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Due to Investor Demand iMetal Increases Size of Private Placement – InvestingNews.com

iMetal Resources Inc. (TSXV:IMR) (OTC PINK:ADTFF) (FRA:A7V2) (“iMetal” or the “Company”) announces that as a result of market interest it has elected to increase the size of its previously announced non-brokered private placement (the “Placement”). The Company will continue to offer up to 16,666,667 units (each, a “Unit”) at a price of $0.12 per Unit for gross proceeds of up to $2,000,000. Each “Unit” will consist of one common share of the Company and one common share purchase warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months (each, a “Warrant
The Company will also offer up to 6,666,667 flow-through units (each, an “FT Unit“) at a price of $0.15 per FT Unit for further gross proceeds of up to $1,000,000. Each “FT Unit” will also consist of one common share (each, an “FT Share“) of the Company and one Warrant. The FT Shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
Proceeds from the Placement will be used for the development of the Company’s Gowganda West Project, as well as development of the Kerrs Gold Deposit in the event the previously announced property option is consummated and for general working capital purposes. Completion of the Placement is not contingent on the acquisition of rights to the Kerrs Gold Deposit, and the Company will proceed with the Placement even if the acquisition is not consummated.
In connection with the Placement, the Company may pay finders’ fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the TSX Venture Exchange.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
News Provided by ACCESSWIRE via QuoteMedia

iMetal Resources (TSXV:IMR) is a Canadian gold exploration and development company targeting highly prospective regions across Canada. The company owns properties in the mining-friendly provinces of Ontario and Quebec, including its wholly owned flagship Gowganda West project. Ontario and Quebec were ranked second and third respectively among Canadian provinces in the Fraser Institute’s 2019 survey of mining companies.
iMetal Resources’ Gowganda West gold project is located west of the Ontario town of Gowganda and southwest of Kirkland Lake, a prominent gold region. Recent geological data indicates similarities between the project location and the prolific mining camps near Kirkland Lake, Timmins and Val D’or. The company specifically intends to follow up on exploration work that has identified similar Archean-aged metasediments to those associated with deposits discovered near Kirkland Lake and Timmins. This project is accessible year-round via a paved highway and is surrounded by nearby mines and infrastructure, including property owned by Caldas Gold Corp. (TSXV:CGC).
The Gowganda West project is in the Abitibi Greenstone Belt, which runs from the Kapuskasing structural zone to the Quebec border. The Abitibi Greenstone Belt is home to more than 180 million ounces of gold that have been discovered since the first mining camps were established in the area in the 1980s. Initial exploration work conducted on the property in 2019 returned intervals of 0.41g/t gold over 19.5 meters.
iMetals Resources Gowganda Project
The Gowganda West gold project is located in an area with promising mineralization that has seen limited historical exploration. The area was originally thought to be underlaid by barren meta-sediments covered by glacial overburden; however, prospecting and sampling have already identified numerous gold targets on the property.
The Gowganda land package follows the projected eastward extension of the structural trend that enabled Caldas Gold Corp.’s Juby project, which holds an estimated 2.2 Moz of gold in the inferred and indicated categories. The neighboring Juby open pit mine is close to the border as well, which could provide additional yields if that mine’s resources overlap with iMetal Resources Inc.’s Gowganda West gold project.
“The gold zones that include the Juby deposit as defined by Temex occur along and within the Tyrell Shear Zone that trends south-easterly and appears to strike onto iMetal’s ground. We look forward to following up this mineralized trend and drill testing this anomaly further,” said Johan Grandin, President and CEO of iMetal. “This area requires further exploration surface work this summer with the potential of further I.P. geophysical surveys and further drill testing of IP defined targets of which there is certainly no shortage of targets to drill test.”
iMetal Resources began an exploration program that included stripping and sampling on a target area that had previously been identified by the technical team. Sampling conducted in 2011 returned 18.71 g/t gold within 2,000 meters of the Juby zone, causing iMetal to recover several additional samples in 2020 that have been sent to the lab with assay results pending.
The Gowganda West gold project is located 17 kilometers southwest of the Ontario town of Gowganda and 90 km southwest of Kirkland Lake. The project is also a few hundred kilometers south of Caldas Gold Corporation’s Juby gold deposit. The Gowganda West gold project includes 14 high priority targets that the company intends to continue to define through exploration work.
In 2019, iMetal Resources conducted a five-hole drill program that identified multiple high-priority drill targets. The following highlights were included among the results:
In early September 2020, iMetal conducted the MacCallum stripping and sampling program on the Gowganda West property. The program was designed to follow up on work conducted on the property in 2011, which returned 18.71 g/t gold within the structural Tyrell Zone that hosts the Juby Main Zone. The program’s focus was to explore three additional areas of interest on the property, including the extensive common eastern border with Caldas and areas south of the Juby Main Deposit.

“We are very excited about this year’s ongoing exploration program as we are working to identify which areas should be prioritized. The appointment of Mr. Dhillon as President and the recently announced financing will enable iMetal to complete additional exploration work such as ground geophysics and VTEM in key unexplored areas along with the drilling of multiple high priority targets,” said Johan Grandin, CEO of iMetal Resources Inc. “We are also very excited regarding the new developments at Ghost Mountain, where Kirkland Lake Gold and Newmont just announced a US$75 million exploration program, with the focus being the Holt Complex.”
iMetal Resources released another round of drill results in April 2020 from the Gowganda property, including 1.39 g/t gold over 3.35 meters. Moving forward, iMetal is now working towards prioritizing drill targets and the preparation of a second airborne VTEM survey to cover the lower half of the Gowganda property. During the second phase of the drill program, the company intends to drill over 5,000 meters in 10 drill holes, with additional holes if necessary.
