Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement financing. Aurania closed the first tranche of its private placement financing of up to 4,444,444 units of the company for gross proceeds of up to C$2,000,000. In aggregate, 2,417,166 units were sold at a price of C$0.45 per unit for gross proceeds of C$1,087,725. Each unit is comprised of one common share and one common share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.75 per warrant share at any time until November 29, 2024. Aurania received an extension by the TSX Venture Exchange to close the second tranche by January 9, 2023, although we believe it will likely close by mid-December.
Drilling begins at Tatasham. Aurania has commenced its drilling program at the Tatasham porphyry copper target. We expect the company to drill up to four holes for a total of 2,700 meters, or an average depth of 675 meters per hole. Because Tatasham is a blind geophysical target with no mineralization at surface, we expect drilling will be an iterative process subject to refinement. Following Tatasham, the company anticipates drilling at the Awacha porphyry copper target.
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*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, British Columbia–(Newsfile Corp. – December 1, 2022) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to announce that, further to the Company’s news release on October 7, 2022, two (2) additional drill rigs have been secured, bringing the number of rigs at site up to five (5) in total. The additional rigs will help to complete the previously announced 6,000 metre (“m”) deep drilling program in the Telbel mine area (“Telbel”) at the Joutel Project (“Joutel”), which is held by a 50/50 joint venture (the “JV”) between the Company and Agnico Eagle Mines Limited, as well as initiate the previously announced 10,000 m deep drilling program at the JV’s Douay Project (“Douay”) in the coming weeks.
Three (3) drill rigs are currently turning at the Company’s 100%-controlled Eagle Mine Property (“Eagle”), where the previously announced 5,000 m Phase III drill program is expected to be completed by year-end. A fourth drill rig was added in late October and continues to drill at Telbel. The fifth drill rig has arrived at site and been mobilized to Telbel, where the Company expects to complete the 6,000 m program by January 2023. As drill rigs become available from Eagle and Telbel, they will be relocated to Douay and the Company anticipates having all five (5) drill rigs turning at Douay during Q1/2023 to expedite the 10,000 m deep drilling program.
The Company has now released assay results corresponding to approximately 13,300 m of 2022 drilling across Eagle and Douay, with approximately 10,300 m of additional drilling completed to-date at Eagle and Telbel.
“With five drill rigs actively turning on our Québec projects, the Company remains on track to meet our targeted 2022 drill metreage,” stated Matthew Hornor, President and CEO of Maple Gold. “We look forward to additional results from drilling at Eagle and Telbel and to commencing the deep drill program at Douay to test potential depth extensions below the current pit-constrained mineral resource as soon as drill rigs from Eagle and Telbel become available.”
Deep drilling at Telbel and Douay is being funded by a previously announced C$4.8-million supplemental Year Two JV exploration budget (see news from May 18, 2022). The JV’s additional Year Three (February 2, annual start date) drilling and exploration plans will be designed by the partners in late Q4 2022 and finalized during early Q1 2023.
Pictured above: Multiple drill rigs in action at Eagle as exploration drilling ramps up along the Joutel Mine Complex, which produced 1.1 Moz at 6.5 g/t Au from 1974 – 1993.
Maple Gold Mines Ltd. is a Canadian advanced exploration company in a 50/50 joint venture with Agnico Eagle Mines Limited to jointly advance the district-scale Douay and Joutel gold projects located in Québec’s prolific Abitibi Greenstone Gold Belt. The projects benefit from exceptional infrastructure and access and boast ~400 km² of highly prospective ground including an established gold resource at Douay (SLR 2022) that holds significant expansion potential as well as the past-producing Eagle, Telbel and Eagle West mines at Joutel. In addition, the Company holds an exclusive option to acquire 100% of the Eagle Mine Property.
The district-scale property package also hosts a significant number of regional exploration targets along a 55 km strike length of the Casa Berardi Deformation Zone that have yet to be tested through drilling, making the project ripe for new gold and polymetallic discoveries. The Company is well capitalized and is currently focused on carrying out exploration and drill programs to grow resources and make new discoveries to establish an exciting new gold district in the heart of the Abitibi. For more information, please visit www.maplegoldmines.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 PRESS RELEASE.
