San Marco Expands Land Position at Flagship Buck Property, B.C.
San Marco Resources Inc. (TSXV: SMN) is pleased to announce that it has expanded its tenure holdings at its 100% optioned gold-silver-zinc Buck property in north-central B.C.
Highlights of the tenure acquisition include:
- The addition of five new mineral claims totalling 7,245 hectares.
- The Company’s land position in the area has increased by 33%, for a total of 22,204 hectares.
- The new ground includes mapped mineralization by previous explorers, and thus will be followed up by the Company’s geologists.
- The new claims will become subject to the Company’s property option agreement with Richard Billingsley and his wife, Gaye Richards, which in 2019 granted the Company the option to acquire the Buck property.
The strategic mineral tenure staking at the Buck property can be seen in Figure 1.
San Marco’s CEO, Bob Willis, commented “We are pleased to acquire additional ground at Buck. This expanded land position, contiguous to our current land holdings, will allow us to explore additional targets in the area. The mineralized surface footprint at Buck continues to expand, as such our new ground allows for continued definition of exploration targets within land we control”.
San Marco wishes to correct a statement in the Company’s news release dated August 6, 2020. In the first paragraph, it should read “The property is 170 km northwest of Artemis Gold Inc.’s Blackwater Gold Project (9.5 million ounces of Au, Measured and Indicated Mineral Resource; see Artemis Gold Inc.’s June 9th, 2020, news release – such resources are not indicative of resources on the Buck property).” The Company inadvertently wrote “such resources are not indicative of the mineralization on the Buck property”. San Marco is seeing many Buck/Blackwater geological similarities.
The Company recently provided an exploration update at its Buck property (see news release dated August 6, 2020). Phase 2 drilling is expected to begin by late August.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc, and copper projects with a focus in mining friendly jurisdictions in both British Columbia and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco 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.sanmarcocorp.com
Link to Figure:
- Published in Mining, News Home, San Marco Resources
Canada Silver Cobalt Appoints Matt Halliday to the Board and Engages Investor Relations Advisor
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce that Matt Halliday, P.Geo., the Company’s President & COO has also been appointed to the board of directors. In connection with Matt’s appointment to the board, Marc Bamber has resigned as a director of the Company to focus on his other work commitments. We thank Marc for his contributions to the Company and wish him well in his future endeavours.
The Company has also engaged GRA Enterprises LLC (the “Consultant”) to provide investor relations services pursuant to a consulting agreement dated July 24, 2020. Services will include the production and publication of investor bulletins, distribution of investor bulletins to the Consultant’s e-mail list, and posts via the Consultant’s blogs and social media accounts. In consideration of these services, the Company has paid the Consultant a fee of US$30,000 for a 6-month contract. The Consultant is an arm’s length party to the Company and does not currently own any securities of the Company as at the date hereof but may purchase securities in the Company from time to time for investment purposes. The consulting agreement with the Consultant is subject to acceptance by the TSX Venture Exchange.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
- Published in Canada Cobalt Works, Mining, News Home
San Marco Updates Exploration on Its Buck Gold – Silver Property, Central British Columbia
San Marco Resources Inc. (TSXV: SMN) provides an update from its multidisciplinary exploration program currently underway at its 100% controlled Buck epithermal gold (Au) – silver (Ag) property in central British Columbia, Canada. The 15,000 hectare road accessible property is located 12 kilometres (“km”) south of Houston, B.C. and has excellent nearby infrastructure and allows for year-round exploration. The property is 170 km northwest of Artemis Gold Inc.’s Blackwater Gold Project (9.5 million ounces of Au, Measured and Indicated Mineral Resource; see Artemis Gold Inc.’s June 9th, 2020, news release – such resources are not indicative of the mineralization on the Buck Property).
Highlights
- Second Phase diamond drilling is expected to commence by the end of August. This drill phase will test epithermal-related, bulk-tonnage Au-Ag targets as well as structurally controlled, high-grade Au-Ag targets. Initial drilling will be focused within the currently known one km by two km surface mineralization footprint.
- A ground magnetic survey will be completed in August covering historical and newly discovered mineralization.
- A 20 line-km induced polarization (IP) survey over the Buck breccia complex and its interpreted northern extent below cover will commence early September.
- 679 soil samples were collected on a grid located one km north of historical drilling. Initial field results from this newly discovered area indicate this area is very prospective for Au-Ag mineralization. Assay results will be released when plotted and analysed.
- 104 rock-chip samples were taken from historical trenching as well as from areas of newly identified mineralization throughout the property. Results will be released when plotted and analysed.
