Granada Gold Assays 4.33 G/T Gold from 500-Tonne Surface Bulk Sample
Rouyn Noranda, Quebec, Granada Gold Mine Inc. (TSXV:GGM) (the “Company” or “Granada”) is pleased to provide a gold assay of 4.33 grams per tonne on its 500-tonne bulk sample taken from surface in 2020.
HIGHLIGHTS:
- A 500-tonne mineralized, and 900-tonne waste rock bulk sample were taken from surface in 2020
- A 10.5-tonne composite sample was screened from the 500-tonne mineralized bulk sample
- The 10.5-tonne composite sample was crushed, ground and screened at 20 mesh to ensure no visible gold was in the sample to be evaluated.
Frank J. Basa, P.Eng., President and CEO notes, “The bulk sample confirms both near-surface drill results and the potential for a higher-grade open pit mining scenario. Higher grades translate to lower processing costs per ounce and lower capital expenditures for a processing plant. The bulk sample has returned a higher gold grade than the current target open pit grade of 2 g/t.”
The 500-tonne bulk sample was taken 400 meters east of Pit #1 on the Vein 1 structure which trends 5.2 kilometers east-west. Historically Vein 1 was mined from underground in the thirties at 9-10 grams per tonne gold, and mined by open pit in 1993-94 at 5.17 grams per tonne gold having mined 87,000 tonnes and again in 1996 at 3.46 grams per tonne gold having mined 22,095 tonnes.
BULK SAMPLE ASSAY RESULTS
The screened, minus 20 mesh material was passed through the sampling tower at Temiskaming Testing Laboratory (TTL) in Cobalt, Ontario. Five super sacs were sampled by taking four samples from each super sac for assaying. Duplicate assays were run on one sample per super sac. The table below identifies the sample assay results. No visible gold was recovered when processing the minus 20 mesh portion of the bulk sample. Visible gold was present in the plus 20 mesh material. At this stage of evaluating the surface mineralization sample, the company is assessing the grade of the material without any high-grade visible gold. It has been estimated, based on metallurgical testing, that close to 50 percent of the gold at Granada is in native form (43-101 Technical Report Updated Mineral Resource Estimate, March 15, 2021).
Table 1. Bulk Sample Assay Results for minus 20 mesh fraction
Sample ID | Sample Source | Au by AA (g/t) |
OSLSR007-1 | Bag #006-1 | 5.176 |
OSLSR007-1DUP | 4.795 | |
OSLSR007-2 | 3.949 | |
OSLSR007-3 | 4.562 | |
OSLSR007-4 | 2.558 | |
OSLSR007-5 | Bag #006A-1 | 10.197 |
OSLSR007-5DUP | 9.052 | |
OSLSR007-6 | 13.003 | |
OSLSR007-7 | 9.693 | |
OSLSR007-8 | 3.621 | |
OSLSR007-9 | Bag #007-1 | 4.199 |
OSLSR007-10 | 2.858 | |
OSLSR007-11 | 3.249 | |
OSLSR007-12 | 2.294 | |
OSLSR007-13 | Bag #008-1 | 3.210 |
OSLSR007-13DUP | 3.063 | |
OSLSR007-14 | 2.850 | |
OSLSR007-15 | 2.661 | |
OSLSR007-16 | 3.397 | |
OSLSR007-17 | Bag #009-1 | 1.246 |
OSLSR007-18 | 1.352 | |
OSLSR007-19 | 1.341 | |
OSLSR007-20 | 1.237 |
BULK SAMPLE LOCATION
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Qualified person
The technical information in this news release has been reviewed by Frank J. Basa, P.Eng., m ember of Ontario Order of Engineers and a qualified person in accordance with National Instrument 43- 101 standards.
Quality Control and Reporting Protocols
The subsamples and duplicates were processed at TTL. The sample weights were 1 Kg. Each sample was split, and 500 grams were pulverized to -200 mesh, a 30-gram split was used in the fire assay process with AA finish. The process includes blanks and standards which are in line with the expected results which allow public disclosure of the results. Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes for this program in addition to the lab QA/QC.
