Usha Resources Announces Amendment to Jackpot Lake Agreement
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 release dated March 31, 2022, it has entered into an amendment (the “Amendment”) to its mineral property option agreement (the “Option Agreement”) 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“) following a preliminary review completed by the TSX Venture Exchange (the “Exchange“).
Pursuant to the Amendment, the Company and the Vendor have agreed to reduce the maximum number of shares to be potentially issued under the Option Agreement for the 2nd and 3rd payments from 3,000,000 common shares (the “Shares“) to 1,875,000 Shares. Total consideration for each of the 2nd and 3rd payments remains the same at $225,000 in cash or Shares at the discretion of the Company.
The amended consideration terms are as follows:
- $75,000 payable within five days from receiving approval from the Exchange.
- $500,000 payable in Shares of the Company within five days from the date of Exchange approval, to be issued at a deemed value according to the 10-day VWAP;
- $225,000 payable through a combination of cash or Shares of the Company (at the discretion of the Company), up to a maximum of 937,500 Shares, on the 6-month anniversary date, to be issued at a deemed value according to the 10-day VWAP; and
- $225,000 payable through a combination of cash or Shares of the Company (at the discretion of the Company), up to a maximum of 937,500 Shares, on the 12-month anniversary date, to be issued at a deemed value according to the 10-day VWAP.
All other terms of the Option Agreement remain the same. The Amendment and the transactions contemplated therein, including the issuance of the Shares, is subject to final approval of the Exchange. All securities issued in connection with the Amendment will be subject to a four-month-and-one-day statutory hold period.
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
Green Hydrogen & Battery Grade Nanocarbon Developments
St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) is pleased to announce that its wholly-owned subsidiary, H2SX, has executed a final agreement with the South Korean company Wintech Energy Corp. Ltd. The agreement allows H2SX to access Wintech Energy’s green hydrogen technology. Through this agreement, Wintech Energy becomes a shareholder of H2SX.
“This technology will make it possible to produce hydrogen with a low carbon footprint and low energy intensity. In our jargon, this is what we call ccH2™, which is cheap and clean hydrogen,” said Sabin Boily, CEO of H2SX.
In contrast to traditional hydrogen production, this green hydrogen production process does not require any freshwater molecules. It is based on the separation of the methane molecule coming from natural gas, or ideally from biogas produced by organic waste, into gaseous hydrogen – the ccH2™ molecule -and high purity carbon powder. The process can be almost ten times more energy-efficient than water electrolysis as it does not consume any of this ultra-stable and precious molecule, leaving water available for humans, animals, and agriculture.
Wintech Energy
Wintech Energy’s proprietary technology uses microwave plasma and is a collaboration between the Korean Institute of Fusion Energy (KFE, formally the Korea National Fusion Research Institute – NFRI), the Korea Energy Institute (KIER), Kwangwoon University, Wintech Energy, and the Ministry of Trade, Industry and Energy (MOTIE).
“This agreement with H2SX will allow Wintech to demonstrate our unique expertise beyond our borders and actively work to implement strategic, innovative technology solutions to fight climate change,” stated Jung Cheol Park, CEO of Wintech Energy.
Wintech’s financial partners and business networks
Wintech also benefits greatly from the support of its financial partners and their business networks in its international deployment.
“We know that the hydrogen economy will become an increasingly important part of the investment portfolio at KB in the future. Wintech has such potential, and we will be seriously looking for opportunities in this sector, both here and elsewhere,” noted Peter Chunsoo Park, Managing Director, Head of Global Business & Strategy, KB Securities.
The ccH2™ technology will allow St-Georges to realize the full synergistic potential of its products and subsidiaries’ by-products: from the refining of critical materials from its future mining activities, through the possibility of direct use of the ccH2™ technology in reduction processes up to the production of “green” clean hydrogen-based acids, to its battery recycling activities.
The high purity nanocarbon powder that is the by-product of the ccH2™ technology is suitable for anode electrodes for lithium-ion batteries. The ultimate valorization of process rejects into value-added fertilizer for St-Georges is an example of the potential of ccH2™ in the current global context of fertilizer shortages.
The Transaction
H2SX is acquiring a global non-exclusive license as well as an exclusive license for the territories of Iceland, the State of Nevada of the United States of America, and the Provinces of Quebec and Ontario of Canada. The exclusive license also covers all-natural resource-based operations in Canada.
The patents included in the license:
Patent Information |
Production Facility and Process of Hydrogen through Steam PlasmaKIPO Patent #10-1594350 (15 February 2016) |
Refining Facility and Process of Carbon through Microwave PlasmaKIPO Patent #10-1504247 (13 March 2016) |
Production Facility and Process of Carbon Monoxide through Steam PlasmaKIPO Patent #10-1664833 (2 October 2015) |
Production Facility and Process of Hydrogen through Steam PlasmaInternational Patent #PCT/KR2016/003111 (28 March 2016) |
Additional terms
Additional intellectual property developed by the partners will be co-owned, half by H2SX and half by the licensors.
Compensation
H2SX will issue a total of 990,000 common shares representing 9.9% of its common shares, in favor of Wintech (4.95%) and ZeeOne (4.95%). The parties will also receive preferred shares with a conversion rate potentially representing 10% of the outstanding shares of H2SX. No cash will be disbursed.
