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Azarga Metals Focused on High-Grade Copper-Rich VMS Marg Project in Yukon – InvestingNews.com

Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR) has posted an updated corporate presentation on its website, www.azargametals.com, focused on the Company’s 100% owned high-grade copper-rich VMS Marg project, within the Keno Hill Silver District, Yukon Territory
President, CEO and Director, Gordon Tainton, said: “We recently obtained access to the VTEM database of the airborne geophysical program previously conducted by GeoTech, Ontario. This underutilized historic VTEM database can now be reviewed and re-interpreted and used to refine the drill targets for the Company’s planned 2022 exploration program. Drilling is expected to focus on the Marg deposit extensions and the highly prospective Jane Zone, which has the potential for another Marg-style deposit. Mineralization at the Marg project remains open along strike, down-dip and down plunge and drilling will be aimed at defining 14 to 15 million tonnes of mineralized material.”
The Company’s planned 2022 exploration program will commence with rebuilding the exploration camp and mobilizing equipment in June, drilling from July to September and disseminating drill results as available from September to November. An experienced geologist in VMS deposits and a full-service contractor has been sourced to execute and oversee this plan.
The most recent NI 43-101 Mineral Resource estimate for Marg (see Table 1 below) was completed by Mining Plus Canada Consulting Ltd. in 2016 and incorporated into a Preliminary Economic Assessment (“PEA”) for the project (note: the PEA title is “Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada” and is dated August 31, 2016).
The mineral resource estimate in the 2016 PEA was prepared in accordance with NI 43-101 standards and is considered by Azarga management to have a high degree of reliability, however, the resource has not been verified by Azarga and is considered historical in nature. A qualified person representing Azarga has not done sufficient work to classify the historical estimate as a current mineral resource and Azarga is not treating it as a current mineral resource.
Table 1 – August 31, 2016 Historical Resource estimate for the Marg Project at a 0.5% copper equivalent cut-off (combining high-grade and low-grade zones)1
Tonnage (mt)
Cu%
Pb%
Zn%
Ag g/t
Au g/t
3.7
1.5
2.0
3.8
48
0.76
6.1
1.2
1.7
3.4
44
0.74
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
Update on the Company’s Unkur Copper-Silver Project in Eastern Russia
Countries around the world have imposed a number of sanctions on Russia in response to the Russian invasion of Ukraine. These sanctions include, but are not limited to, removing certain Russian banks from the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) messaging system, which will likely affect the Company’s ability to fund its 100% owned Unkur project located in the Zabaikalskiy Region of eastern Russia and likely jeopardize the viability of the Company’s business operations in Russia. The Company is analysing the evolving situation and assessing the risks associated with these sanctions and their impact on the Company’s operations. As noted earlier in this press release, the Company’s focus is on its 100% owned Marg project located in the Yukon Territory of Canada.
Azarga Metals Corp.
“Gordon Tainton”
Gordon Tainton,
President and CEO
For further information please contact: Doris Meyer, at +1 (604) 536-2711 ext. 3, visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the Company’s ability to fund the 2022 Marg Project exploration program, the Yukon Energy, Mines and Resources accepting the Company’s 2022 exploration program and related activities report under the Quartz Mining Land Use approvals; reaching an agreement with the First Nation of the Na-cho Nyäk Dun for right of use of their traditional territory; engaging an experienced full-service contractor and expert in VMS deposits to execute and oversee the 2022 Marg Project exploration program; the actual results of the current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental permit approvals or financing; fluctuations in metal prices and the continued viability of the Company’s ability to fund care and maintenance of the Unkur Project. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: Azarga Metals Corp.
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Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR) announces that Trevor Steel has resigned as a director, effective immediately. The Board wishes to thank Mr. Steel for his many valuable contributions to the Company during his tenure as a director and wishes him well in the future
Azarga Metals Corp.
“Gordon Tainton”
Gordon Tainton
President and CEO
For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3, visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
SOURCE:Azarga Metals Corp.
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Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR) is pleased to announce that it has signed a binding agreement (the “Agreement”) with Golden Predator Mining Corp. (“Golden Predator”) to acquire the Marg copper-rich VMS project (the “Marg Project”), located in Central Yukon. The Agreement supersedes the non-binding term sheet announced on 14 July 2021
President, CEO and Director, Gordon Tainton, said: “We’re very excited about the Marg Project. Azarga Metal’s technical due diligence has indicated that Marg is a high-grade copper-rich VMS project with significant gold and silver credits. The project has a NI 43-101 resource and a PEA report that was completed in 2016. The positive outlook for base metals and the exploration upside associated with the Project make it a compelling value creating opportunity for Azarga Metals.”
The Company plans to conduct an equity financing to fund an aggressive drill program on the Marg project and announcements will follow in due course regarding the financing arrangements.
ABOUT THE MARG PROJECT
The Marg Project is an undeveloped volcanogenic massive sulphide (“VMS“) deposit located in the Mayo Mining District in Central Yukon, approximately 40 kilometres east of Keno City (which itself is approximately 465 kilometres by road north of Whitehorse). The Marg Project claims are located within the First Nation of the Nacho Nyak Dun (“FNNND“) traditional territory.
Due diligence conducted by Azarga Metals highlights potential areas the Company will focus on initially to enhance the value of the Marg Project, including:
Figure 1 – Historic Drill Holes, Target Boxes and Historic Proposed Drill Holes on Geology
As reported in the Company’s July 14th, 2021 news release, the most recent NI43-101 Mineral Resource estimate for Marg (see Table 1) was completed by Mining Plus Canada Consulting Ltd. (“Mining Plus“) in 2016 and incorporated into a Preliminary Economic Assessment (“PEA“) for the Project (note: the PEA title is “Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada” and is dated 31 August 2016).
Table 1 – 31 August 2016 NI43-101 total Mineral Resource estimate for Marg Project at a 0.5% copper equivalent cut-off (combining high-grade and low-grade zoes)1
Tonnage (mt)
Cu%
Pb%
Zn%
Ag g/t
Au g/t
3.7
48
6.1
44
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
The Marg deposit was first identified in 1965 by strong regional stream sediment geochemical anomalies detected as part of a Geological Survey of Canada study. Since then, Marg has been developed into a sizeable VMS deposit. To this effect, the potential for discovering an analogous VMS deposit seems quite reasonable in the Jane Area (7 kilometres to the southwest) where somewhat similar surface geochemical anomalies (namely Ag in soil and/or stream sediment anomalies) are present within favourable host rocks (Figure 2).
