Canada Silver Cobalt Completes Fully-Subscribed $7.5 Million Marketed Public Offering
Canada Silver Cobalt Works Inc. (TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the ” Company ” or ” Canada Silver Cobalt “) announces that it has completed a fully-subscribed marketed public offering by raising total proceeds of approximately $7.5 million, including approximately $975,000 following the exercise in full of an over-allotment option by Research Capital Corporation and Canaccord Genuity Corp., the co-lead agents for the offering. At closing, Canada Silver Cobalt issued 20,884,109 units (“ Units” ) at a price of $0.21 per Unit for proceeds of $4,385,663 and 13,431,900 flow-through units (“ FT Units ”) at a price of $0.23 per FT Unit for proceeds of $3,089,337.
Canada Silver Cobalt intends to use the proceeds from the offering of the FT Units to incur Canadian Exploration Expenses on the Company’s Castle Silver Mine property in Haultain and Nicol Townships, Ontario and to use the net proceeds from the offering of the Units for continued exploration activities, working capital and general corporate purposes.
The offering was conducted on a “best efforts” agency basis and was co-led by Research Capital Corporation, as sole bookrunner, and Canaccord Genuity Corp.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
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, News Home
Glen Eagle Reports Excellent Gold Recovery Results
TheNewswire – October 13, 2021 – Glen Eagle Resources Inc. ( TSXV:GER) (“Glen Eagle” or the “Company”) is pleased to announce additional information resulting from the ramp-up operation at Cobra Oro and the latest data received from the metallurgical balance produced by Armando Gabriel Aguilar, professor of metallurgy at the University of Guadalajara Polytechnic School. Mr. Gabriel Aguilar, an external consultant to several mining companies was recently hired by Glen Eagle to supervise Cobra Oro metallurgical process.
Results from the metallurgical balance indicates an average recovery of 87% throughout the system combined with an efficiency rate of 98% at the filter press. The Company is very pleased with these results and cannot expect to be much better due to the high silver content within the ore currently being processed. Silver recovery will be reported later this month.
To further improve Cobra’s operations, the Company is in progress to hire a Chief Mechanic and Head of Laboratory. They both will join a full time Canadian consultant who has been supervising Cobra’s operations in Honduras for the last two months. Karl Trudeau comments : « The Team that we have put in place to improve Cobra Oro ramp-up operations, including local employees is already making the difference and increased throughput will be facilitated greatly by the end of the rainy season later this month. latest smelting
Jean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Canbud Provides Updates on Progress on Psychedelics Operations
Canbud Distribution Corp. (CSE: CBDX) (FSE: CD0) (the “Corporation” or “Canbud”) Management would like to provide the following update on the developments in the Jamaican operations.
On December 7, 2020, Canbud announced that it had entered into a definitive agreement dated December 4, 2020 to acquire 100% of the issued and outstanding securities of 2688453 Ontario Ltd. in exchange for 7,600,000 common shares at a deemed price per share equal to 19.5 cents.
In furtherance of the agreement, the Company issued 1,520,000 shares (representing 20% of the consideration shares) on January 5, 2021. The agreement contemplated material capital investment (in excess of US$3.5 million) by the Company, over the course of a three-year period, to build and operate a commercial production supported by local staff and establish a retreat facility.
During the subsequent period, the company completed the manufacturing and installation of the initial production facility in Jamaica at a cost of US$49,000 and entered into an MOU with the College of Agriculture, Science and Education (“CASE”) to focus on the research and development of healing practices facilitated by psilocybin producing mushrooms.
Following a review process undertaken by management and approved by the Board, the Company has determined that the current and anticipated commercial state of the psychedelics market over the 18 to 24 month period will continue to remain sluggish and anticipated economic benefits of Canbud’s commercialization plan are not-conducive to continued financial commitment for the project at this time other than the research and development project which requires a financial commitment of up to CA$10,000 over the next 12-month period. As a result, Canbud and 2688453 Ontario Ltd. have agreed to a mutual termination of the ‘agreement’ entered into on December 4, 2020, whereby the Company has agreed to issue 3,040,000 common shares to cancel the agreement (at a deemed price per share equal to $0.05 or a total price of CA$152,000). The shares to be issued as part of the termination agreement will remain in escrow and released in 3 different tranches during 2022.
