Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Activities at Yauricocha mine suspended. Following a mudslide at its underground Yauricocha mine, activities remain suspended and will resume once conditions are deemed safe and appropriate. Following the mudslide incident, a group of residents illegally blocked the main access road and the company, along with local authorities, continue to seek a resolution.
Company financial guidance suspended. Due to the timing uncertainty associated with resolving the road blockage and the restart of production at the mine, Sierra Metals suspended 2022 production and financial guidance.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mapping program sets up for a productive drilling program. The “Anaconda method” mapping program at the company’s Tatasham and Awacha porphyry copper targets has revealed indications of porphyry-style mineralization at both locations. Highly prospective porphyritic felsic intrusive rock was discovered at Tatasham, while mapping confirmed diorite and other intrusive rock with local hydrothermal breccias in the Awacha target area.
Drilling to commence soon. While the mapping program at Awacha continues, it has been completed at Tatasham. Drilling at Tatasham is expected to begin in the fourth quarter of 2022 followed by Awacha.
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.
Investors have many options to gain exposure to gold. They may purchase gold bullion, gold coins, gold exchange-traded funds (ETF) and mutual funds, gold mining companies, or gold futures and options. Publicly traded equities of gold producers and royalty companies may offer an attractive way to invest given the disproportionate percentage impact higher commodity prices may have on a company’s bottom line and valuation for a given percentage increase in the commodity itself. While most investors are likely familiar with mining companies and how they operate, royalty companies may be less familiar.
What is a Gold Royalty?
A gold royalty is a contract that gives the owner the right to a percentage of gold production or revenue. Since royalties typically cover the life of a mine, gold royalty companies benefit from the exploration upside that may extend the life of a mine and thus increase the amount of gold or revenue they receive from the mining company at no additional cost.
There are several ways to generate royalties. First, royalty businesses may help finance a development project in exchange for a royalty. Second, a royalty business may purchase existing royalties from third parties, and 3) a royalty company may take a property that they already own, sell it to a mining company, and retain a royalty on the property.
There are several types of royalties. The two most common are NSR and NPI royalties. A net smelter returns (NSR) royalty is an agreement where the mining company agrees to pay the royalty owner a percentage of the revenue, less refining and smelting costs. A net profit interest (NPI) royalty entitles the royalty owner to a percentage of the profit from a mine.
A stream is a purchase agreement that provides the owner of the stream, in exchange for an upfront payment, the right to purchase all or a portion of one or more metals produced from a mine at a negotiated price for the life of the agreement. The negotiated price is generally at a significant discount to the spot price.
Advantages of Owning Equity Shares of a Gold Royalty Company
Compared with investing in gold production companies, royalty businesses generally benefit from low overhead costs, geographically diversified asset portfolios, and exposure to multiple operators. Additionally, they avoid costly exploration expense which is borne by operators while sharing the benefit and upside of exploration investment in properties where they retain a royalty interest. Like mining companies, royalty businesses offer greater leverage to changes in gold prices than investing in bullion. Lastly, royalty businesses generally seek to build portfolios of producing royalties that support dividend payments to shareholders. It is important to keep in mind that revenues increase with rising gold prices, increasing production on its royalty properties, and a growing royalty portfolio, while costs remain relatively fixed and stable. This scenario positions royalty companies to thrive in good markets and weather more challenging sets of circumstances.
As a royalty company grows, it offers the potential for multiple expansion, dividend payments, and the ability to execute larger transactions which could accelerate its growth. Junior royalty companies generally perform well in their early years since they can grow rapidly based on an increasing capacity to transact larger deals. Additionally, junior royalty companies may become attractive acquisition candidates for a larger royalty company seeking to enlarge its royalty portfolio.
Investor Considerations:
It is important for investors to keep several factors in mind when conducting due diligence on prospective royalty company investments. These include: 1) management, 2) asset portfolio, 3) asset quality, 4) jurisdiction, and 5) valuation.
Management
Should you bet on the horse or the jockey? It is important to evaluate management’s history and track record of creating value for shareholders. Does the management team reflect a balance of technical, financial, legal, and capital markets expertise? Is the board of directors comprised mostly of independent directors who provide a diversity of relevant experience and perspectives? Do they articulate clear objectives, and is their business model sound? Most importantly, do they focus on areas they know and employ a disciplined growth strategy, or are they seeking growth at any price?
