Canada Silver Cobalt AGM Results
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) , announces that the Annual General Meeting was held today, Wednesday, May 25, 2022 and is pleased to report that all resolutions were approved. Resolutions passed are listed below.
1. The following individuals were re-elected Directors of the Company: Frank J. Basa, Matthew Halliday, Jacques Monette and Dianne Tookenay.
2. McGovern, Hurley, Cunningham, Chartered Accountants , were re-appointed as Company auditors.
3. Adoption of the Company’s 10% rolling share option plan was ratified and approved.
The Board of Directors appointed the following officers of the Company for the ensuing year:
Frank J. Basa: Chief Executive Officer
Matthew Halliday: President & COO
Robert Suttie: Chief Financial Officer
Tina Whyte: Corporate Secretary
Frank J. Basa, Jacques F. Monette and Dianne Tookenay were re-appointed as members of the Audit Committee for the upcoming year.
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. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 10,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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, a 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-cobalt space. 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
SONORO GOLD REPORTS HIGHER-GRADE INTERCEPTS AND EXPANDS GOLD MINERALIZATION AT CERRO CALICHE GOLD PROJECT
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) pleased to report assay results from an additional 10 drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect drilling conducted at El Colorado and Buena Suerte gold mineralized zones where intercepts include 1.52 meters averaging 9.57 grams of gold per tonne (“g/t Au”), 28.95 meters averaging 1.021 g/t Au and 10.67 meters averaging 1.183 g/t Au. As with drilling results announced on May 17, 2022, current intercepts are also situated outside of the pit shells used to calculate the mineral resource estimate as part of an updated Preliminary Economic Assessment (“PEA”) announced May 9, 2022, for a proposed heap leach mining operation.
Highlights are as follows:
- SCR-313 intercepted 21.34m averaging 0.557 g/t Au, including 3.04m averaging 1.523 g/t Au.
- SCR-314 intercepted 3.05m averaging 1.185 g/t Au, including 1.52m averaging 2.19 g/t Au; and 7.62m averaging 0.72 g/t Au, including 1.53m averaging 1.635.
- SCR-315 intercepted 10.67m averaging 1.183 g/t Au, including 1.52m averaging 3.27 g/t Au; and 4.57m averaging 1.087 g/t Au, including 1.53m averaging 2.28 g/t Au.
- SCR-318 intercepted 1.52m averaging 9.57 g/t Au and 28.95m averaging 1.021 g/t Au; including 1.53m averaging 2.07 g/t Au, including 3.05m averaging 2.706 g/t Au.
The map below illustrates the location of the drill holes.
Figure 1: New Drill Holes at El Colorado and Buena Suerte
Results from seven additional drill holes completed at the Abejas gold mineralized zone are still pending and will be announced next month, concluding the Phase IV drilling program at Cerro Caliche. Geological data from this latest drilling campaign will be included in a further updated resource estimate scheduled to be announced in the summer of 2022. The updated technical report will also assess the potential economic impact of the new drilling data on the proposed heap leach mining operation.
Mel Herdrick, Sonoro’s Vice President of Exploration, noted that “I continue to be encouraged by the results of the Phase IV drilling campaign which has returned multiple higher-grade intercepts and demonstrated resource growth potential near surface and at depth. These latest assay interceptsalso indicate continued expansion of El Colorado and Buena Suerte mineralized gold zones outside of the pit shellsused to calculate the resource estimate for the initial PEA. The potential expansionwill be confirmed in anupdated resource estimateexpected to be completedover the next few months.”
Kenneth MacLeod, Sonoro’s President and CEO stated, “With the updatedmineral resource estimation potentially demonstrating an increase in multiple gold mineralized zones at Cerro Caliche, we are now reviewing the additional work involved to incorporate the new data into an updated technical report on the proposed mining operation.This has been a successful drilling campaign and I look forward to sharing the final drilling results with our shareholders.”
