NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") announces that it has closed the oversubscribed, non-brokered, private placement financing (the "Offering") (see news releases dated June 15, 2022 and June 27, 2022) for gross proceeds of C$2,206,831
Pursuant to the Offering, the Company issued (i) 7,826,841 flow-through units of the Company (each, a "FT Unit") at a price of C$0.18 per Unit for gross proceeds of C$1,408,831 ; (ii) 3,325,000 FT Units to be sold to charitable purchasers (each, a "Charity FT Unit") at a price of C$0.24 per Charity FT Unit for gross proceeds of C$2,206,831.
"The Company is pleased to close this oversubscribed financing. We are grateful for the continued support from our existing shareholders and welcome our new ones," stated Sean Samson, President and CEO of EV Nickel. "With the financing complete, we are well positioned to continue our strategy combining the High-Grade mineralization like we have at W4 and has been historically mined across the Shaw Dome with the enormous potential of the Large-Scale mineralization we now hope to prove out in Phase 3- bringing it all together to create a Clean Nickel business."
Each FT Unit and Charity FT Unit consists of one common share of the Company, issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.25 for a period of 24 months following the date hereof.
The Company intends to use the net proceeds raised from the Offering for the exploration of the Company's Shaw Dome Project located south of Timmins in Ontario. Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. The FT Shares and Warrant Shares are subject to a hold period expiring four months and one day from their date of issuance.
In connection with the Offering, the Company paid finder's fees on portions of the Offering. These finder's fees totalled C$152,378 in cash and 536,212 warrants in the Company ("Finder's Warrants") exercisable at any time from the Closing Date to the day prior to the date that is 24 months following the date hereof to acquire common shares in the Company at an exercise price equal to C$0.16 per common share. Red Cloud Securities Inc. and PowerOne Capital Markets Limited acted as finders in connection with the Offering.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. In addition to extensive historic production, the Shaw Dome area is home to the Langmuir W4 Zone, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel TM business, targeting the growing demand for Class 1 Nickel from the electric vehicle battery sector. EV Nickel has more than 30,000 hectares to explore and has identified more than 100km of favourable strike length.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9 www.evnickel.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 of this release.
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In 2022, analysts are predicting that nickel prices will remain strong or at high levels despite a rocky first half of 2021. Driving this demand is predominantly stainless steel, with electric vehicle batteries continuing to pick up pace. However, not all nickel is created equal when it comes to batteries. The only type qualified for use in electric vehicle batteries is Class 1 nickel, which is usually found in sulfide deposits and has a much higher nickel content.
Twenty-five kilometers southeast of Timmins, EV Nickel (TSXV:EVNI) is looking to fill the huge demand for the base metal. The company’s prospective Langmuir Nickel project is a high-grade nickel sulfide project with a historical resource with 30 kilometers of additional strike length on the property. EV Nickel boasts a significant land package of approximately 9,100 hectares that is strategically located in the Shaw Dome, near multiple nickel end users, including Tesla (NASDAQ:TSLA), Detroit Peers, NIO (NYSE:NIO), SBE Canada and Rivian Automotive (NASDAQ:RIVN).
The Langmuir Nickel project is located in the Shaw Dome, a prospective nickel belt region that bears a strong resemblance to the Kambalda Dome in Western Australia that mined ~51Mt grading 3.1 percent nickel from 1968 to 2020. The Shaw Dome hosts Kambalda-style nickel sulfide mineralization occurring in ultramafic flows and sills. Eighty square kilometers of historical, favorable komatiitic units are found within EV Nickel’s property. EV Nickel announced its intent to acquire 1,088 claims1,088 claims, over almost 21,000 hectares of prospective land, from a private vendor located mainly in the highly prospective Shaw Dome to the north, west and south of the Langmuir Project.
The company is fully focused on three fronts: to find more nickel at Langmuir, secure more land in the Shaw Dome and create a Clean Nickel™ business.
The Langmuir Nickel project is a prospective and high-grade nickel located in the Shaw Dome in Ontario, Canada. The project is located approximately twenty five kilometers from Timmins, an established mining camp with clean hydroelectric power. The property spans 9,100 hectares, including 30 kilometers of identified strike length. The Langmuir Nickel project has access to power lines and a road with proximity to multiple nickel end-users, including Tesla (NASDAQ:TSLA), Detroit peers, NIO Inc. (NYSE:NIO), SBE Canada Ltd. and Rivian Automotive Inc. (NASDAQ:RIVN).
EV Nickel released assay results from its initial drilling program in December 2021, and plans for 2022 include continuing drilling, conducting metallurgical testing and identifying a resource.
