Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that, further to its August 18th, 2022 news release, it has closed a non-brokered private placement, issuing 750,000 common shares at a price of $0.20 per share for gross proceeds of $150,000. As a result of the closing of the private placement, there are now 29,228,723 common shares of the Company issued and outstanding. The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the Canadian Securities Exchange. There was no finder fee paid in this private placement. All securities issued in connection with the private placement are subject to a statutory hold period in Canada expiring four months and one day from the closing of the private placement.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134597
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Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz.
Prismo Metals (CSE:PRIZ, OTCQB: PMOMF) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president and CEO Dr. Craig Gibson has been an exploration consultant since 1998 and a Director of Garibaldi Resources Inc. (TSXV:GGI). Additionally, advisor Dr. Peter Megaw sits on the board of directors and is co-founder of MAG Silver Corp. (TSX:MAG) and Minaurum Gold Inc. (TSXV:MGG). Megaw and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District as well as Excellon Resources’ (TSX:EXN) Platosa mine.
Prismo Metals has two current exploration projects: Palos Verdes and Los Pavitos. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa. The district is well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources (TSXV:VZLA), the Palos Verdes project is located near the district’s under-explored northeastern limit.
Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters as well as 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire 75 percent interest in the Palos Verdes property. A second agreement with the owner of the remaining 25 percent will allow Prismo to obtain 100 percent ownership of the Palos Verdes concession. Prismo is now ready to begin a follow-up drilling program that will consist of four to five holes, with the longest planned at 150 to 175 meters. Drilling is set to begin in early December.
The company’s Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel.
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
Limited sampling has been performed on the property. According to a sample database compiled by ProDeMin, findings have yielded as much as 4.15 g/t gold and 732.7 g/t silver. Prior to the turn of the century, a 70 meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
The company recently announced a 10 year surface access agreement that grants Prismo immediate access for exploration. A comprehensive drilling program on the property is set to begin in early December and will include four to five holes, with the longest planned at 150 to 175 meters. Targets include high-grade intercepts lateral to, and below, previous intercepts drilled by ProDeMin in 2018.
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Dr. Craig Gibson has extensive experience in the minerals industry. He received his B.S. (1984) in Earth Sciences from the University of Arizona and M.S. (1987) and Ph.D. (1992) in Economic Geology and Geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de C.V. (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Dr. Gibson is also a Director of Garibaldi Resources Inc., a Vancouver-based junior exploration company; a Certified Professional Geologist of the American Association of Professional Geologists; and a Qualified Person under NI 43-101.
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico Exploration Manager of Gainey Capital Inc. (since January 2015) and of Minera Goldzone S.A. de C.V. (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Jean-François Meilleur has been active in the capital market since 2006 as a Managing Partner of Paradox Public Relations and P.E. Partners providing strategic advisory, investor relations services and being a supportive shareholder providing development capital to different ventures. In May 2017, Meilleur was appointed President and CEO of Canada Strategic Metals. From 2012 to 2018, Meilleur was VP at Critical Elements Corp. Meilleur holds a bachelor’s degree from the HEC business school (Hautes Études Commerciales) in Montreal, with a specialization in marketing and finance. He is also a Managing Partner and co-owner of Paradox Public Relations.
Maria Yeomans is a geologist graduated from Universidad de Sonora, Mexico, in 1986, with master studies in Business Administration at the same university. She has been a part of the team at Cascabel since 1992 and is now Office Manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Mr. Doyle is the Executive Director of Québec Bourse. Between October 1999 and December 2015, he was the Vice-President, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the Province of Québec and Atlantic Canada. During his tenure, he acted as chairman of TSX Venture Listing Committee and was a member of the Policy committee. Mr. Doyle also led the nationwide TSX Venture Mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Mr. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were granted 50,000 incentive stock option each exercisable at $0.165 per share before June 26, 2027.
Dr. Megaw is best known as co-founder of MAG Silver Corp. and Minaurum Gold Inc. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources Inc’s Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring for silver and gold in Mexico. Dr. Megaw is a Certified Professional Geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Dr. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in Applied Economic Geology.
Allan Frame recently retired from the investment business. During his successful forty-seven-year career, Mr. Frame focused primarily on working with mining companies, helping them raise over $100 million and having had the benefit of being associated with multiple major discoveries, including the Snip Deposit now owned by Skeena Resources Ltd.