Figure 2 – Potential VMS Horizons, Target Boxes and Ag in Soils Heat Map on VTEM Magnetics
THE AGREEMENT
Azarga Metals has executed the Agreement with Golden Predator. On closing Azarga Metals will issue 5,219,985 common shares in Azarga Metals, at a deemed price of $0.134 per share for a total deemed value of $700,000. Staged cash payments of $200,000 at the one-year anniversary date of closing; $350,000 at the two-year anniversary date of closing for the completion of the Transaction; and a milestone payment of $300,000 (in cash or shares at Golden Predators discretion) upon final decision to mine by Azarga Metals at the Marg Project.
Golden Predator will be entitled to a 1% NSR royalty of all metals extracted from the Marg Project. Azarga Metals will have the option to buy back 100% of the NSR for cash consideration of $1,500,000.
The Company has received the appropriate consent and waiver under the existing Baker Steel Resources Trust convertible loan.
A finder’s fee for the first payment will be settled on closing by the issue of 447,761 common shares at a deemed price of $0.134 per share for a total deemed value of $60,000. The finder’s fee agreement is in accordance with the policies of the TSX Venture Exchange (the “Exchange“) will be settled in cash or in shares at the Company’s discretion.
All common shares issued in connection with the Agreement and the finder’s fee will be subject to a four-month and a day hold period. The Agreement is subject to the approval of the TSX Venture Exchange.
Qualified Person
James Pickell, P.Geo., a consultant to Azarga Metals and a Qualified Person as defined by NI 43-101, verified the data disclosed and has reviewed and approved the disclosure contained in this Press Release.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On completion of a first phase physical exploration program in 2016-2018, the Company estimated an Inferred Resource of 62 million tonnes at 0.53% copper and 38.6g/t silver for the project in the report entitled “Technical Report and Preliminary Economic Assessment for the Unkur Copper-Silver Project, Kodar-Udokan, Russian Federation” dated effective August 30, 2018 authored by Tetra Tech Mining & Minerals. The Resource remains open in both directions along strike and down-dip.
Azarga Metals Corp.
“Gordon Tainton”
Gordon Tainton,
President and Chief Executive Officer
For further information please contact Doris Meyer, at +1 604 536-2711 ext. 3, or Gordon Tainton, at + 1-604-248-8380 or visit www.azargametals.com or follow us on Twitter @AzargaMetals. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE:Azarga Metals Corp.
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Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR)(OTC PINK:EUUNF) as announced on 14 October 2021, the Company has issued to Baker Steel Resources Trust Limited (“BSRT”) a total of 3,743,755 common shares to settle its semi-annual interest payment of C$187,188 on a US$3.5 million convertible loan (the “Loan
BSRT Early Warning Disclosure
Pursuant to the conversion of C$187,188 in interest owing to BSRT by Azarga Metals pursuant to the Loan, BSRT acquired 3,743,755 common shares of Azarga Metals (the “Interest Conversion“), at a conversion price per share of C$0.05. Prior to the Interest Conversion, BSRT owned 7,858,031 common shares of Azarga Metals, representing 6.5% of the issued and outstanding common shares of Azarga Metals. Following the Interest Conversion, BSRT will own 11,601,786 common shares of Azarga Metals, representing 9.3% of the issued and outstanding common shares of Azarga, reflecting an increase of 2.8% of the enlarged number of Azarga Metal’s issued and outstanding common shares.
In addition to the common shares owned by BSRT following the Interest Conversion, pursuant to the Loan and 20,440,914 warrants previously issued to BSRT, assuming BSRT (i) converted the principal amount of US$3.5 million under the Loan at the conversion price of C$0.10 per common share at maturity (December 31, 2022) at the agreed fixed exchange rate resulting in the issue of 46,925,500 shares; (ii) exercised all of the 20,440,914 warrants at an exercise price of C$0.10; (iii) applied the agreed fixed exchange rate to the US$ Loan principal; and (iv) used the conversion price for all interest accruing after the date hereof until maturity of C$0.05, BSRT would beneficially own and control an aggregate of 88,204,166common shares of Azarga Metals, representing an aggregate beneficial ownership interest of approximately 44.8% of the issued and outstanding common shares of Azarga Metals(post-issuance of the common shares and including the 7,858,031 common shares Azarga Metals that BSRT currently owns).
BSRT, Arnold House, St Julians Avenue, Guernsey, GY1 1WA holds the common shares for investment purposes. Depending on market conditions and other factors, BSRT may from time to time acquire and/or dispose of securities of Azarga or continue to hold its current position.
A copy of the early warning report required to be filed with the applicable Canadian securities commissions in connection the transaction will be available under the Company’s profile on SEDAR at www.sedar.com and can be obtained by contacting Tino Isnardi at +44 (0) 20 7389 0009.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On 14 July 2021 the Company announced it had signed a term sheet to undertake due diligence and negotiate formal agreements to pursue an acquisition of the Marg copper-rich VMS project, located in Central Yukon. Due diligence continues.
Azarga Metals Corp.
“Gordon Tainton”
Gordon Tainton,
President and CEO
For further information, please contact: Doris Meyer, at +1 604 536-2711, visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE:Azarga Metals Corp.
News Provided by ACCESSWIRE via QuoteMedia

HIGHLIGHTS:
Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR) announces the positive findings of an updated preliminary economic assessment (“PEA”) for the development of its wholly owned Unkur Copper-Silver Project in the Zabaikalsky administrative region of Eastern Russia
Gordon Tainton, ‘Azarga Metals‘ President and CEO commented, “It’s encouraging to see this 2021 PEA for Unkur incorporating 2019-2020 drilling substantially bettering the 2018 PEA. We can also see how relatively small additions of open-pit mineralization could potentially drive even better economic outcomes and we will have this in mind for our plans for additional exploration.”
The following table summarizes key Unkur Project PEA metrics.
