Affinor Growers Prepares for Vertical Farming in Aruba
Affinor Growers Inc. (“Affinor” or the “Company”) (CSE: AFI OTCQB: RSSFF) is pleased to announce that it has signed a binding Letter of Intent to purchase 100% of the private equity in Vertical Designs Aruba (“VDA”). The Aruba corporation was established in 2018 to produce fruits, vegetables and, pending receipt of a medical cannabis production license from the Government of Aruba, the consideration is all shares at 52,000,000 common shares and contingent upon the achievement of certain performance milestones:
The terms of the purchase and performance milestones are as follows:
Milestone 1: Cannabis Production for Exportation Licence is issued from the Government of Aruba and up to 49% of the project is sold for a specified minimum price (Minimum Sale Price) subject to approval by the Affinor Board of Directors of AFI.CN.
Terms: Upon achievement of Milestone 1, The shareholders will receive 26,000,000 common shares in AFI.CN with the standard 4-month hold. An executive bonus of 10% of the amount above the Minimum Sale Price noted above plus CDN$500,000. A pre-determined amount of the Minimum Sale Price will be retained in VDA to build out the first facility in Aruba.
Milestone 2: Build out a minimum 200 (two) tower facility in Aruba. The first 5,000 – 6,000lbs (2,300 to 2,700 kilos) of cannabis produced in Aruba is successfully exported and completely sold out at a pre-determined or mutually agreed amount.
Terms: Upon completion of Milestone 2, the balance of 26,000,000 common shares in AFI.CN will be issued the former VDA shareholders with a standard 4-month hold.
Affinor’s plan in Aruba is to produce food and cannabis sustainably and cost-efficiently in one of the best growing climates worldwide. Over 100 acres on the proposed north island site is available and can accommodate 1,000 vertical towers per acre. Full development would create a new global medical cannabis industry leader and open international markets. The benefits to Aruba include local food production to reduce imports, high wage employment, education, technology transfer and taxation income.
Affinor’s patented farming technology and QA processes are sustainably delivered through alternative energy from Tesla, composting technology, and LED lighting. Affinor is utilizing The Tesla Powerwalls and Solar in its Abbotsford BC greenhouse. This is especially important as the company grows across Canada and works toward full ESG compliance globally. Affinor’s vertical farming technology levels the playing field for plant production globally.
Nick Brusatore CEO: “Affinor’s mission is to serve the world with sustainable agriculture technology with no compromises on quality. I am so excited about this project. Aruba is a warm, beautiful country filled with wonderful people. I am so proud to be part of the movement for global sustainability and national self-sufficiency serving nations like Aruba.”
Certain insiders of the Company are related parties to VDA and as such, the transaction is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of any securities issued to insiders nor the consideration paid by such persons exceeded by 25% of the Company’s market capitalization.
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: https://www.affinorgrowers.com
Renmark Financial Communications Inc.
Joshua Lavers: jlavers@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
- Published in Affinor Growers, Mining, News Home
Granada Gold Hits Massive Rare Earth and Alkali Metals Zone 1.6 Kilometers from Discovery Hole GR-20-20
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that Hole GR-20-22 drilled to a depth of 1626 meters on the Big Claim of the Granada Gold Mine property, in Quebec, Canada.
Results are preliminary and full core lengths have not yet been assayed in two holes drilled at the north of the Big Claim. The company encountered unusual facies of altered rock which has been sampled in portions of the drill core. The mineralized portions of the core have been assayed for 56 metals. Additional assays are pending. Initially, portions of drill holes GR-20-20 and GR-20-22 were sampled. The company has received preliminary assay results for GR-20-22. Based on recent assays for intervals sampled, the intervening intervals are being prepared and will be sent for assay to create a complete picture.
Highlights of drill hole GR-20-22 as of today:
- Intercepted 21 distinct mineralized zones.
- Zones range in core length from 177 meters to 2.8 meters.
- Rare Earths and Alkali metals of note identified to date are Caesium (Cs), Rubidium (Rb), Scandium (Sc), Zirconium (Zr), Cerium (Ce), Gallium (Ga), Hafnium (Hf), Neodymium (Nd) and Strontium (Sr). Others pending.
Highlights of Select Drill Core Intercepts:
Length | From | To | Cs | Rb | Sc | Zr | Ce | Ga | Hf | Nd | Sr |
metres | metres | metres | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm | ppm |
53.0 ( I ) | 1053.0 | 1106.5 | 6.55 | 340.2 | 0.96 | 724.3 | 123.0 | 32.5 | 18.3 | 34.4 | 150.9 |
35.0 ( II ) | 1291.0 | 1326.0 | 6.56 | 144.7 | 9.03 | 301.5 | 121.4 | 19.73 | 7.76 | 53.6 | 1285.4 |
30.0 ( III ) | 1596.0 | 1626.0 | 4.83 | 83.4 | 14.8 | 161.7 | 67.8 | 20.4 | 4.35 | 31.3 | 489.3 |
True widths are unknown at the moment.
Complete analysis of current 21 drill intercepts can be found on the GGM website (REE Interval Table).
Uses and Market Price Ranges of Rare Earths and Alkali Metals
Caesium is used to make special optical glass, as a catalyst promoter, in vacuum tubes and in radiation monitoring equipment. One of its most important uses is in the ‘caesium clock’ , or atomic clock. (Royal Society of Chemistry) with a price of 68,100 US dollars per kilogram (Mineral Commodity Summaries 2019).
