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Noble Capital Markets Senior Research Analyst Mark Reichman sits down with Aurania Resources CEO, President, and Chairman Keith Barron. Research, News, and Advanced Market Data on AUIAFView all C-Suite InterviewsThe 2022 C-Suite Interview series is now available on major podcast platforms
About Aurania Aurania is a mineral 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 located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador. |
Category: Natural Resources
EV Inflation Outpacing Traditional Cars
Image: Ron Frazer (Flickr)
How the Cost of Owning a New EV Could Also Climb Quickly
Ford (F) recently decided to split off its electric vehicle division (EV). It said it will spend $50 billion over the next five years and expects to build 2 million electric cars in 2026. General Motors (GM) announced that they are building a facility in Canada to produce cathode-active material for EV batteries. Tesla’s total 2021 sales were up 87% over the prior year. This would all seem to be occurring at a time when cheaper to operate cars are needed most, as the cost of fueling internal combustion vehicles has risen so much. But have price increases to owning EVs also climbed to the point of increasing the cost of operation?
Background
For Tesla (TSLA), Rivian (RIVN), Lucid (LCID) and other EV companies, higher oil prices would seem to add demand for their alternative products. But natural resources used in car manufacturing, especially EVs have been driven higher. Increased prices for nickel, steel, lithium, and other metals and minerals critical to car manufacturing impact EV production costs. Crude for weight-reducing plastics that are especially important in EVs, along with the chip supply shortage, makes the math favoring EVs less appealing than it may appear on the surface.
Skyrocketing crude oil prices have made it make it instantly more expensive for gas and diesel vehicles to travel each mile relative to anytime over the past 21 years. Does this make EVs much more attractive for cost-conscious drivers?
As U.S. crude is now well over $100 per barrel, with prices continuing to rise, U.S. average gasoline prices in early March exceeded $4.17 a gallon. These are the highest levels since 2001.
If one is considering selling their traditional car and purchasing an EV, the sticker price of the EV may be increasing quite a bit over the previous year, and likely much quicker than gas-powered cars.
Inflation Problem
The blue line in the chart above marked LN1 represents the percentage increase in Nickel. The futures price for LN1 has risen 283% year-to-date. The cost of nickel accounts for a third of the price of a battery. The orange line is steel used in both traditional autos and EVs, and the purple line is crude prices, it reflects the cost of the raw materials for lightweight plastic, which is relied upon in EVs more than traditional cars.
Other critical metals used in a lithium-ion battery are also skyrocketing. Benchmark lithium prices have gained about 75% this year. Cobalt prices are up more than 10%. And, depending on the type of battery, iron could also be used.
Minerals inflation has added roughly $2,000 to the average price of an EV so far in 2022, according to Barron’s. Their analysts tried to quantify the cost to EV margins a/o March 8). The Barron’s analysts concluded nickel prices alone could pull 2% off gross profit per car (based on spot prices).
Prices are higher, EVs are heavily impacted, and it is something buyers and manufacturers will have to grapple with. Additionally, investors need to pay attention. EV manufacturer Rivian Automotive (RIVN) announced a large price hike on March 1, the stock then sold off 13.5% on a day when the S&P 500 rose 1.9%.
Take-Away
The economics of running out and selling an internal combustion engine vehicle for a new electric car is constantly changing and a little less appealing than it had been. In addition to all the shared components between traditional and EVs, the cost of batteries is heading higher, and so are the prices of steel, aluminum, copper, and other things that go into any car. Raising prices may decrease sales, and this is a concern for investors.
Managing Editor, Channelchek
Suggested Reading
 The Future of Electric Vehicles
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 Copper Facing an Onslaught of Demand
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 Nancy Pelosi’s Coattail Investors Get an Update
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 Raw Materials and the Scalability of Tesla
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Sources
https://www.barrons.com/market-data/stocks/rivn
https://www.barrons.com/articles/things-to-know-today-51646648813
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Defense Metals Corp. Continues to Drill High Grade at Wicheeda With 3.23% Total Rare Earth Oxide Over 162 Metres; Including 4.21% Over 45 Metres From Surface
Defense Metals Corp. Continues to Drill High Grade at Wicheeda With 3.23% Total Rare Earth Oxide Over 162 Metres; Including 4.21% Over 45 Metres From Surface
News, and Market Data on Defense Metals
News Release – Vancouver, British Columbia –March 8, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an additional six diamond drill holes totalling 845 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-39 and WI21-40 collared from the same pad, and holes WI21-41 through WI21-44 sited 100 metres north were designed to further delineate the Wicheeda Rare Earth Element (REE) deposit.
