TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL or Bolsa de Valores de Lima: SMT) (“Sierra Metals” or the “Company”) announced today that a special committee comprised of its independent directors (the “Special Committee”) has initiated a process to evaluate and consider the Company’s current financial and liquidity position, operational challenges and possible financing and restructuring alternatives that may be available to the Company.
Financial and Operational Matters
The Company faces liquidity challenges as a result of the recent previously announced suspension of operations at the Yauricocha Mine and operating losses and negative cash flows that have accumulated, primarily from the Bolivar and Cusi operations.
While mining operations have re-commenced at areas of the Yauricocha Mine, a majority of the operation remains suspended at this time. A precise timeline for achieving full plant throughput has not yet been established.
Absent additional support and increased funding, the Company’s ability to continue operations in the ordinary course may be impacted. The Company is monitoring and actively managing its capital to preserve liquidity to support operations and will continue to consult with its financial and other stakeholders.
The Company reiterates that the safety and wellbeing of its employees and contractors remains of utmost importance.
Special Committee
The Special Committee includes all non-management members of the board of directors of the Company. The mandate of the Special Committee includes exploring, reviewing and considering options to optimize the operations of the Company and financing, restructuring and strategic options in the best interests of the Company. The Special Committee has a particular focus on liquidity, near term financing and cash conservation options.
Financial and legal advisors with particular expertise in turnaround and restructuring matters have been engaged to advise on this process.
It is the Company’s current intention to not disclose developments with respect to the Special Committee process unless and until the board of directors of Sierra Metals has approved a specific transaction or material steps or otherwise determines that disclosure is necessary.
The Company cautions that there are no assurances or guarantees of the results of the Special Committee review process, management’s efforts to improve the current situation or the impact that the process and such efforts will have on the Company’s financial and liquidity position or its operations. The Company has not set a definitive schedule to complete the evaluation.
About Sierra Metals
Sierra Metals is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. The Company 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, including statements with respect to the ability of the Company to continue operations in the ordinary course. Forward-looking information relates to future events or the anticipated performance of Sierra Metals 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. The Company has made certain assumptions regarding, among other things: the strategic alternatives that may be available to it. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra Metals 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, BC, Oct. 17, 2022 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces the initial flotation results from variability samples.
Craig Taylor, CEO, and Director of Defense Metals stated: “Flotation results from the on-going program of testwork at SGS Lakefield confirm the basis of the Preliminary Economic Assessment (PEA)1 and show that the Wicheeda deposit can produce a high-grade rare earths mineral concentrate at high recovery rates with conventional flotation from a range of lithologies and grades. These are some of the best flotation results among rare earths development projects. We are encouraged with the exploration and metallurgy results to date, and confident that the pre-feasibility study, which we anticipate will commence shortly, will show that Wicheeda is well positioned to become one of the next rare earths producers in North America.”
The Company is currently performing flotation tests on samples of different lithologies. The Wicheeda deposit is characterized by three main rare earths bearing lithologies, dolomite carbonatite (DC) which is the dominant lithology, xenolithic carbonatite (XE), and syenite (SYN). Limestone is the major waste rock lithology. The predominant rare earths minerals are, synchysite/parisite, bastnäsite, and monazite.
The results to date indicate that high grade mineral concentrate containing more than 40% total rare earths oxides (TREO) at a recovery rate exceeding 80% has been produced from all fully tested DC samples and a Master Composite (MC) containing all lithologies, from material with a head grade of >2% TREO.
The XE material, representing about 24% of the deposit and encountered late in the mine life, can deliver a 38% TREO concentrate at ~70% recovery rate at feed grades ~1.4%TREO.
SYN material, which represents about 3% of the deposit and is only encountered late in the mine life, has the lowest grade but shows ~14x upgrade ratio (from 1.1% to 14.6%TREO) at recovery rates ~79%.
Approximately 70 flotation tests have been performed. Several assay results are pending, and additional tests are continuing on variability samples of DC, XE, SYN, and mixed samples.
Table 1. Selected Wicheeda Flotation Results
Composite samples
Variability samples
MC
DC
XE
SYN
DC-02
DC-04
Test ID
F37
F46
F47
F20
F61
F53
Head, TREO%
2.49
3.38
1.44
1.08
2.02
3.14
Mass Pull, %
4.2
6.3
2.8
3.3
3.2
6.2
Concentrate, TREO%
45.6
44.6
38.0
14.6
47.1
45.6
Recovery, %
81.3
82.7
70.3
78.5
74.3
88.9
Upgrade
18.3x
13.2x
26.4x
13.6x
23.3x
14.5x
Table 1, shows selected flotation results on samples from different lithologies. The Composite samples contain a mixture of intervals from different drill cores taken from different areas of the deposit and different depths and represent the different lithologies. The master composite sample (MC in Table 1) includes the three lithologies (DC (73.4%), XE (22.5%), SYN (3.8%)). The variability samples in Table 1 are just two of the seventeen such samples being tested.