Asset Portfolio
How is the company’s asset portfolio balanced between royalties that are producing cash flow streams versus royalties that are expected to produce cash flow within five years and/or longer?
Asset Quality
Because royalty companies have little control over the decisions of the mining companies that control the properties on which the royalty interest is held, it is important for investors to evaluate the operators associated with the properties in the royalty portfolio. Are they well-capitalized major mining companies or small start-ups? Additionally, it is helpful to evaluate mineral resource estimates associated with properties in the portfolio and the operators’ plans for development.
Jurisdiction
While geographic diversity is a selling point for most royalty companies, it is often helpful to consult the Fraser Institute’s Annual Survey of Mining Companies to check if royalty interests are in favorable mining jurisdictions versus high-risk areas.
Valuation
Royalty companies are often valued based on price to net asset value. Net asset value is the net present value (NPV) or discounted cash flow (DCF) of all future cash flow of a mining asset, less any debt plus cash. Price to net asset value is the company’s market capitalization divided by the net present value of all mining assets minus net debt. For those that pay a dividend, investors may also compare dividend growth rates and yield. Larger companies generally trade at higher valuation multiples which generally increase with scale due to lower perceived risk due to greater asset diversification and a proven track record of growth. As royalty companies grow, they may be able to establish and grow dividends to shareholders, offer greater liquidity due to listings on major exchanges, and benefit from broader research. Some may also benefit from their inclusion in stock indices. For those that pay a dividend, it is important to know whether the dividend is paid from operating cash flow or whether the company is borrowing to pay the dividend.
Take Away
Investors have many options to gain exposure to gold. Royalty companies may be worth considering as a vehicle for exposure to gold. However, it is important for investors to understand their risk tolerance and return objective. The universe of royalty and streaming companies represents a broad range of market capitalizations, and many differences exist among their asset portfolios. Channelchek offers a starting point for investors to conduct due diligence and dig deeper.
VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) (“Endeavour” or the “Company”) is pleased to report positive drill results from its ongoing drill program at the Guanacevi Mine in Durango state, Mexico. Drilling continues along the prolific Santa Cruz vein in two areas (view Santa Cruz Vein longitudinal section), with the objective to convert, expand, and discover new resources.
The 2022 drill program has continued to focus on the El Curso property, establishing lateral and vertical extents of the mineralized zone between the Porvenir Cuatro and Milache mines. The exploration and exploitation rights to the El Curso property were obtained in 2019 from Ocampo Mining S.A. de CV., and have become an integral contributor to the operation. Recently, under the same agreement terms, the Company has tested the northwest extension of the Porvenir Dos orebody with encouraging results from initial drilling.
Highlights from Recent El Curso Drill Results
3.50 gpt Au and 1,150 gpt Ag for 1,430 gpt AgEq over a 1.16 m ETW, including 12.80 gpt Au and 4,240 gpt Ag for 5,264 gpt AgEq over 0.24 m (UCM-102)
3.54 gpt Au and 1,129 gpt Ag for 1,412 gpt AgEq over a 7.28 m ETW, including 25.40 gpt Au and 7,080 gpt Ag for 9,112 gpt AgEq over 0.43 m (UCM-106)
Highlights from Recent Porvenir Dos Drill Results
1.43 gpt Au and 967 gpt Ag for 1,081 gpt AgEq over a 2.43 m ETW, including 3.64 gpt Au and 5,120 gpt Ag for 5,411 gpt AgEq over 0.23 m (APD-03)
1.60 gpt Au and 1,460 gpt Ag for 1,589 gpt AgEq over a 1.17 m ETW, including 2.91 gpt Au and 3,340 gpt Ag for 3,573 gpt AgEq over 0.25 m (APD-04)
Abbreviations include: gpt: grams per tonne; Au: gold; Ag: silver; ETW: estimated true width; m: metre; HW: hanging wall. Silver equivalents are calculated at a ratio of 80:1 silver:gold.
“We are encouraged by the drill results at Guanacevi, as we continue to delineate high grades in areas which are proximal to the mill and historic working areas. The results announced today demonstrate both growth and steady improvement of the deposit and mine plan,” stated Dan Dickson, Chief Executive Officer. “Our focus remains on delineating mineralized extensions to mining horizons and resource growth.”
