Benton Resources Inc. ('Benton' or 'the Company') (TSX-V: BEX) is pleased to announce it has received the all payments from Metallica Metals Corp. (CSE:MM) (OTCQB:MTALF) (FWB:SY7P) (the "Company" or "Metallica Metals") for 100% interest in its Saganaga/Starr gold-silver project ("Starr" or the "Project"), located in the Thunder Bay Mining District of Ontario, Canada (see Figure 1).
Figure 1 Figure 1: Location of Metallica Metals' Starr Gold-Silver Project with respect to adjacent properties including the Moss Lake gold deposit (sources: 2013 NI 43-101 Technical Report and PEA for the Moss Lake Project and Kesselrun Resources October 7, 2020 news release - see figure notes below for further details on mineral resource estimate reference)
Figure Notes: The adjacent Moss Lake gold deposit hosts an Indicated Mineral Resource of 39,797,000 tonnes grading 1.1 g/t Au for 1,377,300 contained ounces of gold and an Inferred Mineral Resource of 50,364,000 tonnes grading 1.1 g/t Au for 1,751,600 contained ounces of gold, and is currently under care and maintenance (source: NI 43-101 Technical Report and PEA for the Moss Lake Project with an effective date of May 31, 2013 and filed on SEDAR under Moss Lake Gold Mines Ltd., now Wesdome Gold Mines Ltd.). Readers are cautioned that mineralization and mineral resource estimates on adjacent and/or nearby properties are not necessarily indicative of mineralization on the Starr Project (please refer to additional cautionary statements below).
Completion of acquiring 100% interest of the Starr Project
On November 16, 2020, the Company entered into a share purchase agreement to acquire 2752300 Ontario Inc. whose sole asset was an option agreement with Benton Resources Inc. ("Benton") to earn up to a 100% interest in the Project.
The Company has made the following payments to Benton to earn the 100% interest in the Project:
On behalf of the Board of Directors of Benton Resources Inc.,
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored. Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO Phone: 807-475-7474 Email: sstares@bentonresources.ca
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.”
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East dyke swarm has multiple Li-bearing (spodumene) dykes up to 27 m wide, located 600 m to the east of the Kraken discovery dyke
Sokoman Minerals Corp. (TSXV:SIC) (OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") together, (the "Alliance") are pleased to update shareholders on the drilling progress at both the Kraken Lithium and Grey River Gold projects in southwest Newfoundland
Early in 2022, the Alliance completed the first-ever drill campaign for lithium on the Island of Newfoundland at the Kraken Lithium discovery on the Golden Hope JV Project. Six diamond drill holes tested the original Kraken discovery-dyke area where selective surface grab samples returned values from trace up to 2.37% Li2O. The winter drilling program verified the existence of significant lithium-rich dykes flanking the regional Bay d'Est Fault where hole GH-22-01 intersected 0.94% Li2O over 8.4 m. Important structural information was obtained from the drilling including the presence of relatively flat-lying dykes, as well as folding in the system. The flat-lying dykes are significant, in that the bulk of the lithium mineralization at Piedmont Lithium's Piedmont project in North Carolina lies in flat-lying dykes linking subvertical dipping dykes.
In May and June, 2022, the Alliance constructed a ten-man exploration camp and mobilized an excavator and diamond drill rig to the project site. To date in this exploration phase, the Alliance has completed further mapping, prospecting, trenching, and an additional 2392 m of drilling in 13 drill holes. The new drilling has targeted the East Dyke swarm, which is 600 m to 650 m to the east of the Kraken discovery dyke, intersecting multiple spodumene-bearing pegmatite dykes, over core lengths of up to 27 m while also gaining a better understanding of the geological setting of the dykes for future targeting.
The drill program is shut down for a scheduled crew break with drilling to recommence in two weeks. The Alliance will continue with regional exploration in the area including mapping, prospecting and soil geochemical sampling over this large and prospective area.
Sokoman's President and CEO Tim Froude, comments: "Drilling at Kraken's East Dyke Swarm has delivered multiple significant intersections of spodumene-rich pegmatite with multiple targets remaining to be tested. We will be completing a multidisciplinary program to further define drill targets at this rapidly-emerging lithium prospect. At Grey River, the large silica system is being tested by drilling that will continue for at least another month. The size of the system is impressive, and we hope to determine regional controls on the gold mineralization as we move forward with the program. We are proving again through this exploration that much of Newfoundland has been underexplored, and what is required is an aggressive approach to drilling, something that has been lacking in the past."
Benton's President and CEO Stephen Stares, states: "We are very pleased with our success rate thus far on both the Kraken and Grey River projects. While it is easier to assess success through the visual identification of spodumene in the Kraken drill core, we are also looking forward to receiving and analyzing the gold assays from the Grey River project. Our collective exploration teams are hoping that we are in the early days of Newfoundland's next wave of big mineral discoveries."
More than 700 core samples have been cut and submitted to the SGS Prep Lab in Grand Falls-Windsor and then shipped to SGS Lab in Burnaby, BC for Lithium and multi-element analysis.
