Monday, November 29, 2021

Aurania Resources (AUIAF)(ARU:CA)
Focused on Discovery: Highlights from Aurania Resources Investor Webinar

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.

Investor webinar. Investor webinar. Aurania recently hosted a webinar for investors and discussed its current drill program and exploration strategy. The company completed Hole 4 at the Tiria-Shimpia silver-zinc target and is awaiting drill results in December before deciding whether to drill a fifth hole. Another rig at the Tsenken N1 copper-silver target just started on Hole 9. While sequencing is fluid, it appears the intrusive-related Awacha and Tatasham copper-gold porphyry targets are next in line, respectively, followed by the Latorre C epithermal gold-silver target.


Updating estimates.  Aurania does not generate revenue as an exploration company and incurs expenses to advance its projects. Third quarter expenses were higher than our estimate, largely due to greater exploration expense. While we have increased our 2021 loss per share estimate to $(0.53) from $(0.47), we are reducing our 2022 loss per share estimate to $(0.25) from $(0.47) due, in part, to lower …

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. 

Great Bear Discovers New Gold Zone West of Hinge and Limb Zones: 20.27 g/t Gold Over 1.75 m, Within 5.69 g/t Gold Over 7.05 m; Reports New LP Fault Results Including 16.07 g/t Gold Over 3.70 m Within 3.10 g/t Gold Over 28.30 m

 

November 24, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported drill results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “We recently resumed drilling near the Hinge and Limb zones and discovered a new, high-grade gold zone west of those targets.  The new “Midwest” zone closely resembles the style of gold mineralization observed at the Dixie Limb zone; both occur at the sheet-like contacts between different basalt units and consist of silica-sulphide replacement style mineralization including high-grade gold.  Several historical holes which tested the Limb zone, did not penetrate far enough to the west to intersect the Midwest zone.  In addition to drilling other new, untested basalt contacts, the Company will re-enter and extend previously drilled holes into the Midwest area.  Additionally, ongoing drilling of the LP Fault zone continues to return significant gold intervals at depths ranging from bedrock surface to over 600 vertical metres.”

New Midwest Zone Drilling Highlights

• Drill hole DL-071 intersected the new “Midwest” zone, located 275 metres northwest of the Hinge zone and 250 metres south of the Dixie Limb zone, assaying 20.27 g/t gold over 1.75 metres from 812.35 to 814.10 metres downhole.  The total mineralized interval was 5.69 g/t gold over 7.05 metres from 809.95 to 817.00 metres downhole.  Table 1.
• The new discovery consists of high-grade gold in silica-sulphide replacement alteration at the subvertical planar contact between two basalt flows and is most similar to the Dixie Limb zone in style.
• Until this discovery, it was thought that the only mineralized basalt-basalt contact occurred at the Dixie Limb zone.  It is now confirmed that additional basalt-basalt contacts can also localize silica-sulphide replacement mineralization including high-grade gold.
• Great Bear’s drilling and geophysical data suggest additional basalt-basalt contacts may occur within the mafic volcanic package southwest of the LP Fault zone, defining new drill targets.

All significant gold zones at Dixie occupy a 1.4 kilometre wide “dilation zone” shown on Figure 1, where many geological contacts and structures are mineralized.  A report on seismic surveys by Zeng and Calvert, 2006 presents an interpretation that this structural zone reaches the base of the continental crust.  At the Dixie project, the zone contains a broad structural corridor with more than 18 kilometres of strike length.  Gold has been drilled along 11 kilometres of strike length to date.  In addition to ongoing drilling of the LP Fault, Phase 2 drilling will continue to test various new targets such as the new Midwest zone within this broad structurally dilated and mineralized corridor.

New LP Fault Drilling Highlights

Ongoing LP Fault drilling continues to systematically expand gold mineralization, including at depth.  Current drill holes targeted the zone at various points along 2.9 kilometres of strike length, between bedrock surface and approximately 600 metres vertical depth.  Table 2.

New drilling primarily targeted 1) extensions to the 23 high-grade domains currently being modeled, including at depth, and 2) the lower-grade halo up to 200 metres from the centre of the zone.  Gold mineralization is typically strongest within, and proximal to, the high-grade domains that occur towards the centre of the zone.  Highlights include:

• Drill holes BR-406 and BR-407 increase the drilled depth of the LP Fault gold zone to approximately 450 metres vertically from surface on their drill section.  Results include:
  • BR-406: 66.30 g/t gold over 0.50 metres from 407.30 metres to 407.80 metres downhole.  This occurred within a broader interval assaying 6.15 g/t gold over 7.20 metres from 406.80 to 414.00 metres downhole.
  • BR-406: 42.60 g/t gold over 0.50 metres from 452.15 to 452.65 metres downhole.  This also occurred within a broader interval assaying 3.24 g/t gold over 12.25 metres.
  • BR-406: The total mineralized interval was 2.03 g/t gold over 45.85 metres from 406.80 to 452.65 metres downhole.
  • BR-407: 11.29 g/t gold over 3.00 metres from 496.00 to 499.00 metres downhole, which occurred within a broad interval of 4.55 g/t gold over 25.50 metres from 473.50 to 499.00 metres downhole. 
  • BR-407: The total mineralized interval was 1.83 g/t gold over 91.35 metres from 430.40 to 521.75 metres downhole.
• Shallower LP Fault drill holes were also completed to fill in gaps of up to 100 metres in past drilling.  Drill hole BR-426 intersected several high-grade, mid-grade and low-grade gold intervals over 150.20 metres of core length, consistent with previously reported continuity of gold mineralization in this area (see news releases of June 3, 2021 and September 9, 2021).  Results include:
  • BR-426 collared in a broad low-grade gold interval from bedrock surface assaying 0.59 g/t gold over 65.70 metres from 28.50 to 94.20 metres downhole.
  • It also intersected high-grade gold assaying 16.07 g/t gold over 3.70 metres from 174.30 to 178.00 metres downhole.  The broader mineralized interval was 3.10 g/t gold over 28.30 metres from 165.20 to 193.50 metres downhole.
• Shallow drill hole BR-438 intersected several mineralized intervals over 258.10 metres of core length, including:
  • 32.40 g/t gold over 0.50 metres from 72.10 to 72.60 metres downhole, within a broader interval assaying 1.62 g/t gold over 11.20 metres from 66.70 to 77.09 metres downhole,
  • 24.84 g/t gold over 0.90 metres from 128.35 to 129.25 metres downhole, within a broader interval assaying 6.00 g/t gold over 3.90 metres from 128.35 to 129.25 metres downhole,
  • 37.50 g/t gold over 1.00 metre from 153.60 to 154.50 metres downhole, within a broader interval assaying 2.53 g/t gold over 16.70 metres from 147.60 to 164.30 metres downhole, and
  • 40.00 g/t gold over 1.50 metres from 323.30 to 324.80 metres downhole.
• Shallow drill hole BR-463 intersected near-surface high-grade gold assaying 21.00 g/t gold over 1.10 metres from 49.60 to 50.70 metres downhole.  The broader mineralized interval was 8.38 g/t gold over 4.20 metres from 46.50 to 50.70 metres downhole.
• Upcoming LP Fault drill results include direct targeting of high-grade domains such as BR7 at depth (see news release of May 19, 2021).  Assay results are pending.

Grid Drilling the Hinge, Limb and Midwest Area

Results from the Hinge and Dixie Limb zones were last reported on May 11, 2020 (Dixie Limb zone: 10.19 g/t gold over 19.00 metres from 1,008.55 metres downhole), and December 9, 2020 (Hinge zone: 15.18 g/t gold over 4.90 metres from 1,190.00 metres downhole).  The Company has focused more than 90% of its drilling on the adjacent LP Fault zone throughout 2020 and 2021.

Great Bear has begun a new grid-based drill program on 25 – 100 metre centres in the Hinge, Limb and Midwest zone area which will support detailed mineral resource estimation drilling of these zones later in 2022.  Grid drilling is initially expected to cover an area of approximately 400 metres of strike length by 600 metres of vertical extent, as shown in Figure 2.

The purpose of grid drilling is to collect gold mineralization results, together with geological and oriented structural data that will be used to target steeply-plunging high-grade gold zones with shoot-like geometries that comprise the primary targets within each of these zones, throughout 2022.

The new Midwest zone was discovered in a previously undrilled area in a 200 to 300 metre step-out hole near the western margin of the newly planned drill grid.  Figure 2 and Figure 3.