Forward-Looking Statements: This press release contains “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements”) within the meaning of applicable Canadian securities legislation in Canada, including statements about exploration work and results from current and future work programs. Forward-looking statements are based on assumptions, uncertainties and management’s best estimate of future events. Actual events or results could differ materially from the Company’s expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Maple Gold Mines Ltd.’s filings with Canadian securities regulators available on www.sedar.com or the Company’s website at www.maplegoldmines.com. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
VIRGINIA CITY, Nev., Dec. 01, 2022 (GLOBE NEWSWIRE) — Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced the publication of the initial technical report for the Company’s Dayton Consolidated Project. Behre Dolbear authored the independent, initial assessment of the Dayton Consolidated Project 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.
The estimated mineral resource is constrained within an open pit economic shell based on a gold price of $1,800 per ounce and reported at a cutoff grade of 0.007 ounce gold per ton. The estimate includes Measured and Indicated resources containing 293,000 ounces of gold and 2,120,000 ounces of silver, plus an additional Inferred resource containing 90,000 ounces of gold and 480,000 ounces of silver.
The Dayton resource is located approximately one mile south of the Company’s Lucerne mining area, along State Route 342 and State Route 341. It includes the historic Dayton, Alhambra, Metropolitan, and Kossuth mines. Additional Comstock exploration areas located northwest, southwest, and south of the Dayton Project include Oest, Amazon Extension of Oest, and Spring Valley, respectively.
The Dayton project has long been known for high grade assays, with gold assays as high as 2.95 ounces per ton, and silver assays as high as 6.68 ounces per ton. Drilling by Comstock has also encountered significant thicknesses of mineralization, including 135 feet averaging 0.218 ounces per ton Au and 0.685 ounces per ton Ag (hole D11-21), 145 feet averaging 0.056 ounces per ton Au and 0.352 ounces per ton Ag (hole D11-33), 50 feet averaging 0.030 ounces per ton Au and 1.072 ounces per ton Ag (hole D94-17), 295 feet averaging 0.027 ounces per ton Au and 0.087 ounces per ton Ag (hole D10-01), and 235 feet averaging 0.031 ounces per ton Au and 0.102 ounces per ton Ag (hole SV12-05).
The report reflects a newly developed geologic model based on highly detailed and methodical identification and correlation of structural and lithological controls for mineralization.
Behre Dolbear’s conclusions include,
The Dayton Project represents an early stage but well-explored, epithermal, precious metal deposit within an historic world-class mining district.
The geology of the project area, particularly in the Dayton resource area, is well described and understood through vigorous surface and underground mapping and drill hole logging.
Based upon drilling, continuity of the mineralized zone appears to be good.
The QP opines that potentially higher-grade mineralization may exist in previously un-drilled areas in the Dayton resource where northeast striking faults intersect.
The deposit is hosted in structurally prepared rocks within the southerly striking east dipping Silver City fault zone extension. Grades and extent of mineralization are enhanced where this fault zone is intersected by north-south, northwest, and northeast striking faults and in particular where N50°E faults intersect N75°E faults.
At Spring Valley, high-grade or bonanza-style mineralization may be present as much of the area is covered by post-mineral gravel and historic mining is minimal.
“These results confirm the quality and growth potential of our Dayton resource,” stated Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “When combined with the results of the recent technical report published on our Lucerne resource, Comstock controls significant, district-wide mineral resources with outstanding potential for further gold and silver mineral resource growth.”
Comstock plans to develop the Dayton resource systemically, through the deployment of more advanced mineral discovery technologies and a series of phased drilling programs and engineering studies. A first phase of drilling, recommended by Behre Dolbear, includes 70 RC holes totaling 31,500 feet that will, among other objectives, test for high grade mineralization and step out exploration into Spring Valley.
About Behre Dolbear Behre Dolbear is a one of the oldest mineral industry advisory firms in the world, continuously operating since 1911. Behre Dolbear authored the Technical Report Summary, Dayton Consolidated Project, Lyon County, Nevada as an independent third-party, following the United States Security and Exchange Commission’s mining rules under subpart 1300 of Regulation S-K.