Steve Stares, President and CEO of Benton Resources, with a section of spodumene dyke from GH-22-15
Spodumene (lithium) rich section of GH-22-15 - Kraken Prospect - Golden Hope Joint Venture
At the Grey River Gold Project, the Alliance is currently drilling hole GR-22-14, the ninth drill hole of a planned 15-20-hole, 2,000 m program designed to test the geometry at depth of units associated with anomalous gold on surface, as well as mineralized intercepts from the Phase 1 program. DDH GR-21-01 intersected three parallel gold zones including 1.80 m of 10.58 g/t Au (see November 25, 2021 press release). The gold mineralization is associated with zones of silica associated with disseminated and stringer pyrite (from 2% - 20% pyrite) in the >10-km-long quartz/silica body.
To date the Alliance has cut and submitted 400 core samples for analysis* at Eastern Analytical in Springdale, NL. Prospecting and mapping will be continued throughout the summer to assist with drill targeting.
Drill core from Grey River showing sulphide stringers cross-cutting the silica zone - GR-22-11
*All samples are shipped to Eastern Analytical Ltd., in Springdale, NL for Au (by fire assay) and 34 element ICP analysis. Any assay returning greater than 1 g/t Au (1 gram per tonne gold or 1000 ppb gold) will be re-assayed using metallics pulp methods. Blanks and standards are regularly inserted as part of the Alliances' joint sampling protocols, in addition to standards and duplicates inserted by Eastern Analytical Ltd. Eastern Analytical Ltd. is an ISO accredited lab.
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration of Benton Resources Inc. Both are 'Qualified Persons' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton will continue to use best practices in the course of performing all work programs and will follow any future federally or provincially mandated or recommended COVID-19 guidelines.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake, and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the Alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold district. Sokoman also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements, and most-recently Lithium assets, and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
For further information, please contact:
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
Sokoman Minerals Corp. Timothy Froude, P. Geo., President & CEO Phone: 709-765-1726 Email:tim@sokomanmineralscorp.com
Benton Resources Inc. Stephen Stares, President & CEO Phone: 807-475-7474 Email:sstares@bentonresources.ca
Website: www.bentonresources.ca, www.sokomanmineralscorp.com Twitter: @BentonResources, @SokomanMinerals Facebook: @BentonResourcesBEX, @SokomanMinerals LinkedIn: @BentonResources, @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.
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Benton Resources Inc. (TSXV: BEX) ("Benton" or the "Company") is pleased to announce that it has amended its agreement with Thunder Gold Corp. (formerly White Metal Resources Corp.) ("TGOL") (the "Amending Agreement") regarding the Far Lake project (the "Property") located 80km west of Thunder Bay, Ontario (see the Company's May 20, 2020 news release for details on the original agreement).
Pursuant to the Amending Agreement, the Company may exercise the Initial Option, earning a 60% interest in the Property by paying $25,000 and issuing 200,000 shares to TGOL (originally $30,000 and 400,000 shares). By July 15, 2022. The Second Option in the original agreement has been eliminated such that the Company is limited to earning a 60% in the Property.
Having exercised the Initial Option, the Company will now spend the first $150,000 in exploration expenditures within 24 months, thereafter the Company and TGOL will form a joint venture with terms consistent with usual industry practice for further development of the Property, with the Company having an initial 60% interest and TGOL having an initial 40% interest in the joint venture. The agreement governing the joint venture will contain provisions which provide for dilution for non-participation in programs including a provision for participant's interest to be converted to a 2% net smelter returns royalty (the "NSR") if its interest is diluted to less than 10% interest, half of which can be purchased by the non-diluted party for $1 million at any time.
On behalf of the Board of Directors of Benton Resources Inc., "Stephen Stares" Stephen Stares, President
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact: Stephen Stares, President & CEO Phone: 807-475-7474 Email:sstares@bentonresources.ca Website: www.bentonresources.ca Twitter: @BentonResources Facebook: @BentonResourcesBEX
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131084
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Li mineralization (spodumene) drilled to a vertical depth of 70 m at the Discovery Dyke; spodumene-bearing dykes, up to 22-m wide, located 600 m to the East of the Discovery Dyke
Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman") together, (the "Alliance") are pleased to report the final assay results from the 1,025-m reconnaissance drilling program carried out this past winter and report on recent trenching from the Kraken Pegmatite Field on the Golden Hope Joint Venture Property in southwest Newfoundland.
Benton's President and CEO Stephen Stares, states: "We are pleased to now have our camp, drill, and equipment on-site and operational. The stripping on the East dyke has shown excellent spodumene mineralization and has exposed geological contacts to help understand the orientation and behavior of the dykes in this area. With several prospective targets to test, we are excited to get our Phase 2 program underway on the East dyke in the coming days."
