St-Georges Changes its Financial Year End, Hires KRP Auditors & Provides Various Material Updates
St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to provide a status update on Company activities.
St-Georges announces the change of financial year end from December 31 to March 31. Further to the above, the Company has appointed Kingston Ross Pasnak LLP, hereafter referred to as KRP, Chartered Accountants, as auditors of the Corporation for the financial year ending March 31, 2022. KRP will fill the vacancy created by the resignation of Dale Matheson Carr-Hilton Labonte LLP as its independent auditor.
The Company’s decision to change auditors from Dale Matheson Carr-Hilton Labonte LLP was not the result of any disagreement between the Company and Dale Matheson Carr-Hilton Labonte LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. The Board of Directors believes KRP, Chartered Accountants, offers a much wider platform of services more suited to the Company’s diversified portfolio of projects.
In meeting the requirements of National Instrument 51-102 – Continuous Disclosure Obligations, the Company announces that it has elected to change financial year-end from December 31st to March 31st. No approvals are required to effect this change.
About KRP, Chartered Accountants
Kingston Ross Pasnak LLP is an independent accounting firm licensed to practice in Alberta by the Chartered Professional Accountants of Alberta and has been serving clients for 75 years. It is a partnership with 17 active partners and, in total, employs approximately 175 people. KRP has extensive experience providing auditing and ancillary services to public organizations, large and small, and is registered with the Canadian Public Accountability Board (CPAB) .
EVSX Update
A formalization of a consulting agreement was unanimously passed, acknowledging Enrico Di Cesare’s contributions to EVSX’s Research and Development efforts. The agreement calls for a signing bonus, certain payments at completion of defined benchmarks, and 1% NRR (Net Revenue Royalty) from any patent or patent application developed by the Corporation and its subsidiaries with his involvement.
Mr. Di Cesare is also tasked with identifying and recommending a general manager and associated staff to ramp up the pilot plant operations at the CIMMS location. The Company expects to identify a number of positions to be filled in the coming weeks and following the deployment of its updated plan for the proposed commercial operations in Baie-Comeau.
EVSX is in the process of adding another shredder to handle larger batteries and one or more conveyors to accelerate and automate the pilot plant process.
The significant amount of Ni-Cd spent battery feedstock available to the Company allows EVSX to plan a first-stage black mass separation unit to be in operation in 2022.
After the separation of aluminium, copper, and steel, additional processing of the black mass is now being tested with very recent breakthrough discoveries made by the Company’s metallurgical team. Independent tests are being completed in March, and IP protection is being sought for what would amount to a nickel-metal urban mine operation in operation later this year.
H2SX Update – Hydrogen
The Board of Directors unanimously appointed Dr. Sabin Boily as president of H2SX. Dr. Boily works in the valuation and marketing of high value-added technologies with a specific focus on protecting intellectual property, primarily in fields related to materials, renewable energy, and the environment. Dr. Boily holds a Bachelor’s degree in Engineering Physics from Polytechnique Montreal , a Master’s degree and a Ph.D. in Energy Science from the Universite du Quebec – Institut national de la recherche scientifique (INRS).
In addition to the above, Dr. Boily will also become Vice-President of Intellectual Property (IP) Strategy for St-Georges.
Dr. Boily is expected to travel to South Korea in the coming days to assist in finalizing the agreement with Wintec and its joint announcement. H2SX and its Korean partners are expected to prioritize the finalization of the detailed blueprints for the initial hydrogen plant expected to be built in Quebec later this year.
Iceland Resources Update
In September and October 2020, Iceland Resources contracted an RC drill hole to be drilled near the center of the Thor gold project. Additionally, a review of the work in April and May of 2021 was completed. A binocular microscope was used to evaluate the potential for free gold to occur in various sections of altered basalt. A decision to re-assay portions of the cuttings was made due to certain minute fragments of minerals that might have been visible gold.
In a previous press release, this hole (TH 20-01) was identified as a historic resampling of drill holes. This work was conducted to determine the potential for the possible existence of free gold that may have been undercounted in previous sampling. Although the results significantly differed in individual 0.3-meter sample intervals by as much as 60%, the average grades over the reported intervals increased by less than 15%. These results were not deemed significant as the near-term plan was to follow up with core drilling in the same area. Therefore, no previous release of results has been made.