A series of 5-year Special Milestone Warrants exercisable at CA $1.00 will also be issued based on the following milestones:
Milestone | Number of WarrantsWintech | Number of WarrantsZeeOne |
Upon completion of building the pilot plant before 2024/07/01 | 200,000 | 200,000 |
New IP for hydrogen production | 100,000 | 100,000 |
New IP for carbon production | 125,000 | 125,000 |
New technology related to H2SX’s objectives | 50,000 | 50,000 |
Upon completion of building the first production plant before 2028/07/01 | 250,000 | 250,000 |
Fertilizer Technology Update and Public Sector Contribution
Additionally, H2SX, St-Georges, Wintech, and their partners are announcing their intention to set up a major industrial research chair with the mandate to “evaluate, develop, and commercialize cheap and clean hydrogen-based fertilizers”. The research chair will be located at the Cintech Agroalimentaire agri-food research center in Saint-Hyacinthe, Quebec.
“(…) since Cintech Agroalimentaire’s mission is to increase the innovation and competitiveness of the Quebec agri-food industry by supporting R&D, a unique new research chair in the fertilizer sector for greener and low costs innovative additives and supplements is in line with our objective of decarbonizing our industry,” added Jean Lacroix, CEO of Cintech Agroalimentaire, as he welcomed the creation of the new research chair.
Cintech Agroalimentaire will be responsible for, among other things, the scientific direction of the chair and the use of private funds to find public subsidies to match private contributions. H2SX will benefit from the commercial spin-off of the discoveries and the scientific and technical breakthroughs resulting from the chair’s work. The Company expects that the government could deploy an estimate of CA $2 Million over the next five years to support the initiative.
“(…) Green hydrogen technology is a natural fit across all our business verticals (…) with lithium production, battery recycling, and nickel resource development (…) it will be essential in the making of large quantities of low-cost fertilizers from the by-products of these operations (…) creating endless synergies with one of the goals being to be the lowest cost H2 producer in the industry (…) Our core philosophy is to close the loops in our processes with circular green technologies, no waste, more profits (…)” commented Enrico Di Cesare, St-Georges’ VP R&D.
________________________________________________________________________________________________________________________
Contact: public@stgeorgesecomining.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
Director & COO
About KB Securities Co Ltd
KB Securities Co., Ltd. provides financial services. The Company provides brokerage, securities dealing, underwriting, corporate finance, mutual funds, online trading, and derivatives. KB Securities also sells stock type unit trusts. KB Securities, one of the biggest investment banks in Korea, has $4 billion in capital, $100 billion in investor assets, and 3.8 million investors. KB Securities is a subsidiary of KB Asset Management.
About Cintech Agroalimentaire
Since 1986, Cintech Agroalimentaire has offered its expertise and technological support to Quebec agri-food companies seeking to improve their performance. Located in the heart of an agri-food technology park, Cintech Agroalimentaire is recognized for strengthening innovation and the competitiveness of the Quebec agri-food industry by supporting R&D, consumer research and technology transfer.
About H2SX
H2SX, a subsidiary of St-Georges Eco-Mining, implements innovative cheap and clean hydrogen production solutions that unlock hydrogen’s real economic and environmental value. The clean hydrogen produced is destined for a multitude of markets and allows the creation of value-added products while attributing green premiums to them. H2SX also supports the St-Georges family of companies by bringing undeniable benefits to their full circle recycling efforts. H2SX is the catalyst for limitless business opportunities.
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 results throughout the value chain.
The company has an integrated urban mining strategy which includes full-circle battery recycling and green hydrogen production. St-Georges also has verticals in critical mineral exploration in Quebec and Iceland.
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
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
- Published in News Home, St-Georges Eco-Mining
SONORO GOLD REPORTS HIGH GRADE INTERCEPTS AT CERRO CALICHE INCLUDING 10.67 METERS OF 9.02 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 15 drill holes completed as part of a drilling campaign currently underway at its Cerro Caliche gold project in Sonora, Mexico. As previously announced, the objective of the program is to increase the estimated size and grade of the project’s oxide gold mineralization as well as to potentially extend the estimated life of the proposed heap leach mining operation as outlined in the Preliminary Economic Assessment (PEA) filed in October 2021.
These latest results include drilling conducted at El Colorado and Guadalupe gold mineralized zones in the southwest of the concession’s mineralized zones where multiple high-grade gold intercepts were previously reported within larger intervals of higher-grade gold mineralization, as well as at El Bellotoso gold mineralized zone in the northeast region.
Highlights are as follows:
- SCR-289 intercepted 7.62m averaging 0.562 g/t Au; including 1.52m averaging 1.385 g/t Au
- SCR-292 intercepted 3.04m averaging 1.765 g/t Au; including 1.52m averaging 3.370 g/t Au
- SCR-293 intercepted 12.19m averaging 0.874 g/t Au; including 1.52m averaging 3.62 g/t Au;
and 6.10m averaging 0.922 g/t Au; including 1.53m averaging 2.22 g/t Au;
and 7.62m averaging 2.262 g/t Au; including 1.53m averaging 10.25 g/t Au
- SCR-295 intercepted 1.52m averaging 1.455 g/t Au; and 1.53m averaging 6.00 g/t Au
- SCR-296 intercepted 7.62m averaging 0.673 g/t Au; including 1.53m averaging 1.835 g/t Au;
and 6.10m averaging 0.422 g/t Au; including 1.52m averaging 1.00 g/t Au
- SCR-298 intercepted 3.05m averaging 0.884 g/t Au; including 1.53m averaging 1.455 g/t Au
- SCR-299 intercepted 10.67m averaging 9.018 g/t Au; including 6.10m averaging 15.558 g/t Au
- SCR-301 intercepted 10.67m averaging 0.497 g/t Au; including 1.52m averaging 1.795 g/t Au
Mel Herdrick, Sonoro’s VP Exploration noted, “With the discovery of multiple prospective high-grade ore-shoots identified by drilling at El Colorado, we are developing an understanding of the permissible extent and trend of these potential ore-shoots that may have up to seven additional repetitions in the footwall of the Guadalupe vein zone extendingup to 700 meters to the northwest of El Colorado. These high-grade ore-shoots may add significantly to the existing resource. The process of defining these zones also allows us to refine our understanding of the structural geology and, consequently, identify additional areas for possible material resource expansion and a recalculation of the existing resource.”
