Company Executives share vision and answer questions live at VirtualInvestorConferences.com
NEW YORK, March 26, 2021 /CNW/ – Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Extractive Industry Investment Options Conference on March 30th & 31st. Individual investors, institutional investors, advisors, and analysts are invited to listen to the executive management of global metals & mining companies discuss their property positions, development schedules, market opportunity, and investment highlights. This free conference features presentations and speakers who will address worldwide extractive industry investment opportunities. Participating companies will encompass exploration, development, and production of precious, critical, base, REEs, and strategic metals and materials. The program opens at 9:15 AM ET, with the first webcast at 9:30 AM ET on Tuesday, March 30th.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations or ask questions.
"OTC Markets is proud to host our inaugural two-day Extractive Industry Investment Opportunities conference co-sponsored by Murdock Capital and TAA Advisory, said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. We are pleased to deliver a visibility solution that allows today's industrial mineral leaders to showcase their strategies to a broader investor base. We welcome the contributions of our keynotes and presenters: Christopher Ecclestone, Mining Strategist, Hallgarten & Co; Jeffrey M. Christian, Managing Partner, CPM Group; Jack Lifton, Founder, Technology Metals Research, and Phillps S. Baker, Jr. President & CEO of Hecla Mining Company for this signature event."
"On behalf of TAA Advisory and Murdock Capital we think this two day event nicely focuses on a fine mix of critical metals companies, on day one, and precious metals companies, on day two – Two key sectors of great interest to many today. We welcome all to listen in and get your questions answered," said Thomas Dean, Co-Founder and President of Murdock Capital.
March 30th Agenda:
Eastern Time (ET)
Presentation
Ticker(s)
9:30 AM
Keynote Presentation: By-Passing China in the Economic Recovery
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.
About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors.
A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
Company Executives share vision and answer questions live at VirtualInvestorConferences.com
NEW YORK, March 26, 2021 /CNW/ – Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Extractive Industry Investment Options Conference on March 30th & 31st. Individual investors, institutional investors, advisors, and analysts are invited to listen to the executive management of global metals & mining companies discuss their property positions, development schedules, market opportunity, and investment highlights. This free conference features presentations and speakers who will address worldwide extractive industry investment opportunities. Participating companies will encompass exploration, development, and production of precious, critical, base, REEs, and strategic metals and materials. The program opens at 9:15 AM ET, with the first webcast at 9:30 AM ET on Tuesday, March 30th.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations or ask questions.
"OTC Markets is proud to host our inaugural two-day Extractive Industry Investment Opportunities conference co-sponsored by Murdock Capital and TAA Advisory, said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. We are pleased to deliver a visibility solution that allows today's industrial mineral leaders to showcase their strategies to a broader investor base. We welcome the contributions of our keynotes and presenters: Christopher Ecclestone, Mining Strategist, Hallgarten & Co; Jeffrey M. Christian, Managing Partner, CPM Group; Jack Lifton, Founder, Technology Metals Research, and Phillps S. Baker, Jr. President & CEO of Hecla Mining Company for this signature event."
"On behalf of TAA Advisory and Murdock Capital we think this two day event nicely focuses on a fine mix of critical metals companies, on day one, and precious metals companies, on day two – Two key sectors of great interest to many today. We welcome all to listen in and get your questions answered," said Thomas Dean, Co-Founder and President of Murdock Capital.
March 30th Agenda:
Eastern Time (ET)
Presentation
Ticker(s)
9:30 AM
Keynote Presentation: By-Passing China in the Economic Recovery
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.
About Virtual Investor Conferences®Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors.
A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
TORONTO, March 24, 2021 (GLOBE NEWSWIRE) — MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”) wishes to provide additional detail regarding the claims acquisition announced on March 22, 2021.
The Company has signed a definitive agreement to acquire a 100% interest in 4 claims (the “Claims”) located within the borders of the Company’s Jovan property. This acquisition adds 36 hectares to the Company’s land position. The claims to be acquired cover an extension of the geophysical anomaly that MacDonald is currently targeting in its ongoing drilling program at Jovan.
Acquisition Terms
To acquire an 100% interest in the Claims, on closing, MacDonald Mines agrees to:
pay to the Vendor C$75,000 in cash; and
issue to the Vendor 1,071,429 Class A common shares of the Company at CDN$0.07 per share (based on the previous 5-day VWAP at the time of signing the definitive agreement and subject to TSX-V approval), for a total fair value of $75,000.
The complete terms of the transaction will be available on SEDAR under the Company's profile.
About MacDonald Mines Exploration Ltd. MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario. The Company's common shares trade on the TSX Venture Exchange (TSX-V) under the symbol "BMK".
Mia Boiridy, President & CEO, (250) 575-3305, mboiridy@macdonaldmines.com
This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, whichonly applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
KELOWNA, BC, March 25, 2021 /CNW/ – Cantex Mine Development Corp. (TSXV: CD) (the "Company") is pleased to release an update on the work program at its 14,077 hectare North Rackla claim block where drill results continue to define a lead-zinc-silver mineralized system with Broken Hill Type (BHT) affinities.
Dr. Chuck Fipke reports
RESULTS
GZ Zone
Hole YKDD20-177 was drilled vertically into the GZ zone located 550 metres southeast of the high-grade Extension Sector and intersected 7.3 metres of 24.45% zinc, 5.41% lead and 104 g/t silver between 46.1 and 53.4 metres depth. The hole was collared 64 metres southwest of the previously reported hole YKDD20-174 (see news release from February 1, 2021) which contained 4.05m of 32.14% zinc, 7.25% lead and 130 g/t silver within 8.95m of 22.77% lead-zinc and 76g/t silver (see Figures 1 and 2). As the whole GZ Zone is covered in overburden, structural geologist Chris Buchanan is focusing on acquiring more data to define the trend of these extremely rich massive sulphides. Additional drilling and/or excavation of overburden are needed to establish how the GZ Zone massive sulphides relate to the high-grade Main Zone massive sulphides.
By way of comparison, the Mount Isa Mine is one of the largest zinc mines in the world and hosts Proven and Probable reserves containing 7.4% zinc, 3.6% lead and 66g/t silver.
Figure 1. Map of the Main and GZ Zones (CNW Group/Cantex Mine Development Corp.)
Figure 2. Cross section of the GZ Zone (CNW Group/Cantex Mine Development Corp.)
Main Zone
Central Sector
Drilling from pad MZ35 at the Central Sector intersected high grade intersection of 4.7 metres of 21.05% lead-zinc with 66 g/t silver including 2.8 metres of 26.33% zinc, 7.22% lead and 99 g/t silver from 594.9 metres depth in the -73 degree inclined hole YKDD20-170. This new mineralization occurs in dolomite approximately 100m outward from the dolomite-argillite contact (see Figures 1 and 3). Thin (1 to 1.3m wide) intercepts of massive sulphide were also found in dolomite outward from the contact in holes YKDD20-166 and YKDD20-168 also drilled from pad MZ35 at -55 degree and -65 degree inclinations respectively. The massive sulphides are increasing in thickness and grade with depth (33.55% lead-zinc with 99 g/t silver) in these holes (YKDD20-170). An additional deep hole drilled at -80 degrees inclination is needed to determine whether this newly discovered mineralization continues to increase in thickness and grade with depth.
