TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or ““Company”) has filed an updated technical report (the “Report“) prepared in accordance with National Instrument 43-101 on the expansion of its Yauricocha Mine in Peru.
The Report dated February 25, 2022 with an effective date of March 31, 2021, is entitled “Preliminary Economic Assessment, Yauricocha Mine, Yauyos Province, Peru.” The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. (“SRK”) and Redco Global Peru S.A.C. (“Redco”). There are no material differences in the Report from those results disclosed in the Company’s press release dated January 20, 2022.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing 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. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or ““Company”) has filed an updated technical report (the “Report“) prepared in accordance with National Instrument 43-101 on the expansion of its Yauricocha Mine in Peru.
The Report dated February 25, 2022 with an effective date of March 31, 2021, is entitled “Preliminary Economic Assessment, Yauricocha Mine, Yauyos Province, Peru.” The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. (“SRK”) and Redco Global Peru S.A.C. (“Redco”). There are no material differences in the Report from those results disclosed in the Company’s press release dated January 20, 2022.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing 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. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
News Release – Vancouver, British Columbia –March 2, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an initial four diamond drill holes totalling 795 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-33 through WI21-36, collared from the same pad, were designed to expand the Wicheeda Rare Earth Element (REE) deposit and further upgrade existing resource categories.
All four holes intersected high-grade REE mineralization over significant widths above the 0.5% TREO (total rare earth oxide) mineral resource lower cut-off from near surface to a maximum vertical depth of 200 metres. The Company expects to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign in the coming days and weeks.
Luisa Moreno, President and Director of Defense Metals commented: “We are encouraged by the results of these initial four drill holes that have not only returned exceptionally high grade REE intervals but have also expanded mineralization beyond the mineral resource pit shell. We look forward to being able to release results as they are received from the remaining 25 diamond drill holes in the coming days and weeks. The 2021 drilling is expected to contribute to the expansion and upgrading of mineral resources we so recently demonstrated in our positive Wicheeda REE Project PEA.”
Drill hole WI21-33 (-80o dip / 350o azimuth), the first hole of the 2021 drill program, intersected mineralized dolomite carbonatite to a depth of 201 metres downhole returning assays of 3.17% TREO over 196 metres (Table 1, and Figure 1); including higher grade intervals of 3.63% TREO over 50 metres near surface, and significantly 4.29% TREO over 55 metres at depth expanding high-grade REE mineralization 32 metres beyond the current mineral resource pit shell. Drill hole WI21-33 was collared near the northern drilled extent of the Wicheeda REE Deposit and was designed to expand and further delineate inferred resources at depth where the final hole WI19-32 of the Company’s highly successful 2019 drill campaign yielded assays of 3.76% TREO over 75 metres[1].
Drill hole WI21-34 (-55o dip / 040o azimuth),drilled northeast to intermediate depths below WI19-32 intersected mineralized dolomite carbonatite to a depth of 117 metres downhole grading 2.97% TREO over 114 metres; including a higher grade near surface interval averaging 3.84% TREO over 67 metres (Figure 2).
Resource delineation drill holes WI21-35 (-55o dip / 080o azimuth) and WI21-36(-55o dip / 080o azimuth), drilled on section under 2019 drill hole WI19-31 that returned 4.57% TREO over 83 metres, established continuity of significantly REE mineralized dolomite carbonatite at depth with WI21-35 yielding 3.87% TREO over 120 metres; and WI21-36 intersecting a mixed-country rock bearing interval grading 2.35% TREO over 172 metres; including higher grade near surface and at depth intervals of 3.45% TREO over 35 metres and 3.02% TREO 38 metres, respectively (Figure 3).
Figure 1. Drill Section Holes WI21-33 and WI21-36
Figure 2. Drill Section Hole WI21-34
Figure 3. Drill Section Holes WI21-35 and WI21-36
About the Wicheeda REE Property
The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR[3]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. 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.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. 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.
Within drill holes WI21-34 and WI21-36 occur two zones of poor core recovery averaging 13-15% over an interval of 9.15 metres between 89.95 and 99.1 metres, and 35.65 an d44.80 metres, respectively. Drill core from these intervals was combined into a single 9.15 metre composite for assay. The returned assay results of 1.27% TREO (WI21-34) and 1.84% TREO (WI21-36) are consistent with assays results above and below in the drill holes and as a result are considered reasonable and reliable. Defense Metals is not aware of any other drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
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”.
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, 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, 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 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.
[1]The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
[2]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
[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).