Palos Verdes drilling program in progress
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that it has received the data from the LiDAR survey carried out at its Los Pavitos project in Sonora State, Mexico. Preliminary interpretation of the topographic images is ongoing. Several structural features and small mine workings are visible in the data which will help to define the major mineralized structures at the project. The analysis of the data to date has identified several areas with small prospect pits that have not yet been visited or sampled.
Dr. Craig Gibson said: "While our analysis of the LiDAR data has not yet been completed, we are delighted with the results to date. Structural features and small mine workings are clearly visible in the data, and we feel that it will greatly aid in the delineation of important structural trends as part of the process to identify drill targets for a drilling campaign planned in late 2022."
Enlarged view of the central portion of the Los Pavitos concession showing features visible in the LiDAR data, including small mine workings and trenches along the Santa Cruz structural zone.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_002full.jpg
View of the central portion of the Los Pavitos concession showing larger scale features visible in the LiDAR data.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_003full.jpg
Geology overlain on the LiDAR map with the Santa Cruz structural zone defined by As assays.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_006full.jpg
LiDAR map with geology overlay and interpreted mineralized areas in magenta with Au assays. Several small mine workings visible in the data have not yet been visited and sampled. Geologic units are as shown in the previous figure.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_008full.jpg
Prismo also announced that its 2,000-meter drill program at its Palos Verdes project located in Sinaloa, Mexico is proceeding as planned with the first hole in progress. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The drilling campaign is expected to last approximately two months.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package. A minimum 2,000-meter program has been contracted with MW Drilling. Previous shallow drilling has intersected high grade mineralization with the best intercept of 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo's news release dated September 30, 2020).
About the Los Pavitos project
Los Pavitos is an exploration project located in the Álamos area of Sonora State, Mexico. The project consists of one concession, Los Pavitos Reducción, that covers 5,289 hectares. The concession is located on the paved highway between Navajoa and Álamos at about the seventeen-kilometer marker, and the main mineralized area is about six kilometer north of the highway and are reached by unmaintained dirt roads that access local ranches. Several interior concessions owned by third parties cover mineralized occurrences within the boundaries of the Los Pavitos concession.
Mineralization at Los Pavitos consists of quartz veins and stockworks hosted in metasediments, in shear zones and parallel to foliation and crossing foliation. Three mineralized trends have been recognized through limited exploration that has been carried out. Two trends, the NE Santa Cruz trend and the NW Las Auras trend intersect in an area of small mines and prospects on the internal concessions mentioned previously and extend onto the Los Pavitos concession. The NE Omuri trend is parallel to the Santa Cruz trend about two kilometers to the northwest of the intersection of the other trends, and also intersect the La Auras trend.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135166
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that its 2,000-meter drill program at its Palos Verdes project located in Sinaloa, Mexico has commenced. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The drilling campaign is expected to last approximately two months.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package. A minimum 2,000 meter program has been contracted with MW Drilling. Previous shallow drilling has intersected high grade mineralization with the best intercept of 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo's news release dated September 30, 2020).
Regarding the drill program, Dr. Craig Gibson, President and CEO of the Company, said: "We are pleased to be able to conduct our program to drill holes to intersect the Palos Verdes vein at significantly deeper levels than in the previous drilling campaigns. We will be able to test the vein several hundred meters underneath the surface exposures with the first hole being underway."
Prismo also announces that it intends to complete a non-brokered private placement, issuing 750,000 common shares at a price of $0.20 per share for gross proceeds of $150,000 in the coming days. The private placement will be carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the Canadian Securities Exchange. There will be no finder fee paid in this private placement
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn and Instagram
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134200
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") today announced that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company ("DTC").
DTC eligibility is expected to simplify the process of trading and enhance liquidity of Prismo shares in the United States. The Company's shares recently began trading on the OTCQB® Venture Market ("OTCQB") under the ticker symbol PMOMF.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
Prismo Metals Inc. is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133420
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Prismo Metals Inc. (OTCQB: PMOMF) (CSE: PRIZ) ("Prismo" or the "Company") is pleased to announce that it has received an extension to its environmental permit which allows for drilling at its Palos Verdes project in Sinaloa State, Mexico to commence as planned in the first week of August. Crews have been mobilized to the project and preparation of the drilling sites is ongoing.
The agency responsible for environmental regulation in Mexico, Semarnat, has issued an extension to the original drill permit that allowed drilling on existing roads. Semarnat is also continuing its review of an additional application for a permit for new road construction.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver Corp. on their adjacent land package. A minimum 2,000-meter program has been contracted. Previous shallow drilling has intersected high grade mineralization with the best intercept of 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo's news release dated September 30, 2020).