Sokoman's President and CEO Tim Froude, comments: "We have learned a great deal from the recon drill program about the Discovery Dyke area and we will use that information, coupled with ongoing trenching data, to plan the Phase 2 program which will start imminently. We have already exposed a significant spodumene-bearing dyke in the eastern portion of the Kraken swarm that last year's sampling returned an assay of 1.93% Li2O and this is where Phase 2 drilling will begin. We wish to emphasize that we have just scratched the surface with the exploration to date and that we have extensive work ahead of us to establish the limits of the dyke swarm."
The winter drilling program and current trenching program have located a significant swarm of lithium-rich pegmatite dykes flanking the regional Bay d'Est Fault. Important structural information was obtained in the drilling showing the dykes, at least in the Discovery Dyke area, are relatively flat-lying, as opposed to vertical to subvertical, the original concept for the reconnaissance drill program. As a result, three of five holes (GH-22-02, -03, -04) did not intersect the target Discovery Dyke. Flat-lying dykes are potentially important as significant lithium (spodumene) mineralization at Piedmont Lithium's Piedmont project in North Carolina is found in flat-lying dykes, which link subvertical dipping dykes.
Active trenching exposes spodumene dyke 600-m east of Discovery Dyke - Kraken Pegmatite Swarm
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3657/129575_a7d97836147319fc_004full.jpg
Given the results of the recon drill program, the Alliance has mobilized an excavator to expose the dykes to ensure that all drill holes are oriented optimally to test the in situ spodumene-bearing dykes in the upcoming program. Recent trenching on a surface exposure that gave a grab sample assay of 1.93% Li2O (November 9, 2021 news release), which is located approximately 600 m to the east of the Discovery Dyke, has exposed the thickest dykes encountered at Kraken (up to 22 m in apparent thickness). In addition, spodumene crystals up to 15-cm long (see photos) are noted in this outcrop, substantially larger than the few centimetre lengths at the Discovery Dyke. These dykes show dips, mainly subvertical to steeply to the south, as well as possibly flat-lying. Folding is also noted.
Pegmatite Dyke Exposure 600-m East of Discovery Dyke; Spodumene Crystals up to 15 cm Long
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3657/129575_a7d97836147319fc_005full.jpg
The Kraken Pegmatite Field has been sampled over a strike length of 2,200 m and has an apparent width of 1,200 m, with historical assessment reports indicating pegmatite dykes up to 6 km along trend.
Gold analyses from the host sericite schist units, which carry variable pyrite gave only weakly anomalous values, however, the drilling has tested only 100 m of the 60-km-long structure and the drilling targeted the pegmatite dykes, not gold prospective zones, defined by geochemistry or prospecting, along the Bay d'Est Fault.
All samples are shipped to Activation Laboratories in Ancaster, Ontario for multi-element analysis including lithium, tantalum, cesium and other rare/critical metals by Sodium Peroxide Fusion ICPOES + ICPMS. Gold is analyzed by the fire assay method. A total of 1,165 drill core samples were cut and delivered for analysis.
The property lies along the Baie d'Est fault system, a gold prospective fault structure in southern Newfoundland, that extends through the Sokoman / Benton licences. The Alliance continues to evaluate historical data for significant gold and lithium mineralization and will restart ground prospecting and follow-up exploration in the near future.
This news release has been reviewed and approved by Timothy Froude, P.Geo., a Director of Benton Resources Inc. and President and CEO of Sokoman Minerals Corp. Mr. Froude is a 'Qualified Person' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Benton and Sokoman will continue to use best practices in the course of performing our work programs and will follow any future federal or provincially mandated or recommended COVID-19 guidelines.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements, and most-recently Lithium assets, and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. Benton has also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the Alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold district. Sokoman also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Sokoman's property.
For further information, please contact:
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
Benton Resources Inc. Stephen Stares, President & CEO Phone: 807-475-7474 Email:sstares@bentonresources.ca
Sokoman Minerals Corp. Timothy Froude, P.Geo., President & CEO Phone: 709-765-1726 Email:tim@sokomanmineralscorp.com
Website: www.bentonresources.ca, www.sokomanmineralscorp.com Twitter: @BentonResources, @SokomanMinerals Facebook: @BentonResourcesBEX, @SokomanMinerals LinkedIn: @BentonResources, @SokomanMinerals
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129575
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Sokoman Minerals Corp. (TSXV:SIC)(OTCQB:SICNF) ("Sokoman") and Benton Resources Inc. (TSXV:BEX) ("Benton") and, together (the "Alliance")today announced that the Alliance has initiated drilling on the Grey River Gold Project, located in southern Newfoundland. In addition, the Alliance has nearly completed the camp construction at the Kraken Lithium discovery, located in southwest Newfoundland near the village of Burgeo, and the drill rig is on-site ready to start drilling
At the Grey RiverGold Project, the first two holes have been completed and are being logged, cut and sampled for gold analysis. This current campaign will include a planned 20-hole program to follow up on the successful five-hole 2021 program that saw significant gold mineralization intersected in all holes spread over a five km strike length (See March 16, 2022 press release). The first three holes will be 25 m to 50 m step-out holes centered around GR-21-01, the furthest hole to the east which intersected three parallel zones of gold mineralization including 1.80 m of 10.58 g/t Au.) The fourth hole will be drilled one km east of GR-21-01 to test a new 1.0 g/t Au surface sample collected in the early summer of this year. The mineralization on the Grey River property is associated with large zones of silica associated with disseminated and stringer pyrite (from 2% - 20% pyrite) within the >10 km-long quartz/silica body. In addition, the Alliance is also looking at various technologies for more precise targeting of high-grade mineralization along the large structural zone which will be ongoing as drilling is complete. Further prospecting and mapping will be conducted to assist with drill targeting.