Location
The Granada Gold project is located in an established mining district 5 km south of Rouyn-Noranda adjacent to the prolific Cadillac Break shear zone, which is hosted in Pontiac metasedimentary rocks, granites, and younger syenite sills along the Granada shear zone (LONG Bars Zone). The project is located on the same side of the Cadillac Fault as the Canadian Malartic mine property, which has historically produced 12.7 million ounces of gold from 1935 to 2010 with an additional 5 million ounces as of June 18, 2020 (Canadian Malartic Technical Report of March 25, 2021 & Le Citoyen June 19, 2020).
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990’s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
On March 15, 2021, the Company released an updated NI 43-101 resource estimate for the Granada Gold project (Please see January 29, 2021 news release) with a combined total of 713,000 gold ounces of measured, indicated, and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated, and inferred for the open pit and 362,000 gold ounces of combined measured, indicated, and inferred for the underground. Please see Table 2 below for full details. Report reference: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupere, B.Sc, P.Geo., SGS Canada Inc. with an effective date of December 15, 2020, and signature date of March 15, 2021.
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Type | Category | Tonnes | Avg Grade Au (g/t) | Gold Ounces |
Open Pit | Measured | 3,756,000 | 1.89 | 228,000 |
Indicated | 1,357,000 | 2.55 | 111,000 | |
Measured + Indicated | 5,113,000 | 2.06 | 339,000 | |
Inferred | 34,000 | 11.29 | 12,000 | |
Underground | Measured | 37,000 | 4.22 | 5,000 |
Indicated | 807,000 | 4.02 | 104,000 | |
Measured + Indicated | 844,000 | 4.03 | 109,000 | |
Inferred | 1,244,000 | 6.33 | 253,000 |
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold.
The Company is in possession of all mining permits required to commence the initial mining phase, known as the “Rolling Start”, which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com .
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
For further information, please contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, News Home
SONORO ANNOUNCES POSITIVE UPDATED PEA RESULTS INCREASING PRE-TAX NPV TO USD $84.4 MILLION AND PRE-TAX IRR TO 74.9%
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the positive results of an updated independent Preliminary Economic Assessment (“PEA”) on the Company’s Cerro Caliche gold project located in Sonora State, Mexico. The updated PEA highlights several opportunities to potentially increase the project’s previously reported economic parameters, as well as potentially lower several identified risks. As the engineering and costing outlined in both the initial and updated studies are at the PEA level, potential variations in operation and capital costs may occur.
Based on the same mineral resource estimate contained in the Company’s initial PEA, dated October 29, 2021, the updated PEA contemplates an optimized mine plan for an open pit, heap leach mining operation with an initial two-year production rate of 8,000 metric tonnes per day (“mtpd”) and an increase to 15,000 mtpd for the remaining life of mine (“LOM”).
The updated PEA has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43-101”) by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”), with confirmation of the applicable resource estimates completed by Micon International Limited of Toronto, Ontario (“Micon”).
Updated PEA Highlights:
- Pre-Tax net present value discounted at 5% (“NPV5“) of USD $84.4 million
- Pre-Tax Internal Rate of Return (“IRR”) of 74.9%
- After-Tax NPV5 of USD $53.5 million with an IRR of 45.6%
- Gold recovery of 74% and silver recovery of 27%
- 7-year LOM with 344,500 ounces (“oz”) of gold equivalent (“AuEq”)
- LOM annual average production of 45,000 oz AuEq (Years 1-7)
- Years 1 to 3 annual production of 46,000 oz AuEq at 0.58 g/t AuEq
- Initial CAPEX costs of USD $26 million, including USD $3 million in contingency
- Sustaining capital costs of USD $7.4 million
- Cash(1) costs of USD $1,206/oz AuEq
- AISC(2) of USD $1,333/oz AuEq
- Payback period of 2.2 years
Note: All currencies are reported in U.S. dollars. Base case parameters assume $1,750/oz of gold and $22/oz of silver.
