Crystal Lake gets TSX-V OK for Ont. claims purchase
Momentum Public Relations
Press Release: February 27 2018
PROPERTY ASSET AGREEMENT APPROVED AS CRYSTAL LAKE TARGETS RAINY RIVER DISTRICT FOR NEW NICKEL-RICH SULPHIDE DISCOVERIES
The TSX Venture Exchange has accepted for filing a purchase agreement dated Sept. 28, 2017, between Crystal Lake Mining Corp. and Emerald Lake Development Corp., a private Ontario company, whereby Crystal Lake has acquired certain mineral rights subject to a 2-per-cent net smelter return located in the Rainy River district near Emo, Ont.
As consideration for 100 per cent of the mineral rights, Crystal Lake will pay $50,000 on closing and issue 10.5 million common shares of the company. Significantly, the vendor has agreed to an 18-month voluntary hold period on selling the shares issued in connection with the transaction. For further information, please refer to the company’s news release dated Oct. 5, 2017.
The transaction is arm’s length in nature, and there are no finders’ fees.
The six separate prospective claim blocks that have been acquired are targeting nickel, copper, cobalt and platinum group minerals.
Crystal Lake is rapidly approaching the start of its exploration/drilling program and eagerly anticipates updating shareholders regarding its plans in the very near future.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through new nickel-rich sulphide discoveries in the underexplored Rainy River district of Northern Ontario using technical excellence in exploration target development and technologies.
We seek Safe Harbor.
- Published in Crystal Lake Mining
Deep-South Discloses a Preliminary Economic Assessment, NPV: CA $ 895 Million, Pre-Tax IRR: 30.4% at a Price of Copper of US $ 3.00 Per Lbs, on The Haib Copper Project in Namibia
Momentum Public Relations
Press Release: February 26 2018
Deep-South Resources Inc. (” Deep-South ” or ” the Company “) (TSX-V: DSM) today announced that it has received the results of a Preliminary Economic Assessment (“PEA”) from Mineral Engineering and Technical Services of Australia (“METS”) on its Haib Copper project in Namibia .
Highlights of PEA
Four recovery options were considered for economic evaluation. The best economic outcome is derived by using option 3 which combines an initial ore sorter upgrade with subsequent heap leaching of the upgraded material. All financial metrics are based on the recent 43-101 indicated resource estimation of 456.9 MT @ 0.31% Cu. The salient features of this option are as follows:
Table 1: Option 3 financial metrics
Financial Metric | $3.00/lb Cu Price | $3.30/lb Cu Price | $3.60/lb Cu Price |
CAPEX | US$191.8M | US$191.8M | US$191.8M |
Total Operating Expense1 | US$1.41/lb CuEq | US$1.42/lb CuEq | US$1.43/lb CuEq |
NPV7.5%, pre-tax | US$716.2M (CA$895.3M) | US$883.1M (CA$1,103.9M) | US$1,049.3M (CA$1,311.6.1M) |
IRRpre-tax | 30.4% | 34.9% | 39.2% |
Payback Period pre-tax | 4.2 years | 3.6 years | 3.3 years |
NPV7.5%, post-tax | US$463.1M (CA$578.9M) | US$567.4M (CA$709.3M) | US$671.3M (CA$839.1M) |
IRRpost-tax | 23.0% | 26.1% | 29.1% |
Payback Periodpost-tax | 5.7 years | 4.9 years | 4.4 years |
Throughput (Mtpa) | 8.5 | 8.5 | 8.5 |
Annual production lbs / CuEq | 47 million | 47 million | 47 million |
Strip ratio | 2:1 | 2:1 | 2:1 |
LOM | 55 years | 55 years | 55 years |
1 Variable due to change in absolute royalty payment due to increased revenue
The PEA focuses on the potential of heap leaching treatment. Several opportunities are identified in the PEA that could significantly enhance the economic return outlined in the report, including more assays of the molybdenum to be included in future resources estimation, sorting technologies enhancing the recovery processing performance and reduced power costs. The PEA recommends these opportunities be pursued and to proceed with a pre-feasibility study (“PFS”).
“By going with heap leach treatment and sorting technologies, we have been able to provide low capital cost and operating costs and, equally as important, reduce the environmental footprint of the project,” said Pierre Leveille, President & CEO of Deep-South. “The PEA proposes a robust economic return that we expect to enhance during the PFS stage.”
Four recovery options were considered for economic evaluation:
Option 1: Ore sorter upgrading, dense media upgrading, flotation and heap leaching of the tails.
Option 2: Two-stage dense media upgrading, flotation and heap leaching of the tails.
Option 3: Ore sorter upgrading and heap leaching of the upgraded material.
Option 4: Whole ore heap leaching.