Kenneth MacLeod, Sonoro’s CEO and President commented, “We continue to be very pleased with the results from our Phase IV drilling program which is expected to be completed by early May with the remaining results expected at the end of May. While we move forward with the development of the proposed mining operations, we will now begin assessing the potential economic impact of the new geological data on the project.”
John Darch, Sonoro’s Chairman commented, “We are very encouragedwith thelatest drilling results.The extension of several gold mineralized zones as well as the multiple deeper higher-grade intercepts suggests the drilling program may meet its objective ofincreasingthe size and grade of the resourceand therefore potentially extend the life of our proposed mining operation as well as improve the overall economics of the project. This is a very exciting time for Sonoro and its shareholders.“
The map below illustrates the location of the drill holes.
Figure 1: New Drill Holes
El Colorado Zone
On March 1, 2022, the Company announcedthat drill hole SCR-286 had intercepted high-grade gold mineralization at the deepest level of El Colorado’s epithermal system drilled to date. Eight drill holeswere recently completed at El Colorado to expand mineralization near this intercept,including drill hole SCR-289 which intercepted 7.62meters averaging 0.562 g/t Au, including 1.52meters averaging 1.385 g/t Au. Drill hole SCR-290 was drilled at a 60-degree inclination following strike and is located below SCR-286 where it intercepted 3.05 meters averaging 0.378 g/t Au.In close proximity, SCR-292 intercepted 3.04meters averaging 1.765 g/t Au, including 1.52meters averaging 3.370 g/t Au.
Vertical drill hole SCR-298 intercepted 3.05 meters averaging 0.884 g/t Au, including 1.53 meters averaging 1.455 g/t Au and drill hole SCR-299 intercepted 4.58 meters averaging 0.497 g/t Au and 10.67 meters averaging 9.01 g/t Au, including 6.10 meters averaging 15.558 g/t Au located at depth of 64.01 meters and approximately 50 meters northwest of SCR-286.
Vertical drill hole SCR-300 intercepted 3.04 meters averaging 0.407 g/t Au, near the projected intercept area where gold is anomalous with high values of lead and zinc. A lost interval at 117 meters showed high manganese oxide content with no sample and high-water flow suggesting a post mineral fault which may displace the mineralization.
Two drill holeswere also completed outside of the resource pit shell used to calculate the zone’s gold resource in the updated Mineral Resource Estimate.Drill hole SCR-291 is approximately 100 meters southeast of the proposed pit shell where it intercepted 3.05 meters averaging 0.530 g/t Au, including 1.53 meters averaging 1.670 g/t Au. Drill hole SCR-293 is approximately 30 meters eastof the pit shell where it intercepted 12.19metersfrom surface averaging 0.874 g/t Au, including 1.52meters averaging 3.62 g/t Au.At a depth of 184.4 meters, the same drill hole intercepted 7.62meters averaging 2.262 g/t Au, including 1.53meters averaging 10.25 g/t Au.
Figure 2: Interpretive Cross Section at El Colorado
Guadalupe Zone
At the Guadalupe zone, four drill holes were collared on the western side of the proposed resource pit cone for calculating the zone’s gold resource as outlined in the updated Mineral Resource Estimate. Drill hole SCR-294 intercepted 3.05 meters averaging 0.525 g/t Au at a depth of 121.92 meters and drill hole SCR-295 intercepted 1.52 meters averaging 1.455 g/t Au at a depth of 112.78 meters and intercepted another 1.53 meters averaging 6.00 g/t Au at a depth of 164.59 meters.
Intervals in drill holes SCR-296 and SCR-297 show extensions of the gold mineralization along the southeastern trend and drill hole SCR-294 contained short intervals representing stockwork type mineralization but the average grades reported are below the PEA resource cutoff for inclusion.
El Bellotoso Zone
In the northeast region of the property, drilling at El Bellotoso intercepted gold mineralization, extending the zone 200 meters along strike. Four drill holes were completed with drill holeSCR-301returning the best results. SCR-301 was collared at the southeastern side of the proposed El Rincon pit cone and intercepted 10.67meters averaging 0.497 g/t Au from near surface, including 1.52 meters averaging 1.795 g/t Au.