At the Kepenkeck Gold-Uranium Project, the Alliance has recently made the annual option payments to the vendors of the property and is planning further prospecting, mapping, and soil sampling to begin shortly. The 2021 summer exploration season returned results from trace elements up to 5.46 g/t Au in selective sampling along with several areas grading > 1.0 g/t that will be subject to follow-up.
Tim Froude, President and CEO of Sokoman comments; "In addition to our aggressive drill campaign on our 100%-owned Moosehead Gold Property, we are very excited to have a drill turning at Grey River and drilling to commence shortly at the Kraken Lithium prospect at the Golden Hope property. The Grey River program will represent the most significant gold exploration program undertaken on the extensive quartz +/- sulphide system that we now know to host significant gold mineralization from our 2021 drilling. We expect to be completing up to 20 holes across the length of the silica zone which should take us into early Fall."
Stephen Stares, President and CEO of Benton states; "We're confident that this year will be very productive for our shareholders as our plans represent the most aggressive, multi-project exploration program we have ever undertaken. The quality of these projects is second to none and I'm very optimistic that our upcoming work will return favourable results. We look forward to providing updates as the summer season progresses."
This news release has been reviewed and approved by Timothy Froude, P.Geo., President and CEO of Sokoman Minerals Corp., and Stephen House, P.Geo., VP Exploration for Benton Resources Inc., both of whom are 'Qualified Persons' under National Instrument 43-101.
To ensure a working environment that protects the health and safety of the staff and contractors, Benton and Sokoman are operating under federally and provincially mandated and recommended COVID-19 guidelines.
Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead, Crippleback Lake (optioned to Trans Canada Gold Corp.) and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, which is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company also recently entered into a strategic alliance with Benton Resources Inc. through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland. Sokoman now controls independently and through the Benton alliance more than 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold district. The company also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.
Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Sokoman's property.
Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements, and most-recently Lithium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties with potential long-term cash flow value.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV:SIC) through three large-scale joint venture properties including Grey River Gold, Golden Hope and Kepenkeck in Newfoundland and Labrador that are now being explored.
For further information, please contact:
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
Sokoman Minerals Corp. Timothy Froude, P.Geo., President & CEO Phone: 709-765-1726 Email:tim@sokomanmineralscorp.com
Benton Resources Inc. Stephen Stares, President & CEO Phone: 807-475-7474 Email:sstares@bentonresources.ca
Website: www.sokomanmineralscorp.com, www.bentonresources.ca Twitter: @SokomanMinerals, @BentonResources Facebook: @SokomanMinerals, @BentonResourcesBEX LinkedIn: @SokomanMinerals, @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.
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Benton Resources Inc. (TSXV: BEX) ("Benton") is pleased to report that Clean Air Metals Inc. ("Clean Air"), of which Benton has a substantial shareholding, has announced new assay results from the 2022 drill campaign from the Escape PGE-Cu-Ni Deposit at the Company's Thunder Bay North Project near Thunder Bay, Ontario, Canada (the "Project").
As reported by Clean Air, highlights from the Escape South deposit area includes:
The Escape Deposit underwent 37,000 m of expansion drilling in 2021, which Clean Air expects to add materially to the maiden Indicated Mineral Resource of 849,481 ounces PtEq (6.16 g/t PtEq in 4.28 million tonnes) reported January 20, 2021. The Current Deposit 2.5 km to the east has a well-defined Indicated Mineral Resource of 2,233,575 PtEq ounces (5.79 g/t PtEq in 11.99 million tonnes).
The Escape Deposit also underwent an additional 37,000 m of expansion drilling in 2021, which has established continuity between the Escape South HGZ and the Escape North Zone and may add materially to the total Thunder Bay North Project Indicated insitu mineral resource (effective November 1, 2021) of 8.12 g/t PtEq in 14,553,324 million tonnes (reported December 1, 2021).
Mineral resource endowment and platinum-equivalents are quoted pursuant to the Technical Report and Mineral Resource Estimate for the Thunder Bay North Project, Thunder Bay, Ontario, with an effective date of January 20, 2021 (the "Technical Report"). The Technical Report was posted to SEDAR on March 4, 2021 and prepared by Nordmin Engineering Ltd.- QP Glen Kuntz, P.Geo. Ontario. Nordmin as QP utilized 2-year trailing average metal price assumptions for the updated mineral resource as a basis for the Preliminary Economic Assessment reported on December 1, 2021 and filed January 12, 2022.