The updated resource estimate and PEA were independently prepared by Wardell Armstrong (“WAI“).
The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
A NI 43-101 technical report has been filed on SEDAR at www.sedar.com and on Azarga Metals‘ website at www.azargametals.com .
MINING AND PROCESSING
The mining method selected for the PEA is open-pit mining followed by underground mining, based upon owner mining of ore and waste.
The initial mine plan has been designed on a higher-grade sub-set of the 2021 Mineral Resource, comprising 16.1 million tonnes of oxide mineralization at a grade of 0.61% copper and 44g/t silver and 35 million tonnes of sulfide mineralization at a grade of 0.58% copper and 38g/t silver constrained for open pit and underground mining.
The annual production rate from an open pit will average approximately 2.75 million tonnes of ore per year, with a maximum of 3.5 million tonnes in Year 2 and 3. This is identical for Base and Open Pit Only Scenarios. The overall LOM waste to ore (i.e., strip) ratio from open pit is projected to be 8.87:1. However, it should be noted that much of the overburden is unconsolidated moraine material that will not require blasting.
The annual production rate from an underground operation will average 2 million tonnes of ore per year. It is applicable to Base Scenario.
WAI prepared additional scenarios to mine both oxide and sulfide mineralization from the open pit. These scenarios are linked to different processing options and require much higher capital expenditure with negative impact on NPV and IRR of the project, albeit remaining economic for potential consideration.
Preliminary metallurgical test work on a bulk sample demonstrated that most economically viable extraction of copper and silver from oxide mineralization can be achieved using a SART circuit in heap leach, accepted as a Base Scenario in the PEA. The PEA also considered a SART process in agitated leach and sequential SX-EW process in agitated and heap leach. The latter three options provide higher recoveries from oxide mineralization for both copper and silver. Although remaining economic, they require much higher capital expenditure as well as much higher operating costs, elongating the payback period for the project by additional 2 years, with lower NPV and IRR.
The Base Scenario assumes the proposed SART process plant will be based on heap leaching operation that will provide an average silver recovery of 77.3% and an average copper recovery of 58.8%, taking most recent tests and process efficiencies into account. The SART process is estimated to produce a high-grade copper and silver concentrate and to recycle cyanide that can be returned into the SART process.
The sulfide mineralization can be treated using conventional hydrometallurgical processing methods. Production of sulfide concentrate will be based on conventional gravity and flotation processing, with an average silver recovery of 82.7% and an average copper recovery of 89.1%
Tailings from the process plant will be pumped to a tailings management facility.
PRODUCT AND MARKETING
The SART process will produce synthetic minerals largely consisting of chalcocite (Cu 2 S) and acanthite (Ag 2 S), which will result in a high-grade copper concentrate of approximately 68.0% copper and 6,642g/t silver. This compares favourably with standard copper concentrates that are typically 22-24% copper and so it should make this product very attractive to smelters. The conventional sulfide concentrate from Unkur will contain 25.8% copper and 1,634g/t silver.
OUTBOUND LOGISTICS
The PEA assumes 11 kilometers of oversite roads to be built from the existing highway, which is also where the Baikal-Amur Mainline railway is, as well as on site. The concentrate can either be sold within Russia, exported to China (via rail or road) or other international customers (assumed to be via rail to the Russian Pacific port of Vanino, some 2,300 kilometers).
INFRASTRUCTURE
Unkur Copper-Silver Project has access to infrastructure (Figure 1). The project site is situated within 20 kilometers of the town of Novaya Chara, with major road and rail access. A regional 220kVA power line runs across a corner of the Unkur license area, and the PEA assumes construction of a 4-kilometer overhead powerline and substation to connect the processing plant and main site to mains power.
The world’s largest current copper project development is taking place at Udokan, approximately 30 kilometers south from Unkur. During Phase 1, Udokan is forecast to produce 120,000 tonnes of copper per annum starting from 2022. As a result, substantial investment in improved ancillary infrastructure is being made that will be of future benefit to Azarga Metals and Unkur, including a renovation of the regional airport, roads, and a significant expansion of facilities at Novaya Chara town.
Figure 1: Proposed indicative site layout, Unkur Project
PRE-DEVELOPMENT
The PEA assumes a one-year pre-development timeline prior to first production. Initial development in the first year consists mainly of infrastructure works, site preparation and commencement of plant construction. Pre-stripping will also occur in the first pre-development year along with completion of the processing plant. This is considered reasonable giving the heap leach treatment for oxide mineralization chosen under Base Scenario. Tailing’s storage facility development will be completed before the project transits to underground mining, although some of the waste material generated during the first years of open pit mining will be used for construction of the tailing’s facility.
ALTERNATIVE LOWER CAPITAL OPEN-PIT ONLY SCENARIO
The PEA also considered an alternative Open-Pit Only Case to mine and process the oxide material only for 4 years. The average open pit mining rate will be 2.75 million tonnes per annum using SART Heap Leaching.
This case will require a pre-production capital expenditure of US$152.4 million, including US$70 million for open pit equipment, US$52.3 million for oxide plant and US$10 million for general infrastructure plus contingency at 15%. The Open-Pit Only Case showed a post-tax NPV of US$95.1M and IRR of 46.3% (at Consensus Prices) and NPV of US$162.2 million and IRR of 70.1% (at May 2021 Spot Prices). The payback period for the standalone Oxide Open Pit operation is expected to be achieved in the first year of ore production (at May 2021 Spot Prices) or second year (at the Consensus Prices).
The Open-Pit Only Case provides attractive optionality for Unkur Project, depending on capital availability, with high IRR. However, Azarga considers that the above-described Base Case results in the highest overall economic value.
2021 MINERAL RESOURCE ESTIMATE REVIEW
The 2020 SRK Consulting (Russia) Ltd. (“SRK”) model provided the basis of an Inferred Mineral Resource estimate totalling approximately 44Mt at 0.65% Cu and 44g/t Ag (1.04% Cu equivalent). Reporting from the SRK model was limited by a cut-off grade of 0.18% Cu equivalent inside an optimised open pit shell generated by suitable economic and technical parameters and by a cut-off grade of 0.57% Cu equivalent outside and below this pit shell to account for the possibility of underground extraction.