Regarding the drill program, Dr. Craig Gibson, President and CEO of the Company, said: "We are pleased to be able to commence our plan to drill holes to intersect the Palos Verdes vein at significantly deeper levels than the previous drilling. We will be able to test the vein several hundred meters underneath the surface exposures."
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132146
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") today announced that its common shares have been approved for listing on the OTCQB ® Venture Market ("OTCQB ®"), a US trading platform that is operated by the OTC Markets Group in New York. Effective today, the Company will commence trading on the OTCQB ® under the symbol PMOMF.
The Company's common shares will continue to trade on the Canadian Securities Exchange under the symbol PRIZ. Investors can find real-time quote and other information on the Company on the OTC Markets Group website at https://www.otcmarkets.com/stock/PMOMF/overview
In addition, the Company is pleased to announce that it has filed an application with The Depository Trust Company ("DTC") for electronic settlement and transfer of its common shares in the United States. Prismo expect to become DTC eligible shortly.
Prismo's President and CEO Craig Gibson commented: "There is a large potential investor base in the U.S. with an appetite for exposure to mining exploration companies. We expect this will expand our shareholder base and the liquidity of the stock to the benefit of all shareholders."
The OTCQB ® is the premier marketplace for entrepreneurial and development stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB ® quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
Prismo Metals Inc. (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132011
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Metals Creek Resources Corp. (TSXV: MEK) (OTCQB: MCREF) (FSE: M1C1) (the "Company" or Metals Creek) announces that Metals Creek and Quadro Resources Ltd (Quadro) have amended the Yellow FoxCareless Cove LOI.
Metals Creek and Quadro has signed an agreement amending the terms of the Aug. 11, 2020, Yellow Fox/Careless Cove letter of intent with Metals Creek Resources Corp. (see Oct. 8, 2020, news release for details of the original agreement).
Under the terms of the amending agreement and subject to TSX Venture Exchange approval, in lieu of the second-anniversary cash payment of $20,000, Quadro will issue to Metals Creek 500,000 additional common shares of the company for a total of 900,000 common shares at a deemed price of four cents per share.
Careless Cove/Yellow Fox Property
The Careless Cove and Yellow Fox properties are located southwest of Glenwood in east-central Newfoundland (see Quadro's press release dated April 28, 2021). Previous work on the two claim blocks that comprise the properties resulted in the discovery of gold mineralization up to 11.38 grams per tonne gold and 59.413 grams per tonne gold as described in Quadro's May 27, 2021, press release.
Quadro has an option to earn a 100-per-cent interest in the Careless Cove/Yellow Fox claim groups, totalling 40 claim units. The Careless Cove properties are adjacent to New Found Gold Corp.'s claims, which have seen promising early results. Prospecting and soil geochemistry were carried out in mid-2021 (see Quadro's news release dated May 27, 2021), with exploration and drilling planned for winter 2022.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a junior exploration Company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the symbol "MEK". Metals Creek has earned a 50% interest in the Ogden Gold Property from Newmont Corporation, including the former Naybob Gold mine, located 6 km south of Timmins, Ontario and has an 8 km strike length of the prolific Porcupine-Destor Fault (P-DF). In addition, Metals Creek has signed an agreement with Newmont Corporation, where Metals Creek can earn a 100% interest in the past producing Dona Lake Gold Project in the Pickle Lake Mining District of Ontario.
Metals Creek also has multiple quality projects available for option in Ontario and Newfoundland which can be viewed on the Corporation's website. Parties interested in seeking more information about properties available for option can contact the Corporation at the number below.
Additional information concerning the Corporation is contained in documents filed by the Corporation with securities regulators, available under its profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Alexander (Sandy) Stares, President and CEO Metals Creek Resources Corp telephone: (709)-256-6060 fax: (709)-256-6061 email: astares@metalscreek.com www.MetalsCreek.com Twitter.com/MetalsCreekRes Facebook.com/MetalsCreek
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135841
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Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") announced today that the Company has obtained a final order from the Supreme Court of British Columbia approving the previously announced acquisition of Alexco by 1080980 B .C. Ltd. (" 108 "), a subsidiary of Hecla Mining Company (NYSE: HL) (" Hecla ") by way of a plan of arrangement (the " Arrangement "). Under the terms of the Arrangement, Alexco's shareholders (the " Shareholders ") will receive 0.116 common shares in the capital of Hecla for each Alexco share held (the " Consideration ").