In May 2017 iMetal Resources acquired the Ghost Mountain property in Kirkland Lake, Ontario, on the prolific Destor-Porcupine Fault. The property consists of seven claim units encompassing 11 square kilometers of land.
iMetal Resources Gowganda West
Gold was first discovered near Timmins in 1907. Since then, the Destor-Porcupine gold camp has proven itself to be one of the most prolific gold mining districts in North America. Total gold production in the area has exceeded 70 million ounces. The Ghost Mountain property shares a common border on three sides with Kirkland Lake Gold (TSX:KL) and is located only a few hundred meters north of their Lightval target.
The Ghost Mountain property became available in November 2015 during the acquisition of the St. Andrew Goldfields on behalf of Kirkland Lake Gold. iMetal is currently in the process of planning a comprehensive exploration program to evaluate the full geological potential of the Ghost Mountain area.
Johan Grandin is an experienced mineral exploration financier and exploration company executive. Having worked with public companies for over 25 years, he has a proven track record of raising venture capital and offers extensive expertise in corporate financial restructuring and capital markets. Through his past positions as officer and director for various public issuers, he has the industry expertise required to streamline growth initiatives and increase shareholder value. Johan holds an M.Sc. degree in Business Economics and Engineering Physics from Uppsala University, Sweden.
Saf Dhillon has helped develop companies listed on the TSX Venture Exchange for more than 20 years. He has held a variety of positions across senior management and board directorships. Saf is currently an advisory board member for the following companies: Glacier Lake Resources Inc., Equitorial Exploration Corp., Earl Resources Ltd. and ESI Environmental Sensors Inc.
Joyce Liu — Chief Financial Officer and Corporate Secretary
Joyce Liu joins the Company from Corex Management Inc., a full-service accounting group that provides financial and support services for public companies including accounting, regulatory compliance, audit management and financial reporting. Ms. Liu is a Chartered Professional Accountant (CPA) with more than 9 years of financial reporting and accounting experience and has served in a senior accounting capacity for a number of publicly traded companies on the TSX Venture Exchange including Riverside Resources Inc. (RRI) and Capitan Mining Inc. (CAPT), with a focus on the resource sector. She has an extensive background in financial management, reporting, corporate transactions and has worked with international jurisdictions including the U.S. and Mexico
Mark Fedikow—VP Exploration, Qualified Person and Director
Mark Fedikow is a graduate of the Department of Geology, University of Windsor (Honours B.Sc. in geology and a M.Sc. in geophysics and geochemistry). Subsequently he received a Natural Sciences and Engineering Research Council of Canada Scholarship and completed a Ph.D. in Exploration Geochemistry. During his 40 plus year career, he has worked for a variety of junior and major mining exploration companies. He has received the Provincial Geologists gold medal, a Canadian national award for excellence in geosciences.
Dave Gamble—P.Geo, Senior Consulting Geologist and Qualified Person
Dave Gamble is a professional geologist with experience at senior level in mineral exploration with supervision and management skills from small to large exploration projects, as a corporate employee with B.P. Resources Canada Ltd and as a consulting geologist with Dave Gamble Geoservices Inc. Dave is a well-respected experienced geologist with more than 40 years of professional experience in the industry, and he is familiar with the geological setting of the Gowganda West property. Dave’s mineral exploration responsibilities have included managing and maintaining industry standard quality control and security of sampling procedures from initial sample collection through to assay lab procedures to geological interpretation.
He was directly responsible for the original discovery of the Grevet Township Cu-Zn-Ag massive sulphide deposit near Lebel sur Quevillion, Quebec, in 1978 for Selco Mining Corporation Ltd., and was also directly responsible for the volcanogenic Cu-Zn-Co-Ag massive sulphide discoveries at the Potter Mine in Munro Township in Northeastern Ontario in 1997-2008.
Scott Davis— Director
Scott Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, a firm focused on providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange and his past experience consists of senior management positions, including four years at Appleby as an Assistant Financial Controller. Prior to that, he spent two years at Davidson & Company LLP Chartered Professional Accountants as an Auditor and five years with Pacific Opportunity Capital Ltd. as an Accounting Manager.
R. Timothy Henneberry — Director
Timothy Henneberry, a Dalhousie University graduate, is a Professional Geoscientist registered in British Columbia with over 40 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He was a founding Director, President and Chief Executive Officer of First Vanadium Corp. from 2006 to 2011, founding Director, President and Chief Executive Officer of Indigo Exploration Inc. from 2009 to 2011 and a founding Director, President and Chief Executive Officer of Carebook Technologies Inc. from 2018 to 2020. He was a former Director and Interim Chief Executive Officer of Arcwest Exploration Inc. and a former Director of Broadway Gold Mining Ltd.
Currently, Mr. Henneberry serves as Chief Executive Officer and a Director of Golden Independence Mining Corp., a Director of Raindrop Ventures Inc. and a Director of Silver Sands Resources Corp. He sits on the Advisory Boards of Max Resource Corp., Resolve Ventures Corp. and Universal Copper Ltd.