Following the data review, WAI was required to give an opinion on the models provided and the potential scope for the Inferred Mineral Resource to be increased as a basis for a Preliminary Economic Assessment (“ PEA “) of the Unkur project. To complete this work, WAI:
As a result of this review, WAI concludes that:
Using SRK 2020 model for updated 2021 Inferred Mineral Resource, WAI estimated 51.1 million tonnes of mineralization at 0.59% copper and 40g/t silver, optimized for open pit and underground operation. The breakdown of updated 2021 Inferred Mineral Resource is shown in Table 2.
Table 2: Updated 2021 Inferred Mineral resources of the Unkur Project
Method
Type of mineralization
Cut-off grade (CuEq %)
Tonnes, million tonnes
Cu, %
Ag, g/t
CuEq, %
Open pit
Oxide
0.18
15.7
0.61
45
1.05
Sulphide
17.1
0.59
49
1.03
Undergound
Oxide (North)
0.54
0.4
0.51
23
0.73
Sulphide (North)
14.2
0.55
30
0.83
Sulphide (South)
3.7
0.64
20
0.82
TOTAL
Oxide
16.1
0.61
44
1.04
Sulphide
35.0
0.58
38
0.93
All
51.1
0.59
40
0.96
Notes:
In summary, based upon the available data, WAI is of the opinion that the data used for the generation of the Mineral Resource has been collected in a suitable and robust manner with appropriate quality control measures in place. Analysis for copper and silver has been carried out at an internationally accredited laboratory. WAI agree that sufficient confidence can be placed in the exploration database for the reporting of Mineral Resources.
FUTURE PEA ENHANCEMENT
This updated PEA is based on the new 2021 Mineral Resource, which is largely the product of the modern exploration campaigns conducted by Azarga at Unkur Copper-Silver Project in 2016-2017 and 2019-2021. Azarga Metals considers that there is strong potential to grow the 2021 Mineral Resource. Mineralization is open in both directions along strike and at depth.
When considering the PEA outcomes, the Company is of the opinion that relatively small amounts of additional open-pit mineable Resources (even 1-2+ years’ worth) could have a transformational beneficial impact on economics of both the Base Case and alternative Open-Pit Only scenarios. In that regard, new copper mineralization was discovered in 2020 in outcrops at Kemen, some 5 km east of the main Unkur deposit, and at Unkur Southwest, approximately 1 km from Unkur. Azarga Metals aims to continue to grow Mineral Resources at Unkur, with a particular focus on high-value near-surface material.
Qualified Person
The 2021 Mineral Resource has been prepared by Alan Clarke, an employee of Wardell Armstrong International. Mr. Clarke is a Chartered Geologist (CGeol) and Fellow of the Geological Society of London, and European Geologist (EurGeol) of the European Federation of Geologists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person as defined by NI 43-101.
The results of the 2021 Mineral Resources and PEA prepared by WAI have been reviewed by the Company’s technical staff, including Alexander Yakubchuk, Ph.D., MoIMMM, the Company’s Vice-President Exploration, a Qualified Person as defined by NI 43-101. Dr. Yakubchuk is also the person responsible for preparation of the technical information contained in this news release.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. As announced on 14 July 2021 the Company announced it had signed a term sheet to undertake due diligence and negotiate formal agreements to pursue an acquisition of the Marg copper-rich VMS project, located in Central Yukon. Due diligence continues.
Azarga Metals Corp.
Gordon Tainton, President and CEO
For further information please contact: Doris Meyer, at +1 604 536-2711 ext 6, or Gordon Tainton at +1 604 248 8389 or visit www.azargametals.com, or follow us on Twitter @AzargaMetals.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking statement, whether because of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE:Azarga Metals Corp.
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Azarga Metals Corp. (“Azarga Metals” or the “Company”) (TSXV:AZR) is pleased to announce that it has entered into a Term Sheet with Golden Predator Mining Corp. (“Golden Predator”) to enable it to undertake due diligence and negotiate formal agreements to pursue an acquisition of the Marg copper-rich VMS project (the “Marg Project”), located in Central Yukon (the “Transaction
President, CEO and Director, Gordon Tainton, said: “We’re very excited about the agreement to acquire the Marg Project. Marg is a high-grade copper-rich VMS project with significant gold and silver credits. The project has a NI43-101 resource and a PEA report that was completed in 2016. The positive outlook for base metals and the exploration upside associated with the Project make it a compelling value creating opportunity for Azarga Metals.”
ABOUT THE MARG PROJECT
The Marg Project is an undeveloped volcanogenic massive sulphide (“VMS“) deposit located in the Mayo Mining District in Central Yukon, approximately 40 kilometers east of Keno City (which itself is approximately 465 kilometers by road north of Whitehorse) (See Figures 1 and 2).
The Project consists of 402 Mineral Claims covering an area of approximately 8,403 hectares (~84 square kilometers).
The most recent NI43-101 Mineral Resource estimate for Marg (see Table 1) was completed by Mining Plus Canada Consulting Ltd. (“Mining Plus“) in 2016 and incorporated into a Preliminary Economic Assessment (“PEA“) for the Project (note: the PEA title is “Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada” and dated 31 August 2016).
Table 1 – 31 August 2016 NI43-101 total Mineral Resource estimate for Marg Project at a 0.5% copper equivalent cut-off (combining high-grade and low-grade zones)1
Tonnage (mt)
3.7
48
6.1
44
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
The 2016 PEA was highly conceptual in nature. It envisaged the development of a 1.25mtpa 8-year life mining operation and floatation plant producing a copper concentrate, zinc concentrate and lead concentrate to be transported by road to the Skagway Port. Pre-development capital was estimated at C$291 million (+/- 40%). At a discount rate of 10% the PEA showed a pre-tax net present value (“NPV“) of C$40.5 million and an internal rate of return (“IRR“) of 16.0%. Albeit, those outcomes were calculated at very different commodity prices to those prevailing today, including: copper at US$2.75/lb (current spot ~US$4.23/lb); zinc at US$1.00/lb (current spot ~US$1.33/lb); and lead at US$0.90/lb (current spot ~US$1.04/lb).