Rubidium‘s photoemissive properties make it useful for electrical-signal generators in motion-sensor devices, night vision devices, photoelectric cells (solar panels), and photomultiplier tubes. Rubidium is used as an atomic resonance-frequency-reference oscillator for telecommunications network synchronization, playing a vital role in global positioning systems with prices of 15,500 US dollars per kilogram (USGS Mineral Commodity Summaries 2019).
Scandium is one of the most expensive of all the natural elements. Prices for 99.99% pure scandium (RE: 99% min. | Sc/TREM: 99.99% min.) have fluctuated between US$ 7000 and US$ 20,000 per kilogram over the past decade. Of course, because of the limited amount of material produced globally and the limited market for scandium, there is also a wide range of prices offered for the metal at any given time (strategic-metal.com and phone conversation May 10, 2021). Applications for scandium were not developed until the 1970s, when the positive effects of scandium on aluminium alloys were discovered, and its use in such alloys remains its only major application.
The leading consumers of zirconium metal are the chemical process and nuclear energy industries. (USGS zirconium-hafnium.pdf ) with a price of 37.1 US dollars per kilogram. (Shanghai Metals Market).
Cerium metal is used in ferrocerium lighters for its pyrophoric properties. Cerium-doped YAG phosphor is used in conjunction with blue light-emitting diodes to produce white light in most commercial white LED light sources. Recent prices are 4.71 US dollars per kilogram (Shanghai Metals Market, cerium).
Gallium as an arsenide is used in the manufacture of devices such as microwave frequency integrated circuits, monolithic microwave integrated circuits, infrared light-emitting diodes, laser diodes, solar cells and optical windows with a price of 534.4 US dollars per kilogram (kitco.com strategic-metals).
The leading use of hafnium metal is in superalloys with a price of 1347.4 US dollars per kilogram (kitco.com strategic-metals).
Neodymium is as a component in the alloys used to make high-strength neodymium magnets—powerful permanent magnets. These magnets are widely used in such products as microphones, professional loudspeakers, in-ear headphones, high performance hobby DC electric motors, and computer hard disks, where low magnet mass (or volume) or strong magnetic fields are required. Larger neodymium magnets are used in high-power-versus-weight electric motors (for example in hybrid cars) and generators (for example aircraft and wind turbine electric generators). Price is 118.5 US dollars per kilogram (kitco.com strategic-metals).
Strontium is used in producing ferrite magnets and refining zinc. Modern ‘glow-in-the-dark’ paints and plastics contain strontium aluminate (Royal Society of Chemistry – Strontium). Recent prices are 6.68 US dollars per kilogram (https://en.institut-seltene-erden.de/current-prices-of-strategic-metals/ ).
Equivalent Range Values of Intercepts
Equivalent Range Intercepts (I), (II), and (III) were calculated without Caesium and Rubidium as no active market for the metals could be identified at present. Inclusion into the Equivalent Range Value of intercepts would present values of 404.8 and 5,273.1 US dollars per tonne for Caesium and Rubidium respectively for Intercept (I). For comparison purposes, in gold equivalents 6.83 and 89.0 g/t over 53 meters respectively.
Equivalent Range Value for Intercept (I) is 80.8 to 93.8 US dollars per tonne.
In gold equivalents 1.36 g/t to 1.58 g/t over 53 meters. Gold 59.24 US dollars per gram (https://www.jmbullion.com/charts/gold-price/).
Equivalent Range Value for Intercept (II) is 110.9 to 228.3 US dollars per tonne.
In gold equivalents 1.87 g/t to 3.85 g/t over 35 meters.
Equivalent Range Value for intercept (III) is 133.6 to 326.0 US dollars per tonne.
In gold equivalents 2.25 g/t to 5.50 g/t over 30 meters.
Ten other rare earths and/or alkali metals are pending for inclusion into Equivalent Range Values.
Currently gold is mined from underground at values down to 2 g/t gold in Ontario, Canada (https://miningdataonline.com/property/1484/Young-Davidson-Mine.aspx#Geology).
Granada Gold Mine target underground gold grade is 4 g/t over a mining width of 1.5 to 2 meters.
Processing and Refining Rare Earths and Alkali Metals
Conventional mining, milling, separations and finishing possible at a single site with a zero discharge. Mountain Pass Mine in California, USA, which is in operation now is producing rare earth metals.
“Granada’s rare earth and alkali metal discovery was encountered during our deep drilling program for gold on the defined gold zone that is dipping at 50 degrees to the north towards the renowned Cadillac Break. Our target depth for the gold mineralization extension in the north of the Big Claim is about 2,500 meters,” said Frank J. Basa, P.Eng., “The 1.6 kilometer step out along the Cadillac Break could potentially be a massive rare earth and alkali metals mineralized zone yet to be discovered which would greatly impact the value of the property. The company has 5.5 kilometers of east-west strike length to further explore along the Cadillac Break. Drill results to date are exceptionally encouraging.”
The company is taking action on characterizing the minerals of these elements. It has sent samples to SGS Minerals in Ontario for advanced mineral analysis under the direction of Tassos Grammatikopoulos, Mineralogist at SGS Lakefield Research
Results to date are from SGS independent laboratories where NQ core samples of hole GR-20-22 were analysed. The company will proceed with sampling of the entire hole to enable disclosure of mineralized lengths associated with grades as well as investigation on the mineralogy as the grades of interest are not confined to one geological unit.
Co-ordinates of the hole have been determined by handheld GPS and will be surveyed in spring.