Table 2: Economic summary for the 4 recovery options
Financial Metric | Option 1 | Option 2 | Option 3 | Option 4 |
Throughput (Mtpa) | 8.5 | |||
Copper Recovery (%) | 77.1 | 82.1 | 73.2 | 80.0 |
CAPEX
($M) |
US$221.2 | US$250.1 | US$191.8 | US$220.3 |
Total Operating Expense
($/lb CuEq) |
US$1.46 | US$1.47 | US$1.41 | US$1.37 |
NPV7.5%, pre-tax ($M) | US$645.1
(CA$817.6) |
US$662.6
(CA$828.3) |
US$716.2
(CA$895.3) |
US$794.1
(CA$992.6) |
IRR pre-tax (%) | 25.9% | 24.4% | 30.4% | 29.7% |
Payback Period pre-tax | 5.0 years | 5.3 years | 4.2 years | 4.3 years |
NPV 7.5%, post-tax ($M) | US$421.0
(CA$526.3) |
US$434.3
(CA$542.9) |
US$463.1
(CA$578.9) |
US$514.1
(CA$642.6) |
IRR post-tax (%) | 20.0% | 19.0% | 23.0% | 22.6% |
Payback Period post-tax | 6.7 years | 7.1 years | 5.7 years | 5.8 years |
Options 3 & 4 have shown better economic figures, despite option 3 having a relatively low copper recovery compared to the other options as the use of ore sorting technology has the benefit of reducing the downstream capital requirements. Those two options will be the object of further testwork and a Pre-Feasibility Study (“PFS”).
Option 3 is the case presented in this press release.
Economic Opportunity
METS believes a ramp up to 20 Mtpa as the project is nearing positive cash flow will increase the financial viability. METS have developed a scenario which focuses on option 3 – the best economic option in terms of IRR – in assessing the impact of increasing the scale of the project. The assessment looks at beginning the project at 20 Mtpa, however it is recommended to stage the expansion over a number of years (e.g. start at 8.5 Mtpa, increase to 10 Mtpa and then increase to 20 Mtpa for instance). The following table outlines the key economic outcomes for the larger throughput scenario (using the base case figures – e.g. $3.00/lb copper price).
Table 3: Option 3 at an increased 20 Mtpa throughput
Financial Metric | 8.5 Mtpa Scenario
($3.00/lb Cu) |
20 Mtpa Scenario
($3.00/lb Cu) |
CAPEX | US$191.8M | US$320.5M |
NPV7.5%, post-tax | US$463.1
(CA$578.9) |
US$854.9M
(CA$1,061.9M) |
IRR post-tax | 23.0% | 28.6% |
Payback Period post-tax | 5.7 years | 4.5 years |
LOM | 55 years | 24 years |
A throughput optimisation study should be performed once a final process design has been selected.
Recovery Method
For the recovery of copper from the Haib deposit, heap leaching was considered for all options. The primary reasons for the selection of heap leaching is the low grade nature of the deposit and the vast scale of the orebody. Previous work conducted on the Haib project suggests that a conventional crush-grind-float and sale of copper concentrate is not economically feasible due to the low grade and hardness of the ore – requiring a significant amount of energy for grinding. The low costs associated with heap leaching compared to a whole ore flotation circuit is believed to improve the viability of the project. Heap leaching is traditionally performed on oxide material, although there has been increasing development in the application to acid insoluble sulfides.
Previous sighter amenability testwork, carried out by Mintek, METS and SGS South Africa, suggests the Haib material can extract high amounts of copper, up to 95.2% via a bacterial assisted leaching, although additional testwork is required to determine the optimal operating parameters. Given these results there is no reason to suggest the chalcopyrite in the Haib deposit will not be amenable to bacterial assisted heap leaching. The system design proposed will use 3 crushers and an ore sorting system (either on the primary crushed product or the secondary crushed product depending on the technology selected) that will provide higher grade ore to the heaps. The primary crusher will reduce the rock to 127 mm (gyratory crusher) , the secondary crusher to 32 mm (cone crusher) and the tertiary crusher to 5 mm (HPGR). The process is designed for a 90% availability, processing over 23,000 tonnes of ore per day (at the 8.5 Mtpa scenario) at a strip ratio of waste:ore of 2:1.
Haib Copper flow sheet diagram:
Molybdenum recovery has been considered for the flowsheet design, although no operating expense, capital expense or revenue has been considered for the economic analysis. The economics of the molybdenum will be assessed once it is included in the indicated resource.
An indicated resource of 456.9 Mt at 0.31% copper at an annual throughput of 8.5 Mtpa would correspond to a 55 year project life. Due to the long project life, it is suggested to start at 8.5 Mtpa and operate at this throughput for approximately 3 years and then execute staged expansions to eventually ramp up to 20 Mtpa, ultimately shortening the project life. As the resource expands and the inferred resource progresses towards measured, then additional expansion to possibly 40+ Mtpa should be assessed. All flowsheets, mass balances, design criteria and equipment lists are based on an 8.5 Mtpa throughput; although financial components have been scaled to provide estimates for the higher throughput scenario.
The PEA technical report will be filed on SEDAR at www.sedar.com and on the Deep-South website atwww.deepsouthresources.com shortly after the issuance of this news release.