The DC lithology accounts for more than 70% of PEA mill feed (Figure 1), and in the first 8 years of the expected mine life, over 90% of the flotation plant feed will be DC material, with higher rare earths grade, with the later years being mostly DC and XE material at relatively lower grades.
Fig. 1 : Wicheeda Percentage of Lithologies During Expected Mine Life
Methods
Samples were obtained from drill cores and separated into different lithologies. They were crushed and ground to 80% passing ~80µm and subjected to flotation tests. Several flotation parameters were investigated, including the collector types and dosage, depressant types and dosage, the addition of activator, pulp temperature, pulp density, pulp pH, and flotation feed size. All tests were performed at SGS Minerals Lakefield, Ontario.
Head grade, and concentrate products for cerium, lanthanum, neodymium and praseodymium oxides were determined via lithium-borate fusion of a 0.5-gram sample analyzed via wavelength dispersion X-ray fluorescence (WD-XRF).
The SGS analysis included a quality assurance / quality control (QA/QC) program including the insertion of rare earth element standard and blank samples. Defense Metals detected no significant QA/QC issues during review of the data. Defense Metals is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. SGS Minerals Lakefield is an ISO/IEC 17025 and ISO9001:2015 accredited laboratory. SGS is independent of Defense Metals Corp.
Qualified Person
The scientific and technical information contained in this news release, as it relates to the Wicheeda Rare-Earth Project, has been reviewed and approved by John Goode, P. Eng., Chief Metallurgist of the Company, who is a Qualified Person as defined by National Instrument 43-101 and has provided the technical information relating to metallurgy in this news release. Kristopher J. Raffle, P.Geo. (BC), a director of the Company, is the Qualified Person as defined in National Instrument 43-101 for the information relating to resources in this news release.
About the Wicheeda Rare Earth Property
The 100% owned 4,244-hectare Wicheeda Rare Earths Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda Rare Earths Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR2. A unique advantage of the Wicheeda Rare Earths Project is the production of a saleable high-grade flotation concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill feed from an open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing an average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, 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 Deposit 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”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, receipt of additional flotation results and the expected outcomes, the Company’s plans for its Wicheeda REE Project, the commencement of the pre-feasibility study and the anticipated outcomes, the expected mine life estimates, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration and metallurgy results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological, metallurgical and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed assay results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
SOURCE Defense Metals Corp.
______________________________
1 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
______________________________
2 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) is pleased to announce that positive findings of careful relogging of drill core together with the integration of geophysics and geochemistry from its Tiria-Shimpia target in Aurania’s Lost Cities-Cutucu project in southeastern Ecuador (the “Project”), has revealed the presence of a chain of three structural grabens occupying the middle of the concession block. Grabens are extremely important in mineral exploration because their bounding faults are often through-going conduits for hydrothermal fluids, and they have very high potential to be mineralized. This underlying work is integral to advancing ongoing joint venture discussions while the Company begins preparations for a drill program at its Tatasham and Awacha porphyry targets expected to commence later in 2022. Both programs remain in line with Aurania’s corporate strategy discussed in February 2022.
Professor Gregor Borg, a recognized international expert on sediment-hosted copper deposits commented on the review/reinterpretation of Aurania’s geological data, “The reassembly and reinterpretation of available data makes a totally new and very exciting story!”
The north graben is 10 kilometres long and 3.5 kilometres wide, the central graben is 26 kilometres long and 3 kilometres wide; and the south graben is 18 kilometres long and 5 kilometres wide.
Structural grabens, also known as pull-aparts or drop-downs, are areas where younger rocks have been faulted downwards vertically, between older rocks by opposing horizontal forces. It can be thought of as if the rocks have been stretched horizontally in opposite directions to breaking point, and then have subsided downward along vertical bounding cracks (faults). Grabens can be recognized in the field when the rocks abruptly appear out of age sequence. Lundin Gold’s Fruta del Norte gold deposit, approximately 100 kilometres south of the Project, lies in a structural graben as does Aurania board member Thomas Ullrich’s recent high-grade copper discovery at the Storm deposit of Aston Bay in northern Canada. A number of mineralizing patterns have now come into focus, which will be explained below, and Management considers that the prospectivity of its sediment-hosted targets within the Project has been very considerably enhanced. The process of review by Aurania’s technical team and consultants is ongoing.