GR-20-22: 647 624E, 5 339 218N, 291Z, Azimuth 360N, Dip -65 and length 1,626m
QA/QC
The insertion of blanks and standards by the technical team in the program were in line with expected values. The laboratory QA/QC results for these anomalous elements at the laboratory are in line with their expected values thereby allowing the public disclosure of the values.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.
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
Type | Category | Tonnes | Au (g/t) | Gold Ounces |
In Pit | Measured1 | 3,756,000 | 1.89 | 228,000 |
Indicated | 1,357,000 | 2.55 | 111,000 | |
Measured+Indicated | 5,113,000 | 2.06 | 339,000 | |
Inferred | 34,000 | 11.29 | 12,000 | |
Underground | Measured | 37,000 | 4.22 | 5,000 |
Indicated | 807,000 | 4.02 | 104,000 | |
Measured+Indicated | 844,000 | 4.03 | 109,000 | |
Inferred | 1,244,000 | 6.33 | 253,000 |
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.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2021/12/c7376.html
Contact:
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Sun Summit Minerals Inc. (TSXV: SMN) (OTC Pink: SMREF) (“Sun Summit” or the “Company”) is pleased to report initial drill results from its fully funded, 2021 exploration program on its Buck Property, central B.C. Assays from five of the 18 completed holes are reported.
Highlights
- Significant high-grade gold mineralization was intersected in the Trench zone:
- 31.6 grams per tonne (g/t) gold over 4.0 metres, including 246 g/t gold over 0.5 metres (BK21-020).
- 7.36 g/t gold over 3.0 metres including 21.70 g/t gold over 1.0 metre (BK21-019).
- These initial results from BK20-012 step-out holes confirm the high-grade potential of this newly discovered area.
- Broad zones of bulk-tonnage style gold mineralization was intersected in the Horseshoe zone:
- 0.78 g/t gold over 186 metres including 1.07 g/t gold over 109 metres and including 7.17 g/t gold over 5.2 metres (BK21-017). This interval represents the longest continuous zone of significant gold and silver mineralization ever drilled on the property.
- 0.81 g/t gold over 70.0 metres including 1.04 g/t gold over 43.0 metres (BK21-018).
Note: Intervals are downhole core lengths. True widths are unknown.
Bob Willis, Sun Summit’s CEO, stated: “The 2021 program has started off with exceptional results. Our first hole in the Horseshoe zone cut a long and continuous interval of significant gold mineralization which contained a high-grade zone which clearly indicates the potential of high-grade sweeteners within bulk tonnage-style grades.
Assays from drill hole BK21-020, a 100-metre step-out from discovery hole BK20-012, in the Trench zone confirms the considerable potential of this area. The vein-hosted mineralization in this new hole yielded the highest gold grade ever drilled at Buck.
Our systematic approach to investigating the potential of the Buck property is paying off and we look forward to keeping our shareholders informed on our progress as assays are returned from the lab. The current drill phase expanded the footprint of the Trench-Horseshoe mineralized system. The limits of the system have not been reached and it remains open in all directions.”
Trench zone
The three Trench zone holes (BK21-019, 020, and 022; Table 1) were designed to investigate the extent of multiple zones of high-grade gold mineralization discovered in BK20-012 (see news release dated January 5, 2021).
Table 1. Assay results – Trench zone
From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) | AuEQ (g/t) | |
Trench Zone | ||||||
BK21-019 | 59.0 | 73.0 | 14.0 | 0.38 | 5.93 | 0.48 |
and | 80.0 | 84.0 | 4.0 | 0.27 | 2.86 | 0.31 |
and | 131.0 | 154.1 | 23.1 | 1.51 | 3.58 | 1.57 |
inc | 131.0 | 134.0 | 3.0 | 7.36 | 8.70 | 7.49 |
inc | 133.0 | 134.0 | 1.0 | 21.70 | 22.20 | 22.04 |
inc | 145.2 | 146.0 | 0.8 | 8.38 | 5.39 | 8.46 |
and | 158.0 | 175.0 | 17.0 | 0.40 | 2.28 | 0.44 |
and | 195.0 | 203.2 | 8.2 | 0.98 | 2.22 | 1.01 |
and | 239.0 | 243.0 | 4.0 | 0.36 | 4.44 | 0.43 |
BK21-020 | 57.0 | 63.0 | 6.0 | 0.15 | 11.72 | 0.33 |
and | 74.0 | 79.0 | 5.0 | 0.68 | 8.35 | 0.81 |
and | 115.0 | 119.0 | 4.0 | 0.37 | 7.69 | 0.49 |
and | 154.0 | 161.0 | 7.0 | 0.50 | 5.58 | 0.58 |
and | 174.0 | 184.0 | 10.0 | 0.37 | 1.08 | 0.39 |
and | 203.0 | 211.0 | 8.0 | 0.48 | 1.61 | 0.50 |
and | 214.9 | 228.0 | 13.1 | 0.21 | 0.97 | 0.23 |
and | 233.0 | 243.2 | 10.2 | 0.36 | 1.04 | 0.38 |
and | 326.0 | 330.0 | 4.0 | 31.61 | 9.35 | 31.75 |
inc | 326.0 | 327.0 | 1.0 | 125.62 | 34.24 | 126.14 |
inc | 326.5 | 327.0 | 0.5 | 246.00 | 66.70 | 247.03 |
BK21-021 | Assays Pending | |||||
BK21-022 | 41.0 | 49.0 | 8.0 | 0.34 | 4.84 | 0.42 |
and | 84.0 | 91.7 | 7.7 | 0.55 | 7.02 | 0.66 |
and | 110.3 | 136.0 | 25.8 | 0.44 | 3.93 | 0.50 |
and | 147.0 | 182.9 | 35.9 | 0.28 | 2.35 | 0.32 |
and | 189.0 | 193.2 | 4.2 | 0.59 | 4.92 | 0.67 |
and | 247.0 | 255.7 | 8.7 | 1.04 | 6.18 | 1.14 |
and | 284.5 | 301.0 | 16.5 | 0.23 | 3.30 | 0.28 |
- AuEQ (gold equivalent) based on a 65:1 silver to gold (Ag:Au) ratio.