(1) Cash costs include mining, crushing, processing, assaying, and administration.
(2) All–in–Sustaining Costs include cash costs plus sustaining, refining and reclamation costs, as well as 2% royalties.
Ken MacLeod, President and CEO of Sonoro, stated, “We are very pleased with the improved economic parameters of the updated PEA. Using the same resource calculations of the original PEA, we have optimized the mine plan to contemplate commencing production at a lower rate utilizing higher-grade ore, eventually ramping up to potential capacity of 15,000 mtpd in year three. The result is a reduction in the estimated initial CAPEX of over 19% and an increase in after–tax NPV and IRR of 29% and 40.4%, respectively.”
John Darch, Chairman of Sonoro, added, “The updated PEA again highlights the intrinsic value of the Cerro Caliche project, and we continue to assess options to potentially further improve the project’s economic viability, such as leasing large capital cost equipment.The updated PEA does not include the nearly completed drilling campaign, which commenced in November 2021 after the initial PEA was published. We are excited to review the potential for resource growth from the new geological data. An increase in the size and grade of the resource may potentially further improve the project’s economics and extend the proposed life of mine.”
Mineral Resource Estimate
The updated PEA utilizes the same geological data as the initial PEA, filed in October 2021, and is based on the Company’s September 2018 to April 2021 drilling campaigns. As previously announced, the PEA estimates Measured and Indicated Mineral Resources of 349,000 ounces of gold at a 0.41 g/t Au grade and Inferred Mineral Resources of 71,000 ounces of gold at 0.40 g/t Au grade. The original report also notes a range of the potential mineralization that may conceptually exist outside of the resource pit shells believed to be from 19,250,000 to 34,370,000 tonnes containing 204,000 to 365,000 ounces of gold, as well as 1,683,000 to 3,005,000 ounces of silver.
Readers are cautioned that these potential mineralization ranges are conceptual in nature and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.
Drilling Data
Approximately 7,000 meters of additional drilling being completed at Cerro Caliche was not included in the current mineral resource estimate. Final assay results are still pending with the new geological data to be included in a further updated resource estimate scheduled to be released in the fall of 2022.
Since drilling resumed in November 2021, the Company has announced multiple high-grade intercepts and expansions of several known mineralized zones in the southwestern region of the property. The potential economic impact of these results on the proposed mining operation will also be assessed in the updated resource estimate.
PEA Summary
The optimized mine plan outlined in the updated PEA increased total tonnes processed from 31.5 million tonnes to 32.2 million tonnes and total waste from 65.5 million tonnes to 66.8 million tonnes. Optimization also increased the average gold grade from 0.41 g/t Au to 0.43 g/t Au for the LOM, as well as the average gold equivalent from 0.51 g/t AuEq to 0.58 g/t AuEq during the first three years of production.
Total recovered gold equivalent increased from 323,550 ounces to 344,674 ounces.
The updated PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
The full PEA will be filed on SEDAR at www.sedar.com and Sonoro’s website www.sonorogold.com within 45 days of the issuance of this news release.