This profile is sponsored by iMetal Resources Inc. (TSXV:IMR). This profile provides information which was sourced by the Investing News Network (INN) and approved by iMetal Resources Inc., in order to help investors learn more about the company. iMetal Resources Inc. is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services, or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with iMetal Resources Inc. and seek advice from a qualified investment advisor.
iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRA:A7V2) (“iMetal” or the “Company”) is pleased to announce that (as per the original news release dated January 25th, 2022 & the follow up news release dated February 2nd, 2022) it will conduct a non-brokered private placement (the “Placement”) of up to 16,666,667 units (each, a “Unit”) at a price of $0.12 per Unit for gross proceeds of up to $2,000,000. Each “Unit” will consist of one common share of the Company and one common share purchase (each, a “Warrant”) warrant exercisable to acquire an additional common share at a price of $0.20 for a period of twenty-four (24) months
The Company also announces that it will conduct a portion of the placement through issuance of units on a flow-through basis (each, an “FT Unit“) at a price of $0.15 per FT Unit. Each “FT Unit” will consist of one common share (each, an “FT Share“) of the Company and one Warrant. The FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use net proceeds from the Placement towards exploration activities at the Company’s Gowganda West property that is located in the Abitibi Greenstone Gold Belt; exploration activities at the 665 hectares road accessible Kerrs Gold Deposit that lies about 90 kilometres east-northeast of Timmins, Ontario in the Abitibi Greenstone Gold Belt, in the event the previously announced property option is consummated; and for general working capital.
In connection with the Placement, the Company may pay finders’ fees to eligible third-parties who have introduced subscribers to the Company. All securities issued in connection with the Placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the Placement remains subject to the approval of the Exchange.
The Company also announces that, subject to regulatory approval, it has engaged the services of Independent Trading Group (“ITG“) to provide market-making services . ITG will trade shares of the Company with the objective of maintaining a reasonable market and improving the liquidity of the Company’s common shares.
ITG will receive compensation of CAD$5,000 per month, payable monthly. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with 30 days’ notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities and at the time of the agreement, neither ITG nor its principals have an interest, directly or indirectly, in the securities of the Company.
About Independent Trading Group
ITG is Canada’s only brokerage firm dedicated specifically to professional trading. As Canada’s foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. With its head office in Toronto, ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
About iMetal Resources, Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp. Gowganda West shares a border with both Aris Gold Corp.’s (TSX:ARIS) multi-million oz Juby Deposit as well with Orefinders Resources Inc. (TSX-V:ORX) & Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) Knight Property.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & Chief Executive Officer
iMetal Resources Inc.
800 West Pender St. – Suite 550
Vancouver, B.C.
V6C 2V6
Office: 604-484-3031
saf@imetalresources.ca
www.imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, but are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the Placement, use of proceeds and regulatory approval of the Placement; and statements with respect to the Company’s geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
News Provided by ACCESSWIRE via QuoteMedia

iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) (“iMetal” or the “Company”) announces that effective at the close of business on January 13, 2022, it will consolidate its common share capital on a five-for-one basis (the “Consolidation”). Effective at the opening of markets on January 14, 2022, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbol “IMR
The Company currently has 51,730,372 common shares outstanding. Following completion of the Consolidation, it is expected to have approximately 10,346,075 shares outstanding.
No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. Registered holders of common shares of the Company will receive a letter of transmittal from Computershare Investor Services Inc. with instructions on how to exchange existing share certificates for new post-Consolidation share certificates.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
News Provided by ACCESSWIRE via QuoteMedia

iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) (“iMetal” or the “Company”) is pleased to announce it has completed a field review of the 2021 excavator trenching program to correlate the assay results with the exposed geology, ground and airborne geophysics and 2019 drilling at its flagship Gowganda West Gold Property, in the Shining Tree District of northern Ontario. The technical team is now firming up the geological model in advance of a Q1 2022 drill program
“We continue to reap the benefits of our continuing joint efforts with the Riverside technical team as we ramp up our focus on the Gowganda West project,” commented CEO Saf Dhillon. “The combined team continues to work with the historic and 2021 exploration data to define targets for a proposed Q1 2022 drilling program,” he continued.
Zone 1 Trench 1
The trenching / stripping program concentrated at Zone 1,300 metres to the south of the boundary with Aris Gold’s Juby Deposit. Trenching extended the mineralization and alteration over a distance of 300 metres, open in both directions, exposing semi-continuous quartz veining within north-south shearing enveloped by 15 to 20 metres of fuchsite (green alteration) and sericite that locally grades into distal epidote.
Mineralization consists predominantly of pyrite (1-2%) with traces of pyrrhotite and chalcopyrite within veins that range from several centimeters to about 70cm. Channel sampling in 2018 returned values of 5.1 g/t gold over 0.80m and 8.7 g/t gold over 0.30m. Trenching highlights in 2021 included: 3.29 g/t gold over 1.8m, 10.85 g/t gold over 0.35m and 2.93 g/t gold over 2m. The higher grades appear to be associated with the quartz veins and fuchsite. Equally import, the vein envelopes typically show quartz carbonate veining and sericite alteration that often returns significant (0.2 to 2 g/t) gold values.
Initial drilling in 2019 returned drill intersections including: 2.95 g/t gold over 2.5 metres, 1.43 g/t gold over 4.6 metres and longer intervals of 0.37 g/t gold over 29.4 metres and 0.32 g/t gold over 30.25 metres (see press release dated April 20, 2020).
2021 Trench Locations
Regional Context
The shear zone hosting Zone 1 is a large secondary north-south structure that appears to be traced 6 kilometres to Zone 3, related to the Rideout-Tyrell Fault which strikes at roughly 110 degrees. At the Juby Deposit 800m to the north of ‘Zone 1 North’ the Rideout-Tyrell Fault forms a prominent boundary to the Archean-aged volcanic and Indian Lake Group classic sediments part of the Porcupine Assemblage.
The Rideout-Tyrell Fault that forms the southern boundary to the Juby deposit trends eastward through the northern portion of the Gowganda West property and has seen minimal exploration as efforts by iMetals has been focused on the clear-cut, easily accessible areas in the Zone 1 – Zone 3 corridor.