Dr. Cristian Vallejo, Aurania’s Consultant Geological Expert on the Cutucu area, has relogged the Tiria-Shimpia and Tsenken drillcore, placing it in the correct geological context. It was found that a contracted paleontologist had incorrectly dated several index fossils and that Tiria-Shimpia sits in rocks that are 90 million years younger than previously believed. Dr. Vallejo convincingly correlated the drilling with oil well DRA-29 outside the Project, and also dissolved representative pieces of Tiria-Shimpia core in acid for palynology (dating of fossil pollen). The results definitively place the four Tiria-Shimpia holes in the Hollin and Napo Formations, which are understood to the primary reservoir rocks for oil in Ecuador. In fact, impregnations of petroleum were found at depths of 345.8 metres (“m”) to 357 m in Hole #2 in Shimpia. While Management of Aurania does not consider there to be any potential for economic petroleum in the concessions, the importance of this finding in the context of sediment-hosted base metal deposits cannot be overemphasized. Crude petroleum, bitumen and natural gas have all been implicated as precipitation agents in the formation of sediment-hosted copper deposits, and lead-zinc-silver deposits. The two styles of mineralization are sometimes found in proximity but are separated horizontally or vertically due to precipitation kinetics.
Over the last several years, Aurania has located numerous high-grade copper/silver showings across the Project (see press releases dated August 6, 2020, July 30, 2020, April 9, 2019, April 2, 2019, and October 4, 2018), but the proper understanding of the ore-deposits framework still eluded us to some extent. We now know that the lower part of much of the concession area is occupied by Jurassic-aged Chapiza redbed sediments that contain salt and that are over a kilometre in thickness. To date, salt has been intersected in three drill holes in Tsenken and anhydrite evaporites were found in two other holes. The copper/silver mineralization sits within laterally impersistent and thin beds of carbonaceous trash in the upper Chapiza, stratigraphically above the salt beds, where plant debris and other organics have acted as chemical reductants, precipitating copper and silver from circulating saline brine. The scenario is not unlike the Kupferschiefer of eastern Germany and Poland, but by themselves our thin beds are volumetrically too minor to represent orebodies and are not exploration targets.
One exploration target however does leap out as exceptional and will be discussed presently. The Chapiza redbeds would equate with the Rotliegendes (in German, the “underlying red”) directly beneath the Kupferschiefer, an organic-rich “copper shale” which hosts the economic orebodies in Poland. We believed formerly that our carbonaceous beds were a direct analogue to the Kupferschiefer unit, and indeed in some ways they are, but a much better exploration target is proffered by the Hollin Formation higher in stratigraphy, which is both thick and bituminous with good porosity. These rocks were formerly not thought to be in the central graben, but the recent study made by Cristian Vallejo has identified the Upper Hollin formation (“Fm”) in hole #1 and #2 below the Napo Fm. Hollin also subcrops within the southern graben, in an area where there is a large MobileMT (“MMT”) conductive anomaly that was heretofore considered to be spurious.
The geological model for sediment-hosted copper deposits is predicated on a source accumulation of oxidized sediments in a basin that has occasionally evaporated to dryness, leaving behind salt beds. The theory is that minute amounts of copper in oxidized minerals become labile and can be stripped and then mobilized in brine as copper chloride. Heated brine would typically travel upwards through the rock column along faults and where it encountered organics, pyrite, or some other precipitation agent would drop the copper out of solution to form copper sulphides such as chalcocite. Professor Borg has previously commented that the presence of coeval porphyry copper deposits in the Chapiza means that the basin is “Turbocharged” with a “Double whammy”, or twice as much fertile copper potential as a normal scenario. Watch the video with Prof. Borg here: http://www.aurania.com/the-opportunity-a-copper-experts-opinion. The same model components are present in the Kupferschiefer and Aston Bay’s new Storm deposit but without copper porphyry.
Figure 1: From Vallejo et al. 2021. The central panel pertains to the Cutucu and provides stratigraphic context to this press release. The host rocks to Zn-Pb-Ag at Tiria-Shimpia are in the middle Napo Shale of the central panel. Previously they were believed to be in the Santiago Fm, at the very bottom of the stratigraphic column in the lower Jurassic. The copper source rocks and salt are in the Late Jurassic Chapiza Fm.
Figure 2: Interpreted geology. The sense of throw on the faults is still to be entirely defined. Most of the field of view is occupied by the NNW Central Graben containing Napo and Hollin Fm. The Southern Graben contains Napo, Hollin and Chapiza in a synclinal structure.
Figure 4: The distribution of copper and zinc in soils, within surveyed and sampled areas. Note that the distribution of Zn in the Central Graben mimics the distribution of Ag in outcrop from Figure 3. Cu has a wider distribution and is concentrated in Tsenken in the Southern Graben where it occurs close to copper-in-sediment occurrences but is also anomalous in other areas. These other areas are flows and subvolcanic intrusives of basalt to andesite within the Chapiza Fm. Drilling has shown them to be partially to completely oxidized, and coeval with the redbed sediments. They have high intrinsic backgrounds in Cu and Co and are considered an excellent protolith for mobilization into stratigraphically higher sediments.
