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Selasa, 19 November 2024

Getchell Gold Corp. Provides Update on the Fondaway Canyon Gold Project, NV


Getchell Gold Corp. Provides Update on the Preliminary Economic Assessment for the Fondaway Canyon Gold Project, NV

Vancouver, BC – November 19, 2024 – Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") provides an update on the progress of the Preliminary Economic Assessment ("PEA") for the Fondaway Canyon gold project in Nevada ("Project").

A key component for the generation of the PEA is the results of the metallurgical testwork currently being conducted.  The objective of the testwork is to optimize the recoveries and processing pathway and provide the essential parameters for plant design and mine schedule to be integrated into the PEA.

The metallurgical testwork commenced in July on coarse reject material sourced from the Company's most recent drill campaigns.  Subsequently, when it was determined that a significant portion of the 2024 Mineral Resource Estimate ("2024 MRE") was comprised of oxidized host rock (refer to Company news release dated September 11, 2024, detailing the 2024 MRE), it necessitated the collection of additional material, reflecting the oxide blanket, and delivery to the lab for supplemental testwork.

Following delays in the initiation of the testwork, the requirement for additional oxide material, and lab equipment mechanical issues, which have now been resolved, the testwork is anticipated to be completed by year end.  This has resulted in a commensurate delay in the completion of the PEA.

"All parties responsible and contributing to the PEA are committed and focused on its completion with the release of results now targeted for early January 2025." stated Mike Sieb, President.  "The PEA will provide essential guidance as to the Fondaway Canyon gold project's potential and we at Getchell look forward to the PEA's impending release."


Figure 1: (left) Drill at the Colorado Pit; and (right) Drill core from oxide blanket at the Colorado Pit

Fondaway Canyon Gold Project Highlights

The Fondaway Canyon project is an advanced exploration stage gold property located in Churchill County, Nevada, approximately 170 kilometres east of Reno.

The 2024 MRE, recently released in September, is comprised of an Indicated Mineral Resource of 13.5 million tonnes at an average grade of 1.49 grams per tonne ("g/t") gold ("Au") for 648,000 ounces of gold and an Inferred Mineral Resource of 44.8 million tonnes at an average grade of 1.16 g/t Au for an additional 1,670,100 ounces of gold (Company news release dated September 11, 2024).

Some of the Project's most notable attributes are that the gold mineralization starts at surface, is broad and consistent, exhibits exceptional high-grade zones, and remains fully open for further expansion.  In addition, Getchell Gold has secured control of the entire length and breadth of the four-kilometre under-explored gold structural corridor effectively removing constraints for future potential growth and development.

Scott Frostad, P.Geo., is non-independent and the Qualified Person (as defined in NI 43-101) who reviewed and approved the scientific and technical information in the news release.

Notes on the Mineral Resource Estimate:

1. The independent and qualified person for the mineral resource estimate, as defined by NI 43-101, is Michael Dufresne, P.Geol., P.Geo., from APEX Geoscience Ltd.

2. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the Mineral Resources discussed herein will be converted into a Mineral Reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).

3. The MRE blocks that make up the oxide component of the In Pit resource are within the overall conceptual pit shape defined by the parameters for the unoxidized material.

4. The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue not reported in the technical report that could materially affect the mineral resource estimate.

5. The effective date of the Mineral Resources Estimate is September 1, 2024, and the effective date for the drill-hole database used to produce this Mineral Resource Estimate is February 7, 2024.

6. For a complete list of notes on and parameters utilized for the 2024 MRE, please refer to the Company's news release dated September 11, 2024, detailing the 2024 MRE, or visit the Company's website at www.getchellgold.com

7. The full documentation for the 2024 MRE will be reported within the forthcoming PEA.

About Getchell Gold Corp.

The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1.   Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and the high-grade Star (Cu-Au-Ag) projects.

For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com.