Canbud continues to monitor the potential opportunities in the psychedelics market, in keeping with its continued commitment to research and development at this time. The facility is currently on the site assigned by CASE, with management of the facility under the research in-charge at CASE. The Company expects a more focused and cautionary approach from a capital allocation perspective, which will enable the Company to support the high growth areas of the business
About Canbud Distribution Corp.
Canbud is a science and technology health and wellness company carrying on business in the plant based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoid (CBD) vertical markets.
www.mscience.ca
www.canbudcorp.com
https://www.instagram.com/canbudcorp/?hl=en
https://twitter.com/canbudcorp
Notice Regarding 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 statements. Forward-looking statements in this news release include, but are not limited to the Corporation’s business and the industry and markets in which it operates. These statements are based upon assumptions that are subject to significant risks and uncertainties, including assumptions about the operations, financial condition, and future performance of the Corporation. Although the Corporation considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Although the Corporation’s management believes that the expectations reflected in forward-looking statements are reasonable, the Corporation can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assume no obligation to update or revise any forward-looking statements 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.
For further information please contact:
Robert Tjandra, COO,
(416) 847-7312
Email: ir@canbudcorp.com
- Published in Canbud Distribution, News Home
Sirona Biochem Announces Advancement of TFC-1067
Sirona Biochem Corp. (TSXV: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona“) is pleased to provide the following Q3 update to shareholders.
Dear shareholders,
We are providing this quarterly update with a particular focus on our TFC-1067 compound for skin lightening as it advances towards a second commercial license agreement.
The individual project updates are as follows:
TFC-1067
North America
As previously reported, our second clinical trial for TFC-1067 was supported by a top 10 pharmaceutical company, which included the right to complete due diligence in the months following. Our partner has successfully completed their analyses of the compound and we have moved into the next stage of licensing discussions. A global license with a highly respected partner is our preferred outcome for TFC-1067.
Rodan + Fields (R+F) continue sales of the add-on product, REVERSE Targeted Dark Spot Corrector which contains TFC-1067 as the active ingredient. R+F orders for raw material have been forecast for the remainder of 2021.They remain an excellent partner, successfully advancing the commercial use of TFC-1067 in their product. A first for Sirona.
Our manufacturing partner, WuXi AppTec has prepared an inventory of TFC-1067 that will be held in storage in China. This inventory will allow for zero delays in requests for orders as we move forward with anticipated partnerships. We are also maintaining manufacturing capabilities in France and exploring new manufacturing processes as we continually evolve our platform technology for this and all projects.
We believe, based on safety and efficacy data, that we possess the industry leading compound for lightening dark spots and balancing skin tone. We are confident TFC-1067 will have a strong commercial future.
Asia
Our business strategy for Asia continues to evolve due to challenging regulatory requirements. We will still advance and offer a second compound, TFC-1394, from our patented library for countries that have differing needs. Having either a global or regional partner will be critical to navigate commercialization in China and other Asian countries. With advanced discussions ongoing for a global license, we will scale back pursuing regional opportunities.
TFC-039
Human Diabetes
Wanbang Biopharmaceuticals has completed Phase I studies for diabetes drug candidate TFC-039 and is currently in the data analysis phase. We are awaiting further information for their plan to move forward. Some logistical challenges have caused delays and we will update shareholders as soon as we have material information on the project.
Animal Health
We have received clinical data from the cat studies which show TFC-039 to be safe and well tolerated. There is concern regarding manufacturing and the final cost of goods which are not yet fully defined. Our team is addressing this challenge with assistance from Wanbang and we have their full commitment.
Other Indications
The team at TFChem is investigating further indications for TFC-039 and have identified target diseases. We are putting in place the contract research organizations to evaluate these targets as well as developing the patents.
Anti-Aging
The lead compound from our anti-aging library is advancing to scale-up. This first batch will be developed for stability testing, formulation, and the clinical study. Preliminary results for some studies will be available in Q4 of 2021, however, due to the need to keep information confidential while patents are being written, only select information will be released.
Discussions with potential partners remain preliminary.