Latest Drill Results
The Guanacevi drill results are summarized in the following tables:
Guanacevi – Santa Cruz Vein – El Curso
Hole
Structure
From
To
True Width
Au
Ag
AgEq
(m)
(m)
(m)
(gpt)
(gpt)
(gpt)
UCM-101
Santa Cruz
219.90
221.90
1.10
0.36
101
130
Including
220.55
221.15
0.33
0.29
137
160
UCM-102
Santa Cruz
202.80
205.45
1.16
3.50
1,150
1,430
Including
203.55
204.10
0.24
12.80
4,240
5,264
UCM-103
Santa Cruz
195.00
210.25
6.08
0.97
234
311
Including
208.90
209.35
0.18
5.77
699
1,161
UCM-104
HW Santa Cruz
217.85
221.35
1.25
0.64
310
361
Including
218.55
219.30
0.27
1.12
490
579
UCM-105
Santa Cruz
204.00
210.00
1.80
1.08
508
595
Including
208.45
209.05
0.18
3.06
1,600
1,845
UCM-106
Santa Cruz
202.60
216.15
7.28
3.54
1,129
1,412
Including
208.15
208.95
0.43
25.40
7,080
9,112
UCM-107
Santa Cruz
229.70
232.20
1.32
0.70
123
179
Including
231.50
232.20
0.37
0.62
164
213
UCM-109
Santa Cruz
267.50
269.80
1.01
1.20
521
617
Including
269.30
269.80
0.22
0.93
707
782
UCM-110
Santa Cruz
248.05
253.00
2.47
1.25
321
421
Including
248.95
249.90
0.48
2.43
565
759
Drill holes UCM-108 and UCM-111 returned no significant results
Guanacevi – Santa Cruz Vein – Porvenir Dos
Hole
Structure
From
To
True Width
Au
Ag
AgEq
(m)
(m)
(m)
(gpt)
(gpt)
(gpt)
APD-03
Santa Cruz
286.85
292.60
2.43
1.43
967
1,081
Including
287.85
288.40
0.23
3.64
5,120
5,411
APD-04
Santa Cruz
246.50
248.80
1.17
1.60
1,460
1,589
Including
246.80
247.30
0.25
2.91
3,340
3,573
APD-05
Santa Cruz
190.70
195.05
2.80
1.38
489
599
Including
193.20
193.75
0.35
2.59
943
1,150
APD-06
Santa Cruz
156.05
157.65
1.29
0.34
214
241
Including
157.15
157.65
0.40
0.45
339
375
Drill holes APD-01, APD-02, APD-07 and APD-08 returned no significant results
Notes to Tables
Silver equivalents are calculated at a ratio of 80:1 silver:gold.
All widths are estimated true widths.
No capping has been applied but high-grade intervals have been highlighted.
Qualified Person and Quality Assurance/Quality Control – Dale Mah, P.Geo., Vice President, Corporate Development of Endeavour, is the Qualified Person who reviewed and approved the technical information contained in this news release. A quality control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to ALS Labs, where they are dried, crushed, split and 250-gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption finish and silver by aqua regia digestion with ICP finish, over-limits by fire assay and gravimetric finish.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (together, “forward-looking statements”). Such forward-looking statements and information herein include but are not limited to statements regarding future prospects of the Company’s mines and projects. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development and risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the Securities and Exchange Commission . and available at www.sec.gov, and Canadian securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued exploration and mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Toronto, Ontario, September 26, 2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q) (“Aurania” or the “Company”) is pleased to announce that an intensive “Anaconda method” mapping program (see press release dated August 8, 2022) at the Company’s Tatasham target has discovered highly prospective porphyritic felsic intrusive rock, and at the Awacha target area, mapping has confirmed diorite and other intrusive rocks, with local hydrothermal breccias. The intrusives are crosscut by several generations of quartz veinlets locally containing chalcopyrite and galena (see Figures 1 and 2). These results are considered positive indications of porphyry-style mineralization at both localities.
Tatasham and Awacha are contained in Aurania’s large, 207,764-hectare concession block in southeastern Ecuador, located immediately north of the highly productive mineralized belt containing Solaris Resources’ Warintza and SolGold’s Porvenir porphyry copper deposits, as well as operating mines at Mirador (copper) and Fruta del Norte (gold).
The mapping program at Tatasham has been completed and is currently underway at Awacha. This work is being carried out ahead of a drilling campaign which is anticipated to commence in the last quarter of 2022.