The Hinge zone was discovered by Great Bear in 2018 (see news release of August 22, 2018) and consists of multiple sub-parallel “Red Lake style” high-grade gold-bearing, anastomosing quartz veins hosted by mafic rocks.   High-grade gold frequently concentrates in steeply-plunging shoot-like mineralized zones, as is typical in the Red Lake district.

The adjacent Dixie Limb zone was discovered by Teck Resources Ltd. in the 1980’s and was the first gold zone explored by Great Bear (see news release of September 7, 2017).  The Limb zone consists of silica-sulphide replacement mineralization containing mid- to high-grade gold located at the subvertical contact between two basalt units. 

Table 1: Dixie Limb, Hinge and Midwest zone drill results from expanded drill grid.  Multiple gold-bearing veins and mineralized contacts occur in this area.  Grid drilling will define areas to focus upcoming detailed definition of the high-grade “shoot-like” mineralized zones that are the primary targets in this area.

*True widths are 90% of interval widths based on intersection points of the drill hole intercept with the geological model and oriented drill core data. Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.

Table 2: New LP Fault drill results.  Drill hole traces are shown on Figure 3.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Figure 1: 1.4 kilometre wide mineralized structural dilation zone at the centre of the Dixie property, section A-B.  New Midwest zone shown adjacent to Limb and Hinge zones.  Image of visible gold from the Midwest zone hole DL-071 is of a selected interval and does not represent all of the mineralization on the property.

Figure 2: Long section of gold zones within the mafic volcanic rocks to the west of the LP Fault zone.  Arrow, Midwest, and Hinge zones shown.  Limb zone is located away from the viewer, into the page.  Image of visible gold from the Midwest zone hole DL-071 is of a selected interval and does not represent all of the mineralization on the property.

Figure 3: Inclined plan map of the main gold zones at the Dixie property, showing the sections lines of Figures 1 and 2.

Drill collar location, azimuth and dip for drill holes included in this release are provided in the table below (UTM zone 15, NAD 83):

About the Dixie Project

The 100% owned flagship Dixie project boasts one of the largest recent gold discoveries in a Canadian mining jurisdiction.  Proximal to major infrastructure near the town of Red Lake, Ontario, the Dixie property comprises over 91.4 square kilometres of contiguous claims that extend over 22 kilometres with a paved highway and provincial power and natural gas lines.  The property also hosts a network of well-maintained logging roads which facilitate access.

23 high-grade domains are structurally and geologically distinctive from the surrounding lower grade, bulk tonnage style gold mineralization.  Together, they span a strike length of 4.2 kilometres and occur within larger stratigraphically controlled lower grade domains.  They are characterized by high degrees of strain and/or transposed quartz vein zones following two distinct structural fabrics and transition from upper greenschist to lower amphibolite facies metamorphism.  Gold in the high-grade domains is generally observed as free gold, is often transposed into, and overgrows the dominant structural fabrics, and is higher-grade on average than the surrounding bulk tonnage gold zones.

To date, Great Bear has completed a total of 721 drill holes, identifying five high-grade gold discoveries.  The most significant discovery is the large-scale “LP Fault” zone, which comprises high-grade disseminated gold mineralization within broad moderate-to-lower-grade envelopes in felsic volcanic and sediment units.  LP Fault drilling has identified gold mineralization along 11 kilometres of strike length to date, and a detailed drill grid is being completed along approximately 4 kilometres of strike length.  The nearby “Hinge”, “Limb”, “Midwest” and “Arrow” gold zones are more characteristic of the renowned Red Lake mined deposits, comprising gold-bearing quartz veins and silica-sulphide replacement zones hosted by mafic volcanic units.  Over 80% of the Company’s drill holes into the LP Fault, Dixie Limb and Hinge zones contain visible gold mineralization.  Gold occurs mainly as free gold, neither bound to nor within sulphide minerals.

Great Bear adheres to industry-leading quality assurance / quality control (QA/QC) practices in data collection, analysis and disclosure, and detailed assays including all historical LP Fault drill hole data are available on the Company’s website at https://greatbearresources.ca/projects/overview/dixie-project-data/.

About Great Bear

Great Bear Resources Ltd. is a Vancouver-based gold exploration company focused on advancing its 100% owned Dixie project in Northwestern Ontario, Canada.  A significant exploration drill program is currently underway to define the mineralization within a large-scale, high-grade disseminated gold discovery made in 2019, the LP Fault.  Additional exploration drilling is also in progress to expand and infill nearby high-grade gold zones, as well as to test new regional targets.  The Company is currently in the process of compiling all historical data together with incoming assay results, with the goal of publishing an initial multi-million ounce mineral resource estimate in accordance with NI 43-101 for the Dixie project in early 2022. 

Great Bear is a committed partner to all stakeholders, with a long-term vision of sustainable exploration to advance the Dixie project in a manner that demonstrates good stewardship of land, operational excellence and accountability.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, VP Projects for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President and CEO

Investor Inquiries:
Ms. Jenni Piette,
Director, Sustainability and Stakeholder Relations
Tel: 604-646-8354
info@greatbearresources.ca
www.greatbearresources.ca

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Aurania Provides Update On Drilling & Conference Call Details

 

Toronto, Ontario, November 24, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that drilling successfully intersected the targeted silver-zinc mineralized layer at Tiria-Shimpia in drill hole SH-004 and assays are awaited. Progress is also being made with exploration for sediment-hosted copper at the Tsenken target in the Company’s Lost Cities – Cutucu Project area (“Project”) in southeastern Ecuador. Copper has been intersected in several sedimentary layers and targets were refined during a week-long site visit by a specialist in sediment-hosted copper, zinc and lead, Professor Gregor Borg, his third visit to the Project.

Aurania’s Chairman and CEO, Dr. Keith Barron and President, Dr. Richard Spencer will be hosting a webcasted exploration update conference call on Friday, November 26, 2021, to discuss recent developments. The webcast link and dial-in details for the conference call are listed below.

Conference Call & Webcast Details

Date and time: November 26th at 11:00am ET.

Webcast URL:  Click here to join the webcast.

When prompted, webcast participants enter: First Name, Last Name, Company, Email Address.

Participant Telephone Numbers*

Canada/USA Toll Free: 1-800-319-4610

Toronto Toll: +1-416-915-3239

UK & Europe Toll Free: 0808-101-2791

*Callers should dial in 5 – 10 min prior to the scheduled start time and simply ask to join Aurania’s call.

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Drilling at Tiria-Shimpia

Drill hole SH-004 at Tiria-Shimpia intersected the zinc-bearing mineralized layer as planned at the location indicated in the press release dated October 28, 2021.  Assay results are expected in December and will be press released at that time.

Drilling at Tsenken

A breakthrough has been made in the exploration for sediment-hosted copper with the recognition, confirmed and elaborated on by Prof. Borg, of evidence for evaporite layers, which contain salt and sulphates, within the red-beds at Tsenken and in the limestones at Tiria-Shimpia. Evaporites are the end products of evaporation of saline lakes in desert conditions.  A modern analogue would be Israel’s Dead Sea.  Evaporites are critical in our model to the formation of copper, silver and zinc deposits, as described below.

TSN1-008 has been completed and drill hole TSN1-009 is scheduled to start within days.  Final results have been received for TSN1-007.

Results and their context are as follows:

Hole TSN1-007:

• Hole TSN1-007 confirms continuity of mineralization from surface to depth.
• The grade of a mineralized sedimentary layer that lies adjacent to an evaporite-related unit at surface, was 1.9% copper and 3 grams per tonne (“g/t”) silver and the same layer, intersected at 157m down-hole, contains 0.5% copper over an interval of 1.7 metres (“m”). Both are partial results because the mineralization has been weathered (Figure 1). Weathering results in the formation of acid that would have dissolved and removed copper from the sedimentary layer. To establish the true grade of this sedimentary layer, it would have to be intersected below the weathered layer that reaches a depth of at least 120m below surface, illustrated in Figure 2, in the tropical, high rainfall environment of the Project.
• The lower part of the drill hole cut a 26m thick evaporite layer. Evaporite is an important component to sediment-hosted mineralization because it forms a seal against which metal-bearing fluids dam, and many deposits are located against such barriers. Evaporite also provides a source of sulphate that would cause the metals to be deposited as sulphides, the form in which metals are found in most sediment-hosted deposits.
• True to this exploration model, pyrite was intersected immediately beneath the evaporite layer in hole TSN1-007, confirming that the process of fluids carrying metal, in this case, iron, reacted with the sulphate in the evaporite to form iron sulphide (pyrite). This validates the exploration model, confirming the central role that evaporites play in causing metals to precipitate. Copper mineralization beneath this specific evaporite layer is likely to be located closer to the fault that fed metal-bearing fluids into the sedimentary layering. Drill hole TSN1-009 has been sited adjacent to the feeder fault system.
• This is the second time that continuity of mineralization has been confirmed; the first was in hole TSN1-003 where an intercept of 1m at 0.5% copper and 4g/t silver represents the extension of a mineralized layer sampled at surface. Although not economic, this result provides support for the exploration model and is a vector that helps refine the target area in which higher copper grades should lie.