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-289 | El Colorado | 3.05 | 10.67 | 7.62 | 0.562 | 0.80 | 0.566 | |
including | 7.62 | 9.14 | 1.52 | 1.385 | 0.80 | 1.389 | ||
SCR-290 | El Colorado | 79.25 | 82.30 | 3.05 | 0.378 | 1.40 | 0.385 | |
SCR-291 | El Colorado | 27.43 | 30.48 | 3.05 | 0.530 | 0.70 | 0.533 | |
and | 42.67 | 44.20 | 1.53 | 1.670 | 11.40 | 1.722 | ||
SCR-292 | El Colorado | 36.58 | 39.62 | 3.04 | 1.765 | 1.40 | 1.771 | |
including | 38.10 | 39.62 | 1.52 | 3.370 | 1.40 | 3.376 | ||
SCR-293 | El Colorado | 0.00 | 12.19 | 12.19 | 0.874 | 2.00 | 0.883 | |
including | 10.67 | 12.19 | 1.52 | 3.620 | 2.20 | 3.630 | ||
and | 65.53 | 67.06 | 1.53 | 1.845 | 0.80 | 1.849 | ||
and | 134.11 | 140.21 | 6.10 | 0.922 | 1.50 | 0.929 | ||
including | 134.11 | 135.64 | 1.53 | 2.220 | 1.60 | 2.227 | ||
and | 184.40 | 192.02 | 7.62 | 2.262 | 3.70 | 2.279 | ||
including | 187.45 | 188.98 | 1.53 | 10.250 | 14.10 | 10.315 | ||
SCR-294 | Guadalupe | 89.92 | 96.01 | 6.09 | 0.336 | 6.30 | 0.365 | |
and | 121.92 | 124.97 | 3.05 | 0.525 | 0.30 | 0.526 | ||
SCR-295 | Guadalupe | 1.52 | 15.24 | 13.72 | 0.380 | 1.10 | 0.385 | |
and | 102.11 | 114.30 | 12.19 | 0.380 | 3.00 | 0.394 | ||
including | 112.78 | 114.30 | 1.52 | 1.455 | 1.50 | 1.462 | ||
and | 164.59 | 166.12 | 1.53 | 6.000 | 2.60 | 6.012 | ||
SCR-296 | Guadalupe | 0.00 | 7.62 | 7.62 | 0.673 | 2.90 | 0.686 | |
including | 4.57 | 6.10 | 1.53 | 1.835 | 6.20 | 1.863 | ||
and | 19.81 | 25.91 | 6.10 | 0.422 | 0.60 | 0.425 | ||
including | 21.34 | 22.86 | 1.52 | 1.000 | 0.70 | 1.003 | ||
and | 32.00 | 36.58 | 4.58 | 0.309 | 1.40 | 0.316 | ||
and | 92.96 | 100.58 | 7.62 | 0.276 | 2.00 | 0.285 | ||
SCR-297 | Guadalupe | 0.00 | 4.57 | 4.57 | 0.424 | 3.20 | 0.439 | |
and | 79.25 | 83.82 | 4.57 | 0.166 | 1.40 | 0.172 | ||
SCR-298 | El Colorado | 12.19 | 18.29 | 6.10 | 0.462 | 2.20 | 0.472 | |
and | 24.38 | 27.43 | 3.05 | 0.884 | 2.70 | 0.896 | ||
including | 24.38 | 25.91 | 1.53 | 1.455 | 4.70 | 1.477 | ||
and | 56.39 | 59.44 | 3.05 | 0.226 | 0.70 | 0.230 | ||
SCR-299 | El Colorado | 9.14 | 13.72 | 4.58 | 0.497 | 0.50 | 0.499 | |
and | 57.91 | 68.58 | 10.67 | 9.018 | 5.20 | 9.042 | ||
including | 57.91 | 64.01 | 6.10 | 15.558 | 8.70 | 15.598 | ||
SCR-300 | El Colorado | 13.72 | 16.76 | 3.04 | 0.407 | 2.70 | 0.419 | |
and | 19.81 | 22.86 | 3.05 | 0.229 | 0.30 | 0.231 | ||
SCR-301 | El Bellotoso | 10.67 | 21.34 | 10.67 | 0.497 | 0.80 | 0.501 | |
including | 10.67 | 12.19 | 1.52 | 1.795 | 1.00 | 1.800 | ||
and | 24.38 | 28.96 | 4.58 | 0.170 | 1.60 | 0.178 | ||
and | 35.05 | 53.34 | 18.29 | 0.199 | 0.50 | 0.201 | ||
and | 71.63 | 74.68 | 3.05 | 0.175 | 1.70 | 0.183 | ||
and | 79.25 | 85.34 | 6.09 | 0.409 | 2.40 | 0.420 | ||
and | 106.68 | 111.25 | 4.57 | 0.401 | 0.30 | 0.402 | ||
SCR-302 | El Bellotoso | 16.76 | 22.86 | 6.10 | 0.259 | 14.00 | 0.323 | |
and | 39.62 | 54.86 | 15.24 | 0.361 | 16.00 | 0.434 | ||
SCR-303 | El Bellotoso | 25.91 | 32.00 | 6.09 | 0.241 | 7.90 | 0.278 |
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-289 | El Colorado | 536,228 | 3,364,440 | 1,196 | 121.92 | -60 | 219 |
SCR-290 | El Colorado | 536,273 | 3,364,478 | 1,194 | 134.11 | -60 | 222 |
SCR-291 | El Colorado | 536,281 | 3,364,436 | 1,189 | 121.92 | -80 | 228 |
SCR-292 | El Colorado | 536,257 | 3,364,419 | 1,179 | 112.78 | -70 | 228 |
SCR-293 | El Colorado | 536,224 | 3,364,596 | 1,263 | 234.7 | -48 | 195 |
SCR-294 | Guadalupe | 535,998 | 3,365,088 | 1,415 | 172.21 | -45 | 260 |
SCR-295 | Guadalupe | 536,044 | 3,365,047 | 1,384 | 173.74 | -45 | 260 |
SCR-296 | Guadalupe | 536,059 | 3,364,994 | 1,361 | 152.4 | -45 | 260 |
SCR-297 | Guadalupe | 536,049 | 3,364,936 | 1,345 | 140.21 | -45 | 260 |
SCR-298 | El Colorado | 536,202 | 3,364,428 | 1,216 | 128.02 | -90 | 0 |
SCR-299 | El Colorado | 536,229 | 3,364,440 | 1,195 | 106.68 | -90 | 0 |
SCR-300 | El Colorado | 536,224 | 3,364,406 | 1,193 | 134.11 | -90 | 0 |
SCR-301 | El Bellotoso | 536,406 | 3,366,439 | 1,411 | 121.92 | -55 | 45 |
SCR-302 | El Bellotoso | 536,508 | 3,366,388 | 1,402 | 91.44 | -55 | 45 |
SCR-303 | El Bellotoso | 536,601 | 3,366,325 | 1,378 | 73.15 | -45 | 55 |
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
New Ball Mill on site at Boston Project of Newlox Gold
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX ) | ( Frankfurt/Stuttgart: NGO ) | (OTC : NWLXF ) | (CNSX: LUX . CN) is pleased to announce it has received its new ball mill and other critical equipment from suppliers in South America. The ball mill is the most important single piece of equipment for the Company’s new processing plant, and its arrival facilitates the advancement of construction at the Boston expansion project.