Clean Air also advised that it has paid Panoramic Resources Limited ('Panoramic') the second deferred consideration instalment payment of C$1.5 million from the sale of the Thunder Bay North PGM Project. The sale of the Thunder Bay North Project was completed via a Share Purchase Agreement in the 2020 financial year (refer to Clean Air Announcement May 14, 2020) whereby Panoramic's wholly-owned subsidiary Magma Metals Pty Limited sold all shares it held in Panoramic PGMs Canada Limited to Clean Air Metals Inc for total consideration of C$9.0 million. Inclusive of this latest instalment (C$1.5 million), Panoramic has received sale proceeds totaling C$7.5 million to date. The final deferred consideration payment of C$1.5 million is due to be received by May 13, 2023. A related transaction with Rio Tinto Exploration Canada for the purchase of the Escape Property for C$6.0 million has been paid in full. Both transactions fall under an Option-Purchase Agreement with Benton.
Finally, Clean Air advises that DRA AMERICAS INC ("DRA") is the successful bid under a request for proposal (RFP) for Pre-feasibility Metallurgical Testing and Process Plant Design for the Thunder Bay North Project. The DRA team has reviewed the existing and historical metallurgical testing results and marketing studies culminating in the Preliminary Economic Assessment (PEA) by Nordmin Engineering, the technical report of which was filed on SEDAR on January 12, 2022. DRA will leverage existing knowledge on standard crush, grind, flotation process design and smelter payabilities into the next phase of testing and metallurgical optimization, including amenability to hydrometallurgical recoveries of the main platinum, palladium, copper, nickel commodity suite with rhodium cobalt, gold and silver byproducts.
Readers are encouraged to view the Clean Air announcement in its entirety at:
https://www.cleanairmetals.ca/news-media/news-releases/clean-air-metals-reports-drill-results-and-corpora-122552/
Benton continues to hold approximately 24.6 million shares in Clean Air Metals Inc. and holds a 0.5% net smelter return royalty ("NSR") from production on the Escape Lake portion of the project and a 0.5% NSR from production on any mineral claims comprising the original Thunder Bay North portion of the project on which an NSR has not previously been granted.
On behalf of the Board of Directors of Benton Resources Inc., "Stephen Stares" Stephen Stares, President
About Benton Resources Inc. Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio of Gold, Silver, Nickel, Copper, Platinum Group Elements and most-recently Lithium assets. In addition, it currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Royalties (NSR) with potential long-term cash flow.
Benton also recently entered into a 50/50 strategic alliance with Sokoman Minerals through three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland that are now being explored. Most advanced projects have an up-to-date NI 43-101 Report available.
For further information, please contact:
CHF Capital Markets Thomas Do, IR Manager Phone: 416-868-1079 x 232 Email:thomas@chfir.com
Benton Resources Inc. Stephen Stares, President & CEO Phone: 807-475-7474 Email: sstares@bentonresources.ca
Website: www.bentonresources.ca Twitter: @BentonResources Facebook: @BentonResourcesBEX LinkedIn: @BentonResources
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125419
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Azimut Exploration Inc. (" Azimut " or the " Company ") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the closing of two transactions in respect of the Eleonore South and Wabamisk properties in the Eeyou-Istchee James Bay region of Quebec (see press release of August 8, 2022 ).
The Eleonore South transaction involved the Company exchanging its interest in the Eleonore South joint venture (" ELSJV ") for 2.9 million of Azimut's issued and outstanding common shares (" Shares "), which Azimut cancelled upon acquisition. In addition, the reduction in Shares resulted in Agnico Eagle Mines Limited (" Agnico Eagle ") having an approximately 10.09% ownership interest in the Shares. Azimut also announces that it has entered into an amended and restated investor rights agreement which provides Agnico Eagle with certain rights as described below.
Azimut sold its 23.77% participating interest in the ELSJV to affiliates of (i) Newmont Corporation (TSX: NGT) (NYSE: NEM) and (ii) Fury Gold Mines Limited (TSX: FURY) (NYSE: FURY).
In consideration for the sale of its interest in the ELSJV, Azimut received 2.9 million Shares that were directly or indirectly controlled by Newmont. The return of these Shares to treasury required their cancellation, which reduced the number of issued and outstanding Shares to 79,293,844. This cancellation resulted in a reduction in the Company's issued and outstanding Shares by approximately 3.5% and consequently results in an increase of approximately 3.7% of shareholders' respective interests in Azimut, including the 100%-owned flagship Elmer Property.
The ELSJV was considered a non-core asset for the Company after it announced a gold discovery on the Elmer Property in January 2020 . Azimut is actively delineating the Patwon Gold Zone on the Elmer Property and advancing a maiden NI 43-101 mineral resource estimate.