Drill hole WI21-40 returned 3.23% TREO (total rare earth oxide) over 162 metres[1]. Along with previously reported drill hole WI21-33 on section grading 3.17% TREO over 196 metres, these two holes yielded the highest-grade x width of the 2021 drill program to date. In addition to significant composite mineralized widths, these holes continue to demonstrate the presence of higher-grade zones of carbonatite at surface and at depth extending below the current resource pit shell.
The Company continues to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign that will be released in the coming days and weeks.
Luisa Moreno, President, and Director of Defense Metals commented: “Drilling at depth within the northern Wicheeda Deposit has intersected significant new zones of high-grade REE mineralization with the potential to expand the mineral resource, and importantly may also contribute to supporting higher grades across the range of potential mine life.”
Resource infill drill hole WI21-39 (-60o dip / 285o azimuth) returned assays of 2.62% TREO over 110 metres1andin conjunction with WI21-36 and WI21-37 completes sectional drilling within the northern quarter of the Wicheeda Deposit confirming the presence of high-grade dolomite carbonatite within 2019 near surface drill holes to a vertical depth of 175 metres and horizontal width of 160 metres (Table 1 and Figure 1).
Delineation drill hole WI21-40 (-60o dip / 285o azimuth) intersected mineralized dolomite carbonate from surface grading 3.23% TREO over 162 metres1; including higher grade intervals from surface of 4.21% TREO over 44.75 metres1, and at depth of 3.67% TREO over 71 metres1 extending 15 metres below the current resource pit shell (Figure 2). Importantly drill holes WI21-33, WI21-36, and WI21-40 establish the presence of a previously unrecognized zone of high-grade dolomite carbonate at depth within the northeast quadrant of the Wicheeda Deposit. Mineralized zones within WI21-40W and WI21-33 extend downhole 60 and 80 metres respectively below the current resource, and 15 and 32 metres below the resource pit shell providing the potential to expand mineral resources.
Drill hole WI21-44 (-60o dip / 240o azimuth) collared 100metres to the north intersected a mixed interval of dolomite carbonatite near surface and REE mineralized syenite at depth high averaging 1.72% TREO over 108 metres; including 2.59% TREO over 54 metres near surface (Figure 3).
[1]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
[1] The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts
| Hole ID | From (m) | To (m) | Interval (m) | TREO[1] (%) | Ce2O3 (%) | La2O3 (%) | Nd2O3 (%) | Pr2O3 (%) | Sm2O3 (ppm) | Gd2O3 (ppm) | Eu2O3 (ppm) | Dy2O3 (ppm) | Tb4O7 (ppm) | Ho2O3 (ppm) |
| WI21-39 (285/-60) | 4 | 114 | 110 | 2.62 | 1.28 | 0.87 | 0.30 | 0.10 | 320 | 158 | 73 | 42 | 13 | 5 |
| and | 114 | 224.8 | 110.8 | 0.72 | 0.35 | 0.21 | 0.10 | 0.03 | 129 | 75 | 31 | 30 | 8 | 4 |
| WI21-40 (345/-65) | 2.75 | 165 | 162.25 | 3.23 | 1.57 | 1.11 | 0.36 | 0.13 | 370 | 158 | 70 | 39 | 13 | 4 |
| including | 2.75 | 47.5 | 44.75 | 4.21 | 2.05 | 1.46 | 0.46 | 0.16 | 452 | 197 | 92 | 61 | 18 | 7 |
| including | 96 | 167 | 71 | 3.67 | 1.79 | 1.26 | 0.41 | 0.14 | 411 | 173 | 75 | 35 | 13 | 3 |