Discovery Sector
A -45 degree inclined hole (YKDD20-178) drilled from pad MZ51 intersected 5.23% lead, 4.73% zinc and 31 g/t silver at the dolomite-argillite contact located 250m northeast of the Discovery Sector. Unfortunately, this intersection (that was spotted by Buchanan) has been gouged and faulted subsequent to lead-zinc-silver mineralization deposition. Thus, mineralization may have been displaced at the drill intercept by the faulting. The end of the drill program prevented the completion of -55 and -65 degree inclined holes. These will be drilled this season.
Drill results from the final holes of the 2020 season are presented in Table 1.
Figure 3. Cross section of Discovery Sector (CNW Group/Cantex Mine Development Corp.)
Table 1: Drill results
Pad
Dip
Hole
From
To
Length
True Width
Silver
Lead + Zinc
Lead
Zinc
Copper
Manganese
(m)
(m)
(m)
(m)
g/t
%
%
%
%
%
GZ02C
-89
YKDD20-177
37.00
38.00
1.00
n/a
0.10
1.04
0.02
1.02
0.00
0.21
46.10
53.40
7.30
n/a
103.68
29.86
5.41
24.45
0.01
0.27
56.00
57.00
1.00
n/a
1.08
0.21
0.05
0.15
0.01
0.34
GZ02B
-45
YKDD20-181
Did not reach target depth
-90
YKDD20-179
No significant results
GZ01
-45
YKDD20-180
No significant results
MZ0X
-68
YKDD20-167
No significant results
MZ07X
-64
YKDD20-169
No significant results
-66
YKDD20-173
3.00
4.00
1.00
0.61
0.40
1.70
0.01
1.69
0.01
0.25
335.70
336.70
1.00
0.61
7.80
6.18
0.20
5.98
0.02
2.84
341.40
341.90
0.50
0.30
24.10
11.19
0.24
10.95
0.02
1.13
-70
YKDD20-171
352.35
362.70
10.35
5.86
27.50
7.19
1.62
5.57
0.05
3.15
Including
355.80
359.10
3.30
1.87
30.90
13.35
1.89
11.46
0.02
3.81
364.50
365.00
0.50
0.28
15.95
5.00
4.91
0.09
0.00
1.88
MZ33
-85
YKDD20-182
Did not reach target depth
MZ35
-55
YKDD20-166
132.15
132.65
0.50
0.36
3.00
1.82
0.14
1.68
0.01
0.03
283.50
294.30
10.80
7.77
9.55
4.46
2.32
2.14
0.04
4.09
Including
286.40
292.00
5.60
4.03
13.82
6.89
3.69
3.20
0.02
4.57
479.70
481.00
1.30
1.19
21.84
7.84
3.81
4.03
0.06
2.69
-65
YKDD20-168
211.85
212.50
0.65
0.41
0.50
2.07
0.00
2.07
0.01
0.08
373.85
374.35
0.50
0.32
7.41
5.74
0.75
4.99
0.08
0.26
411.60
412.20
0.60
0.38
15.10
8.70
1.93
6.77
0.01
0.18
553.00
554.00
1.00
0.81
4.00
3.76
0.19
3.57
0.01
0.69
-73
YKDD20-170
439.20
439.75
0.55
0.31
45.80
1.48
0.61
0.87
0.89
2.54
594.90
599.60
4.70
3.55
66.30
21.05
5.21
15.84
0.04
3.04
Including
596.35
599.15
2.80
2.11
99.40
33.55
7.22
26.33
0.07
1.48
MZ51
-45
YKDD20-178
68
68.5
0.50
n/a
27.00
10.52
4.60
5.92
0.02
1.80
70
79
9.00
n/a
30.50
9.96
5.23
4.73
0.09
2.21
159
159.5
0.50
n/a
3.24
1.35
0.03
1.32
0.01
0.70
168.5
169.4
0.90
n/a
0.40
1.21
0.01
1.20
0.00
3.72
SUMMARY OF STRUCTURAL ANALYSIS
Our structural geologist Chris Buchanan has completed a detailed structural analysis, including plan maps and cross sections. He has explained that a major east-west trending strike-slip fault displaced the Extension Sector from the Central Sector by a distance of about 200m, explaining why drill intersections were unsuccessful in this 200m gap. He has also identified northeast trending faults that could displace the massive sulphides by up to 30m. The mineralization along the argillite-dolomite contact is very prolific and the Cantex geologists all agree that favourable intersections are likely along the northeast trending contact mapped by Buchanan from the Central Sector all the way to pad MZ51 and beyond. Drilling of this area is planned to commence in the spring.
SAMPLE PREPARATION
The drill holes reported in this press release were drilled using HQ (63.5mm) diamond drill bits. The core was logged, marked up for sampling and then divided into equal halves using a diamond saw on site. One half of the core was left in the original core box. The other half was sampled and placed into sealed bags which were in turn placed into larger bags closed with security seals prior to being transported to CF Mineral Research Ltd. in Kelowna, BC.
At CF Minerals the drill core was dried prior to crushing to -10 mesh. The samples, which averaged over 3kg, were then mixed prior to splitting off 800g. The 800g splits were pulverized to -200 mesh and a 250g split was sent for assay. Quality control procedures included running a barren sand sample through both the crusher and pulveriser between each sample to ensure no inter-sample contamination occurred. Silica blanks were inserted along with certified reference samples. These quality control samples were each inserted approximately every 20 samples.
ALS Chemex in Vancouver assayed the samples using a four-acid digestion with an ICP-MS finish. The 48 element ME-MS61 technique was used to provide a geochemical signature of the mineralization. Where lead, zinc or copper values exceeded one percent the Pb-OG62, Zn-OG62 or Cu-OG62 techniques were used. These have upper limits of 20% lead, 30% zinc and 50% copper, respectively. Samples with lead and zinc values over these limits were then analyzed by titration methods Pb-VOL70 and Zn-VOL50. Where silver samples exceeded 100 g/t the Ag-OG62 technique was used which has an upper limit of 1,500 g/t. The over limit analyses contributed to delays in receiving final assay results.
FUTURE PLANS
The gold and base metal results for 312 rock samples and 2,800 soil-talus samples collected during 2020 are forthcoming and will be released when received.
Cantex looks forward to the coming drill season where building the known tonnage of the Main Zone will be the main focus. Further drill testing of the GZ Zone and additional targets within the North Rackla claim block is also planned.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Signed,
Charles Fipke
Charles Fipke Chairman
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. Information set forth in this news release includes forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the proposed sale transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks identified in the management discussion and analysis section of the Company's interim and most recent annual financial statements or other reports and filings with Canadian securities regulators. Forward looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – March 24, 2021) – Orestone Mining Corp. (TSXV: ORS)(FSE: O2R1) (WKN: O2R1) ("Orestone" or the "Company") is pleased to announce the completion of its upsized non-brokered private placement of Units and Flow-Through common shares originally announced for $1.1 million February 17, 2021, subsequently increased to $1.4 million on March 1 2021, and further increased to $1.912 million on March 17, 2021 (the "Offering").