John Darch, Sonoro’s Chairman, added, “I amvery pleased with the latest results as they indicate a potential increase in both the size and grade of the of the project’s oxide gold mineralization. As announced when drilling resumed in November 2021, the objective of this drilling program wasto expand the resource and potentially improve the economics and mine life of the proposed heap leach operation.We are becoming more optimistic that we may meet this objective.“
El Colorado Gold Mineralized Zone
Five drill holes were completed at El Colorado extending mineralization approximately 30-meters along the northwestern side of the estimated resource pit shell. Shallow gold mineralization was cut in all five drill holes with drill holes SCR-313, SCR-314 and SCR-315 returning multiple higher-grade intercepts.
Drill hole SCR-315 tested for a possible extension of the mineralization contained within the northernmost extent of the pit shell and beginning at 7.62 meters, it intercepted 10.67 meters averaging 1.183 g/t Au, including 1.52 meters averaging 3.27 g/t Au and 4.57 meters averaging 1.087 g/t Au, including 1.53 meters averaging 2.28 g/t Au.
Approximately 50 meters northwest of the previously reported drill hole SCR-307, which intercepted 9.14 meters of 9.577 g/t Au, drill hole SCR-313 tested the outside perimeter of the pit shell, intercepting 21.34 meters of 0.557 g/t Au, including 3.04 meters of 1.523 g/t Au.
Figure 2: Drill Holes at El Colorado and Buena Suerte
Buena Suerte Vein System
Located approximately 300 meters east of El Colorado, five drill holes extended the Buena Suerte vein system to the southwest with drill holes SCR-318, SCR-319 and SCR-320 located immediately outside the resource pit shell boundary.
Drill hole SCR-318 cut strong gold mineralization intercepting 1.52 meters averaging 9.57 g/t Au and 28.95 meters averaging 1.021 g/t Au, including 1.53 meters averaging 2.07 g/t Au, as well as 3.05 meters averaging 2.706 g/t Au. Drill hole SCR-320 intercepted 4.57 meters averaging 0.851 g/t Au, including 1.53 meters averaging 2.11 g/t Au.
Drill holes SCR-316 and SCR-317 are located further south with assay results of only short uneconomic intervals, possibly due to an unmapped fault having shifted vein extensions to other positions.
The following table provides the assay results for the complete list of reported drill holes:
Cerro Caliche Project, Holes Composites with Cut-off 0.15 g/t Au | ||||||||
Hole | Target | From | To | Interval | Au | Ag | AuEq | |
meters | g/t | g/t | g/t | |||||
SCR-311 | El Colorado | 19.81 | 22.86 | 3.05 | 0.423 | 2.70 | 0.435 | |
and | 35.05 | 39.62 | 4.57 | 0.626 | 1.00 | 0.630 | ||
SCR-312 | El Colorado | 10.67 | 16.76 | 6.09 | 0.209 | 3.20 | 0.224 | |
SCR-313 | El Colorado | 30.48 | 51.82 | 21.34 | 0.557 | 6.10 | 0.585 | |
including | 36.58 | 39.62 | 3.04 | 1.523 | 15.60 | 1.594 | ||
and | 85.34 | 96.01 | 10.67 | 0.257 | 1.60 | 0.265 | ||
SCR-314 | El Colorado | 3.05 | 6.10 | 3.05 | 1.185 | 1.80 | 1.193 | |
including | 3.05 | 4.57 | 1.52 | 2.190 | 2.70 | 2.202 | ||
and | 68.58 | 70.10 | 1.52 | 1.075 | 5.70 | 1.101 | ||
and | 79.25 | 86.87 | 7.62 | 0.720 | 2.60 | 0.732 | ||
including | 80.77 | 82.30 | 1.53 | 1.635 | 1.70 | 1.643 | ||
SCR-315 | El Colorado | 7.62 | 18.29 | 10.67 | 1.183 | 2.50 | 1.241 | |