The Tatasham target is a blind geophysical target with no previously recognized alteration or mineralization at surface. The 3-kilometre (km) x 1 km target is both a magnetic and resistivity high, flanked by conductive anomalies, that are speculated to represent a mixed magnetite skarn and porphyry cluster.
The Awacha target area comprises a cluster of geophysical anomalies representing porphyry targets located in an area approximately 9 km x 6 km in size. These targets are covered by post-mineral sedimentary rock. Where streams have cut down through these sediments, they have exposed the classic phyllic alteration envelope (quartz-sericite-pyrite alteration) which typically accompanies copper mineralization. Low levels of copper and molybdenum have been returned in analyses of stream sediments in this area, as well as copper in soils (see press release dated April 19, 2022).
Figure 1: Quartz diorite porphyry from Tatasham
Figure 2: Hydrothermal breccia exposure at Awacha
Amendment to Option Terms
An amendment was made to the vesting period of the stock options granted to SRC Swiss Resource Capital AG (“SRC”), the details of which were announced in a press release dated August 18, 2022. The 35,000 stock options granted to SRC at a price of $0.84 CAD, will vest in quarters with ¼ vesting three months from the date of grant, ¼ vesting six months from the date of grant, ¼ vesting at the one-year anniversary from the date of grant, and ¼ vesting at the two-year anniversary from the date of grant. All other terms remain unchanged.
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.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about: Investor Relations Activities (as such term is defined in the policies of the TSX Venture Exchange) to be performed by SRC and the anticipated approval of the TSX-V for said activities, 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. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania, a failure to comply with environmental regulations and a weakening of market and industry reliance on precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2022 diamond drill program. The 2022 diamond drill program at the company’s E&L nickel-copper-cobalt project is testing targets from the 2021 Geotech deep penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey. These include several large-scale low resistivity ZTEM anomalies that are within a plane that contains massive and disseminated sulphide zones.
Off to a promising start. The first deep hole completed at Nickel Mountain in 2022, EL-22-97b, intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The mineralization is hosted by gabbro and peridotite 205 meters down-trend of the previous deepest mineralized intercept at E&L on Nickel Mountain. The drill hole targeted the down plunge extension of the eastern zone of the E&L Intrusion, coincident with a large-scale low resistivity/elevated conductivity ZTEM anomaly.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Drilling nearing completion. Defense Metals released results for the first two drill holes, representing 720 meters of drilling, associated with the company’s ongoing 2022 diamond drill program. To date, 15 drill holes, representing 4,800 meters of drilling, have been completed. In aggregate, the company expects to complete 5,000 meters of drilling in 18 holes to upgrade existing resource categories. The company is completing remaining pit slope geotechnical and hydrogeological holes. The initial results were favorable and demonstrate continuity of mineralization over significant widths. Investors should expect a steady flow of assay results from the company in the weeks and months ahead.
Encouraging drill results. Hole WI22-64 returned a broad mineralized intercept of high-grade dolomite carbonate in the upper portions of the hole, and mixed mineralized xenolithic dolomite carbonate and syenite at depth averaging 1.78% total rare earth oxide (TREO) over 192 meters, including 3.13% TREO over 73 meters. The partial assays reported for WI22-64, one of the deepest holes drilled to date, are from surface to a depth of 284 meters. Results for the remaining 101 meters to the end of hole at 384.5 meters are expected shortly. Hole WI22-62 collared 120 meters to the north of WI22-64, intersected a 109-meter interval of mineralized dolomite carbonatite returning 1.39% TREO over 167 meters, including 2.29% TREO over 48 meters.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
VANCOUVER, BC, Sept. 22, 2022 /CNW/ – Garibaldi Resources ( TSXV: GGI) (the “Company” or “Garibaldi“) is pleased to announce that diamond drill-hole EL-22-97b has intersected nickel-bearing disseminated and semi-massive sulphide mineralization. The mineralization is hosted by taxitic and orbicular-textured gabbro and pyroxene peridotite 205 meters down-trend of the previous deepest mineralized intercept at E&L on Nickel Mountain. The drill hole targeted the down plunge extension of the eastern zone of the E&L Intrusion, coincident with a large-scale low resistivity / elevated conductivity ZTEM anomaly identified last season by Geotech’s deep-penetrating ZTEM survey.