Geology & Mineralization
The Haib deposit is located within part of the Namaqua-Natal Province called the Richtersveld geological sub-province which is further subdivided into a volcano-sedimentary sequence (locally, the Haib Subgroup), the Orange River Group and the intrusive Vioolsdrift suite which are closely related in space and time.
The principal mineralised hosts at the Haib are a Quartz Feldspar Porphyry (QFP) and a Feldspar Porphyry (FP).
The Haib deposit is in essence a very large volume of rock containing copper mineralization. The grade is variable from higher grade in the three core zones progressively dropping towards the margin of the deposit.
The principal sulphides within the Haib body are pyrite and chalcopyrite with minor molybdenite, bornite, digenite, chalcocite and covellite.
Mineral Resources
The mineral resources for the Haib Copper Project were estimated by Dean Richards of Obsidian Consulting Services, supervidsed by Peter Walker of P & E Walker Consultancy, both independent Qualified Persons as defined by NI 43-101 and were reported in a news release dated January 16, 2018 but are summarized below for convenience. Readers should review that news release for additional information or read the full report that can be viewed on our web site at: www.deepsouthresources.com or on the SEDAR web site at: www.sedar.com .
Table 4: Classified mineral resources of the Haib Project at a 0.25% Cu cut-off grade
Resource Class | xMillion Tonnes | Cu(%) | Contained Cu x billion lbs |
Indicated | 456.9 | 0.31 | 3.12 |
Inferred | 342.4 | 0.29 | 2.19 |
Notes:
1- Dean Richards of Obsidian Consulting Services, a Member of the Geological Society of South Africa and Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Peter Walker of P & E Walker Consultancy, both of whom are the Qualified Persons for the Mineral Resource Estimates. The effective date of the estimate is January 15, 2018. Mineral Resources are estimated using the CIM Definition Standards for Mineral Resources and Reserves (2014).
2- Reported Mineral Resources contain no allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied.
Rounding as required by reporting guidelines may result in apparent differences between tonnes, grade and contained metal content.
Table 5: Haib copper indicated mineral resources, sensitivity cases
%Cu Cut-off | xMillion Tonnes | Cu(%) | Contained Cu x billion lbs |
0.20% | 904.8 | 0.27 | 5.39 |
0.25% | 456.9 | 0.31 | 3.12 |
0.30% | 219.8 | 0.36 | 1.74 |
Table 6: Haib copper inferred mineral resources, sensitivity cases
%Cu Cut-off | xMillion Tonnes | Cu(%) | Contained Cu x billion lbs |
0.20% | 686.2 | 0.26 | 3.93 |
0.25% | 342.4 | 0.29 | 2.19 |
0.30% | 109.8 | 0.34 | 0.82 |
This Haib Copper Mineral Resource has been defined by diamond core drilling covering a total surface area of some 2.6 square kilometres.
The mineral resource classification is closely related to data proximity. Topographic elevations within the mineral resource area vary from 320m to 640m above mean sea level and average 480m above mean sea level.
Indicated resources are constrained between the variable topographic surface and a horizontal level which is 75m above mean sea level and within which the majority of the drill and assay data are constrained. Inferred resources are laterally constrained by the last line of drill holes and extend vertically from the horizontal surfaces defined by the +75m and -350m above mean sea level ( a block of 425m thickness) within which there is a lesser data set derived from drilling.
Mineralization is open near surface and at depth to at least 800 metres deep. The Mineral Resource estimate is based on the results from approximately 66,500 metres of drilling in 196 holes. The most recent drilling data comes from Teck Resources drilling programs totalling 14,500 metres (2010 & 2014) and from re-assaying a part of the 164 historical drill cores which are well preserved on site. Indicated Resources are defined by a drill grid of 150 metres by 150 metres, while Inferred Resources are defined by a drill grid of 300 metres by 150 metres.
The Haib Copper exploration licence provides significant potential for resource expansion, since there is known, but poorly drilled and assayed, mineralisation beyond the drill grid boundaries and below the main mineralised body (which covers some 2 square kilometres of surface area), where a few drillholes from 75m above mean sea level to -350m above mean sea level (i.e. a thickness of 425m) have shown that mineralisation is present. The deepest drillhole did not pass out of mineralised material. In addition, there are 5 satellite mineralised target areas surrounding the main Haib porphyry body which still require further evaluation.
Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates ar based on Indicated Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves . However, there is no certainty that these indicated mineral resources will be converted to measured categories through further drilling, or into mineral reserves, once economic considerations are applied. There is no certainty that the preliminary economic assessment will be realized.
Mineralogy
The Haib Copper Deposit is a large sulphide ore deposit. Copper is mainly present as a sulphide in the form of chalcopyrite. Copper is also present as oxides (chrysocolla, plancheite, malachite and azurite), occurring as intrusions in shear zones.
Initial testwork results showed that the Haib mineralisation is a competent quartz feldspar porphyry rock.
It can be seen that the main ore is copper with only an accessory amount of molybdenum present. The chalcopyrite also occurs as occasional coarse irregular grains from 0.1 mm to 0.35 mm.