News Release – Vancouver, British Columbia –March 2, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an initial four diamond drill holes totalling 795 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-33 through WI21-36, collared from the same pad, were designed to expand the Wicheeda Rare Earth Element (REE) deposit and further upgrade existing resource categories.
All four holes intersected high-grade REE mineralization over significant widths above the 0.5% TREO (total rare earth oxide) mineral resource lower cut-off from near surface to a maximum vertical depth of 200 metres. The Company expects to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign in the coming days and weeks.
Luisa Moreno, President and Director of Defense Metals commented: “We are encouraged by the results of these initial four drill holes that have not only returned exceptionally high grade REE intervals but have also expanded mineralization beyond the mineral resource pit shell. We look forward to being able to release results as they are received from the remaining 25 diamond drill holes in the coming days and weeks. The 2021 drilling is expected to contribute to the expansion and upgrading of mineral resources we so recently demonstrated in our positive Wicheeda REE Project PEA.”
Drill hole WI21-33 (-80o dip / 350o azimuth), the first hole of the 2021 drill program, intersected mineralized dolomite carbonatite to a depth of 201 metres downhole returning assays of 3.17% TREO over 196 metres (Table 1, and Figure 1); including higher grade intervals of 3.63% TREO over 50 metres near surface, and significantly 4.29% TREO over 55 metres at depth expanding high-grade REE mineralization 32 metres beyond the current mineral resource pit shell. Drill hole WI21-33 was collared near the northern drilled extent of the Wicheeda REE Deposit and was designed to expand and further delineate inferred resources at depth where the final hole WI19-32 of the Company’s highly successful 2019 drill campaign yielded assays of 3.76% TREO over 75 metres[1].
Drill hole WI21-34 (-55o dip / 040o azimuth),drilled northeast to intermediate depths below WI19-32 intersected mineralized dolomite carbonatite to a depth of 117 metres downhole grading 2.97% TREO over 114 metres; including a higher grade near surface interval averaging 3.84% TREO over 67 metres (Figure 2).
Resource delineation drill holes WI21-35 (-55o dip / 080o azimuth) and WI21-36(-55o dip / 080o azimuth), drilled on section under 2019 drill hole WI19-31 that returned 4.57% TREO over 83 metres, established continuity of significantly REE mineralized dolomite carbonatite at depth with WI21-35 yielding 3.87% TREO over 120 metres; and WI21-36 intersecting a mixed-country rock bearing interval grading 2.35% TREO over 172 metres; including higher grade near surface and at depth intervals of 3.45% TREO over 35 metres and 3.02% TREO 38 metres, respectively (Figure 3).
Figure 1. Drill Section Holes WI21-33 and WI21-36
Figure 2. Drill Section Hole WI21-34
Figure 3. Drill Section Holes WI21-35 and WI21-36
About the Wicheeda REE Property
The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR[3]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. 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.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. 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.
Within drill holes WI21-34 and WI21-36 occur two zones of poor core recovery averaging 13-15% over an interval of 9.15 metres between 89.95 and 99.1 metres, and 35.65 an d44.80 metres, respectively. Drill core from these intervals was combined into a single 9.15 metre composite for assay. The returned assay results of 1.27% TREO (WI21-34) and 1.84% TREO (WI21-36) are consistent with assays results above and below in the drill holes and as a result are considered reasonable and reliable. Defense Metals is not aware of any other drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
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”.
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, 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, 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 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.
[1]The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
[2]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
[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).
As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Narrowed focus on epithermal gold and porphyry copper targets. Exploration to date has identified numerous targets on the company’s Lost Cities project in Ecuador, including 1) epithermal gold, 2) porphyry copper, 3) sediment-hosted copper-silver and 4) carbonate replacement silver-zinc. Following an internal review, Aurania’s board approved a strategy focused on core mineral concessions that contain epithermal gold and porphyry copper targets that offer the highest risk-adjusted reward potential. Aurania will explore joint ventures and partnerships to advance non-core mineral concessions that encompass sediment-hosted copper-silver and silver-zinc.
Equity financing. Aurania intends to raise up to C$1.5 million through a private placement of up to 2,142,857 units at a price of C$0.70 per unit. Aurania’s Chairman and CEO, Dr. Keith Barron, has committed C$400,000 to the offering. Each unit will consist of one common share and one share purchase warrant which may be exercised to purchase one common share at a price of C$1.25 for a period of …
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, March 01, 2022 (GLOBE NEWSWIRE) — FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) is pleased to provide commentary on recent changes to Colombian law. The Ministry of Environment and Sustainable Development has passed a resolution that amends Ley Segunda (Law 2) of 1959 and effectively removes the requirement for a lengthy change-of-land-use application process. While the changes do not affect FenixOro directly in the short term, the company fully supports these changes and believes they will have a positive impact on responsible mining development while continuing to encourage sound environmental practices in the country.