including | 15.24 | 16.76 | 1.52 | 3.270 | 33.90 | 3.426 | ||
and | 28.96 | 33.53 | 4.57 | 1.087 | 2.10 | 1.097 | ||
including | 32.00 | 33.52 | 1.53 | 2.280 | 4.70 | 2.302 | ||
and | 48.77 | 53.34 | 4.57 | 0.503 | 0.70 | 0.506 | ||
and | 88.39 | 91.44 | 3.05 | 0.230 | 0.50 | 0.232 | ||
and | 97.54 | 128.02 | 30.48 | 0.437 | 1.50 | 0.444 | ||
including | 108.20 | 111.25 | 3.05 | 1.138 | 1.90 | 1.146 | ||
including | 121.92 | 123.44 | 1.52 | 1.080 | 2.80 | 1.093 | ||
SCR-316 | San Quintin | 9.14 | 13.72 | 4.58 | 0.262 | 0.30 | 0.264 | |
and | 25.91 | 28.96 | 3.05 | 0.256 | 0.90 | 0.260 | ||
SCR-317 | Buena Suerte | 53.34 | 56.39 | 3.05 | 0.296 | 1.90 | 0.304 | |
SCR-318 | Buena Suerte | 15.24 | 18.29 | 3.05 | 0.934 | 5.30 | 0.958 | |
including | 15.24 | 16.76 | 1.52 | 1.445 | 8.40 | 1.484 | ||
and | 30.48 | 32.00 | 1.52 | 9.570 | 1.20 | 9.576 | ||
and | 51.82 | 80.77 | 28.95 | 1.021 | 1.20 | 1.027 | ||
including | 62.48 | 64.01 | 1.53 | 2.070 | 2.20 | 2.080 | ||
including | 70.10 | 73.15 | 3.05 | 2.706 | 2.40 | 2.717 | ||
SCR-319 | Buena Suerte | 16.76 | 35.05 | 18.29 | 0.333 | 7.50 | 0.367 | |
SCR-320 | Buena Suerte | 13.72 | 21.34 | 7.62 | 0.339 | 5.60 | 0.365 | |
and | 33.53 | 38.10 | 4.57 | 0.851 | 4.80 | 0.873 | ||
including | 35.05 | 36.58 | 1.53 | 2.110 | 8.00 | 2.147 | ||
and | 50.29 | 54.86 | 4.57 | 0.240 | 1.70 | 0.248 | ||
and | 57.91 | 60.96 | 3.05 | 0.181 | 0.20 | 0.182 |
Drill collar locations, azimuths and dips for the drill holes included are provided in the table below
Drill Collar Locations (NAD 1927 UTM Zone 12N) | |||||||
Drill Hole | Zone | Easting | Northing | Elevation | Depth (m) | Dip | Azimuth |
SCR-311 | El Colorado | 536,130 | 3,364,461 | 1,260 | 112.78 | -66 | 192 |
SCR-312 | El Colorado | 536,088 | 3,364,474 | 1,273 | 82.30 | -45 | 270 |
SCR-313 | El Colorado | 536,102 | 3,364,587 | 1,322 | 100.58 | -45 | 235 |
SCR-314 | El Colorado | 536,140 | 3,364,621 | 1,327 | 121.92 | -45 | 230 |
SCR-315 | El Colorado | 536,165 | 3,364,651 | 1,321 | 131.06 | -45 | 217 |
SCR-316 | San Quintin | 536,625 | 3,364,517 | 1,286 | 100.58 | -45 | 275 |
SCR-317 | Buena Suerte | 536,632 | 3,364,579 | 1,241 | 100.58 | -45 | 270 |
SCR-318 | Buena Suerte | 536,579 | 3,364,703 | 1,280 | 83.82 | -45 | 235 |
SCR-319 | Buena Suerte | 536,538 | 3,364,701 | 1,286 | 82.30 | -45 | 235 |
SCR-320 | Buena Suerte | 536,495 | 3,364,817 | 1,359 | 121.92 | -45 | 235 |
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Drill samples are collected with an airstream cyclone and passed into a splitter that divides each sample into quarters. The quartered samples are then bagged and sealed with identification. The sample group has blanks, standards and duplicates inserted into the sample stream.
ALS-Chemex collects the samples and transports them directly to the preparation laboratory in Hermosillo, Sonora. At the laboratory, part of each sample is reduced through crushing, splitting and pulverization from which 200 grams is sent to the ALS-Chemex assay laboratory in Vancouver. Thirty grams undergoes fire assay for gold with the resulting concentrated button of material produced is dissolved in acids and the gold is determined by atomic absorption. Another quantity of the sample is dissolved in four acids for an ICP multi-element analysis.