Historical mineral resources for the Langmuir Nickel Property:
EV Nickel has applied for the trademark Clean Nickel™ across several jurisdictions as a step towards the company’s commitment to develop zero-carbon production of Nickel. Clean Nickel™ refers to zero-carbon production and this is central to the business EVNi intends to develop on the Shaw Dome.
Sean Samson is a mining executive with more than 20 years of management and financial experience. Most recently, he was the vice president and head of corporate development at FNI Mining for four years. At FNI Mining, he spent six months as interim COO in which he was responsible for safety, mine development and operations at a 250-person underground mine near Sudbury, Ontario. In 2012, he won the Canadian Young Mining Leader award from the CIM. Before FNI, he was the vice president of commercial development at Kinross Gold Corporation for five years. At Kinross Gold Corp., he had diverse, multi-functional responsibilities, including supply chain, energy, merger integration, enterprise risk and capital approvals. Samson led a team of more than 300 people across eight countries at Kinross Gold Corp. Before Kinross Gold Corp., he was a management consultant at Bain & Company and he traded for investment banks in New York and Europe. Samson received an A.B. from Harvard University and an MBA from Cambridge University. He has also completed his Surface Miner Common Core in Ontario. He is a past elected PDAC board member and a Cleantech advisor at MaRS which is a Toronto-based Innovation Centre.
Travis Gingras has more than 20 years of experience in finance, strategic planning, project management, accounting policy and financial reporting. Gingras previously held CFO and executive-level positions at many publicly-traded exploration and mining companies, including the CFO of Integra Gold Corp (formerly TSXV:ICG, purchased by Eldorado Gold in 2017). Gingras is a CPA, CMA and received his Bachelor of Commerce and MBA from UBC.
Paul Davis has over 30 years of executive, exploration and mine management experience for large multinational and junior companies. Most recently, Davis was the vice president of exploration at FNI Mining. Throughout his career, he has headed mining and exploration teams in the discovery, development and mining of projects in Canada, Finland, Australia and Peru. Davis had several responsibilities, including scoping and feasibility studies, project and mine permitting, environmental compliance and reporting, off-take and acquisition agreement negotiation, due diligence analysis and economic models. Davis also has direct experience in other corporate functions including budgeting, financing, investor relations and regulatory reporting and compliance. Davis graduated from the University of Western Ontario with a Bachelor of Science in Honors Geology and from the University of Alabama with a Master of Science in Economic Geology.
Mike Silver has more than 15 years of experience in finance and investment banking. Silver has worked in executive roles at Canadian and foreign banks and brokers. Silver has extensive transaction experience and contacts across the mining business/ Silver graduated from Dalhousie University with a Bachelor of Commerce and from RSM Erasmus with an MBA.
Linda Byron owns Blue Heron Environmental which is based in Timmins. Byron is a professional environmental scientist with more than 30 years of experience. She has been instrumental in the implementation of certified environmental management systems at large base-metal mining companies in Northern Ontario. Byron also assisted industries with permitting efforts as well as the development and implementation of compliance and training programs for mining operations in Canada and abroad. Byron has extensive operational expertise in practical and real-life environmental issues encountered in the mining industry. She graduated from Laurentian University with an Honors Bachelor of Science.
Michael Fox is president of Indigenous Community Engagement which is based in Fort William First Nation in northwestern Ontario. Fox has dedicated his career to building Aboriginal participation and partnerships. He obtained an honors degree in Political Science with a focus on Aboriginal Law & Resource Development from Lakehead University and an MBA from the University of Fredericton. Fox is a past elected PDAC board member and is originally from Weenusk First Nation.
Gadi Levin has been an officer and director of many publicly-traded Canadian resource companies. He began his career in public accounting at Arthur Anderson and Ernst & Young. Levin is also a certified chartered accountant in South Africa. Levin holds undergraduate degrees from the University of Cape Town and the University of South Africa and an MBA from Bar Ilan University.
Stephen Delaney is a managing director and the head of investment banking at Eight Capital which is an independent Canadian investment dealer. Before joining Eight Capital, he was the managing director of investment banking at Beacon Securities. Before that, he worked at Paradigm Capital and GMP Securities. Delaney holds a Bachelor of Arts from Dalhousie University.
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to announce that it has now closed its previously announced acquisition of properties (the "Acquisition") within and to the south of the Shaw Dome, spread across 12 townships (the "Acquisition Package" or the "Shaw Dome Acquisition Properties") incorporating 1,088 staked mining claims over almost 21,000 hectares of prospective land
The Acquisition Package was acquired from 2812794 Ontario Inc. (the "Vendor"), a privately held mineral exploration company that is arms length from EVNi. The purchase price for 100% ownership of the Acquisition Package was $350K cash (the "Cash Consideration"), $100k of which was paid to the Vendor pursuant to a letter of intent signed in 2021, plus 2.5 million EVNi shares (the "Consideration Shares") issued at closing of the Acquisition.