Mining Methods
Considering the Haib copper deposit characteristics, the suitable mine design is based on an open pit method. As the deposit is basically composed of hard rock material, the mining operations will involve drill and blast of all excavated material, which will be segregated by cut-off grade.
The mining fleet considered being suitable for the Haib project would most likely consist of between 80 t and 120 t sized hydraulic excavators, off highway dump trucks with a capacity of between 65 t to 90 t, supported by standard open-cut drilling and auxiliary equipment.
Tailings disposal
Option 1 and 2 will generate approximately 250 ktpa tonnes per annum of tailings from the flotation circuit. Due to environmental and water recovery considerations the tailings will undergo dry staking. All options include dry stacking of the iron oxide waste from the iron removal stage (250-500 ktpa depending on the process option). The remaining waste will either be from the ore sorter rejects or from the heap leach pads (~8 Mtpa) and will be coarse rock material. The heaps will remain in place and undergo periodic washing to ensure copper extraction is maximised. Washing will be stopped once the ore is considered ‘spent’. The ore sorter rejects and the spent ore can be disposed of in a manner that produces a suitably stable landform.
Environmental considerations
In terms of environmental aspects, dry stack facilities offer a number of advantages to other surface tailings storage options – some of these include:
- — Reduced water requirements, principally achieved by recycling process water and near elimination of water losses through seepage and/or evaporation;
- — Groundwater contamination through seepage is virtually eliminated;
- — Significant safety improvement with the risk of catastrophic dam failure and tailings runout being eliminated;
- — Easier to close and rehabilitate.
Waste rock storage
It is suggested to consider stockpiling the low-grade ore to process it at the end of mine life, in case the copper price increase considerable by the end of the mine life and/or a new mineral processing technology be created or developed.
Capital Cost
Direct capital costs were estimated at US $ 139.6 million, including off-site infrastructure. Indirect costs and a 10% contingency were estimated at US $ 52.2 million, which bring the initial capital cost to a total of US $ 191.8 million.
Table 7: Capital cost breakdown
Cost (US$M) | Option 3 |
Crushing & HPGR | 56.2 |
Agglomeration & Heap Leaching | 12.4 |
Copper Recovery | 32.1 |
Iron Removal | 1.8 |
Water | 2.8 |
Reagents | 1.6 |
Services | 2.0 |
Sulphuric Acid Production | 22.0 |
Supporting Infrastructure | 2.8 |
First Fill | 6.0 |
Working Capital | 14.0 |
Insurance | 3.3 |
EPCM | 14.0 |
Contingency | 14.0 |
Commissioning | 2.8 |
Accommodation & Temp Services | 2.8 |
Spares & Tools | 1.5 |
Total (US$M) | 191.8 |
Operating Costs
Total operating costs, including capital leases as an operating expense, are estimated in the PEA as US $ 7.79 per tonne of ore processed, broken down as follows:
Table 8: Option 3 operating cost breakdown
Area | Annual Cost
(‘000 USD) |
Unit Cost
(USD/t ROM) |
Unit Cost
(USD/lb CuEq) |
Mining | 19,210 | 2.26 | 0.41 |
Processing | 38,696 | 4.55 | 0.82 |
Product Freight | 2,109 | 0.25 | 0.04 |
Wharfage & Shiploading | 234 | 0.03 | 0.00 |
Administration | 1,700 | 0.20 | 0.04 |
Royalty | 4,224 | 0.50 | 0.09 |
Total | 66,173 | 7.79 | 1.41 |
Note: Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates are based on Indicated Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves . However, there is no certainty that these indicated mineral resources will be converted to measured categories through further drilling, or into mineral reserves, once economic considerations are applied. There is no certainty that the preliminary economic assessment will be realized.
Sulphur Burning Plant
The design for each option as it stands involves the burning of sulphur to produce sulphuric acid.
There are several possibilities for sulphuric acid sourcing, including purchasing from smelters within Namibia.
Buying in sulphuric acid at the start of the project life and building a sulphur burning plant once the project is cash flow positive may provide a better economic scenario.
This will allow for the sulphur burning plant capital to be deferred and the payback period to be shortened.
Risks
Aside from the usual risk associated with the advancement of a mineral project towards a production decision, such as metal prices, resource continuity, mineability, construction risk, capital and operating cost risk, the principal risk related to the Haib Copper Project is the confirmation of the heap leaching recovery and sorting technologies used in the PEA, which were based on preliminary testwork completed by University of Witwaterstrand, Mintek, METS and SGS South Africa. Additional testwork is required to confirm and potentially enhance the overall recovery performance of the project.
The major risks identified are detailed in the below list:
1- Insufficient metallurgical testwork has been undertaken.
Sampling of diamond core, ore sorting testwork, comminution, HPGR, heap leach tests are required;
2- Trade off studies are required regarding purchasing sulphur and making acid on site or purchasing sulphuric acid;
3- The optimum port and infrastructure needs further study work;
4- Specific mineralization sorting testwork success will be critical;
5- Variability within the deposit and;
6- Optimised transport routes.