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. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
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
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Private placement. Garibaldi announced a private placement to raise gross proceeds of up to C$4 million to advance its flagship E&L nickel-copper-cobalt project and other British Columbia properties, along with funding working capital. The offering consists of the sale of up to 10 million flow-through units (FT) at a price of C$0.30 per FT Unit for gross proceeds of up to C$3 million, and 4 million non-flow-through-units (Unit) at a price of C$0.25 per unit for gross proceeds of up to C$1.0 million. Proceeds from the sale of FT Units will be used to fund exploration, while proceeds from the sale of Units will fund working capital needs. See the body of this note for offering details.
2022 drilling program. The 2022 drill program at E&L tested targets from the 2021 Geotech deep penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey. Of four holes drilled, two were successful, including Hole EL-22-97b, a deep hole which intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The two successful drill holes are lined with polyvinyl chloride (PVC) and Garibaldi intends to conduct a geophysical borehole electromagnetic (BHEM) survey to better plan future drill holes.
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, British Columbia, November 29, 2022 – Garibaldi Resources (TSXV: GGI) (the “Company” or “Garibaldi”) is pleased to announce a non-brokered private placement (the “Offering”) of up to 10,000,000 flow-through units (each, a “FT Unit”) at a price of $0.30 per FT Unit for gross proceeds of up to CDN $3.0 million and 4,000,000 non-flow-through units (each, a “Unit”) at a price of $0.25 per Unit for gross proceeds of up to CDN $1.0 million.
Each FT Unit will consist of one common share of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole warrant, a “FT Warrant”), with each FT Warrant entitling the holder to purchase one common share (on a non-flow-through basis) at a price of $0.45 per common share for a period of three years following the closing of the Offering.
Each Unit will consist of one common share of the Company (on a non-flow-through basis) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder to purchase one common share (on a non-flow-through basis) at a price of $0.40 per common share for a period of three years following the closing of the Offering.
All of the proceeds from the offering of FT Units will be used to further advance Garibaldi’s 100% owned flagship E&L nickel-copper-cobalt project on Nickle Mountain and other British Columbia properties. All proceeds from the offering of Units will be used for working capital purposes.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. The Offering may include finder’s fees commission’s payable in cash and/or securities and is subject to approval of the TSX Venture Exchange (the “Exchange”). Insiders may participate in the Offering. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of MinoritySecurity Holders in Special Transactions (“MI 61-101”) but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
GARIBALDI RESOURCES CORP.
Per: “Steve Regoci” Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding the proposed Offering, the expectations of management regarding the use of proceeds of the Offering, closing conditions for the Offering, the expiry of hold periods for securities distributed pursuant to the Offering, and Exchange approval of the proposed Offering. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the Offering on terms favorable to the Company or at all; the Exchange may not approve the Offering; the proceeds of the Offering may not be used as stated in this news release; the funds raised from the sale of the FT Units and the Units may not be renounced in favour of the shareholders of the Company; the Company may be unable to satisfy all of the conditions to the Closing; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
The Odds May Again be Stacked on the Side of a Prolonged Oil Price Rally
Oil markets and the related energy industry have been cheered this year as the one clear winner, yet within the past few days, crude has brushed up against its low recorded at the start of 2022. The commodity has since bounced, and there are at least four reasons to believe that it will continue to rally.
On Wednesday, November 30, news that China will take steps to ease lockdown restrictions, a drop in U.S. oil supplies, a weaker U.S. dollar, and a signal of OPEC+’s intentions helped push crude prices up by more than 3.5%.
China
Major Chinese manufacturing cities are lifting Covid lockdowns, including the financial hub Shanghai and Zhengzhou (the location of the world’s largest iPhone factory). Renewed expectations that China’s economy may strengthen after being held back by restrictions on movement to contain Covid-19 helped lift prices. After lockdown protests last weekend, Chinese authorities reported fewer cases of the virus on Tuesday. Guangzhou, a city in the south of the country, relaxed some rules on Wednesday. Increased economic activity in China could come at a pace that dramatically increases the demand for oil and related products.
US Supply
U.S. petroleum stockpiles declined by 7.9 million barrels last week, according to reports from the American Petroleum Institute. Official figures from the U.S. Energy Information Administration (EIA) shown below indicate a declining trend that is unsustainable and will soon need to be turned around.
Source: EIA
The decline in the days supply is effectively borrowing against future stockpiles as there will need to be a time when this reverses, and more output-increasing stockpiles will add to demand on production.