In part "A" of the Offering the Company issued 10,228,556 units ("Unit") at a price of $0.09 per Unit for gross proceeds of $920,570. Each Unit consisted of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant is exercisable for one Common Share at a price of $0.15 until March 23, 2022. In part "B" of the Offering the Company issued 7,183,847 common shares ("Flow-Through Shares") at a price of $0.13 per Flow-Through Share for gross proceeds of $933,900. Each Flow-Through Share of the Company to be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada).
The Company will use the net proceeds of the Offering to incur qualifying Canadian exploration expenses in connection with exploration drilling on the Company's Captain gold-copper porphyry project located in British Columbia and for general working capital purposes. The Company will renounce such applicable exploration expenses to subscribers under part "B" of the Offering.
The shares and warrants issued under the Offering and the shares issuable upon exercise of the warrants are subject to a hold period that expires on July 24, 2021. Finders' fees amounting to $61,846 were paid in connection with the Offering. The private placement is subject to final approval of the TSX Venture Exchange.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 1,700,000 Units and 450,000 Flow-Through Shares under the private placement. The placement to those persons constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.
Orestone Mining Corp. is a Canadian based company that owns a 100% percent interest in the 37 square kilometre Captain gold-copper porphyry project in north central British Columbia. The project hosts a gold-copper porphyry system which encompasses a cluster of large targets (see website for maps) located 41 kilometres north of Fort St. James, B.C. and 30 kilometres south of the Mt. Milligan copper-gold mine. The Captain Project features relatively flat terrain, moderate tree cover and an extensive network of logging and Forest Service roads suitable for exploration year around.
For further information contact: David Hottman at 604-629-1929 | info@orestone.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward looking statements concern expected subscriptions and closing of the Offering, net proceeds from the Offering, the intended use of proceeds. Such forward looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, March 24, 2021 (GLOBE NEWSWIRE) — The management of Sirios Resources Inc. (TSXV: SOI) is pleased to announce the signing of a reverse circulation drilling contract with Boart Longyear. The drill contract will include a minimum 7,500 metre program to commence this summer on the Cheechoo gold property in Eeyou Istchee James Bay, Quebec.
Reverse Circulation Drilling
The campaign will be carried out using reverse circulation drilling (RC drilling), a reliable drilling technology widely used throughout the world. RC drilling is particularly advantageous for definition drilling in advanced projects targeting near-surface deposits. RC drills are significantly faster and less expensive than diamond drills, resulting in more holes drilled during this campaign and at a lower cost per meter.
Due to the larger diameter of the drilled hole, RC drilling allows for larger, more representative samples, which is particularly more suitable for gold deposits where mineralization is erratically distributed (nugget effect). Sampling is also faster, since the RC cuttings are sent from the drill rig to the laboratory with fewer intermediate steps, such as eliminating delays related to core sawing.
On the Cheechoo project, RC drilling will allow us to achieve our objective of deposit definition by providing reliable geological data in a more timely and cost-effective manner.
Campaign Objective
The objective of this summer's drilling program will be to better define the Cheechoo deposit and subsequently initiate a new resource estimate update (starting in 2022). This update is expected to convert a significant amount of the inferred resources to indicated resources. Improving the classification of the project's gold resources will allow us to improve the market valuation of the Cheechoo deposit as well as taking the project to a more advanced stage by completing a Preliminary Economic Assessment (PEA).
The scientific and technical content of this press release has been reviewed and approved by Dominique Doucet, P.Eng, President and CEO of Sirios Resources Inc. and Jordi Turcotte, P.Geo.
About Boart Longyear
Established in 1890, Boart Longyear is the world’s leading provider of drilling services, drilling equipment and performance tooling for mining and drilling companies.
About the Cheechoo Property
The Cheechoo gold property, wholly-owned by Sirios, is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont’s Eleonore gold mine. The latest resource estimate for the Cheechoo project (October 2020) estimated an inferred resource of 2.0 million ounces of gold contained in 93.0 million tonnes of rock at an average grade of 0.65 g/t Au, with significant potential to increase this resource.1
About Sirios
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, Canada. Sirios Resources Inc. is primarily focused on its Cheechoo gold discovery while actively exploring the high gold potential of its other properties.
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.
1 BBA, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020
VANCOUVER, BC / ACCESSWIRE / March 24, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that it has commenced a magnetic survey on the Jackpot Lithium project. Novatem Airborne Geophysics is on site and flying the survey this week with results expected in the coming weeks. The goal of the survey is to identify structures on the property that would assist in locating high priority lithium targets for future drilling in order to add to the existing historical resources. The property contains known pegmatite showings, including two that contain historical resources of 2 million tons at 1.09% Li2O and 750,000 tons at 1.38% Li2O*. In addition, Infinite is pleased to be attending the Mines and Money Online Connect conference this week. https://minesandmoney.com/online/ The company will be meeting with various institutional and private investors.
J.C. St-Amour, President of Infinite Ore commented, "This high-resolution mag survey, flying at a 25m line spacing, is expected to assist us in identifying additional pegmatite dikes, focusing our exploration efforts on high priority targets within our large land package. This survey will provide valuable data that adds immediate value to the property and is money well spent in advance of additional exploration."
The Company's 100% owned Jackpot project is located in close proximity to the Georgia Lake lithium deposit, for which Rock Tech Lithium Inc. recently announced its intent to develop a lithium sulphate production facility located in Thunder Bay, Ontario.
Figure 1: Location of Jackpot Project relative to Rock Tech's Georgia Lake Project.
Qualified Person
The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.
* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company as not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
About Infinite Ore Corp.
Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
Vancouver, British Columbia–(Newsfile Corp. – March 24, 2021) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report the completion of all the reconfiguring and optimization of the small-scale PGM circuit (previously the scavenger plant circuit) ("PGM Circuit D") including the additional work required as part of the restart for the main PGM plant circuit ("PGM Main Circuit") (See news release of February 2, 2021). The commissioning was completed last week and production has resumed with the first dispatch of PGM concentrate occurring on March 23, 2021.
The Company completed the upgrades to obtain higher quality concentrate in order to be able to consistently produce a minimum of 200 tons of PGM concentrate per month. This is expected to have a positive impact on the Company's revenue. The PGM Circuit D utilizes the initial work on the PGM Main Circuit. The next phase of the PGM Main Circuit work continues to be scheduled to start in May 2021, with commissioning expected in October 2021. The Company estimates this will add a further 800 tons of PGM concentrate per month to production, thereby increasing production four-fold and continuing to grow Eastplats' revenue.
Diana Hu, President and Chief Executive Officer of Eastplats stated, "The Company is ramping up its PGM production at a time of increasing demand and rising PGM pricing. Several countries recently legislated new curbs on pollution from gasoline and diesel engines boosting the use of PGMs in autocatalysts, the largest application of PGMs."
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of Platinum Group Metals ("PGM") and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world's PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource, with an offtake of the chrome concentrate from the Zandfontein UG2 tailings facility (the "Retreatment Project") and the processing and extraction of PGMs.
COVID-19
South Africa remains at alert level 1 regarding COVID-19. The Company continues to follow the health guidelines of the Government of South Africa. The Retreatment Project remains in full operation and continues to produce and transport chrome and PGM end products. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company's business, operations, liquidity and cashflows.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking statements are discussed in the Company's most recent Annual Information Form available under the Company's profile on www.sedar.com.