Opportunities
Solar Energy: Given the semi-arid climate of Namibia, a solar energy farm may be an option for reducing the unit cost of power. This will also have positive social impacts for the project, which is expected to have a long life.
Project Expansion :
The resource tonnage allows for possible multiple expansion stages to be executed should the project proceed to once in production. A staged approach is recommended in order to de-risk the project by projecting that the project achieves positive cash flow prior to plant expansions.
Way Forward
The results from the PEA have been promising, going forward METS recommends Deep-South Resources move to conduct a Pre-Feasibility Study (PFS) as the next phase of the project.
Management hopes the outcomes of a Pre-Feasibility Study for the Haib Project will support the following :
- — An assessment of the likely technical and economic viability of the opportunity within a +/- 25% level of accuracy;
- — Optimization of the different mining, process, location and project configurations to determine and recommend the preferred optimum to be engineered during the Pre-Feasibility Study;
- — Evaluation of the project at different capacities;
- — Determination of any fatal flaws in the opportunity;
- — Development of the risk profile of the opportunity in relation to the key business drivers;
- — Determination of the nature and extent of the Work Plan to complete further geological, mining, metallurgical, environmental and marketing work needed to be completed or undertaken during the Feasibility Study;
- — An estimate of the costs, schedule and resources required to complete the Feasibility Study. In addition, an overall project schedule shall be prepared to indicate the overall timing of project implementation, commissioning and start-up, and ramp-up to full production;
- — Identify resources (internal and external) and services required to undertake further work on the opportunity;
- — If a Pilot plant is required, it will be implemented during this stage;
- — Upgrade the mineral resource (if required);
- — Stakeholder considerations and plans;
- — Risk assessment further refined and mitigation plans established and;
- — Environmental assessment to prepare an environmental impact study.
Quality Control and Assurance and data verification
The independent qualified persons for the Haib Copper PEA are Mr. Damian Connelly of Mineral Engineering and Technical Services , Mr. Peter Walker of P & E Walker Consultancy and Mr. Dean Richards of Obsidian Consulting Services.
Obsidian Consulting Services conducted a review of the QA/QC programme implemented by Teck using the certificates of analysis received from Acme Labs and provided by Teck. This review compared the results of field duplicates, blanks as well as the various standards utilised with respect to Cu and Mo.
The design of Teck’s drilling programme, quality assurance / quality control programme and the interpretation of results were under the control of Teck’s geological staff. The QA/QC programme is consistent with industry best practices. Drill core is logged and cut onsite, with half-core samples prepared at Analytical Laboratory Services, Windhoek, Namibia. Prepared samples are shipped to Acme Analytical Laboratories, Vancouver, Canada for appropriate base metal assaying and gold fire assaying techniques. All analytical batches contain appropriate blind standards, duplicates and blanks inserted at regular intervals to independently assess analytical accuracy and precision.
Mr. Walker and Mr. Richards reviewed the sample chain-of-custody, quality-assurance and quality-control (QA/QC) procedures, and the accreditations of analytical laboratories used by Teck. The QPs are of the opinion that the procedures and QA/QC are acceptable to support Mineral Resource estimation.
Mr. Walker also audited the assay database, core logging and geological interpretations and found no material issues with the data as a result of these audits.
In the opinion of the QPs, the data verification programs undertaken on the geological and assay data collected from the Haib Copper support the geological interpretations and the analytical and database quality, and the data collected, can support Mineral Resource estimation.
Qualified Persons
Damian E.G. Connelly, BSc (Applied Science), FAusIMM, CP (Met), Director of Mineral Engineering Technical Services is the main author of the Preliinary Economic Assessment report and is responsible for the technical part of this press release and is the designated Qualified Person under the terms of National Instrument 43-101.
Peter Walker B.Sc. (Hons.) MBA Pr.Sci.Nat. of P & E Walker Consultancy is the main author of the 43-101 resource estimation report, and is a Qualified Person under the terms of National Instrument 43-101.
Mr. Dean Richards Pr.Sci.Nat. , MGSSA – BSc. (Hons.) Geology, of Obsidian Consulting Services is the contributing author of the 43-101 resource estimation report and is a Qualified Person under the Terms of the National Instrument 43-101.
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Teck Resources Ltd, which holds about 35% of Deep-South share capital.
Deep-South is actively involved in the acquisition, exploration and development of major mineral properties. Deep-South currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyries in Africa. Deep- South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized trends, c los e to infrastructure, in politically stable countries.
More information is available by contacting Pierre Leveille, President & CEO at
+1-819-340-0140 or at: info@deepsouthresources.com or
Paradox Public Relations at +1-514-341-0408.
Cautionary statement on forward-looking information
Mineral Resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates are based on Indicated Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves .. However, there is no certainty that these indicated mineral resources will be converted to measured categories through further drilling, or into mineral reserves, once economic considerations are applied. There is no certainty that the preliminary economic assessment will be realized.
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws.
Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release.