U.S. Dollar
A weakening dollar has also helped enhance demand globally for crude by making contracts priced in the U.S. currency more affordable for overseas buyers. The dollar index, a measure of strength against a basket of six other major trading currencies, slipped 0.3% on Wednesday. It’s down about 5% in the past month.
While the effect of this FX change may not be felt by U.S. buyers, the added demand by requiring less local currency to translate into dollars effectively creates demand by virtue of its lower cost.
Source: Koyfin
OPEC+
The Saudis had been considering increasing their output to help soften price pressures and increase availability. This would occur when the cartel meets this weekend to decide output levels. It is reported that the meeting will not be in-person. When OPEC+ agrees to meet virtually, it tends to indicate they are not discussing any major changes to output targets.
Expectations of an increase in output had been built into the price; the new expectations are putting upward pressure on crude.
Take Away
A number of factors have caused crude to trade off since late Spring. A number of forces are now stacked up that could push crude levels back upward. These include fewer lockdowns in China, a declining U.S. supply, the added global demand that will be attracted by a weakening dollar, and the new realization that members of OPEC+ are not likely to increase output limits. Additionally, there has been a looming concern as to how much supply will be taken offline with price limits that are to be placed on purchases of Russian oil early next week.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Big Vein target continues to impress. Labrador Gold released results from recent drilling associated with its 100,000-meter drill program at its 100%-owned Kingsway gold project targeting the Appleton Fault Zone over a 12-kilometer strike length. A total of 61,404 meters have been drilled to date out of the planned 100,000-meter program. Assays are pending for samples from approximately 4,263 meters of core, or 11.4% of the total submitted. Drilling outcomes have been favorable at both ends of the Big Vein target, while a high-grade zone containing visible gold at Big Vein Southwest continues to demonstrate expansion potential. Two drill rigs are deployed at Big Vein to test for extensions of the mineralization to the northeast and southwest.
High grade gold intercepts. Hole K-22-211 intersected 8.60 grams of gold per tonne over 4.41 meters from 326.89 meters depth, including 53.52 grams of gold per tonne over 0.31 meters. Hole K-22-207, drilled in Big Vein Southwest, returned 1.31 grams of gold per tonne over 7 meters from 270 meters depth, including 8.49 grams of gold per tonne over 0.91 meters. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68 grams of gold per tonne over 2.65 meters from 189.7 meters depth that included 18.27 grams of gold per tonne over 0.78 meters.
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, Nov. 28, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of the drilling include an intersection of 8.60g/t Au over 4.41 metres from 326.89 metres that included 53.52g/t Au over 0.31 metres in Hole K-22-211 that contains visible gold, and 1.31g/t Au over 7 metres from 270 metres including 8.49g/t Au over 0.91 metres in Hole K-22-207 from Big Vein Southwest. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68g/t Au over 2.65 metres from 189.7 metres that included 18.27g/t Au over 0.78 metres.
Hole K-22-211 was collared 40 metres southwest of Hole K-22-174 that intersected 284.1 g/t Au over 0.58 metres and 15.05g/t Au over 1.11 metres (see News Release dated July 7, 2022) and extends the mineralized zone further to the Southwest.
“We continue to have drilling success at both ends of Big Vein which has now been drilled over a strike length of approximately 520 metres and remains open in both directions. In particular, the high grade zone containing visible gold at Big Vein Southwest continues to expand,” said Roger Moss, President and CEO. “Two drill rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions. Drilling will continue through the winter.”
Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.
A total of 61,404 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 4,263 metres of core (11.4% of the total submitted).
The Company has $20 million in cash and is well funded to carry out the remaining 39,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.
Table 2. Drill hole collar details
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. 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 $20 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 7.8g/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 (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 169,189,979 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
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.
The Company will Host a Conference Call on Wednesday, November 30, 2022, at 8:30 AM EST
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX:SMT) (BVL:SMT) (“Sierra Metals” or the “Company”) announced today the resignation of Mr. Luis Marchese as the Chief Executive Officer and a Director of the Company, and the appointment, effective immediately, of Mr. Ernesto Balarezo Valdez as Interim Chief Executive Officer to lead the Company during its current strategic review process. Mr. Balarezo will also join the Board of Directors of the Company.