Table 1: Key Economic Parameters
Assumption / Results | Initial PEA Value | Updated PEA Value | Difference % | |||
Pre-Tax NPV(5) (USD) | $68.7m | $84.4m | 22.9 | % | ||
Pre-Tax IRR | 52.7 | % | 74.9 | % | 42.1 | % |
After- Tax NPV(5) (USD) | $41.5m | $53.5m | 29.0 | % | ||
After- Tax IRR | 32.4 | % | 45.6 | % | 40.4 | % |
Revenues (USD) | $566.2m | $603.2m | 6.5 | % | ||
Net Revenues (USD) | $67.2m | $81.3m | 21.0 | % | ||
Total Tonnes Processed | 31.5mt | 32.2mt | 2.1 | % | ||
Total Tonnes Waste | 65.5mt | 66.8mt | 2.0 | % | ||
Mine Life | 7-Years | 7-Years | No Change | |||
Strip Ratio | 2.08 | 2.08 | No Change | |||
Gold Recovery | 74 | % | 74 | % | No Change | |
Silver Recovery | 27 | % | 27 | % | No Change | |
Gold Price (USD $/Au oz) | $ | 1,750 | $ | 1,750 | No Change | |
Silver Price (USD $/Ag oz) | $ | 22 | $ | 22 | No Change | |
Gold Grade (g/t Au) | 0.41 | 0.43 | 4.7 | % | ||
Gold Equivalent Grade (g/t Au Eq) (Yrs. 1-3) | 0.51 | 0.58 | 13.7 | % | ||
Silver Grade (g/t Au) | 4.05 | 4.01 | -1.0 | % | ||
Total Gold Equivalent Recovered (oz) | 323,550 | 344,674 | 6.5 | % | ||
Initial CAPEX Costs (USD) | $32.2m | $26.0m | -19.1 | % | ||
Sustaining Capital Costs (USD) | $4.9m | $7.4m | 52.1 | % | ||
LOM Operating Costs (USD) | $396.9m | $415.4m | 4.8 | % | ||
Cash Cost (USD $/ AuEq oz) | $ | 1,227 | $ | 1,206 | -1.6 | % |
AISC (USD $/ AuEq oz) | $ | 1,351 | $ | 1,333 | -1.3 | % |
Table 2: Economic Summary Comparison (USD)
Economic Summary | Initial PEA | Updated PEA | ||||||
Pre-Tax | After Tax | Pre-Tax | After Tax | |||||
NPV5 | $68.7m | $41.5m | $84.4m | $53.5m | ||||
IRR | 52.7 | % | 32.4 | % | 74.9 | % | 45.6 | % |
Table 3: Updated Gold & Silver Price Sensitivity Analysis (USD)
Sensitivity | $1,700/ozAu $20/oz Ag | $1,750/oz Au $22/oz Ag | $1,800/oz Au $24/ozAg | $1,900/oz Au $26/oz Ag | $2,000/oz Au $28/ozAg | |||||
Pre-Tax NPV5 | $70.4m | $84.4m | $98.4m | $124.9m | $151.4m | |||||
Pre-Tax IRR | 65.4 | % | 74.9 | % | 84.1 | % | 101 | % | 117.3 | % |
After-Tax NPV5 | $44.4m | $53.5m | $62.6m | $79.8m | $96.9m | |||||
After-Tax IRR | 39.4 | % | 45.6 | % | 51.5 | % | 62.3 | % | 72.7 | % |
Payback | 2.5 Years | 2.2 Year | 2.1 Years | 1.8 Years | 1.6 Years |
Table 4: Updated Operating & Capital Sensitivity Analysis (USD)
Sensitivity | -20 | % | -10 | % | Base Case | 10 | % | 20 | % | |
Operating Costs – Pre-tax NPV | $147.3m | $115.8m | $84.4m | $53.0m | $21.6m | |||||
Operating Costs – IRR | 113.1 | % | 94.6 | % | 74.9 | % | 53.2 | % | 27.4 | % |
Capital Costs – Pre-tax NPV | $94.5m | $89.7m | $84.4m | $78.6m | $72.3m | |||||
Capital Costs – IRR | 124.0 | % | 95.4 | % | 74.9 | % | 59.7 | % | 48.1 | % |
Capital Costs
The updated estimated capital costs for the Cerro Caliche Gold Project are based on an open pit, heap leach operation with contract mining. Initial capital expenditures of USD $26 million, including 15% contingency, contemplates an initial two-year production rate of 8,000 mtpd with an increase to 15,000 mtpd in the third year of production.
Initial capital costs include direct facility costs such as crushing equipment, processing facilities and leach pad impoundment as well infrastructure, EPCM, site preparation and indirect facility costs such as technical studies, office equipment and light vehicles.