As well, all of the results of the 2018 Haib Copper preliminary economic assessment constitute forward-looking information, including estimates of internal rates of return, net present value, future production, estimates of cash cost, assumed long term price for copper of US$3.00 per pound, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, and estimates of capital and operating costs. Furthermore, with respect to this specific forward-looking information concerning the development of the Haib Copper Project, Deep-South Resources has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include among others: (i) the adequacy of infrastructure); (ii) unforeseen changes in geological characteristics; (iii) changes in the metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the size of future processing plants and future mining rates, (viii) the cost of consumables and mining and processing equipment; (ix) unforeseen technological and engineering problems; (x) accidents or acts of sabotage or terrorism; (xi) currency fluctuations; (xii) changes in laws or regulations; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) political factors, including political stability.
All such forward-looking information and statements are based on certain assumptions and analyses made by Deep-South’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices, including the price of copper; unexpected failure or inadequacy of infrastructure, or delays in the development of infrastructure, the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations, and the results of economic studies and evaluations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading “Risk Factors” in the company’s most recently filed MD&A filed by Deep-South. Readers are cautioned not to place undue reliance on forward-looking information or statements. The factors and assumptions used to develop the forward-looking information and statements, and the risks that could cause the actual results to differ materially are set forth in the “Risk Factors” section and elsewhere in the company’s most recent Management’s Discussion and Analysis report and Annual Information Form, available at www.sedar.com .
This news release also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in copper prices or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences, or changes to any such permits, approvals or licence.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
- Published in Deep South Resources Inc.
Alliance Mining Initial Payment to Tiberius Gold Corp.
Momentum Public Relations
Press Release: February 20
Alliance Mining Corp. (TSX-v: ALM) (“Alliance” or the “Company”) is pleased to announce it has made the first payment of $250,000.00 by issuing 5 million common shares of its capital to Tiberius Gold Corp. in connection with the option agreement between Alliance Mining Corp. and Tiberius Gold Corp. Alliance may acquire 100 per cent of Tiberius’s property located in the centre of the Bissett gold mine camp in Manitoba. Under the agreement, Alliance may earn in a 100-per-cent interest in the property by making certain staged cash payments and/or share payments of common shares in the capital of Alliance to Tiberius over a four-year period equal to a total of $1.25-million as follows: (i) $250,000 in cash and/or common shares on or before 90 days of the TSX Venture Exchange’s approval of the transaction; (ii) $250,000 in cash and/or common shares on or before the first anniversary of the approval date; (iii) $250,000 in cash and/or common shares on or before the second anniversary of the approval date; $250,000 in cash and/or common shares on or before the third anniversary of the approval date; and $250,000 in cash and/or common shares on or before the fourth anniversary of the approval date.
The 5 million shares paid to Tiberius Gold Corp. are subject to a 4 month statutory hold period in accordance with applicable securities laws.
Alliance is actively seeking to expand its presence in the Bissett Gold camp through future property acquisitions and/or potential joint venture exploration partnerships with neighbouring companies. At present Alliance is actively working with its Manitoba based geological team to prepare for its upcoming exploration program.
Alliance Mining has an option to acquire 100 per cent of the Red Rice Lake property located in the centre of the Bissett gold camp in Manitoba. The property is located close to the town of Bissett, Man., and just four kilometres south of Klondex Mines’ producing True North gold mine.
The Red Rice Lake gold property claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba. This belt forms part of the Uchi sub province that includes the Red Lake and Pickle Crow belts in Northwestern Ontario.
ON BEHALF OF THE BOARD
Al Beaton PEng
Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 488-3900
Investor Relations:
Antony Claydon: 604-445-5421
E-mail: ir@alliancemining.com
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither 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.
Alliance Mining Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4
To view the associated document to this release, please click on the following link:
public://news_release_pdf/AllianceMining02202018.pdf
To view the original release, please click here
Source: Alliance Mining Corp. (TSX Venture:ALM)
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- Published in Alliance Mining
Alliance Mining Purchases NSR
Momentum Public Relations
Press Release: February 15 2018
Alliance Mining Corp. (TSX-v: ALM) (“Alliance” or the “Company”) announces it has agreed to purchase the Net Smelter Rights (“NSR”) held by Sutherland Minerals Ltd. (“the Seller”) on the Cupp, Axe-Fraction and Cupp Fraction claim blocks which are part of the Company’s Bissett gold camp. The Company agrees to pay the Seller $10,000.00(CDN) in stock of its common shares (based on 5 cents/share CDN).
In addition Alliance has agreed to pay Sutherland Minerals a payment of $50,000CDN for any future payments or past debts owed to Sutherland by Tiberius Gold Corp. Alliance has a 100% option on the Bissett Gold Camp from Tiberius. The $50,000CDN payment is to be made on or before March 2, 2018.
Alliance is actively seeking to expand its presence in the Bissett Gold camp through future property acquisitions and/or potential joint venture exploration partnerships with neighbouring companies. At present Alliance is actively working with its Manitoba based geological team to prepare for its upcoming exploration program.