No QA/QC issues were noted with the results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization in historic mines adjacent to, or on, Cerro Caliche is not necessarily indicative of economic gold mineralization residing in the concessions held by the Company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with two exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
- Published in Mining, News Home, Sonoro Gold
Canada Silver Cobalt Announces Airborne VTEM Geophysical Survey at its Lowney-Lac Edouard Property East of La Tuque in Central Quebec
The VTEM Plus survey will be flown via helicopter later in June, and aims to identify discrete conductive anomalies near surface
Coquitlam, BC – TheNewswire – May 24, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce it is planning an airborne VTEM Plus geophysical survey at its Lowney-Lac Edouard property south of the historical Lac Edouard Ni-Cu-Co mine in Central Quebec.
The property is of particular interest to the technical team due to several important factors:
- 1) The significant regional gravity anomaly that was identified by a previous airborne SGL survey (please see Figure 2).
- 2) The positive geological context, including a favorable lithological unit that appears to correlate with the gravity anomaly.
- 3) The sediment lake samples that returned elevated nickel and copper, which appears to also correlate with the gravity anomaly (please see Figure 3).
- 4) The proximity to the old Lac Edouard Ni-Cu-Co past producing mine.
The VTEM survey will be completed via helicopter by Geotech, is a global leader in technological innovation for airborne geophysical survey mapping, interpretation and analysis. The Company intends to identify near surface conductors which will help guide the field work this summer. The VTEM survey and field work will help provide a better understanding of the area and hopefully lead to a drill program. In addition, the property is bordered by several other large companies such as Rio Tinto Exploration Canada and Brunswick Exploration Inc. (please see Figure 1).
“We believe that a VTEM survey will provide the necessary information to better understand the property. Based on what we have so far, this property has great potential and fits within our objective to become an important supplier of battery metals material to the EV market. The fact that we have big players surrounding us shows that we’re in the right location.” states Matt Halliday, P.Geo., President, COO and VP Exploration.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Quebec Order of Engineers, and is a qualified person in accordance with the National Instrument 43- 101 standards.
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. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 10,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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, a 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-cobalt space. 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
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements which include, but are not limited to, comments regarding future financings, if any, pursuant to the short form base shelf prospectus referred to above, and comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, future financings, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company’s Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company’s profile on SEDAR at www.sedar.com .
Click Image To View Full Size
Figure 1: Property location map showing the Company claim package and the surrounding companies.
Click Image To View Full Size
Figure 2: Property location and location of gravity anomaly.
Click Image To View Full Size
Figure 3: Property location and heat map showing elevated Copper and Nickel values from the sediment samples.
- Published in Canada Cobalt Works, Mining, News Home
SONORO GOLD REPORTS HIGH GRADE INTERCEPTS AT CERRO CALICHE INCLUDING 9.14 METERS AVERAGING 9.577 GRAMS OF GOLD PER TONNE
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from an additional seven drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect recent drilling activity conducted at two of the property’s gold mineralized zones, El Colorado and El Rincon, with the reported intercepts situated outside of the pit shells used to calculate the mineral resource estimate announced in September 2021 as part of a Preliminary Economic Assessment (“PEA”) for a proposed heap leach mining operation.
Highlights are as follows:
- SCR-305 intercepted 36.5m averaging 0.54 g/t Au; including 1.53m averaging 3.59 g/t Au; including 1.53m averaging 3.32 g/t Au.
- SCR-307 intercepted 9.14m averaging 9.58 g/t Au; including 6.09m averaging 14.17 g/t Au; including 1.52m averaging 38.3 g/t Au.
- SCR-309 intercepted 6.10m averaging 1.37 g/t Au; including 1.53 averaging 3.97 g/t Au.
The map below illustrates the location of the drill holes.
Figure 1: New Drill Holes
The drilling campaign at Cerro Caliche is now complete with final assays expected to be announced in June. New geological data from over 7,200 meters and 63 drill holes will be included in a further updated resource estimate scheduled to be released in the fall of 2022. The updated technical report will also assess the potential economic impact of the new drilling data on the proposed heap leach mining operation.