At Gowganda, the host rock Indian Lake conglomerates contain peculiar, bright red to maroon jasper grit, granules, pebbles and boulders that share similarities with the slightly younger Timiskamining Assemblage found in the Kirkland Lake and Timmins gold camps. These jasper hosting conglomerates have been mapped on surface and encountered in the limited drilling at Gowganda West.
Next Step
Drill permits and First Nations agreements are currently in place to allow Q1, 2022 drilling at Zone 1. The focus of the drilling will be locating gold mineralization at depth at the Zone 1 South and along the 300m section between Zone 1 South and Zone 1 North, where surface sampling and trenching has returned positive results.
Surface exploration in 2022 will focus in two areas: the Zone 1 – Zone 3 shear corridor and the strike extension of the Rideout-Tyrell Fault onto the Gowganda West property.
The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P. Geo. (British Columbia), a director of iMetal, and a “qualified person” as defined in National Instrument 43-101.
Creditor Settlement
The Company has reached an agreement with an arms-length service provider in which it has agreed to settle an outstanding payable totaling $54,643.17 through a cash payment of $15,000 and the issuance of 360,000 common shares. Completion of the settlement remains subject to the approval of the TSX Venture Exchange. The common shares issuable in connection with the settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Private Placement Update
The Company will not proceed with further tranches of its non-brokered private placement of units and flow-through shares originally announced on May 18, 2021. The Company completed an initial tranche of the placement on May 31, 2021. For further information regarding the placement, readers are encouraged to review the Company’s news releases of May 18, 2021 and June 1, 2021.
Property Acquisition
The Company also announces that it does not intend to proceed with the acquisition of a portfolio of gold projects from Riverside Resources Inc., as announced on February 10, 2021. The Company has not assumed any ongoing obligations in connection with the proposed acquisition.
About Gowganda West
The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern Abitibi Greenstone Gold Belt contiguous to the north and west of Aris Gold Corp.’s (TSX: ARIS) (formerly Caldas Gold Corp.) Juby Gold deposit, a series of four mineralized alteration zones along the Tyrrell Shear Zone. Gold mineralization at Juby is associated with narrow quartz-carbonate-pyrite veins hosted within 20- to 330-metre-wide zones of ankerite-albite-silica-sericite alteration and variable amounts of fine-grained, disseminated. The Juby Deposits host indicated resources of 774,000 ounces at 1.13 g/t Au and inferred resources of 1,488,000 ounces at 0.98 g/t Au. iMetal cautions investors mineralization at Juby is not necessarily indicative of similar mineralization at Gowganda West. Source: Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Deposit for Caldas Gold Corp. (named currently changed to Aris Gold Corp.) Dated 2020-Oct-05 By: J. Campbell, A. Sexton, D. Studd, and A. Armitage.
iMetal acquired Gowganda West in 2016, discovering Zone 1 and Zone 3 through focused exploration proximal to the Aris property border, and subsequently completing programs of prospecting, channel sampling, airborne VTEM, ground IP and limited diamond drilling. Zone 1 has excellent access and is located 500m south from the Juby deposit. Two distinct outcrop areas approximately 300m apart have been sampled, Zone 1 that returned: 6.47 g/t Au and 39.3 g/t Au, and 16.9 g/t Au. Five holes were subsequently drilled in 2019. The best drill intersections included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres (see press release dated, April 20, 2020). Zone 3 consists of two distinct areas separated by 225 metres, 6 kilometres due south of Zone 1. Highlights from Zone 3A grab sample results include 56.59 g/t Au and 34.81 g/t Au, while highlight Zone 3B grab sample results include 14.74 g/t Au and 12.7 g/t Au. Zone 3A and Zone 3B remain undrilled.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 510, 580 Hornby Street, Vancouver, British Columbia, V6C 3B6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include but, are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company’s geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
News Provided by ACCESSWIRE via QuoteMedia

iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) (“iMetal” or the “Company”) is pleased to announce results from the 2021 trenching program at its Gowganda West property in the Shining Tree District of the Abitibi Greenstone Gold Belt in Northern Ontario. The Company excavated a total of 5 trenches following up on spring 2021 prospecting results. Three of these trenches were located at Zone 1 near the area of 2019 drilling. Highlights from Trench 1 include
“The mechanical trenching met our key objective, locating +1 g/t gold in two of the five trenches,” commented iMetal President & CEO Saf Dhillon. “We are working with the Riverside technical team, in finalizing the compilation of the trenching data, surface sampling results, magnetics and IP geophysics to work up drill targets,” he concluded.
Zone 1 Section
Exploration to date has defined a 6km long, north-south trending zone of anomalous gold mineralization and alteration associated with the contact zone between finer and coarser meta-clastic units of the Archean aged Indian Lake Group (ILG), mudstone, arenite and conglomerate that have been intruded by felsic and quartz porphyry dikes. Early Proterozoic narrow Matachewan diabase dikes with finely disseminated magnetite exhibiting a moderate to strong magnetic signature cut the meta-sedimentary lithological sequence locally.
2021 Trench Locations
At Trench 1 in Zone 1, gold mineralization lies at or near the contact between ILG conglomerates and sandstones that have been subject to regional faulting and shearing. The mineralization largely consists of pyrite associated with beige or fuchsite-bearing green quartz carbonate veins. These north-south striking veins show carbonate (ankerite) and sericitic alteration extending tens of meters outward from the veins. Peripheral to these alteration zones, distal weaker alteration consists predominantly of calcite stringers and veinlets, locally pervasive to patchy interstitial calcite and local minor epidote patches and occasional stringers. Drill logs show the mineralized zones are also associated with intrusive rocks and silica flooding. This pyrite-gold bearing mineralizing system is characterized by extensive hydrothermal alteration believed to be caused by quartz feldspar porphyry dikes linked to a deeper larger intrusion.