Figure 1 – West facing section showing drill trace EL-22-97b which intersected two intervals of E&L gabbro 200m down plunge of previous drilling . Both intersections of gabbro contain sections of well mineralized E&L gabbro with disseminated, blebby, and semi massive sulphide. The gabbro sections occur along the plane of the E&L intrusion coincident with a large scale ZTEM resistivity anomaly more than 3 km in depth. (CNW Group/Garibaldi Resources Corp.)
Garibaldi’s 2022 drill program is focused on testing several large-scale low resistivity ZTEM anomalies within the Company’s 100% owned E&L nickel-copper-cobalt massive sulphide project. E&L mineralization also contains gold, silver, platinum group metals platinum, palladium (PGM’S) together with rhodium, iridium, and ruthenium (collectively termed PGEs). The 180 sq. km. claim group is centered in the heart of the Eskay District within the Golden Triangle of Northwest British Columbia.
The latest intercept is in the plane of the E&L Intrusion, and rests immediately below the Eastern Extension mineralization associated with a differentiated sequence of peridotitic and gabbroic rocks. The complex orbicular textures in the gabbros are characteristic of the E&L Intrusion in both the Eastern Extension and the newly identified root zone ~200m below. The target was drilled as a major step-out from the known intrusion to establish whether a low resistivity ZTEM anomaly beneath E&L corresponds to the plane of additional mineralized segments of the intrusion within the plane of prospective geology. The discovery of mineralized taxitic and orbicular-textured gabbros and pyroxene peridotite expands the potential scale of mineralization well below the previously drill tested 600 x 650 meter plane of the mineralized E&L Intrusion. Most importantly, drill hole EL-22-97b demonstrates the potential for mineralization coincident with the plane of the E&L intrusion at depth within the anomalous zone identified by the ZTEM survey.
Exploration Highlights:
Hole EL-22-97b extends E&L mineralization more than 205 meters down trend from previous drilling. The drill hole was collared 383m downslope from EL-20-91 and 92, and 216m east of and below the adit, cutting through the plane of the E&L Intrusion, allowing for more efficient drilling operations and providing an optimal Bore-hole Electro-Magnetic (BH-EM) platform for surveying.
E&L intrusion rock types were intercepted from 440 – 480m, and 589 – 609m with semi-massive sulphides occurring at 472.2 and 597.3m. Portable XRF measurements taken on these sulphide grains returned 2.8% Ni and 1.1% Ni, respectively. *
The sulphide-bearing rocks of the intrusion plunge for more than 800 meters and remain open beneath the E&L Intrusion.
These intercepts of mineralized E&L type rocks are in the plane of the E&L Intrusion, and coincide with the footprint of the previously modelled ZTEM anomaly, which extends for more than 3 km.
The drill hole was designed to test the plane of the E&L Intrusion at depth below previous drilling and successfully intercepted two intervals of E&L gabbro, which contain sections of disseminated, blebby and semi massive sulphides.
The hole has been lined from top to bottom with PVC to facilitate Borehole Electromagnetic surveys.
Jeremy Hanson, Garibaldi VP-Exploration, stated: “We are very encouraged by the results from EL-22-97b, we took a 200m step-out down plunge and intercepted multiple intervals of mineralized E&L type intrusive rocks with disseminated and semi-massive nickel bearing sulphides. Typically, when we find disseminated and semi-massive sulphides, massive sulphides are not too far away.”
Dr. Peter Lightfoot, Technical Advisor to Garibaldi, stated: “The complex assemblage of taxitic and orbicular-textured gabbros together with olivine pyroxenite encountered in drill hole EL-22-97b indicates that the E&L mineral system extends to depth along the predicted planar path. Significant exploration step-outs to test this plane will greatly improve our efforts to locate extensions of mineral zones using borehole EM methods.”
Nickel Mountain Section
Steve Regoci, Garibaldi CEO stated “This first hole, provides strong support for the proposition that ZTEM responses may represent the expression of a mineralized system. We’re anxious to drill test the deep seated ZTEM targets along the 15km base metal corridor of the NMGC to Mount Shirley for sulphide minerals.”
EL-22-97 was initially collared upslope of the adit at 396390 mE 6271118mN, 1567 masl, at 367°/-70° but failed to progress through difficult ground at 232m. The hole was abandoned well before target depth. EL-22-97b was recollared 213m downslope at 396442 mE, 6270938mN, 1463m masl at 342°/-50°. This hole succeeded to target depth and encountered mineralization at the initial area of interest targeted in EL-22-97.