The Arrangement remains subject to the satisfaction or waiver of customary closing conditions and is expected to close on September 7, 2022 . Following completion of the Arrangement, the common shares of Alexco are expected to be delisted from the Toronto Stock Exchange and the NYSE American. An application is also expected to be made for the Company to cease to be a reporting issuer in the applicable jurisdictions upon closing of the Arrangement.
Information regarding the procedure for exchange of shares for Consideration is provided in the Company's management information circular dated July 28, 2022 (the " Circular "). The Circular is available on SEDAR under the Company's profile at www.sedar.com and on the Company's website at https://alexcoresource.com/investors/special-meeting-of-shareholders/ .
Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District in Canada's Yukon Territory , one of the highest-grade silver mines in the world.
This news release contains forward-looking statements, which relate to future events or future performance. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements herein include, without limitation, statements with respect to the consummation and timing of the Arrangement; the satisfaction or waiver of the conditions precedent to the transaction; the Consideration to be received by Shareholders; the expected benefits of the Arrangement; the timing and receipt of any other regulatory consents and approvals; the delisting of the Alexco shares; and the intention that Alexco will cease to be a reporting issuer. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, including assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory and other third party approvals; the satisfaction or waiver of the conditions to closing of the Arrangement in a timely manner and completion of the Arrangement on the expected terms; the expected adherence to the terms of the arrangement agreement, as assigned and amended (the "Arrangement Agreement") and agreements related thereto; the adequacy of our and Hecla's financial resources; favourable equity and debt capital markets; and stability in financial capital markets. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, among others: the risk that the Arrangement may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the failure of the Company and Hecla to obtain the necessary regulatory and other third-party approvals, or to otherwise satisfy the conditions to the completion of the Arrangement, in a timely manner, or at all, may result in the Arrangement not being completed on the proposed terms, or at all; changes in laws, regulations and government practices; if a third party makes a Superior Proposal (as defined in the Arrangement Agreement), the Arrangement may not be completed and the Company may be required to pay the Termination Fee (as defined in the Arrangement Agreement); if the Arrangement is not completed, and the Company continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of the Company to the completion of the Arrangement could have an impact on the Company's current business relationships and could have a material adverse effect on the current and future operations, financial condition and prospects of the Company; future prices of silver, gold, lead, zinc and other commodities; market competition; and the geopolitical, economic, permitting legal climate that Alexco and Hecla operate in; and the additional risks and uncertainties identified in Alexco's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com ) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml ). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
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Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") is pleased to report new results from its 2022 Phase 1 exploration program in the Minto Mine South Deposit. Red Pine drilling continues to increase the footprint of mineralization within the Minto Mine South Deposit.
Quentin Yarie, President, and CEO of Red Pine Exploration commented: " The Minto mine drilling results demonstrate that the current Minto Mine Resource is likely of higher grade than currently calculated. Increased drill density of the Minto Mine South Deposit is mitigating the nugget affect we are conscious of. These recent drill results represent an important step forward on our progress expanding the current resources at the Wawa Gold Project. Based on our results the high-grade Minto mineralization could very well become an exciting focal point for Red Pine.
With continued drilling success, we anticipate updating the Minto Mine South resource in the following fiscal year."
High-grade gold in the Minto Mine Deposit
Red Pine continued to infill strategic gaps in the current resource of the Minto Mine Deposit. In SD-22-377, high-grade gold mineralization was intersected in a gap in the Minto resource 30 meters up-plunge of the intersection of 68.71g/t gold over 4.72 meters in SD-22-373 (Table 1; see press release of July 14 th , 2022). In addition, SD-22-373 identified a network of high-grade quartz veins above the Minto Mine Shear Zone. In SD-22-371, located down-plunge of the intersection in SD-22-373, visible gold was observed in the Minto vein, but assays remain pending.
Table 1– Minto Mine Deposit (refer to Figure 1)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/90b4e224-309d-4ade-8eeb-765ce7e5a21c
Red Pine is actively continuing its exploration program. The company is awaiting results from the Surluga North, Surluga South and Jubilee Shear Zone south of the Parkhill Fault.
Quality Assurance/Quality Control ("QA/QC") Measures
Drill core samples were transported in security sealed bags for analyses to Actlabs in Ancaster, Ontario. Individual samples were labelled, placed in plastic sample bags and sealed. Groups of samples were then placed into durable rice bags and shipped. The residual coarse reject portions of the samples remain in storage if further work or verification is needed.
Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.
Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.
Red Pine has developed and implemented compliant precautions and procedures according to guidelines for the Province of Ontario. Protocols were put in place to ensure our employees' and contractors' safety, thereby reducing the potential for community contact and spreading of the virus.