The pyritized conglomerate shows up strongly as a large linear conductive body in the 2018 IP survey over this area. At Zone 1, closer to the shear zones, a 50m wide diabase dike intrudes the conglomerate. This dike shows as a strong north-south trending, linear magnetic high. Inversion work completed by iMetal prior to the trenching indicated the diabase dike marks the western boundary of the gold mineralization suggesting the mineralizing fluids moved along the shear zone prior to the dike intruding into the conglomerate.
At Trench 1 (TR-21-01) the mineralization and alteration sequence are repeated with the dike marking the western extend of mineralization providing a hard boundary for exploration. Gold in Trench 1 is also associated with silica flooding and pyritization. XRF work performed in the field showed higher gold values to be associated with high potassium and iron with a possible path finder being arsenic. However, assays from the trench sampling indicate copper to be the best path finder in this area which agrees with other projects in the district. Due to the nature of the terrain saw cut channel samples where limited to about 3m on the uneven surface. The best interval from this first phase of trenching returned 3.29g/t gold over 1.8m with one sample returning 10.85g/t gold over 0.35m.
Zone 3 Trenching
Zone 1 Trenching
The trenching results at Zone 3 were not as high as the prospecting samples from the spring program where values as high as 56 g/t gold were found in outcrop. The steep terrain in the area of the spring sampling was not conducive to mechanical trenching; more work is required in this area before a drill target can be established.
The Company’s technical team is now reviewing all historic exploration data in combination with the new trenching data to develop a model for the Gowganda mineralization. The model will assist in identifying drill targets for the upcoming drill program.
The current interpretation for mineralization is the permeable nature of the ILG meta-sedimentary rocks provide a favorable environment for gold bearing hydrothermal systems and fluids to penetrate and precipitate. The porous nature of the conglomerate manifests as larger lower grade zones of gold mineralization. The 2019 drilling showed geochemically anomalous to low grade gold mineralization throughout the Zone 1 (South) Area. DDH IMGW-19-01 returned weighted averages with 0.29 g/t Au over 9.0 m at 175.0-184.0 m and 0.37 g/t Au over 29.4 m at 191.0-220.4 m. Some higher-grade intercepts from Zone 1 included 2.95 g/t Au over 2.5m (IMGW-19-01), 1.55 g/t Au over 0.9m (IMGW-19-03), 1.43 g/t Au over 4.6m (IMGW-19-05) and 1.07 g/t Au over 6.65m (IMGW-19-04); see press release dated April 20, 2020.
Quality Assurance and Quality Control
All trench samples were delivered by the geological contractor to ALS Minerals in Thunder Bay, an ISO/IEC 17025:2017 accredited facility. All samples were analyzed with ALS’s AuME-TL43 procedure, a 25-gram aqua regia digestion with an ICP-MS finish with a 1-gram upper limit for gold. All overlimit gold values were fire assayed with a 30-gram sample and a gravimetric finish, ALS’s Au-GRA21 procedure. iMetal completed a quality control program with about 10% of the samples assayed being control samples. Standards and blanks were inserted within the assay stream for each trench about every 15 to 20 samples. The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (British Columbia), a director of iMetal, and a “qualified person” as defined in National Instrument 43-101.
About Gowganda West
The Gowganda West property covers approximately 147 sq km in the Shining Tree volcano-sedimentary succession of the southwestern Abitibi Greenstone Gold Belt contiguous to the north and west of Aris Gold Corp.’s (ARIS) (formerly Caldas Gold Corp.) Juby Gold deposit, a series of four mineralized alteration zones along the Tyrrell Shear Zone. Gold mineralization at Juby is associated with narrow quartz-carbonate-pyrite veins hosted within 20- to 330-metre-wide zones of ankerite-albite-silica-sericite alteration and variable amounts of fine-grained, disseminated. The Juby Deposits host indicated resources of 774,000 ounces at 1.13 g/t Au and inferred resources of 1,488,000 ounces at 0.98 g/t Au. iMetal cautions investors mineralization at Juby is not necessarily indicative of similar mineralization at Gowganda West. Source: Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Deposit for Caldas Gold Corp. (named currently changed to Aris Gold Corp.) Dated 2020-Oct-05 By: J. Campbell, A. Sexton, D. Studd, and A. Armitage.