| WI21-43 (045/-85) | 10.75 | 124.1 | 113.35 | 0.55 | 0.26 | 0.17 | 0.07 | 0.02 | 121 | 84 | 33 | 35 | 9 | 5 |
| WI21-44 (240/-60) | 17.5 | 125.6 | 108.1 | 1.72 | 0.83 | 0.57 | 0.20 | 0.07 | 266 | 141 | 69 | 47 | 14 | 6 |
| including | 35 | 89 | 54 | 2.59 | 1.24 | 0.87 | 0.29 | 0.10 | 384 | 205 | 102 | 70 | 20 | 9 |
| WI21-33 (350/-80) | 5.00 | 201.00 | 196 | 3.17 | 1.52 | 1.07 | 0.37 | 0.13 | 382 | 181 | 81 | 42 | 14 | 4 |
| including | 5.00 | 55.25 | 50.25 | 3.63 | 1.74 | 1.26 | 0.41 | 0.14 | 396 | 181 | 84 | 52 | 16 | 6 |
| including | 146.00 | 201.00 | 55.00 | 4.29 | 2.07 | 1.48 | 0.47 | 0.17 | 489 | 232 | 112 | 52 | 18 | 5 |
| WI21-34 (040/-55) | 3.00 | 117.00 | 114.00 | 2.97 | 1.46 | 1.02 | 0.33 | 0.11 | 323 | 134 | 58 | 23 | 9 | 2 |
| including | 3.00 | 70.00 | 67.00 | 3.84 | 1.89 | 1.34 | 0.41 | 0.15 | 379 | 160 | 69 | 29 | 11 | 3 |
| WI21-35 (080/-55) | 1.20 | 121.00 | 119.80 | 3.87 | 1.87 | 1.34 | 0.43 | 0.15 | 434 | 200 | 88 | 52 | 17 | 6 |
| WI21-36 (108/-80) | 1.10 | 174.00 | 172.90 | 2.34 | 1.14 | 0.78 | 0.27 | 0.09 | 293 | 134 | 59 | 35 | 11 | 4 |
| including | 1.10 | 35.65 | 34.55 | 3.45 | 1.66 | 1.21 | 0.38 | 0.13 | 374 | 170 | 72 | 37 | 13 | 4 |
| including | 136.00 | 174.00 | 38.00 | 3.02 | 1.46 | 1.05 | 0.33 | 0.12 | 337 | 157 | 68 | 40 | 13 | 4 |
| WI21-37 (108/-45) | 2.00 | 139.85 | 137.85 | 3.19 | 1.56 | 1.10 | 0.35 | 0.12 | 351 | 144 | 66 | 30 | 11 | 3 |
| including | 2.00 | 57.00 | 55.00 | 4.00 | 1.96 | 1.38 | 0.42 | 0.15 | 427 | 164 | 76 | 35 | 12 | 3 |
| WI21-38 (220/-70) | 1.35 | 82.00 | 80.65 | 3.08 | 1.50 | 1.07 | 0.33 | 0.12 | 346 | 154 | 70 | 40 | 13 | 4 |
| including | 1.35 | 24.75 | 23.4 | 6.01 | 2.91 | 2.14 | 0.62 | 0.23 | 607 | 246 | 114 | 60 | 20 | 6 |
A series of short drill holes WI21-41 (-55o dip / 025o azimuth), WI21-42 (-70o dip / 025o azimuth), and WI21-43 (-85o dip / 045o azimuth) totalling 285 metres successfully delineated the northeast margin of the deposit. Drill hole WI21-43 intersected several carbonate dykes, syenite and limestone host rocks above resource cut-off averaging 0.55% TREO over 113 metres (Figure 3).
Figure 1. Drill Section Holes WI21-36, WI21-37, and WI21-39
Figure 2. Drill Section Holes WI21-33, WI21-36, and WI21-40
Figure 3. Drill Section Holes WI21-43 and WI21-44
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[1]. 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.
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] 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).
Allegiant Gold (AUXXF)(AUAU:CA) – Off to a Strong Start in 2022
Monday, March 07, 2022
Allegiant Gold (AUXXF)(AUAU:CA)
Off to a Strong Start in 2022
Allegiant Gold is a mid-stage exploration stage company with 10 highly prospective projects in the southwest United States, including 7 projects in the State of Nevada. Allegiant’s flagship project is Eastside, a district-scale project in Nevada with inferred resources of 1.4 million gold and 8.8 million silver ounces of inferred resources and significant potential to add size and scale. The company’s shares trade on the TSX Venture Exchange under the ticker symbol “AUAU” and on the OTCQX under the ticker symbol “AUXXF.”
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.