In addition to the Cash Consideration and Share Consideration, EVNi and the Vendor and entered into a 2.75% net-smelter royalty agreement (the "Shaw Dome Royalty Agreement") with respect to certain Shaw Dome properties and a 2.75% net-smelter royalty agreement (the "Groves Royalty Agreement", together with the Shaw Dome Royalty, the "Royalty Agreements") with respect to the Groves properties. Pursuant to the Royalty Agreements, EVNi may re-purchase 50% of the royalties granted thereunder for $1,850,000 in the case of the Shaw Dome Royalty Agreement and $1,500,000 in the case of the Groves Royalty Agreement.
The Consideration Shares have been placed in escrow pursuant to an escrow agreement entered into between the Company, the Vendor and an escrow agent, pursuant to which one-third of the Consideration Shares will be released on the date that is six months following the closing date, one-third of the Consideration Shares will be released on the date that is twelve months following the closing date, one-third of the Consideration Shares will be released on the date that is eighteen months following the closing date.
The Company is now focussed on continuing to review the available historical data, including re-processing airborne and ground geophysical surveys to help prioritize targets and applyiying for exploration permits. EV Nickel plans to be drilling the most promising targets, across the Shaw Dome Acquisition Properties, later this year.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir Project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has over 30,000 hectares to explore and has identified >100km of additional favourable strike length.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "plans", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore and complete the Acquisition Project, drill and develop its projects including those required to complete the Transaction, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9 www.evnickel.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 of this release.
News Provided by ACCESSWIRE via QuoteMedia
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to report the assay results for the full Phase 1 drill program on the Langmuir Nickel Project ("Langmuir" or the "Property"). Building off of the first half results shared in December (see December 8, 2021 News Release), Rogue continues to identify high-grade mineralization along trend of the W4 Zone
Phase 1 focussed within and proximal to the W4 Zone and was designed to test gaps within the historic drilling, provide representative intersections of the mineralization and test the favourable ultramafic horizon to the east and west of the W4 mineralization. Phase 1 totalled 20 holes, comprising 4,192 metres of diamond drilling.
Hole EV21-09 intersected 15.7 metres grading 1.14% Ni starting at a drill depth of 123.30 metres, testing an area along the eastern boundary of the W4 Zone, outside of the previously identified nickel mineralization from the historic exploration. Hole EV21-09 represents a significant, near surface intercept demonstrating potential to expand the known mineralization along the edges and at depth in the W4 Zone.
A short drill interval of nickel sulphide mineralization identified in EV21-14, approximately 85 metres west of the interpreted western boundary of the W4 Zone, indicates that the stratigraphic horizon hosting the W4 Zone continues to be a fertile geological sequence with the potential to host additional nickel sulphide mineralization. This favourable stratigraphic horizon will form a portion of the planned diamond drilling in the Phase 2 program.
"The strong results of the Phase 1 drill program confirmed the potential of the Langmuir Project to host high grade, high nickel tenor, near surface nickel sulphide mineralization." states Paul Davis, EVNi's Vice President of Exploration. "The intersection of nickel sulphide mineralization to the west of the W4 Zone indicates that the komatiitic ultramafic sequence associated with the W4 Zone, both to the east and west of the observed mineralized zone, remains sulphide saturated with the potential to host additional nickel sulphide zones that will be explored during the Phase 2 drill program."
"Our first priority at EV Nickel is finding more nickel at Langmuir and this confirmation of the mineralization to the east and west of W4 starts us down that path," said Sean Samson, President & CEO of EVNi.
The complete results of the Phase 1 drill program are included in Table 1 (second half results in bold):
Detailed location and depth details of the Phase 1 drill program are in Table 2 and are plotted on Figure 1.
Upcoming Release of Drilling Information
EVNI plans to provide the full details of the Phase 2 drilling plan next week.
Drill core samples from the 2021 drill program at the Langmuir Project are cut and bagged at the core logging facility located near the property and transported to ALS Canada Ltd for analysis. Samples, along with certified standards and blanks that are included by the Company for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 70% less than 2mm. A riffle split is pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and ICP-AES finish. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome and has identified 30km of additional favourable strike length.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding the Langmuir project's 2010 historical estimate:
Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the Historical Report, or the estimates therein. The historical estimates are presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Contact Information For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at info@evnickel.com. EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9www.evnickel.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 of this release.