iMetal acquired Gowganda West in 2016, discovering Zone 1 and Zone 3 through focused exploration proximal to the Aris property border, and subsequently completing programs of prospecting, channel sampling, airborne VTEM, ground IP and limited diamond drilling. Zone 1 has excellent access and is located 500m south from the Juby deposit. Two distinct outcrop areas approximately 300m apart have been sampled, Zone 1 that returned: 6.47 g/t Au and 39.3 g/t Au, and 16.9 g/t Au. Five holes were subsequently drilled in 2019. The best drill intersections included: 2.95 g/t Au over 2.5 metres, 1.43 g/t Au over 4.6 metres and longer intervals of 0.37 g/t au over 29.4 metres and 0.32 g/t au over 30.25 metres (see press release dated, April 20, 2020). Zone 3 consists of two distinct areas separated by 225 metres, 6 kilometres due south of Zone 1. Highlights from Zone 3A grab sample results include 56.59 g/t Au and 34.81 g/t Au, while highlight Zone 3B grab sample results include 14.74 g/t Au and 12.7 g/t Au. Zone 3A and Zone 3B remain undrilled.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
The Company is also focused on the Oakes Gold Project which forms part of a portfolio of projects it is in the process of acquiring from Riverside Resources Inc. (TSXV: RRI) who is now a strategic investor/partner. The Oakes Gold Project is located in the Oakes Township just north of Canadian National Highway 11 and about 2km north of the town of Long Lac, Ontario. The Oakes Township is part of the well-endowed Beardmore-Geraldton Greenstone Belt region, located northeast of Thunder Bay, Ontario and the region has a long and rich mining history that has produced 4.1 million ounces of gold over the past 100 years including the combined MacLeod-Cockshutt Mine, which produced 1.5 million ounces of gold. More recently, the Hardrock Project held 50% by Equinox Gold Corp. (EQX) has elevated attention to the area by announcing their intention to mine their gold resource near Geraldton, Ontario.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 510, 580 Hornby Street, Vancouver, British Columbia, V6C 3B6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include but, are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company’s geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
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iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF) (“iMetal” or the “Company”) is pleased to announce effective immediately, that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company (“DTC”) in the United States
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible”. DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company’s common shares in the United States.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & Chief Executive Officer
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
https://imetalresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Forward-looking statements in this news release include, but are not limited to: statements with respect to future exploration and drilling of the Company; statements with respect to the release of assays and exploration results; and statements with respect to the Company’s geological understanding of its mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
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Satori Resources Inc. (TSXV: BUD) (“Satori” or the “Company”) is pleased to announce that a drilling campaign and preliminary work to complete an IP survey are underway at the Tartan Lake project, Flin Flon, Manitoba.
The first 2,000 metres of a 5,000 metre drilling campaign has commenced at the McFadden Zone, a 30 metre by 40 metre stripped shear zone outcrop located 1 kilometre south-east of the known Main Zone deposit. Drilling at McFadden will precede the 3,000+ metre drill program planned to further test the Main Zone, the South Zone, and the interpreted new Hanging Wall Zone, which returned the second highest value intercept ever recorded at Tartan Lake at hole TLMZ21-12, intersecting 47.56 g/t Au averaged over 5.8 meters, within a wider interval averaging 23.76 g/t Au over 12.6 meters (See news release dated December 6, 2021).
The Company plans to drill the Hanging Wall Zone and the Main Zone at greater depths with a drill rig that has deep-drilling capacity. The drilling equipment currently on site has depth capacity for South Zone and McFadden Zone, and allows Satori to access McFadden at this time by winter road.
Jennifer Boyle, Chief Executive Officer, states “The McFadden Zone has been on our radar for quite some time. Drilling at McFadden provides Satori with the opportunity to make a potential new discovery outside of the known Main Zone and South Zone deposits. We are following up on a historical stripped area with surface expressions of extensive quartz-carbonate-tourmaline veining within a significant shear zone, similar to what we are seeing at Main Zone and South Zone. Our recently constructed snow-packed trail system to McFadden has provided more efficient access to four (4) drill pad set-ups, which may have otherwise been more difficult during summer months without helicopter support.”
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Figure 1: McFadden Zone Geology
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The Company further announces that it has completed the first phase of a two-phase 45 line kilometre Induced Polarization survey. The survey shows several narrow resistive zones and corresponding IP chargeability anomalies that could represent quartz veins within a sulphide enriched shear expression at McFadden.
The survey has also produced several anomalies elsewhere and has generated preliminary targets for drill testing. The grid covers the Main Zone, the South Zone, as well as nearby targets of Ruby Lake, McFadden and N229.
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Figure 2: Satellite Image Tartan Lake Gold Mine Project
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Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSXV: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B.
President and Chief Executive Officer
Satori Resources Inc.
(416) 904-2714
jennifer@capexgroupinc.com
Mr. Pete Shippen
Chair, Satori Resources Inc.
(416) 930-7711
pjs@extramedium.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Satori contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

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David Erfle: Technical Bottom in for Gold Stocks, Where to Find Opportunityyoutu.be
Interesting gold price action has been brought on in recent weeks by factors like the ongoing war between Russia and Ukraine, as well as last week’s US Federal Reserve meeting.
The yellow metal is still trading at elevated levels, but will its gains stick? David Erfle, editor and founder of Junior Miner Junky, said he sees support trying to hold at the US$1,900 or US$1,920 per ounce level.
However, he told the Investing News Network, he wouldn’t be surprised to see gold test US$1,850 since it was facing “strong resistance” there before the conflict allowed it to break out.
Erfle is bullish overall moving forward, and noted that when the Fed begins a new cycle of hiking interest rates, that tends to mark a low point in the gold market. In this case, the central bank’s plans were telegraphed far in advance, and gold companies began to bottom about six months ago.
“The gold stocks have now technically put in a bottom — both the VanEck Gold Miners ETF (ARCA:GDX) and the VanEck Junior Gold Miners ETF (ARCA:GDXJ) have technically put in six month bottoms,” he said.
When asked where he’s focusing right now in terms of stocks, Erfle said he’s been acquiring later-stage junior developers that are at the feasibility stage, or at or close to the financing phase. Many have experienced significant selloffs, but he believes that looks set to change with financing becoming more accessible, and with market participants realizing that the assets held by these companies have good margins with a more elevated gold price.
Erfle anticipates more gold M&A this year, and noted that single asset developers and producers will likely continue to be taken out by larger companies. Earlier-stage companies are also gaining attention from global miners.
“I expect to see a couple more mergers of equals as well, because let’s face it — this sector needs more consolidation. To attract generalist capital, these companies need to get bigger,” he explained.