An additional USD $7.4 million is estimated for updated sustaining capital including the expansion of the crushing circuit and heap leach pad, as well as equipment and equipment replacement costs. Reclamation costs remain the same at an estimated USD $2.9 million.
Updated capital cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 4: Updated Initial Capital Costs
Initial Capital Costs | Costs (USD) |
Direct Facility Costs | $14.3m |
Infrastructure | $4.2m |
Engineering and Procurement | $2.8m |
Indirect Facility Costs | $1.5m |
Pre-Stripping and Mine Development | $0.2m |
Contingency | $3.1m |
Total | $26.0m |
Table 5: Updated Sustaining Capital Costs
Sustaining Costs | Costs (USD) |
Leach Pad Expansion | $2.4m |
Crusher Expansion | $3.3m |
Equipment and Other | $1.8m |
Total | $7.4m |
Table 6: ReclamationCosts
Capital Costs | Costs (USD) |
Environmental | $2.3m |
Engineering and Procurement | $0.3m |
Contingency | $0.3m |
Total | $2.9m |
Operating Costs
Updated cash costs for Cerro Caliche’s LOM are estimated at USD $415.8 million or USD $1,206 per gold equivalent ounce and include mining, crushing and processing, as well as maintenance and administration costs. Updated All-in Sustaining Costs for LOM are estimated at USD $459 million or US$1,333 per gold equivalent ounce and include operating costs, sustaining capital, reclamation, royalties and refining charges.
Royalties include a 2% NSR to certain landholders and taxes include payments to the Mexican government for mining royalty and specific mining related taxes. Refining costs include shipping loaded carbon to a 3rd party processing facility, as well as costs for processing the carbon and production of dore bars.
Open pit mining will be undertaken by a contractor and carried out by drill and blast conventional loading and truck haulage to the crushing facility. An estimated mining cost of USD $1.85 per tonne includes drilling, blasting, hauling waste and mineralized ore to the heap leach area.
The processing facilities at Cerro Caliche will be comprised of a crushing circuit where mineralized material is processed through a three-stage crushing plant to produce material that is p80 of one-half” (80% passing) method. The material is then conveyed and stacked in a conventional heap leach pad and irrigated with a low concentrate cyanide solution. An estimated crushing cost of USD $0.82 includes the cost of crushing and conveying. Solution collected from the leach pad is then directed through a system of channels to the processing ponds where it passes through a series of carbon columns. Gold and silver impregnated carbon is collected periodically from the columns and then dried and shipped to a 3rd party processing facility for stripping and dore bar production. An estimated processing cost of USD $5.80 per tonne operating costs includes leaching, assaying, carbon handling and labour.
Operating cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 5: Updated Operating Costs
Operating Costs | LOM (USD) | $/oz AuEq | |
Mining | $183.1m | $ | 531 |
Processing | $213.0m | $ | 618 |
Administration | $19.7m | $ | 57 |
Total | $415.8m | $ | 1,206 |
Table 6: All-in-Sustaining Costs
AISC Costs | LOM (USD) | $/oz AuEq | |
Cash Costs | $415.8m | $ | 1,206 |
Refining | $20.9m | $ | 61 |
Royalties | $12.3m | $ | 36 |
Sustaining | $7.4m | $ | 21 |
Closure | $2.9m | $ | 8 |
Total | $459.3m | $ | 1,333 |
Qualified Person Statement
David Salari, P.Eng. of D.E.N.M. Engineering Ltd., and William Lewis, P.Geo. of Micon International Limited, both of whom are independent of the Company, have reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project. William Lewis, P.Geo., was responsible for the updated Cerro Caliche Mineral Resource Estimate and, along with David Salari, P.Eng., has approved the information pertaining to the Cerro Caliche Project in this news release. Each of David Salari, P.Eng. and William Lewis, P.Geo., is a Qualified Person as defined in NI 43-101.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of NI 43-101 and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines, as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial 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 Sonoro Gold
Mosaic Begins Drilling on The Gaboury Project
Mosaic Minerals Corporation (CSE: MOC) (“Mosaic” or the “Company”) announces that it has started drilling on the Gaboury project, located in Temiscamingue, Quebec. This first phase of 1,200 m will be concentrated on the new claims acquired in the western part of the property (see press release of March 22, 2022).