Drilling
The second phase of 2020 diamond drilling will begin near the end of August, 2020. Numerous drill targets are already defined and additional targets will be refined based on ongoing geological and geochemical surveys and the upcoming geophysical surveys. San Marco is planning an aggressive drill program which will include an initial 3,000 to 5,000 metres of drilling followed by an additional proposed 5,000 metres of drilling based on results of initial drilling. Drill site preparation is commencing shortly.
This upcoming drill program will build on the previously announced Phase 1 diamond drill program of 1,806 metres which intersected wide zones of continuous gold mineralization such as 91 metres of 0.75 grams per tonne (g/t) Au within 156 metres of 0.59 g/t Au (BK20-002, SMN news release dated May 12, 2020).
Geophysical Surveys
San Marco will conduct a 20 line-km IP survey over the Buck breccia complex. Historic 1980’s-vintage IP data was collected on east-west oriented lines. Based on the new understanding of key property-scale WNW mineralization trends, a modern north-south oriented survey with a significantly increased depth of investigation is warranted. This survey will also cover the recently completed soil geochemical grid where historic IP data is lacking. Prior to the IP survey, a ground magnetic survey will be conducted to help refine the property’s lithological and structural architecture as well as identify areas of magnetite-destructive alteration.
Geology and Sampling
- Exploration completed to date include geological and structural mapping together with rock-chip sampling in the northwest trending Buck Structural Corridor and also in newly identified zones of mineralization along trend.
- A total of 679 soil samples were collected on a grid centered one km north of the Horseshoe zone. This newly discovered area is prospective for Buck-style Au-Ag mineralization.
- A total of 104 rock samples were systematically collected from throughout the property. Assay results of these samples will be released after received and analysed.
Field crews completed approximately 26 line-km of soil sampling with a total of 679 B-horizon soil samples collected over the inferred north-northeast extension of the Buck breccia complex. A total of 104 rock samples were also collected from areas of historic trenching and also areas of newly identified zones of alteration and mineralization. In addition, 11 silt samples were collected from key drainages on the property.
Detailed geological and structural mapping of historic trenches and gossanous outcrop along Buck Creek revealed new insights into key structural controls to higher-grade Au-Ag mineralization (see SMN news release dated June 23rd, 2020). A property-scale WNW-trending, ~500 metre wide by at least two km long structural zone, termed the Buck Structural Corridor, has been defined (Figure 1). The Corridor is interpreted to be a first-order control on mineralization with smaller NE-SW grade-controlling structures also observed. The Corridor includes the Horseshoe, Adit and Trench zones. Based on new structural observations, the structural model is being refined and will better inform drill hole planning.
Gold and silver mineralization is predominantly associated with disseminated and lesser stringer-hosted pyrite and sphalerite and is related to widespread and pervasive clay and/or quartz + sericite alteration and secondary carbonate (e.g., 156 metres of 0.59 g/t Au; BK20-002, SMN news release dated May 12th, 2020). Similar styles of alteration have been intersected in most historic drill holes covering a footprint of approximately one by two km. The hydrothermal system is centred on the Buck breccia complex comprised of intrusive breccias, magmatic-hydrothermal breccias, hydrothermal breccias, pebble-dikes and a thick, intermediate- to felsic volcaniclastic pile. The breccia complex is associated with quartz-feldspar porphyritic granodiorite dykes that locally cross-cut volcaniclastic rocks but are also represented as gravel to boulder sized clasts in N-S trending pebble-dikes. The youngest volcaniclastic rocks contain clasts of plagioclase phyric andesite, quartz porphyritic dacite, lesser flow-banded rhyolite and an abundance of altered and mineralised intrusive clasts with local quartz-sulfide stockwork.
Taken together, two primary targets are defined, and include: 1) structurally controlled high-grade epithermal-related Au-Ag, and 2) bulk-tonnage epithermal-related Au-Ag. Drill holes are being planned to systematically test the lateral and vertical extent of both target types.
Health and Safety
The 2020 exploration programs are being carried out in full compliance with federal, provincial, and municipal guidelines established in response to the global COVID-19 pandemic. San Marco has a rigorous infection prevention and control protocol in place to protect the health of employees, contractors, as well as surrounding communities in which we work.
Link to Figure
Figure 1: http://sanmarcocorp.com/wp-content/uploads/2020/08/Buck_Overview_Aug6_NR-.pdf
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc, and copper projects with a focus in mining friendly jurisdictions in both British Columbia and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco 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.sanmarcocorp.com
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
Tel. 778-588-9606
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’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.