- Calculations are uncut and length-weighted using a 0.15 g/t gold cutoff with less than five continuous metres of internal dilution.
- Intervals are downhole core lengths. True widths are unknown.
BK21-020 was drilled to the south and cut across the west-dipping BK20-012 and intersected (intervals are not true widths) 31.75 g/t AuEQ (gold equivalent; 31.6 g/t gold, 9.4 g/t silver) over 4.0 metres including 247 g/t AuEQ (246 g/t gold, 66.7 g/t silver) over 0.5 metres approximately 100 metres to the southeast of the 49.6 g/t gold over 1.5 metre interval in BK20-012 (Figures 1 and 3; see news release dated January 5, 2021). Here, local quartz + carbonate + sulfide vein-hosted gold mineralization is associated with a broad zone of quartz + sericite alteration peripheral to quartz + feldspar porphyritic dykes. Similarly, BK21-019 cut numerous zones of gold mineralization highlighted by 1.57 g/t AuEQ (1.51 g/t gold, 3.58 g/t silver) over 23.1 metres including 22.04 g/t AuEQ (21.70 g/t gold, 22.20 g/t silver) over 1.0 metre at 133 metres downhole. The higher-grade interval in BK21-019 was cut approximately 25 metres north of the 23.05 g/t gold over 3.0 metre interval in BK20-012 (see news release dated January 5, 2021). Results from all three holes demonstrate the high-grade potential of this new target area. Tighter-spaced drilling with oriented core is warranted to better define structural orientations of high-grade veins. Assays are pending from nine additional holes in the Trench zone.
Horseshoe zone
The two Horseshoe zone holes (BK21-017 and 018; Table 2) were designed to test the strike-extent of bulk-tonnage, sulfide-cemented breccia-hosted gold mineralization.
Table 2. Assay results – Horseshoe zone
From (m) | To (m) | Interval (m) | Gold (g/t) | Silver (g/t) | AuEQ (g/t) | |
Horseshoe Zone | ||||||
BK21-017 | 11.0 | 55.3 | 44.3 | 0.47 | 6.95 | 0.57 |
and | 66.0 | 252.0 | 186.0 | 0.78 | 4.91 | 0.85 |
inc | 129.0 | 238.0 | 109.0 | 1.07 | 5.48 | 1.15 |
inc | 129.0 | 174.0 | 45.0 | 1.64 | 7.69 | 1.76 |
inc | 134.0 | 139.2 | 5.2 | 7.17 | 18.23 | 7.45 |
Inc | 137.5 | 138.1 | 0.6 | 17.3 | 27.50 | 17.7 |
and | 275.0 | 293.0 | 18.0 | 0.20 | 1.52 | 0.22 |
and | 361.0 | 369.0 | 8.0 | 0.20 | 3.62 | 0.25 |
BK21-018 | 147.0 | 160.2 | 13.2 | 1.13 | 2.35 | 1.17 |
inc | 151.0 | 153.0 | 2.0 | 5.27 | 3.38 | 5.32 |
and | 166.0 | 236.0 | 70.0 | 0.81 | 2.52 | 0.85 |
inc | 181.0 | 224.0 | 43.0 | 1.04 | 2.11 | 1.07 |
inc | 186.0 | 190.0 | 4.0 | 3.93 | 1.48 | 3.95 |
- AuEQ (gold equivalent) based on a 65:1 silver to gold (Ag:Au) ratio.
- Calculations are uncut and length-weighted using a 0.15 g/t gold cutoff with less than five continuous metres of internal dilution.
- Intervals are downhole core lengths. True widths are unknown.
BK21-017 was collared on the same pad as BK20-012 but drilled in an opposite direction to the east (Figure 1). The hole returned 1.15 g/t AuEQ (1.07 g/t gold, 5.48 g/t silver) over 109 metres associated with a dacite matrix-rich and local sulfide + quartz + carbonate-cemented hydrothermal breccia. BK21-018 was collared 65 metres south of BK21-017 and drilled to the north under BK21-017. The hole returned 0.85 g/t AuEQ (0.81 g/t gold, 2.52 g/t silver) over 70.0 metres including 1.07 g/t AuEQ (1.04 g/t gold, 2.11 g/t silver) over 43 metres associated with sphalerite-rich sulfide-cemented breccias. Together, both holes build on results from 2020 (e.g., BK20-006, 007, 009 and top of 012) and further expand the zone of near-surface, bulk-tonnage style gold mineralization to the east (Figures 1 and 2). All phases of breccias contain gold and silver mineralization associated with clotted, disseminated and breccia-hosted sphalerite (zinc sulfide) and pyrite. Assays are pending from two additional holes in the Horseshoe zone.