Hole TSN1-008 – assay results are awaited:

• TSN1-008 intersected a 30cm thick evaporite layer that was mapped at surface. A broken rock layer (known as collapse breccia, the significance of which is described below) above the evaporite layer would have provided permeability for fluids to flow along the evaporite seal, and to interact with it. Vestiges of copper sulphide have been protected from weathering in the evaporite, whereas the adjacent, more permeable broken rock has been weathered and any copper that it contained is likely to have been leached, leaving behind pathfinder elements such as arsenic and silver.

Figure 1. Photograph of green malachite (copper carbonate) and black tenorite (copper oxide) in the intercept of a mineralized layer that extends from surface to depth, where it was cut in hole TSN1-007. The intercept is from a down-hole depth of 158m, approximately 120m below surface, and the occurrence of oxide and carbonate copper minerals indicates that the original sulphide copper has been leached by weathering.

Figure 2. Vertical profile through the Tsenken area showing approximate drill hole locations projected onto the plane of the profile.  The graphic shows red-beds that contain evaporite layers (or remnants of layers confirmed during Prof. Gregor Borg’s recent visit to site).  The main evaporite layer is at the base of the red-beds where they transition to limestone and shale layers.  Copper targets are shown in orange. The approximate depth of weathering is also shown. Weathering occurs to a depth of at least 120m below surface.

Site Visit by Prof. Gregor Borg

Prof. Borg has just completed his third visit to site where he reviewed field data, exploration results and drill core from both the Tsenken and Tiria-Shimpia targets to verify and provide feedback on Aurania’s current exploration models.

The most significant outcome of his visit was confirmation of features in the core that derive from salt layers being dissolved, leaving cavities that subsequently collapse. These “collapse breccias” represent good targets. They are layers of permeable rubble that provide plumbing for metal-bearing fluids, while sulphate that commonly occurs with the salt, provides a source of sulphur that traps metals as sulphides.

The second most important outcome of Prof. Borg’s visit was the recognition of growth faults in the red-beds.  These are steep extensional faults that remain active during sedimentation so that the individual units are thicker on one side than the other.  Oversteepening of fault ridges causes material to slide and produce what can be extensive breccia units.  In the Caribbean, these porous breccia units are targets for oil and gas drilling, but equally in our model they could be important targets for metal mineralization.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200-gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

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 in South America.  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.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir VP Investor Relations Aurania Resources Ltd. (416) 367-3200 carolyn.muir@aurania.com

Dr. Richard Spencer President Aurania Resources Ltd. (416) 367-3200 richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, 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, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Aurania Provides Update On Drilling & Conference Call Details

 

Toronto, Ontario, November 24, 2021 – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania” or the “Company”) reports that drilling successfully intersected the targeted silver-zinc mineralized layer at Tiria-Shimpia in drill hole SH-004 and assays are awaited. Progress is also being made with exploration for sediment-hosted copper at the Tsenken target in the Company’s Lost Cities – Cutucu Project area (“Project”) in southeastern Ecuador. Copper has been intersected in several sedimentary layers and targets were refined during a week-long site visit by a specialist in sediment-hosted copper, zinc and lead, Professor Gregor Borg, his third visit to the Project.

Aurania’s Chairman and CEO, Dr. Keith Barron and President, Dr. Richard Spencer will be hosting a webcasted exploration update conference call on Friday, November 26, 2021, to discuss recent developments. The webcast link and dial-in details for the conference call are listed below.

Conference Call & Webcast Details

Date and time: November 26th at 11:00am ET.

Webcast URL:  Click here to join the webcast.

When prompted, webcast participants enter: First Name, Last Name, Company, Email Address.

Participant Telephone Numbers*

Canada/USA Toll Free: 1-800-319-4610

Toronto Toll: +1-416-915-3239

UK & Europe Toll Free: 0808-101-2791

*Callers should dial in 5 – 10 min prior to the scheduled start time and simply ask to join Aurania’s call.

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Drilling at Tiria-Shimpia

Drill hole SH-004 at Tiria-Shimpia intersected the zinc-bearing mineralized layer as planned at the location indicated in the press release dated October 28, 2021.  Assay results are expected in December and will be press released at that time.

Drilling at Tsenken

A breakthrough has been made in the exploration for sediment-hosted copper with the recognition, confirmed and elaborated on by Prof. Borg, of evidence for evaporite layers, which contain salt and sulphates, within the red-beds at Tsenken and in the limestones at Tiria-Shimpia. Evaporites are the end products of evaporation of saline lakes in desert conditions.  A modern analogue would be Israel’s Dead Sea.  Evaporites are critical in our model to the formation of copper, silver and zinc deposits, as described below.

TSN1-008 has been completed and drill hole TSN1-009 is scheduled to start within days.  Final results have been received for TSN1-007.

Results and their context are as follows:

Hole TSN1-007:

• Hole TSN1-007 confirms continuity of mineralization from surface to depth.
• The grade of a mineralized sedimentary layer that lies adjacent to an evaporite-related unit at surface, was 1.9% copper and 3 grams per tonne (“g/t”) silver and the same layer, intersected at 157m down-hole, contains 0.5% copper over an interval of 1.7 metres (“m”). Both are partial results because the mineralization has been weathered (Figure 1). Weathering results in the formation of acid that would have dissolved and removed copper from the sedimentary layer. To establish the true grade of this sedimentary layer, it would have to be intersected below the weathered layer that reaches a depth of at least 120m below surface, illustrated in Figure 2, in the tropical, high rainfall environment of the Project.
• The lower part of the drill hole cut a 26m thick evaporite layer. Evaporite is an important component to sediment-hosted mineralization because it forms a seal against which metal-bearing fluids dam, and many deposits are located against such barriers. Evaporite also provides a source of sulphate that would cause the metals to be deposited as sulphides, the form in which metals are found in most sediment-hosted deposits.
• True to this exploration model, pyrite was intersected immediately beneath the evaporite layer in hole TSN1-007, confirming that the process of fluids carrying metal, in this case, iron, reacted with the sulphate in the evaporite to form iron sulphide (pyrite). This validates the exploration model, confirming the central role that evaporites play in causing metals to precipitate. Copper mineralization beneath this specific evaporite layer is likely to be located closer to the fault that fed metal-bearing fluids into the sedimentary layering. Drill hole TSN1-009 has been sited adjacent to the feeder fault system.
• This is the second time that continuity of mineralization has been confirmed; the first was in hole TSN1-003 where an intercept of 1m at 0.5% copper and 4g/t silver represents the extension of a mineralized layer sampled at surface. Although not economic, this result provides support for the exploration model and is a vector that helps refine the target area in which higher copper grades should lie.

Hole TSN1-008 – assay results are awaited:

• TSN1-008 intersected a 30cm thick evaporite layer that was mapped at surface. A broken rock layer (known as collapse breccia, the significance of which is described below) above the evaporite layer would have provided permeability for fluids to flow along the evaporite seal, and to interact with it. Vestiges of copper sulphide have been protected from weathering in the evaporite, whereas the adjacent, more permeable broken rock has been weathered and any copper that it contained is likely to have been leached, leaving behind pathfinder elements such as arsenic and silver.

Figure 1. Photograph of green malachite (copper carbonate) and black tenorite (copper oxide) in the intercept of a mineralized layer that extends from surface to depth, where it was cut in hole TSN1-007. The intercept is from a down-hole depth of 158m, approximately 120m below surface, and the occurrence of oxide and carbonate copper minerals indicates that the original sulphide copper has been leached by weathering.

Figure 2. Vertical profile through the Tsenken area showing approximate drill hole locations projected onto the plane of the profile.  The graphic shows red-beds that contain evaporite layers (or remnants of layers confirmed during Prof. Gregor Borg’s recent visit to site).  The main evaporite layer is at the base of the red-beds where they transition to limestone and shale layers.  Copper targets are shown in orange. The approximate depth of weathering is also shown. Weathering occurs to a depth of at least 120m below surface.