Antiviral
Our team in France has synthesized 16 novel antiviral compounds for testing. Information is currently limited as we develop IP around these compounds. We are encouraged by the recent successful Phase 3 clinical trial of a new antiviral from Merck & Co in the treatment of COVID-19 (Merck pill seen as ‘a huge advance’, raises hope of preventing COVID-19 deaths | Reuters).
Anti-Cellulite
Our recently announced discovery of a potential cellulite therapy is still in early-stage development. This discovery represents another major market opportunity for our company and has already garnered interest from a global pharmaceutical company.
Financing
Sirona’s last private placement financing was over 2 years ago, a similar financing is not being planned. Management will execute a strategy which will include non-dilutive sources.
With the completion of the due diligence of our top 10 global pharma partner, a decisive phase is approaching. While our scientists in France are making excellent progress in advancing our pipeline, management is fully focused on closing concrete agreements and sustainably increasing shareholder value.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/06/c3539.html
Contact:
Investor Enquiries: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: jwilliams@momentumpr.com
- Published in News Home
Glen Eagle Reports on Operations and Smelting
TheNewswire – October 5, 2021 Glen Eagle Resources Inc. – ( TSXV:GER) (“Glen Eagle” or the “Company”) is pleased to announce that the recent ramp-up of its operations at Cobra Oro’ s gold processing plant in Honduras, a wholly owned subsidiary of the Company, have yielded excellent results which are reflected by the least downtime ever since the inception of the plant five years ago.
Karl Trudeau, COO, comments: “All efforts have been put in place to properly ramp-up the plant in a professionnal way involving the revision of the primary crushing system, the realignment of the ball mill gear system and maintenance of the pumps, including the main vacuum pump system leading to the Merrill Crowe gold precipitation process.”
Indeed, downtime caused by mechanical failures has been very rare in the past two months and should improve further with a substantial amount of spare parts expected to be delivered in the near future. As a consequence of these major improvements, Cobra Oro is adding a third shift to production and working closely with its ore providers to increase tonnage and grade for better throughput.
In conjuction to the ramp-up, the Company was able to smelt a dore bar valued at approximately $170,000 Canadian dollars representing three weeks of production time. Additional data on gold-silver recoveries and production throughput will be released when the Company receives its upcoming metallurgical balance.
Jean Labrecque, President
Glen Eagle Resources Inc
2075 Victoria Street
Suite 201
St-Lambert, Québec
J4S- 1H1
514-808-9807
- Published in Glen Eagle, Mining, News Home
Granada Gold Intersects 1.11 g/t Gold over 109.60m and 53.70 g/t Au over 0.65m and 7.19 g/t Gold over 8.85m in 200-Series Drill Holes
These new intercepts verify the continuity of mineralization along the main Vein #2 high-grade gold-bearing structure up to 250m to the west of Pit #2.
Rouyn Noranda, Q.C. – TheNewswire – October 4, 2021 – Granada Gold Mine Inc. (TSXV:GGM) (OTC:GBBFF) (Frankfurt:B6D) (the “Company” or “Granada”) is pleased to announce additional results from its on-going drill program at its Granada Gold project with multiple new assays from its 200-Series drill holes. These intervals include 1.11 g/t Au over 109.65m, 7.20 g/t Au over 8.85m, and with grades of up to 53.70 g/t Au over 0.65m, and 29.00 g/t Au over 0.50m.
Drilling Highlights
- – The 200-Series drill holes (GR-21-26 and GR-21-28) were designed to determine the variability of gold mineralization of the main vein zone within the western extension of Pit #2 by drilling down the dip of the structure – similar to the 200-series drill holes previously released on September 7, 2021, that were focusing on the area east of Pit #1.- These assay results confirm the significant extent of localized, high-grade gold mineralization within the structure as well as prove the continuity of the mineralization over much broader intervals (of up to 109m down-dip) of the main zone below surface west of Pit #2.- GR-21-26 intersected 1.11 g/t Au over 109.65m, including:
- – 15.35 g/t Au over 1.70m- 29.00 g/t Au over 0.50m – 7.13 g/t Au over 7.70m- 9.32 g/t Au over 1.75m- 53.70 g/t Au over 0.65m
- – 13.62 g/t Au over 2.30m- 28.10 g/t Au over 0.80m
“The assay results in these drill holes prove the continuity of mineralization along the main Granada footwall structure that is located between the Granada and Pontiac formations and confirm the extension to depth of high-grade gold mineralization. This supports the view that our gold grades and occurrences are continuous and have substantial thickness to the zone. Moreover, it clearly shows the previous operators did not extract all the gold near surface, particularly in the main footwall structure” said Frank J. Basa, P.Eng., President and CEO.