News Provided by ACCESSWIRE via QuoteMedia
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company") is pleased to announce that exploration drilling on the Langmuir Nickel Project ("Langmuir" of the "Property") from the inaugural drill program with significant intersections from within and along the eastern and western boundaries of the W4 Nickel Zone
Since June 2021, a total of 20 holes representing 4,192 metres of diamond drilling on the Langmuir Nickel Project. Assay results for 10 holes of the 2021 exploration drill program are reported in the Table 1 below. Drill hole information including the location of the collars, dip and azimuth of the holes and the final depth are provided in Table 2.
"We are very excited to start getting assay results and these begin to confirm our excitement for the potential of the Langmuir Project and the Shaw Dome more broadly," said Sean Samson, President & CEO of EVNi "This is a district which has produced nickel with the sorts of grades that get turned into mines."
"I am extremely encouraged by the mineralization observed within the W4 Zone," states Paul Davis, EVNi's Vice President of Exploration. "The unique characteristics of this deposit with a lower magnetic susceptibility and disseminated sulphides with a high nickel tenor opens up additional priority targets for exploration on the Langmuir Property. We are gearing up to start our Phase 2 drill program testing additional high priority targets along the favourable geologic trends to the east and west of W4."
The drill program was designed to test gaps within the W4 Zone historic drilling and provide EVNI with representative intersections of the W4 mineralization, test the eastern and western boundaries of the W4 Zone and explore the favourable ultramafic horizon to the east and west of the W4 mineralization.
Drilling within the W4 Zone intersected significant nickel mineralization associated with disseminated, blebby, veined and massive sulphides hosted in a serpentinized ultramafic unit including 40.2 metres grading 0.68% Ni in hole EV21-08; 17.10 metres grading 0.91% Ni in EV21-02; and 1.11 metres grading 8.66% Ni in EV21-01. These results confirm the high-grade nature of the sulphides mineralization associated with the W4 Zone. EV Nickel has implemented the analysis of sulphur for all drill core samples, allowing the Company to determine the nickel tenors, (nickel content in 100% sulphide) that have been calculated between 18% to >40% within the W4 Zone. This indicates that significant nickel mineralization is associated with low sulphide concentrations of less than 5% sulphide within the host ultramafic host. Assay results are pending for 10 holes of the Phase I drill hole program.
The type of nickel mineralization associated with the W4 Zone is not typical of the other nickel deposits hosted within the Shaw Dome, south of Timmins, Ontario. The sulphide composition of the mineralized zones is composed almost exclusively of pentlandite resulting in significant nickel grades being associated with low sulphide contents. The sulphide mineralization is also finely disseminated within the zone and has led the Company to expand the sampling in holes EV21-01 and EV21-10 to include intersections adjacent to those reported in Table 2 for which the assays are still pending. This style of mineralization also presents with a different geophysical signature than the traditional deposits and opens up additional target areas within the Langmuir Property.
Drill core samples from the 2021 drill program at the Langmuir Project are cut and bagged at the core logging facility located near the property and transported to ALS Canada Ltd for analysis. Samples, along with standards and blanks that are included for quality assurance and quality control, were prepared and analyzed at the laboratory. Samples are crushed to 70% less than 2mm. A riffle split is pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and ICP-AES finish. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.
EV Nickel is a Canadian nickel exploration company, focused on the Shaw Dome area, south of Timmins, Ontario. The Shaw Dome area is home to its Langmuir project which includes W4, the basis of a 2010 historical estimate of 677K tonnes @ 1% Ni, ~15M lbs of Class 1 Nickel. EV Nickel's objective is to grow and advance a nickel business, targeting the growing demand for Class 1 Nickel, from the electric vehicle battery sector. EV Nickel has almost 9,100 hectares to explore across the Shaw Dome and has identified 30km of additional favourable strike length.
The Company's Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.
Cautionary Note Regarding the Langmuir project's 2010 historical estimate:
Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, "Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada", dated June 28, 2010 (the "Historical Report"). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with such laws and regulations, the Company's ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at samson@evnickel.com.
EV Nickel Inc. 200 - 150 King St. W, Toronto, ON M5H 1J9 www.evnickel.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 of this release.
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CMX Gold & Silver Corp. ("CMX" or the "Company") (Canadian Securities Exchange: CXC) (CNSX:CXC.CN) is pleased to announce that it has completed the first tranche of the non-brokered private placement (the "Offering") described in its news release of June 1, 2022. The Company issued an aggregate of 2,860,000 units (the "Units") at a price of CDN$0.09 per Unit for gross proceeds of CDN$257,400. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.18 per Share until July 14, 2024 which is 24 months from the date of issuance.