Watch the video above for more from Erfle on gold and gold stocks.
Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, 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.

Graycliff Exploration Limited (the “Company” or “Graycliff“) (CSE:GRAY) (OTCQB:GRYCF)(FSE:GE0) is pleased to announce that the Company has commenced Phase 4 drill program at the Shakespeare Gold Project located on the prolific Canadian Shield near Sudbury, Ontario. The Company has also commenced initial regional exploration at the adjacent 1,500-hectare Baldwin Project that shares a number of geological characteristics with the Shakespeare Project.
Phase 4 at Shakespeare will include:
Baldwin exploration highlights:
“Upon the conclusion of Phase 4 drilling at Shakespeare, we will have drilled over 12,500 metres within the proximity of the Miller Shaft and aim to have added additional critical mass to the mineralized zone at depth. We are now able to branch out of the current mineralized area and test other areas of interest that will be further defined through our sampling and geophysical programs. We look forward to updating the market regularly throughout the remainder of the year with assay results and conclusions from our exploration programs,” stated President and CEO James Macintosh.
“The Baldwin Project’s geological similarity to Shakespeare allows us to approach exploration with a thesis similar to what we have been using at Shakespeare. We plan to conclude the first phase of exploration with a small drill program designed to test targets that result from our geophysical and field sampling programs,” stated Bruce Durham, Graycliff’s Technical Advisor and QP.
Qualified Person
Bruce Durham, P.Geo., is a Qualified Person, as that term is defined by Canadian regulatory guidelines under NI 43-101, and has read and approved the technical information contained in this press release.
About Graycliff Exploration Limited
Graycliff Exploration is a mineral exploration company focused on its 1,025 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company’s Shakespeare Project consists of one crown patented lease, two crown leases and 40 claims on a property associated with the historic Shakespeare Gold Mine, which operated from 1903 to 1907. Graycliff’s Baldwin Project is adjacent to the east and is comprised of 68 claims covering 1,500 hectares. This brings our total land package in the area to 2,525 hectares.
For more information, contact investor relations at investors@graycliffexploration.com or call 647-249-9298 ext. 322.
On Behalf of the Board of Directors,
James Macintosh
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Click here to connect with Graycliff Exploration Limited (CSE:GRAY) (OTCQB:GRYCF)(FSE:GE0) to receive an Investor Presentation.
Source
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) Africa’s largest gold mine, Kibali, has made a strong start to 2022 and is on track to equal its 2021 production this year. Last year it again replaced the reserves depleted by mining and its prolific KZ trend of orebodies continues to deliver opportunities for significant open pit and underground growth.
Speaking to media here today, Barrick president and chief executive Mark Bristow said Kibali had notched up a number of other key deliverables during the current quarter. These include the signing of a cahier de charge with the surrounding communities to formalize their role in identifying and overseeing the mine’s investment in social development projects.
Another section of the Durba road to Watsa has been completed and the resettlement of the Kalimva-Ikamva and Pamao villages has started with the first group of people moving into their new homes. On the health and safety front, there have been zero lost time injuries during the quarter so far, the malaria and HIV programs continue to deliver infection rate reductions and 60% of our employees have been vaccinated against Covid-19, versus a national average of 1%.
In addition to Kibali’s long-standing support for conservation measures in one of DRC’s leading national parks, African Parks and Barrick are looking to reintroduce the white rhino to the Garamba national park. In what will be the largest exercise of its kind, the plan envisages the relocation of around 50 white rhinos to Garamba creating a new population group which is critical in the long-term plan to protect this species. In line with Barrick’s development strategy, the mine also launched the Garamba Alliance in partnership with the US Agency for International Development (USAID).
Since the project that became Kibali was acquired in 2009, its probable mineral reserves were doubled to more than 10 million ounces 1 of gold in 2010. Construction then started the following year, three hydropower plants were built and the infrastructure – including the road to the Ugandan border – was developed. The mine went into production in 2013 and still today has more than 10 years of mine life ahead, with 2021 total proven and probable mineral reserves of 83Mt at 3.60g/t for 9.6Moz 2 of gold, before considering extensions to known orebodies and new discoveries. Since 2009, Kibali has invested almost $4 billion in the DRC in the form of royalties, taxes and permits; infrastructure and community development; salaries; and payments to local suppliers and contractors, which have created a thriving regional economy.
“Barrick is continuing to invest in the DRC, not only by developing the many new growth opportunities which are extending Kibali’s life, but also through pursuing greenfields exploration and other opportunities across the country as we search for our next world-class discovery,” Bristow said.
Enquiries:
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Endnotes
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager, Africa & Middle East and Rodney Quick, MSc, Pr. Sci.Nat, Mineral Resource Management and Evaluation Executive.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “ahead”, “on track”, “continue”, “envisage”, “strategy”, “pursue”, “expect”, “will”, “maintain”, “growth”, “opportunities”, “design” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Kibali’s production guidance and performance; opportunities to grow reserves net of depletion and extend Kibali’s mine life; the potential for significant open pit and underground growth from the KZ trend of orebodies; the anticipated environmental and operational benefits from Kibali’s investment in its infrastructure including hydropower stations and roads; Kibali’s health, safety and environmental protection programs, including the resettlement of the Kalimva-Ikamva and Pamao villages, its Covid-19 prevention protocols and initiatives to secure Covid-19 vaccines as well as the Garamba Alliance; Barrick’s plan to reintroduce white rhinos to the Garamba national park in partnership with USAID; and Barrick’s commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; steps required prior to the distribution of cash and equivalents held at Kibali in banks in the Democratic Republic of Congo; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19. In addition, there are 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, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick 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 required by applicable law.