Paul Harris, Director of the Colombia Gold Symposium in Medellin and ColombiaGold.co, commented: “This development is positive and something that exploration companies in Colombia, and other sectors such as infrastructure, have awaited for many years. It will facilitate the discovery and definition of new deposits of copper and gold in areas where hitherto explorers were unable to drill. Importantly, it does not reduce or otherwise circumvent the environmental permitting requirements to develop a project. Colombia has some of the most exacting environmental standards in the hemisphere, and this ensures that future project developments still have to be made according to international best practice.”
FenixOro CEO John Carlesso stated: “We have always received tremendous support for the Abriaqui gold project from all levels of government in Colombia, and we believe the amendment to Law 2 is a reflection of the commitment to foster economic growth through responsible and environmentally sound mineral resource development. Together with the major infrastructure improvement program currently underway throughout the country, which includes significant upgrades to highways and bridges on the route between Medellin and the Abriaqui project, this signals a willingness on the part of the government to make the permitting process more streamlined and transparent. We believe that in the eyes of investors and major mining companies, Colombia will continue to be seen as a stable jurisdiction for investment for many years to come.”
The Company also announces that it has granted stock options to acquire a total of 3,000,000 common shares of the Company to certain Officers, Directors and Consultants of the Company. The options are exercisable at a price of $0.26 per share and expire five years from the date of grant.
About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring and exploring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is the closest project to Continental Gold’s Buritica project. It is located 15 km to the west in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are similar. Since the preparation of this report a Phase 1 drilling program has been completed at Abriaqui resulting in a significant discovery of a high grade, “Buritica style” gold deposit. A Phase 2 drilling program has recently commenced.
FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest public report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
Cautionary Statement on Forward-Looking Information This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of FenixOro’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the closing of the Private Placement, and Abriaqui. Although FenixOro believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that Abriaqui will produce viable quantities of minerals, that the Company will pursue Abriaqui or that any mineral deposits will be found, or that the Private Placement will close. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and FenixOro does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
TORONTO, March 01, 2022 (GLOBE NEWSWIRE) — FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) is pleased to provide commentary on recent changes to Colombian law. The Ministry of Environment and Sustainable Development has passed a resolution that amends Ley Segunda (Law 2) of 1959 and effectively removes the requirement for a lengthy change-of-land-use application process. While the changes do not affect FenixOro directly in the short term, the company fully supports these changes and believes they will have a positive impact on responsible mining development while continuing to encourage sound environmental practices in the country.
Paul Harris, Director of the Colombia Gold Symposium in Medellin and ColombiaGold.co, commented: “This development is positive and something that exploration companies in Colombia, and other sectors such as infrastructure, have awaited for many years. It will facilitate the discovery and definition of new deposits of copper and gold in areas where hitherto explorers were unable to drill. Importantly, it does not reduce or otherwise circumvent the environmental permitting requirements to develop a project. Colombia has some of the most exacting environmental standards in the hemisphere, and this ensures that future project developments still have to be made according to international best practice.”
FenixOro CEO John Carlesso stated: “We have always received tremendous support for the Abriaqui gold project from all levels of government in Colombia, and we believe the amendment to Law 2 is a reflection of the commitment to foster economic growth through responsible and environmentally sound mineral resource development. Together with the major infrastructure improvement program currently underway throughout the country, which includes significant upgrades to highways and bridges on the route between Medellin and the Abriaqui project, this signals a willingness on the part of the government to make the permitting process more streamlined and transparent. We believe that in the eyes of investors and major mining companies, Colombia will continue to be seen as a stable jurisdiction for investment for many years to come.”
The Company also announces that it has granted stock options to acquire a total of 3,000,000 common shares of the Company to certain Officers, Directors and Consultants of the Company. The options are exercisable at a price of $0.26 per share and expire five years from the date of grant.
About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring and exploring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is the closest project to Continental Gold’s Buritica project. It is located 15 km to the west in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are similar. Since the preparation of this report a Phase 1 drilling program has been completed at Abriaqui resulting in a significant discovery of a high grade, “Buritica style” gold deposit. A Phase 2 drilling program has recently commenced.
FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest public report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
Cautionary Statement on Forward-Looking Information This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of FenixOro’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the closing of the Private Placement, and Abriaqui. Although FenixOro believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that Abriaqui will produce viable quantities of minerals, that the Company will pursue Abriaqui or that any mineral deposits will be found, or that the Private Placement will close. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and FenixOro does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
Newrange Gold Corp. (NRGOF)(NRG:CA) Newrange Closes First Tranche of Financing
As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.
Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Non-flow-through financing. Newrange Gold closed the first tranche of a private placement and received gross proceeds of ~C$408,100 with the issuance of 5,830,332 non-flow-through (NFT) units at a price of C$0.07 per unit. Management and insiders acquired a total of 1,615,000 units. Each NFT unit is comprised of one common share and one-half share purchase warrant. Each whole NFT warrant may be exercised to purchase one common share for C$0.12 at any time until February 23, 2024. A second and final tranche to raise gross proceeds of ~C$100,000 is expected to close in approximately two weeks. Proceeds will be used, among other things, to fund surface exploration at the Pamlico project in Nevada.
Flow-through financing. Newrange expects to raise up to C$1,500,000 with the issuance of up to 15 million flow-through (FT) units at a price of C$0.10 per FT unit in a private placement. Each unit is comprised of one common share and one-half share purchase warrant. Each whole FT warrant may be exercised to purchase one common share at a price of C$0.12 at any time until February 23, 2024. Proceeds …
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–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or ““Company”) announces the appointment of Ms. Dawn Whittaker to its Board of Directors effective immediately.
Ms. Whittaker is a legal professional with over 30 years of experience in corporate law. She has provided legal counsel in domestic and international mergers and acquisitions and corporate finance transactions, including take-overs, joint ventures and strategic alliances, and in commercial transactions, corporate governance, directors’ and officers’ liabilities and shareholder rights. She retired as a Senior Partner from Norton Rose Fulbright in June of 2018 where she served as the Canadian Head of the firm’s mining practice.
Having served on numerous boards and committees throughout her career, Ms. Whittaker has a wealth of experience with both public and private companies and as a member of governance, audit, compensation and strategic review committees. She is currently Chair of the Board of Directors and a member of the Audit Committee for Triple Flag Precious Metals Corp. and previously served on the Board of Directors for Detour Gold and Kirkland Lake Gold. In addition, she is currently the Vice President of the Board of Directors for the Badminton and Racquet Club of Toronto where she is a member. She has also served on the Board of the Canadian Mental Health Association and was on the Nominating and Governance Committee of the Ontario Division of the Canadian Cancer Society.
Jose Vizquerra, Chairman of Sierra Metals, commented: “On behalf of the Board and Management, I would like to welcome Dawn to the Sierra Metals Board of Directors. Dawn’s expertise in legal and governance matters complements the skills and experiences of our Board, making her a valuable addition as an independent director. We believe Dawn will provide important perspective and will help execute the Company’s corporate strategic goals and deliver maximum value for shareholders.”
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing 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. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2021 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
Investor Relations Sierra Metals Inc. Tel: +1 (416) 366-7777 Email: info@sierrametals.com
Luis Marchese CEO Sierra Metals Inc. Tel: +1 (416) 366-7777
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or ““Company”) announces the appointment of Ms. Dawn Whittaker to its Board of Directors effective immediately.
Ms. Whittaker is a legal professional with over 30 years of experience in corporate law. She has provided legal counsel in domestic and international mergers and acquisitions and corporate finance transactions, including take-overs, joint ventures and strategic alliances, and in commercial transactions, corporate governance, directors’ and officers’ liabilities and shareholder rights. She retired as a Senior Partner from Norton Rose Fulbright in June of 2018 where she served as the Canadian Head of the firm’s mining practice.
Having served on numerous boards and committees throughout her career, Ms. Whittaker has a wealth of experience with both public and private companies and as a member of governance, audit, compensation and strategic review committees. She is currently Chair of the Board of Directors and a member of the Audit Committee for Triple Flag Precious Metals Corp. and previously served on the Board of Directors for Detour Gold and Kirkland Lake Gold. In addition, she is currently the Vice President of the Board of Directors for the Badminton and Racquet Club of Toronto where she is a member. She has also served on the Board of the Canadian Mental Health Association and was on the Nominating and Governance Committee of the Ontario Division of the Canadian Cancer Society.
Jose Vizquerra, Chairman of Sierra Metals, commented: “On behalf of the Board and Management, I would like to welcome Dawn to the Sierra Metals Board of Directors. Dawn’s expertise in legal and governance matters complements the skills and experiences of our Board, making her a valuable addition as an independent director. We believe Dawn will provide important perspective and will help execute the Company’s corporate strategic goals and deliver maximum value for shareholders.”