- Published in Mining, News Home, San Marco Resources
Canada Silver Cobalt Completes Asset Acquisition From Polymet Resources
Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to report that it has completed its previously-announced acquisition of the assets of Polymet Resources Inc., including an assay laboratory and bulk sampling plant located in Cobalt, Ontario. The asset acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly-owned subsidiary of Canada Silver Cobalt.
In payment for the assets, Canada Silver Cobalt issued 690,409 shares to Polymet Resources at a deemed price of $0.45 per share, for total deemed consideration of approximately $311,000. Canada Silver Cobalt also assumed outstanding liabilities of Polymet Resources in an amount of approximately $339,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant entitles Polymet Resources to acquire one additional common share of Canada Silver Cobalt at a price of $0.50 for a period of two years. The shares and warrants are subject to a four-month hold period in accordance with applicable securities regulations and the policies of the TSX Venture Exchange.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is strategically positioned to become a Canadian leader in the silver-cobalt space.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
- Published in Canada Cobalt Works, Mining, News Home
San Marco Closes Oversubscribed $4,000,000 Flow-Through Private Placement
San Marco Resources Inc. (TSXV: SMN) is pleased to announce that it has closed its previously announced non-brokered “flow through” private placement. The placement was oversubscribed and consisted of: (i) 6,498,000 “charity flow-through” Units at a price of $0.34 each (the “Charity FT Unit Offering“) and (ii) 7,257,285 “flow-through” Units at a price of $0.26 each (the “FT Unit Offering” and, together with the Charity FT Unit Offering, the “Offering“) for gross aggregate proceeds of $4,096,214.10. Eventus Capital Corp. acted as a finder in connection with the Offering and received a 7% cash fee and that number of compensation warrants equal to 7% of the number of Units that it placed.
Bob Willis, CEO and director, stated, “This is a very exciting time for all San Marco shareholders as we are now fully financed for a 10,000m drill program scheduled to start very shortly. We welcome our new strong institutional investor base and are looking forward to expand on the excellent results to date at the Buck Property.”
Each Unit consisted of one ‘flow-through’ common share and one half of a common share purchase warrant. Each whole warrant (a “Warrant“) entitles the purchase of one (non-flow-through) common share for 24 months at a price of $0.34. If the closing price of the Company’s common shares is greater than $0.70 for 10 consecutive trading days, San Marco has the right to accelerate the expiry date of the Warrants by giving notice, via a new release, to the Warrantholders that the Warrants will expire 30 days after the issuance of the news release. The compensation warrants will be exercisable for two years at a price of $0.26 per share in respect of those issued under the FT Unit Offering and $0.34 per share in respect of those issued under the Charity FT Unit Offering and will not be subject to the acceleration provision.
Common shares comprising part of the Units issued under the Offering will qualify as ‘flow through shares’ (“Flow Through Shares“) under the Income Tax Act (Canada). The gross proceeds from the Offering will be used to incur ‘Canadian exploration expenses’ that will qualify as ‘flow through mining expenditures’ under the Income Tax Act and will be renounced to the initial purchasers of the Flow Through Shares.
Proceeds of the Offering will be used for funding exploration of the Company’s Buck Property. All the securities issued and issuable pursuant to the Offering will be subject to a four month restricted resale period expiring on November 24, 2020. San Marco also paid 7% finder’s fees and issued 7% in compensation warrants to Haywood Securities Inc., National Bank Financial Inc. and T-Bone Ventures Inc., which acted as finders under the FT Unit Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region and includes many former and current operating mines. The Company’s portfolio also includes several prospective, early stage exploration properties in Mexico.
San Marco 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.sanmarcocorp.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
Rio Silver Acquires Additional Gold/Silver Concession at Ninobamba
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce that it has acquired by application, an additional 200 hectare concession immediately west of and adjoining our concession that covers our 100% owned Jorimina Gold-Silver zone at (“Niñobamba”). The new concession covers highly oxidized rocks on surface similar to the Jorimina Zone where the previous operator drilled in 2009 an impressive 72.3 metres of 1.19 g/t Au starting at 53 metre depth.
In 2016 the Company acquired from Newmont Mining Corp. (“Newmont”) an extensive database containing assays results from drilling and surface sampling along with reports from a substantial exploration program conducted in the late 2000’s. The data contained extensive information on the Jorimina Gold-Silver zone which showed numerous similarities compared to the high-sulphidation silver-gold system identified on the Company’s principal Niñobamba zones located 6.5 kilometers to the east. Expenditures by Newmont in the area exceeded $6.5 million US.