The previously announced strategic review process is ongoing under the direction of the Special Committee, comprised of the Company’s independent directors.
Mr. Oscar Cabrera, Chair of Sierra Metals’ Board of Directors stated, “On behalf of the Board, I would like to thank Luis for his commitment and service to Sierra Metals as CEO and Director, during a very challenging period for the Company. We wish him well in his future endeavours.”
He continued, “Sierra Metals’ Board is pleased that Mr. Balarezo has agreed to serve as the Company’s Interim CEO. His operations and leadership experience in the mining industry provides the right perspective and skills to lead the Company during the strategic review process.”
Mr. Balarezo’s career spans over three decades with extensive managerial and corporate experience at international and local levels with leading companies in the mining, cement and services industries, including as Executive Vice President for the Americas at Gold Fields Ltd. and as CEO of Gold Fields La Cima S.A. where he oversaw the Cerro Corona Mining unit in Peru. Mr. Balarezo’s mining experience also includes a broad range of positions with the Hochschild Group where he advanced to Vice President Operations after starting his tenure as General Manager of the Mexican branch and then as General Manager in Peru.
Mr. Balarezo holds a Bachelor of Science degree in Industrial Engineering and a Master of Science degree in Industrial Management from Texas A&M University. He has also completed the Management Development Program from the Universidad de Piura in Lima, Peru.
The Board has mandated Mr. Balarezo to focus on the safe, efficient, and responsible operation of the Company, with the objective of maximizing the value of the Sierra Metals business and assets.
Conference Call
The Company will host a conference call on Wednesday, November 30, 2022, regarding Mr. Balarezo’s appointment, at 8:30 am EST. Dial-in instructions are listed below:
United States (Toll Free): 1 833 927 1758 United States (Local): 1 646 904 5544
United Kingdom (Toll Free): 44 808 189 6484
Access code: 022430
Press *1 to ask a question, *2 to withdraw your question, or *0 for operator assistance.
AboutSierra Metals
Sierra Metals is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. 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.
For further information regarding Sierra Metals, please visit www.sierrametals.com or contact:
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Acquisition agreement terminated. Newrange terminated its agreement to acquire the Coricancha mine in Peru from Great Panther Mining Limited. Newrange was unable to raise the necessary funds to close the transaction and fund an exploration program. Newrange had sought to raise ~C$10.1 million through a private placement offering which has been canceled. The company will not pursue a share consolidation or corporate name change.
Near-term focus will be on Argosy and North Birch. Newrange will renew its focus on district-scale exploration for precious metals in the Red Lake District of northwestern Ontario. The 100%-owned projects are almost contiguous and comprise 4,454 hectares. The past-producing high-grade Argosy Gold mine offers significant potential with prior drilling indicating that gold mineralization extends below the mine workings and is open to depth, while the adjacent North Birch project offers an attractive folded iron formation setting for gold discovery.
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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.
Going deep. Defense Metals released assay results from Hole WI22-72, totaling 374 meters and the deepest hole drilled to date to test below the mineral resource pit shell, terminating 360 meters below surface and 150 meters below the pit shell at the company’s Wicheeda REE Deposit. The hole was drilled within the central area of the deposit and intersected high-grade mineralized dolomite carbonate from surface grading 3.02% total rare earth oxides (TREO) over 55 meters within a broader zone averaging 2.56% TREO over 122 meters, and a well mineralized mixed lithology lower zone grading 0.9% TREO over 97 meters.
Results for ten drill holes remain outstanding. With over 5,500 meters of drilling in 18 holes completed as part of the 2022 resource delineation and pit geotechnical program, Defense Metals has released assays for eight holes representing 2,867 meters of drilling. Assays for the remaining 10 holes are expected to be released in the coming weeks and months.
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.
Europe May Be Saved from the December Planned Oil Embargo in a Nick of Time
On December 5, the European Union plans to cap oil prices at levels where EU nations would then be permitted to buy oil from Russia. This would significantly reduce the petroleum supply of the region going into winter. The day before this goes into effect, (December 4), OPEC+ will meet to set output levels. Saudi Arabia and other OPEC producers are expected to discuss an output increase, according to emissaries from the group. The 11th hour move could keep much needed petroleum flowing into the region at a time that weather-related demand would naturally grow, holiday driving would be expected to increase, and war-related strategies would have reduced oil coming out of Russia. While western news has verified their sources as actual delegates of OPEC+, the Saudi’s are now saying that their plans are always secret.