During the last two quarters of 2021, a total of 1621.8 meters were drilled on the project. The first two holes completed did not meet the terms of the drilling contract, and a decision was made to pay for only a portion of these holes. Thus, a total of only 1,542 meters was formally completed in eight core holes. Drilling proceeded slowly with an average of 12 meters per day. The work was hampered by Covid-19 illness, logistics, weather, and other acts of God.
Although most results have been returned at this time, the Company has not been supplied with actual sample intervals and QA/QC sample numbers. The Company is waiting for all assays to be completed and certified and a final report from consultants to be submitted before supplying a press release.
STATEMENT BY HERB DUERR, P.GEO. AND QUALIFIED PERSON
The technical information contained in this report has been reviewed by Herb Duerr, P.Geo , for St-Georges Eco-Mining Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
Director & COO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
- Published in News Home, St-Georges Eco-Mining
Glen Eagle: $6M Potential Windfall Using Cycladex Green Technology
Glen Eagle Resources ( TSXV:GER) (OTC:GERFF) (“Glen Eagle” the “Company”, or “GER”) announced in a news release dated June 15, 2021 that it was partnering with Cycladex to test an environmentally friendly technology that could better serve our mining suppliers by addressing a broader spectrum of mining needs, accelerating our leach time and improving recovery without affecting Cobra’s current operations.
Since then, the Company has remained in close contact with Cycladex, while conducting a due diligence process to better understand its technology. Tailing samples were sent recently to their laboratory for analysis. The ensuing results were excellent with an estimated 95% recovery or 1.5 grams gold per ton with a leach time of less than two hours.
The samples were taken close to surface and the Company is confident that 1.5 grams gold per ton is representative of the overall average grade contained in the tailing. It is also in line with regular sampling data collected over the years, including the information retrieved from nine drill holes conducted in tailing pond number three as part of the Company 2021 drilling program.
Cobra Oro gold processing plant was built and expanded to contain a total 50,000 tons of waste material based on the construction parameters of its three tailing ponds.
The numbers are quite significant as they would represent approximately $6M dollars of insitu recoverable gold with no toxic disposable byproducts, turning a liability into a potential asset.
Cycladex’s technology has been performing well on different type of ores and has been tested on batches of 20 tons and will be running additional pilot testing at Cobra Oro’s plant site.
The numbers quoted in this news release are based on in-house data and do not meet NI-43101 standards and can only be relied upon based on the information accumulated by the Company over the years and on the assumption that the results obtained from Cycladex laboratory can be repeated on larger scale.
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.”
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Canada Silver Cobalt Reports More High-Grade Silver up to 5,887.59 g/t Ag with a Gold Equivalent of 73.80 g/t Au at Castle East
Excellent assay results from both 17M and 50 West Zones provide continuous expansion to known mineralization and the upcoming resource update.
Coquitlam, BC – TheNewswire – February 22, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the continued expansion of its high-grade silver deposit at Castle East with excellent intercepts from the 17M and 50 West Zones. These drill results will be included in the planned major resource update expected by the end of Q1 2022.
Drilling Highlights:
- 17M Zone grades include 5,887.59 g/t silver and 0.17% cobalt over 0.53m in hole CS-21-54W1, as well as 811.06 g/t silver over 0.53m in hole CS-21-73. The vein in CS-21-54W1 belongs to one of the more dominant structures in the vein network that comprises the 17M Zone. The intercept is located roughly 23m to the north of the 17M Zone intercepts in CS-21-39, CS-21-39W2, and CS-21-39W4 (See news release August 23, 2021).
- 50 West Zone grades include 975.57 g/t silver over 0.72m and 852.23 g/t silver over 0.65m, both from hole CS-21-72. These intercepts are located approximately 150m from the intercept in discovery hole CS-21-50 that graded 2,208.00 g/t silver over 0.44m (See news release August 23, 2021). Additional drilling is needed to confirm whether this is an extension to the 50 West or a new structure.
Table 1 : Sample Details
Hole ID | Zone | From (m) | To (m) | Length (m) | Ag (g/tonne) | AuEq (g/tonne) | Co (%) |
CS-21-54W1 | 17M Zone | 475.50 | 476.00 | 0.50 | 765.93 | 9.60 | <0.01 |
CS-21-54W1 | 17M Zone | 476.00 | 476.53 | 0.53 | 5,887.59 | 73.80 | 0.17 |
CS-21-72 | 50 West | 696.98 | 697.70 | 0.72 | 975.57 | 12.23 | 0.01 |
CS-21-72 | 50 West | 697.70 | 698.35 | 0.65 | 852.23 | 10.68 | 0.01 |
CS-21-73 | 17M Zone | 508.42 | 508.95 | 0.53 | 811.06 | 10.17 | 0.03 |
Note: Gold equivalent (AuEq) is based on USD $23.76 oz/ton Ag and USD $1,895.51 oz/ton Au calculated Feb. 17, 2022. Samples are core length and may not represent true width.