Click Image To View Full Size
Figure 1: Plan Map Showing Drill Hole and Assay Locations just West of Pit #2.
Table 1: Sample Details
The mineralized zone at the western extension of Pit #2 contains a collection of multiple veins with sulfide mineralized halos. The zone contains 2 distinct sub-parallel mineralized veins which connect with the former Pit #2 to the east. The true thickness of these mineralized structures varies between 2m and 11 m. The main zone of these 2 structures is what was tested with the 200-Series drill holes.
The 200-Series holes were designed with an azimuth of 10-30 degrees to the north attempting to drill down the vein structures as opposed to obliquely. Normally, the drill holes are aimed southward which are designed to intersect the structures at a high angle, with an azimuth in the general range of 170-190 degrees. Previous intercepts into this structure near these 2 holes have returned grades such as 4.04 g/t gold over 7.50 meters ( true thickness) in hole GR-10-13 , and 3 .99 g/t gold over 6.00 meters in hole GR-11-226. The results we see in these 200-Series drill holes validate the assays encountered previously in other drill programs (such as the ones in 2010 & 2011) and confirm the continuity of the gold mineralization. It also demonstrates that the system is a multi-vein system (as opposed to a single discrete vein). This is why the true thickness of the gold mineralization at Granada varies significantly from small high-grade intervals, such as example 95.00 g/t over 0.50m, to even 0.31 g/t over 301m (Press Release September 18, 2012) depending on the location within the property and cut-off grade used for the calculation.
Location
The Granada Gold project is located near 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).
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc., a member of the Québec Order of Engineers, and is a qualified person in accordance with the National Instrument 43- 101 standards.
Quality Control and Reporting Protocols
All NQ core assays reported for Wedges of 2020 holes were obtained by either 1-kilogram screen metallic fire assay or standard 50-gram fire assay (with either atomic absorption or gravimetric finish). This was completed at the SGS Laboratory in Vancouver, British Columbia with the sample preparation completed in Val d’Or, Québec. The 2021 assay results are from ALS laboratory in Val d’Or. The screen metallic fire assay method is pre-selected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance, quality control (QAQC), and interpretation of results is performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.
Mineral Resource Estimate
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 Dupéré, 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
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.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
- Published in Granada Gold Mine, Mining, News Home
Newlox Gold Samples 77.1 g/t Gold at Historic Boston Mine, Costa Rica
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) ( CNSX : LU X.CN ) ( Frankfurt/Stuttgart: NGO ) (OTC : NWLXF ) is pleased to announce grab sample results as high as 77.1 grams per tonne gold from the most accessible portions of the historic Boston Mine in Costa Rica. The Boston Mine is currently being exploited by Newlox Gold’s local mining partners with whom Newlox has partnered to supply primary feedstock to the Company’s Boston Processing Plant, which is now at an advanced stage of construction.
Highlights
- – Grab samples were taken by the Company’s geological team from vein structures identified by the Company’s local mining partners at the Boston Mine.- Four grab samples from prominent veins in easily accessible areas of the Boston Mine were assayed using the Fire Assay method, returning 46.57 g/t Au, 67.80 g/t Au, 73.28 g/t Au, and 77.10 g/t Au respectively .- These results affirm historical data indicating the presence of high-grade gold associated with epithermal quartz vein systems at the Boson Mine, however the reader is cautioned that such grab samples are not necessarily indicative of the mineralization in general for the deposit.- A National Instrument 43-101 report by Veritas Mining C.R. S.A. in 2011 on the Boston Project and surrounding Juntas Gold Camp published a historical resource of 241,000 tonnes containing 20,800 oz of gold and an exploration potential of between 685,000 and 981,000 ounces . A substantial portion of the exploration potential was ascribed to the Boston Project area.