Insiders of the Company acquired an aggregate of 710,000 Units in the Offering, which participation constituted a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days before completion of the Offering, which is necessary to complete the Offering in an expeditious manner and is reasonable in the circumstances.
The proceeds of the Offering will be used for work programs on CMX's Clayton Silver Project in Idaho, USA, including planning and site preparation for future drilling programs and for general working capital purposes.
The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
CMX's 100%-owned Clayton Silver Property is located in the mining-friendly State of Idaho, USA. The property comprises approximately 684 acres in Custer County in south-central Idaho, including the former Clayton silver-lead-zinc mine. The Clayton Mine was developed on eight levels to a depth of 1,100 feet below surface and is comprised of approximately 19,690 feet of underground development. Two major ore bodies were partially mined: the "South Ore Body" and the "North Ore Body".
The recorded production from the Clayton Mine included 7,031,110 oz silver, 86,771,527 lbs lead, 28,172,211 lbs zinc, 1,664,177 lbs copper, and minor amounts of gold from an estimated 2,145,652 tonnes of ore mined between 1934 and 1985. Significant potential is demonstrated in hole 1501-A, drilled in the mid-1960's, which penetrated the mineralized zone at 1,425 feet. At that depth, the hole intercepted 22 feet of 4.07 oz Ag/t, 5.75% lead and 5.37% zinc (note: true width is unknown).
The Company has signed an agreement with Sulphide Remediation Inc. ("SRI"), a firm specializing in mineral processing (see May 31, 2022 news release). SRI utilizes precision ore sorting technology to high-grade mine stockpiles of unprocessed rock to enhance the grade of material delivered to a toll mill. The results of testing the ore sorting process on the stockpile material should position CMX to generate cash flow in 2023.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information contact: Robert d'Artois, Investor Relations at (604) 329-0845 bobdartois@cmxgoldandsilver.com or Jan M. Alston, President & C.E.O. at (403) 457-2697 janalston@cmxgoldandsilver.com .
You can also visit the Company's Website: www.cmxgoldandsilver.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the process and completion of the Offering, the use of proceeds of the Offering and any statements regarding the Company's business plans, expectations and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://cmxgoldandsilver.com/home. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Fabled Copper Corp. ("Fabled Copper" or the "Company") (CSE:FABL); (FSE:XZ7) announces additional results of 2021 surface field work on its Muskwa Copper Project. See Figure 1 below
Figure 1 - General Property Location
The Muskwa Project is comprised of the Neil Property, the Toro Property and the Bronson Property located in northern British Columbia. See Figure 2 below.
Peter Hawley, President, CEO reports; " The Bronson property comprises 4 mineral tenures covering approximately 2,524.6 hectares and the Book 9, 10 copper occurrence is now thought to be the potential southern extension of the Book 6 occurrence which would give the vein a total length of 1.6 kilometers. See Figure 3 below.
Figure 3 - Bronson Property, Book 9,10 Location
A total of 56 person days were spent on the property with 199 rock samples taken on 7 areas prospects which are the; Book 6, Book 9, Book 10, 428 Central, 428 South, PJ105 and PJ100. See Figure 4 below.
Figure 4 - Bronson Property, Area of 2021 Prospecting
The Book 9-10 Occurrence is located due south of the Book 6 Occurrence. Numerous examples of mineralized quartz-carbonate float,representing the northern part of the occurrence, were discovered on the western slope of the valley, 400 meters south of the southern exposure of the Book 6 Occurrence. See Photo 1 below.
Photo 1- Bronson Property Book 9-10 Veins
On July 18, 2021 22 float samples (D-723145- 149 & 151-167) were collected at ~5 meters intervals along 2 southeast trending lines, 30 meters apart, at elevations of 1,730-1,748 meters. See Table 1 and Photo 2 below.
Photo 2- Bronson Property Book 9-10 Veins
Three samples, D-723458, 161 & 167, with 3-30% chalcopyrite, that were collected on the north-eastern line, assayed greater than 1%copper (D-723167-9.78%, 161-2.14% & 158-1.13%). See Table 1 and Photo's 3, 4 below.
Photo 3- Bronson Property Book 9-10 Veins, Sample D-723167 - 9.78% Copper
Photo 4- Bronson Property Book 9-10 Veins, Sample D-723161 - 2.14% Copper
The other 19 samples had concentrations of 0-3% chalcopyrite and contained less than 1% copper, see table 1 below.
Table 1 - Bronson Property, Book 9 - 10 Occurrences
All samples taken were photographic and GPS location taken plus a metal sample tag left in place for future reference if required. All this data plus the assay results were geotagged and placed in a .kml /.kmz file for use such as google earth for easy reference. See Photo 5 below.