Karen Mate, Corporate Communications
(416) 230-6454
kmate@capitalmarketsadvisory.ca

Office: 1-647-249-4798
Toll Free: 1-877-684-0460
info@getchellgold.com

The Canadian Securities Exchange has not reviewed this communication and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to Mineral Resource Estimate and future planned activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur.  Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.  The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

White Gold Corp. Announces Significant Increase in Mineral Resources to 1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White Gold Project, Yukon, Canada

White Gold Corp. Announces Significant Increase in Mineral Resources to 1,203,000 oz Gold Indicated and 1,116,600 oz Gold Inferred at the White Gold Project, Yukon, Canada

TORONTO, November 19, 2024 – White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W) (the "Company") is pleased to announce an updated Mineral Resource Estimate (“MRE”) for its flagship White Gold project located approximately 95 km south of Dawson City in west-central Yukon, Canada. The updated mineral resource includes a significant increase in total gold ounces, including a 18.5% increase in inferred resources and an 4.3% increase in indicated resources. The White Gold project now comprises 1,203,000 ounces of gold in the Indicated Resource category (17.7 million tonnes averaging 2.12 g/t Au) and 1,116,600 ounces of gold in the Inferred Resource category (24.5 million tonnes averaging 1.42 g/t Au) at US$2,000/oz gold. The gold resources at the White Gold Project are near surface, almost entirely captured within an open pit, and remain open for expansion in multiple directions with additional opportunities to increase total resources via targets within close proximity. Additional increases to the size of the resource may also be possible through an ongoing analysis of the resource block model and by capturing additional ounces hosted within the Target for Further Exploration area which hosts an additional estimated 10 – 12 million tonnes grading between 1 – 2 g/t Au. These results form part of the Company’s work program supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).


“We are very pleased to have further increased the size of our robust flagship deposit which is one of the highest-grade open pit gold resources in Canada of this size or greater owned by an exploration company. Furthermore, significant additional resource growth potential exists on the deposits themselves, as well as in the surrounding areas which has seen only limited exploration and has strong prospectivity for new discoveries. We are also very encouraged by the overall prospectivity of our district scale land package for additional gold and other mineral resource discoveries as this area of Yukon continues to evolve as an emerging Canadian mining camp supported by ongoing mine development efforts, infrastructure initiatives and other investment,” stated David D’Onofrio, Chief Executive Officer. 


Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/.

Highlights:


Updated MRE includes four gold deposits – Golden Saddle, Arc, Ryan’s Surprise and VG located within close proximity and includes:


  • 17.660 million tonnes of Indicated Resources averaging 2.12 grams per tonne gold for 1.203 million ounces of gold, representing 52% of total resources.
  • 24.472 million tonnes of Inferred Resources averaging 1.42 grams per tonne gold for 1.117 million ounces of gold, representing 48% of total resources.
  • Inferred and Indicated Mineral Resources have increased by 18.5% and 4.3% respectively, compared to the previous 2023 MRE(1).
  • 97.5% of the resources are near surface and within an open-pit. Indicated Resources of 1.201 million ounces of gold averaging 2.12 grams per tonne gold (an increase of 6.7%) and open-pit Inferred Resources of 1.061 million ounces of gold averaging 1.38 grams per tonne gold (an increase of 24.4%).
  • Mineralization at the Golden Saddle, Arc, Ryan’s Surprise and VG deposits all remain open along strike and down dip to further expand the deposits and in addition to multiple underexplored targets in close proximity. 
  • The project also hosts an additional estimated 10 – 12 million tonnes grading between 1 – 2 g/t Au of material classified as a Target for Further Exploration which has not been included in the current resource which may further increase the size of the resource and is currently being evaluated in this regard. 
  • The Company is also currently evaluating additional opportunities to further increase the size of the resources by optimizing the block model and wireframes of the Golden Saddle and Arc deposits to add additional tonnage. 
  • Additional results from the Company’s 2024 work program to be released in due course


Mineral Resource Estimate Details


Table 1. White Gold Project, Yukon Territory, Mineral Resource Statement, ACS October 28, 2024.

  1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
  2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  4. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
  5. Open pittable resources are constrained by GEOVIA Whittle optimized pit shells using a 0.35 g/t Au cut-of grade and are considered to have reasonable prospects for eventual economic extraction, assuming a gold price of US$2,000 per ounce, a C$:US$ exchange rate of 0.75. an open pit mining cost of CDN$3.25 per tonne, a processing and G&A cost of CDN$27.50 per tonne milled, and gold recoveries of 92% for Golden Saddle, and VG, along with 85% for Arc and Ryan’s Surprise. Underground resources assume a mining cost of CDN$120/tonne.
  6. The following bulk density values for mineralized material were used: Golden Saddle (2.62 – 2.65 t/m3), Arc (2.55 t/m3), Ryan’s Surprise (2.63 t/m3) and VG (2.65 t/m3).
  7. High-grade gold assay values have been capped as follows: Golden Saddle and Arc (8 – 18 g/t Au), Ryan’s Surprise (9 g/t Au) and VG (3 – 10 g/t Au).
  8. The Statement of Estimates of Mineral Resources has been compiled by Mr. Gilles Arseneau, Ph.D.,P.Geo, of ARSENEAU Consulting Services (“ACS”). Mr. Arseneau has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity that he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of Disclosure.
  9. All numbers are rounded. Overall numbers may not be exact due to rounding.