Matt Halliday, President, and Chief Operating Officer, commented: “Recent news releases have shown that our geological exploration team can continue to deliver at Castle East. On January 10, we reported a 2,571 g/t silver intercept at our 61 Zone, on January 24 a 6,188 g/t silver intercept at the Big Silver Zone, and now we have intercepted 5,887 g/t silver within the 17M Zone. This is very exciting especially as we inch closer to our resource update expected by the end of Q1 2022. These new zones add significant value to the property and contribute to the attractiveness of the planned ramp and PEA. Our Gowganda assets are growing, and we are getting ready to discover more deposits on our broad property package.”(See January 31, 2022 news release for what is planned at each property.)
Ongoing drilling in the Castle East area has been geared toward expanding the existing resource panels outlined in the Company’s maiden Resource Estimate reported in a news release May 28, 2020. The resource estimate was the first ever in the Greater Cobalt Camp and identified zones 1A and 1B of the Robinson Zone with an average silver grade of 8,582 g/t ( 250 oz/ton ) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability). Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada , with an effective date of May 28, 2020 and a signature date of July 13, 2020.
Location
The Castle Property is located near the town of Gowganda and is located 80km W-NW of Temiskaming Shores, Ontario, Canada. It is also 15 km east of Aris Gold Corp’s Juby Gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Agnico Eagle Mines’ Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified Person
The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President, COO and VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate expected by the end of Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
CCW also has 35,669 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates on site, a bulk processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver and battery metals. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
- Published in Canada Cobalt Works, Mining, News Home
Newlox Gold Expands from Lab to In-Field Development of Organic Clean Gold Technology
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX ) (CNSX:LUX.CN) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce the start of in-field testing of its novel non-toxic gold recovery technology, designated Organic Aqua Regia (OAR). This initial round of in-field testing builds upon excellent results received from Stage 1 laboratory testing. Gold dissolution exceeded 99% efficacy in Stage 1 and Stage 2 laboratory testing is ongoing.
A shipment of OAR reagents from a US-based manufacturer was recently received by the Company’s operations team in Costa Rica. This large-volume shipment will be sufficient to support both ongoing research at the Company’s in-field laboratory, as well as expanded testing beyond the lab at the processing plant.
The Company is most encouraged by results to date and is continuing to investigate the use of OAR technology as a non-toxic and water-free alternative to cyanidation for the recovery of gold, silver, and other precious metals. The multiple outstanding advantages of OAR include that it is non-toxic, recyclable, extracts gold faster than cyanide, does not use water, and recovers gold with neither carbon nor electrowinning.
A Message from Ryan Jackson, President & CEO:
“Newlox Gold’s OAR technology is poised to deliver the next milestone in recovery technology for the resource industry. While there has been some technological progress in our industry, recent advancement has been incremental.
The last major improvement in gold recovery technology was the shift away from mercury amalgamation, which is both inefficient and has significant negative environmental and health outcomes, to cyanide leaching, which is very effective and, if done correctly, is safe and does not result in environmental damage.
Cyanide leaching represents the best currently available technology and is therefore used by nearly all responsible mining companies at present. However, cyanide leaching requires large volumes of water, has a terrible public relations problem and, if handled improperly , can be dangerous for staff.
We believe that OAR will be the next major step forward for the precious metals industry. The technology appears to be an ideal solution to a variety of metallurgical conditions and is highly effective at gold dissolution, much like cyanide . However, OAR is non-toxic and is an anhydrous reagent which means it does not require the input of fresh water.
Water use is a major topic in the resource industry, especially in arid climates where mining competes with agriculture and residential use for fresh water. Additionally, not requiring water means there are no water effluent disposal problems, a huge benefit for industry .
The initiation of in-field testing is a major milestone for the Newlox Gold R&D division. We are most enthusiastic to begin testing OAR technology in Costa Rica.”
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in any press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: info@newloxgold.com
Phone: + 1 604 256 0493
- Published in Newlox Gold, News Home
Manicouagan’s Bulk Sample Material Contains Suite of Platinum Group Metals & Between 2.36 & 2.92% Nickel
St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to provide a status update on the Manicouagan Project located on the Québec North-Shore. Representative samples obtained from the approximately one metric ton bulk sample, collected in the fall of 2021, returned nickel grades between 2.36% and 2.92% and Palladium grades between 1.4 and 9.5 g/t.