Photo 5 - Bronson Property, Book 9, 10 Geotagged data, Sample D-723167 - 9.78% Copper
Analytical results of sampling reported by Fabled Copper Corp represent rock samples submitted by Fabled Copper Corp staff directly to ALS Chemex, Vancouver, British Columbia Canada. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Copper Corp. monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
Fabled Copper is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing copper properties located in northern British Columbia. The Muskwa Project comprises a total of 76 claims in two non-contiguous blocks and totals approximately 8,064.9 hectares, located in the Liard Mining Division in northern British Columbia.
Mr. Peter J. Hawley, President and C.E.O. Fabled Copper Corp. Phone: (819) 316-0919 peter@fabledcopper.org
For further information please contact: info@fabledcopper.org
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ('Copper Fox' or the 'Company'), through its wholly owned subsidiary Desert Fox Copper Inc., are pleased to provide 2022 plans to advance its 100% owned Van Dyke copper project located in the Globe-Miami Mining District, Arizona.
The Van Dyke project is an in-situ copper recovery ('ISCR') project, located in a Tier 1 mining jurisdiction surrounded by existing infrastructure. In early 2021, a Preliminary Economic Assessment, prepared in accordance with National Instrument 43-101, (click here for the News Release) suggested that the project should be advanced to the Preliminary Feasibility Stage and has the potential to become a mid-tier copper mine. Highlights of the proposed 2022 program are set out below:
Elmer B. Stewart, President and CEO of Copper Fox stated, "Adopting a staged, multi-purpose approach is a capital effective mechanism to advance the Van Dyke project to the Preliminary Feasibility Stage. The Phase I activities are designed to establish a base on which to advance the project to Phase II which includes additional drilling designed to expand the hydrogeological monitoring system and collection of data related to resource expansion/upgrading and metallurgical and geotechnical aspects of the project. Copper Fox's activities are conducted on a transparent and inclusive basis in line with its ESG policy guidelines."
Archeological, Cultural and Biological Studies: Compliance with State and Federal statutes is a fundamental aspect of project development. To ensure that planned activities are protective of any sites that may have archeological and cultural significance, and to avoid any adverse impacts to plant and animal communities present within the project area, surveys covering these important aspects of project development are underway.
Phase I: The 2022 program is designed to establish new hydrogeological monitoring sites utilizing existing drill holes where possible. The 2022 program will investigate the possibility of rehabilitating these wells as future hydrogeological monitoring sites. If it is determined that these wells can be rehabilitated, then testing of these drill holes to establish a baseline for water levels and quality would follow which would vastly improve the current understanding of the hydrogeological setting for the Project site.
The proposed testing program is expected to establish the range of hydraulic properties of the primary groundwater bearing units and structures, groundwater flow directions (vertical and horizontal hydraulic head distribution), communication of flows between geological units (boundary conditions), as well as hydrogeologic influences from historical and current mining workings located on adjacent properties and on the Project site itself.
The data obtained from Phase I activities (monitoring and testing) would support the development of a conceptual 3D numerical groundwater model and identify areas of uncertainty and guide a second phase of field work to further refine the model for the purpose of supporting potential future regulatory applications.
Existing Monitoring Well Rehabilitation and Surveying: Three inactive monitoring locations (drill holes VD14-2, VD14-3, and VD-14-5) and five inactive wells (drill holes M-5, M-6, OXY-42, OXY-43, and OXY-47A), as well as the existing Van Dyke mine shaft have been selected for surveying using a downhole video camera to document and assess the potential of re-entering and instrumenting these drill holes. Assuming positive results from the downhole video survey:
For drill holes VD14-2, VD14-3, and VD-14-5; the condition of previously installed Vibrating Wire Piezometers(VWP) installations and data loggers will be inspected, and any repairs or maintenance undertaken. The goal will be to put the VWPs back into active operation to support ongoing data collection if possible and quarterly data downloads.
Phase II: Upon completion of the Phase I activities, Phase II will consist of the installation of at least eight new groundwater monitoring well clusters. (each cluster consisting of three drill holes) to establish a broader hydrogeological monitoring system to conduct ongoing data collection that will include water level data, groundwater quality sampling, and pump tests of various durations (i.e., 48 (forty-eight) hours, one week, and one month) at selected locations. The purpose of the test work will be to collect data on the:
The results of the pump testing can be used to improve the understanding of the hydrogeological conceptual model for the Project site, as well as improve the accuracy of the groundwater numerical model.