The current MRE for the White Gold project was carried out by Arseneau Consulting Services (“ACS”) of Vancouver, B.C. and is reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101 (“NI 43-101”) and has been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation and Mineral Resource and Mineral Reserve Best Practices” guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability.


The MRE presents updated estimates for the Golden Saddle, Arc, Ryan’s Surprise and VG deposits. 


The updated MRE was prepared using a block model approach using ordinary kriging interpolation for the Golden Saddle, Arc and VG deposits and inverse distance squared (“ID2”) interpolation for the Ryan’s Surprise deposit. Block model sizes varied between deposits as follows: Golden Saddle and Arc (10 m); Ryan’s Surprise (5 – 10 m); and VG (10 – 20 m). GEMS 6.8.4 software was used for generating gold mineralization solids, a topography surface, and resource estimation. Statistical analysis and resource validations were performed using non-commercial software and with Sage2001. Near surface resources were constrained using GEOVIA Whittle pit optimization software. Pit slopes in rock were assumed at 50° and the MRE assumes a long-term gold price of US$2,000 per ounce. Gold recoveries used were 92% for the Golden Saddle and VG deposits, and 85% for the Arc and Ryan’s Surprise deposits. Gold recoveries are based on metallurgical testwork results for the Golden Saddle and Arc deposits and are assumed for the Ryan’s Surprise and VG deposits based on their close similarities to the Arc and Golden Saddle deposits, respectively.


Mineralization on portions of both the Golden Saddle and Arc deposits is known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas did not meet the criteria to be classified as Mineral Resources. Based on drilling at Golden Saddle and current geologic models, there is an estimated 10 – 12 million additional tonnes grading between 1 – 2 g/t Au of material classified as a Target for Further Exploration (“TFFE”). The reader should be cautioned that the potential quantity and grade of the TFFE is conceptual in nature. There has been insufficient drilling to define a mineral resource and it is uncertain if further exploration will result in the target being advanced to a mineral resource. These zones form more continuous mineralized units at US$ 2,000/oz gold and the Company plans to further evaluate this mineralization through re-modelling and optimization of the block model and wire frames to determine if it can be incorporated in future resource estimates.  


A technical report to support the MRE for the White Gold project, prepared in accordance with NI 43-101, will be filed on SEDAR+ (https://www.sedarplus.ca/) and the Company’s website (https://www.whitegoldcorp.ca/) within 45 days of the issuance of this news release.


Resources & Opportunities in the White Gold District


West-central Yukon is host to several highly prospective mineral districts, including the White Gold, Dawson Range, Klondike and Sixtymile districts. The Klondike was the epicentre of the historic Klondike Gold Rush in 1896 with over 20 million ounces of placer gold production having occurred in the region since that time. The Company’s property portfolio (Figure 1) which covers large portions of the White Gold District, was assembled by renowned prospector Shawn Ryan, and represents the largest claim package in the region, consisting of 15,876 claims across 26 properties and covering approximately 315,000 hectares. Two significant advanced projects border the Company’s claims in the south including the Coffee project owned by Newmont Corporation (TSX: NGT, NYSE: NEM) with Indicated Resources of 2.14 Moz at 1.23 g/t Au, and Inferred Resources of 0.23 Moz at 1.01 g/t Au(2), and Western Copper and Gold Corporation’s (TSX: WRN, NYSE: WRN) Casino project, which has Measured and Indicated Resources of 7.6 billion lb Cu and 14.5 Moz Au and Inferred Resources of 3.3 billion lb Cu and 6.6 Moz Au(3). The region has seen significant investment by various other major mining companies recently and the Yukon is consistently ranked as a top 10 mining jurisdiction on the Investment Attractiveness Index based on the Fraser Institute’s Annual Survey of Mining Companies.


All four of White Gold’s near-surface deposits are interpreted to represent structurally-controlled orogenic gold deposits, collectively form the Company’s gold resource base in the heart of its large land package, and remain open for expansion.