Mel Herdrick, Sonoro’s VP Exploration, commented, “We continue to report good gold bearing intervals of mineralization as well as higher–grades intercepts that continue to add to potential mineralized material. Results from another 15 drill holes are still pending andwe are working to determine the structural controls of the new higher–grade zones.”
Kenneth MacLeod, Sonoro’s President and CEO, commented, “Our continued success with demonstrating high-grade intercepts at the Colorado zone suggests the potential for an increase in both the grade and size of the gold resource at El Colorado. Additional success at the Rincon zone through infill drilling has also achieved our objective of identifying continuous mineralization between two pit shells located 400meters apart, suggesting the potential for coalescing the pit shells into one larger pit shell.”
John Darch, Sonoro’s Chairman, noted, “The expansion of the El Colorado and El Rincongold mineralized zones, along with the multiple higher-grade intercepts we have announced during the Phase IV drilling program, adds to our optimism that this new geological data may potentially increase both the size and gold grade of the resource.If confirmed, an expanded resource may also improve the project‘spotential economics and extend the mine life of the proposedmining operation.”
El Colorado Gold MineralizedZone
Continued expansion of El Colorado was confirmed with four drill holes completed along the western side of the zone. The shallow, high-grade intercepts of drill hole SCR-307 returned 9.14 meters averaging 9.577 grams of gold per tonne (“g/t Au”) including 6.09 meters averaging 14.167 g/t Au and 1.52 meters averaging 38.3 g/t Au. SCR-307 does not correlate with any known projected vein and may be part of a series of high-grade ore shoots connected to deeper high-grade occurrences in the footwall of the Guadalupe vein structure, believed to be a continuation of El Colorado vein system as discussed in the Company’s News Release dated March 1, 2022.
The Company is also investigating a possible physical connection of SCR-307 to SCR-036 which, as previously announced, intercepted 1.52 meters averaging 11.45 g/t Au. These structures which appear near horizontal in attitude, contain higher gold grades with low silver levels and lead levels exceeding one percent. It is believed that the ore shoots are a repeating series of veins developed in a reverse fault episode which opened horizontal structures in the footwall of the Guadalupe Vein zone allowing higher-grade fluids to deposit gold and lead. Assay results from five holes at El Colorado are pending.
The geology of the El Colorado mineralized zone is complex with a mixture of silicified meta-sedimentary units intruded by a silicified and argillic altered quartz porphyry igneous body and, in deeper parts, granodiorite with dioritic to andesitic dikes. The mineralized structures trending north 10 west and dipping northeasterly cross the zone extending southerly from the Cabeza Blanca quartz veins. As many as five high-grade ore shoots intersect the Guadalupe footwall and the zone contains numerous additional veins and veinlets that are situated apart from the above-described vein zones.
Figure 2: Drill holes at El Colorado
Figure 3: Interpretive Cross Section at El Colorado
El Rincon
Approximately two kilometers north of El Colorado, six drill holes were completed along the northwest trending El Rincon structure between two separate pit shells used to calculate the September 2021 mineral resource estimate. These pit shells are approximately 400 meters apart with continuation of mineralization between the pit shells confirmed by a total of 16 drill holes, over approximately one kilometer of strike length. Drill holes SCR-301 through SCR-306 were infill drilling completed during the current program.
Results from drill holes SCR-301, SRC-302 and SCR-303 were announced on April 21, 2022, and drill holes SCR-304, SCR-305 and SCR-306 are detailed in the table below. Highlights include drill hole SCR-304 which intercepted 1.52 meters averaging 2.49 g/t Au and drill hole SCR-305 which intercepted 36.5 meters, averaging 0.535 g/t Au, including 1.53 meters averaging 3.59 g/t Au and 1.53 meters averaging 3.32 g/t Au.
The structure’s trend is azimuth 310 with dip of 85 northwest to vertical. This vein structure cuts both rhyolitic dikes and sills and bedded meta-sedimentary rocks with gold silver mineralization occurring in both rock types. The El Rincon vein zones are generally parallel to, or along, the rhyolite dike margins.