In particular, this press release contains, without limitation, forward-looking statements pertaining to: estimated operations and production of PGM Circuit D and PGM Main Circuit; estimated ramp up to the PGM Main Circuit; potential additional revenue from the PGM Circuit D and PGM Main Circuit; potential effects of COVID-19 such as a new lockdown imposed by the Government of South Africa; and any future measures taken by the Government of South Africa and their impact on the Company, and its business, operations, liquidity and cashflows. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's most recent Management's Discussion and Analysis available under the Company's profile on www.sedar.com. The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
VANCOUVER, BC, March 23, 2021 /CNW/ – Minco Silver Corporation (the "Company" or "Minco Silver") (TSX: MSV) (OTCQX: MISVF) (WKN: A0ESX5) announces the exploration permit for its Fuwan Silver Project ("Fuwan") has been renewed by the Chinese Government Agencies. The new expiry date of the permit is March 8, 2026. Now that the Fuwan and Changkeng Gold Project exploration permits have been renewed, the Company plans to resume permitting and development activities on the projects.
The Company is also actively reviewing high quality mineral projects inside and outside China for acquisition and has working capital of approximately $42 million with no debt, including $32 million cash and short term investments.
About Minco Silver
Minco Silver Corporation is a TSX and OTCQX listed company focusing on the exploration and development of mineral resource projects. The Company's primary focus is to advance our properties, the Fuwan Silver Project and the Changkeng Gold Project, towards production. The Fuwan Silver Project and the Changkeng Gold Project are adjoined and are located approximately 45 kilometres southwest of Guangzhou City, China. We also seek to identify and acquire additional precious metal dominant projects that we believe will enhance shareholder value. For more information on Minco Silver, please visit the Company's website at www.mincosilver.ca or contact Jennifer Trevitt, at 1-888-288-8288 or (604) 688-8002 pr@mincosilver.ca.
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 3: 2021 Completed Drill Hole Plan at the East Preston Uranium Project
Figure 3: 2021 Completed Drill Hole Plan at the East Preston Uranium Project
Figure 3: 2021 Completed Drill Hole Plan at the East Preston Uranium Project
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
VANCOUVER, British Columbia, March 23, 2021 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is announcing that the 2021 winter exploration program has ended ahead of schedule at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
Unseasonably warm weather during the first two weeks of March and rapid snow melt has forced the termination of the diamond drill program approximately two weeks earlier than expected. Daytime temperatures above zero with only mild freezing temperatures at night is resulting in the rapid deterioration of ice crossings over rivers and swamps. In the interest of crew safety and environmental responsibility, the decision was taken to defer the remaining meterage in the program until later in the year.
The 2021 exploration program was planned to be a minimum 10+ hole, up to 2500 meter diamond drill campaign. The program was terminated after the completion of 1195 meters in 5 drill holes. Preliminary results indicate that the conductive corridor through the A to G Zones contains a thick graphitic package and associated complex structural pattern ideal for the placement of uranium mineralization. Core from the five completed holes is currently being logged and is being sent to SRC Laboratories in Saskatoon for multi-element analysis. Results will be released once they become available.
“The appearance of open water at ice crossings and rapidly rising water levels in the creeks and swampy areas due to rapid snow melt were a clear indication that our time to complete the winter program was at an end,” said Exploration Manager, Trevor Perkins. “The five completed holes confirm that we are on the right track at the East Preston Project. The structures intersected show a complexity consistent with multiple intersecting faults, which is very promising for the potential deposition of uranium and we are excited to resume drilling,” continued Mr. Perkins.
The Company is exploring options to complete the meterage allocated to this program. Options being considered include a summer 2021 drill campaign and an expanded winter 2021-2022 drill campaign, subject to permit approval and community consultations.
“Unfortunately, the warm weather became a liability, and there was no alternative but to postpone the remaining meterage for the time being,” said president and CEO, Alex Klenman. “We’re looking into how quickly we can complete the remaining holes. It is a priority, and we do have some options. Those holes will be completed,” continued Mr. Klenman.
As previously reported the target area for the 2021 drill program was the conductive corridor from the A-Zone through to the G-Zone (Figures 1 and 2) and is based on a compilation of results from the 2019 and 2020 drill programs, 2018 through 2020 ground-based EM and gravity surveys, and property wide VTEM and magnetic surveys. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor.
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Azincourt controls a majority 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Exploration Manager of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman” Alex Klenman, President & CEO
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 press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
Azincourt Energy Corp. 1430 – 800 West Pender Street Vancouver, BC V6C 2V6 www.azincourtenergy.com
OTTAWA, ON, March 22, 2021 /CNW/ –
Note: All times local
Ottawa, Ontario
Private meetings
The Prime Minister will speak with the Secretary-General of the United Nations, António Guterres, and the Prime Minister of Jamaica, Andrew Holness, to discuss the international response to COVID-19, and financing for development initiatives to address debt and liquidity issues many countries are facing.
11:10 a.m
The Prime Minister will virtually visit Ayoub's Dried Fruits & Nuts in North Vancouver, British Columbia. He will be accompanied by the Minister of Environment and Climate Change Jonathan Wilkinson and Member of Parliament for Coquitlam—Port Coquitlam Ron McKinnon.
12:00 p.m
The Prime Minister, joined by Member of Parliament for Sydney—Victoria Jaime Battiste, will virtually meet with representatives from New Dawn, a social enterprise in Cape Breton, Nova Scotia.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, March 23, 2021 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”) is pleased to announce that due to investor demand in connection with its previously announced “bought deal” private placement (the “Offering”), the Company and Canaccord Genuity Corp. (“Canaccord Genuity”) and Red Cloud Securities Inc. (together with Canaccord Genuity, the “Co-Lead Underwriters”) have agreed to increase the size of the Offering to 26,000,000 units of the Company (“Units”) at a price of $0.50 per Unit (the “Offering Price”) for aggregate gross proceeds of C$13,000,000. The Company and the Co-Lead Underwriters have further agreed to eliminate the previously disclosed underwriters’ option.
Each Unit shall be comprised of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable into one Common Share at a price of C$0.75 per Common Share at any time on or before the date which is 24 months after the Closing Date (as defined below).
The net proceeds of the Offering will be used for the exploration and advancement of the Company’s Norasa Project in Namibia and for general working capital purposes. The Offering is scheduled to close on or about April 14, 2021 (the “Closing Date”) and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the listing of the Common Shares as well as the Common Shares issuable upon the exercise of the Warrants on the Toronto Stock Exchange. All securities issued or issuable under the Offering will be subject to a hold period of four months following the Closing Date.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Forsys Metals Corp. Forsys Metals Corp. is an emerging uranium developer with 100% ownership of the Norasa project that comprises the fully permitted Valencia uranium project and the Namibplaas uranium project in Namibia, Africa a politically stable and mining friendly jurisdiction. Information regarding current National Instrument 43‐101 compliant Resource and Reserves at Valencia and Namibplaas are available on the Company’s website and under the Company’s filings on SEDAR.
On behalf of the Board of Directors of Forsys Metals Corp. Mark Frewin, Interim Chief Executive Officer.