The Company is in the process of finalizing a report for its 2021 Manicouagan exploration activities. Once the report is completed, the Company should be able to release additional results and additional comments. Assay results are considerably behind schedule and the report will necessarily have incomplete results for the drilling program.
The Company is continuing with the logging of historic core recovered from the 2006-2008 drilling programs. This work will allow for constructing of a three-dimensional model based on surface and drilling results and preparing for the next phase of drilling later this year.
Manicouagan Bulk Sampling
The Company’s exploration team collected approximately one metric ton of high-grade Ni-Cu-Co-PGE massive sulphide material from surface at the Bob Showing last fall. The showing is located near the center of the Manicouagan project area . The geologist team obtained this material from blasting and channel cuts to provide a metallurgical bulk sample. This bulk sample will test the recovery of nickel, copper, cobalt, platinum, palladium, rhodium, ruthenium, and iridium.
Four representative samples weighing from 1.51 to 5.82 kg totaling 13.65 kg from the Bob Showing were collected. The four samples were inserted into identified plastic bags and sealed. The sample bags were transported by helicopter first and then trucked to the facilities of Magnor Exploration Inc. in Ville de La Baie. The four bags were sent to the ALS Laboratories to determine an average grade for St-Georges incoming metallurgical tests. Results received from this work are included in Table 1 for PGEs and Table 2 for base metals.
The material collected is a massive sulfide with +50% sulfide content. The balance of the bulk sample is in airtight containers and stored in a safe place with a controlled oxygen and water atmosphere in order to avoid self-combustion of the ore rich in nickeliferous pyrrhotite. This material is waiting to be sent to St-Georges’ contracted metallurgical facilities.
The results are very encouraging and in line with past work conducted on the property.
Sample # | Weight | Pt | Pd | Os | Ru | Ir | Rh |
kg | ppm | ppm | ppm | ppm | ppm | Ppm | |
D591736 | 5.82 | 3.60 | 5.00 | 0.14 | 0.82 | 0.27 | 1.10 |
D591737 | 3.16 | 4.50 | 1.40 | 0.09 | 0.80 | 0.23 | 0.52 |
D591738 | 1.51 | 4.30 | 9.50 | 0.13 | 0.86 | 0.24 | 0.85 |
D591739 | 3.16 | 2.50 | 5.60 | 0.15 | 1.00 | 0.31 | 0.89 |
Average | 3.41 | 3.73 | 5.38 | 0.13 | 0.87 | 0.26 | 0.84 |
Table 1 – Representative PGE samples from Bulk sample collected from Bob Showing.
Sample # | Weight | Cu | Ni | Co | Fe |
kg | % | % | % | % | |
D591736 | 5.82 | 1.785 | 2.92 | 0.106 | 47.1 |
D591737 | 3.16 | 3.120 | 2.36 | 0.057 | 45.7 |
D591738 | 1.51 | 0.445 | 2.36 | 0.143 | 41.7 |
D591739 | 3.16 | 1.490 | 2.78 | 0.095 | 45.3 |
Average | 3.41 | 1.71 | 2.61 | 0.10 | 44.95 |
Table 2 – Representative sample results for base metals from Bob Showing.
Historic Core Sampling Program
The Company’s geological contractors for the Manicouagan project have retrieved all available historic core from the project site and are moving it to a facility located in Ville de La Baie, Quebec. The historic core includes approximately 4,500 meters of the 4,727 meters program completed in 2007-08. This core is being relogged and samples collected where not previously sampled. Due to the limited sampling by past explorers coupled with the realization that platinum group elements (PGEs) may be more widely distributed than previously identified, the Company is selectively sampling additional portions of the historic core.
STATEMENT BY JEAN-PAUL BARRETTE GÉO. / P.GEO. SENIOR GEOLOGIST AND QUALIFIED PERSON ACCORDING TO NATIONAL INSTRUMENTS NI 43-101
The technical information contained in this report has been reviewed by Jean-Paul Barrette Géo/ P.Geo , is an independent project geologist for Magnor Exploration Inc and consultant for St-Georges Eco-Mining Corp. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ) with the membership number OGQ # 619. Mr. Barrette has sufficient experience (37 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by NATIONAL INSTRUMENT 43-101, Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
Director & COO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the US OTC under the Symbol SXOOF, and on the Frankfurt Stock Exchange under the symbol 85G1.