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing 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. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com.
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2021 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 18, 2021 for its fiscal year ended December 31, 2020 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
Investor Relations Sierra Metals Inc. Tel: +1 (416) 366-7777 Email: info@sierrametals.com
Luis Marchese CEO Sierra Metals Inc. Tel: +1 (416) 366-7777
Vancouver, B.C., February 23, 2022 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), announced today that the corporation has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Project (“NI-43-101”) supporting the inferred mineral resource statement for the Soledad Project located in Ancash, Peru. The highlights of the Report were previously announced in a news release dated January 11, 2022, and the effective date of the Report is January 3, 2022. The technical report, titled “Independent Technical Report for the Soledad Copper Project, Ancash Department, Peru”, can be found under the Corporation’s issuer profile at www.sedar.com.
Highlights of the Mineral Resource Estimate:
Inferred Resources were estimated for seven breccia pipes that start at surface and extend to an average depth of approximately 300 metres; all zones remain open at depth
Inferred Resources of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods
Inferred Resources of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods
The total initial Inferred Resource contains 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper
Opportunities for increasing the Inferred Resources include drill testing numerous additional breccia pipes and other targets identified on the property and extending the known mineralized zones at depth from the current Inferred Resources
Only 16 out of 110 (15%) current targets have been tested to date, seven of which are included in the initial Inferred Resource estimate; several of the tested targets are mineralized but not yet included in the initial Inferred Resource as they require additional definition drilling
As previously reported, copper-gold-silver mineralization at the Soledad project is hosted within multiple, vertically extensive tourmaline breccia pipes; important minerals are chalcopyrite, gold, electrum, and tetrahedrite. The resource estimate confirms that the tourmaline breccia pipes at Soledad host significant mineralization with good continuity. The pipes exhibit strong zonation between gold, copper, and silver. Drilling has confirmed the existence of blind breccia pipes that do not crop out a surface (Bx 1 North Zone), and breccia pipes that do crop out coalescing into larger breccias at depth (Huancarama East). The resource model, when combined with our other exploration data sets, helps refine the targeting model that will be used in future exploration drilling campaigns.
“This initial Inferred Resource is a blueprint for the much larger potential of the expanded Soledad project that now covers 4,200 hectares. Our ongoing exploration has defined numerous high-quality drill targets across the broader Soledad project. The Offset (3D) IP geophysical survey we are currently running has been particularly useful in defining targets with larger footprints, consistent with the signature of the larger breccia pipes we have drilled so far. We are excited about testing the broader exploration potential of the project and continuing our ESG programs that have matured over the last couple of years,” stated President and CEO David Kelley.
Mineral resources were estimated by W.F. Tanaka (FAusIMM) and audited and accepted by Dr. Gilles Arseneau (PGeo.) of ARSENEAU Consulting Services Inc. of Vancouver. Resources were estimated for seven tourmaline breccias by ordinary kriging into 5 by 5 by 10 m blocks. Grades were composited to 5 m length and silver composites were capped at 500 g/t for Breccia 1 and 720 g/t for Breccia 6.
The mineral resources were estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended, and in accordance with National Instrument 43-101. Near surface mineral resources were reported inside an optimized pit shell and at a dollar equivalent cut-off of US$ 25.00. The dollar equivalent is calculated using a US$1,600 per ounce for gold, US$20 per ounce for silver, and US$3.50 per pound for copper. Metallurgical recoveries were assumed to be 85% for gold, 75% for silver and 90% for copper. Material not captured by the optimized pit shell was assumed to be extractable by underground mining methods if the blocks were above a US$60 cut-off and represented a shape amenable to underground mining below the pit shell. Lead and zinc values also present at Soledad were not considered in the equivalent calculation.
Based on the above parameters, ACS estimated that the Soledad Project contains 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper amenable to extraction by underground mining methods plus an additional 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper amenable to extraction by open pit mining methods. All resources are classified as Inferred mineral resource as the term is defined by CIM. The QP is not aware of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves per section 3.4(d) of 43-101.