Alliance Mining has an option to acquire 100 per cent of the Red Rice Lake property located in the centre of the Bissett gold camp in Manitoba. The property is located close to the town of Bissett, Man., and just four kilometres south from Klondex Mines’ producing True North gold mine. The Red Rice Lake gold property claims are located within the Archean Rice Lake greenstone belt in southeastern Manitoba. This belt forms part of the Uchi sub province that includes the Red Lake and Pickle Crow belts in Northwestern Ontario.
ON BEHALF OF THE BOARD
Al Beaton
Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Alliance Mining Corp.
(604) 488-3900
Investor Relations:
Antony Claydon: 604-445-5421
E-mail: ir@alliancemining.com
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither 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.
Alliance Mining Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4
To view the associated document to this release, please click on the following link:
public://news_release_pdf/AllianceMining02152018.pdf
- Published in Alliance Mining
Blue Moon Announces Closing of $520,000 Financing
Momentum Public Relations
Press Release: February 14 2018
Blue Moon Zinc Corp. (TSXV: MOON; US OTC: BMOOF) (the “Company“) announces the Company has closed a non-brokered private placement of $520,000 at a price of $0.10 per unit (the “Unit”) with each Unit consisting of one common share and one common share purchase warrant (a “Warrant”). Each warrant shall entitle the holder thereof to acquire one common share at a price of $0.15 per share for a period of 24 months. Officers and directors purchased 27% of the financing. All common shares issued are subject to a hold period expiring four months and one day from closing in accordance with applicable securities laws. A finder’s fee of $5,500 was paid in connection with the financing.
Patrick McGrath, Chief Executive officer, stated, “The proceeds will be used to advance the Company’s wholly-owned Blue Moon zinc project including finalizing the drill permit for the anticipated drill program and general working capital and continued marketing efforts.”
In the event the closing price of the Company’s common shares exceeds $0.22 per share for ten consecutive trading days, the Company may accelerate the date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the day on which such notice is given by the Company.
The Company also granted 200,000 stock options to consultants, each option being exercisable for a five-year term at a price of $0.11 per common share. The options are governed by the terms and conditions of the Company’s stock option plan.
About Blue Moon
The Company owns 100% of the Blue Moon polymetallic zinc deposit with significant credits of copper, silver and gold. The deposit is open at depth and along strike and historical metallurgical testing indicates excellent recovery and a clean zinc concentrate. A NI 43-101 report detailing the resource and summarizing metallurgical recoveries is available on the company’s website (www.bluemoonmining.com) and filed on SEDAR on November 13, 2017. The Company plans to advance the Blue Moon project through to feasibility, permitting and ultimately production.
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. Resource estimates included in this news release are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions set forth in the relevant technical report and otherwise, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for zinc, the results of future exploration, uncertainties related to the ability to obtain necessary permits, licenses and titles, changes in government policies regarding mining, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The securities referenced in this news release have not and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
- Published in Blue Moon
Arev Nutrition Sciences Inc. Announces Derek Sider as CFO
Momentum Public Relations
Press Release: February 8 2018
AREV Nutrition Sciences Inc. (” AREV ” or the “Company”) ( CSE – AREV ), is pleased to announce Derek Sider has joined the Company as Chief Financial Officer (“CFO”), effective immediately.
Due to the current transaction between the Company and We Grow BC Ltd (“WGBC”), Long Trinh, currently Chief Financial Officer of AREV, has resigned to focus his attention on matters relating to We Grow BC Ltd and closing the transaction with AREV announced on January 17, 2018. The Company is pleased to announce that Derek Sider has been appointed, effective immediately, as Chief Financial Officer (“CFO”).
Derek Sider (Derek) is an experienced financial profession with over 17 years in various international business roles.
Most recently Derek spent 6 years in the mining industry in management roles ranging from M&A to corporate administration and corporate tax. He has participated on a variety of international acquisitions, divestitures, joint ventures and other mining deals with values up to $2 billion. His experience includes corporate finance, corporate tax, securities and corporate law matters, public and private debt, deal negotiation, and corporate structuring.
Prior to that, Derek spent 9 years at PricewaterhouseCoopers, in a number of roles including International Tax in Vancouver and Capital Markets in New York, progressing to the senior manager level.
He has served on a number of non-profits boards, most recently as Treasurer/Finance Committee Chair at the Association of Neighborhood Houses, one of BC’s largest and oldest charities.
Derek is a designated Chartered Professional Accountant (CGA) with a Masters in Science (Tax) with honors and is currently a candidate for a Masters in Business Law (Osgoode Law).
The Company is also pleased to appoint Denby Greenslade as Corporate Secretary of AREV Nutrition Sciences Inc., effective immediately. Ms. Greenslade has over 15 years of corporate secretarial, corporate governance, and securities regulation experience with a focus on the neutraceutical and mining sector in Canada and Mexico. She has served in several senior management and executive roles for companies listed on the Toronto Stock Exchange, TSX Venture Exchange and Canadian Stock Exchange. During her career, she has been involved in numerous transactions and financings, and has led the evaluation, design, implementation and monitoring of governance programs for several junior mining companies.