Figure 1. Map showing drill hole locations
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6142/83531_e2002a7ae4c03adf_001full.jpg
Figure 2. A-A’ Cross section from the Trench to Horseshoe zones showing selected highlights
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6142/83531_e2002a7ae4c03adf_002full.jpg
Figure 3. B-B’ Cross section in the Trench Zone showing selected highlights
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6142/83531_e2002a7ae4c03adf_003full.jpg
Table 3. Drill collar locations
Hole ID | UTM E* | UTM N* | Elevation (m) | EOH (m) | Azimuth | Dip |
BK21-017 | 654564 | 6019732 | 909 | 384 | 105 | -55 |
BK21-018 | 654552 | 6019670 | 919 | 330 | 40 | -75 |
BK21-019 | 654406 | 6019805 | 884 | 288 | 170 | -70 |
BK21-020 | 654406 | 6019805 | 884 | 354 | 175 | -60 |
BK21-022 | 654396 | 6019798 | 898 | 303 | 240 | -50 |
Notes: * NAD 83 Zone 9N
Quality Assurance and Quality Control
All sample assay results have been monitored through the Company’s quality assurance / quality control (QA/QC) program. Drill core was sawn in half at Sun Summit’s core logging and processing facility in Houston, B.C. Half the core was sampled and shipped in sealed and secure bags to the ALS Global preparation facilities in Yellowknife, N.T. Samples were prepared using standard preparation procedures. Following sample preparation, the pulps were sent to the ALS Global analytical laboratory in North Vancouver, B.C., for analysis.
Core samples were analyzed for 48 elements by ICP-MS on a 0.25 gram sample using a four acid digestion (method ME-MS61L). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23). Over limit gold (>10 ppm) was re-analyzed by fire assay using a gravimetric finish on a 30 gram sample. Over limit silver (>100 ppm) was re-analyzed using a four acid digestion and ICP-AES finish. Over limit zinc (> 10,000 ppm) was re-analysed using a four acid digestion and ICP-AES finish. ALS Global is registered to ISO / IEC 17025:2017 accreditations for laboratory procedures.
In addition to ALS Global laboratory QA/QC protocols, Sun Summit implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the sample stream.
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 working to engage with First Nations whose territory includes the Buck Property, to discuss their interests and identify contract and work opportunities, as well as opportunities to support community initiatives. We look forward to continuing to work with local and regional First Nations as the project continues.
Buck Property
The recently expanded 33,000-hectare property, approximately 12 kilometres south of Houston, British Columbia, has excellent nearby infrastructure and allows for year-round road-accessible exploration.
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 their 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 property 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
Figures
Figure 1:
https://sunsummitminerals.com/wp-content/uploads/2021/05/Buck_Fig1_Drilling_May11_NR-Au-scaled.jpg
Figure 2:
https://sunsummitminerals.com/wp-content/uploads/2021/05/Buck_Fig2_EW_Section_May11_NR-Au-scaled.jpg
Figure 3:
https://sunsummitminerals.com/wp-content/uploads/2021/05/Buck_Fig3_NS_Section_May11_NR-scaled.jpg
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
Canbud’s Subsidiary, Empathy Plant Co. Begins Build-Out of Sales Team
Canbud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“Canbud” or the “Corporation”) announces its subsidiary, Empathy Plant Co. has begun to build out an experienced sales team to lead the expansion of its plant-based product lines.
With the Complete Plant Protein production order being executed, Empathy Plant Co. now focuses on onboarding highly experienced salespeople that can lead the Corporation into new markets and drive awareness for its innovative brand. Headed by 30-year nutraceutical industry veteran, Ryan Herniman, the remote working structure lends well to the current COVID-19 operating environment. Mr.Herniman’s brick and mortar contacts and operational experience will be invaluable as Empathy Plant Co. pushes to scale various product lines across North America’s health and wellness space.
This next phase of the team buildout not only supports the omnichannel sales strategy, but also allows for an infrastructure which will streamline the onboarding of M&A targets while supporting inhouse brand launches.
Steve Singh, CEO comments: “As we continue to push to commercialization, assembling industry veterans is going to greatly accelerate the Canbud vision in the health and wellness space. Empathy Plant Co. is already gaining market awareness and quality human equity will help drive shareholder equity.”
Follow all Empathy Plant Co. developments by entering your email at empathyplantco.com or following on Instagram.com/empathyplantco.
About Canbud Distribution Corporation
Canbud Distribution Corporation is a science and technology health and wellness company that encompasses plant based, psychedelic pharmaceutical and non-psychedelic nutraceutical, and hemp cannabinoids (CBD) verticals.
www.canbudcorp.com
https://www.instagram.com/canbudcorp/?hl=en
https://twitter.com/canbudcorp
https://www.linkedin.com/company/canbud-distribution-corp/?viewAsMember=true
https://www.instagram.com/empathyplantco/?hl=en
For further information, please contact:
ir@canbudcorp.com
or
Robert Tjandra, President and COO
Tel: 1 416 847 7312
Notice Regarding Forward-Looking Information
This news release is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of the Corporation and may not be relied upon in connection with the purchase or sale of any such security.
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. The forward-looking information contained in this news release represents the expectations of the Corporation as of the date of this news release and, accordingly, is subject to change after such date. Forward-looking information includes information including statements with respect to the future exploration performance of the Corporation. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Corporation at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to (i) adverse market conditions; (ii) risks inherent in the CBD, psychedelics and vegan protein industries in general or (iii) risks generally associated with the Corporation’s business, as described in the Corporation’s public filings on SEDAR, which readers are encouraged to review in detail prior to any transaction involving the securities of the Corporation. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Corporation does not intend to update these forward-looking statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82659
- Published in Canbud Distribution, News Home
Newlox Gold Advances Boston Construction
Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | OTC : NWLXF ) is pleased to announce that the Com pany has made significant progress in the construction of its Boston Processing Facility (Plant 2) . Since announcing the start of construction at Boston last month, Newlox Gold has acquired crushing, milling, and precious metals recovery equipment, much of which is now on the new processing plant site.