About the New Expectations
A production increase of up to 500,000 barrels a day is now expected to be the discussion at OPEC+’s December 4 meeting, delegates said. Any output increase would mark a partial reversal of a controversial decision last month to cut production by 2 million barrels a day. This was agreed upon at the most recent meeting of the Organization of the Petroleum Exporting Countries and their Russia-led allies, a group known collectively as OPEC+.
The White House had said the production cut undermined global efforts to negatively impact Russia’s war in Ukraine. Saudi-U.S. relations have hit a low point over oil-production disagreements this year; if the December 4 OPEC+ meeting leads to increased oil, this may warm the cooled Saudi-U.S. relations.
About the EU December 5th Plan
The European Union has agreed to stop all oil imports from Russia on December 5. The plan is to cap the prices at which EU nations would buy oil from Russia, that price is expected to be near $60 per barrel. Russia has reacted by increasing exports to Asia, but the price cap is expected to reduce its exports and lower total supply by up to one million barrels per day.
About the OPEC+ December 4th Expectations
A production increase of up to 500,000 barrels a day is now under discussion for OPEC+’s December 4 meeting, emissaries said.
Any increase in OPEC+ output will partially undo the decision made at OPEC+’s its last monthly meeting. In October the cartel voted to cut production by 2 million barrels per day. The decision by the Organization of the Petroleum Exporting Countries and their Russia-led allies, (OPEC+) was a disappointment to the White House and NATO nations that saw reduced production as strengthening Russia’s ability to fund its war with higher priced exports.
Under normal production discussions by OPEC+ production increases, with oil prices falling more than 10% since the first week of November, one might not expect an increase. Brent crude traded at about $87 a barrel on Monday, while WTI, the U.S. benchmark, fell below $80 a barrel for the first time since September. Production increases could cause prices to fall further.
Emissaries say, a production increase would be to respond to expectations that oil consumption will rise in the winter. Oil demand is expected to increase by 1.69 million barrels a day to 101.3 million barrels a day in the first quarter next year, compared with the average level in 2022.
OPEC and its allies say they have been carefully studying the G-7 plans to impose a price cap on Russian oil, conceding privately that they see any such move by crude consumers to control the market as a threat. Russia has said it wouldn’t sell oil to any country participating in the price cap, potentially resulting in another effective production cut from Moscow—one of the world’s top three oil producers.
Raising oil production ahead of the December 5 EU embargo would give the Saudis another argument that they are acting in their own interests, and not is support of Russia’s.
Talk of the production increase emerged after the Biden administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal Khashoggi. The immunity decision is seen by some as a concession to Prince Mohammed, and heighten his standing as the kingdom’s de facto ruler. The move comes after the Biden administration tried for months to isolate him.
Another factor that helps account for the timing of OPEC+’s discussion to raise output is the two large OPEC members, Iraq and the United Arab Emirates that want to pump more oil. Both countries are pushing the oil-producing nations to allow them a higher daily-production ceiling, which would lead to more oil produced globally.
Saudi officials late Monday denied reports the kingdom is reversing course and helping the West with added production.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third quarter financial results. Sierra Metals reported an adjusted net loss of $10.7 million or $(0.07) per share, compared to an adjusted net loss of $3.1 million or $(0.02) per share during the prior year period. Third quarter revenue from metals payable declined 36% to $38.8 million due to a decrease in metal sales and a decline in average realized prices for all metals. Adjusted EBITDA declined to $(3.9) million compared to $17.4 million during the third quarter of 2021 due mainly to lower sales and commodity prices. Third quarter production was negatively impacted, among other things, by a mudslide at the Yauricocha mine and flooding at the Bolivar mine.
Updating estimates. We have lowered our full year 2022 EPS and EBITDA estimates to $(0.13) and $18.0 million from $(0.08) and $29.9 million, respectively. Additionally, we have reduced our 2023 EPS and EBITDA estimates to $0.07 and $63.2 million from $0.12 and $76.1 million. Our estimates reflect lower production levels for both Yauricocha and Bolivar.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