Figures 5 and 6 are blow ups of the South Graben area. Figure 5 has the distribution of uranium in soils superimposed and 6, chromium in soils superimposed. The folded calc-alkaline basalt and andesite flow is outlined by Cr contents in Figure 6 (due to mafic character) and is clearly seen in Figure 5, which is free of anomalous U values over the flow. The saddle-shaped folding of the flow is clearly duplicated up-section by anomalous uranium, highly suggesting there is a stratiform accumulation of uranium in sediments. The picture for copper in Figure 4 is less clear but potentially covariant with uranium. Copper and uranium are often found together in sediment-hosted deposits e.g., Zambia Copperbelt. There is no MMT conductor in this area and potentially the sediments are shallow enough that sulphide has been weathered to carbonates and oxides. This is considered a very good drill target for the future.
Figure 7: MMT image over the Tsenken target area (South Graben). The hot colours are the conductors. Note that the salt occurrences along the graben boundary faults are extremely strong conductors. Salt itself is an insulator but with addition of water becomes strongly conductive. The brine springs used by the Shuar to produce salt are in the same area The circa 3 x 5 km conductivity anomaly on the west side of Tsenken remains unexplained and undrilled. Because it has depth extent it is thought to be a porphyry body which is buried within the Chapiza. It is a high priority target. The labelled conductor “copper target” mimics the saddle shape of the syncline lower in stratigraphy, and is composed of lower Hollin Fm. This is a 3.5 x 3 km target and appears to be stratiform and potentially stratabound. It is considered the highest priority copper-in-sediment target in this new interpretation.
Figure 8: A stratigraphic column modified from Vallejo, 2022. It shows diagrammatically the presence of organic carbon plotted against the stratigraphy of the rocks in the Cutucu. As can be seen, the layers with carbon in the Chapiza Fm are quite thin. Near the bottom of the Hollin Fm the carbon level picks up dramatically. As a working hypothesis we believe that some mobilized copper is deposited by fluids when they encounter carbonaceous layers in the Chapiza Fm, and we see abundant evidence of that in outcrop. We believe though that the majority of the copper will continue to migrate up-section until it comes in contact with the major carbon bearing units of the lower Hollin Fm. These units do not outcrop and Tiria-Shimpia hole #2 was too shallow to test this hypothesis. After dumping the copper, the fluids continued to move up-section into the Napo Fm where they deposited the zinc-lead-silver. MMT coverage over the Tiria-Shimpia area is limited, but deep conductors along the boundary faults and below the zinc-lead-silver if found, would reinforce this hypothesis.
Unusually, there is enough potassium (potash) component in the salt to both make it deep orange in colour, and mildly radioactive. Fault traces where salt is present are both radiometric K-channel anomalies and strong conductors. The zinc-lead-silver mineralization at Tiria-Shimpia also shows up as K-channel radiometric anomalies, and this is potentially due to the presence of large amounts of celestite, a strontium mineral that can contain moderate amounts of potassium. There are a large number of these radiometric targets along boundary faults that do not outcrop and have yet to be drilled. The integration of radiometric, magnetometer and magneto-telluric surveys is not fully completed and will with high probability yield more targets.
Qualified Person
The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc, VP Exploration. 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 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.
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) will report its third quarter 2022 financial results before the market opens on Monday, October 31, 2022. Alliance management will discuss these results during a conference call beginning at 10:00 a.m. Eastern that same day.
To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the “investor information” section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13733069.
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the largest coal producer in the Eastern United States. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast-growing energy and infrastructure transition.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at investorrelations@arlp.com.
Brian L. Cantrell Alliance Resource Partners, L.P. (918) 295-7673
Shareholder Conference Call and Webcast will be held on Wednesday November 16th, 2022
TORONTO–(BUSINESS WIRE)– Sierra Metals Inc. (TSX: SMT) (NYSE American: SMTS) (BVL or Bolsa de Valores de Lima: SMT) (“Sierra Metals” or the “Company”) will release Q3-2022 consolidated financial results on Tuesday November 15th, 2022, after Market Close. Senior Management will also host a webcast and conference call on Wednesday November 16th, 2022, at 11:00 am EST. Details of the Conference Call and Webcast are as follows:
Via Webcast:
A live audio webcast of the meeting will be available on the Company’s website:
The webcast along with presentation slides will be archived for 180 days on www.sierrametals.com.
Via phone:
For those who prefer to listen by phone, dial-in instructions are below. To ensure your participation, please call approximately five minutes prior to the scheduled start time of the call.