During 2022, the company plans to complete twenty holes for approximately 7,000 m along a major magnetic anomaly approximately 9 km long associated with the three nickel showings discovered on this project.
During the last drilling campaign carried out in 2021, it discovered the Pike Nickel West zone (121.5m @ 0.32% Ni – See press release of January 5, 2022) located approximately 1.8 km west of the original Pike Nickel showing (70.5 m @ 0.25% Ni) as well as to trace the Pike Nickel East showing located approximately 1.4 km from the same showing. This drilling program also found a new gold showing located south of the Pike Nickel East showing.
“We are enthusiastic about the possibilities of the Gaboury project. The current main objective is to demonstrate the continuity of the nickel showings on the new claims acquired in the western part, all forming a potential nickel corridor of approximately 9km along the property” underlined Mr. Jonathan Hamel, President, and Chief Executive Officer of the Company.
On the other hand, the management of the Company plans to carry out in the coming months an initial geological and prospecting survey on the Lichen project, which is made up of 178 mining cells with an area of 9,968 hectares, located in the Chapais-Chibougamau area. This project has already been the subject of a helicopter-borne magnetic geophysical survey during 2021 (58.68 km), which has made it possible to define several geological exploration targets. The Lichen project is located in an environment favorable to the presence of critical minerals such as nickel, cobalt, copper and elements of the REE group (Rare Earths). Different intrusive (syenite, tonalite etc.), gabbro and andesitic basalt constitute the geological essentials of this project. Although it is accessible by many forest roads, this project has never been the subject of intensive exploration work.
Gaboury Project
The Gaboury project, comprising 114 claims covering an area of approximately 6,064 hectares, is accessible year-round by a provincial road network and a series of forest roads. In 2010-2011, Fieldex Explorations (now Fokus Mining Corp.) drilled the Gaboury property to test a Max-Min electromagnetic anomaly and intersected significant nickel grades over good widths. The mineralization intersected is located in a wide band of mafic to ultramafic rocks. Grades of 0.20% Ni were intersected over thicknesses varying from 81m to 88m in three holes forming the original Pike Nickel showing.
The Pyke Copper showing is located a little north of the Pike Nickel showing. Semi-massive mineralization consists of chalcopyrite, pyrite and pyrrhotite in a matrix of calcite. Values of up to 12.30% Cu were traced there in trenches in 1974. There are also some gold showings, notably the Laverlochere and Brisebois showings, which revealed gold grades of up to 48.68 g/t Au in quartz veins ranging from 0.3 to 5 m thick. another mineralized shear zone between 2 and 25 m thick yielded gold grades of up to 8.8 g/t Au. Copper and silver findings have also been reported in historical work near these same showings. These historical data come from GM 46167, GM 58164 and GM 04753 and are available on the SIGEOM and MERN sites.
Following an agreement with Fokus Mining, Mosaic has the right to acquire a 60% interest in the Gaboury project in return for the issuance of 3M shares in favor of Fokus Mining and to complete for $1M in work during the 36 months following the anniversary date. Mosaic will also be able to obtain another 20% in return for an investment of $500,000 in works and the delivery of an evaluation of the 43-101 resource by June 2029. Mosaic is the operator of the project.
The technical content of this press release has been reviewed and approved by Mr. Gilles Laverdiere, P.Geo., an independent consulting geologist and a Qualified Person as defined in NI 43-101.
About Mosaic Minerals Corporation
Mosaic Minerals Corp. is a Canadian mining exploration company listed on the Canadian Securities Exchange (CSE: MOC) focusing on the exploration of strategic minerals in the territory of the province of Quebec.