Newlox designed this mill with the capability of processing 150 tonnes per day of mineralized material grading approximately 15 grams gold per tonne. At full scale, Boston is expected to be capable of recovering approximately 20,000 ounces of gold per year, as well as a significant quantity of silver.
Construction at Boston is proceeding according to plan with completion anticipated within approximately tw o months. This phase will be followed by commissioning, testing, and commercialization. Newlox Gold is undertaking an expedited construction and commissioning schedule at Plant 2, which is made possible by its fully-permitted status and its proximity to the artisanal mining operations, as well as the experience of Newlox Gold’s engineering and fabrication team.
Boston is built upon a wealth of historical exploration and mining data . Newlox’s operations team has worked closely with the Company’s local mining partners in both planning and development work, facilitating the expedited start of construction . As part of this process, the local groups are actively reconditioning the Boston Mine adits (tunnels) in anticipation of enhanced mineral processing without the need for mercury. The refurbishing of the Boston Mine is part of a greater effort by local artisanal mining groups to improve productivity through collaboration with Newlox Gold.
This partner mining approach creates a coexistence model for artis anal mining, seeking to uplift local miners by providing access to modern and efficient processing technologies while maintaining cultural and economic traditions. Partner mining will not only improve local economic conditions but will also notably remove the unhealthy legacy of mercury-based processing techniques, which result in both negative human and environmental consequences.
As previously announced Newlox secured a net revenue-sharing agreement with an established artisanal mining syndicate with which management has a multi-year association. Net revenues after all production costs will be split 50/50 between the miners and Newlox. Newlox will have zero mining costs as a result of this arrangement. The Company expects the Boston Project to contribute significantly to Newlox’s near-term growth. By selecting small-scale projects with low capital requirements and expedited development timelines, the Company plans to grow aggressively in Latin America to encompass multiple projects. Boston will become a model for the artisanal mining sector.
A Message from Ryan Jackson, President & CEO:
“We are delighted to report that construction at the Boston Project is proceeding according to plan. The project will provide local mining groups with access to modern mineral processing technology. It will empower local miners to enhance their economic, social, and environmental circumstances while advancing our Company’s growth strategy.
Newlox Gold has raised sufficient capital to fund its 2021 initiatives and remains on a solid footing to achieve its goals. This year will be a monumental one for Newlox Gold. We are completing the ramp-up of operations at the first processing plant as well as establishing our vision for organic growth through the deployment of additional artisanal mining focused facilities.”
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. 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: ryan@newloxgold.com
Phone: +1 778 738 0546
- Published in Mining, Newlox Gold, News Home
Granada Adds 3rd Drill for Deep Drilling of 10,000 Meters
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announced a 3rd drill has started a new deep hole in the North-East of the property on the Big Claim. This hole is collared 1.4 km SE of hole GR-20-20, the REE and alkali metal discovery hole (GGM press release March 23, 2021) and 225m west of GR-20-22 which has shown the highest rare earth and alkali metals mineralization with assays pending. With this drill hole, the company expects to cross the rare earth and alkali metals zone on its way to intersect the gold zone at depth as shown in Figure 1. Significantly, in the northern sector of the property, the company intersected 13.7 g/t Au over 1.5m at 662m in hole GR-18-04 and 8.25 g/t Au over 1.5m at 784.5m in hole DUP-12-02-W1 near the Genesis Target in 2018. This is in line with the targeted underground grade of 4 grams per tonne.
The company has hired Forage Lamontagne-Fortier Inc. for a first 10,000 meters. The drill is rated for holes up to 2500 meters. In addition to potentially intersecting the new REE and Alkali metal findings, the company is still aiming to intersect the gold mineralization at depth.
This allows the two other drills of Forage Multi-Drilling to continue to develop the underground Mineral Resources under the recent pit constrained Mineral Resources (GGM press release Jan 29, 2021). The company is also drilling at an angle with Multi Drilling to define an underexplored area under the orphan tailings.
CEO Frank J. Basa, P.Eng., commented that “This 3rd drill, with a 2500m depth capability, should allow us to reach the deep gold target. As we know the gold mineralization on the famous Cadillac Break did not come from the surface, as it comes from depth – we are hopefully heading towards the sweet spot on the property.”
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.
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
Type | Category | Tonnes | Au (g/t) | Gold Ounces |
In Pit | Measured1 | 3,756,000 | 1.89 | 228,000 |
Indicated | 1,357,000 | 2.55 | 111,000 | |
Measured+Indicated | 5,113,000 | 2.06 | 339,000 | |
Inferred | 34,000 | 11.29 | 12,000 | |
Underground | Measured | 37,000 | 4.22 | 5,000 |
Indicated | 807,000 | 4.02 | 104,000 | |
Measured+Indicated | 844,000 | 4.03 | 109,000 | |
Inferred | 1,244,000 | 6.33 | 253,000 |
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.
“Frank J. Basa”
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/27/c0699.html
Contact:
Frank J. Basa, P. Eng., President and CEO, at 1-819-797-4144 or Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Sonoro Extends El Colorado Zone: Reports 14.6 g/t Gold Over 1.52 Meters Within a 16.77 Meter Intercept of 1.837 g/t Gold
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from an additional 25 RC drill holes completed at four of the 18 gold mineralized zones within the Cerro Caliche gold concession located in Sonora, Mexico. Recent drilling successfully tested on-strike and lateral extensions at El Colorado, Cabeza Blanca, Buena Vista and Boludito, as shown on the map below.