Canada dial-in number (Toll Free): 1 833 950 0062 Canada dial-in number (Local): 1 226 828 7575 US dial-in number (Toll Free): 1 844 200 6205 US dial-in number (Local): 1 646 904 5544 All other locations: +1 929 526 1599
Access code: 991150
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About Sierra Metals
Sierra Metals Inc. is a diversified Canadian mining company with Green Metal exposure including copper production and base metal production with precious metals byproduct credits, focused on the production and development of its Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. The Company 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 or contact:
Infill drill hole WI22-67 (-60o dip / 197o azimuth) was drilled southward within the northern area of the deposit and yielded a broad mixed lithology mineralized intercept comprising dolomite carbonatite and syenite averaging 2.53% total rare earth oxide (“TREO”) over 106 metres (m); including a high-grade zone of 3.42% TREO over 59 m1 (Figure 1). The assays reported for WI22-67 are partial from surface to a downhole depth of 155 metres. Assay results for the remaining 165 m to end of hole at 320 m are expected in the coming days.
Craig Taylor, CEO, and Director of Defense Metals stated: “With the release of this additional drill hole, we continue to establish excellent continuity of mineralization in sectional infill drilling. As we advance the Wicheeda Project we know these kinds of results will contribute significantly to our goal of upgraded resource categories necessary to support a future Preliminary Feasibility Study (PFS).”
18th International Rare Earths Conference, Las Vegas, Nevada
Defense Metals and many of its directors, management and advisors will be attending the 18th International Rare Earths Conference on October 17, 2022 to October 19, 2022 in Las Vegas, Nevada. Luisa Moreno, President and Director of the Company will be presenting on the “Wicheeda Deposit: The Next North American REE production“.
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR3. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, 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 Deposit 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”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, upgrading the resource categories, completing the PFS, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
1
The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
2
TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
3
Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
Defense Metals 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.
Recent drill results. Defense Metals released assay results from two additional core drill holes which highlight the Wicheeda REE deposit’s potential for high REE grades over significant widths. The two holes, representing 717 meters of drilling, were collared from the same site within the northern part of the project area.
High grade results in the northern portion of the Wicheeda deposit. Infill drill hole WI22-68, the deepest hole drilled to date at 395 meters, was drilled southwest within the northern area of the deposit and yielded a broad mineralized intercept of high-grade dolomite carbonatite averaging 3.58% total rare earth oxide (TREO) over 124 meters, including a high-grade zone of 6.7% TREO over 18 meters that included a 3-meter sample yielding 8.58% TREO. Hole WI22-63 collared from the same drill site, tested the interpreted eastern contact of the carbonatite body at depth and returned 2.29% TREO over 39 meters, including 5.08% TREO over 9 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, Oct. 11, 2022 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces high-grade Rare Earth Element (“REE“) assay results from an additional two core drill holes, totalling 717 metres (m), collared from the same site within the northern area of Defense Metals’ 100% owned Wicheeda REE Deposit.
Infill drill hole WI22-68 (-55o dip / 220o azimuth), the deepest hole to date on the Wicheeda Project at 395 metres, was drilled southwest within the northern area of the deposit and yielded a broad mineralized intercept of high-grade dolomite carbonatite averaging 3.58% total rare earth oxide (“TREO”) over 124 metres; including an exceptionally high-grade zone of 6.70% TREO over 18 m1 that included one 3 m sample yielding 8.58% TREO (Figure 1, and Image 1).
Drill hole WI22-63 (-60o dip / 204o azimuth) collared from the same drill site, tested the interpreted eastern contact of the carbonatite body at depth and returned 2.29% TREO over 39 m; including 5.08% TREO over 9 m1 (Figure 2).
Luisa Moreno, President, and Director of Defense Metals stated: “These two core drill holes, in particular WI22-68, once again demonstrate the potential for high REE grades over significant widths within the northern Wicheeda Deposit. Assays for WI22-68 were prioritized based on readily visible, coarse-grained REE mineralization. We look forward to receiving additional assay results of other resource infill drill holes from the northern and central Wicheeda Deposit that appear similar in terms of visually estimated REE mineralization percentage.”
1The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
2 TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
Figure 1. Drill Section Holes WI22-68
Image 1: WI22-68 Visibly Coarse-grained REE Mineralization Within Interval Grading 6.70% TREO Over 18 Metres (CNW Group/Defense Metals Corp.)
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR3. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.
3 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power markets, 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 Deposit 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”.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Key permit approved for battery storage. LiNiCo Corporation, of which Comstock owns 90%, received a Conditional Use Permit to operate a lithium-ion battery (LIB) pre-recycling storage facility at an ~200-acre industrial property in Mound House, Nevada. The Lyon County Board of Commissioners unanimously approved the permit. The facility will receive, sort, and store waste LIBs, with capacity for expansion. The facility offers the potential for crushing and separating operations to supplement LiNiCo’s 137,000 square foot battery metal recycling facility in the Tahoe Reno Industrial (TRI) Center in Storey County, Nevada.