Quality Assurance/Quality Control (QA/QC)
Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain Project using best industry practice. All core is logged by a geoscientist and selected intervals sampled. HQ and NQ drill core is sawn in half and each sample half is placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples is recorded and maintained for all samples from the drill to the laboratory.
All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Multiple certified ore assay laboratory standards and one blank standard were used in the process. Samples were submitted to SGS Canada Inc. in Vancouver, British Columbia, an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity Coupled Plasma (ICP), Fire Assay (FA) and Leco methods. Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold, platinum and palladium were analyzed using a 30-gram fire assay and ICP-AES. Total sulphur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS. The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Jeremy Hanson, a qualified person as defined by NI-43-101. *XRF measurements were taken with a Niton XL5. XRF measurements analyze a very small, select section of material approximately 0.16cm2 per measurement and results are not representative of the overall rock or material.
Qualified Person & Data Verification
Jeremy Hanson, P.Geo., a qualified person as defined by NI- 43-101, has supervised the preparation of and reviewed and approved of the disclosure of information in this news release. Mr. Hanson has verified the data, including drilling, sampling, test and recovery data, by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: “Steve Regoci” Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release
SOURCE Garibaldi Resources Corp.
For further information: GARIBALDI RESOURCES CORP., 1150 – 409 Granville Street, Vancouver, BC V6C 1T2, Telephone: (604) 488-8851, Website: GaribaldiResources.com
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New flagship project. Newrange signed a non-binding Letter of Intent (LOI) with Great Panther Mining Limited (NYSE American, GPL) to acquire a 100% interest in the past-producing Coricancha mine in central Peru. Management expects to sign a definitive agreement shortly. Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru. It is 90 kilometers east of Lima and includes a 600-tonne per day processing plant, dry-stack tailings storage facility and requisite surface and underground infrastructure.
Acquisition terms. Newrange has agreed to make a single cash payment of US$750,000 to Great Panther upon closing and the transaction will be on an “as-is” basis. Shareholder approval is not required. Because the acquisition is subject to financing, Newrange is considering a “one new for six old” share consolidation and subsequent name change to be effective upon closing. Closing is subject to certain conditions, including the completion of a definitive agreement, financing by Newrange, and receipt of all necessary third-party approvals.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
AMC Diversified into Mining Last Winter – The Prospects Look Good
They should make a movie about the CEO of AMC Theaters, Adam Aron. But they ought to wait because it seems his story and that of AMC Theaters ($AMC) have a few more plot twists left. Yesterday AMC Shareholders struck gold. That is, the 22% of a gold mining operation in Nevada that AMC purchased in March returned extremely positive results as to the amount and quality of the yellow metal found in recent tests.
Let’s Rewind
In mid-March of this year AMC Theaters, coupled with Natural Resources Guru Eric Sprott, had taken a large stake in a gold and silver mining company. The company, Hycroft Mining Holdings ($HYMC), has a 71,000-acre gold mine in Northern Nevada. AMC’s stake was 22%. It invested $27.9 million in cash in Hycroft in exchange for 23.4 million warrant units, with each unit consisting of one common share of Hycroft and one common share purchase warrant. The units were priced at $1.193 a share, while each purchase warrant was priced at about $1.07 and carried a five-year term. HYMC had been trading in the $0.30 to $0.33 range when the deal was executed, as of September 14, the mining company was trading for $0.84 per share. AMC also was granted the right to appoint someone to Hycroft’s board.
Eric Sprott’s investment was made through a holding company for Sprott, not the alternative investment manager owned by Mr. Sprott, Sprott Inc. The holding company will make an equal investment in Hycroft with the same terms. Together, AMC and Sprott invested $56 million in the mining company.
So Far, So Good
The large stake taken by a completely unrelated business was ridiculed by many. One Seeking Alpha author called it a “Horror Story.” But the run-up in AMC’s stock from the short-squeeze in 2021 and its foresight to set aside capital for growth and diversification may have been smart. As of yesterday, the 22% stake in the uncorrelated business (Leisure vs Natural Resources) makes the CEO presiding over the popular meme-stock look like a hero.
According to a press release from Hycroft Mining, initial drill results from the test they conducted in different areas of the the property more than confirmed their expectations.