Click Image To View Full Size
The Boston recovery plant is the Company’s second environmentally and socially positive precious metals recovery plant. It will process feedstock newly extracted from the Boston Mine by the Company’s local mining partners. Newlox will operate the new mill at Boston capable of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by the Company’s mining partners, with profits to be split evenly between the parties.
Local miners have continuous ly operated informal and formal mines in the Central Gold Belt of Costa Rica and the area of the Boston Mine since the early 1900s. Traditional pre-industrial mining and goldsmithing history in the area dates to 400-500 AD . Precious metals production and smithing are an integral part of heritage and traditions for the local groups and continue to be practiced today for both economical and cultural reasons. For the first time since the introduction of the mercury amalgamation process in artisanal gold and silver production, the new Boston plant will achieve zero use of mercury and eliminate its associated environmental damage.
The Newlox Gold construction team have previously reported completion of engineering, permitting, earthmoving, site preparation, and procurement stages of the construction timeline at the Boston Project. In anticipation of the arrival of the ball mill and other critical equipment, pouring of foundations and inertia blocks has been underway to receive the installation of equipment.
Newlox Gold is making steady progress in all its initiatives and remains well funded to complete both Project 1 and the Boston expansion. Management will continue to update the market as we achieve milestones towards our goal of becoming the first ESG-focused medium-sized gold producer.
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
Canada Silver Cobalt Completes $6.0 million Private Placement
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has closed its previously-announced upsized brokered private placement (the ” Offering “) by raising gross proceeds of approximately $6.04 million, including following partial exercise of an agents’ option to increase the size of the Offering. At the closing of the Offering, the Company issued 7,468,000 units (” Units “) at a price of $0.25 per Unit, 8,682,500 flow-through units (” FT Units “) at a price of $0.27 per FT Unit, and 6,310,000 Quebec flow-through units (” QFT Units “) at a price of $0.29 per QFT Unit.
The Offering was conducted on a “best efforts” agency basis and was led by Research Capital Corporation, as sole bookrunner, together with Canaccord Genuity Corp. as co-lead agents (collectively, the ” Agents “).
Each Unit consists of one common share (a ” Common Share “) and one common share purchase warrant (a ” Warrant “). Each FT Unit consists of one flow-through Common Share (a ” FT Share “) that will qualify as a “flow-through share” within the meaning of the Income Tax Act (Canada) (the ” Tax Act “) and one Warrant. Each QFT Unit consists of one Quebec flow-through Common Share (a ” QFT Share “) that will qualify as a “flow-through share” within the meaning of the Tax Act and the Taxation Act (Quebec) and one Warrant. Each Warrant entitles its holder to purchase one additional Common Share at an exercise price of $0.32 per share at any time up to 36 months following the closing of the Offering.
Canada Silver Cobalt will use the net proceeds from the Offering for continued exploration activities, working capital and general corporate purposes. The gross proceeds from the issue and sale of the FT Units and QFT Units will be used to incur Canadian Exploration Expenses and “flow-through mining expenditures” as defined in the Tax Act and the Taxation Act (Quebec) on the Company’s Castle property and Graal property, respectively, on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units and QFT Units in an aggregate amount not less than the gross proceeds from the sale of the FT Units and QFT Units.
The Units, FT Units and QFT Units have a hold period of four months and one day from the closing of the Offering.
In connection with the Offering, the Company paid the Agents a cash commission of $422,882, representing 7% of the gross proceeds from the Offering, and issued compensation warrants to the Agents entitling them to purchase up to 1,572,235 Units at an exercise price of $0.25 for a period of three years from closing of the Offering.
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 14 battery metals properties in Northern Quebec where it is currently drilling and 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 on site, 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
Green Light for Battery Recycling & Nickel Ingot Production
St-Georges Eco-Mining Corp. (CSE:SX) (OTCQB:SXOOF) (FSE:85G1) is pleased to announce that on April 12, 2022, its board of directors has voted unanimously to authorize its subsidiary EVSX to move forward with its plan to recycle batteries and produce nickel ingots in Baie-Comeau, Québec in 2022.
St-Georges, via and in conjunction with its subsidiary EVSX, expects to initiate the acquisition of a building and is in talks to establish options on two additional land plots representing close to 400,000 square feet. These transactions should be initiated during this month of April. The plots of land are adjacent to rail lines and will be admissible to tax credits and other incentives from the federal and provincial governments, as well as a basket of incentives from the municipality.
This initial commercial showcase plant will constitute phase one of a series of other developments to be established, via a modular approach, in different locations. The plant in Baie-Comeau will be constituted of three circuits, each able to process 200 metric tonnes per hour. One of the circuits will be reserved for nickel-cadmium batteries. The other two are expected to process a mix of different chemical types in order to produce black mass to be processed further in a separate tech plant.
The CAPEX for the project’s first phase is currently estimated at roughly CA$15,000,000, including grants, incentives, and contingencies, and the plant should be commercially operational before the end of the year. It is expected that between 6 to 8 million dollars will be raised by St-Georges either in equity or in convertible debenture. The Company expects to finance the building and equipment via commercial loans and mortgages. These lending instruments have not yet been negotiated, and there are no current guarantees that the Company will be successful in securing lenders. The incentives are also in the discussion stage with the different levels of government. St-Georges expects to be able to provide more information on these matters within the next 60 days.