Battery recycling expected to commence in 2023. Recall that LiNiCo was recently issued an operating permit by the Nevada Division of Environmental Protection to conduct lithium-ion battery recycling and related operations at its 137,000 square foot battery metal recycling facility in the Tahoe Reno Industrial (TRI) Center in Nevada. The company expects to commence recycling operations in 2023 following receipt of an air quality permit for the TRI Facility which we anticipate in the second quarter of 2023.
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.
VIRGINIA CITY, NEVADA, OCTOBER 10, 2022 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced it had received unanimous approval by the Lyon County Board of County Commissioners (“BoCC”) for the Conditional Use Permit (“CUP”) requested by LINICO Corporation (“LiNiCo”) to operate a lithium-ion battery (“LIB”) pre-recycling storage facility at a nearly 200 acre industrial property in Mound House, Nevada.
LiNiCo’s LIB storage facility resides in one of the largest industrial parks in Lyon County, Nevada, with ample power, water and immediate highway access. The facility will receive, sort, and store waste LIBs, with capacity for expansion and possible crushing and separating operations, to supplement LiNiCo’s 137,000 square foot battery metal recycling facility located in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada (“TRI Facility”).
“The receipt and storage of these batteries represent an essential component of our regional supply chain for recycling these critical metals,” stated Mr. Corrado De Gasperis, LiNiCo’s executive chairman and chief executive officer. “We are thrilled with Lyon County’s support as we secure this fundamental piece of the eco-system necessary for receiving, storing and ultimately recycling waste LIBs.”
Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels. According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers may eventually scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. In short, lithium demand is increasing globally, and a tsunami of lithium recycling demand is coming as new electrification products are deployed and age out of use.
De Gasperis concluded, “LiNiCo’s technologies are designed to meet the realities of this existing and rapidly growing demand by enabling profitability at the earliest stages of production. We are very pleased to receive the second of three major permits and we look forward to receiving our air quality permit for the TRI Facility, the final major permit, so we can commence recycling during 2023.”
About LiNiCo Corporation
LiNiCo Corporation (“LiNiCo”) holds the rights to an intellectual property portfolio of innovative processes that efficiently crush, separate and condition LIB materials, while developing new technologies for extracting lithium and graphite, and the ultimate reuse of the recovered metals to produce 99% pure precursor cathode active materials. Collectively, these technologies give LiNiCo, and its existing battery metal recycling and LIB storage facilities, differentiating competitive advantages.
About Comstock Inc.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Forward-Looking Statements
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; and future prices and sales of, and demand for, our products and services. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.
Contact information:
Comstock Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc
TORONTO, ON / ACCESSWIRE / October 7, 2022 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK) (OTCQX:ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has completed 29,500 m of diamond core drilling substantially fulfilling its planned meterage for the 2022 property wide exploration campaign. Over the past four months, drilling has been conducted at multiple volcanogenic massive sulfide (“VMS”) targets including Jeff, Jeff North, Scarlet Ridge, Scarlet Valley, and Tarn Lake. Drilling has now been completed and the Company is currently demobilizing.
“As the 2022 exploration season is drawing to a close, we have met all of our primary objectives,” commented Dr. John DeDecker, Eskay Mining’s VP of Exploration. “We have now drill tested the full extent of the TV-Jeff trend, conducted systematic mapping and extensive rock chip sampling of the Scarlet Ridge-Tarn Lake trend, and conducted exploratory drilling at three highly prospective and previously undrilled targets, Scarlet Ridge, Scarlet Valley and Tarn Lake. Our prospecting and mapping teams have also conducted reconnaissance level work at Spearhead, Vermillion, Tet, SIB-Lulu, Excelsior, and Harrymel Valley, laying the groundwork for an expansive push to drill test numerous additional targets in 2023. “
Step-out drilling of the Upper Massive Sulfide Zone has confirmed that semi-massive and massive sulfide mineralization overlies the entire stockwork zone at TV thus significantly expanding the along-strike and down-dip extent of this important body of mineralization.
Maiden drilling at Scarlet Valley and Tarn Lake yielded core displaying intense stockwork and replacement-style sulfide mineralization and hydrothermal alteration focused along east-west trending andesite dikes. Replacement-style mineralization and hydrothermal alteration of volcaniclastic debris flow breccia at Scarlet Valley provide an encouraging sign that the VMS feeder structures may have fed laterally extensive replacement-style mineralization along favorable stratigraphic horizons.
Highlights from TV Drilling:
Drilling at TV, the last to be undertaken this season, focused on extensions of the Upper Massive Sulfide Zone discovered in 2021. Drill holes TV22-105, 107, 109, 110, 111, and 113 target areas east and up-section from the large stockwork zone defined by drilling in 2021 (Figure 1). All of these holes have intercepted semi-massive to massive sulfide over intervals ranging from 4-18 meters and tens of meters of additional footwall replacement-style and stockwork sulfide mineralization hosted by andesite and dacite breccia, and silicified mudstone (Figures 2-4).