Alex Davidson, Vice President, Exploration at Hycroft commented, “These initial drill results confirm the higher-grade opportunities identified in the 2021 drill program. While we have only just begun investigating the planned targets of our 2022-23 drill program, these results are very encouraging and further confirm the importance of additional drilling to explore the untapped potential of the Hycroft deposit. Importantly, we are observing the high-grade zones are more continuous than previously interpreted in addition to seeing silver and gold grades significantly higher than the average grade at the Hycroft deposit.”
Adam Aron tweeted dramatically yesterday after the results were made public, exclaiming, “Eureka, In Hycroft’s early efforts, the biggest exploration program there in a decade, they found it! There’s MORE gold in them thar hills. And MORE silver. And it’s MUCH higher grade than previously known at the site. To my critics in the cheap seats: #AFeast of CrowStewForYou.
Take Away
The AMC story, so far this decade, is full of so many plot twists and unexpected events that it confounds even the most veteran market watchers.
High-level research and analysis for many natural resource producers is regularly posted on Channelchek, along with information on stocks within the leisure sector. Watch for continued updates on this story by signing up for Channelchek emails.
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (BVL or Bolsa de Valores de Lima: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) regrets to report that at approximately 4:00 PM Lima Time on Sunday September 11, 2022, there was a mudslide incident at its underground Yauricocha Mine, located in Peru.
As a result, three contractor employees lost their lives and one was injured.
The safety and wellbeing of all employees and contractors is a major commitment and focus of the Company, and all efforts are being deployed to ensure them. Mining operations have been temporarily suspended as a result and will resume once conditions are considered safe and appropriate.
Local authorities have been notified and are conducting an investigation into the incident. The Company will provide any updates as they become available.
The thoughts of the board of directors and management are with the family, friends and colleagues that have been impacted by this unfortunate incident.
About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including increasing copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.
The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.
For further information regarding Sierra Metals, please visit www.sierrametals.com
This press release contains forward-looking information within the meaning of Canadian and United States securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management’s expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur” or “be achieved” or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 16, 2022 for its fiscal year ended December 31, 2021 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) is pleased to announce it has entered into an agreement to sell a 100% interest in Minera Oro Silver de Mexico, S.A. de C.V. (“MOS”), a wholly owned subsidiary of Endeavour to Grupo ROSGO, S.A. de C.V., (“Grupo ROSGO”). MOS holds the El Compas property and the lease on the La Plata processing plant in Zacatecas, Mexico. All references to dollars ($) in this news release are to United States dollars.
Pursuant to the agreement, Grupo ROSGO will pay Endeavour $5 million cash over five years with an initial payment of $250,000 on signing of the definitive agreement. Instalment payments of $500,000 will be made every six months other than the third payment, which will be $750,000. The payments are secured by a pledge of the shares of MOS.
Endeavour CEO, Dan Dickson commented, “We are pleased with the sale of El Compas to Grupo ROSGO as it streamlines our project portfolio and frees up management time to focus on advancing our extensive growth pipeline, including the Terronera project and Pitarrilla.”
About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding receipt of installment payments for the sale of El Compas, Endeavour’s anticipated performance in 2022, advancing its extensive growth pipeline, including Terronera and Pitarrilla, the timing and results of various activities and the impact of the COVID 19 pandemic on operations. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include but are not limited to, failure to receive installment payments of the sale price, the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent Form 40F/Annual Information Form filed with the United States Securities and Exchange Commission and available at www.sec.gov, and Canadian securities regulatory authorities and available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Recent drill results. Labrador Gold released results from recent drilling associated with its 100,000-meter drill program at its 100%-owned Kingsway gold project targeting the Appleton Fault Zone over a 12-kilometer strike length.A total of 52,648 meters have been drilled to date with assays pending for samples from approximately 3,343 meters of core. The company has four drill rigs operating, including two at the Big Vein target, one rig at the Golden Glove target, and one at the CSAMT target. Till sampling and prospecting continues to generate new drill targets along the Appleton Fault Zone and the gabbro trend north and south of Midway. Drilling on these targets will commence once initial drilling at the CSAMT target is complete.
Big Vein results continue to impress. At the Big Vein target, Hole K-22-177 returned 2.02 grams of gold per tonne over 32 meters from 134 meters depth that included 18.08 grams of gold per tonne over 0.63 meters and 11.42 grams of gold per tonne over 1.05 meters. It represents the longest mineralized intersection on the property to date. Hole K-22-187 at Big Vein southwest intersected 12.84 grams of gold per tonne over 0.8 meters from 341 meters depth.
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.