The Company has under construction its second environmentally and socially positive precious metals recovery plant at the Boston Project, which is intended to process feedstock newly extracted by the Company’s local mining partners. In anticipation of the commissioning of the Boston Processing Plant, the Company’s mining partners are reconditioning the Boston Mine adits (tunnels) and identifying veins of interest for sampling and future mining.
At the Boston mine, historical records and recent local mining indicate four mining levels, targeting a system of steeply dipping northeast-trending veins up to 5 meters thick, with grades up to 77.1 grams per tonne, that are readily accessible for immediate exploitation. As with other concessions in this area, bonanza-type shoots with higher grades may be anticipated.
Newlox plans to operate the 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 Newlox’s mining partners, with profits to be split evenly between the parties. The Company expects the Boston Project to contribute significantly to Newlox’s near-term growth.
A Message from Ryan Jackson, President & CEO:
“These first outstanding high-grade gold results from grab sampling at the historic Boston Mine support both historical exploration results and confirm mining reports provided by the Company’s local mining partners.
We are encouraged that the easily accessible vein structures within the Boston Mine, which are currently slated for immediate exploitation by the local miners, have returned gold grades in excess of 70 grams per tonne. Although the grab sample results do not necessarily indicate the mineralization in general for the deposit, the findings support historical and current data on the Boson Mine.
Positive sampling results from the Boston Mine are especially timely since construction at the Boston Plant is nearing completion. Like many of the Company’s initiatives in 2021, construction at Boston is behind schedule but is progressing nicely.
This year, we have been frustrated by significant delays due to the pandemic and the associated global supply chain disruptions. The Company has had key members of its management and engineering team affected directly by the COVID-19 virus. Additionally, equipment and consumables were delivered over three months later than expected.
These challenges have led the Company to lose time but not resolve.”
Outlook
Newlox Gold enjoys both a robust treasury, and an experienced technical team which has implemented numerous strategies to overcome supply chain challenges at operations. Our team is completing the ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow positive and improving each month. The team will complete the construction and commissioning of the Boston Project and will then be positioned to support both our regional growth strategy in Central America, and our new activities in Brazil.
- Published in Mining, Newlox Gold, News Home
Sun Summit Commences Significant Drill Program at Buck; Targets Continuity of High-Grade Gold Mineralization
Sun Summit Minerals Corp. (TSXV: SMN) (OTCQB: SMREF) (“Sun Summit” or the “Company”) is pleased to announce that it has commenced a new phase of drilling at its 100% controlled Buck Property, central British Columbia. Two drill rigs are currently on site, and another rig may be added later, dependent on availability.
Highlights
- Build on high-grade gold discovery: Sun Summit will systematically investigate the structural controls and spatial distribution of high-grade gold intersected in multiple holes in early 2021, stepping out around the Trench Zone area (e.g., 31.6 grams per tonne (g/t) gold over 4.0 metres including 246 g/t gold over 0.5 metres; BK21-020, see SMN news release dated May 11th, 2021).
- Expand footprint of near-surface, bulk tonnage-style gold: Sun Summit will also focus on delineating and expanding the size and trend of bulk tonnage-style gold mineralization intersected in numerous holes in 2020 and early 2021 in the Horseshoe Zone area (e.g., 1.07 g/t gold over 109 metres including 7.17 g/t gold over 5.2 metres; BK21-017, see SMN news release dated May 11th, 2021).
- Over 30 drill holes are planned in this initial phase of drilling: Two diamond drill rigs are on site; one initially focused on the Trench Zone and one initially focused on the Horseshoe Zone.
- Test new targets: Numerous additional targets within and outside of the open-ended, 900 metre by 950 metre mineralized system (see SMN news release dated July 6th, 2021) will also be tested. Holes drilled in these targets will be in addition to the 30 plus holes to be drilled in the Trench and Horseshoe zones.
Bob Willis, Sun Summit’s CEO, stated,
“We are excited to commence this significant phase of drilling at our Buck property. Based on encouraging results from earlier this year we have gained considerable insight into property-scale structural controls on widespread gold and silver mineralization at Buck.”
“This next phase of drilling will test these new structural models by focusing on local controls considered to be important for the distribution of high-grade gold mineralization. We have designed a series of drill holes to systematically test the extent and potential of the Trench and Horseshoe zones. These holes, as well as possible wider step-out holes, could exceed 12,000 metres of drilling. This drill phase is open ended and can be expanded based on ongoing results.”