Soledad Project – Inferred Mineral Resource Statement ACS, effective January 3, 2022
Cut -Off (US$)^
Type
Breccia
Tonnes*
Au (g/t)
Ag (g/t)
Cu (%)
$25.00
Open Pit
Breccia 1
486,000
2.46
58.7
1.08
$25.00
Open Pit
Breccia 5
612,000
1.34
22.7
0.44
$25.00
Open Pit
Breccia 6
19,000
0.59
60.7
0.03
$25.00
Open Pit
Breccia 7
76,000
0.65
13.1
0.32
$25.00
Open Pit
Huancarama E
386,000
0.32
40.1
0.42
$25.00
Open Pit
Paloma E
141,000
0.61
18.2
0.35
$25.00
Open Pit
Paloma W
169,000
0.85
44.0
1.12
$25.00
Open Pit Total
All Pipes
1,889,000
1.29
37.1
0.65
$60.00
Underground
Breccia 1
2,170,000
0.65
85.7
1.24
$60.00
Underground
Breccia 5
1,045,000
1.08
13.6
0.86
$60.00
Underground
Breccia 6
114,000
1.28
88.5
0.29
$60.00
Underground
Breccia 7
177,000
0.78
103.7
0.11
$60.00
Underground
Huancarama E
1,185,000
0.52
53.5
0.79
$60.00
Underground
Paloma E
82,000
0.22
23.3
0.68
$60.00
Underground
Paloma W
67,000
0.59
17.0
0.78
$60.00
Underground Total
All Pipes
4,842,000
0.72
61.0
0.97
Open Pit + UG
All Pipes
6,731,000
0.88
54.2
0.88
*Numbers may not add up exactly due to rounding; ^ Cut-offs are based on $1,600/oz gold, $20/oz silver, and $3.50 /lb copper and assumed recoveries of 90% for copper, 85% for gold, and 75% for silver.
Qualified Persons
The Mineral Resource Estimate for the Soledad Project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an Independent Qualified Person (“QP”) as defined under NI 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has been reviewed and approved by David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101– Standards of Disclosure of Mineral Projects.
Sampling and Analytical Procedures All core is cut in half and sampled in one-metre intervals within a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead, and zinc are analyzed using the OG-46 procedure.
Results of previous drilling and additional information concerning the Project are available on Chakana’s SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
(signed) “David Kelley” David Kelley President and CEO
For further information contact: Joanne Jobin, Investor Relations Officer Phone: 647 964 0292 Email: jjobin@chakanacopper.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Vancouver, B.C., February 23, 2022 – Chakana Copper Corp. (TSX-V: PERU; OTCQB: CHKKF; FRA: 1ZX) (the “Company” or “Chakana”), announced today that the corporation has filed on SEDAR a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Project (“NI-43-101”) supporting the inferred mineral resource statement for the Soledad Project located in Ancash, Peru. The highlights of the Report were previously announced in a news release dated January 11, 2022, and the effective date of the Report is January 3, 2022. The technical report, titled “Independent Technical Report for the Soledad Copper Project, Ancash Department, Peru”, can be found under the Corporation’s issuer profile at www.sedar.com.
Highlights of the Mineral Resource Estimate:
Inferred Resources were estimated for seven breccia pipes that start at surface and extend to an average depth of approximately 300 metres; all zones remain open at depth
Inferred Resources of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods
Inferred Resources of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods
The total initial Inferred Resource contains 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper
Opportunities for increasing the Inferred Resources include drill testing numerous additional breccia pipes and other targets identified on the property and extending the known mineralized zones at depth from the current Inferred Resources
Only 16 out of 110 (15%) current targets have been tested to date, seven of which are included in the initial Inferred Resource estimate; several of the tested targets are mineralized but not yet included in the initial Inferred Resource as they require additional definition drilling
As previously reported, copper-gold-silver mineralization at the Soledad project is hosted within multiple, vertically extensive tourmaline breccia pipes; important minerals are chalcopyrite, gold, electrum, and tetrahedrite. The resource estimate confirms that the tourmaline breccia pipes at Soledad host significant mineralization with good continuity. The pipes exhibit strong zonation between gold, copper, and silver. Drilling has confirmed the existence of blind breccia pipes that do not crop out a surface (Bx 1 North Zone), and breccia pipes that do crop out coalescing into larger breccias at depth (Huancarama East). The resource model, when combined with our other exploration data sets, helps refine the targeting model that will be used in future exploration drilling campaigns.
“This initial Inferred Resource is a blueprint for the much larger potential of the expanded Soledad project that now covers 4,200 hectares. Our ongoing exploration has defined numerous high-quality drill targets across the broader Soledad project. The Offset (3D) IP geophysical survey we are currently running has been particularly useful in defining targets with larger footprints, consistent with the signature of the larger breccia pipes we have drilled so far. We are excited about testing the broader exploration potential of the project and continuing our ESG programs that have matured over the last couple of years,” stated President and CEO David Kelley.