The independent consultants working on the feasibility study for the Company will deliver a phase one report to EVSX management this week. The Company expects to augment and extend their mandate to define and articulate phase two of the EVSX project. Multiple sites will operate as feeder sites for Baie-Comeau (nickel center), with other locations to be identified. Sites in Contrecoeur, QC and Hamilton, ON are currently under review but are not owned by the Company. There is no guarantee that the Company will acquire any of the sites at this stage. These modular plants will allow for the processing of all sorts of batteries, the front-end recuperation of the steel, copper, aluminium, and carbon (graphite) and the production of critical minerals-rich black mass. The Company expects to deploy these modular plants itself or in partnerships in areas where a significant availability of spent batteries exists or where the local authorities are expected to embark on large recycling profit sharing program with the Company. Iceland and certain American jurisdictions are being reviewed by the Company for this purpose.
The Company had already disclosed its metallurgical results from the recovery of metals in nickel-cadmium batteries (See Press Release from January 13, 2022, titled “EVSX Nickel-Cadmium Battery Recycling Results” https://webfiles.thecse.com/SX_Press_Release_-_January_13_2022_-_EVSX_Nickel-Cadmium_Battery_Recycling_Results.pdf?ePe2BnjG0F0iCz5fatl6jgZdBnUJt1H5 and Press Release from March 13, 2022, titled EVSX Commercial Batteries Recycling & Nickel Metal Smelting Operation Update https://www.thecse.com/en/trading/market-activity/company-filings/evsx-commercial-batteries-recycling-nickel-metal-smelting).
Additional information concerning the recuperation of the plastics as well as the access to feedstock will be released in the coming weeks. The Company will not make public forward-looking statements on the revenue projections, nor will it publish the full content of the feasibility study, which contains significant trade secrets and confidential commercial data and strategies.
“(…) Baie-Comeau is a strategic location for St-Georges with respect to our interests in nickel (…) I think it no longer is a secret that we are pretty excited by nickel in this region. This investment allows us to accelerate the work towards developing our nickel centric operations (…) its also the beginning of a global business deployment strategy that will conclude in the implementation of many of these satellite specialized centers of excellence (…) that will culminate in the development of a large tech plant in the second phase of our commercial deployment. This effort will require significant investments over many years that will allow us to secure our position in the industry (…,)” said Enrico Di Cesare, CEO of EVSX and VP of Research & Development of St-Georges Eco-Mining Corp.
__________________________________________________________________________________________________________________
ON BEHALF OF THE BOARD OF DIRECTORS
“Herb Duerr”
HERB DUERR
President & CEO
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-Timequotes and market information for the company on www.otcmarkets.com
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
SOURCE: St-Georges Eco-Mining Corp.
- Published in St-Georges Eco-Mining
Sirona Biochem CEO Quarterly Update
Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona“) is pleased to provide the following update to shareholders.
Dear shareholders,
We continue to make fundamental progress on core objectives and will be able to share more in due course.
TFC-1067
A comprehensive update is due in the near future. We can report there are no adverse events and proper disclosure rules are being followed. No further information will be made public at this point
TFC-039 / Animal Health
We are pleased to inform our shareholders that Sirona and Wanbang have signed a binding Letter of Intent (LOI) to collaborate on licencing efforts for Sirona’s SGLT2 inhibitor, TFC-039, as a treatment for diabetes in animal health. We have a long-standing relationship with Wanbang and are excited to combine our two companies’ expertise to license TFC-039 to a global animal healthcare company.
Previous efforts to license TFC-039 for this indication were delayed for reasons unrelated to the merit of the opportunity and interested parties are now able and willing to move forward. Discussions are rapidly progressing with several global companies to develop TFC-039 as a treatment for diabetes in companion animals. SGLT2 inhibitors provide an opportunity to treat inflicted animals with an oral medication as opposed to the traditional method of daily insulin injections.
The combined scientific knowledge of Sirona and Wanbang will significantly increase the speed to commercialization of TFC-039. This includes extensive data, advanced manufacturing process development and the ability to commercially manufacture TFC-039. The new agreement was a desired step on the part of the interested partners to create the legal framework and to have certainty regarding production capacities and costs. Now that this has been finalized , the probability of a successful licensing agreement in the near future has been made much stronger.
This LOI is a modification of a previous agreement signed February 8th, 2021 which was mentioned in the CEO Update of 24 February 2021. The agreement will focus solely on applying TFC-039 to animal health.
Studies on a new indication for TFC-039 are also ongoing. Details of the new indication cannot be disclosed, but the opportunity as a valuable therapeutic exists and is an area of great need.
Anti-Aging
The lead compound for anti-aging will enter small scale-up and formulation for use in clinical and stability studies. We anticipate the clinical trial to take place in the second half of 2022.
Furthermore, our IP keeps growing – see latest entry for TFChem in the WIPO database.
Antiviral
As announced on 20 December 2021, we have had 20 antiviral compounds tested by Utah State University’s Institute of Antiviral Research.
The tests proved to be inconclusive. A known antiviral that was used as a positive control failed to produce results suggesting the test was not performing for this class of compounds. We’re now working on how to evaluate the compounds with a new assay. Accordingly, we are in the process of identifying other options or providers for testing our compounds and are currently coordinating how to proceed.
We remain no less confident that our antiviral compounds will deliver convincing results.
Due to these results, our discussions with potential partners in both public and private sector are on hold.
Anti-Cellulite
Due to our work on licensing agreements, we have diverted resources from this project at this time and will resume focus on this and other innovative pipeline projects when we’ve closed our deals.