Golden Saddle Deposit

The Golden Saddle deposit is located 95 km south of Dawson City on the Company’s White Gold property (Figure 2), which is supported by the fully operational Thistle exploration camp with airstrip and barge access, and up to 100-person capacity. The deposit consists of the GS Main, GS Footwall and GS West zones and together the zones define mineralization over a 1,500 m strike length and up to 725 m down dip. Currently, the GS Main is the most significant zone in terms of estimated ounces and overall grade; containing approximately 95% of the Indicated ounces within the overall Golden Saddle deposit. GS Main Zone contains a consistent high-grade core of 832,000 gold ounces at a grade of 2.96 g/t gold in the Indicated category and 107,000 gold ounces at a grade of 3.18 g/t gold Inferred using a >1 g/t cut-off. Included in this high-grade core is 525,600 gold ounces at a grade of 4.68 g/t gold in the Indicated category and 81,900 gold ounces at a grade of 4.74 g/t gold Inferred using a >3 g/t cut-off.


Gold mineralization at the Golden Saddle deposit (Figure 2 & 3) is hosted in a meta-volcanic and meta-intrusive assemblage broadly consisting of felsic orthogneiss, amphibolite, and ultramafic units. Gold generally occurs as micron-scale blebs along fractures or encapsulated by pyrite, and as visible gold (less than 5 mm in size) located as free grains in quartz. Mineralization is present in quartz veins and stockwork or breccia with disseminated pyrite. Drill hole intersected gold mineralization is spatially co-incident with structures, and structures or faults which are interpreted to be the primary conduits for hydrothermal fluids responsible for gold deposition. The thicknesses of the mineralization and breccia zones are variable from 5 m to over 50 m, and they pinch and swell along strike. A consistent higher-grade core (> 3 g/t Au) occurs within the main zone at Golden Saddle. Gold mineralization at the

Golden Saddle deposit remains open in all directions and is known to extend beyond the limits of the current resource estimate, however, the mineralization in these areas does not currently meet the criteria to be classified as Mineral Resources.


Arc Deposit

The Arc deposit (Figures 2 & 3) is located approximately 400 m south of the Golden Saddle and consists of two zones, the Arc Main and Arc Footwall zones, both trending E-NE and dipping to the north at approximately 50 degrees. Mineralization at the Arc has been defined over 1,200 m in strike length and up to 450 m down dip with mineralization open along strike and down dip. Gold mineralization at the Arc deposit is less well understood than the Golden Saddle, which is partially a function of drilling at the Arc deposit being more widely spaced. Gold mineralization is hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist that is cross-cut by numerous felsic to intermediate dikes and sills.


Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Drilling has defined an upper main zone as well as a lower footwall zone of anomalous gold but of lesser tenure than the main upper zone. Mineralization remains open to the east, west and at depth. The occurrence of gold at Arc is not well understood but appears to be associated with disseminated and veined pyrite, arsenopyrite and graphite.

Ryan’s Surprise Deposit

Ryan’s Surprise (Figures 2 & 4) is located 1.5 km west of the Golden Saddle deposit, along a 6.5 km long x 1 km wide north-northwest trend of anomalous gold and arsenic in soils (“Ryan’s Trend”), which also hosts several other prospective early-stage targets in close proximity with significant surface gold mineralization and represent further potential for expansion of this project. Gold mineralization at the Ryan’s Surprise deposit is primarily hosted within a meta-sedimentary sequence dominated by banded (graphitic) quartzite and interbedded pelitic biotite schist cross-cut by numerous felsic – intermediate dikes and sills.


Gold mineralization appears to be focused within breccia and shear zones that have been affected by hydrothermal alteration and sulphide mineralization. Recent drilling has defined multiple subparallel zones that are host to gold-bearing sulphide mineralization including arsenopyrite and pyrite, and range in true width from < 1 m to in some instances, > 10 m. The mineralization footprint at the Ryan’s Surprise deposit measures approximately 550 m north-south by 500 m east-west to a vertical depth of 650 m remains open along strike and at depth. Metallurgical work, and gold characterization and deportment studies are required to further determine accurate gold recoveries. However, host rocks, alteration and sulphide mineralization at Ryan’s Surprise display many similarities to the Arc Deposit. 