Extensions of the Upper Massive Sulfide Zone overlie intensely silicified mudstones in the stockwork zone, consistent with a near-seafloor position.
Handheld XRF analyses of massive and semi-massive sulfides hosted by carbonaceous mudstone display strongly anomalous concentrations of pathfinder elements Ag, As, and Sb; stockwork mineralization displays strongly elevated levels of pathfinder elements As and Sb; and readings from massive sulfide display very high concentrations of pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.
Highlights from Tarn Lake Drilling:
Drilling at Tarn Lake focused on a large gossanous outcrop associated with visible sulfide and sulfosalt mineralization hosted within Eskay rhyolite (Figure 5). Sulfide mineralization is focused around east-west trending andesitic dikes that are interpreted to have exploited the same syn-volcanic structure that fed VMS forming fluids. Nine drill holes were completed at Tarn Lake.
Hole TN22-10 intercepted approximately 10 m of semi-massive replacement style mineralization (Figures 6 and 7), and ubiquitous disseminated sulfide mineralization associated with sulfide stockwork (Figure 7).
Early results show pervasive stockwork and disseminated sulfide mineralization in all drill holes completed at Tarn Lake. Handheld XRF readings display very high concentrations of pathfinder elements Ag, As, and Sb within stockwork and semi-massive and massive sulfide mineralization. Handheld XRF cannot reliably measure Au concentrations.
Rhyolite-hosted sulfide mineralization at Scarlet Knob, situated approximately 1 km to the northeast of Tarn Lake, is likely structurally offset from the Tarn Lake VMS system, displaced along a dextral shear zone.
Highlights from Scarlet Valley Drilling:
Drilling at Scarlet Valley (Figure 8) targeted a large east-west trending gossan associated with intense stockwork sulfide mineralization. Mineralization is focused along east-west trending andesite dikes that crosscut volcaniclastic debris flow breccia. Debris flow breccia in the western part of Scarlet Valley contains rhyolite clasts, while debris flow breccia to the east is dominated by andesite clasts. Both andesite and the debris flow breccia exhibit replacement-style sulfide mineralization (Figures 9-13), in some cases, sulfide replacement being intense.
Core from hole SV22-05 displays intense silicification and sulfide replacement of volcaniclastic debris flows, a promising sign that permeable sedimentary horizons may host lateral extensions of replacement-style mineralization.
Handheld XRF analyses of sulfide minerals in drill core display high concentrations of pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.
Dr. Quinton Hennigh, P. Geo., a Director of the Company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Eskay Mining Corp:
Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).
All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.
For further information, please contact:
Mac Balkam President & Chief Executive Officer T: 416 907 4020 E: Mac@eskaymining.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 Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
(Figure 1: Section of TV showing locations of 2022 drill holes. Drilling focused on targeting along-strike, up-dip, and down-dip extensions of the stockwork zone and massive sulfide horizons discovered in 2020-2021.
(Figure 2: TV22-109 56.84-63.80 m showing an intercept of ~6 m of massive sulfide underlain by a fault hosted by carbonaceous mudstone. Most massive sulfide at TV is fault bounded on the bottom, with a few meters of mixed and broken massive sulfide and carbonaceous mudstone before the stockwork zone is intercepted. Handheld XRF analyses of the massive sulfide show very high concentrations of the Au pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.TV22-109 101.12-110.87 shows a typical intercept of the replacement-style mineralization hosted by andesite breccia.)
(Figure 3: TV22-111 52.0-61.13 m showing a mudstone-hosted massive sulfide intercept. Sulfide mineralization begins ~10 m above the massive sulfide horizon, and is characterized by ~20% pyrite hosted within sheared peperitic andesite and dacite. The massive sulfide is underlain by faulted mudstone and andesite breccia, both of which contain appreciable sulfide mineralization. Handheld XRF analyses of the massive sulfide show very high concentrations of the Au pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.)
(Figure 4: TV22-110 78.04-87.91 showing stockwork sulfide mineralization hosted by intensely silicified mudstone. Handheld XRF analyses of sulfides hosted by silicified mudstone invariably show very high concentrations of the Au pathfinders Ag, Sb, and As. Handheld XRF cannot reliably measure Au concentrations. TV22-110 123.79-131.20 showing a sheared andesite breccia hosting replacement-style sulfide mineralization.)
(Figure 5: Map showing the drill traces for Tarn Lake shown with drone imagery of gossanous rhyolite focused around east-west trending andesite dikes.)
(Figure 6: TN22-10 90.83-100.0 m showing semi-massive replacement style sulfide mineralization hosted by Eskay rhyolite. This interval shows consistently high concentrations of the pathfinder elements Ag, As, and Sb.)