Events
We will be participating in person with partnering meetings during BIO International June 13-16 in San Diego. BIO One-On-One Partnering(TM) opportunities with over 15,000 biotechnology leaders the largest of its kind. For more information, please visit https://www.bio.org/events/bio-international-convention
Financials
In February 2022, 12,258,960 warrants were exercised for proceeds of $1,961,434.
In addition, as announced on March 9, 2022, our wholly owned subsidiary TFChem, has been awarded financing to develop an advanced chemistry process that could improve the manufacturing of active ingredients.
Furthermore, and most importantly: we anticipate very significant positive corporate developments that will completely change the company’s financial situation – for the long term.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
For more information regarding this press release, please contact:
Investor Enquiries:
Jonathan Williams
Managing Director
Momentum PR
Phone: 1.450.332.6939
Email: jwilliams@momentumpr.com
- Published in News Home, Sirona Biochem
Usha Resources Retains Leading Capital Markets and Communications Advisory Firm and Announces Non-Brokered Private Placement and Closing of First Tranche
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that, subject to the approval of the TSX Venture Exchange (the “Exchange“), it has engaged Volt Strategic Partners Ltd. (“Volt Strategic“) as its capital markets and communications advisor and has entered into an agreement (the “Agreement“) dated effective March 29, 2022.
Volt Strategic works with investment professionals and senior business leaders to help grow organizational value, build business, and accelerate market appreciation for emerging technology, sustainability, and life sciences public companies.
Pursuant to the Agreement, USHA will remunerate Volt Strategic an aggregate amount of $93,600 over a term of twelve months for various services, including but not limited to capital markets and communications advisory, and will grant a total of 250,000 incentive stock options (the “Options“) of the Company, exercisable for a period of 24 months at market price of $0.375 per Share. The Options are subject to vesting provisions wherein 25% of the Options every three months from the date of grant over a period of not less than 12 months. The Agreement may be extended with the prior written consent of the parties or terminated at any time with 30-day notice.
Volt Strategic does not currently have any interest, directly or indirectly, in USHA or its securities.
Deepak Varshney, CEO of Usha Resources, stated, “We are thrilled to partner with Volt. The acquisition of Jackpot Lake firmly puts us in the battery metals space, adding lithium to our existing portfolio of nickel, copper, and cobalt assets. Volt brings a wealth of knowledge and experience in this sector and will help the Company develop a strong capital markets and communications program as we look to increase market awareness and visibility for the investment community.”
Non-Brokered Private Placement
The Company is also pleased to announce that, subject to the approval of the Exchange, it has arranged for a non-brokered private placement (the “Private Placement“) of up to 1,000,000 units (each a “Unit“) at $0.30 per Unit to raise potential aggregate gross proceeds of up to $300,000. The Company also announces that it has closed the first tranche of the Private Placement, issuing a total of 769,333 Units for aggregate gross proceeds of $230,800 raised.
Each Unit issued consists of one common share (a “Share“) in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant a “Warrant“) with each whole Warrant exercisable at $0.45 per Share for a period of two (2) years from the date of closing of the Private Placement.
The Company paid finders’ fees totaling $14,766 cash and 49,220 non-transferable finder warrants (the “Finder Warrants“) to PI Financial Corp. and Canaccord Genuity Corp. 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 August 2, 2022.
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha’s project portfolio consists 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 increases shareholder value through the acquisition and exploration of quality battery metal properties that are drill-ready with high-upside that can be achieved through the completion of relatively inexpensive work programs. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please call 306-690-8886, email info@usharesources.com, or visit www.usharesources.com.
- Published in Mining, News Home, Usha Resources
Canada Silver Cobalt Intersects 13.1 Meter Massive Sulphides Zone with Nickel, Copper and Cobalt close to Surface at Graal Battery Metals Property in Quebec
The most recent discovery intersected 9.30 meters of combined massive sulphides containing 1.20% NiEq, consisting of 0.72% nickel, 0.86% copper and 0.09% cobalt mineralization in NRC-22-24 at 142.5m.
Coquitlam, BC – TheNewswire – April 4, 2022 – Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on exploration activity at its Graal nickel-copper-cobalt discovery in the Lac St-Jean region of Quebec, including the most recent assays results from drill hole NRC-22-24 which intersected 13.1 meters of combined massive sulphides within a 30-meter zone of disseminated and massive sulphides in a new area located 5 km from the previously reported discovery of massive sulphides.
“The results coming in from the labs for the drill program at Graal continue to be exciting for our geological team. Almost every drill hole has encountered disseminated to massive sulphides with strong nickel, copper and cobalt mineralization. We intend to continue to explore further to determine the full size of this nickel-copper cobalt deposit as it appears to have the potential to become an important supplier of battery metals for the EV market,” stated Matt Halliday, P.Geo., President, COO and VP Exploration.
The drilling campaign with 7,772m drilled so far has been paused to allow reception of pending assay data, bore-hole EM data, and the completion of the SQUID Ground Geophysical Survey. The geophysical survey aims to more accurately pinpoint and outline the geophysical conductors as well as identify areas where significant thicknesses are located.
The Company previously reported a major discovery of massive sulphides with high-grade nickel, copper and cobalt mineralization along with platinum and palladium in the northwest corner of the property where an airborne geophysical survey had indicated a sizeable gravity anomaly. The first three drill results reported in this location (NRC-21-02-03-04) showed segments up to 2.08% nickel and 3.75% copper. (See news release March 3, 2022.) More assays are pending.
In addition, about 5 km to the southeast, the Company also drilled hole NRC-22-24 in a spot that had not yet been drilled along the 6 km conductor continuity where a previous ground geological survey had indicated a gravity anomaly (see Figure 5 map below).