Refinement of Hydrogeological Conceptual Model: The development of a conceptual hydrogeological model for the Project is in progress and relies on the existing geological model as a starting point. As the Phase I and II field data are collected, the conceptual model forms the basis for the development of a numerical 3D hydrogeological model that will be used as a predictive tool for project. The development of the numerical model will be an ongoing iterative process that will help to decrease regulatory risk and improve both mining and environmental performance. The predictions provided by the model will support Project design, operations, and closure/post-closure planning. The development of an accurate and detailed numerical hydrogeological model is a key requirement that will support the preparation of future permit applications which will be subject to expert technical reviews conducted by federal and state authorities.
Elmer B. Stewart, MSc. P. Geol., President, and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
About Copper Fox: Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange (TSXV: CUU) focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox's other mineral properties and investments visit the Company's website at http://www.copperfoxmetals.com.
On behalf of the Board of Directors
Elmer B. Stewart President and Chief Executive Officer
Lynn Ball: investor@copperfoxmetals.com (844) 464-2820 or (403) 264-2820
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.
Cautionary Note Regarding Forward-Looking Information This news release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and forward-looking information within the meaning of the Canadian securities laws (collectively, "forward-looking information"). Forward-looking information is identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets," "could," "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding; advancing the Van Dyke project to the Preliminary Feasibility Stage; the project having potential to be a mid-tier copper mine; adoption of a two-phase program being capital effective; Phase I establishing a base to advance to Phase II; rehabilitating existing drill holes.
In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards and the reliability of historical reports. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the surveys may not provide the information needed to advance the project; the existing drill holes may not be able to be rehabilitated; Phase I program may not be completed as planned or at all; the cost of Phase I, estimated at US$240,000, may not be sufficient to cover the cost of the activities; Phase II program may not be completed as planned or at all; the financial markets and the overall economy may deteriorate; the need to obtain additional financing and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals.
A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130683
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Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") announces that it has awarded incentive stock options pursuant to its stock option plan, to various directors, officers, and consultants of the Company, to purchase up to an aggregate of 2,110,000 common shares of the Company. The stock options are exercisable at a price of $0.57 per share and will expire five years from the date of grant.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH and OTCQB: GGLDF. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a significant in-the-ground historic resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and two earlier stage exploration projects, Star (Cu-Au-Ag) and Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.
The Company reiterates that its near-term strategy to advance its assets is not impacted by the COVID-19 Corona virus. The Company continues to monitor the situation and is in compliance with all government guidelines.
For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com.
Mr. William Wagener, Chairman & CEO
Getchell Gold Corp. 1-647-249-4798 info@getchellgold.com
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130716
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Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce the completion of a positive Preliminary Economic Assessment ("PEA") for the 100% owned Kenbridge Nickel Project. The Kenbridge Nickel Project is in the Kenora Mining District, Northwestern Ontario. Kenbridge has an existing shaft to a depth of 2,042 ft (622 m), with level stations at 150 ft. (45 m) intervals below the shaft collar and two levels developed at 350 ft (107 m) and 500 ft (152 m) below the shaft collar.
The PEA was independently prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario under the supervision of Eugene J. Puritch, P.Eng., FEC, CET.
Highlights of the PEA (All currency is $CDN unless stated otherwise)
This PEA is focused solely on mining of the Mineral Resources at the Kenbridge Nickel Project underground mine and provides a solid base case for moving the Kenbridge Project forward. The PEA indicates a 9-year mine plan based on a 1,500 tonne per day underground mining and processing operation. The mine plan assumes the potentially extractable tonnage of Measured, Indicated and Inferred Mineral Resources which assumes overall dilution of 47% (18% internal dilution from stope designs plus 29% external dilution) and a 94% mine recovery factor. Measured and Indicated Mineral Resources represent 3,508,000 tonnes at 0.70% Ni, 0.35% Cu and 0.01% Co (54 Mlb Ni, 27 Mlb Cu). Inferred Mineral Resources represent 1,013,000 tonnes at 1.21% Ni, 0.56% Cu and 0.01% Co (27 Mlb Ni, 13 Mlb Cu). Metal prices are based on long-term industry consensus forecast with nickel representing the primary contribution to revenues. USD metal prices used in the PEA were USD$10/lb Ni, USD$4/lb Cu and USD$26/lb Co. A $USD:$CDN exchange rate of 0.78 is applied. Life of mine ("LOM") processing recovers 200,900 tonnes of nickel concentrate at 15% Ni and 66,900 tonnes of copper concentrate at 24% Cu. This results in 52.6 million lbs of payable Ni and 30.7 million lbs of payable Cu.