For additional information please contact:
Jorge Estepa, Corporate Secretary Telephone: (416) 818-4035 or Email: je@forsysmetals.com
Forward-Looking Information
This news release contains projections and forward‐looking information that involve various risks and uncertainties regarding future events. Such forward‐looking information includes statements about the completion of the Offering and the use of proceeds therefrom and can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause Forsys actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology; continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full description of these risks can be found in Forsys Annual Information Form available on the Company’s profile on the SEDAR website at www.sedar.com. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward‐looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward‐looking information should circumstance or management’s estimates or opinions change. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
WINNEMUCCA, Nev., March 22, 2021 (GLOBE NEWSWIRE) — Paramount Gold Nevada Corp. (NYSE American: PZG) announced today that the Wildlife Resources Baseline Data Report (“BDR”) for the proposed high-grade Grassy Mountain gold mine in Malheur County, Oregon (“Grassy”) has been accepted by the Oregon State Technical Review Team (“TRT”).
Paramount CEO Rachel Goldman commented: “The acceptance of the Wildlife BDR is an incremental positive for our permitting progress at Grassy. Following the approval of the tailings dam design and the receipt of the water use permit in 2020, the team continues to address the remaining items that will facilitate our goal of receiving all regulatory approvals necessary to advance Grassy into operation.”
The Wildlife BDR incorporates ground and airborne surveys cataloguing wildlife over an expansive area that consists of the project area, the access road and a buffer zone around them.
To date, 20 baseline data reports have been accepted by state regulators, and of those remaining the Ground Water and the Geochemistry BDRs are expected to be filed in advance of submitting the revised Consolidated Permit Application (“CPA”).
The successful completion of a positive NI 43-101 Feasibility Study in September 2020 has provided several key inputs that will be included in the revised CPA and the amended Plan of Operations which the Company anticipates submitting in the summer of 2021.
About Paramount Gold Nevada Corp.
Paramount Gold Nevada Corp. is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering into joint ventures with producers for construction and operation; or constructing and operating mines for its own account.
Paramount owns 100% of the Grassy Mountain Gold Project which consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold-silver deposit (100% located on private land) for which results of a positive Feasibility Study have been released and key permitting milestones accomplished.
Paramount owns a 100% interest in the Sleeper Gold Project located in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,322 unpatented mining claims (approximately 60 square miles or 15,500 hectares). The Sleeper gold project is host to a large gold deposit (over 4 million ounces of mineralized material) and the Company has completed and released a positive Preliminary Economic Assessment. With higher gold prices, Paramount has begun work to update and improve the economics of the Sleeper project.
Safe Harbor for Forward-Looking Statements
This release and related documents may include "forward-looking statements" and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as "believes," "plans," "anticipates," "expects," "estimates" and similar expressions are intended to identify forward-looking statements, although these words may not be present in all forward-looking statements. Forward-looking statements included in this news release include, without limitation, statements with respect to the use of proceeds from the Offerings. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results; environmental matters; the ability to obtain required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Grassy Mountain Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; the global epidemics, pandemics, or other public health crises, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario, British Columbia and Alberta Securities Commissions.
Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.
Paramount Gold Nevada Corp. Rachel Goldman, Chief Executive Officer Christos Theodossiou, Director of Corporate Communications 866-481-2233 Twitter: @ParamountNV
WOBURN, Mass., March 22, 2021 /CNW/ — Sirtex Medical ("Sirtex"), a leading manufacturer of targeted liver cancer therapies, announced full FDA approval of the DOORwaY90 Study, a trial evaluating the safety and efficacy of selective internal radiation therapy (SIRT) using SIR-Spheres®Y-90 resin microspheres in patients with unresectable hepatocellular carcinoma (HCC).
Unique to other recently published Y-90 studies, DOORwaY90, which stands for "Duration of Objective Response with Arterial Y-90," is the first prospective, multicenter study to utilize and delineate personalized dosimetry treatment planning and to define actionable post-treatment dosimetric verification for endpoint assessment. The study will assess the duration of response (DoR) and objective response rate (ORR) of SIR-Spheres.
Outside the United States, SIR-Spheres are indicated for the treatment of patients with advanced non-operable liver cancer, including HCC. "Our therapy is used for treatment in HCC in more than 50 countries, with years of safety and efficacy," said Kevin Smith, Chief Executive Officer at Sirtex. "The DOORwaY90 Study has the potential to expand the FDA-approved indication for use of SIR-Spheres in the U.S., which would mark an incredible achievement in patient care."
The DOORwaY90 Study is being led by co-principal investigators Cheenu Kappadath, PhD, and Dr. Armeen Mahvash. "We are honored to participate in this important study that could greatly impact the treatment of HCC patients in the United States," noted Dr. Mahvash, Professor in the Department of Interventional Radiology Division of Diagnostic Imaging at the University of Texas MD Anderson Cancer Center. "We look forward to working closely with Sirtex in executing and reporting the findings of DOORwaY90."
DOORwaY90 is a 15-center, 100-patient, U.S.-based open label, single arm study run in accordance with Good Clinical Practice (cGCP). The study population consists of patients with Barcelona Clinic Liver Cancer (BCLC) Stage A, B1 and B2 who are not eligible for resection or ablation at the time of study entry. For each patient, an eligibility review committee will review diagnostic imaging and confirm final eligibility and treatment planning prior to treatment. Enrollment is expected to begin in early Q2 2021.
HCC is often diagnosed when potentially curative resection or transplantation is not feasible. SIRT has the potential to deliver a lethal dose of radiation to hepatic tumors, while sparing surrounding healthy liver tissue. In countries outside the U.S., SIRT has been successfully used to bridge patients to transplantation or downstage HCC to within transplantation criteria or resection.
About Sirtex Sirtex is a global healthcare business with offices in the U.S., Australia, Europe and Asia, working to improve outcomes in people with cancer. Sirtex's current lead product is a targeted radiation therapy for liver cancer called SIR-Spheres®Y-90 resin microspheres. For more information, visit www.sirtex.com. SIR-Spheres is a registered trademark of Sirtex SIR-Spheres Pty Ltd.
About SIRT with SIR-Spheres® Y-90 resin microspheres Selective internal radiation therapy (SIRT) with SIR-Spheres® Y-90 resin microspheres is a prescription device for the treatment of inoperable liver tumors. It is a minimally invasive treatment that delivers high doses of high-energy beta radiation directly to the tumors. SIRT is administered to patients by interventional radiologists, who infuse millions of radioactive resin microspheres (diameter between 20–60 microns) via a catheter into the liver arteries that supply blood to the tumors. By using the tumors' blood supply, the microspheres selectively target liver tumors with a dose of radiation that is up to 40 times higher than conventional radiotherapy, while sparing healthy tissue.
SIR-Spheres Y-90 resin microspheres are approved for use in Argentina, Australia, Brazil, the European Union (CE Mark), Switzerland, Turkey, and several countries in Asia for the treatment of unresectable liver tumors. In the U.S., SIR-Spheres Y-90 resin microspheres have a Pre-Market Approval (PMA) from the FDA and are indicated for the treatment of unresectable metastatic liver tumors from primary colorectal cancer with adjuvant intra-hepatic artery chemotherapy (IHAC) of FUDR (floxuridine).