Source :
M. Jonathan Hamel
President & CEO
jhamel@mosaicminerals.ca
514-317-7956
- Published in Mosaic Minerals
SONORO SUBMITS FEDERAL ENVIRONMENTAL PERMIT APPLICATION FOR CERRO CALICHE
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce it has filed an Environmental Impact Statement, or Manifestacion de Impacto Ambiental (“MIA”) for its Cerro Caliche gold project in Sonora, Mexico. Under Mexican law, mining construction and operation activities require an approved MIA, as well as a Change of Land Use permit, or Autorizacion en Cambio de Uso de Suelo (“ETJ”), from the Mexican federal permitting authority, Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”). The Company is currently completing the required documentation for the Change of Land Use application and anticipates filing with SEMARNAT in the near future.
“Completing the MIA provided us with an opportunity to work closely with various stakeholders and I would like to thank everyone who worked alongside us as we conducted multiple environmental baseline studies and socio-economic assessments,” stated VP of Operations, Jorge Diaz. “The filing of the MIA is an important step in the project’s development and we will continue to move the project forward during the permitting process.”
Kenneth MacLeod, Sonoro’s President and CEO commented, “The filing of the MIA follows the compilation of extensive technical and environmental studies conducted on the Cerro Caliche concession over the past four years and supports the Company’s objective to develop Sonoro’s proposed heap leach mining operation.“
John Darch, Sonoro’s Chairman added, “We are delighted to report to our shareholders the filing of the Environmental Impact Statement, as it is a key milestone in the development of our proposed heap leach mining operation.”
The scope of the MIA includes open pits, waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure, as proposed in the Company’s Preliminary Economic Assessment dated October 29, 2021. The document also provides flexibility for the continual optimization of the mine plan to support operational growth and resource expansion.
During the MIA-ETJ permitting phase, the Company will continue to move the project forward as it initiates site preparation work and focuses on arranging project financing. Management will also update the project’s estimated resource to incorporate the results from its nearly completed Phase IV drilling program and assess the potential impact on the project’s mine life and economic viability.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project 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 Begins Trading on the Frankfurt Stock Exchange as FSE:JO0
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 the listing of its common shares for trading on the Frankfurt Stock Exchange (“FSE”) under the symbol “JO0” with ISIN CA91734F1080 and WKN A3DK8K.
“With the recent acquisition of the Jackpot Lake Lithium Project, three planned drill programs and mounting investor interest in our Nicobat Nickel Project spin out, it makes sense to broaden USHA’s visibility and connect with a larger, global community of potential European institutional and retail investors,” commented Deepak Varshney, CEO of Usha Resources. “Anytime we can make it easier and help facilitate investment in the Company by the European investment community. we’ll take action so that all shareholders benefit.”
The Frankfurt Stock Exchange is the world’s third-largest organized trading market in terms of turnover and dealing in securities behind the New York Stock Exchange and NASDAQ. The listing of the Company’s shares on the FSE marks another step torward creating greater liquidity and increasing shareholder and overall market awareness for USHA’s drill-ready projects. The Company’s common shares are now cross-listed on the TSX Venture Exchange, OTCQB® and the FSE.
The Jackpot Lake Lithium Project
The Jackpot Lake Lithium Project (“the Property) is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a “playa” which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle’s Silver Peak Nevada Lithium Mine which has operated continuously since 1966, and Iconic Mineral’s Bonnie Claire Project, which recently released a Preliminary Economic Assessment report (PEA) that indicates 40-year mine with an after-tax NPV8% of 1.5 billion, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
Figure 1 – Left, location of Jackpot Lake. Right, aerial image of the “playa.”
The project is considered to be “drill-ready” based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:
- 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.
- Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.
- Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters.
The CSAMT Survey and report was conducted and prepared by Hasbrouck Geophysics, who has extensive experience of both surveying and data processing for brine-bearing basin environments across the Southwestern United States.
Figure 2- Left, gravitational surveying outlined the footprint of the Jackpot lithium brine anomaly. Right, CSMAT survey slices showing a cross-section of the anomaly illustrating the highly enriched brines throughout the property in red.