- Published in News Home, St-Georges Eco-Mining
Glen Eagle Resources Increases Production
Glen Eagle Resources Inc. (“ Glen Eagle ”) (TSXV:GER) (OTC:GERFF) announces an increase in production capacity from 100 to 150 tons per day by adding a third shift at Cobra Oro gold processing plant in Honduras; a wholly owned subsidiary of the Company.
The increase is in line with the ramp-up operation that started in late summer 2021 under the supervision of Karl Trudeau, COO of Glen Eagle. The increased throughput is also made possible by onboarding additional ore providers capable of supplying the required tonnage to reach the 150 tpd mark.
Combined with the current ore grade being processed, the Company is confident to generate substantial cash flow from its operations for the coming months, which will be released in due time in upcoming news releases.
About Glen Eagle Resources
For more information, please contact:
Jean Labrecque
Glen Eagle Resources Inc
2075 Victoria Street, Suite 201
St-Lambert, Quebec
J4S-1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Usha Resources Announces Intention to Spin Out Nicobat Nickel Property to Newly Formed Subsidiary
Usha Resources Ltd. (“Usha” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that its Board of Directors is currently evaluating a proposal for Usha to transfer the Company’s Nicobat Nickel property (the “Property“) located in Dobie Township, Northwest Ontario to a newly formed subsidiary (“SpinCo“) and subsequently spin out the shares of SpinCo (“SpinCo Shares“) to Usha’s shareholders at a ratio yet to be determined (the “Transaction“). The Company will retain an interest in SpinCo.
Deepak Varshney, CEO stated: “With nickel prices soaring, we see this as the perfect backdrop to unlock value for investors by spinning out what was once our flagship property into a separate, battery-metals oriented public company. We don’t believe the market is fully valuing the sum of our parts and we see this as the ideal solution to ensure our projects get the attention and command the valuation they deserve. Spinning out the Nicobat property will allow Usha to streamline its focus while also allowing shareholders to participate in and benefit from the creation of a new battery-metals focused exploration company. With shareholders of Usha receiving shares in the SpinCo, we feel that the contemplated transaction would create a compelling new dynamic to our investment thesis as investors would stand to own shares in two public companies that are on two clear paths.”
The completion of the proposed Transaction and contemplated distribution of SpinCo Shares to Usha shareholders are subject to a number of conditions, including the completion of corporate, legal and tax structuring, completion of SpinCo financing, determination of final details of the transaction, the appointment of a Board and management team for SpinCo, required regulatory and shareholder approvals, and the subsequent listing of the SpinCo Shares on the TSX Venture Exchange.
There is no certainty that the Transaction will be completed on the terms proposed or at all. The Board of Usha may determine to not proceed with the Transaction should there be a change in market conditions or investor interest or should another opportunity arise that would similarly enhance value to Usha shareholders.
The Company will provide updates when further details of the proposed Transaction are determined.
About the Nicobat Nickel Property
The Nicobat Nickel Property is a nickel-copper-PGE project located in Dobie Township, Northwest Ontario 21 kilometres south of New Gold’s Rainy River Mine which hosts the Zone 34 nickel discovery.
Historic exploration work between 1952 and 1972 included over 15,000 metres of drilling, 220 drill holes and numerous bulk samples that identified a non-compliant historic resource of 5.3 Mt grading 0.24% Ni that contained a high-grade zone of approximately 225,000 tons grading 0.87% Ni.
Recent exploration work includes over 4,000 metres of drilling that has confirmed high-grade nickel-copper shoots do exist and are considerably better than previously recorded in the historical drilling, with drillhole A-04-15 intersecting from surface to approximately 63.75 metres a weighted average of 1.05% nickel and 2.18% copper that included an approximately 9.8-metre interval of 1.92% Ni from 53.95 to 63.75 metres.
The targeted feeder conduit measures approximately 305 metres by an average of 60 metres in width to a depth of 245 metres that is potentially open at depth and down-plunge to the north and is composed of cumulate textured olivine gabbro. This magma conduit sits in a larger norite body at the base of the Dobie Gabbro. The historical assessment data records high-grade “ribs”, one of which includes the zone described above. Future work will, therefore, focus on making the historic resource compliant current and expanding on the work completed to assess for other high-grade “ribs” and the potential high-grade feeder zone as shown in the model below.
Qualified person
The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call 778-899-1780, email info@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
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