The mineral resource estimate in the 2016 PEA was prepared in accordance with NI 43-101 standards and is considered by Azarga Metals management to have a high degree of reliability, however, the resource has not been verified by Azarga Metals and is considered historical in nature. A qualified person representing Azarga Metals has not done sufficient work to classify the historical estimate as a current mineral resource and Azarga Metals is not treating it as a current mineral resource. This resource was estimated for Revere Development Corp in a technical report titled “Revere Development Corp, Marg Project Preliminary Economic Assessment, Technical Report, Yukon Canada” and dated 31 August 2016.
Preliminary due diligence conducted by Azarga Metals highlights potential areas the Company would focus on initially to enhance the value of Marg under its ownership, including:
Location, access and infrastructure
The Marg Project is located in Central Yukon about 40 km east of Keno City, which itself is 59 kilometers northeast of the village of Mayo and approximately 465 kilometers by road north of Whitehorse. Road access to Marg is by a 40 kilometer (winter only) road from Keno City. There is also a 390 meter airstrip on site.
An underutilized hydroelectric facility is located near Mayo and transmission lines extend to Elsa and Keno City. These power lines are connected into the regional grid of the Yukon.
Figure 1 – Location map of Marg Project (source: PEA)
Figure 2 – Access map of Marg Project (source: PEA)
Similar to the Faro Zinc Mine operated by Cyprus Anvil/Curragh Resources, the PEA envisages that concentrates from Marg would be trucked to the minerals port of Skagway, a road distance of 680 km.
Exploration history, geology and resources
The Marg deposit has been explored by a number of companies between 1965 and 2008. A number of diamond drilling programs were conducted from 1988 to 2008 for a total of 119 completed drill-holes and 34,224 cumulative linear meters of drilling. This drilling defined mineralization over a 1.4 kilometer trend distance, a down dip distance of 700 meters and across a stratigraphic thickness of approximately 100 meters.
Marg, lying near the northern margin of the Selwyn Basin is underlain by a sequence of metavolcanic and metasedimentary rocks of Devonian and Mississippian age that lie between the Robert Service and Tombstone thrust faults (see Figure 3 below). The Project is a felsic-hosted VMS deposit associated with the Cordillera from Mexico to Alaska. These deposits are often referred to as Kuroko or Noranda Type massive sulphide deposits.
Figure 3 – Geological plan map of regional area around Marg (source: PEA)
The Marg deposit consists of a series of continuous to discontinuous sheets of massive and semi-massive sulphide mineralization. The mineralized sheets or horizons are sub parallel, trend from 060° to 090° and dip from 30° to 50° south and generally plunge to the east at 40° (see Figure 4 below).
The massive sulphide layers are up to 23 meters in thickness within the fold hinge, which represents the core of the deposit. The sulphides average 1.6 meters true width for the Indicated high-grade zone and 5.2 meters true width for the encompassing low-grade zone.
The orebody is approximately 50 to 400 meters below the surface access elevation. Drilling has defined the mineralization for over 1400 meters along strike, and 700 meters down dip. Mineralization is open along strike, down dip and down plunge.
Figure 4 – Marg deposit selected cross-section looking east at 525,900 (source: PEA)
Mineralization occurs at, or near the contact between the footwall volcanoclastic rocks and the hangingwall argillaceous sediments. Mineralization is hosted within a wedge-shaped succession dominated by felsic metavolcanic rocks that appears to be tightly folded by two major deformation events that have both over-thickened the mineralization in the fold hinge and separated the mineralization in places along the fold limbs.
Sulphide minerals consist of pyrite, sphalerite, chalcopyrite, galena, tetrahedrite and arsenopyrite in a gangue of quartz, ferroan carbonate, muscovite and rare barite. Magnetite is notably absent.
The most recently available Mineral Resource estimate (presented in Table 2, Table 3 and Table 4 below) was included in the Mining Plus PEA.
Mineral Resource estimate is presented in two parts (for a high-grade zone and a low-grade zone), both at a 0.5% copper equivalent cut-off applied to the estimated blocks.
Table 2 – 31 August 2016 NI43-101 Mineral Resource estimate for Marg Project high-grade zone at a 0.5% copper equivalent cut-off1
Tonnage (mt)
3.7
48
5.5
46
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
Table 3 – 31 August 2016 NI43-101 Mineral Resource estimate for Marg Project low-grade zone at a 0.5% copper equivalent cut-off1
Tonnage (mt)
0.6
22
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
Table 4 -31 August 2016 NI43-101 total Mineral Resource estimate for Marg Project at a 0.5% copper equivalent cut-off (combining high-grade and low-grade zones)1
Tonnage (mt)
3.7
48
6.1
44
Note: 1. Where CuEq% was calculated = Cu% + 0.28 Pb% + 0.32 Zn% + 0.39 Au g/t + 0.0055 Ag g/t, which was assessed based on the following metal price and recovery assumptions: Cu price of 2.5 US$/lb and recovery of 80% (96.5% payable); Pb price of 0.8 US$/lb and recovery of 70% (95% payable); Zn price of 0.8 US$/lb and recovery of 90% (85% payable); Au price of 1100 US$/oz and recovery of 50% (90% payable); and Ag price of 16 US$/oz and recovery of 50% (90% payable).
Exploration potential
Marg remains open down plunge to the east along the main fold hinge of the deposit. Extensional drilling could extend known mineralization towards areas where previous drilling has shown evidence of the deposit continuing the direct vicinity down plunge.
The Marg deposit was discovered by a soil anomaly and has since been developed into a sizeable VMS deposit. To this effect, the potential of discovering a similar size deposit exists in the Jane Zone (6-7 kilometers to the southwest) (see Figure 5) where soil geochemistry identified an anomaly similar in scale (ie, across 12 kilometers of strike of favorable stratigraphy) and magnitude to Marg, lying within favorable host rocks.
Figure 5 – Marg area soil geochemistry (source: PEA)
The northeast extent of the geochemistry sampling from Figure 5 has identified another small anomaly that could potentially extend further along strike with additional soil sampling as it lies in the same favorable rocks as the Jane Zone.