VG Deposit

The VG deposit (Figure 5) is located approximately 85km south of Dawson City and 11km north of the Golden Saddle deposit. Gold mineralization at the VG deposit is hosted in quartz ± carbonate veins, stockwork and breccia zones, and pyrite veinlets, including cubic pyrite and visible gold, associated with intense-quartz-carbonate-sericite alteration, pervasive K-spar and hematite emplaced along en-echelon faults or shear zones. Visually, the style of gold mineralization and alteration appears identical to the Golden Saddle deposit, along with similar dominant host rocks of biotite-feldspar (± augen)-quartz gneisses. To date, no metallurgical testwork has been performed on the VG mineralization, however given its close similarities to Golden Saddle, gold recoveries are assumed to be similar. Opportunities exist at the VG deposit to quickly upgrade a significant portion of Inferred Resources to Indicated, as well as for expansion of gold mineralization at depth and along strike. There are also several other prospective targets on the property which have received limited exploration work and offer potential for additional discoveries.

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Qualified Persons, Technical Information and Quality Control


The MRE for the White Gold Project was prepared by Dr. Gilles Arseneau of Arseneau Consulting Services (ACS), an Independent Qualified Person (“QP”) as defined under NI 43-101, who has reviewed and approved the contents of this news release. The technical content of this news release has also been reviewed and approved by Terry Brace, P.Geo. and Vice President of Exploration for the Company who is also a QP as defined under NI 43-101 – Standards of Disclosure of Mineral Projects.


QA/QC


White Gold’s drill core sampling consisted of collecting samples over 0.50 m to 2.50 m intervals (depending on lithology and style of mineralization) over the entire hole length. RC samples were collected at continuous 1.5 m intervals. All drill core was cut in half using a diamond saw, with half of the core placed in sample bags and the other half returned to the core box. Standard, blank, and duplicate samples were inserted into both the drill core and RC sample streams at regular intervals to meet a designated QA/QC sample insertion rate. All samples were organized into batches, flown via fixed-wing aircraft from camp, and transported via courier to an ISO-certified laboratory for analysis.


About White Gold Corp.


The Company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 km2) representing approximately 40% of the Yukon’s emerging White Gold District. The Company’s flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,203,000

ounces of gold in Indicated Resources and 1,116,600 ounces of gold in Inferred Resources (this news release). Regional exploration work has also produced several other new discoveries and prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t gold(2), and Western Copper and Gold Corporation’s Casino project which has Measured and Indicated Resources of 7.6 Blb copper and 14.5 Moz gold and  Inferred Resources of 3.3 Blb copper and 6.6 Moz gold(3). For more information visit www.whitegoldcorp.ca.


(1) See White Gold Corp. technical report titled “2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada ”, Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau, P.Geo., available on SEDAR+.

(2) See Newmont Corporation Form 10-K: Annual report for the year ending December 31, 2023, in the Measured, Indicated, and Inferred Resources section, dated February 29, 2024, available on EDGAR. Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.

(3) See Western Copper and Gold Corporation technical report titled “Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada”, Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.



Cautionary Note Regarding Forward Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.


These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:

The expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory approvals for the Offering; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described  under the heading “Risks Factors” in the Company’s annual information form dated July 29, 2020 available on SEDAR+. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

 

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

 

For Further Information, Please Contact:

 

Contact Information:

David D’Onofrio

Chief Executive Officer

White Gold Corp.

(647) 930-1880

ir@whitegoldcorp.ca

 

Request Meeting: https://calendly.com/meet-with-wgo/15min

Rabu, 06 November 2024

Latin Metals Vests 71% Ownership of Key Argentine Gold-Silver Exploration Assets with Potential for High-Grade Discoveries

 

Latin Metals Vests 71% Ownership of Key Argentine Gold-Silver Exploration Assets with Potential for High-Grade Discoveries

Vancouver, B.C. – Latin Metals Inc.(“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF), is pleased to announce it has successfully completed payment obligations to the underlying owner (the “Vendor”) to vest a 71% ownership interest in the Cerro Bayo and La Flora properties (collectively “Cerro Bayo” or the “Properties”) in Santa Cruz Province, Argentina, strengthening the Company’s precious metals portfolio. Latin Metals has an option for 100% ownership, subject to a 0.75% NSR royalty (of which 0.5% can be purchased for US$1 million).