Newmont has exercised its right to voluntarily withdraw from the Wabamisk joint venture and ceases to be a participant. In connection with such withdrawal, Newmont transferred its 51% participating interest in the Wabamisk joint venture to Azimut, resulting in Azimut regaining a 100% interest in the 333 mining claims forming the Wabamisk Property.
The mineral rights transfer forms for the Eleonore South and Wabamisk transactions have been filed with the Ministère de l'Énergie et des Ressources naturelles (Québec).
As a result of the cancellation of 2.9 million Shares in connection with the Eleonore South transaction, Agnico Eagle's ownership of Azimut's Shares increased from approximately 9.74% to 10.09%.
Since 2020, Agnico Eagle has participated in three of the Company's financings (see press releases of February 26, 2020 , June 23, 2021 , and July 16, 2021 regarding such financings) . Azimut's management is pleased by Agnico Eagle's continued interest in the Company's progress on the Elmer Gold project.
Immediately following the closing of the Eleonore South transaction, Agnico Eagle and Azimut entered into an amended and restated investor rights agreement pursuant to which, among other things, Agnico Eagle was granted the right to participate in future equity issuances in order to maintain its pro rata ownership in Azimut at the time of such issuance or to acquire up to a 12% ownership interest in Azimut.
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. Azimut is actively advancing its wholly-owned flagship Elmer Gold Project to the initial resource stage in the James Bay region.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine TM expert system), enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 79.3 million shares issued and outstanding.
This press release contains forward-looking statements, which reflect Azimut's current expectations regarding future events. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and "believe". The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There are many factors that could cause such differences, particularly volatility and sensitivity to market metal prices, impact of change in foreign currency exchange rates and interest rates, imprecision in reserve estimates, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although Azimut believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. Azimut disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content: http://www.newswire.ca/en/releases/archive/September2022/09/c0399.html
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Queen's Road Capital Investment Ltd. (TSX: QRC) (the "Company" or "QRC") is pleased to announce that it has entered into an agreement with Challenger Exploration Ltd. (ASX: CEL) ("Challenger") whereby the Company will purchase US$15,000,000 of convertible debentures to be issued by Challenger. QRC's investment is being made concurrent with a A$2.6 million equity private placement by Challenger's largest shareholder at A$0.19 per share.
The convertible debentures will have a 4-year term, carry a 9% coupon, a 3% establishment fee and will be convertible into Challenger common shares at a price of A$0.25. The interest is payable quarterly, 7% in cash and 2% in shares at the 20-day volume weighted average price prior to each interest payment date.
Challenger is a gold exploration and development company that owns the Hualilan gold project located in San Juan Province, Argentina. Hualilan is a historic high-grade gold district with a mining history dating back to the colonial era. In June 2022, Challenger released a maiden resource of 2.1 million ounces at Hualilan, half of which is contained in a high-grade skarn component (6.3 million tonnes at 5.6 g/t Au equivalent). Challenger has doubled the meters of drilling since the resource calculation and assays have demonstrated that the mineralization continues both at depth and in a both directions along strike. Challenger is aggressively moving Hualilan towards production with further drilling ongoing, an initial preliminary economic assessment due in the first half of 2023 and the beginning of permitting through the Environmental Impact Assessment.
Challenger also owns the El Guayabo gold-copper project in Southern Ecuador. The project borders the 11.5 million ounce Cangrejos gold-copper deposit owned by Lumina Gold Corp. and drilling so far has confirmed the geological extension onto the El Guayabo property. A maiden resource at El Guayabo is scheduled in the first half of 2023.
The proceeds from the convertible debenture investment and the private placement are expected to be used to fund exploration and development activities at the Hualalin and El Guayabo projects.
Warren Gilman, Chairman and CEO of QRC commented: "Challenger's Hualalin project ranks among the most exciting gold 'discoveries' of the last 3 years. Despite the challenges presented by COVID, Kris and his team have drilled over 200,000 meters during that period and released a maiden resource worthy of a major gold deposit. Combined with our recent Contango ORE, Inc. investment, our gold portfolio now totals US$35 million yielding in excess of 8.4% annually, representing a significant and growing part of our business."
Completion of the investment is subject to receipt of all required regulatory approvals and is expected to occur in the next few days.
About Queen's Road Capital Investment Ltd.
Queen's Road Capital is a dividend paying, leading financier to the global resource sector. The Company is a resource focused investment company, making investments in privately held and publicly traded resource companies. The Company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION, visit the Company's website at www.queensrdcapital.com or contact by email info@queensrdcapital.com or phone +852 2759 2022 Caution Regarding Forward Looking Statements Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's growth strategy and the Company's future performance. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, inability to identify or successfully conclude corporate transactions, and other relevant conversion factors, permitting and licensing risks; and general market and mining exploration risks. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136484
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[subscribe_company_profile use_post="101809168"]
Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce that it has entered into binding agreements for a US$15m (A$22.1m) private placement of unsecured convertible debentures (the "Debentures") with Queen's Road Capital Investment Ltd ("QRC"). The Debentures are convertible into fully paid ordinary shares in CEL ("Shares") at a price of $0.25, a 30% premium to the 5-day volume weighted average price (“VWAP”) prior to 2 September 2022. Additionally, the Company's largest institutional shareholder has committed to invest pro-rata to its 12% shareholding via a $2.6m placement at 5-day VWAP, increasing combined funds raise to $24.7m from two parties.