Based on the above, the Company intends on completing an aggressive exploration program by drilling both shallow and deep holes to test the targets outlined by the CSAMT Survey at possible higher concentration brine zones with the goal of completing a 43-101 resource estimate by Q4 of 2022.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 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.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone Tyler Muir, Investor Relations at 1 (888) 772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Usha Resources Announces TSXV Approval to Jackpot Lake Acquisition
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that further to its news releases dated March 31, 2022 and April 25, 2022, it has received the final approval from the TSX Venture Exchange (the “Exchange”) to its mineral property option agreement dated March 17, 2022, as amended, entered into with Ares Strategic Mining Inc. (the “Vendor”) to acquire a 100% interest in 140 mineral claims located in Jackpot Lake, Clark County, Nevada (the “Property”).
The Company is proceeding with the first issuance of 1,678,062 common shares (the “Shares”) to the Vendor at a deemed price of $0.30 per Share, which price is based on the Company’s 10-day VWAP. The Shares are subject to the Exchange hold period plus a hold period of four months and one day.
Deepak Varshney, CEO of Usha Resources, stated, “The closing of this acquisition is a key transformative event that firmly establishes the Company as a North American battery metals explorer. We are very excited to move this project forward and plan on completing an aggressive exploration program by drilling both shallow and deep holes with the goal of completing a 43-101 resource estimate by Q4 of 2022. The addition of Jackpot means that 2022 will be an extremely active period for USHA with three planned drill programs and a spinout giving our shareholders a number of potential catalysts across our various projects.”
The Property
The Property is located within Clark County, 35 kilometres northeast of Las Vegas, Nevada, and is comprised of 140 mineral claims that total 2,800 acres. The project is exploring a “playa” which appears to be within a closed basin that may contain potentially lithium-rich brines. The geologic model is similar to that of Albemarle’s Silver Peak Nevada Lithium Mine which has operated continuously since 1966, and Iconic Mineral’s Bonnie Claire Project, which recently released a Preliminary Economic Assessment report (PEA) that indicates 40-year mine with an after-tax NPV8% of 1.5 billion, where sediments from lithium‑rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
Figure 1 – Left, location of Jackpot Lake. Right, aerial image of the “playa”.
The project is considered to be “drill-ready” based on the following work which has successfully delineated a 5 x 2 kilometre anomaly within a closed basin that suggests the presence of a highly concentrated brine:
- 129 core samples collected by the USGS with an average lithium value of 175 ppm with a high of 550 ppm and spectrographic and atomic-absorption analyses of 135 stream sediment samples confirming the potential for lithium mineral deposits.
- Gravitational surveying which has identified a closed basin, critical for ensuring brines remain within the basin without dilution from external water sources.
- Geophysical modelling based upon gravitational and controlled source audio magnetotellurics/magnetotellurics (CSAMT/MT) surveys has provided evidence of highly concentrated brines which are relatively near the surface. The CSAMT survey results of the Jackpot Lake Project demonstrate a large consistent body of very low resistivity – consistent with highly concentrated brine behavior – throughout the property, predominantly above bedrock depths of 625 meters.
The CSAMT Survey and report was conducted and prepared by Hasbrouck Geophysics, who has extensive experience of both surveying and data processing for brine-bearing basin environments across the southwestern U.S.
Figure 2- Left, gravitational surveying outlined the footprint of the Jackpot lithium brine anomaly. Right, CSMAT survey slices showing a cross-section of the anomaly illustrating the highly enriched brines throughout the property in red.
Based on the above, the Company intends on completing an aggressive exploration program by drilling both shallow and deep holes to test the targets outlined by the CSAMT Survey at possible higher concentration brine zones with the goal of completing a 43-101 resource estimate by Q4 of 2022.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Helgi Sigurgeirson, P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 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 and the OTCQB Exchange under the symbol USHAF.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone Tyler Muir, Investor Relations at 1 (888) 772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.
- Published in News Home, Usha Resources
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