Site Visit by Prof. Gregor Borg

Prof. Borg has just completed his third visit to site where he reviewed field data, exploration results and drill core from both the Tsenken and Tiria-Shimpia targets to verify and provide feedback on Aurania’s current exploration models.

The most significant outcome of his visit was confirmation of features in the core that derive from salt layers being dissolved, leaving cavities that subsequently collapse. These “collapse breccias” represent good targets. They are layers of permeable rubble that provide plumbing for metal-bearing fluids, while sulphate that commonly occurs with the salt, provides a source of sulphur that traps metals as sulphides.

The second most important outcome of Prof. Borg’s visit was the recognition of growth faults in the red-beds.  These are steep extensional faults that remain active during sedimentation so that the individual units are thicker on one side than the other.  Oversteepening of fault ridges causes material to slide and produce what can be extensive breccia units.  In the Caribbean, these porous breccia units are targets for oil and gas drilling, but equally in our model they could be important targets for metal mineralization.

Sample Analysis & Quality Assurance / Quality Control (“QAQC”)

Laboratories: The samples were prepared for analysis at MS Analytical (“MSA”) in Cuenca, Ecuador, and the analyses were done in Vancouver, Canada.

Sample preparation: The rock samples were jaw-crushed to 10 mesh (crushed material passes through a mesh with apertures of 2 millimetres (“mm”)), from which a one-kilogram sub-sample was taken.  The sub-sample was crushed to a grain size of 0.075mm and a 200-gram (“g”) split was set aside for analysis.

Analytical procedure:  Approximately 0.25g of rock pulp underwent four-acid digestion and analysis for 48 elements by ICP-MS. For the over-limit samples, those that had a grade of greater than 1% copper, zinc and lead, and 100g/t silver, 0.4 grams of pulp underwent digestion in four acids and the resulting liquid was diluted and analyzed by ICP-MS.

QAQC: Aurania personnel inserted a certified standard pulp sample, alternating with a field blank, at approximate 20 sample intervals in all sample batches. Aurania’s analysis of results from its independent QAQC samples showed the batches reported on above, lie within acceptable limits.  In addition, the labs reported that the analyses had passed their internal QAQC tests.

Qualified Person

The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

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 in South America.  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.

Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at  https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir VP Investor Relations Aurania Resources Ltd. (416) 367-3200 carolyn.muir@aurania.com

Dr. Richard Spencer President Aurania Resources Ltd. (416) 367-3200 richard.spencer@aurania.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, 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, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Great Bear Discovers New Gold Zone West of Hinge and Limb Zones: 20.27 g/t Gold Over 1.75 m, Within 5.69 g/t Gold Over 7.05 m; Reports New LP Fault Results Including 16.07 g/t Gold Over 3.70 m Within 3.10 g/t Gold Over 28.30 m

 

November 24, 2021 – Vancouver, British Columbia, Canada – Great Bear Resources Ltd. (the “Company” or “Great Bear”, TSX-V: GBR; OTCQX: GTBAF) today reported drill results from its 100% owned flagship Dixie Project, in the Red Lake district of Ontario.

Chris Taylor, President and CEO of Great Bear said, “We recently resumed drilling near the Hinge and Limb zones and discovered a new, high-grade gold zone west of those targets.  The new “Midwest” zone closely resembles the style of gold mineralization observed at the Dixie Limb zone; both occur at the sheet-like contacts between different basalt units and consist of silica-sulphide replacement style mineralization including high-grade gold.  Several historical holes which tested the Limb zone, did not penetrate far enough to the west to intersect the Midwest zone.  In addition to drilling other new, untested basalt contacts, the Company will re-enter and extend previously drilled holes into the Midwest area.  Additionally, ongoing drilling of the LP Fault zone continues to return significant gold intervals at depths ranging from bedrock surface to over 600 vertical metres.”

New Midwest Zone Drilling Highlights

• Drill hole DL-071 intersected the new “Midwest” zone, located 275 metres northwest of the Hinge zone and 250 metres south of the Dixie Limb zone, assaying 20.27 g/t gold over 1.75 metres from 812.35 to 814.10 metres downhole.  The total mineralized interval was 5.69 g/t gold over 7.05 metres from 809.95 to 817.00 metres downhole.  Table 1.
• The new discovery consists of high-grade gold in silica-sulphide replacement alteration at the subvertical planar contact between two basalt flows and is most similar to the Dixie Limb zone in style.
• Until this discovery, it was thought that the only mineralized basalt-basalt contact occurred at the Dixie Limb zone.  It is now confirmed that additional basalt-basalt contacts can also localize silica-sulphide replacement mineralization including high-grade gold.
• Great Bear’s drilling and geophysical data suggest additional basalt-basalt contacts may occur within the mafic volcanic package southwest of the LP Fault zone, defining new drill targets.

All significant gold zones at Dixie occupy a 1.4 kilometre wide “dilation zone” shown on Figure 1, where many geological contacts and structures are mineralized.  A report on seismic surveys by Zeng and Calvert, 2006 presents an interpretation that this structural zone reaches the base of the continental crust.  At the Dixie project, the zone contains a broad structural corridor with more than 18 kilometres of strike length.  Gold has been drilled along 11 kilometres of strike length to date.  In addition to ongoing drilling of the LP Fault, Phase 2 drilling will continue to test various new targets such as the new Midwest zone within this broad structurally dilated and mineralized corridor.

New LP Fault Drilling Highlights

Ongoing LP Fault drilling continues to systematically expand gold mineralization, including at depth.  Current drill holes targeted the zone at various points along 2.9 kilometres of strike length, between bedrock surface and approximately 600 metres vertical depth.  Table 2.

New drilling primarily targeted 1) extensions to the 23 high-grade domains currently being modeled, including at depth, and 2) the lower-grade halo up to 200 metres from the centre of the zone.  Gold mineralization is typically strongest within, and proximal to, the high-grade domains that occur towards the centre of the zone.  Highlights include:

• Drill holes BR-406 and BR-407 increase the drilled depth of the LP Fault gold zone to approximately 450 metres vertically from surface on their drill section.  Results include:
  • BR-406: 66.30 g/t gold over 0.50 metres from 407.30 metres to 407.80 metres downhole.  This occurred within a broader interval assaying 6.15 g/t gold over 7.20 metres from 406.80 to 414.00 metres downhole.
  • BR-406: 42.60 g/t gold over 0.50 metres from 452.15 to 452.65 metres downhole.  This also occurred within a broader interval assaying 3.24 g/t gold over 12.25 metres.
  • BR-406: The total mineralized interval was 2.03 g/t gold over 45.85 metres from 406.80 to 452.65 metres downhole.
  • BR-407: 11.29 g/t gold over 3.00 metres from 496.00 to 499.00 metres downhole, which occurred within a broad interval of 4.55 g/t gold over 25.50 metres from 473.50 to 499.00 metres downhole. 
  • BR-407: The total mineralized interval was 1.83 g/t gold over 91.35 metres from 430.40 to 521.75 metres downhole.
• Shallower LP Fault drill holes were also completed to fill in gaps of up to 100 metres in past drilling.  Drill hole BR-426 intersected several high-grade, mid-grade and low-grade gold intervals over 150.20 metres of core length, consistent with previously reported continuity of gold mineralization in this area (see news releases of June 3, 2021 and September 9, 2021).  Results include:
  • BR-426 collared in a broad low-grade gold interval from bedrock surface assaying 0.59 g/t gold over 65.70 metres from 28.50 to 94.20 metres downhole.
  • It also intersected high-grade gold assaying 16.07 g/t gold over 3.70 metres from 174.30 to 178.00 metres downhole.  The broader mineralized interval was 3.10 g/t gold over 28.30 metres from 165.20 to 193.50 metres downhole.
• Shallow drill hole BR-438 intersected several mineralized intervals over 258.10 metres of core length, including:
  • 32.40 g/t gold over 0.50 metres from 72.10 to 72.60 metres downhole, within a broader interval assaying 1.62 g/t gold over 11.20 metres from 66.70 to 77.09 metres downhole,
  • 24.84 g/t gold over 0.90 metres from 128.35 to 129.25 metres downhole, within a broader interval assaying 6.00 g/t gold over 3.90 metres from 128.35 to 129.25 metres downhole,
  • 37.50 g/t gold over 1.00 metre from 153.60 to 154.50 metres downhole, within a broader interval assaying 2.53 g/t gold over 16.70 metres from 147.60 to 164.30 metres downhole, and
  • 40.00 g/t gold over 1.50 metres from 323.30 to 324.80 metres downhole.
• Shallow drill hole BR-463 intersected near-surface high-grade gold assaying 21.00 g/t gold over 1.10 metres from 49.60 to 50.70 metres downhole.  The broader mineralized interval was 8.38 g/t gold over 4.20 metres from 46.50 to 50.70 metres downhole.
• Upcoming LP Fault drill results include direct targeting of high-grade domains such as BR7 at depth (see news release of May 19, 2021).  Assay results are pending.