Figure 4: Drill holes at El Rincon
The following table provides the assay results for the complete list of reported drill holes:
Drill collar locations, azimuths and dips for the drill holes included are provided in the table below.
Quality Assurance/Quality Control (“QA/QC“) Measures and Analytical Procedures
Drill samples are collected with an airstream cyclone and passed into a splitter that divides each sample into quarters. The quartered samples are then bagged and sealed with identification. The sample group has blanks, standards and duplicates inserted into the sample stream.
ALS-Chemex collects the samples and transports them directly to the preparation laboratory in Hermosillo, Sonora. At the laboratory, part of each sample is reduced through crushing, splitting and pulverization from which 200 grams is sent to the ALS-Chemex assay laboratory in Vancouver. Thirty grams undergoes fire assay for gold with the resulting concentrated button of material produced is dissolved in acids and the gold is determined by atomic absorption. Another quantity of the sample is dissolved in four acids for an ICP multi-element analysis.
No QA/QC issues were noted with the results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.
Per: “Kenneth MacLeod“
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
- Published in Mining, News Home, Sonoro Gold
Usha Resources Closes Second Tranche of Oversubscribed Non-Brokered Private Placement at Premium to Market Price
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA) (OTCQB:USHAF) (FSE:JO0) is pleased to report that, further to the previously announced non-brokered private placement (see news release dated April 4, 2022) and subject to the approval of the TSX Venture Exchange (the “Exchange“), it has closed the second tranche of a now oversubscribed non-brokered private placement (the “Private Placement“) issuing an aggregate of 2,934,998 units (each a “Unit“) at a price of $0.30 per Unit for total gross proceeds of $880,499. In total, USHA has raised gross proceeds of $1,111,499.40 in both tranches.
“We are very pleased to be able to raise capital at a premium to our share price and we are very grateful for the support from our new and existing shareholders,” stated Deepak Varshney, P.Geo., CEO of the Company.
Each Unit consists of one common share (each a “Share“) of the Company and one transferable common share purchase warrant (each a “Warrant“) with each Warrant exercisable to purchase one Share of the Company at a price of $0.45 per Share for a period of 2 years from the date of closing (the “Expiry Date“).
The Company paid finders’ fees totaling $22,740 cash and 75,800 non-transferable finder warrants (the “Finder Warrants“) to Research Capital Corporation and Richardson Wealth Limited in accordance with applicable securities laws. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.
All securities issued in the first tranche of the Private Placement are subject to the Exchange hold period, plus a hold period of four months and one day following the closing dates of the Private Placement expiring on September 14, 2022.
The Company also announces that the Exchange has granted the Company an extension to June 13, 2022 to close the final tranche of the Private Placement.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha’s portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel‑copper‑cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.
- Published in News Home, Usha Resources
Usha Resources Announces Creation of Formation Metals Spinout through Signing of Arrangement Agreement
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce unanimous Board of Director approval and support for its previously announced spin-out transaction (the “Spinout”) and that the Company has now entered into an arrangement agreement (the “Arrangement”) with its wholly-owned subsidiary, Formation Metals Corporation (“Formation Metals” or “FMC”), to transfer the Nicobat Nickel-Copper-Cobalt property to FMC.
Under the terms of the Arrangement dated May 10, 2022, USHA shareholders will be issued one (1) share of FMC with respect to every five (5) shares of USHA owned on the share distribution record date (the “Share Distribution Record Date”), which will be predetermined by USHA’s Board of Directors and announced by a news release -in advance. Holders of USHA options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one (1) share of FMC with respect to every five (5) shares of USHA.
Upon completion of the Arrangement, USHA shareholders will ultimately own shares in two public companies:
- USHA, which will be focused on its US-based assets, including the Jackpot Lake lithium brine project.
- Formation Metals, which will be focused on nickel at the Nicobat project.
Deepak Varshney, CEO of Usha Resources stated: “Formation Metals was conceived with the idea of expanding our investor base while creating additional shareholder value. This move will provide our investors with an ownership stake in two separate companies, while allowing each entity to pursue separate growth paths and unlock additional opportunities specific to their market. Both USHA and FMC will be better positioned to execute on their respective strategic business plans and have the required flexibility to allocate resources and deploy capital as each see fit. At the end of the day, I want to capitalize on the exciting opportunities we have in motion while building sustainable value for our long-term, big picture shareholders in both USHA and Formation Metals.”