Mineral resources were estimated by W.F. Tanaka (FAusIMM) and audited and accepted by Dr. Gilles Arseneau (PGeo.) of ARSENEAU Consulting Services Inc. of Vancouver. Resources were estimated for seven tourmaline breccias by ordinary kriging into 5 by 5 by 10 m blocks. Grades were composited to 5 m length and silver composites were capped at 500 g/t for Breccia 1 and 720 g/t for Breccia 6.
The mineral resources were estimated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, as amended, and in accordance with National Instrument 43-101. Near surface mineral resources were reported inside an optimized pit shell and at a dollar equivalent cut-off of US$ 25.00. The dollar equivalent is calculated using a US$1,600 per ounce for gold, US$20 per ounce for silver, and US$3.50 per pound for copper. Metallurgical recoveries were assumed to be 85% for gold, 75% for silver and 90% for copper. Material not captured by the optimized pit shell was assumed to be extractable by underground mining methods if the blocks were above a US$60 cut-off and represented a shape amenable to underground mining below the pit shell. Lead and zinc values also present at Soledad were not considered in the equivalent calculation.
Based on the above parameters, ACS estimated that the Soledad Project contains 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper amenable to extraction by underground mining methods plus an additional 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper amenable to extraction by open pit mining methods. All resources are classified as Inferred mineral resource as the term is defined by CIM. The QP is not aware of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves per section 3.4(d) of 43-101.
Soledad Project – Inferred Mineral Resource Statement ACS, effective January 3, 2022
Cut -Off (US$)^
Type
Breccia
Tonnes*
Au (g/t)
Ag (g/t)
Cu (%)
$25.00
Open Pit
Breccia 1
486,000
2.46
58.7
1.08
$25.00
Open Pit
Breccia 5
612,000
1.34
22.7
0.44
$25.00
Open Pit
Breccia 6
19,000
0.59
60.7
0.03
$25.00
Open Pit
Breccia 7
76,000
0.65
13.1
0.32
$25.00
Open Pit
Huancarama E
386,000
0.32
40.1
0.42
$25.00
Open Pit
Paloma E
141,000
0.61
18.2
0.35
$25.00
Open Pit
Paloma W
169,000
0.85
44.0
1.12
$25.00
Open Pit Total
All Pipes
1,889,000
1.29
37.1
0.65
$60.00
Underground
Breccia 1
2,170,000
0.65
85.7
1.24
$60.00
Underground
Breccia 5
1,045,000
1.08
13.6
0.86
$60.00
Underground
Breccia 6
114,000
1.28
88.5
0.29
$60.00
Underground
Breccia 7
177,000
0.78
103.7
0.11
$60.00
Underground
Huancarama E
1,185,000
0.52
53.5
0.79
$60.00
Underground
Paloma E
82,000
0.22
23.3
0.68
$60.00
Underground
Paloma W
67,000
0.59
17.0
0.78
$60.00
Underground Total
All Pipes
4,842,000
0.72
61.0
0.97
Open Pit + UG
All Pipes
6,731,000
0.88
54.2
0.88
*Numbers may not add up exactly due to rounding; ^ Cut-offs are based on $1,600/oz gold, $20/oz silver, and $3.50 /lb copper and assumed recoveries of 90% for copper, 85% for gold, and 75% for silver.
Qualified Persons
The Mineral Resource Estimate for the Soledad Project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an Independent Qualified Person (“QP”) as defined under NI 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has been reviewed and approved by David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101– Standards of Disclosure of Mineral Projects.
Sampling and Analytical Procedures All core is cut in half and sampled in one-metre intervals within a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over limit silver, copper, lead, and zinc are analyzed using the OG-46 procedure.
Results of previous drilling and additional information concerning the Project are available on Chakana’s SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD
(signed) “David Kelley” David Kelley President and CEO
For further information contact: Joanne Jobin, Investor Relations Officer Phone: 647 964 0292 Email: jjobin@chakanacopper.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Uranium Mineralization in Basement Outcrop Provides Immediate Targets for Follow-Up
30 Kilometres of Priority Corridors Identified
Vancouver, Canada, February 23, 2022 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska” or the “Company”) is pleased to announce compilation work on the Company’s newly acquired Chymko project, totalling 32,603 hectares, in the central Athabasca Basin located 100 km west of the Key Lake mine and mill complex (Figure 1).