Grid Drilling the Hinge, Limb and Midwest Area

Results from the Hinge and Dixie Limb zones were last reported on May 11, 2020 (Dixie Limb zone: 10.19 g/t gold over 19.00 metres from 1,008.55 metres downhole), and December 9, 2020 (Hinge zone: 15.18 g/t gold over 4.90 metres from 1,190.00 metres downhole).  The Company has focused more than 90% of its drilling on the adjacent LP Fault zone throughout 2020 and 2021.

Great Bear has begun a new grid-based drill program on 25 – 100 metre centres in the Hinge, Limb and Midwest zone area which will support detailed mineral resource estimation drilling of these zones later in 2022.  Grid drilling is initially expected to cover an area of approximately 400 metres of strike length by 600 metres of vertical extent, as shown in Figure 2.

The purpose of grid drilling is to collect gold mineralization results, together with geological and oriented structural data that will be used to target steeply-plunging high-grade gold zones with shoot-like geometries that comprise the primary targets within each of these zones, throughout 2022.

The new Midwest zone was discovered in a previously undrilled area in a 200 to 300 metre step-out hole near the western margin of the newly planned drill grid.  Figure 2 and Figure 3.

The Hinge zone was discovered by Great Bear in 2018 (see news release of August 22, 2018) and consists of multiple sub-parallel “Red Lake style” high-grade gold-bearing, anastomosing quartz veins hosted by mafic rocks.   High-grade gold frequently concentrates in steeply-plunging shoot-like mineralized zones, as is typical in the Red Lake district.

The adjacent Dixie Limb zone was discovered by Teck Resources Ltd. in the 1980’s and was the first gold zone explored by Great Bear (see news release of September 7, 2017).  The Limb zone consists of silica-sulphide replacement mineralization containing mid- to high-grade gold located at the subvertical contact between two basalt units. 

Table 1: Dixie Limb, Hinge and Midwest zone drill results from expanded drill grid.  Multiple gold-bearing veins and mineralized contacts occur in this area.  Grid drilling will define areas to focus upcoming detailed definition of the high-grade “shoot-like” mineralized zones that are the primary targets in this area.

*True widths are 90% of interval widths based on intersection points of the drill hole intercept with the geological model and oriented drill core data. Interval widths are calculated using a 0.10 g/t gold cut-off grade with up to 3 m of internal dilution of zero grade.

Table 2: New LP Fault drill results.  Drill hole traces are shown on Figure 3.

*Represents core length. True mineralization widths range between 65- 95% of reported intervals as they are determined by both structural analyses obtained from oriented drill core data and orientations of individual high grade domains and bulk tonnage domains.  Mineralized domains vary in strike between 340 to 270 degrees and dip between 85 to 65 degrees to the north.  All drillholes intersect both high grade and bulk tonnage domains and often intersect multiple domains resulting in a range of true widths within the same drillhole.

Figure 1: 1.4 kilometre wide mineralized structural dilation zone at the centre of the Dixie property, section A-B.  New Midwest zone shown adjacent to Limb and Hinge zones.  Image of visible gold from the Midwest zone hole DL-071 is of a selected interval and does not represent all of the mineralization on the property.

Figure 2: Long section of gold zones within the mafic volcanic rocks to the west of the LP Fault zone.  Arrow, Midwest, and Hinge zones shown.  Limb zone is located away from the viewer, into the page.  Image of visible gold from the Midwest zone hole DL-071 is of a selected interval and does not represent all of the mineralization on the property.

Figure 3: Inclined plan map of the main gold zones at the Dixie property, showing the sections lines of Figures 1 and 2.

Drill collar location, azimuth and dip for drill holes included in this release are provided in the table below (UTM zone 15, NAD 83):

About the Dixie Project

The 100% owned flagship Dixie project boasts one of the largest recent gold discoveries in a Canadian mining jurisdiction.  Proximal to major infrastructure near the town of Red Lake, Ontario, the Dixie property comprises over 91.4 square kilometres of contiguous claims that extend over 22 kilometres with a paved highway and provincial power and natural gas lines.  The property also hosts a network of well-maintained logging roads which facilitate access.

23 high-grade domains are structurally and geologically distinctive from the surrounding lower grade, bulk tonnage style gold mineralization.  Together, they span a strike length of 4.2 kilometres and occur within larger stratigraphically controlled lower grade domains.  They are characterized by high degrees of strain and/or transposed quartz vein zones following two distinct structural fabrics and transition from upper greenschist to lower amphibolite facies metamorphism.  Gold in the high-grade domains is generally observed as free gold, is often transposed into, and overgrows the dominant structural fabrics, and is higher-grade on average than the surrounding bulk tonnage gold zones.

To date, Great Bear has completed a total of 721 drill holes, identifying five high-grade gold discoveries.  The most significant discovery is the large-scale “LP Fault” zone, which comprises high-grade disseminated gold mineralization within broad moderate-to-lower-grade envelopes in felsic volcanic and sediment units.  LP Fault drilling has identified gold mineralization along 11 kilometres of strike length to date, and a detailed drill grid is being completed along approximately 4 kilometres of strike length.  The nearby “Hinge”, “Limb”, “Midwest” and “Arrow” gold zones are more characteristic of the renowned Red Lake mined deposits, comprising gold-bearing quartz veins and silica-sulphide replacement zones hosted by mafic volcanic units.  Over 80% of the Company’s drill holes into the LP Fault, Dixie Limb and Hinge zones contain visible gold mineralization.  Gold occurs mainly as free gold, neither bound to nor within sulphide minerals.

Great Bear adheres to industry-leading quality assurance / quality control (QA/QC) practices in data collection, analysis and disclosure, and detailed assays including all historical LP Fault drill hole data are available on the Company’s website at https://greatbearresources.ca/projects/overview/dixie-project-data/.

About Great Bear

Great Bear Resources Ltd. is a Vancouver-based gold exploration company focused on advancing its 100% owned Dixie project in Northwestern Ontario, Canada.  A significant exploration drill program is currently underway to define the mineralization within a large-scale, high-grade disseminated gold discovery made in 2019, the LP Fault.  Additional exploration drilling is also in progress to expand and infill nearby high-grade gold zones, as well as to test new regional targets.  The Company is currently in the process of compiling all historical data together with incoming assay results, with the goal of publishing an initial multi-million ounce mineral resource estimate in accordance with NI 43-101 for the Dixie project in early 2022. 

Great Bear is a committed partner to all stakeholders, with a long-term vision of sustainable exploration to advance the Dixie project in a manner that demonstrates good stewardship of land, operational excellence and accountability.

QA/QC and Core Sampling Protocols

Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario.  Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories in Ontario, an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA techniques. Samples returning over 10.0 g/t gold are analysed utilizing standard Fire Assay-Gravimetric methods.  Pulps from approximately 5% of the gold mineralized samples are submitted for check analysis to a second lab.  Selected samples are also chosen for duplicate assay from the coarse reject of the original sample.  Selected samples with visible gold are also analyzed with a standard 1 kg metallic screen fire assay.  Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC).  No QAQC issues were noted with the results reported herein. 

Qualified Person and NI 43-101 Disclosure

Mr. R. Bob Singh, P.Geo, VP Exploration, and Ms. Andrea Diakow P.Geo, VP Projects for Great Bear are the Qualified Persons as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

ON BEHALF OF THE BOARD

“Chris Taylor”

Chris Taylor, President and CEO

Investor Inquiries:
Ms. Jenni Piette,
Director, Sustainability and Stakeholder Relations
Tel: 604-646-8354
info@greatbearresources.ca
www.greatbearresources.ca

Cautionary note regarding forward-looking statements

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking information are based on management of the parties’ reasonable assumptions, estimates, expectations, analyses and opinions, which are based on such management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.

Such factors, among other things, include: impacts arising from the global disruption caused by the Covid-19 coronavirus outbreak, business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold or certain other commodities; change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); discrepancies between actual and estimated metallurgical recoveries; inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties.