Vancouver, British Columbia–(Newsfile Corp. – March 22, 2021) – Full Metal Minerals Ltd. (TSXV: FMM) ("Full Metal" or the "Company") announces that, further to its press releases disseminated on April 20, 2018, October 8, 2020 and December 24, 2020 and March 9, 2021, the Company has closed the second and final tranche of its non-brokered private placement (the "Private Placement") in trust, pending final approval from the TSX Venture Exchange, for gross proceeds of $250,000 (the "Second Tranche"). As previously disclosed, the Company issued 20,000,000 common shares in the capital of the Company (each, a "Share") under the first tranche of the Private Placement. The Company has further issued 3,125,000 Shares priced at $0.08 per Share under the Second Tranche.
All securities issued under the Private Placement are subject to a four month and one day hold period. The proceeds of the Private Placement will be held in trust pending final approval of the TSX Venture Exchange for the Private Placement.
The Company intends to use the proceeds of the Private Placement primarily for exploration expenses, project evaluation and due diligence related to the Property, along with general and administrative expenses and working capital. No finder's fees were paid under the Second Tranche.
Option to Earn 60% Interest in Olivine Mountain Project
As previously announced, the Company has entered into an option agreement (the "Option Agreement") with GSP Resource Corp. ("GSPR"), pursuant to which the Company acquired the option (the "Option") to earn a 60% interest in GSPR's Olivine Mountain property (the "Property") in the Similkameen Mining Division, British Columbia (see the Company's press releases dated February 26, 2020, July 31, 2020, October 8, 2020, December 24, 2020 and February 18, 2021). The Company has entered into a fifth amending agreement dated March 12, 2021 with GSPR which provides for: (i) the increase to the number of Shares payable to GSPR from 300,000 Shares to 325,000 Shares (increased from 75,000 Shares to 100,000 Shares in the first 12 months subsequent to the date (the "Acceptance Date") upon which the Option Agreement and the transactions contemplated thereunder are accepted by the TSXV); and (ii) an extension to the term of the Option Agreement, pursuant to which the Option Agreement will expire if the Acceptance Date does not occur by April 15, 2021. The Option Agreement is subject to acceptance by the TSXV and completion of the Financing.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:This press release includes certain forward-looking statements and forward-looking information (together, "forward-looking statements"). All statements other than statements of historical fact included in this release, including, without limitation, statements regarding, the Private Placement, the Property option and other future plans and objectives of the Company are forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company's plans or expectations include failure to close the Private Placement, a failure to obtain TSXV approval of the aforementioned transactions and failure to raise sufficient funds on the proposed terms or at all and failure to exercise the Property option. The forward-looking statements in this press release were developed based on the assumptions and expectations of management, including that TSXV acceptance for the Private Placement and the aforementioned transactions will be obtained, the required fundraising will be completed, the Property option will be exercised and the other assumptions disclosed in this press release and that the risks described above will not materialize. There can be no assurance that the Private Placement, the aforementioned transactions or the exercise of the Property option will complete. The Company 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.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction, including the United States. The securities referenced in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, a "U.S. person," as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration requirements is available.
Kirkland Lake, Ontario–(Newsfile Corp. – March 22, 2021) – RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ("RJK" or "the Company") is pleased to announce that the Company has accelerated its earn-in options on the Bishop and Camilleri agreements and now owns a 100% interest, subject to GORR and NSR Royalties, in the Historic Cobalt Mining Camp.
These two property options contain the Nicol, Lightning, Paradis, Robin's Place, Gleason, HSM and Gravel Pit kimberlite bodies. Together with RJK's staked mineral claims the property now consists of 6,100 hectares. RJK has a total of 13,750 hectares in the Temiskaming region under existing option agreements and staked claims.
Considerable mineral exploration potential for additional kimberlite bodies, along with silver, cobalt and gold remain on the RJK's properties.
Glenn Kasner, CEO of RJK, comments, "We decided to accelerate the option agreements to gain 100% ownership of these key claim blocks that host multi million ton bodies of near-surface, unconsolidated kimberlite material. The decision to streamline the ownership will save the Company time and money going forward."
Qualified Person
Peter Hubacheck, P. Geo., Project Manager for RJK and the Qualified Person as defined by National Instrument 43-101 has approved the technical disclosure in this release.
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.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
TORONTO, ON / ACCESSWIRE / March 22, 2021 / Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSXV:TSD)(OTCQB:TSDRF)(FSE:TZO) is pleased to provide an update on its wholly owned Xaudum Iron Project.
Iron ore increased in price by 74% in 2020 outperforming all other metals by a significant margin as iron ore reached close to US$180/t (62% Fe, CFR China) in December 2020, a level not seen for almost a decade and the price continues today in the range of US$170/t.
2020 may have been the start of a new Super Cycle for iron ore wherein supply is so inadequate to demand growth that prices rise for years, even a decade or more. The fundamentals for iron ore are strong and with this as a background the Company is moving forward with plans to further assess the potential of its Xaudum Iron Formation (XIF) project by undertaking a Preliminary Economic Assessment (PEA) of the project. The primary objective of the PEA is to conduct an economic analysis of the potential viability of the deposit assessing the development options for the XIF resource and generating a road map for progress through feasibility and mine development.
Metallurgical results show that the XIF magnetite product is expected to be a premium product containing around 67% Fe which is preferable over lower grade iron ores (See Press Release of 12/17/2013 on the Company's website). These high-grade ores and products currently command larger price premiums over standard ores (62% Fe) resulting in higher margins for suppliers of high-grade products. Further to this, "cleaner" iron ores with a Fe content equal to or greater than 65% use less coal per unit of steel and as such produce lower emissions. The current global drive for lower emission steel production results in steel producers dramatically increasing their demand for these high-grade "cleaner" ores.
Tsodilo's Chairman and CEO, James M. Bruchs, commented "We are pleased to be progressing the PEA for the Xaudum Iron Project. The iron ore market may be entering a new "Super Cycle" based on improving fundamentals and a healthy market. This coupled with quantitative easing by banks and likely fiscal stimuli are expected to be the key to economic recovery in a post pandemic world. Our objective is to position the XIF magnetite project to participate in these developments."