About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".
The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. The Company's Chairman of the Board is Paul Martin, the former CEO of Detour Gold. The Board has extensive and diverse experience at such entities as Alamos, Barrick, Generation Mining, Detour Gold and Paramount Gold Nevada Corp. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.
For more information about the Company, visit www.redpineexp.com
Or contact: Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com
Carrie Howes, Director Corporate Communications, (416) 644-7375, chowes@redpineexp.com
1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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Whitehorse Gold Corp. (TSXV: WHG) (OTCQX: WHGDF) ("Whitehorse Gold" or the "Company") announces that its wholly-owned subsidiary, Stannum Metals Corp., on August 22, 2022 signed an agreement to acquire a 100% interest in a private Bolivian incorporated mining company (the "Porvenir Tin Company") from its three shareholders (the "Vendors"). The Vendors are Bolivian nationals and arm's length parties.
The Porvenir Tin Company's main asset is the Porvenir tin-zinc-silver-lead polymetallic mineral Project (the "Property"), or ATE (Temporary Special Authorization), located in the Oruro Department, Bolivia (see Figure 1 for location). The Property was subjected to some small-scale, historic mining and was explored and drilled by Japanese mining company, Dowa Metals and Mining Company ("Dowa") in 2005 (see Figure 2 for Property map and drill locations). In total, Dowa completed 88 diamond drill holes in approximately 25,000 metres ("m") based on the data acquired by the Company from an independent source.
A review of Dowa's historic drill assay results shows they had selectively sampled cores with obvious massive pyrite/sphalerite. Dowa identified more than 19 tin-zinc veins assaying up to 941 grams per tonne silver, 6.34% lead, 28.1% zinc, 10.20% tin, and 500 grams per tonne indium (see Figure 3 & 4 for two drill sections).
Two best historic drill holes are hole PV-41, which intercepted a 15.05 m interval (from 316 m to 331 m) grading 2.04% tin, 2.4% zinc, and 11 grams per tonne silver (Figure 3), and hole PV-01, which intercepted a 6.05 m interval (from 191 m to 197 m) grading 2.27% tin, 3.23% zinc, and 13 grams per tonne silver (Figure 4).
The Company's geologists sampled a 0.5 m long uncut Dowa core with alteration but no obvious sulfide and returned 0.56% tin and 0.34% zinc, suggesting Dowa may have missed tin mineralization intervals that are low in other sulfide mineralization (see figure 5). After closing the acquisition and before being granting a drilling permit by the Bolivia Government, the Company plans to cut, and re-sample Dowa's historical drill cores stored on site.
Major Terms of the Agreement
The Company will pay a total of US$1.75 million to acquire 100% of the Porvenir Tin Company in the following instalments:
Payment of US$750,000 to the Vendors for 51% as an initial, non-refundable down-payment following the signing of the Agreement.
On the first anniversary of signing, Whitehorse Gold will pay a further US$750,000 to the Vendors for the remaining 49% of the Tin Company.
On the second anniversary of signing, a further US$250,000 will be payable to the Vendors.
There is no finders fee payable in connection with this transaction.
Closing of the transaction is subject to regulatory approval, and other conditions as set out in the Agreement.
Figure 1. Location of Porvenir in Bolivia To view an enhanced version of Figure 1, please visit: https://images.newsfilecorp.com/files/7553/135545_figure1whitehorse1.jpg
At an elevation of approximately 4,100 m, the 11.25 square kilometres (km²) Property is located in the Oruro Department of Bolivia (Figure 1), approximately 25 km Southwest of the Huanuni Mine, the largest tin mine in Bolivia. Access is relatively easy with paved access from Oruro for 60 km and dirt road access for 10 km from the town of Venta Y Media.
The mineralization is hosted within near vertical NNW to NW trending structures which occur within Silurian age (423 - 419 Ma) clasticsediments comprising interbedded and layered units of sandstone and shale. The mineralization comprises a stockwork framework formed by a series of mineralized stringers,
Tin is hosted within cassiterite (SnO2), while sphalerite (ZnS) is the primary zinc mineral, with silver being hosted in tetrahedrite. Quartz, pyrite, siderite, barite, and kaolinite account for the majority of gangue and alteration mineral assemblages.
In 2005 Dowa conducted a 25,000 m, 88 hole diamond drill program (Figure 2) at Porvenir. Five clusters of Dowa drill holes (mineralized zones) were completed by Dowa. Figure 2 shows the Property boundary highlighting the location of the historic drill holes, mineralized zones, and the location of the two cross sections included herein.