Great Bear undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Palladium One High Grade Mineralization Extended 250 Meters Southwest of the Kaukua Open Pit Resource, Finland

 

Highlights

• Geological interpretation changed at the Kaukua Deposit.
• High-grade core zone extended to the southwest, 250 meters beyond the current Open Pit Mineral Resource Estimate (“MRE”).
• 3.2 g/t Palladium Equivalent (Pd_Eq) over 13.7 meters, within 1.6 g/t Pd_Eq over 113.6 meters, in hole LK21-102, with individual samples grading up to 9.6 g/t Pd_Eq over 1.00 meters.
• 3.3 g/t Pd_Eq over 9.6 meters, within 1.5 g/t over 113.4 meters, in hole LK21-100, with individual samples grading up to 5.9 g/t Pd_Eq over 1.5 meters.
• 2.2 g/t Pd_Eq over 19.6 meters, within 1.5 g/t Pd_Eq over 74.5 meters, in hole LK21-101.

November 23, 2021 – Toronto, Ontario, Initial down plunge drilling, has extended mineralization 250 meters southwest of the open-pit constrained MRE of the Kaukua Deposit, by intersecting 2.2 g/t Pd_Eq over 19.6 meters, within 1.5 g/t Pd_Eq over 74.5 meters, starting at 273 meters down hole (LK21-101) (Figure 1), said Palladium One Mining Inc. (“Palladium One” or the “Company”).

Derrick Weyrauch, President and CEO commented: “The high-grade “Core Zone” of the Kaukua Deposit has been extended to the southwest and remains open for expansion. These are among the thickest intercepts to date within the Kaukua Deposit and will add significant tonnage to our existing resource endowment. An updated NI43-101 Mineral Resource Estimate is schedule for Q1 2022 and will incorporate these valuable results”

These drilling results extend the Kaukua Deposit mineralization southwest of the existing conceptual open-pit, where it remains open (Figure 1 and 2). Previous geological interpretations suggested that the Kaukua deposit was cut-off by a northwest trending fault, occupying a distinct magnetic low and topographic lineament. Drilling has now demonstrated that the magnetic low is the result of a later cross cutting dyke (now referred to as the high-titanium gabbro dyke) and that the Kaukua deposit remains open to the south. Significantly the high-grade “Core Zone” of the Kaukua Deposit has been extended 250 meters to the southwest and we have encountered some of the thickest intercepts (>100m) to date within the deposit.

Figure 1. Historic and current drilling in the Kaukua and Kaukau Southwest area having a drill data cut off date of September 4, 2021 (hole LK21-128), assays have been received for holes up to LK21-103, the remainder are pending. Background is Induced Polarization (“IP”) Chargeability.

Figure 2. Cross sections showing holes LK21-102, 107 and historic holes KAU07-005, KAU12-057 and 068 and their position with respect to the 2019 Kaukua Mineral Resource Estimate Whittle Open Pit.

Table 1. LK Project, Kaukua Drill Hole Results

Palladium Equivalent

The Company is calculating Palladium equivalent using US$1,600 per ounce for palladium, US$1,100 per ounce for platinum, US$1,650 per ounce for gold, US$3.50 per pound for copper, US$7.50 per pound for nickel, and $20/b cobalt consistent with the calculation used in the Company’s September 2021 NI 43-101 Haukiaho Resource Estimate.

Qualified Person

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

About Palladium One

Palladium One Mining Inc. is a mineral exploration and development company targeting district scale, Platinum-Group-Element (“PGE”)-Copper-Nickel deposits in leading mining jurisdictions. Its flagship project is the Läntinen Koillismaa (“LK”) PGE-Copper-Nickel project in north-central Finland, having an existing pit-constrained NI43-101 Mineral Resource Estimate and ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. In Canada, is the 2020 Discovery of the Year Award winning Tyko Copper-Nickel Project a high sulphide tenor, Copper-Nickel project.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Palladium One High Grade Mineralization Extended 250 Meters Southwest of the Kaukua Open Pit Resource, Finland

 

Highlights

• Geological interpretation changed at the Kaukua Deposit.
• High-grade core zone extended to the southwest, 250 meters beyond the current Open Pit Mineral Resource Estimate (“MRE”).
• 3.2 g/t Palladium Equivalent (Pd_Eq) over 13.7 meters, within 1.6 g/t Pd_Eq over 113.6 meters, in hole LK21-102, with individual samples grading up to 9.6 g/t Pd_Eq over 1.00 meters.
• 3.3 g/t Pd_Eq over 9.6 meters, within 1.5 g/t over 113.4 meters, in hole LK21-100, with individual samples grading up to 5.9 g/t Pd_Eq over 1.5 meters.
• 2.2 g/t Pd_Eq over 19.6 meters, within 1.5 g/t Pd_Eq over 74.5 meters, in hole LK21-101.

November 23, 2021 – Toronto, Ontario, Initial down plunge drilling, has extended mineralization 250 meters southwest of the open-pit constrained MRE of the Kaukua Deposit, by intersecting 2.2 g/t Pd_Eq over 19.6 meters, within 1.5 g/t Pd_Eq over 74.5 meters, starting at 273 meters down hole (LK21-101) (Figure 1), said Palladium One Mining Inc. (“Palladium One” or the “Company”).

Derrick Weyrauch, President and CEO commented: “The high-grade “Core Zone” of the Kaukua Deposit has been extended to the southwest and remains open for expansion. These are among the thickest intercepts to date within the Kaukua Deposit and will add significant tonnage to our existing resource endowment. An updated NI43-101 Mineral Resource Estimate is schedule for Q1 2022 and will incorporate these valuable results”

These drilling results extend the Kaukua Deposit mineralization southwest of the existing conceptual open-pit, where it remains open (Figure 1 and 2). Previous geological interpretations suggested that the Kaukua deposit was cut-off by a northwest trending fault, occupying a distinct magnetic low and topographic lineament. Drilling has now demonstrated that the magnetic low is the result of a later cross cutting dyke (now referred to as the high-titanium gabbro dyke) and that the Kaukua deposit remains open to the south. Significantly the high-grade “Core Zone” of the Kaukua Deposit has been extended 250 meters to the southwest and we have encountered some of the thickest intercepts (>100m) to date within the deposit.

Figure 1. Historic and current drilling in the Kaukua and Kaukau Southwest area having a drill data cut off date of September 4, 2021 (hole LK21-128), assays have been received for holes up to LK21-103, the remainder are pending. Background is Induced Polarization (“IP”) Chargeability.

Figure 2. Cross sections showing holes LK21-102, 107 and historic holes KAU07-005, KAU12-057 and 068 and their position with respect to the 2019 Kaukua Mineral Resource Estimate Whittle Open Pit.

Table 1. LK Project, Kaukua Drill Hole Results

Palladium Equivalent

The Company is calculating Palladium equivalent using US$1,600 per ounce for palladium, US$1,100 per ounce for platinum, US$1,650 per ounce for gold, US$3.50 per pound for copper, US$7.50 per pound for nickel, and $20/b cobalt consistent with the calculation used in the Company’s September 2021 NI 43-101 Haukiaho Resource Estimate.

Qualified Person

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

About Palladium One

Palladium One Mining Inc. is a mineral exploration and development company targeting district scale, Platinum-Group-Element (“PGE”)-Copper-Nickel deposits in leading mining jurisdictions. Its flagship project is the Läntinen Koillismaa (“LK”) PGE-Copper-Nickel project in north-central Finland, having an existing pit-constrained NI43-101 Mineral Resource Estimate and ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. In Canada, is the 2020 Discovery of the Year Award winning Tyko Copper-Nickel Project a high sulphide tenor, Copper-Nickel project.

ON BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO, Director

For further information contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to Canadian and U.S. Shareholders. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

Following a brief corporate overview, Noble Capital Markets Senior Research Analyst Mark Reichman interviews Newrange Gold President & CEO Robert Archer. Research, News, and Advanced Market Data on NRGOF View all C-Suite Interviews About Newrange Gold Corp. Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The Company’s Pamlico Project in Nevada contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares. In the prolific Red Lake District of northwestern Ontario, the past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.

Friday, November 19, 2021

Chakana Copper Corp (CHKKF)(PERU:CA)
Drill Results Augur Well for Soledad’s Initial Resource Estimate

Noble Capital Markets research on Chakana Copper Corp is published under ticker symbols CHKKF and PERU:CA. The price target is in USD and based on ticker symbol CHKKF. Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 33,353 metres of drilling has been completed to-date, testing nine (9) of twenty-three (23) confirmed breccia pipes with more than 92 total targets. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver.