This drill hole (NRC-22-24) intersected 13.1 meters of combined massive sulphides within 30 meters of disseminated and massive sulphides between 121.5 – 152.1 meters downhole. Drill hole NRC-22-24 was drilled at an azimuth of 115 degrees, dip of -55 degrees, and is located at UTM 386142E, 5521057N. The other pending assay results will be released once received and validated.
See Table 1 below for assay data, Figures 2 & 3 for core photos, Figure 4 for a cross section of the drill hole and Figure 5 for a map of Graal property).
These latest assay results support the previously estimated potential target along the 6 km conductor continuity of near-surface tonnage of 30 to 60 million tonnes at a grade range of 0.60% to 0.80% nickel and 0.30% to 0.50% copper with 0.10% to 0.15% cobalt. This estimation does not take into account any potential at depth which is currently being explored.
Please note that the quantity and grade of this potential target calculation is conceptual in nature, and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential target primary evaluation is a calculation of the length multiplied by the thickness of intersection by the density of 3.3 to 4.0 t/m3 multiplied by the depth extension of 150 to 250m based on historical drill holes.
In addition to the holes drilled by Canada Silver Cobalt, there are historical intersections including hole 1279-00-10 drilled by Mines d’or Virginia Inc. in June 2000 approximately 200m south of NRC-22-24. This intersection is not part of the gravity anomaly, yet it still returned 1.15% Ni, 0.56% Cu and 0.15% Co over 4.5 meters (Source : GM 58815 ) which suggests the mineralization may be larger than the geophysical anomaly itself.
Table 1: Key sample and assay details for drill hole NRC-22-24
HOLE ID | From (m) | To (m) | Length (m) | Ni (%) | Cu (%) | Co (%) | % NiEq (1) |
NRC-22-24 | 121.50 | 152.10 | 30.60 | 0.39 | 0.40 | 0.05 | 0.63 |
NRC-22-24 | 121.50 | 129.20 | 7.70 | 0.61 | 0.34 | 0.07 | 0.89 |
Including | 121.50 | 122.50 | 1.00 | 1.30 | 0.24 | 0.13 | 1.69 |
Including | 122.50 | 123.50 | 1.00 | 1.35 | 1.16 | 0.14 | 2.05 |
NRC-22-24 | 142.80 | 152.10 | 9.30 | 0.72 | 0.86 | 0.09 | 1.20 |
Including | 142.80 | 143.70 | 0.90 | 1.26 | 0.10 | 0.11 | 1.56 |
Including | 145.60 | 146.00 | 0.40 | 0.21 | 2.32 | 0.04 | 1.01 |
Including | 146.00 | 146.90 | 0.90 | 1.17 | 0.21 | 0.12 | 1.53 |
Including | 148.20 | 148.90 | 0.70 | 1.01 | 3.31 | 0.13 | 2.33 |
Including | 149.40 | 150.00 | 0.60 | 1.02 | 3.40 | 0.12 | 2.35 |
Including | 150.00 | 151.00 | 1.00 | 1.27 | 0.92 | 0.16 | 1.94 |
Including | 151.00 | 152.10 | 1.10 | 1.16 | 0.89 | 0.16 | 1.82 |
Please note: Intervals are core length and is presumed to be close to true thickness, with no capping applied, and using quartered core split. Bolded intervals are grade composites.
Note (1) %NiEq = %Ni+(%Cu X CuPrice/ NiPrice)+ %Co X CoPrice/ NiPrice) where Nickel is 33,000USD/t, Copper is 10,000USD/t and Cobalt is 81,500USD/t; source LME March 30, 2022.
In addition, the technical team has noted other intervals with disseminated to massive sulfides that have assays pending. These intercepts include but not limited to:
- DDH NRC-21-05 intercepted 7.8 meters of mixed and disseminated sulfides mineralization, beginning at 144.3 meters depth.
- DDH NRC-21-06 intercepted 13.4 meters of mixed and massive sulfides mineralization, beginning at 1395.2 meters depth.
- DDH NRC-21-07 intercepted 1.9 meters of mixed and massive sulfides mineralization, beginning at 167.8 meters depth.
- DDH NRC-21-08 intercepted 9.1 meters of mixed and massive sulfides mineralization, beginning at 121.0 meters depth.
In addition to diamond drilling, bore-hole EM geophysics surveys was completed on several of the holes that intersected nickel and copper sulfides. The team is awaiting both the data and the geophysical report. The EM survey should assist in targeting the most prospective anomaly within a 100-meter radius from the existing holes. The mineralization remains open in all directions and at depth. The next phase of drilling in 2022 will focus on the areas identified by the SQUID survey. The drill program is currently being managed by Laurentia Exploration in association with GoldMinds Geoservices Inc.
Click Image To View Full Size
Figure 1: Map showing the location of NRC-22-24 (white) in addition to historical holes (blue) and the planned drill holes (yellow) targeting the geophysical anomaly.
Click Image To View Full Size
Figure 2: Core photo of NRC-22-24 with massive sulfides highlighted in box 28-29
Click Image To View Full Size
Figure 3: Core photo of NRC-22-24 with massive sulfides highlighted in box 33-35
Click Image To View Full Size
Figure 4: Cross Section showing Drill Hole NRC-22-24
Click Image To View Full Size
Figure 5: Map of Graal property with 6 km conductor continuity indicated by red line
QA/QC
The one-fourth core samples have been sent rush to OnSite Labs inc. located in Cobalt Ontario for sample preparation and four-acid digest multi-element suite including nickel and copper as well as a fire assay for platinum and palladium. Blank and standards were inserted in the sequence and meets expected values allowing the public disclosure. The one-half core results from ALS will be disclosed once received, verified for comparison to the one-fourth core results.
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 14 battery metals properties in Northern Quebec where it is currently drilling and 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 on site, 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