Figure 2: Property boundary at Porvenir To view an enhanced version of Figure 2, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_018full.jpg
Table 1: Historic, Tin (Sn), Zinc (Zn), and Silver (Ag) Mineralized Drill Intercepts
To view an enhanced version of Table 1, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_022full.jpg
Figures 3 and 4 show two NE-SW drill cross sections (A-B and C-D) of historic drilling results (looking NW). In the cross sections, Dowa's drill core samples are marked in black and clearly show selective sampling practice that might have missed tin intervals with low sulfide contents.
Figure 3: Drill cross section A-B To view an enhanced version of Figure 3, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_023full.jpg
Figure 4: Drill cross section C-D. To view an enhanced version of Figure 4, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_024full.jpg
Figure 5: A 0.5m long section of Dowa core with alteration but no obvious sulfide and returned 0.56% tin and 0.34% zinc from WHG assay testing. To view an enhanced version of Figure 5, please visit: https://images.newsfilecorp.com/files/7553/135545_f962d69ae47cdb81_025full.jpg
Donald J. Birak, independent consultant geologist and Qualified Person as defined under National Instrument 43-101, has conducted a site visit to this Property and has reviewed and approved the scientific and technical information in this news release. As only a limited amount of historic core and no assay samples exist for inspection or resampling, the Qualified Person was not able to validate the historic drill results and the Qualified Person is relying on the historic drill results only as indicative of the style of mineralization on the Property.
Whitehorse Gold is a mineral exploration and development company focusing on tin projects in Bolivia and a gold development project in the Yukon. The company owns 51% of the Porvenir tin project 70 km southeast of Oruro Bolivia, and the right to increase ownership to 100%. The company also has the right to acquire a 100% interest in a second tin project 65 km southeast of Oruro Bolivia. The company also owns 100% of the Skukum Gold project located in southern Yukon, approximately 55 km south-southwest of Whitehorse. The Skukum Gold project hosts the formerly producing Mt. Skukum high-grade gold mine. Project infrastructure includes an all-weather access road, a 50-person camp, approximately 6 kms of underground development, and a previously operating 300-tpd mill and associated support facilities. Underground operations by a previous operator at Mt. Skukum from 1986 to 1988 saw 233,400 tons of ore mined and processed to recover approximately 79,750 ounces of gold (Total Energold Corporation, 1989).
On Behalf of Whitehorse Gold Corp.
signed "Gordon Neal"
Gordon Neal, CEO & Director
For further information please contact: Investor Relations, Whitehorse Gold Corp., Phone: (604) 336-5919 Email: info@whitehorsegold.ca www.whitehorsegold.ca
Neither the 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 news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the timing for payments under the Agreement including the acquisition of an initial 51% of the Tin Company and the remaining 100%; that the Project could be successful exploration venture for the Company that the tin market will see further growth; and the timing for receipt of regulatory approvals required under the Agreement; the assembling of a Bolivian drilling team; completion of the confirmation drilling; the acquisition by the Company of the Tin Company pursuant to the terms of the Agreement; and the implementation of the drilling program by the common standards of the best practices best practices of industry..
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: regulatory approvals for the acquisition of the Tin Company; the ability of the Company to finance the acquisition of the Tin Company; the inability or failure of the Company and the Vendors to satisfy the conditions to the completion of the acquisition of the Tin Company; the ability of the Company to integrate the Tin Company into the Company's existing operations; the devotion of management time and resources required to complete the acquisition of the Tin Company; the advancement globally of electrification with decarbonization; current global financial conditions the availability of a Bolivian drilling team and the ability to complete the confirmation drilling within the time permitted under the Agreement; the possibility that the confirmation drilling and future exploration results will not be consistent with the Company's expectations; the ability of Company to obtain the necessary permits and consents required to complete the confirmation drilling; operating in Bolivia including possible expropriation or nationalization without adequate compensation, changing political and fiscal regimes, and economic and regulatory instability, unanticipated changes to royalty and tax regulations, unreliable or undeveloped infrastructure, labour unrest and labour scarcity, difficulty obtaining key equipment and components for equipment, regulations and restrictions with respect to imports and exports; high rates of inflation, extreme fluctuations in currency exchange rates and the imposition of currency controls, the possible unilateral cancellation or forced re-negotiation of contracts, and uncertainty regarding enforceability of contractual rights, inability to obtain fair dispute resolution or judicial determinations because of bias, corruption or abuse of power, difficulties enforcing judgments generally, and in particular those obtained in Canadian courts against assets located outside of those jurisdictions, difficulty understanding and complying with the regulatory and legal framework respecting the ownership and maintenance of mineral properties, mines and mining operations, and with respect to permitting, local opposition to mine development projects, which include the potential for violence, property damage and frivolous or vexatious claims, violence and more prevalent or stronger organized crime groups; terrorism and hostage taking, military repression and increased likelihood of international conflicts or aggression, and increased public health concerns; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; competition; operations and political conditions; environmental risks; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; and dependence on management..