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.

Remaining 12 Breccia Bx 5 drill results. Chakana Copper released results for the remaining 12 resource definition holes drilled in Breccia Bx 5. Recall Bx 5 is one of six breccia pipes that will support Chakana’s initial resource estimate. Beyond mineralization near surface, Chakana has confirmed mineralization to a depth of 485 meters. Drilling has affirmed consistent and continuous mineralization, along with high grade zones.


Initial resource estimate may just scratch the surface.  Chakana expects to release an initial resource estimate by year end which will include Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama down to a depth of three hundred meters. Given that drilling has confirmed mineralization at greater depth, 23 mineralized breccia pipes have been identified at surface, and the company has …

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. 

Friday, November 19, 2021

Chakana Copper Corp (CHKKF)(PERU:CA)
Drill Results Augur Well for Soledad’s Initial Resource Estimate

Noble Capital Markets research on Chakana Copper Corp is published under ticker symbols CHKKF and PERU:CA. The price target is in USD and based on ticker symbol CHKKF. Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the high-grade gold-copper-silver Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project consists of high-grade gold-copper-silver mineralization hosted in tourmaline breccia pipes. A total of 33,353 metres of drilling has been completed to-date, testing nine (9) of twenty-three (23) confirmed breccia pipes with more than 92 total targets. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to several metals including copper, gold, and silver.

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.

Remaining 12 Breccia Bx 5 drill results. Chakana Copper released results for the remaining 12 resource definition holes drilled in Breccia Bx 5. Recall Bx 5 is one of six breccia pipes that will support Chakana’s initial resource estimate. Beyond mineralization near surface, Chakana has confirmed mineralization to a depth of 485 meters. Drilling has affirmed consistent and continuous mineralization, along with high grade zones.


Initial resource estimate may just scratch the surface.  Chakana expects to release an initial resource estimate by year end which will include Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama down to a depth of three hundred meters. Given that drilling has confirmed mineralization at greater depth, 23 mineralized breccia pipes have been identified at surface, and the company has …

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. 

Chakana Intersects 10m with 15.48 g/t Gold, 1.27% Copper and 82.4 g/t Silver (18.50 G/t Au-eq or 12.09% Cu-eq) within 237m of 1.74 g/t Gold, 0.59% Copper and 25.2 g/t Silver in Breccia Pipe 5 from Surface at Soledad, Peru

 

Soledad
Project Highlights Include:

• Reporting 12 remaining resource definition
  holes totalling 2,541m at Breccia Pipe 5 (Bx 5), all with significant intercepts.
• Additional resource definition drill
  results pending for Huancarama.
• Off-set IP surveys continue over all high
  priority targets defined to date.

 

Vancouver, B.C., November 18, 2021 – Chakana Copper Corp. (TSX-V: PERU;
OTCQB: CHKKF; FRA: 1ZX) (the “Company” or
“Chakana”), is pleased to provide results from the remaining twelve resource definition holes drilled in Bx 5 totaling 2,541m at the Soledad project, Ancash, Peru (see table below). This resource drilling is part of the fully funded 26,000m exploration and resource drilling program planned for 2021 (Fig. 1).  These results will further increase confidence in the initial resource estimate, anticipated to be completed by the end of 2021.

“The
final resource definition drill results released today for Bx 5 are an
outstanding culmination of the drilling on this breccia pipe. In addition to
the very strong mineralization that starts at surface, we now have
mineralization confirmed to a depth of 485m at Bx 5 where the breccia pipe and
mineralization are open at depth. Bx 5 is known to have very consistent and
continuous mineralization with zones of very high grades surrounded by long
runs of strong copper, gold, and silver grades. The breccia pipe plunges
slightly to the east from surface to 200m depth, then plunges gently north in
the direction of Bx 6. The area between Bx 5 and Bx 6 is highly prospective for
the discovery of additional breccia-hosted mineralization. With this release,
all resource definition drill results for Bx 5 have been published. We have
pending resource definition drill results for Huancarama to publish leading up
to the first ever National Instrument 43-101 compliant resource estimate for
the Soledad project,” stated President and CEO David Kelley.

Drill Results

Bx 5 (Resource Definition)

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au-eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307). ^# SDH21-256 is mineralized from surface to 237m; for greater clarity the analytical results are also reported in three separate intervals so as to identify a high-grade interval from 105 to 115m.

Bx 5

The Bx 5 breccia pipe is in the north-central part of the project and is one of six breccia pipes that will be included in our initial resource estimate (Fig. 1). The breccia pipe forms a prominent monument outcrop and extends to depths greater than 485m where mineralization remains open. Drill holes described in this release were designed to confirm shallow mineralization in the top southeastern quadrant of the breccia pipe, as well as deeper extents of mineralization probed by two holes drilled to the north from a platform located 100m south of the breccia pipe (Figs. 2 and 3). All holes intersected significant mineralization (see Figure 4 for select core photos of the mineralization).

 

2021 Resource and
Exploration Drill Program

A total of 23,947m of drilling has been completed in 2021. The objectives of this drill program are to complete resource definition drilling on six initial breccia pipes to an approximate depth of 300m and test several new exploration targets. Breccia pipes that will be included in the initial resource estimate are: Bx1, Bx 5, Bx6, Paloma East, Paloma West, and Huancarama (Fig. 1). Additional resource definition drill results for Huancarama are pending. During 2021 our drilling was focused on the north half of the project where drill permits are in place. Permitting for the south half of the project is well advanced. The southern half of the property hosts several outcropping mineralized tourmaline breccia pipes and has been recently covered by the Company’s ongoing geophysical program. Numerous targets exist, none of which have been drilled previously.

 

Geophysical Surveys

Gradient-array induced-polarization (IP) surveys have been completed over the entire 12km² footprint of the Soledad mineral system. Off-set IP surveys are now in-progress covering high priority target areas. This work complements the extensive exploration database that supports our current inventory of 110 exploration targets. This new information identifies both new targets and prioritizes existing targets that will be tested when the exploration drilling programs resume. 

 

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. A total of 60,854 metres in 261 diamond core holes for exploration and resource definition drilling have been completed since 2017, testing 16 of 110 total exploration targets, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to base and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

 

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru.  Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24.  Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified
Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

 

ON BEHALF OF THE BOARD

(signed) “David Kelley”
David Kelley
President and CEO

 

For further information contact:

Joanne Jobin, Investor Relations Officer

Phone:   647 964 0292
Email:    jjobin@chakanacopper.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts responsibility
for the adequacy or accuracy of this release.

 

Forward-looking Statement Advisory: This release may contain forward-looking
statements. Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance, or achievements of Chakana to be materially different from any
future results, performance, or achievements expressed or implied by the
forward-looking statements. Forward looking statements or information relates
to, among other things, the interpretation of the nature of the mineralization
at the Soledad copper-gold-silver project
(the “Project”), the potential to expand the mineralization, and
to develop and grow a resource within the Project, the
planning for further exploration work, the ability to de-risk the potential
exploration targets, and our belief in the potential
for mineralization within unexplored parts of the Project. These
forward-looking statements are based on management’s current expectations and
beliefs but given the uncertainties, assumptions and risks, readers are
cautioned not to place undue reliance on such forward- looking statements or
information. The Company disclaims any obligation to update, or to publicly
announce, any such statements, events or developments except as required by
law.

 

Figure 1 – View looking north showing outcropping breccia pipes and occurrences within the northern Soledad cluster. Pipes that will be included in the initial resource are shown in green (Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama). Breccia pipes shown in yellow have had exploration drilling completed. Other pipes/occurrences and targets defined by other exploration data remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.  

 

Figure 2 – Map showing drill holes reported in this release and modeled breccia pipe (light red shape) based on all drill holes. Light gray contours are at 10m intervals. Blue rectangle in the inset map shows the area of Figure 2 within the overall Chakana property.

 

Figure 3 – 3D sectional view of Bx 5 looking west. Light red 3D shape shows breccia pipe geometry based on all drill holes. Previous holes drilled shown in grey traces.

 

Figure 4 – Select core photos from Bx 5 reported in this release: SDH21-244 (34.7m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-252 (33.9m) chaotic shingle breccia with chalcopyrite-pyrite in matrix; SDH21-253 (41.5m) chaotic shingle breccia with chalcopyrite-pyrite in matrix; SDH21-255 (39.6m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-256 (110.55m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite; SDH21-258 (35.45m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-261 (39.25m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite. Core diameter is 6.35cm (HQ) in all instances.