Completion of the Arrangement is subject to a number of conditions, including the following:
- the approval by the shareholders of USHA at a special general meeting (the “Meeting”);
- the approval of the Supreme Court of British Columbia; and
- the acceptance of the Arrangement by the TSX Venture Exchange.
The Arrangement cannot be completed until all the above conditions are met.
A copy of the Arrangement will be posted on www.sedar.com under the profile of the Company. Additional details regarding the Arrangement will be included in the information circular of the Company, which will be mailed to the shareholders of USHA prior to the Meeting.
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 North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha’s portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel‑copper‑cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call Tyler Muir, Investor Relations at (888) 772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.
- Published in News Home, Usha Resources
Canada Silver Cobalt Begins Exploration at its Eby-Otto Gold Property Near Kirkland Lake
The Eby-Otto property is located in a prime geological setting with mineralized veins identified at surface, and is proximal to both the Cadillac-Larder Lake Break and an existing high-grade gold mine.
Coquitlam, BC – TheNewswire – May 10, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has recently completed a drone magnetic geophysical survey and has entered Phase 1 of its 2022 exploration plan for the Eby-Otto gold property near the town of Kirkland Lake.
The Company has outlined the planned three exploration phases at the property as follows:
Phase 1: The first phase will consist of an initial site assessment to determine the logistics of future operations and will provide the Company time to receive any pending surface exploration work permits that will be necessary. Surveying will be completed for key Standard Iron Bars (SIB), legacy claim posts, and access points to refresh select existing cut line grids. An overall geological assessment will be completed based on field work consisting of geological mapping, stripping key outcrops, and possibly further MMI geochemical or targeted and detailed ground geophysics if the technical team deems it necessary.
As part of Phase 1, the Company has recently concluded a drone magnetic survey on the entire claim package conducted by EarthEx Geophysical Solutions Inc. The DroneMag system they use provides an extremely high-resolution end-product and uses a proprietary automatic obstacle avoidance system which provides a smooth flight path to drape over taller trees and avoid obstacles. This allows the drone to fly as low as possible to achieve the highest possible resolution. It uses a proprietary navigation system that allows for longer range RTK (real-time kinematic) controlled autonomy which results in high quality, clean magnetic imagery. The survey was completed at a 25m line spacing which should allow for smaller structures, such as vein systems, to be resolved and visible.
Phase 2: The second phase of exploration will be based on the results from Phase 1 and will expand to include diamond drilling to intercept specific regional structures based on the initial geophysical data provided by the drone magnetic survey, historic geological data, regional geophysics, geological mapping, and existing electromagnetic (EM) surveys completed by geologist Doug Robinson prior to the Company’s acquisition of the property.
Phase 3: The third phase of exploration will expand on the drilling and field work outlined in Phase 2. Once the 3D inversion of the drone mag survey is received and the data has been interpreted, the technical team will correlate this data with known mineralization that has been identified via field work to better refine the targets, and adjust the exploration accordingly.
The Company now has option agreements on contiguous properties covering 1,000 ha at Eby-Otto and the area, importantly, includes approximately 5km of strike length along the Eby-Otto Fault and along a major alteration trend (OGS OFR 6184). The property is within the Kirkland Lake gold district in northeastern Ontario and is located within 5km of Agnico-Eagle’s producing, high-grade Macassa Gold Mine.
Matthew Halliday, P.Geo., President of Canada Silver Cobalt Works, states, “Our geological team is excited to get boots on the ground at Eby-Otto. It is a very promising land package close to a producing mine with outcropping mineralized veins already identified. With the recent drone-borne magnetic survey just completed, we will assimilate this information with known data and put our existing and pending exploration permits to use. We believe having a highly prospective precious metals play underway will be conducive in the current market to adding value for shareholders.”
Click Image To View Full Size
Figure 1: Location of property showing the overall claim package and locations of existing and pending drill permits.
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. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 10,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it will be exploring in 2022.
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, a 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-cobalt space. 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, News Home
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