Earlier in 2020, the Company contracted Brad Ulry, P.Geo, to construct a conceptual exploration target on the main Niñobamba zones (see Company’s Press Release dated February 27th, 2020). The model focused on the Ninobamba Main zone which can be broken down into two sub-parallel zones (a north and a south zone). The following table summarizes the model:
CONCEPTUAL EXPLORATION TARGET RANGE
Cut-off grade | Tonnes | Silver grade | Silver grade | Silver ounces | |
g/t | MT | avg. g/t | avg. opt | million t oz | |
Lower Exploration target | 50 | 7.9 | 90 | 2.88 | 22.9 |
Higher Exploration target | 50 | 11.1 | 86 | 2.78 | 30.9 |
The model did not include any gold values as previous operators in some holes did not assay for gold. The gold potential was only recognized by the Company’s geologists in 2012 after an extensive surface exploration and trenching program. Assays from the trenches on the Northern Zone returned 56 m of 1.03 g/t Au and 98.9 g/t Ag in Trench-001 and 21 m of 1.32 g/t Au and 102.5 g/t Ag in Trench-004. The alteration associated with the gold mineralization exposed in trenches is clearly associated vuggy silica indicating a high sulphidation event.
Chris Verrico, President and CEO states, “We couldn’t be more excited for the Company’s prospects in this rapidly changing marketplace. The heightened interest in both gold and silver bodes well considering their equal prominence in the predominantly precious-metal deposits at both of the Company’s projects Niñobamba and Palta Dorada Au-Ag. As the lockdown eases in rural Peru, the Company is employing only the most diligent of its options available, to advance Niñobamba to the drilling stage and commence bulk sampling at Palta Dorada while creatively keeping the local Communities safe during the coming months. Niñobamba ranks amongst one of the best, under evaluated, mineralized potentials being forwarded in Peru today.”The model did not include any gold values as previous operators in some holes did not assay for gold. The gold potential was only recognized by the Company’s geologists in 2012 after an extensive surface exploration and trenching program. Assays from the trenches on the Northern Zone returned 56 m of 1.03 g/t Au and 98.9 g/t Ag in Trench-001 and 21 m of 1.32 g/t Au and 102.5 g/t Ag in Trench-004. The alteration associated with the gold mineralization exposed in trenches is clearly associated vuggy silica indicating a high sulphidation event.
About Rio Silver
Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop our 100% owned Ninobamba project and to unlock the tremendous potential for shareholder value identified from the previous $10 million spent by Newmont and others at both, NinoBamba Main and Jorimina Zone’s. Our own recently commissioned & independently constructed ‘exploration potential” model for Ninobamba Main has identified more world class development potential. Benefits are also soon to materialize from the carried development of the our new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit: https://www.riosilverinc.com/
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
- Published in Mining, News Home, Rio Silver
Granada closes FT private placement for $800,000
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that the Company has closed a flow-through private placement financing raising gross proceeds of $800,000. The Company has issued 3,200,000 flow-through shares at a price of $0.25 per flow-through share, subject to TSX Venture Exchange (“Exchange”) approval.
Finder’s fees totaling $56,000 in cash and 224,000 finder warrants were paid connection with the financing. Each finder warrant is exercisable at $0.25 per share for two years from closing. 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 are subject to a four-month and a day hold period expiring on November 22, 2020, in accordance with applicable Securities Laws.
The proceeds of the flow-through Private Placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company’s Granada Gold Property in Québec.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. 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 mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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/July2020/21/c2764.html
Contact:
Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
- Published in Granada Gold Mine, Mining, News Home
Innovexplo Begins Revised 43-101 Resource Study at Granada
Granada Gold Mine (TSX.V: GGM) (“Granada Gold” or the “Company”) is pleased to report that it has retained the services of Innovexplo with a site visit this past week at the Granada Mine Site for a revised 43-101 resource.
Innovexplo – Established in 2003, their mission is to contribute in an innovating, objective and efficient manner to the evolution of mining projects by offering a complete and integrated range of dependable and top-quality services at each phase of exploration and mining operations.
“Granada is currently drilling key holes to increase underground resources quality below existing pit constrained mineral resources,” said Frank J. Basa, P.Eng., Granada Gold’s President and CEO. “The company has decided that a revised 43-101 should be undertaken at this stage to better reflect the potential of the resource.”