QRC is a leading resource-focused investment company based in Hong Kong and listed on the main board of the Toronto Stock Exchange ("TSX"). QRC acquires and hold securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.
The funding allows the completion of several important and value accretive milestones including; an updated Mineral Resource Estimate and Scoping Study at Hualilan; an additional 50,000m of drilling at Hualilan; and an additional 25,000m drilling and a maiden Mineral Resource Estimate at El Guaybo in Ecuador. Importantly, the pro-rata at market participation of CEL's largest shareholder provides discretionary expenditure of $2.6m which, is yet to be allocated, and extends CEL's runway into 2024.
Commenting on the investment CEL Managing Director, Mr Kris Knauer, said
"I am delighted to have QRC make an investment in CEL. QRC is a recognised long-term investor with a track record of successful investments in the resource sector. QRC undertook extensive due diligence including a Hualilan site visit and their investment is an endorsement of CEL's progress and potential. Our largest shareholder has been an active buyer on market and their pro-rata participation increases the amount raised to almost $25 million and extends our runway well into 2024.
CEL is now funded to deliver on several important milestones including an updated Mineral Resource Estimate and Scoping Study at Hualilan, plus a maiden Mineral Resource Estimate at El Guaybo. The additional 50,000 metres drilling at Hualilan will double the drill metres in the current resource estimate.
It is a great outcome to achieve the funding required to complete this series of significant and value accretive milestones from a two long term investors, at a significant premium to a traditional placement and the current market price."
The Company and QRC have entered into a binding Debenture Agreement (the "Agreement") with the Debentures convertible at the holder's option into Shares at a conversion price of A$0.25, representing a 30% premium to the 5-day VWAP of Shares on the Australian Securities Exchange (“ASX”) prior to 2 September 2022.
The Agreement is subject to a condition precedent that a material adverse event has not occurred in respect of the Company's Hualilan Gold Project prior to settlement, however, is not otherwise subject to any other conditions precedent and is expected to close on or around 14 September 2022, with the full US$15 million payable to the Company on closing. The Debentures will be issued pursuant to the Company's 15% placement capacity under ASX Listing Rule 7.1. Following entry into the Agreement, the Company intends to seek the approval of its shareholders (Shareholders), at the Company’s Annual General Meeting in November 2022 (AGM), for the ratification of the Debentures (and all interest accruing thereunder) for the purpose of ASX Listing Rule 7.4 (Debenture Resolution).
The Debentures are unsecured with a coupon (interest) rate of 9% (7% payable in cash and 2% payable in either cash or Shares, at QRC's election) payable quarterly in arrears. The Share price used to calculate the number of Shares to be issued for the interest component payable in Shares is the to 20 day VWAP ending three trading days prior to the interest being payable. The debentures will have a four-year term from closing and will be repayable by the Company upon expiry of that period to the extent not otherwise converted earlier into Shares. The Debentures are expected to be refinanced as part of the development funding for the Hualilan Gold Project should they not be converted.
Upon closing, the Company will pay to QRC an establishment fee equal to 3% of the principal amount of the Debentures in cash or shares. QRC has notified the Company that is has elected for the establishment fee to be paid in Shares which will be issued at the same price of $0.19 as the At Market Placement. These shares will be issued under the Company's LR7.1 placement capacity.
Click here for the full ASX Release
This article includes content from Challenger Exploration, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exchange-traded funds, or ETFs, have existed since 1993, but became much more common in the early 2000s. Since then, gold ETFs have risen in popularity among investors who want precious metals exposure.
ETFs are similar to mutual funds in that they track assets such as stocks, bonds, currencies or commodities; a key difference is that ETFs can be bought and sold on exchanges, making them widely accessible. They provide considerable flexibility in implementing various investment strategies and in building investment portfolios.
Precious metals-focused ETFs are fairly common today, and are a good choice for investors who want to invest in metals like gold without personally trading gold futures or physical gold, such as gold coins.
So which gold ETFs are the best? And which ones will provide long-term capital gains? It depends on the investor, but the five gold ETFs below may be worth considering when it comes to getting exposure to the yellow metal. According to ETFdb.com, they were the largest gold ETFs by total assets as of August 24, 2022.
The SPDR Gold Trust tracks the spot price of gold bullion and is determined by market forces in the 24 hour, over-the-counter market for gold. This market accounts for most global gold trade, and any quoted prices available to ETF investors reflect the latest available information.
Physical bullion comprises 100 percent of the ETF’s holdings, and its expense ratio per share is 0.4 percent. It offers investors a way to invest in gold that is much less costly than purchasing, storing and insuring bars or coins.