PROPOSED TRANSACTION
Azarga Metals has executed a Term Sheet with Golden Predator with the following key proposed acquisition terms;
Proposed transaction conditions involve usual conditions (including the requirement for approval by the TSX Venture Exchange). The conditions also include receipt of appropriate consent under the existing Baker Steel Resources Trust convertible loan.
A Finders fee on final closing of the Transaction and in accordance with the Transaction milestones payable in cash or the Company’s shares at the Company’s discretion (the “Finder’sFee“) will be: 10% of the first C$300,000 consideration received by the Company in connection with the Transaction; plus 7.5% on consideration of between C$300,000 and C$1,000,000 received by the Company in connection with the Transaction; and 5.0% on any consideration in excess of C$1,000,000 received by the Company in connection with the transaction, where consideration amounts are received from Introduced Parties and where such consideration excludes any payments received in the form of Exclusivity Fees.
Qualified Person Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Kevin Piepgrass, who is a Member of the Association of Professional Engineers and Geoscientists of the province of BC (APEGBC), which is a recognized Professional Organisation (RPO). Mr. Piepgrass has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Piepgrass consents to the inclusion of the data in the form and context in which it appears.
About Azarga Metals Corp.
Azarga Metals is a mineral exploration and development company that owns 100% of the Unkur Copper-Silver Project in the Zabaikalsky administrative region in eastern Russia. On completion of a first phase physical exploration program in 2016-2018, the Company estimated an Inferred Resource of 62 million tonnes at 0.53% copper and 38.6g/t silver for the project in the report entitled “Technical Report and Preliminary Economic Assessment for the Unkur Copper-Silver Project, Kodar-Udokan, Russian Federation” dated effective August 30, 2018 authored by Tetra Tech Mining & Minerals. The Resource remains open in both directions along strike and down-dip.
Azarga Metals Corp.
“Gordon Tainton”
Gordon Tainton,
President and Chief Executive Officer
For further information please contact Doris Meyer, at +1 604 536-2711 ext. 3, or Gordon Tainton, at + 1-604-248-8380 or visit www.azargametals.com or follow us on Twitter @AzargaMetals. The address of the head office of Azarga Metals is Unit 1 – 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.
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.
Cautionary Statement:
This news release contains forward-looking statements that are based on the Corporation’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in mineralization grade or recovery rates; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: Azarga Metals Corp.
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Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that it has been notified that Court #3 of the Seville Court (the “Court”) will hear the final phase of the Aznalcollar criminal trial. This notification pertains to the criminal trial and is separate from the Administrative Court hearings for which the Company has not yet received notification.
Magistrate Ángel Márquez Romero has been appointed as the lead judge responsible for resolving the sentences that will conclude the trial. Magistrate Ángel Márquez Romero has more than 40 years of judicial experience and presides over the Third Criminal Section of the Court. There will be three judges hearing this phase of the trial led by Magistrate Ángel Márquez Romero.
According to Emerita’s external Spanish legal counsel, the hearings will likely last approximately 15-20 days given the number of people implicated and the number of charges. The date for the hearings is expected to be announced in the next few weeks and will in part be determined by when a sufficient block of time for the hearings is available in the court schedule. Upon completion of the trial, the judges will convene and draft the final resolution/decision which will conclude the trial.
The criminal trial process is independent of the administrative court process. Based on correspondence received from the Administrative Court late in 2021, this court has also been deliberating for approximately six months and it is expected this process is nearing a conclusion also, although to be clear, the Company has no insights with respect to the progress or the timing of completion by the Administrative Court. The Administrative Court is the court that will deal with resolving awarding of the Aznalcollar public tender. According to Emerita’s Spanish external counsel, under Spanish law if there is commission of a crime in awarding a public tender, that bid must be disqualified and the tender awarded to the next highest bidder. Emerita is the only other qualified bidder in the Aznalcollar public tender.
According to David Gower, P.Geo., CEO of Emerita, “Emerita is very encouraged to see the criminal trial progressing towards a conclusion. Based on the hearings and unanimous rulings by 5 judges to date, there is little doubt that there has been a crime committed. The Company is well financed and prepared to move forward with the development of the Aznalcollar project using the most modern technologies available for the benefit of all stakeholders.”
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 566 8179 (Toronto)
info@emeritaresources.com
Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the legal processes in Spain, the likelihood of the Company obtaining the rights to the Aznalcollar project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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Western Copper and Gold Corporation (“Western” or the “Company”) (TSX: WRN) (NYSE American: WRN) has filed its Annual Report on Form 40-F for the year ended December 31, 2021 with the U.S. Securities and Exchange Commission (the “SEC”).
Western Copper and Gold Corporation Logo (CNW Group/Western Copper and Gold Corporation)
The Company filed Form 40-F for the year ended December 31, 2021 , with the SEC on March 25 , 2022.  The Form 40-F includes Western’s Annual Information Form (“AIF”), audited consolidated financial statements and management’s discussion and analysis (“MD&A”). The Form 40-F is available for viewing and retrieval through EDGAR at www.sec.gov/edgar.shtml .
The Company has also filed its AIF, audited consolidated financial statements, and MD&A for the year ended December 31, 2021 with the appropriate Canadian regulatory bodies. These filings are available for viewing on SEDAR at www.sedar.com .
The filings described above are also available on the Company’s website: westerncopperandgold.com/investors/forms . Western will also provide a copy of the filings to any shareholder, without charge, upon request.  Requests may be made by email, telephone, or regular mail.
Western Copper and Gold Corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
“Paul West-Sells”
Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation
This news release contains certain forward-looking statements concerning anticipated use of proceeds from the Private Placement. Statements that are not historical fact are “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” as that term is defined in National Instrument 51-102 (“NI 51-102”) of the Canadian Securities Administrators (collectively, “forward-looking statements”). Forward-looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumption that general business conditions will not change in a materially adverse manner.
Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western’s AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.
Western’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
SOURCE Western Copper and Gold Corporation

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(In United States dollars, except where noted otherwise)

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX:FM) today announced that it has issued a notice of partial redemption for $500 million of its outstanding 7.250% Senior Notes due April, 2023 (Rule 144A: ISIN US335934AK15; CUSIP 335934AK1; Reg S: ISIN USC3535CAF52; CUSIP C3535CAF5) (the “2023 Notes”) for April 5, 2022 (the “Redemption Date”).