Highlights are as follows:
- SCR-234 in the southern extension of El Colorado intercepted 16.77 meters averaging 1.837 grams of gold per tonne (“g/t Au”); including 4.57 meters averaging 5.627 g/t Au; including 1.52 meters averaging 14.6 g/t Au.
- SCR-239 in the eastern extension of El Colorado intercepted 7.62 meters averaging 2.425 g/t Au; including 1.52 meters averaging 10.6 g/t Au.
- SCR-256 at Cabeza Blanca intercepted 12.19 meters averaging 1.067 g/t Au; including 4.57 meters averaging 2.10 g/t Au; including 1.52 meters averaging 3.701 g/t Au.
- SCR-247 at Buena Vista intercepted 25.91 meters averaging 0.578 g/t Au; including 3.05 meters averaging 1.784 g/t Au.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c473b79-d376-47bc-b267-2283c3363edb
El Colorado Zone Expanded in Three Directions
Eight additional drill holes were completed in the El Colorado gold mineralized zone, bringing the total drilled in the zone to 22 holes and further extending the dimensions of the zone to the north, south and east. Gold bearing veins in this zone depart from the uniform northwest-prominent trend of the district and exhibit numerous splays and abrupt directional changes in the vein trends. Mineralization at El Colorado remains open in all directions and to depth.
Drill holes SCR-234 and SCR-239 both reported high grade vein intercepts. Located in the southern extension of the zone, SCR-234 reported 1.52 meters averaging 14.6 g/t Au within wider intervals of 4.57 meters averaging 5.627 g/t Au and 16.77 meters averaging 1.837 g/t Au. In the new southeastern extension of the zone and proximal to other prior high-grade intercepts, drill hole SCR-239 reported 1.52 meters averaging 10.6 g/t Au within a wider interval of 7.62 meters averaging 2.425 g/t Au. These vein intercepts may be a continuation of known veins such as the northwesterly-trending Guadalupe vein, the northerly-trending Cabeza Blanca vein, or the high-grade low angle Colorado vein identified in drill hole SCR-044 in 2018, the highest-grade drill hole completed at El Colorado. The Company plans to investigate these vein structures further in the next phase of drilling.
Veins from the El Colorado zone connect northward mainly with the Cabeza Blanca Vein zone and the Guadalupe vein. Drill hole SCR-246 located in the deep canyon between El Colorado and Cabeza Blanca shows several short connecting mineralized intervals where the Guadalupe and Cabeza Blanca veins intercept.
The image below illustrates a 300-meter cross section of selected drill holes at El Colorado.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bf717567-ac98-45fb-8baa-7894e91fd7de
Cabeza Blanca Vein Zone Extended
Six new drill holes completed in the Cabeza Blanca gold mineralized vein zone extend the zone 50 meters to the north providing a more detailed understanding of the zone. Cabeza Blanca remains open along strike to the north and may coalesce with the El Colorado structure to the south, suggesting a continuous strike length of over one kilometer.
At the northern extension of the zone, approximately 150 meters from the bottom of Laydame Canyon, drill hole SCR-245 intercepted 1.52 meters averaging 1.990 g/t Au within a 3.05 meter-wider intercept averaging 1.118 g/t Au. The remaining five drill holes are spaced upslope to the south over a distance of 235 meters to the top of Cabeza Blanca ridge.
Highlights are as follows:
- SCR-253 intercepted 12.19 meters averaging 0.792 g/t Au; including 1.52 meters averaging 2.159 g/t Au.
- SCR-256 intercepted 12.19 meters averaging 1.067 g/t Au; including 4.57 meters averaging 2.10 g/t Au.
Among the six-drill holes recently completed at Cabeza Blanca, SCR-256 is the furthest south and is located approximately 35 meters north of the previously announced SCR-096 which intercepted 16.76 meters averaging 0.841 g/t Au including 4.57 meters averaging 2.419 g/t Au.
The image below illustrates a 600-meter longitudinal section of selected drill holes at Cabeza Blanca.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c68e8c97-21ae-4219-9987-ed557a85ff3f
Drilling at Buena Vista-Japoneses Suggests Potential Coalescence with Buena Suerte Zone
Drilling at the western extension of the Buena Vista zone continues to narrow the gap between the Japoneses–Buena Vista and Buena Suerte zones. Each drill hole intercepted gold mineralization at or near surface.
Highlights are as follows:
- SCR-244 intercepted 24.38 meters averaging 0.401 g/t Au.
- SCR-247 intercepted 25.91 meters averaging 0.578 g/t Au; including 3.05 meters averaging 1.784 g/t Au.
- SCR-254 intercepted 4.57 meters averaging 0.894 g/t Au and 9.6 g/t Ag.
Results from nine additional drill holes completed between Buena Vista and Buena Suerte are being processed for assays with results expected within ten days. The Company anticipates these drilling results to further support the potential merging of the two zones into a single body of shallow, oxide gold mineralization. If confirmed, a single larger gold mineralized zone may prove to have significant and positive economic implications for the Company’s proposed Heap Leach Mining Operation (HLMO).