LOM revenues from net smelter returns are estimated at $837 million. LOM operating costs are estimated at $292 million. Mining costs are estimated at $38.94 per tonne mined, processing costs are $17.74 per tonne and G&A costs are $7.96 per tonne. Cash operating costs are estimated at US$3.76/lb NiEq and all-in sustaining costs ("AISC") are US$4.99/lb NiEq. LOM capital costs are estimated at $227 million and include pre-production capital costs of $134 million. Pre-tax Net Present Value ("NPV") is estimated at $183 million using a 5% discount rate. Pre-tax Internal Rate of Return ("IRR") is 26%.
Net cash flow of $837 million less operating costs of $292 million less royalties of $22 million less closure costs of $10 million less capital expenditures of $227 million less taxes of $105 million results in an after-tax cash flow of $180 million. After-tax NPV using a 5% discount rate is estimated at $109 million and after-tax IRR is estimated at 20%. Financial highlights are shown in Tables 1 and 2 below.
Mark Appleby, President and CEO of Tartisan, states: "We are extremely pleased with the results of the PEA which is focused solely on the current underground Mineral Resource. There remains excellent potential to increase and upgrade the quality of the near surface mineralization at Kenbridge thereby adding additional years of production or providing the basis for an increase in annual throughput. By adjusting the mining plan to be an underground operation it allows Tartisan to utilize the existing shaft infrastructure thereby accessing higher grades of mineralization early in the proposed mine life. The PEA provides compelling evidence to move towards Feasibility and for the Kenbridge Nickel Project to move into production. The Company has commenced the necessary baseline studies which are essential and necessary in Project Permitting and is upgrading the access road to site with completion anticipated in September 2022. Tartisan continues to develop positive relationships with its surrounding First Nations through its First Nation consulting partner Talon Resources and Community development Inc. Every effort is being made for the Tartisan Kenbridge Project to become a part of the nickel supply chain this decade!"
Table 1: Net Present Value and Internal Rate of Return Calculations
The previous Mineral Resource Estimate on the Kenbridge Project was disclosed on September 2, 2020, and was based on a combination of pit-constrained and out-of-pit Mineral Resources. There has since been 10 holes drilled in 2021. Updated engineering studies have indicated that potential pit-constrained Mineral Resources are less economic than out-of-pit Mineral Resources. Therefore, the new drill holes have been incorporated into an updated Mineral Resource Estimate based on a potential underground mining operation, as presented in Table 3 below. The effective date of the Mineral Resource is July 6, 2022.
Note: Ni =Nickel Cu = Copper, Co = Cobalt, NSR = Net Smelter Return.
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. 4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 5. The Mineral Resource Estimate is based on US$ metal prices of $8.25/lb Ni, $4.00/lb Cu, $26/lb Co. The US$:CDN$ exchange rate used was 0.76. 6. The NSR estimate uses flotation recoveries of 75% for Ni, 77% for Cu, 40% for Co and smelter payables of 92% for Ni, 96% for Cu, 50% for Co. 7. Mineral Resources were determined to be potentially extractable with the longhole mining method based on an underground mining cost of $77/t mined, processing of $19/t and G&A costs of $4/t.
Cautionary Statement - The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company whose flagship asset is the Kenbridge Nickel-Copper Project located in the Kenora Mining District, Northwestern Ontario. Tartisan also owns; the Sill Lake Silver Property in Sault St. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA). Currently, there are 108,922,503 shares outstanding (120,218,018 fully diluted).
Dean MacEachern, P.Geo. and Eugene Puritch, P.Eng, FEC, CET are the respective Company and independent Qualified Persons under NI 43-101 and have read and approved the technical content of this News Release.
The Company will file the PEA on SEDAR at www.sedar.com in accordance with NI 43-101 within 45 days of this news release.
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130620
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Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce that the Company's has begun its first work program on its recently acquired Georgia Lake Lithium Project in the Thunder Bay Mining District, Ontario
"We are excited to begin our first work program at our fully owned Georgia Lake property, which is based in the proven Lithium region within the Thunder Bay District," said Mr. Mark Ireton, Victory Resources President and CEO. "Victory's Georgia Lake property is ideally situated in a proven lithium region, and one with mining infrastructure supported by the Government of Ontario and from Rock Tech, which will allow us to realize the full potential of any commercially viable deposits within the project."
As it relates to Victory's press release on 5 July 2022, Terms of the Agreement for the 100% acquisition of the Company's Stingray II property are $10,000 in cash and 2.5 million common shares payable on Regulatory and Exchange approval.
The technical information contained in this news release has been reviewed and approved by Bob Marvin (PGeo), who is a Qualified Person as defined under National Instrument 43-101.
For further information, please contact:
Mark Ireton, President Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653) E-mail: IR@victoryresourcescorp.com
Victory Resources Corporation (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The Company is also actively seeking other exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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