Like the SPDR Gold Trust, the iShares Gold Trust aims to track the spot price of gold bullion. Its expense ratio for investors is 0.25 percent, and its holdings are allocated entirely to physical gold bullion. The aim is for the trust’s value to reflect the performance of the price of gold.
The physical gold the trust holds is in vaults in New York, Toronto, London and other locations. Investors can purchase and sell shares through a traditional brokerage account throughout the trading day.
The SPDR Gold MiniShares Trust offers investors one of the lowest available expense ratios for a US-listed ETF backed by physical gold. This ETF represents fractional, undivided beneficial ownership interests in the trust, which holds only physical gold bullion and, from time to time, cash.
Aberdeen Standard Physical Gold Shares are issued by the Aberdeen Standard Gold Trust. The trust aims for shares to reflect the performance of the gold bullion price, minus the trust’s operating expenses.
The shares trade on an exchange like any other securities, and can be created and redeemed as supply and demand for gold in the market dictates and allows.
The gold that the Aberdeen Standard Gold Trust owns is held in Zurich, Switzerland, and it conforms to the London Bullion Market Association’s (LBMA) rules for good delivery.
The iShares Gold Trust Micro ETF is heralded as the lowest-cost physically backed gold ETF currently on the market. Its expense ratio per share is 0.15 percent.
The trust offers investors exposure to the day-to-day movement of the price of gold bullion, and was built to track the LBMA London Gold Market Fixing Price PM Index in US dollars.
This is an updated version of an article first published by the Investing News Network in 2014.
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Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Snowline Gold CEO Scott Berdahl: Off the Beaten Path in the Yukonyoutu.be
Snowline Gold (CSE:SGD) has further expanded its mineralized footprint, intersected 2.3 grams per tonne gold over 282.9 meters and commenced a third drill to its Rogue project in the Yukon, Canada. CEO Scott Berdahl shared, “We've got multiple projects moving ahead, multiple projects operating and others that are nearing that stage. So the Yukon is proving to be a place where things can happen.”
Snowline Gold has seven properties in the Yukon, and commenced its 8,000 meter drill program. Drill crews and geological staff were recently mobilized to the company's new Forks Camp, built to support its Rogue, Einarson, Ursa and Cynthia projects.
“We've really gone out to new parts of the Yukon that haven't been looked at intensively before. Our competitive advantage was to go out to places and get onto the green areas that are not on the beaten path. We really bring a lot of parts that haven't been seen before. We've really shone a new light on the Yukon. We're happy to be shining light on that potential.”
The Rogue property is comprised of 442 mineral claims, and the first-ever drilling commenced at the Gracie zone, with visible gold observed in G-22-001. According to Berdahl, the Rogue property is another bulk-tonnage gold system similar to Eagle and Victoria Gold's (TSX:VGCX,OTC Pink:VITFF) deposit.
“We think we found something pretty unique and special in terms of the drill targets. We drilled the first holes in this project last September. We were just breaking ground on those very first holes. We drilled four holes, and all four of them hit broad zones of mineralization. We had a spectacular hole from the standpoint of great enrichment and finding a potentially very economically viable orebody.”
“Obviously more drilling needs to be done to test the merit of the project, and more assays need to be received. But if we do see a very economically viable deposit, then certainly we wouldn't take that out. But we would have to restructure the team pretty significantly to bring that expertise in and advance things in that way.”
Watch the full interview of Snowline Gold CEO Scott Berdahl above.
Disclaimer: This interview is sponsored by Snowline Gold (CSE:SGD). This interview provides information which was sourced by the Investing News Network (INN) and approved by Snowline Gold in order to help investors learn more about the company. Snowline Gold is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Snowline Gold and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, 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. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to advise that it has mobilised to site and commenced the Stage 3 Resource definition drilling program to expand the Resource and add to the Company’s knowledge of the geology and grade characteristics of its Tumblegum South gold project (“Tumblegum South”).
This third drill program since its ASX listing on 27 October 2021 reiterates the Company’s continued commitment to immediately explore and develop Tumblegum South.
Stage 3 drilling has been designed to provide further information on the mineralised structures that are present in the area, to provide more structural information and to provide further data for an updated resource. This work has been designed with the benefit of the results from the earlier Stage 1 and 2 drilling.
The image below (Figure 1) shows the proposed drill traces, targeting the structures modelled using the results from previous works on site.
Figure 1 - Tumblegum South planned diamond Phase 3 Resource definition drilling - indicating the trace of the two proposed holes, DDH001 and 002, and their planned path, running between the two identified shear structures (Red and Yellow) and through the identified gold mineralisation lodes (Green).
Star Minerals’ CEO, Greg Almond comments:
“We are excited to be back on site at Tumblegum South and looking forward to following up the great results we saw from the last round of drilling, building on the success of our RC drilling campaigns.
This will encourage our shareholders, as it demonstrates our further confidence in the asset we have at Tumblegum South, and the potential to increase our knowledge of the deposit as we follow up from the results of the previous stages of drilling and modelling.”
Click here for the full ASX Release
This article includes content from Star Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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