Grab Sample
Granada undertook a grab sample of about 1000 kilograms of mineralized material containing visible gold in the vicinity of hole GR-19-A. Drilled in 2019 from surface, the interval from zero to 33 meters core length returned 11.45 grams per tonne gold. Visible gold was present in the core. It is estimated that the true width is 6.3 meters (see 2020-01-09 news release). The sample was sent to Temiskaming Testing Laboratories in Cobalt, Ontario for gravity gold recovery.
Pit Constrained Mineral Resources
The current resource at the Company’s Granada Gold project in Rouyn-Noranda, Quebec is detailed in the 43-101 technical report filed on Sedar, titled: “Granada Gold Project Mineral Resource Estimate Rouyn-Noranda, Quebec, Canada.” The report, written by Independent Qualified Persons Allan Armitage, PhD, P.Geo, and Maxime Dupere, BSc, P.Geo, of SGS Canada Inc., provides support for the following resource estimate:
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade (g/t Au) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of February 13, 2019 for detailed notes |
Qualified Persons
For the purposes of this announcement, Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. is continuing to develop the Granada Gold Property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s before a fire destroyed the surface buildings. 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 mineralized structure. The highly prolific Cadillac Trend, the source of 50 million plus ounces of gold production in the past century, cuts right through the north part of the Granada property on a line running from Val-d’Or to Rouyn-Noranda Quebec.
The Company is in possession of all 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, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
“Frank J. Basa”
Frank J. Basa P. Eng.
Chief Executive Officer and Chairman
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.
For further information: Wayne Cheveldayoff, Corporate Communications, at 416-710-2410 or waynecheveldayoff@gmail.com
Related Links
- Published in Granada Gold Mine, Mining, News Home
Granada Completes Sale of Back-In Option to Canada Silver Cobalt
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to announce that it has completed its previously-announced sale to Canada Silver Cobalt Works Inc. of a back-in option on five mining leases forming part of the Castle Silver Cobalt Mine property in Ontario.
In payment, Canada Silver Cobalt issued 2,941,000 common shares to the Company at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant will entitle the Company to acquire one additional common share of Canada Silver Cobalt for $0.55 for a period of five years. The shares and warrants issued by Canada Silver Cobalt are subject to a four-month hold period under applicable securities regulations and the policies of the TSX Venture Exchange.
Under the policies of the TSX Venture Exchange, Granada Gold is a “Non Arm’s Length Party” to Canada Silver Cobalt in that Frank Basa, Jacques Monette, Robert Setter and Dianne Tookenay, each of whom is a director and/or officer of Canada Silver Cobalt, are also directors and/or officers of Granada Gold. In determining the purchase price, Canada Silver Cobalt relied on, among other things, a valuation opinion dated May 13, 2020 prepared by Watts, Griffis and McOuat Limited of Toronto. The sale of the back-in option is not a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
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.
Pit-Constrained Mineral Resources at Granada disclosed on February 13th, 2019 Press Release prepared by SGS independent QP stand at:
Category | Tonnes | Grade (g/t AU) | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
+ Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of US$1,300 per ounce, a foreign exchange rate of US$0.76, and a gold recovery of 95%.
The Granada Shear Zone and the South Shear Zone contains, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold
The Company is in possession of all mining permits that are 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/July2020/13/c7695.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
Rio Silver Provides Update on Palta Dorada Gold-Silver-Copper Project, Peru
Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce that the Company has been notified by its partner, Peruvian Metals Corp. (“Peruvian Metals”), that Peruvian Metals plans to initiate an exploration and bulk sampling program on the high grade Au-Ag-Cu Palta Dorada project (“Palta Dorada” or the “Property”) early in the third quarter. The Company signed a Memorandum of Understanding (“MOU”) with Peruvian Metals in early January 2020 (see The Company’s news release January 9th) to jointly explore the Property by conducting a detailed sampling and mapping program along with a bulk sampling campaign. Under the MOU, Peruvian Metals is required to provide the upfront capital to start the program and has also informed Rio Silver that permits have been approved to extend underground workings at the main exploration target on the property. Extracted mineralized material from the underground exploration will form the bulk sampling program.
The Property, located in the Ancash Mining Department in Northern Peru, covers an area of approximately 1200 hectares. Precious metal mineralization at Palta Dorada consists of several high-grade Au-Ag-Cu structures hosted in granitic rocks. The gold-silver mineralization and exploration model is considered to be “Intrusion-Related Gold Vein System” similar to gold systems in Peru’s gold rich Pataz Mining Region, Nasca-Ocona Gold Belt and gold systems within the Tintina Gold Belt of Alaska.