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended December 31, 2021 under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.
CAUTIONARY NOTE TO US INVESTORS
The technical and scientific information contained herein has been prepared in accordance with NI 43-101, which differs from the standards adopted by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, the technical and scientific information contained herein, including any estimates of mineral reserves and mineral resources, may not be comparable to similar information disclosed by U.S. companies subject to the disclosure requirements of the SEC.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135545
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Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") announced today that the Company's Securityholders (as defined below) approved the previously announced acquisition of Alexco by 1080980 B .C. Ltd. (" 108 "), a subsidiary of Hecla Mining Company ( NYSE: HL ) (" Hecla ") by way of a plan of arrangement (the " Arrangement ") at a special meeting of Securityholders held earlier today (the " Meeting ").
The special resolution approving the Arrangement was approved by (i) 92.04% of the votes cast by Alexco's shareholders (the " Alexco Shareholders ") present or represented by proxy at the Meeting; (ii) 92.92% of the votes cast by Alexco Shareholders, optionholders, restricted share unit holders and deferred share unit holders of Alexco (collectively, " Securityholders "), voting as a single class, present or represented by proxy at the Meeting; and (iii) 91.50% of votes cast by Alexco Shareholders other than votes attached to Alexco shares required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions .
Under the terms of the Arrangement, Alexco Shareholders will receive 0.116 common shares in the capital of Hecla for each Alexco share held (the " Consideration "). Information regarding the procedure for exchange of shares for Consideration is provided in the Company's management information circular dated July 28, 2022 , related to the Meeting (the " Circular "). The Circular and accompanying letter of transmittal (the " Letter of Transmittal ") are available on SEDAR under the Company's profile on SEDAR at www.sedar.com and on the Company's website at https://alexcoresource.com/investors/special-meeting-of-shareholders/ . If you are a holder of Alexco restricted share units, you will need to wait to submit your Letter of Transmittal until you have received details from the Company following the effective date of the Arrangement regarding your shares of Alexco.
The Arrangement remains subject to approval of the Supreme Court of British Columbia (the " Court ") and the satisfaction or waiver of other customary conditions. On July 27, 2022 , the Commissioner of Competition issued an advance ruling certificate. The Court hearing for the final order to approve the Arrangement is currently scheduled to take place on September 1, 2022 and closing of the Arrangement is expected to close on September 7, 2022 . Following completion of the Arrangement, Alexco's shares are expected to be delisted from the Toronto Stock Exchange and NYSE American. An application is also expected to be made for the Company to cease to be a reporting issuer in the applicable jurisdictions upon closing of the Arrangement.
Additional information regarding the terms of the Arrangement is set out in the Circular which is available under Alexco's profile at www.sedar.com .
Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District in Canada's Yukon Territory , one of the highest-grade silver mines in the world.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future performance. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements herein include, without limitation, statements with respect to the consummation and timing of the Arrangement; the satisfaction or waiver of the conditions precedent to the transaction; the Consideration to be received by Alexco Shareholders; the expected benefits of the Arrangement; the timing, receipt and anticipated approval of the Court, and of any other regulatory consents and approvals; the delisting of the Alexco shares; and the intention that Alexco will cease to be a reporting issuer. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, including assumptions as to the ability of Alexco and Hecla to receive, in a timely manner and on satisfactory terms, the necessary regulatory, Court and other third party approvals; the satisfaction or waiver of the conditions to closing of the Arrangement in a timely manner and completion of the Arrangement on the expected terms; the expected adherence to the terms of the arrangement agreement, as assigned and amended (the "Arrangement Agreement") and agreements related thereto; the adequacy of our and Hecla's financial resources; favourable equity and debt capital markets; and stability in financial capital markets. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors include, among others: the risk that the Arrangement may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement; the failure of the Company and Hecla to obtain the necessary regulatory, Court, and other third-party approvals, or to otherwise satisfy the conditions to the completion of the Arrangement, in a timely manner, or at all, may result in the Arrangement not being completed on the proposed terms, or at all; changes in laws, regulations and government practices; if a third party makes a Superior Proposal (as defined in the Arrangement Agreement), the Arrangement may not be completed and the Company may be required to pay the Termination Fee (as defined in the Arrangement Agreement); if the Arrangement is not completed, and the Company continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of the Company to the completion of the Arrangement could have an impact on the Company's current business relationships and could have a material adverse effect on the current and future operations, financial condition and prospects of the Company; future prices of silver, gold, lead, zinc and other commodities; market competition; and the geopolitical, economic, permitting legal climate that Alexco and Hecla operate in; and the additional risks and uncertainties identified in Alexco's filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com ) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml ). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
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Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to report two major milestones on its Phase 2 Expansion at the ATO Gold Mine.