As specified in the notice of partial redemption relating to the redemption of the 2023 Notes, the portion of the outstanding 2023 Notes to be redeemed will be redeemed on a lottery drawing basis at a redemption price (the “Redemption Price”) of 100.000% of the principal amount thereof, plus accrued and unpaid interest, and will be paid to holders of record selected by lot and notified by the Depositary Trust Company (DTC) to such holders in accordance with DTC rules and procedures. The aggregate principal amount outstanding following such partial redemption of the 2023 Notes will be $500 million.
The information in this announcement does not constitute a notice of redemption of the 2023 Notes, or an offer (or a solicitation of an offer) to purchase or to sell the remaining 2023 Notes or any other securities.
DTC shall inform its participants in accordance with its own rules and procedures. DTCs participants may act as custodians/intermediaries for Noteholders who will distribute the notice to their clients in accordance with their own service level agreements.
For further information, the Noteholders should contact DTC or alternatively their service provider (i.e. custodian) who in turn should follow up with DTC for more information.
For other company related queries please visit our website at www.first-quantum.com or contact:
Bonita To, Director Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this news release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and forward-looking information under applicable Canadian securities legislation. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company to be materially different from any future results, financial condition, performance or achievements expressed or implied by such forward-looking statements or information. Such factors may include, among others, those factors disclosed in the Company’s documents filed from time to time with the Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Ontario Securities Commissions, the Autorité des marchés financiers in Quebec, the United States Securities and Exchange Commission and the London Stock Exchange.
PROHIBITION OF SALES TO EEA OR UK RETAIL INVESTORS
The securities referred to herein are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MiFID II”) or (ii) a customer within the meaning of Directive 2016/97/EU, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a Qualified Investor. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling such securities or otherwise making them available to retail investors in the EEA or the UK has been prepared and therefore offering or selling such securities or otherwise making them available to any retail investor in the EEA or the UK may be unlawful under the PRIIPS Regulation.
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Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) (“Sienna” or the “Company”) is pleased to announce that the maiden drill program has revealed a new lithium discovery on the 100% owned Blue Clay Lithium Project in Clayton Valley, Nevada (See map below). Lithium values as high as 1230 ppm Li were encountered with 800 ppm Li over 120 feet, including 1,011 ppm Li over 40 feet. The Blue Clay Lithium Project consists of 150 contiguous claims totaling approximately 2,950 acres prospective for lithium right in the heart of the Clayton Valley in Nevada, which is currently home to the only producing lithium region in North America.
Jason Gigliotti, President of Sienna Resources, states: “We are very pleased to have made a new lithium discovery on the maiden drill program in the Clayton Valley of Nevada. Domestically sourced lithium is in massive demand especially in light of recent global events. We couldn’t be more excited about this new discovery and are immediately planning the next phase of drilling to delineate the lithium held within the property. I was recently down on the property and am very optimistic about the short and long term future this project will have on the growth of Sienna Resources. When you factor in that lithium prices are at their all-time high today, management is very enthused about this new discovery.”
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Clayton Valley Map

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About Sienna Resources Inc.
Sienna Resources is focused on exploring for and developing high-grade deposits in politically stable, environmentally responsible and ethical mining jurisdictions. Sienna is partnered with a New York Stock Exchange-listed mining company on two separate projects in Scandinavia including the past-producing Bleka and Vekselmyr orogenic gold projects in southern Norway which are both greenstone-hosted gold systems, and the Kuusamo platinum group elements (PGE) project in Finland directly bordering the LK Project being advanced by Palladium One Mining Inc. In North America, Sienna’s projects include the Marathon North platinum-palladium property in Northern Ontario directly bordering Generation Mining Ltd.’s 7.1-million-ounce palladium-equivalent Marathon deposit. Sienna also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nev., home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp.’s Silver Peak deposit and Tesla Motors Inc.’s Gigafactory and the recently acquired Blue Clay Lithium Project in Clayton Valley Nevada. Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the company’s properties.
Qualified Person
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna’s email list, please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
“Jason Gigliotti”
President, Director
Sienna Resources Inc.
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 press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118062

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Copper demand came in strong during 2021, following a couple of years of strict lockdown measures put in place to battle the COVID-19 pandemic.
With economies reopening and copper prices reaching all-time highs, analysts are expecting supply to increase in 2022 as mine output recovers, and new projects and expansions come online.
How supply and demand dynamics play out this year is yet to be determined, but in the long term more copper will be needed to meet increasing demand for the green energy transition.
According to the International Copper Study Group, copper output is expected to increase by 3.9 percent in 2022 as it continues to recover to pre-pandemic levels in a number of countries — notably Peru, the world’s second overall top-producing country.
“It will also be supported by the ramp-up of recently commissioned mines and expansions as well as the planned start-up of some large projects,” the group said in a statement.
Commenting on which projects she will be watching in 2022, Karen Norton of Refinitiv told the Investing News Network (INN) that Quebrada Blanca Phase II in Chile and Quellaveco in Peru are on her radar.
“They are two of the more sizeable projects starting up this year, and as long as commissioning runs smoothly they will be important contributors to growth in 2023,” Norton said.
At the end of last year, Dan Smith of Commodity Market Analytics told INN that there are some big projects and expansions coming through at the moment, including Kamoa-Kakula in the Democratic Republic of Congo (DRC), Grasberg in Indonesia and Spence in Chile.
“This will be followed by a couple of medium-sized mines in Chile and Peru in 2022 and 2023,” he said. “China is also in the process of building some new copper mines, which are due onstream soon.”
Here INN looks at five major copper projects and expansions that experts think investors should keep an eye out for in 2022. Projects are listed in alphabetical order.
Freeport-McMoRan (NYSE:FCX) operates the Grasberg mine in Indonesia, one of the world’s largest copper and gold mines. So far, underground production ramp up continues to move forward on schedule. In 2021, combined average output from the company’s underground mines, Grasberg Block Cave and Deep Mill Level Zone, was about 160,800 metric tonnes (MT) of ore per day, with total milling rates averaging 181,000 MT of ore per day.