Near-term drilling programs. Beginning this month, reverse circulation (RC) drilling will focus on the east pediment zone and the western anomaly and entail 35 holes, including 25 holes at the east pediment zone with an average depth of 200 meters per hole, and 10 holes at the western anomaly with an average depth of 300 meters per hole. Core drilling will begin in May to test the recently discovered high-grade zone within the western edge of the original pit zone and will entail 7 core holes with an average depth of 600 meters.
Updating estimates. For the three-month period ending December 31, 2021, Allegiant Gold reported a net loss of C$(0.01) per share compared to C$(0.00) during the prior year period and our estimate of C$0.00. Operating expenses were modestly above our estimates, and we have adjusted our fiscal year 2022 net loss per share estimate to C$(0.01) from C$0.00. Our 2023 per share estimate is unchanged …
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.
Release – Sierra Metals Announces Filing Of NI 43-101 Technical Report For Updated PEA On The Expansion Of Its Yauricocha Mine In Peru
Sierra Metals Announces Filing Of NI 43-101 Technical Report For Updated PEA On The Expansion Of Its Yauricocha Mine In Peru
Research, News, and Market Data on Sierra Metals
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.
Continue to Follow, Like and Watch our progress:
Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals
Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com
Americo Zuzunaga
Vice President of Corporate Planning
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Luis Marchese
CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Source: Sierra Metals Inc.
Sierra Metals Announces Filing Of NI 43-101 Technical Report For Updated PEA On The Expansion Of Its Yauricocha Mine In Peru
Sierra Metals Announces Filing Of NI 43-101 Technical Report For Updated PEA On The Expansion Of Its Yauricocha Mine In Peru
Research, News, and Market Data on Sierra Metals
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.
Continue to Follow, Like and Watch our progress:
Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals
Investor Relations
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Email: info@sierrametals.com
Americo Zuzunaga
Vice President of Corporate Planning
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Luis Marchese
CEO
Sierra Metals Inc.
Tel: +1 (416) 366-7777
Source: Sierra Metals Inc.
Release – Defense Metals Drills 3.17 Total Rare Earth Oxide Over 196 Metres From Surface
Defense Metals Drills 3.17% Total Rare Earth Oxide Over 196 Metres From Surface And Extends Mineralization Below Resource Pit Shell
News, and Market Data on Defense Metals
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].
Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts
| Hole ID | From (m) | To (m) | Interval (m) | TREO[2] (%) | Ce2O3 (%) | La2O3 (%) | Nd2O3 (%) | Pr2O3 (%) | Sm2O3 (ppm) | Gd2O3 (ppm) | Eu2O3 (ppm) | Dy2O3 (ppm) | Tb4O7 (ppm) | Ho2O3 (ppm) |
| WI21-33 (350/-80) | 5.00 | 201.00 | 196 | 3.17 | 1.52 | 1.07 | 0.37 | 0.13 | 382 | 42 | 14 | 81 | 181 | 4 |
| including | 5.00 | 55.25 | 50.25 | 3.63 | 1.74 | 1.26 | 0.41 | 0.14 | 396 | 52 | 16 | 84 | 181 | 6 |
| including | 146.00 | 201.00 | 55.00 | 4.29 | 2.07 | 1.48 | 0.47 | 0.17 | 489 | 52 | 18 | 112 | 232 | 5 |
| WI21-34 (040/-55) | 3.00 | 117.00 | 114.00 | 2.97 | 1.46 | 1.02 | 0.33 | 0.11 | 323 | 23 | 9 | 58 | 134 | 2 |
| including | 3.00 | 70.00 | 67.00 | 3.84 | 1.89 | 1.34 | 0.41 | 0.15 | 379 | 29 | 11 | 69 | 160 | 3 |
| WI21-35 (080/-55) | 1.20 | 121.00 | 119.80 | 3.87 | 1.87 | 1.34 | 0.43 | 0.15 | 434 | 52 | 17 | 88 | 200 | 6 |
| WI21-36 (108/-80) | 1.10 | 174.00 | 171.90 | 2.35 | 1.14 | 0.79 | 0.28 | 0.09 | 294 | 35 | 11 | 59 | 134 | 4 |
| including | 1.10 | 35.65 | 34.55 | 3.45 | 1.66 | 1.21 | 0.38 | 0.13 | 374 | 37 | 13 | 72 | 170 | 4 |
| including | 136.00 | 174.00 | 38.00 | 3.02 | 1.46 | 1.05 | 0.33 | 0.12 | 337 | 40 | 13 | 68 | 157 | 4 |
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).