Initial work at Palta Dorada identified and sampled four structures. The “Main Structure” that trends ENE-WSW consists of a quartz vein exposed both in outcrop and in two small underground adits and shafts. The Main Structure exposure is observed to have a strike length of over 800 metres and is open along strike in both directions. Artisinal workings expose portions of the Main Structure including a 53-metre-deep shaft where seven chip samples were taken at various depths from quartz vein containing sulphides. Results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters. The weighted average of these samples from the quartz-sulphide vein is 10.51 g/t Au, 329 g/t Ag and 1.74% Cu.
A second mineralized structure, the “North 1 Structure” or “N1S” is observed north of the Main Structure and trends WNW-ESE. The intersection of these structures represents a good exploration target. Twelve samples were taken from very small workings over a strike length of approximately 480 meters. All samples were strongly oxidized and returned from 1.40 g/t Au to 17.3 g/t Au, 10.8 g/t Ag to 456 g/t Ag and 0.02% Cu to 0.14% Cu over widths of 0.20 to 0.80 meters. The weighted average of these samples from the oxidized quartz vein is 7.92 g/t Au and 102 g/t Ag. A bottle-roll metallurgical sample with a head grade of 13.0 g/t Au and 102 g/t Ag returned 92.15-per-cent gold and 65-per-cent silver recoveries over 36 hours. Two other gold bearing structures, the “South 1 Structure” or “S1S” and the “South 2 Structure” or “S2S”, were identified approximately 1500 meters south of the artisanal workings on the Main Structure. Limited sampling was conducted in this area however one sample was taken from a mineral sack ready for shipment to a toll mill and contained oxidized quartz material that returned 14 g/t Au and 74.4 g/t Ag.
Peruvian Metals plans to start a property wide sampling and mapping program followed up by a detailed magnetic survey. The exploration will also consist of continuing the underground sampling and mapping on the Main Structure by extending the underground workings both laterally and vertically. Permits have been submitted and approved to conduct underground work which will also result in bulk sampling of the mineralized material. The underground work will greatly aid in the understanding of the mineralized structures and can be followed by underground drilling. The COVID-19 restrictions imposed by the government at this time do not yet allow the Company to commence underground work. It is expected work will begin in the next phase of reopening of the Peruvian Economy.
Metallurgical work performed by Procesmin Ingenieros Laboratories from a composite sample from mineral ready for shipment by the previous owner had a head grade of 23.2 g/t Au, 29.0 oz/t Ag and 4.95% Cu. Metallurgical work showed that two concentrates can be produced. The first and more valuable concentrate graded 125.6 g/t Au, 4,808 g/t Ag and 24.41% Cu. A second Au-pyrite concentrate was also produced and graded 11.5 g/t Au, 565 g/t Ag and 2.90% Cu. Sales from metal concentrates produced from the bulk sampling activity will be shared between the Companies less all operational expenses related to the bulk sampling. Peruvian Metals’ 80% owned Aguila Norte Processing Plant will charge the joint effort commercial mineral processing rates on a similar basis to its other clients for processing the bulk samples. The Plant is accessible from the property by approximately 180 kilometres of mainly paved roadway.
Peruvian Metals will act as the operator of the joint effort and is responsible for the permits necessary to explore the property and to extract bulk samples. Chris Verrico the CEO of Rio Silver states, “Having recently purchased this tremendous asset and with the recent strength in gold prices, we remain excited to see Palta Dorada’s non-dilutive advancement underway with a seasoned in-country operator motivated to perform. Any returns from the bulk sampling campaign from processing this high-grade vein rock at Peruvian’s nearby custom milling plant, will bring mutual benefit to both groups and help to advance our 100% owned Ninobamba project in Southern Peru. Ninobamba is a world class medium/high sulfidation epithermal gold/silver deposit where $US 9 million in previous exploration and feasibility work has been completed and one that rivals the potential of any similarly endowed deposit being forwarded in Peru, to our knowledge”.
Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
About Rio Silver
Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop our 100% owned Ninobamba project and to unlock the tremendous potential for shareholder value identified from the previous $10 million spent by Newmont at the Jorimina Zone and others. Our own recently commissioned & independently constructed ‘exploration potential” model for Ninobamba Main has identified more world class development potential. Benefits are also soon to materialize from the carried development of the our new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit:
https://www.riosilverinc.com/
For more information contact:
Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com
Website: https://www.riosilverinc.com/
- Published in Mining, News Home, Rio Silver