Compilation work has highlighted several prominent NW-SE trending structural corridors where electromagnetic conductors are concentrated within magnetic lows (Figure 2). These conductive corridors are interpreted to represent linking structural corridors between two prominent shear zones in the Cable Bay shear zone to the east and the Virgin River shear zone to the west. The conductive corridors are abruptly cutoff at the north end by the Karras Fault. To the west of the property, the Virgin River Shear zone is host to Cameco and Orano’s Centennial unconformity uranium deposit and the Dufferin Lake uranium and polymetallic uranium zones.
The Chymko project straddles the southern edge of the Athabasca Basin, with depths to the unconformity within the Basin increasing to the north. Historical exploration in the region has been focused on regional airborne surveys that have identified the NW-SE striking conductivity corridors that are coincident with magnetic lows (Figure 2). This geophysical relationship is typical of many unconformity uranium deposits in the Athabasca Basin where graphitic metasediments in long linear conductive corridors are conducive to semi-brittle fault reactivation and the creation of structural traps for potential uranium deposition. As a result, the Company believes that these conductive corridors represent key underexplored target areas for basement and unconformity-type uranium mineralization with at least 30 kilometres of target corridor identified.
Chymko Lake Uranium Showing
The newly acquired property encompasses the Chymko Lake uranium showing. The Chymko Lake showing consists of a 30 metre long southwest trending vein-controlled zone of uranium mineralization hosted within hydrothermally altered felsic gneisses just outside of the present-day Athabasca Basin. The extents of the showing are open and only limited by the exposed outcrop. Historical rock chip samples, associated with rusty to brick-red hematite alteration, returned a maximum grade of 0.088% U3O8.
The Company is completing further compilation on the newly acquired Chymko project and is actively seeking Joint Venture partners.
CanAlaska CEO, Cory Belyk, comments, “The CanAlaska team has generated a large high-quality exploration project with already identified basement-hosted uraniuim mineralization within its boundary immediately adjacent to one of the premiere uranium corridors in the Athabasca Basin.The uranium market continues to improve and we anticipate projects such as Chymko will be in high demand for new joint venture partners or Basin entrants. We look forward to working with a new partner to move this project forward.”
Other News
The Company is active on several uranium projects in the Athabasca Basin, Saskatchewan and several nickel projects in the Thompson Nickel Belt, Manitoba.
West McArthur Drill Preparation:
Currently, the Company is undertaking a detailed Stepwise Moving Loop Time Domain Electromagnetic Survey (TDEM) on its West McArthur Joint Venture project. The geophysical survey is part of the approved $5 million 2022 exploration program. The goal of the TDEM survey is to outline and prioritize drill targets along the remainder of the Grid 5 conductive corridor southwest of the strong alteration and fault structures intersected during the recently completed 2021 exploration program. Preliminary results show that the survey is successfully mapping multiple strong conductive responses along the Grid 5 conductive trend. The Company anticipates the program will be complete in April and targets from the survey will be ready for drill testing during the upcoming summer exploration program.
Key Extension Geophysics:
A geophysical crew is planning to mobilize in the coming weeks to the Company’s Key Extension project to commence a ground gravity survey on the northeastern portion of the project. This survey will search for gravity low anomalies associated with conductivity highs potentially associated with basement-hosted uranium deposits. Targets from this survey will be ready for drill testing later in the year.
Waterbury South Drilling:
The Company is currently drilling on it’s 100%-owned Waterbury South project in the northeastern Athabasca Basin near the Cigar Lake uranium mine.
Hunter Geophysics:
In the Thompson Nickel Belt, the Company is preparing for an airborne VTEM survey on it’s 100%-owned Hunter nickel project.
West Athabasca Diamonds:
In the summer of 2021 a limited program of till sampling was completed on the West Athabasca Diamond project. A set of twenty till samples were collected in a traverse across and down-ice from the magnetic anomaly trend corresponding to potential kimberlites. Twelve chrome spinels were recovered from seven of the samples. Electron microprobe analyses of these chrome spinels yield compositions that do not fall within the diamond inclusion field.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada’s Athabasca Basin – the “Saudi Arabia of Uranium.” CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company’s properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds.
The qualified technical person for this news release is Nathan Bridge, MSc., P.Geo., CanAlaska’s Vice President, Exploration.
“Peter Dasler” Peter Dasler, M.Sc., P.Geo. President CanAlaska Uranium Ltd.
Contacts:
Peter Dasler, President Tel: +1.604.688.3211 x 138 Email: info@canalaska.com
Cory Belyk, CEO and Executive Vice President Tel: +1.604.688.3211 x 138 Email: cbelyk@canalaska.com
Neither 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 information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