About the Xaudum Iron Formation Project
the project is located in the North-West District of Botswana and is proximate to the Namibian boarder and lies thirty (30) miles from the town of Divundu in Namibia. The Trans Caprivi Railway (TCR) line linking Zambia and Namibia is planned to pass through Divundu providing access to Walvis Bay, Namibia's deep-sea port. The project is also located within forty-three (43) miles of the proposed Mucusso line to Angola's Namibe Port;
preliminary work on the Xaudum Iron project has defined a CIM compliant Inferred Mineral Resource Estimate of 441 million tonnes (Mt) with an average grade of 29.4% Fe, 41.0% SiO2, 6.1% Al2O3 and 0.3% P for the Block 1 magnetite XIF;
Block 1 is a fraction of the potential XIF magnetite resource. An extrapolated exploration target has defined the XIF to be in the order of 5 to 7 billion tonnes at 15- 40% Fe. This exploration target was generated by inversion modelling of ground magnetic geophysical data which was compared and moderated to volumes from drilling data within Block 1 and its potential quantity and grade is conceptual in nature. To date, there has been insufficient exploration to define a mineral resource other than in Block 1 and it is uncertain if further exploration will result in the target being delineated as a mineral resource. See Press Release of 9/14/2014 on the Company's website for further details;
metallurgical magnetic separation results (Davis Tube Recovery) show an average concentrate of 67.2% Fe, 4.2% SiO2, 0.5% Al2O3, 0.07% P is obtained at P80 grind size of 80 microns, although higher grades are possible at finer P80's. See Press Release of 12/17/2013 on the Company's website;
further exploration will be focused on Block 2 where the Company expects an increase in the resource;
the XIF Project is a potential large and long-life Tier 1 mining project;
the PEA will evaluate a number of options for development of the project at a variety of scales including:
non-traditional but potentially profitable small-scale startup mining production options such as Ferrosilicon (FeSi) production from a magnetite concentrate,
mid-size scenarios, whereby magnetite concentrate would be processed through a concentrator and transported to railhead and onto port facilities;
large-scale mining options where full-scale mining would produce a magnetite concentrate processed by a concentrator plant with further potential modification to a pellet which would then be transported to port facilities;
Botswana has significant coal reserves which can be a major advantage for the Xaudum Iron project, allowing for coal to be used in the beneficiation process to generate iron products such as iron pellets, sponge iron, pig iron, and also steel; and,
the project would represent the first iron deposit to be considered for development in Botswana. Gcwihaba has identified the project as having the potential to positively impact the future economy of Botswana as the country looks to diversify its economy, and help Botswana to reach its goal of moving away from a dependence on diamond revenues.
For more information, refer to the technical report prepared by SRK Consulting (UK) Ltd. for Gcwihaba Resources (Pty) Ltd. titled "Mineral Resource Estimate for the Xaudum Iron Project (Block 1), Republic of Botswana" with an effective date of August 29, 2014 and filed on SEDAR under the Company's profile at www.sedar.com.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto (Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty) Ltd. ("Newdico) projects in Botswana and its Idada 361 (Pty) Limited ("Idada") project in Barberton, South Africa. The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana and the PL216/2017 diamond prospection license also in the OKF. The Company has a 90% stake in its Gcwihaba project area consisting of seven metal (base, precious, platinum group, and rare earth) prospecting licenses all located in the North-West district of Botswana. The Company has a 100% interest in its Newdico industrial stone project located in Botswana's Central District. Additionally, Tsodilo has a 70% stake in Idada Trading 361 (Pty) Limited which holds the gold and silver exploration license in the Barberton area of South Africa. Tsodilo manages the exploration of the Newdico, Gcwihaba, Bosoto and Idada projects. Overall supervision of the Company's exploration program is the responsibility of Dr. Alistair Jeffcoate, Project Manager and Chief Geologist of the Company and a "qualified person" as such term is defined in National Instrument 43-101.
This press release may contain forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements pertaining to the use of proceeds, the impact of strategic partnerships and statements that describe the Company's future plans, objectives or goals) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward- looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, changes in general economic conditions, market volatility, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, exploration and development risks, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. 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. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, 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.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. 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. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs Dr. Alistair Jeffcoate Head Office Website
Chairman and Chief Executive Officer Project Manager and Chief Geologist Telephone +1 416 572 2033 http://www.TsodiloResources.com
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
TORONTO, March 22, 2021 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the “Company” or “Goliath”) is pleased to announce that its common shares are now eligible for settlement through the Depository Trust Company (“DTC”), a subsidiary of the Depository Trust & Clearing Corp. that manages the electronic clearing and settlement of publicly traded companies in the United States.
Goliath‘s common shares are now fully DTC eligible and are tradeable in the United States under the ticker symbol “GOTRF” on the OTCQB Venture Market. Through an electronic method of clearing securities, DTC eligibility reduces costs and accelerates the settlement process for investors and brokers enabling the Company’s common shares to be traded through a much wider selection of brokerage firms.
The Company has granted stock options for a total of 755,000 common shares of the Company to consultants of the Company. These stock options are exercisable at CDN $0.90 each, which is above the closing price on March 19, 2021, and will all expire on March 19, 2026. All stock options are governed by the terms and conditions of the Company's stock option plan.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of Company to complete the financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.
The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
If you want to know who really controls New Hope Corporation Limited (ASX:NHC), then you'll have to look at the makeup of its share registry. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. Companies that have been privatized tend to have low insider ownership.
New Hope isn't enormous, but it's not particularly small either. It has a market capitalization of AU$1.1b, which means it would generally expect to see some institutions on the share registry. Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. We can zoom in on the different ownership groups, to learn more about New Hope.
What Does The Institutional Ownership Tell Us About New Hope?
Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.
As you can see, institutional investors have a fair amount of stake in New Hope. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of New Hope, (below). Of course, keep in mind that there are other factors to consider, too.
earnings-and-revenue-growth
Hedge funds don't have many shares in New Hope. The company's largest shareholder is Washington H. Soul Pattinson and Company Limited, with ownership of 44%. Meanwhile, the second and third largest shareholders, hold 5.2% and 4.8%, of the shares outstanding, respectively.
A more detailed study of the shareholder registry showed us that 3 of the top shareholders have a considerable amount of ownership in the company, via their 54% stake.
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
Insider Ownership Of New Hope
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Shareholders would probably be interested to learn that insiders own shares in New Hope Corporation Limited. It has a market capitalization of just AU$1.1b, and insiders have AU$20m worth of shares, in their own names. This shows at least some alignment. You can click here to see if those insiders have been buying or selling.
General Public Ownership
The general public, with a 28% stake in the company, will not easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
Public Company Ownership
It appears to us that public companies own 44% of New Hope. This may be a strategic interest and the two companies may have related business interests. It could be that they have de-merged. This holding is probably worth investigating further.
Next Steps:
It's always worth thinking about the different groups who own shares in a company. But to understand New Hope better, we need to consider many other factors. For example, we've discovered 1 warning sign for New Hope that you should be aware of before investing here.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
TORONTO, March 19, 2021 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced initial drilling results for work completed in late 2020 at the Oakes Gold Project, near Matachewan, Ontario.
Program
Six core holes comprising a total of approximately 800 metres were diamond drilled at the sites of historical holes numbered DDH 2A, DDH 3 and DDH 5. (Please see Sparton news release dated October 19th, 2020). All holes, except number 6, were drilled to the end of visible mineralization or alteration and ended in fresh rock material. The historical holes were only drilled to approximately 30 to 40 metre depths at minus 45 degree angles. The completed drilling was designed to essentially duplicate the historical holes by drilling a minus 50 degree hole and a steeper hole (minus 65 degrees) underneath from the same setup.
Assay results have been slow in coming due to COVID-19 delays and extremely high laboratory work loads. Over 450 samples have been submitted for precious metal and multi element analyses. To date, results for only about 70 percent of these have been received.
Holes DDH 20-1 and 20-2 were drilled east of the old shaft at the site of historical hole DDH 2A, which reported a zone of 5.5 grams per tonne over 5.53 metres. Holes DDH 20-3 and 20-4 were drilled at the site of historical hole DDH 3, which reported intersections of 8.23 grams per tonne over 1.5 metres, and 14.4 grams per tonne over 0.9 metres. Current holes DDH 20-5 and 20-6 were located at the site of historical hole DDH 5 which reported which 6.85 grams per tonne over 1.85 metres, 3.77 grams per tonne over 1.49 metres, and 3.43 grams per tonne over 0.61 metres. Please see Sparton news release dated September 16, 2020, and historical maps on the Sparton website at www.spartonresources.com.