Drill Program
Over 30 drill holes are planned within a footprint of approximately 600 metres by 300 metres. The drill program has three primary objectives:
1) Investigate the extent and continuity of high-grade gold mineralization characteristic of the Trench Zone. All previous Trench Zone holes (e.g., 31.6 g/t gold over 4.0 metres including 246 g/t gold over 0.5 metres; BK21-020, see SMN news release dated May 11th, 2021) were designed based on results from discovery hole BK20-012 (5.86 g/t gold over 17 metres including 23.05 g/t gold over 3.0 metres; see SMN news release dated January 5th, 2021). Updated modelling has defined broad northwest trends to high-grade gold mineralization within the target area. New drill holes, all with northeast oriented azimuths, are designed to systematically test these trends for continuity of mineralization. Tightly-spaced step-out holes peripheral to areas of known mineralization together with wider-spaced step-out holes along and across trends will be completed. Twenty four drill holes are initially designed for the Trench Zone.
2) Investigate the strike-extent of near surface, bulk-tonnage gold mineralization characteristic of the Horseshoe Zone. All previous holes in the Horseshoe Zone hit near-continuous, broad zones of breccia-hosted and disseminated gold mineralization (e.g., 1.13 g/t gold equivalent over 87 metres within 0.52 g/t gold equivalent over 409 metres; BK21-033; see SMN news release dated July 6th, 2021). The zones are unconstrained, and modelling suggests further drilling is warranted to define the extent of bulk-tonnage mineralization. All new drill holes are designed to test the extent of, and the structural relationship between the two key styles of gold mineralization observed within the Horseshoe Zone, being (1) sphalerite-rich sulfide-cemented hydrothermal ‘mosaic’ breccias (e.g., 1.04 g/t gold over 46 metres including 3.76 g/t gold over 5.7 metres; BK20-006; see SMN news release dated January 5th, 2021) and, (2) disseminated throughout volcanic breccias (e.g., 0.58 g/t gold over 127.2 metres; BK20-001; see SMN news release dated May 12th, 2020). Seven holes are initially planned in the Horseshoe Zone.
3) Investigate the limits of the mineralized hydrothermal footprint. Epithermal-related alteration and mineralization has been intersected in drill holes covering a footprint of approximately 900 metres by 950 metres, including below post-mineralization basalts (see SMN news release dated July 6th, 2021). The true extent of this footprint is unknown. Additional holes are designed to explore for new mineralized centres within, and outside of the known footprint.
Exploration update
Property-wide exploration is ongoing (see SMN news release dated August 4th, 2021). Numerous soil-geochemical grids and long property-scale soil transects have been completed totalling over 2,600 samples. Over 220 systematic rock-chip samples have also been collected from newly identified areas of widespread hydrothermal alteration as well as targets identified from a thorough compilation of all available historic exploration data. Soil and rock samples are currently in the lab and results will be released once all data are received and have been interpreted. Management believes this work will yield additional priority drill targets outside the Trench-Horseshoe area.
Buck Property
The ~33,000 hectare property is located approximately 12 kilometres south of Houston, British Columbia, has excellent nearby infrastructure and allows for year-round road-accessible exploration.
National Instrument 43-101 Disclosure
This news release has been approved by Sun Summit’s CEO, Robert D. Willis, P. Eng. a “Qualified Person” as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. He has also verified the data disclosed, including sampling, analytical and test data, underlying the technical information in this news release.
Community Engagement
Sun Summit is engaging with First Nations on whose territory the Buck Property is located and is discussing their interests and identifying contract and work opportunities, as well as opportunities to support community initiatives. The Company looks forward to continuing to work with local and regional First Nations as the project continues.
Health and Safety
The Company’s exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. Sun Summit has a rigorous infection prevention and control protocol in place to protect the health of employees and contractors, as well as surrounding communities in which the Company works.
About Sun Summit
Sun Summit Minerals is an exploration company focused on expanding its epithermal gold discovery at its flagship Buck Project located in north-central British Columbia.