(Figure 7: TN22-10 94.50-94.60 showing a close-up of semi-massive replacement-style mineralization hosted by rhyolite breccia. This type of sulfide mineralization shows the highest pathfinder element concentrations. TN22-10 123.85-123.95 showing stockwork sulfide and vesicle-hosted disseminated sulfide mineralization. This style of mineralization is ubiquitous at Tarn Lake. Accurate handheld XRF analyses of disseminated mineralization is impossible given the small size of the disseminations and consequent mixed analyses of sulfide and host silicate material. Analyses of larger stockwork veins throughout the Tarn Lake drill holes shows the presence of Ag, suggesting that disseminated sulfides may host Ag as well.)
Figure 8: Map showing the drill traces for Scarlet Valley shown with drone imagery of gossanous rhyolite-bearing volcaniclastic debris flow deposits focused along east-west trending andesite dikes.
Figure 9: SV22-05 at approximately 21.5 m showing moderate sulfide replacement of both the groundmass and clasts of a volcaniclastic debris flow breccia. This observation shows that sulfide mineralization occurred after the deposition of the debris flow breccia. Volcanic clasts are andesitic in composition.
Figure 10: SV22-05 at approximately 37 m showing progression from a mineralized volcaniclastic debris flow breccia with a carbonaceous mudstone groundmass, to an intensely clay altered and silicified debris flow breccia with patchy sulfide replacement. Volcanic clasts are andesitic in composition.
Figure 11: SV22-05 from approximately 55-57.5 m showing variably intense sulfide replacement of the host volcaniclastic debris flow breccia. This rock is intensely silicified and variably clay altered, with the lighter colored rock being more intensely clay altered.
Figure 12: SV22-05 at approximately 84.8-87 showing an andesite dike adjacent to a faulted mudstone (top row), followed by a volcaniclastic debris flow breccia with large perlitic andesite clast and other andesitic fragments. Sulfide mineralization is hosted by fine fractures within the andesite, but is more widespread in the more permeable debris flow breccia, highlighting the potential for such horizons to host lateral extensions of replacement-style mineralization.
Figure 13: SV22-05 at approximately 155.8 m showing intense clay alteration and sulfide replacement of an andesitic hyaloclastic breccia. Clasts fit together well, precluding a sedimentary origin. Sulfide minerals are preferentially replacing the cores of larger breccia fragments, and infilling between hyaloclastic fragments.
VIRGINIA CITY, NEVADA, OCTOBER 6, 2022 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its Executive Chairman and CEO, Corrado De Gasperis, is presenting at the 12th Annual Invitational LD Micro Main Event in Los Angeles on Wednesday, October 26, 2022, at 4:00 p.m. PDT.
“We look forward to presenting at the LD Micro conference as we accelerate the commercialization of our decarbonization technologies for transportation and broader mobility applications,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “Our cellulosic fuels and Li-ion battery metal recycling businesses enable renewable energy solutions in massive existing and extremely fast growing markets, during a most critical time for reducing carbon.”
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
About LD Micro (NASDAQ: SRAX)
LD Micro aims to be the most crucial resource in the micro-cap world. Whether it is the index, comprehensive data, or hosting the most significant events on an annual basis, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.
This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
Contact information:
Comstock Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the bottom of the report for important disclosures
Mining companies outperform broader market. During the third quarter, mining companies (as measured by the XME) declined 2.1% compared to a loss of 5.3% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were down 11.9% and 7.9%, respectively. Gold, silver, copper, zinc, and lead futures prices fell 6.8%, 6.2%, 8.5%, 8.8%, and 0.4%, respectively. The commodity price declines reflect expected impacts of Federal Reserve monetary policy on interest rates, U.S. dollar strength, and the economic environment.
Outlook for precious metals. The U.S. Dollar Index rose 7.1% during the third quarter, while the yield on a 10-year treasury note increased from 3.0% to 3.8% as of September 30. While higher rates and a strong U.S. dollar pose significant headwinds for gold, an inflection point may be reached as investors seek to preserve value amid deteriorating economic conditions, increasing geopolitical uncertainty, and market volatility. While down 7.9% year-to-date through September 30, the price of gold has remained relatively resilient this year despite challenging headwinds. Not being able to benefit from strengthening gold prices, investors have focused more on silver’s industrial applications which make it more sensitive to economic expectations.
Industrial metals demand expected to remain challenged. The decline in industrial metals prices reflect concerns about economic growth in the U.S. and abroad. While the long-term investment case for owning industrial metals mining companies remains favorable, industrial metals prices may remain challenged into 2023.
Putting it all together. Precious metals prices may strengthen in advance of industrial metals. Therefore, investors may desire to lean into precious metals mining names to benefit from a positive shift in investor sentiment. While it may take longer for industrial metals to recover, an eventual return to economic growth could result in strong prices due to potential supply and demand imbalances.
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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.” FINRA licenses 7, 24, 63, 87
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