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GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that it has completed updated Mineral Resource and Mineral Reserve estimates for its Segovia Operations prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”) with an effective date of December 31, 2021.
Highlights of the updated Mineral Resource Estimate as of December 31, 2021 (the “2021 MRE”) include:
The following table summarizes the 2021 MRE with an effective date of December 31, 2021 for the Segovia Operations and the changes by category in tonnes, grade and ounces of gold compared with the previous total MRE as of December 31, 2020:
(1) The Mineral Resources are reported at an in situ cut-off grade of 2.9 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,800 per ounce and suitable benchmarked technical and economic parameters for the existing underground mining (mining = US$99.0/t, processing = US$26.0/t, G&A = US$22.0/t, Royalties = US$6.1/t) and conventional gold mineralized material processing (90.5%). Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate. Some production at Segovia is sourced from mining areas that are not currently included in the Company’s MRE.
(2) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 13, 2021 and effective as of December 31, 2020, prepared by SRK Consulting (US) Inc. (“SRK”).
The 2021 MRE reflects an increase in the diamond drilling database of 412 holes for 93,868 meters compared to December 2020. A new vein has been added to the Mineral Resource at the historical Vera mine, which includes an additional 63 holes for 9,640 meters (including 27 holes for 7,509 meters of new drilling), bringing the total cumulative drilling database to 2,553 holes for 378,846 meters. All diamond core drilling during 2021 has been logged and sent for preparation at the SGS laboratories in Medellin, with associated Quality Control Programs. In addition to the drilling, a total of 13,001 channel samples totalling some 11,485 meters in length were added to the database in 2021, including 4,588 channel samples totalling 3,326 meters from historical FGM sources, and 92 channels for 106 meters of GCM check sampling for Vera.
The 2021 MRE was prepared using a block model constrained with 3D wireframes of the principal veins, which have been sub-domained using high-grade mineralisation wireframes to constrain the influence of higher grade material. Assays are capped prior to compositing. Values were interpolated using ordinary kriging for well informed areas and inverse distance squared methodology for smaller veins with limited data. All models have been depleted using projections of the mining faces through the entire width of the veins. Classification has been applied based on a combination of data quality, confidence in the spatial location, and confidence in the mining depletion shapes. Only material reporting above a cut-off of 2.9 g/t over a minimum stope width of 1.0 m has been included in the 2021 MRE. The MRE for Las Verticales has not been updated as no new information is currently available and the previous estimate for this project remains valid.
Ben Parsons, Principal Consultant (Resource Geology) with SRK, prepared the Segovia MRE according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Parsons is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineral resources.
Segovia’s Life-of-Mine (“LOM”) Mineable Gold Reserves Total Approximately 633,000 Contained Ounces Effective December 31, 2020
SRK has also completed preliminary results of an updated Preliminary Feasibility Study (“Segovia PFS”) for the Segovia Operations effective December 31, 2021 and is currently finalizing the technical report. At December 31, 2021, Segovia’s reported Mineral Reserve totaled approximately 745,000 proven and probable ounces of gold, based on 2.3 million tonnes of material at an average head grade of 10.1 g/t, compared with 633,000 ounces at the end of 2020 based on 2.2 million tonnes of material at an average head grade of 9.0 g/t.
For the Segovia PFS, SRK included the geological and resource modelling of the various deposits and mining areas that comprise the operating mine site of the Segovia Operations. A mining study and schedule was prepared by both SRK’s and the Company’s technical professionals to create a LOM production schedule, including both Company-operated areas and contractor-operated areas within the Company’s Providencia, El Silencio, Sandra K and Carla mines. The Segovia PFS production schedule includes only Proven and Probable Reserves, and as such, the annualized level of production over the seven-year projected mine life in the Segovia PFS may be lower than the Company’s current expectations. This is largely due to the exclusion of Inferred Resources in the LOM production schedule in the Segovia PFS which the Company currently mines and intends to continue mining in the future. In addition, the material processed under operating contracts at the Company’s Maria Dama plant from the small-scale mines located in the Company’s mining title is not included in the LOM production schedule in the Segovia PFS as it falls outside the Company’s mines and is therefore not included in the Company’s 2021 MRE or Mineral Reserves.
The following table shows a breakdown of the Mineral Reserve as of December 31, 2021 by area and category compared with the total Mineral Reserve as of December 31, 2020:
(1)   Ore reserves are reported using a gold cutoff grade ranging from 3.20 to 3.51 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,650/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, 3.5% royalty, $21.72/t G&A, $26.06/t processing cost and mining costs ranging from $99.70/t to $114.05/t. The reserves are valid as of December 31, 2021. Note that costs/prices used here may be somewhat different than those in the final economic model. This is due to the need to make assumptions early on for mine planning prior to finalizing other items and using long term forecasts for the life of mine plan. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the basis of a mine design, mine plan, and economic model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. The Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.
(2)   Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 13, 2021 and effective as of December 31, 2020, prepared by SRK.
A summary of the key LOM operating and financial parameters of the current Segovia PFS dated as of December 31, 2021 compared with the previous Segovia PFS prepared as of December 31, 2020 is as follows:
(1) Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 13, 2021 and effective as of December 31, 2020, prepared by SRK.

Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP Practice Leader/Principal Consultant (Mining Engineer) with SRK, prepared the Segovia Mineable Reserve according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Rodrigues is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineable reserve.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia – Marmato), Denarius Metals Corp. (27%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V: WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.com and by reviewing its profile on SEDAR at www.sedar.com .
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to mineral reserves and resources, LOM production, Segovia PFS financial data and other anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative 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 statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 31, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com
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