Steppe Gold's ATO Gold Mine has received relevant approvals from the Ministry of Energy and National Dispatching Center to build and connect a high voltage power line system of 110/35/10 kVand use 10MW from the Dornod Province State Power Plant. This is a major milestone in the Phase 2 Expansion, and a special purpose company Steppe Power LLC has been established to manage the development and connection to the state grid system.
The Company retained a leading global engineering firm to advise on available energy options for the Phase 2 Expansion, including renewable alternatives. Renewable options are generally too expensive at this scale, with traditional energy sources more economic.
With the recent significant rise in fuel prices, connecting to the state grid power system will dramatically reduce projected energy costs by 75%, or from approximately $32M to $8M annually at the Phase 2 Expansion and will reduce expected cash costs by well in excess of $100/oz.
The Company plans to commence the construction of a high voltage power line system in 2023-2024, and the flotation plant should be complete by Q3 2024.
Steppe Gold reports that the Phase 2 Expansion continues to ramp up with the new fixed crusher nearing completion in October.
All equipment for the new crushing unit has arrived via 15 open-top railway wagons and 62 trucks.
Currently, 160 tonnes of equipment have been installed out of a total of 220 tonnes, and installation work is 72% complete.
The new 1,000 tonnes per hour crushing unit consists of 2 jaw crushers, 4 hydraulic cone crushers, 5 vibration screens and 5 vibration feeders, 17 conveyor systems, 3 sets of buffer bins with steel structure, 3 underground buffer bins with steel structure and central control system.
Once operational, the new crushing unit will increase Steppe Gold's current capacity by 4 times, up to 4Mt per annum/ at 50% of its power.
Learn more about our new crushing unit in this video: https://youtu.be/gy4W7ZPW2bU
Fig 1: Fixed Crushing Unit Work in Progress
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6562/135360_c614a577a4613b70_001full.jpg
Fig 2: Fixed Crushing Unit Work in Progress
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6562/135360_c614a577a4613b70_002full.jpg
As of August 20, the Company has mined 3.24 million tonnes, crushed and stacked 2.46 million tonnes @ 1.93 g/t ~ 152,510 ounces on the leach pad and 781,500 tonnes of ore at an average grade of 1.17 g/t on the ROM pad. At an estimated 70% recovery, the total inventory on the leach pad, ROM pad and pit floors is approximately 80,000 ounces of recoverable gold.
The Company has received a new batch of reagents via rail and will increase the rate of production in the coming months.
President and CEO of Steppe Gold, Bataa Tumur-Ochir, commented, "We are pleased to report solid progress on the new fixed crusher, which is a critical step in the Phase 2 Expansion. Despite a challenging period with COVID-related lockdowns in China and continued border closures, we have shipped all heavy equipment and installation work is rapidly advancing.
The Company has over 781,500 tonnes of ore on the ROM pad in addition to 735,000 tonnes of blasted material on the pit floors, and the new crushing unit will significantly increase daily crushing rates at the Phase 1 project in the winter months. We are also delighted to announce government approval to connect to the state grid power system and quota to use 10MW, which will significantly reduce operating costs for the Phase 2 Expansion of the ATO Gold Mine. This is a major milestone for us as we accelerate the major capital items for this next phase.
We also continue to work on optimizing the Phase 2 Expansion through exploration drilling and we plan to announce updates to the mine plan in the coming month or so. We are well advanced with design work on the expansion facilities, and new fuel and chemical storage facilities are complete."
Fig. 3: Leach Pad at ATO Gold Mine with Lift Complete
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Fig. 4: ROM Pad at ATO Gold Mine
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Fig 5: Fixed Crushing Unit Work in Progress
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Fig 6: Fixed Crushing Unit Work in Progress
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Fig 7: Fixed Crushing Unit Work in Progress
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Steppe Gold Limited Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact: Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street19A, Sukhbaatar District 1,Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135360
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