Boludito Zone Extended to the North
Seven new holes drilled at the Boludito zone further confirm the zone’s mineralization as an extension of the strategically important 1.3-kilometer long Cuervos-Japoneses-Boludito gold mineralized structure. All seven holes were drilled on the northern slope of Laydame Canyon situated to the south between the Boludito and Japoneses zones. The group of drill holes indicate a general continuation of mineralization at lower gold grades with slightly higher silver content than mineralization identified south of the canyon bottom.
Highlights are as follows:
- SCR-233 intercepted 4.57 meters averaging 0.721 g/t Au.
- SCR-235 intercepted 7.62 meters averaging 0.402 g/t Au.
- SCR-237 intercepted 10.67 meters averaging 0.629 g/t Au and 9.8 g/t Ag, including 1.52 meters averaging 2.09 g/t Au and 39.2 g/t Ag.
These drill holes represent an extension of the Boludito mineralized zone to the north of Laydame Canyon by approximately 150 meters.
Mel Herdrick, VP Exploration of Sonoro, stated, “These 25 drill holes have shown continuing expansion of gold mineralization in all four zones. The final nine drill holes assay reports arriving over the next week will show the character of the area between the Buena Suerte and Buena Vista-Japoneses zones. Surface rock in that area is strongly silicified with quartz veinlets all overprinting mylonite structures in quartzites with about one percent limonite from oxidation. I consider this intermediate area to be prospective for additional gold mineralization.”
Kenneth MacLeod, President and CEO of Sonoro, stated, “Upon the imminent receipt of the final assays for the current phase of the drill program, our database will contain over 47,500 meters of historic and recent data from 433 core and RC holes, of which 34,550 meters were drilled by Sonoro since 2018. The data will be processed by Micon International in the preparation of an updated NI 43-101 technical report and by D.E.N.M. Engineering in the preparation of a Preliminary Economic Assessment on the Cerro Caliche project. We anticipate a resumption of the drilling program in August 2021, following receipt of these reports.”
John Darch, Chairman of Sonoro, added, “These drilling results continue to affirm the potential of Cerro Caliche to host a major deposit amenable to support the proposed 15,000 to 20,000 tonnes per day Heap Leach Mining Operation (HLMO). Investors’ recognition of this potential was evident when our recent financing was over-subscribed despite being increased twice. Of Cerro Caliche’s 18 zones, this drilling focused on four different gold zones – all demonstrating significant increases in size with more high-grade gold intercepts reported in every zone. As these zones expand, many are evidencing coalescence into larger mineralized structures which would be optimal cost-wise if these multiple gold zones merge into a single major open pit mining operation. With the conclusion of the current drilling program, the development of the Cerro Caliche HLMO should accelerate as we approach critical milestones, including Cerro Caliche’s NI 43-101 resource update, its preliminary economic assessment and securing project finance for the construction and commissioning of the mine.”
Assay Results
Drill collar locations, azimuths and dips for the drill holes included are provided in the table below.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Drill samples are collected with an airstream cyclone and passed into a splitter that divides each sample into quarters. The quartered samples are then bagged and sealed with identification. The sample group has blanks, standards and duplicates inserted into the sample stream.
Bureau Veritas (BV) collects from the drill site the samples and transports them directly to the preparation laboratory in Hermosillo, Sonora. At the preparation laboratory, a split part of each sample (about 500 grams) is reduced through crushing, splitting and pulverization. Thirty grams of each pulverized sample is split apart in the Hermosillo laboratory and undergoes a “Fire Assay” for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids and the gold content determined by atomic absorption. About another 200 grams of each sample are sent by BV to their Vancouver, Canada laboratory and dissolved there in aqua regia for multi-element ICP analysis, including silver. 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 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.
Private Placement
On April 20, 2021, the company announced the closing of its oversubscribed non-brokered private placement of 17,283,586 units at $0.18 per unit, for total gross proceeds of $3,111,045. Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common share for a period of two years from the closing date at an exercise price of $0.30 per share.
In connection with the Offering, the Company entered into finder’s fee agreements with Haywood Securities Inc. (“Haywood”), Echelon Wealth Partners Inc. (“Echelon”), Couloir Capital Securities Ltd. (“Couloir”), Canaccord Genuity Corp. (“Canaccord”) and National Securities Corp. (“National Securities”).
The Company would like to take this opportunity to clarify that it paid a total of $26,406 in Finder’s Fees, not $80,110, as incorrectly announced in the Company’s new release dated April 20, 2021. The Company also paid $9,722 in Finder’s units and 167,922 in non-transferable Finder’s Warrants.
The net proceeds from the Offering will be used principally to fund ongoing development plans at Cerro Caliche, including completion of metallurgical testing, preparation of a NI 43-101 resource update, a Preliminary Economic Assessment, in addition to property maintenance payments, and secondarily for corporate and general administrative expenses.
The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
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
Forward-Looking Statement Cautions: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans for the exploration, development and operations at the above-described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, including statements regarding the Company’s plans for additional exploration drilling, an anticipated update of the current resource estimate for Cerro Caliche to be included in a Micon International 43-101 technical report, and an independent PEA, both to be published in Q3 2021, the expectation that the planned PEA will support the Company’s mine development plans, anticipated coalescing of multiple mineralized zones, the results of pending assays, and other material conditions set out above on which the Company’s development plans are dependent. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective” and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable exploration and test results, unfavourable results of the contemplated PEA of the Cerro Caliche project, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Figure 1
Recent Drilling Successfully Tested On-Strike and Lateral Extensions at El Colorado, Cabeza Blanca, Buena Vista and BoluditoFigure 2
El Colorado Interpretive Cross Section A-A’Figure 3
- Published in Mining, News Home, Sonoro Gold