Further, the Company has hired a consultant with over 12 years of management experience at TELUS to head a number of important Human Resources initiatives. Amongst other things, the consultant will assist with sourcing and place strategic individuals in key roles moving forward.
The Company, effective immediately, has issued 405,000 stock options to Officers and consultants of the Company at a price of $0.56 for a period of 5 years from the issuance date. 25,000 of these options will vest immediately with the remaining 380,000 options on a 2 year vesting schedule: 1/3 immediately, 1/3 at the 1 year mark and the final 1/3 at the end of the second year.
For further information, contact Stephane Maher, CEO at stephane@arevnutrition.com.
On behalf of the Board,
Stephane Maher
Chief Executive Officer & Director
About AREV Nutrition Sciences Inc.
AREV Nutrition Sciences Inc. (“AREV”) produces and delivers functional ingredients from its world-class extraction systems. AREV is revolutionizing the current delivery method of coconut oil, whey protein and nutrients through emulsification. These premium ingredients and products are targeted for the natural health, medical, functional food, nutraceutical, sport nutrition and bioceutical markets. AREV is also working with Pharmacy and Dispensary operators with an innovative emulsified base formula to disperse Cannabis oil extracts from specific selected genetic Cannabis strains that address 5 areas of health including Anxiety, Pain Management, Insomnia, Central Nervous System Disorders & Libido. .
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FORWARD LOOKING INFORMATION
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. 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 or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks various risk factors discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com.
Copyright (c) 2018 TheNewswire – All rights reserved.
- Published in AREV Nutrition Sciences
Crystal Lake shareholders approve all matters at AGM
Momentum Public Relations
Press Release: February 1, 2018
Crystal Lake Mining Corp. has released the results of its annual general meeting of shareholders which was held on Jan. 31, 2018.
Richard Savage, John Meekison, Alphonse Ruggiero and Wally Boguski were re-elected to the board. All motions were approved by shareholders and the company’s shareholder rights plan was renewed. Mr. Savage will continue as chief executive officer and Mr. Ruggiero will continue as chief financial officer.
The company thanks shareholders for their continued support and look forward to an exciting year ahead.
About the company
Crystal Lake is a mineral exploration/development company with a focus on creating value through the exploration and development of the company’s Ontario mineral properties.
We seek Safe Harbor.
- Published in Crystal Lake Mining
Crystal Lake enters new deal for L1, L5 properties
Momentum Public Relations
News Release: January 30, 2018
Crystal Lake Mining Corp.(CLM:V) has entered into an agreement with Emerald Lake Development Corp. (ELD), which will create a more favourable path to 100-per-cent ownership of the L1 and L5 properties, both in the Chapple township, district of Rainy River. The L1/L5 agreement, which will supersede and replace all prior agreements concerning these properties, will allow the company to acquire a 100-per-cent interest in the properties on the terms fully disclosed in its most recent management’s discussion and analysis at Sept. 30, 2017. This may be viewed by visiting SEDAR.
The company’s new website is currently under construction and is expected to be operational shortly with up-to-date corporate and geological information.
About Crystal Lake Mining Corp.
Crystal Lake Mining is a mineral exploration/development company focused on creating value through the exploration and development of its Ontario and B.C. mineral properties.
- Published in Crystal Lake Mining, Mining
Albert Mining Inc. Announces the Closing of the 2nd Tranche of its Non-Brokered Private Placement
Momentum Public Relations
Press Release: January 19, 2018
Albert Mining Inc. (“Albert” or “Corporation”) (TSX-V: AIIM) , an exploration mining company and a leader in the use of artificial intelligence and advanced knowledge-extraction techniques in the mining sector, is pleased to announce the closing of the second tranche of its non-brokered private placement of 10 million units at $0.05 per unit comprised of one common share and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.07 per common share for a period of twenty-four (24) months following the closing of the Offering for gross proceeds of $500 ,000.
In connection with the 2nd tranche of the private placement, the Corporation is paying a finder’s fee of $2,100 and issuing 42,000 finder’s warrants. Each finder’s warrant entitles the holder to purchase one additional common share in the capital of the Corporation at a price of $0.065 per common share for a period of twenty-four (24) months expiring January 19, 2020.
An insider of the Corporation has participated in the 2 nd tranche of the private placement by purchasing 2.4 million units.
All securities issued in the private placement are subject to a four-month hold period and to all necessary regulatory approvals, including the approval of the Exchange.
The proceeds of the financing will be used for exploration and working capital.
About Albert Mining Inc.
Albert is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec. Albert also recently acquired assets from DIAGNOS Inc.’s mining division, including the Computer Aided Resources Detection System (“CARDS”). Albert can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. The Company’s objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining.
For further information, please contact:
Michel Fontaine
President and CEO of Albert Mining Inc.
Telephone: 514-994-5843
Fax: 613-422-0773
Email: michel@albertmining.com
Website: www.albertmining.com
Additional information about the Company is available under Albert’s profile on SEDAR at www.sedar.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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
- Published in Albert Mining, Artificial Intelligence, Mining