The target for 2022 is for milling rates to average approximately 180,000 MT of ore per day. The installation of additional milling facilities is in progress, to be completed in 2023; these additional facilities are expected to increase milling capacity to approximately 240,000 MT of ore per day.
Freeport is also expecting to complete the US$250 million expansion of capacity at PT Smelting’s copper smelter by 2023, with rates increasing by 30 percent to 1.3 million MT of concentrate per year.
Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), in a joint venture with Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899), Crystal River Global and the government of the DRC, operates the Kamoa-Kakula copper project in the DRC. Phase 1 of the project is forecast to produce 200,000 MT of copper every year.
After reaching total copper concentrate production of 105,884 MT in 2021, which exceeded expectations, this year production guidance has been set at between 290,000 and 340,000 MT.
The construction of Kamoa-Kakula’s Phase 2, 3.8 million MT per year concentrator plant is almost complete, with early stage commissioning activities now underway. The plant is on track to begin operations in April of this year. An updated prefeasibility study, which will include a Phase 3 expansion, is expected in Q3 2022.
Ivanhoe has signed offtake agreements for copper concentrate from the project with CITIC Metal and Gold Mountains International, a subsidiary of Zijin Mining, for 50 percent each of the copper products from Kamoa-Kakula’s Phase 1 production.
With an initial mine life of 28 years, Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) is expecting its massive Quebrada Blanca Phase 2 project to start production in the second half of 2022.
The Vancouver-based company has invested more than US$5 billion in the project, which is forecast to produce 316,000 MT of copper per year during its first five years of operation. Quebrada Blanca Phase 2, located in Northern Chile, is also expected to double Teck’s copper production by 2023.
The TSX-listed company is already looking to evaluate a Phase 3 for the mine, which would need a further US$5 billion in investment and a new concentrator.
Located in Peru, the Quellaveco project is expected to deliver an average of around 300,000 MT per year of copper in its first 10 years of operation. The copper asset has been under development since 2018, with investment in the project reaching over US$5 billion.
Anglo American (LSE:AAL,OTCQX:AAUKF) mined the first ore from Quellaveco in October 2021, and first production of copper concentrate is expected by mid-2022. The London-listed company forecasts the project will produce 120,000 to 160,000 MT of copper for the entire year.
Quellaveco has 1.7 billion MT of estimated ore reserves containing 7.5 million MT of copper with a 0.57 percent grade, as well as a mine life of 36 years. The project is 60 percent owned by Anglo American with the rest being held by Mitsubishi (TSE:8058).
Spence is one of the two mines that are part of BHP’s (NYSE:BHP,ASX:BHP,LSE:BHP) Pampa Norte operation. The other one is Cerro Colorado, located in the Northern Chile. In 2017, the company approved an almost US$2.5 billion expansion plan at Spence, named the Spence Growth Option (SGO), which would extend the life of mine by 50 years. At full capacity, Spence could be producing 300,000 MT per year up until at least 2026.
First production at SGO was achieved in December 2020. At the end of 2021, Pampa Norte’s copper production increased by 40 percent to 136,000 MT, reflecting the continued ramp up of the SGO. However, recoveries at Spence are trending lower than expected, and some plant modifications are being planned in order to achieve the full intended production levels.
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Securities Disclosure: I, Priscila Barrera, currently hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Lundin Mining Corporation Logo (CNW Group/Lundin Mining Corporation)
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce that Lundin Mining’s Swedish prospectus for the proposed offer of new common shares of the Company to the securityholders of Josemaria Resources Inc. (“Josemaria Resources”) in connection with the acquisition by Lundin Mining of Josemaria Resources (the “Transaction”) has been approved.
The prospectus was approved by and registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen) today. The prospectus is available on Lundin Mining’s website ( www.lundinmining.com ) and will be available on the Swedish Financial Supervisory Authority’s website ( www.fi.se ).
The completion of the Transaction and the issuance of new Lundin Mining common shares to Josemaria Resources securityholders remains subject to the satisfaction or waiver of the remaining conditions to the Transaction, including approval by the Josemaria Resources securityholders at the special meetings scheduled for April 21, 2022 . The completion of the Transaction is expected to occur on or around April 28, 2022 (the “Effective Date”). Trading of the new Lundin Mining common shares on Nasdaq Stockholm is expected to commence as soon as possible following the Arrangement becoming effective on the Effective Date subject to Nasdaq Stockholm approving the admission to trading of such shares and completion of the Arrangement.
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information was submitted for publication, through the agency of the contact persons set out below on March 24, 2022 at 11:00 Eastern Time .
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Lundin Mining with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and include information regarding: (i) expectations regarding whether the proposed Transaction will be consummated, including whether conditions to the consummation of the Transaction will be satisfied, or the timing for completing the Transaction, (ii) expectations regarding the potential benefits and synergies of the Transaction and the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) expectations regarding additions to mineral resources, mineral reserves and future production, (iv) expectations regarding financial strength, free cash flow generation, trading liquidity, and capital markets profile, (v) expectations regarding future exploration and development, growth potential for Lundin Mining’s and Josemaria Resources’ operations, (vi) the availability of the exemption under Section 3(a)(10) of the U.S. Securities Act to the securities issuable in the Transaction, and (vii) expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Lundin Mining’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Lundin Mining believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to consummate the Transaction; the ability to obtain requisite court, regulatory and shareholder approvals and the satisfaction of other conditions to the consummation of the Transaction on the proposed terms and schedule; the ability of Lundin Mining and Josemaria Resources to successfully integrate their respective operations and employees and realize synergies and cost savings at the times, and to the extent, anticipated; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Transaction on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Transaction; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Transaction. This forward-looking information may be affected by risks and uncertainties in the business of Lundin Mining and Josemaria Resources and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Lundin Mining and Josemaria Resources with the Canadian securities regulators, including Lundin Mining’s and Josemaria Resources’ respective annual information form, financial statements and related MD&A for the financial year ended December 31, 2021 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com .
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Lundin Mining has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Lundin Mining does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Lundin Mining Publishes Swedish Prospectus for Offer of New Lundin Mining Shares in Connection with the Acquisition of Josemaria Resources (CNW Group/Lundin Mining Corporation)
SOURCE Lundin Mining Corporation

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