Exploration Potential at Cerro Bayo

The Cerro Bayo and La Flora properties, previously optioned out to Barrick Gold Corporation (NYSE: GOLD) (“Barrick”), have undergone extensive surface exploration and drill targeting (Figure 1). Located within the prolific Deseado Massif, a region known for high-grade gold-silver deposits, the properties exhibit evidence for the existence of low-sulfidation epithermal systems. The geological model indicates potential for gold-silver bonanza vein mineralization at accessible depths of 150 to 200 meters.

The district’s closest high-grade analog is Newmont’s (NYSE: MUX) (TSX: MUX) Cerro Negro mine, located 70 kilometers north, where similar ore shoots are found below the palaeosurface, suggesting substantial potential for high-grade discoveries at Cerro Bayo.

A major west-northwest trending dextral structure is interpreted as a transtensional fault defining a favourable structural zone 6km wide, traversing the entire Cerro Bayo property. 

Gold and silver grades are related to As, Sb, Hg, and Mo pathfinder elements (Figure 1), indicating a shallow epithermal system. Silver-gold ratios vary from 10:1 to 200:1. Higher grade gold concentrates about 100m to 150m below palaeosurface. Although outcrop is sparse, various veins have been mapped and samples (Figure 2). 

Drill Permit and Partnership Strategy

Latin Metals has been working towards a drill permit at Cerro Bayo and expects to conclude that process in Q4 2024. The Company is actively seeking an option partner to complete comprehensive exploration activities, including trenching, gradient array induced polarization (IP), CSAMT, and initial drill testing in 2025. 

Cautionary Statement Regarding Adjacent Property

Readers are cautioned that the Cerro Negro mine discussed above is adjacent properties and that the Company has no interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Latin Metals’ properties or the potential production from, or cost or economics of, any future mining of any of Latin Metals’ mineral properties.

Figure 1: Summary of key exploration completed by Barrick showing detailed alteration mapping, magnetic data, drill taregt areas, scematic cross sections and interpretation of transtensional basin and estimated depth to target mineralization.

Figure 2: a) channel sample of hydrothermal breccia on Sasha vein where rock ship samples return 1.2 g/t gold and 285 g/t silver. b) Ingrid northwest striking quart vein outcrop grading 2.1 g/t gold and 460 g/t silver. c) Euginia opaline silica replacement. d) northwest trending quartz vein. e) Gabriela crystalline quartz breccia with silicifies volcanosedimentary clasts grading 1.68 g/t gold and 27.4 g/t silver. f) Julia quartz vein with fine saccharoidal texture grading 0.7 g/t gold.

Value Proposition in Santa Cruz Province

Santa Cruz Province, known as Argentina’s premier mining region, represents a key area for gold and silver production, contributing approximately 42% of the country's total mineral exports. Supported by robust infrastructure and a skilled workforce, the province boasts six operating mines, including AngloGold Ashanti’s (NYSE: AU) Cerro Vanguardia, which has been in operation for over 25 years. This proven mining district offers both stability and significant potential for resource growth, making it an attractive destination for exploration and investment.

The province’s precious metals production in 2023 reached notable levels, with over 680,000 ounces of gold and 15.2 million ounces of silver extracted, emphasizing its geological wealth. Since 1990, nearly 600 million ounces of silver and 20 million ounces of gold have been discovered within the region, reflecting a rich exploration history with demonstrable discovery record.

Santa Cruz’s mining sector supports approximately 9,000 jobs, accounting for 22.5% of Argentina’s national mining workforce, with one in four of the country’s miners employed within the Province. This workforce is bolstered by a mining-friendly regulatory environment and established infrastructure that includes well-developed transportation and energy resources. Such factors reinforce the investment value of Santa Cruz, where Latin Metals’ Cerro Bayo project is strategically positioned to benefit from this well-supported mining ecosystem and proven discovery potential.

About Latin Metals

Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.

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Qualified Person

Keith J. Henderson, P.Geo., is the Company's qualified person as defined by NI 43-101 and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.

On Behalf of the Board of Directors of

LATIN METALS INC.

Keith Henderson

President & CEO

For further details on the Company readers are referred to the Company's web site (www.latin-metals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

For further information, please contact:

Keith Henderson

Suite 890 - 999 West Hastings Street,
Vancouver, BC, V6C 2W2

Phone: 604-638-3456
E-mail: info@latin-metals.com

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 news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the anticipated content, commencement, timing and cost of exploration programs in respect of the Property and otherwise, anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious and base metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading as well as those factors discussed under the heading “Risk Factors” in the Company’s annual management’s discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR+ website at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.

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