Chakana Intersects 10m with 15.48 g/t Gold, 1.27% Copper and 82.4 g/t Silver (18.50 G/t Au-eq or 12.09% Cu-eq) within 237m of 1.74 g/t Gold, 0.59% Copper and 25.2 g/t Silver in Breccia Pipe 5 from Surface at Soledad, Peru

 

Soledad
Project Highlights Include:

• Reporting 12 remaining resource definition
  holes totalling 2,541m at Breccia Pipe 5 (Bx 5), all with significant intercepts.
• Additional resource definition drill
  results pending for Huancarama.
• Off-set IP surveys continue over all high
  priority targets defined to date.

 

Vancouver, B.C., November 18, 2021 – Chakana Copper Corp. (TSX-V: PERU;
OTCQB: CHKKF; FRA: 1ZX) (the “Company” or
“Chakana”), is pleased to provide results from the remaining twelve resource definition holes drilled in Bx 5 totaling 2,541m at the Soledad project, Ancash, Peru (see table below). This resource drilling is part of the fully funded 26,000m exploration and resource drilling program planned for 2021 (Fig. 1).  These results will further increase confidence in the initial resource estimate, anticipated to be completed by the end of 2021.

“The
final resource definition drill results released today for Bx 5 are an
outstanding culmination of the drilling on this breccia pipe. In addition to
the very strong mineralization that starts at surface, we now have
mineralization confirmed to a depth of 485m at Bx 5 where the breccia pipe and
mineralization are open at depth. Bx 5 is known to have very consistent and
continuous mineralization with zones of very high grades surrounded by long
runs of strong copper, gold, and silver grades. The breccia pipe plunges
slightly to the east from surface to 200m depth, then plunges gently north in
the direction of Bx 6. The area between Bx 5 and Bx 6 is highly prospective for
the discovery of additional breccia-hosted mineralization. With this release,
all resource definition drill results for Bx 5 have been published. We have
pending resource definition drill results for Huancarama to publish leading up
to the first ever National Instrument 43-101 compliant resource estimate for
the Soledad project,” stated President and CEO David Kelley.

Drill Results

Bx 5 (Resource Definition)

* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.90/lb, Au – US$1,300/oz, and Ag – US$17/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t * 0.6556) + (Ag g/t * 0.00857) and Au-eq (g/t) = Au g/t + (Cu% * 1.5296) + (Ag g/t * 0.01307). ^# SDH21-256 is mineralized from surface to 237m; for greater clarity the analytical results are also reported in three separate intervals so as to identify a high-grade interval from 105 to 115m.

Bx 5

The Bx 5 breccia pipe is in the north-central part of the project and is one of six breccia pipes that will be included in our initial resource estimate (Fig. 1). The breccia pipe forms a prominent monument outcrop and extends to depths greater than 485m where mineralization remains open. Drill holes described in this release were designed to confirm shallow mineralization in the top southeastern quadrant of the breccia pipe, as well as deeper extents of mineralization probed by two holes drilled to the north from a platform located 100m south of the breccia pipe (Figs. 2 and 3). All holes intersected significant mineralization (see Figure 4 for select core photos of the mineralization).

 

2021 Resource and
Exploration Drill Program

A total of 23,947m of drilling has been completed in 2021. The objectives of this drill program are to complete resource definition drilling on six initial breccia pipes to an approximate depth of 300m and test several new exploration targets. Breccia pipes that will be included in the initial resource estimate are: Bx1, Bx 5, Bx6, Paloma East, Paloma West, and Huancarama (Fig. 1). Additional resource definition drill results for Huancarama are pending. During 2021 our drilling was focused on the north half of the project where drill permits are in place. Permitting for the south half of the project is well advanced. The southern half of the property hosts several outcropping mineralized tourmaline breccia pipes and has been recently covered by the Company’s ongoing geophysical program. Numerous targets exist, none of which have been drilled previously.

 

Geophysical Surveys

Gradient-array induced-polarization (IP) surveys have been completed over the entire 12km² footprint of the Soledad mineral system. Off-set IP surveys are now in-progress covering high priority target areas. This work complements the extensive exploration database that supports our current inventory of 110 exploration targets. This new information identifies both new targets and prioritizes existing targets that will be tested when the exploration drilling programs resume. 

 

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. A total of 60,854 metres in 261 diamond core holes for exploration and resource definition drilling have been completed since 2017, testing 16 of 110 total exploration targets, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are uniquely positioned as the Soledad Project provides exposure to base and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

 

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru.  Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24.  Over limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified
Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

 

ON BEHALF OF THE BOARD

(signed) “David Kelley”
David Kelley
President and CEO

 

For further information contact:

Joanne Jobin, Investor Relations Officer

Phone:   647 964 0292
Email:    jjobin@chakanacopper.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts responsibility
for the adequacy or accuracy of this release.

 

Forward-looking Statement Advisory: This release may contain forward-looking
statements. Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance, or achievements of Chakana to be materially different from any
future results, performance, or achievements expressed or implied by the
forward-looking statements. Forward looking statements or information relates
to, among other things, the interpretation of the nature of the mineralization
at the Soledad copper-gold-silver project
(the “Project”), the potential to expand the mineralization, and
to develop and grow a resource within the Project, the
planning for further exploration work, the ability to de-risk the potential
exploration targets, and our belief in the potential
for mineralization within unexplored parts of the Project. These
forward-looking statements are based on management’s current expectations and
beliefs but given the uncertainties, assumptions and risks, readers are
cautioned not to place undue reliance on such forward- looking statements or
information. The Company disclaims any obligation to update, or to publicly
announce, any such statements, events or developments except as required by
law.

 

Figure 1 – View looking north showing outcropping breccia pipes and occurrences within the northern Soledad cluster. Pipes that will be included in the initial resource are shown in green (Bx 1, Bx 5, Bx 6, Paloma East, Paloma West, and Huancarama). Breccia pipes shown in yellow have had exploration drilling completed. Other pipes/occurrences and targets defined by other exploration data remain to be tested by drilling. Additional breccia pipes occur on the south half of the property and are not shown here.  

 

Figure 2 – Map showing drill holes reported in this release and modeled breccia pipe (light red shape) based on all drill holes. Light gray contours are at 10m intervals. Blue rectangle in the inset map shows the area of Figure 2 within the overall Chakana property.

 

Figure 3 – 3D sectional view of Bx 5 looking west. Light red 3D shape shows breccia pipe geometry based on all drill holes. Previous holes drilled shown in grey traces.

 

Figure 4 – Select core photos from Bx 5 reported in this release: SDH21-244 (34.7m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-252 (33.9m) chaotic shingle breccia with chalcopyrite-pyrite in matrix; SDH21-253 (41.5m) chaotic shingle breccia with chalcopyrite-pyrite in matrix; SDH21-255 (39.6m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-256 (110.55m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite; SDH21-258 (35.45m) shingle breccia cemented with chalcopyrite-pyrite; SDH21-261 (39.25m) chaotic shingle breccia with semi-massive chalcopyrite-pyrite. Core diameter is 6.35cm (HQ) in all instances.

Thursday, November 18, 2021

Great Bear Resources (GTBAF)(GBR:CA)
The Plot Begins to Thicken

Noble Capital Markets research on Great Bear Resources is published under ticker symbols GTBAF and GBR:CA. The price target is in USD and based on ticker symbol GTBAF. Great Bear Resources Ltd is a gold exploration company. It explores for mineral properties in the Red Lake District in Ontario, Canada. Its property portfolio includes Great Bear’s Red Lake Properties with the flagship Dixie project, Pakwash property, and Sobel property.

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.

Heading into the final stretch. Great Bear operated six drill rigs as of September 30 and is on track to drill approximately 140,000 meters in over 250 drill holes in 2021. During the first nine months, over 100,000 meters of drilling was completed. A maiden mineral resource estimate of the LP Fault from surface to 450 meters’ depth is underway and expected to be published by the end of the first quarter of 2022. Detailed geological modeling, geochemistry, structural data, and 3-D modeling has identified 23 high-grade gold domains along 4 kilometers of the central LP Fault.


Phase 2 drilling underway.  At the end of the third quarter, Great Bear had completed a total of 478 drill holes over 235,000 meters into the LP Fault target as part of its 4 kilometer long by 450-meter-deep drill program. Phase 2 drilling is underway and includes: 1) expansion drilling of the LP Fault below 450 meters depth, 2) additional infill drilling of the upper 450 meters of the LP Fault, 3) …

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.