 207 m, and 1.42% TREO over 222 m, respectively (see Table 1 and Figure 1).
Resource delineation and pit slope geotechnical drill holes WI22-76 (-55o dip at 242o azimuth) and WI22-77 (-70o dip at 348o azimuth) returned moderate-grade, mixed syenite-xenolithic dolomite carbonatite intervals from the northern limit of the Wicheeda Deposit and north pit wall that assayed 0.64% TREO over 151 m; and 0.67% TREO over 76 m, respectively (see Table 1 and Figure 1).
Kristopher Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:
“We are excited to be nearing the release of our final drill results from a very successful year of drilling. It’s very telling that one of our geotechnical drill holes not only gave us important data about future open pit slope design, but also yielded one of the best drill intercepts of our 2021 and 2022 drill programs. Following the receipt of assays from our two remaining geotechnical drill holes, we will update the Wicheeda mineral resource based on more than 10,000 metres in the 47 drill holes Defense Metals has completed post-PEA. We firmly believe Wicheeda is one of the best rare earths projects globally and we eagerly look forward to advancing the project during 2023.”
High-wall pit slope geotechnical drill hole WI22-75 (-60o dip at 110o azimuth), collared 100 m east of the Wicheeda Deposit, and greenfield exploration drill holes WI22-65 (-60o dip at 140o azimuth) and WI22-66 (-60o dip at 140o azimuth), which targeted REE soil geochemical anomalies 500 m southwest and 1,000 m northwest of the Wicheeda Deposit, did not return significant REE mineralization.
1The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
2TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
Geotechnical drill hole data collected will support future pre-feasibility level mine planning studies (see Defense Metals’ news release dated May 24, 2022). The 2022 Wicheeda REE Deposit resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totalling 5,510 m (~18,077 feet). Assay results have been announced for a total of 16 holes to date, with results of the remaining two holes expected shortly.
About the Wicheeda REE Property
The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, gas pipelines, the Canadian National Railway, and major highways.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (“PEA”) outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR3. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
3 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
Methodology and Quality Assurance/Quality Control
The analytical work reported on herein was performed by ALS Canada Ltd. (“ALS”) at their Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. facilities. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (“QA/QC”) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” (“QP”) as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein.
About Defense Metals Corp.
Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth elements are especially important in the production of magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
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 contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, plans to complete a PFS, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
VIRGINIA CITY, NEVADA, January 17, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) is pleased to announce that Mr. Corrado De Gasperis, Executive Chairman and CEO, and Mr. Michael Norred, Director of Strategic Resource Planning and Development, will attend and present at the 2023 Vancouver Resource Investment Conference (VRIC). The VRIC is the world’s largest resource investment conference dedicated to resource exploration and development. The VRIC is January 29 & 30, 2023 at the Vancouver Convention Centre West, in Vancouver, Canada.
Mr. De Gasperis will provide a company update during the live presentation, including the recently completed consolidation of its properties in the historic Comstock and Silver City mining districts, increasing the Company’s total owned, published mineral resources to include Measured and Indicated resources containing 605,000 ounces of gold and 5,880,000 ounces of silver, plus additional Inferred resources containing 297,000 ounces of gold and 2,572,000 ounces of silver. Mr. De Gasperis will also be joined by Mr. Deep Prasad, CEO of Quantum Generative Materials LLC (“GenMat”), Comstock’s strategic investee and mineral resource discovery and development partner.
GenMat is accelerating the commercialization of disruptive, AI generated materials with the help of quantum-probabilistic software solutions that integrate specific, proprietary, hyperspectral technology solutions that (a) increase certainty in mineral discovery targets, (b) reduce costs of traditional drill programs, with ground penetrating scans and analytics, and (c) increase discernment for categorizing measured, indicated, and inferred mineral resources.
They are also scheduled to participate in one-on-one meetings with registered conference investors. Registration for these meetings is restricted to qualified investors, portfolio managers, and private wealth and family office managers. If you would like to attend the conference, please Click Here.
Comstock now owns or controls twelve square miles of patented mining claims, unpatented mining claims, and surface parcels, covering six and a half miles of strike length along the Comstock and Silver City lodes. The properties span from midway through Virginia City down to US HWY 50 in the south.
The Company recently announced the publication of the initial technical report for the Dayton resource. Behre Dolbear authored the independent, initial assessment of the Dayton mineral resources, as of November 1, 2022, compliant with current SEC S-K 1300 guidelines. The full report is available on the Company’s website, at www.comstock.inc/investors.
About Comstock
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon and through the deployment of more advanced mineral and material discovery technologies. To learn more, please visit www.comstock.inc.
About GenMat
GenMat enables customer solutions that generate high quality artificial intelligence (AI) data sets customized to their specific business needs and apply state-of-the-art AI models to learn from this data. GenMat’s GENMAT-1 satellite, targeted for low earth orbit launch on the SpaceX Falcon in June 2023, represents one of the most powerful hyperspectral systems to be launched into space, several times more powerful than NASA’s Earth Observing-1 satellite and enables customers to extract commercially relevant chemical and physical information for high-precision mineral prospecting and site-specific discovery.
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
Contact information:
Comstock Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc
Corrado De Gasperis Executive Chairman & CEO Tel (775) 847-4755 degasperis@comstockinc.com
Zach Spencer Director of External Relations Tel (775) 847-5272 Ext.151 questions@comstockinc.com
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its fourth quarter 2022 financial results before the market opens on Monday, January 30, 2023. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.
To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor relations” section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13735338.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the second largest coal producer in the eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at investorrelations@arlp.com.
Brian L. Cantrell Alliance Resource Partners, L.P. (918) 295-7673