The Company is exploring multiple high priority gold and silver targets through methodical, well-funded exploration campaigns with year round drilling access. The Project has high-grade and bulk-tonnage gold and silver potential and is located in a mining-established region that includes many former operating mines and current exploration projects.
Sun Summit is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available at www.sunsummitminerals.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
Tel. 778-588-9606
- Published in Mining, News Home, San Marco Resources
Granada Gold Closes $1,350,000 Flow-Through and Unit Private Placement
Granada Gold Mine Inc. (TSXV:GGM ) (OTC:GBBFF) (the “Company” or “Granada”) announces that the Company has closed a non-brokered private placement by way of issuing 7,857,143 Quebec flow-through units (“QFT Units”) at a price of $0.14 per QFT Unit raising gross proceeds of $1,100,000. The Company will also be issuing 2,500,000 units (“Units”) at a price of $0.10 per Unit raising gross proceeds $250,000. The Company is raising a total of $1,350,000.
Each QFT Unit is comprised of one flow-through common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.20 per share, for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Each Unit is comprised of one common share of the Company and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share, for a period of three years from closing, subject to Exchange approval.
The proceeds of the FT and Unit Private Placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec and for general working capital purposes.
GloRes Securities Inc., the lead finder for the financing, was paid $94,500 in cash and 550,000 finder’s warrants. An additional 175,000 finder warrants were also paid. The finder’s warrants are on the same terms as the QFT warrants . The finder’s fees paid in connection with the private placement are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four‐month and a day hold period expiring on January 28, 2022 in accordance with applicable Canadian Securities Laws.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold Property near Rouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of the Granada property, but is not necessarily indicative of mineralization hosted on the company’s property.
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.
Updated Mineral Resource
The updated resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec was estimated by SGS Canada and outlined in a January 29, 2021 news release. The final report was filed March 15, 2021 with an Effective date of December 15, 2020. The 43-101 Technical Report is titled: Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details Between the Open Pit Portion and the Underground Portion
- 1. Cut-off grades are based on a gold price of US$1,600 per ounce, a foreign exchange rate of US$0.76 for CA$1, a gold recovery of 93%
- 2. Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
- 3. Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
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 .
- Published in Granada Gold Mine, Mining, News Home
Affinor Growers Hires Local Nursery to Supply Commercial Strawberry Seedlings
Affinor Growers Inc. (“Affinor” or the “Company”) (CSE: AFI OTCQB: RSSFF), a sustainable vertical farming company has hired a Fraser Valley, BC nursery for commercial propagation of its first strawberry seedlings. Delivery of the Fragaria Ananassa “Delizzimo” strawberry seeds from the Netherlands (purchased under standard retail licensing) is scheduled for this Friday. Affinor expects seed propagation to begin immediately upon receipt of the seeds, followed by its first commercial strawberry harvest in late November.
There is now a timeline for Affinor’s 15,000 square foot leased greenhouse in Abbotsford BC to begin producing vine ripened, soil grown strawberries ready for store shelves. The company is using external propagation experts for expedited planting and industry leading QA processes. Affinor takes over when the seedlings are ready to be transplanted into pots for fruiting. This anticipated revenue milestone represents the launch of the “Affinor Growers” brand and vertical farming technology.
Affinor Advisory Board Member, Tom Baumann commented: “I’ve been a professor for 30 years at University of Fraser Valley and working in agriculture for 40 years. I’ve seen many vertical farms. This is the simplest, most productive, and sustainable design developed to date. I’m excited to be able to contribute my strawberry expertise toward making Affinor Growers a global leader in sustainable food production.”
CEO Nick Brusatore commented: “This should be the first of many strawberry facilities with Tom Baumann leading the production and SOP protocols. The Affinor management team, consultants and advisors have created an aggressive strawberry scaleup plan, along with a kale, lettuce and cannabis growth plan for turnkey mass production globally.”
About Affinor
Affinor is a publicly traded company listed on the CSE under the symbol “AFI” and on the OTCQB under the symbol “RSSFF”. Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits, vegetables, and cannabis in a sustainable manner.
To learn more about Affinor, visit: www.affinorgrowers.com
Renmark Financial Communications Inc.
Joshua Lavers: jlavers@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
Neither the Canadian Secur
- Published in Affinor Growers, News Home