Defense Metals Drills 3.17% Total Rare Earth Oxide Over 196 Metres From Surface And Extends Mineralization Below Resource Pit Shell
Defense Metals Drills 3.17% Total Rare Earth Oxide Over 196 Metres From Surface And Extends Mineralization Below Resource Pit Shell
News, and Market Data on Defense Metals
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].
Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts
| Hole ID | From (m) | To (m) | Interval (m) | TREO[2] (%) | Ce2O3 (%) | La2O3 (%) | Nd2O3 (%) | Pr2O3 (%) | Sm2O3 (ppm) | Gd2O3 (ppm) | Eu2O3 (ppm) | Dy2O3 (ppm) | Tb4O7 (ppm) | Ho2O3 (ppm) |
| WI21-33 (350/-80) | 5.00 | 201.00 | 196 | 3.17 | 1.52 | 1.07 | 0.37 | 0.13 | 382 | 42 | 14 | 81 | 181 | 4 |
| including | 5.00 | 55.25 | 50.25 | 3.63 | 1.74 | 1.26 | 0.41 | 0.14 | 396 | 52 | 16 | 84 | 181 | 6 |
| including | 146.00 | 201.00 | 55.00 | 4.29 | 2.07 | 1.48 | 0.47 | 0.17 | 489 | 52 | 18 | 112 | 232 | 5 |
| WI21-34 (040/-55) | 3.00 | 117.00 | 114.00 | 2.97 | 1.46 | 1.02 | 0.33 | 0.11 | 323 | 23 | 9 | 58 | 134 | 2 |
| including | 3.00 | 70.00 | 67.00 | 3.84 | 1.89 | 1.34 | 0.41 | 0.15 | 379 | 29 | 11 | 69 | 160 | 3 |
| WI21-35 (080/-55) | 1.20 | 121.00 | 119.80 | 3.87 | 1.87 | 1.34 | 0.43 | 0.15 | 434 | 52 | 17 | 88 | 200 | 6 |
| WI21-36 (108/-80) | 1.10 | 174.00 | 171.90 | 2.35 | 1.14 | 0.79 | 0.28 | 0.09 | 294 | 35 | 11 | 59 | 134 | 4 |
| including | 1.10 | 35.65 | 34.55 | 3.45 | 1.66 | 1.21 | 0.38 | 0.13 | 374 | 37 | 13 | 72 | 170 | 4 |
| including | 136.00 | 174.00 | 38.00 | 3.02 | 1.46 | 1.05 | 0.33 | 0.12 | 337 | 40 | 13 | 68 | 157 | 4 |
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).
Aurania Resources (AUIAF)(ARU:CA) – Refocused Strategy Enhances Likelihood of Successful Outcomes; Rating Upgraded
Tuesday, March 01, 2022
Aurania Resources (AUIAF)(ARU:CA)
Refocused Strategy Enhances Likelihood of Successful Outcomes; Rating Upgraded
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.
Release – FenixOro Provides Commentary on Colombian Amendment to Second Law
FenixOro Provides Commentary on Colombian Amendment to Second Law
Research, News, and Market Data on FenixOro Gold
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.
FenixOro Gold Corp
John Carlesso, CEO
Email: info@FenixOro.com
Website: www.FenixOro.com>
Telephone: 1-833-ORO-GOLD
FenixOro Provides Commentary on Colombian Amendment to Second Law
FenixOro Provides Commentary on Colombian Amendment to Second Law
Research, News, and Market Data on FenixOro Gold
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.
FenixOro Gold Corp
John Carlesso, CEO
Email: info@FenixOro.com
Website: www.FenixOro.com>
Telephone: 1-833-ORO-GOLD
Newrange Gold Corp. (NRGOF)(NRG:CA) – Newrange Closes First Tranche of Financing
Friday, February 25, 2022
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.
Release – Sierra Metals Announces the Appointment of Dawn Whittaker to Its Board of Directors
Sierra Metals Announces the Appointment of Dawn Whittaker to Its Board of Directors
Research, News, and Market Data on Sierra Metals
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.
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Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information”). Forward-looking information includes, but is not limited to, statements with respect to the date of the 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
Source: Sierra Metals Inc.