Results
All holes intersected significant sulfide mineralization (up to 40% pyrite with lesser chalcopyrite) and ubiquitous red hematite and grey magnetite alteration plus intense silicification. The host sedimentary rocks are strongly brecciated and contain multiple quartz stringers and veining up to 1 metre in core length often associated with zones of red to grey syenite and locally containing up to 20% chalcopyrite. Zones of multiple stage quartz veining and mineralization occur in the completed drill holes at roughly the same intervals as reported in the shallow historical holes but significantly more mineralization is present deeper in the current holes, indicating a much larger mineralised structural zone over 50 metres in width. Several small fault zones were encountered in all holes and overall core recovery exceeded 95%.
All core was systematically logged with a susceptibility meter to attempt to correlate mineralized sections with magnetic or non–magnetic zones. As well, all the core was logged systematically with a scintillometer to check for anomalous radioactivity associated with potassium alteration, which is characteristic of gold deposits in the area, including the nearby Young Davidson Mine.
Assay results to date are not consistent with the historical data. The best results received from the current drilling are set out below:
Hole 20-1 –
0.31 grams/tonne (“G/T”) Au (gold) over 1.5 metres from 14.5 to 16 metres, roughly corresponding to the zone reported in historical hole 2A;
Hole 20-1 –
0.26 G/T Au over 1.5 metres from 58.5 to 60 metres;
Hole 20-1 –
1.91 G/T Ag (silver) over 6.5 metres from 67.5 to 74.0 metres;
Hole 20-3 –
0.14 G/T Au over 6 metres rom 4.5 to 10.5 metres and:
0.10 G/T Au and 1.12 G/T Ag over 4.5 metres from 31.0 to 35.5 metres and:
0.22 G/T Au over 1.5 metres from 56.0 to 57.5 metres and:
0.11 G/T Au, 1.2 G/T Ag and 0.09% Cu (copper) over 0.5 metres from 104.0 to 104.5 metres from Hole 20-4 drilled under the historical hole DDH 3 at -65 degrees.
Approximately 100 assay results are still awaited from holes 4 and 5.
Quality Control and Quality Assurance
Mineralized intervals were systematically sampled using a core saw and one half of the intervals submitted for assay to Swastika Laboratories Ltd. or Agat Laboratories, both recognized organizations and ISO certified. Normal industry standard practices for Chain of Custody, Quality Assurance, Blank Assays, Standard Assays and Quality Control were followed and the results for blanks and standards were all accurate within normal variability ranges.
Ongoing Work Program
The work planned for later in 2021 will involve prospecting of the entire claim area surrounding the Oakes Leases and clearing and sampling of various trenches on the property where gold values were reported by previous operators. This is expected to begin in late spring or summer when field conditions are optimal. The 41-claim property package has several target areas highlighted for groundwork, and the geologic potential of the area is excellent given the proximity to Alamos Golds highly successful Young Davidson Mine.
CAUTIONARY NOTE
It should be noted that historical results reported here and earlier, by the Company are included with the recent drilling data results and were available to Sparton. Knowing the laboratories where the historical analyses were done, the Company believed the historical data to be reliable and has reviewed them in detail to attempt to determine the discrepancies with the current results. More work needs to be done however, to verify these historical results and information and provide an explanation the reason for the differences with the current results.
Further, a qualified person under NI 43-101 has not done sufficient work to verify the historical results with new sampling and analyses because the original samples and drill core are not available for re-analysis.
ABOUT THE COMPANY
Sparton is a mineral exploration company currently focused on exploring gold projects near producing mines on or near the major gold producing trends in eastern Ontario and western Quebec where it holds interests in two exploration prospects. The Bruell Property in Quebec, which hosts a new gold discovery, has been optioned to Eldorado Gold, which owns the nearby producing Lamaque Mine. Eldorado is planning an extensive work program during 2021 with possible drilling late in the year. The Oakes Gold Property in Ontario is the current focus of the Company’s exploration drilling program and is in close proximity to Alamos Gold’s producing Young Davidson Mine.
Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery company that is currently private and has recently announced a contract for a 1 gigawatt storage system linked to a major new solar installation in Hubei Province China.
A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the project discussed here, and approved the contents of this news release.
For more information contact: A. Lee Barker, M.A Sc., P. Eng., President and CEO Tel./Fax: 647-344-7734 or Mobile: 416-716-5762 Email: info@spartonres.ca Website: www.spartonres.ca
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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
We Seek Safe Harbour
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Tasman Resources Ltd (ASX:TAS) does have debt on its balance sheet. But is this debt a concern to shareholders?
What Risk Does Debt Bring?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.
You can click the graphic below for the historical numbers, but it shows that as of December 2020 Tasman Resources had AU$5.10m of debt, an increase on AU$836.4k, over one year. But on the other hand it also has AU$6.92m in cash, leading to a AU$1.82m net cash position.
debt-equity-history-analysis
How Healthy Is Tasman Resources' Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Tasman Resources had liabilities of AU$5.78m due within 12 months and liabilities of AU$532.6k due beyond that. Offsetting this, it had AU$6.92m in cash and AU$394.6k in receivables that were due within 12 months. So it can boast AU$997.4k more liquid assets than total liabilities.
This surplus suggests that Tasman Resources has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Tasman Resources boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Tasman Resources will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.
Over 12 months, Tasman Resources reported revenue of AU$2.8m, which is a gain of 35%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.
So How Risky Is Tasman Resources?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Tasman Resources lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through AU$2.8m of cash and made a loss of AU$1.9m. Given it only has net cash of AU$1.82m, the company may need to raise more capital if it doesn't reach break-even soon. Tasman Resources's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. Pre-profit companies are often risky, but they can also offer great rewards. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet – far from it. Be aware that Tasman Resources is showing 6 warning signs in our investment analysis, and 2 of those are a bit concerning…
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt100% free, right now.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Fortune and Aurora Geosciences recommending 13 holes for summer drill program
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to report that Aurora Geosciences Ltd. ("Aurora") has completed three-dimensional ("3-D") modelling and interpretation of the data from last fall’s induced polarization ("I.P.") and ground magnetometer surveys carried out east of the NICO Cobalt-Gold-Bismuth-Copper Deposit ("NICO Deposit") in Canada’s Northwest Territories. The geophysical interpretations were reconciled with the geology and previous drill-hole information, identifying five high priority targets for follow-up drilling this summer. The NICO Deposit and Fortune’s nearby Sue-Dianne Copper-Silver-Gold satellite deposit are Iron-Oxide-Copper-Gold-type ("IOCG") deposits that have world class global analogues, including Olympic Dam in South Australia, the Carajas District deposits in Brazil and Candelaria deposits in Chile. Both, the NICO Deposit and the Sue-Dianne Deposit are open for potential expansion, and like other IOCG deposits globally, are associated with coincident strong magnetic, gravity, magnetotelluric, I.P. and radiometric geophysical anomalies.
Fortune retained Aurora last fall to extend ground magnetometer and I.P. geophysical surveys east of the current terminus of the NICO Deposit and over the Peanut Lake area where large coincident magnetotelluric, gravity and magnetic anomalies had previously been identified in earlier airborne and ground geophysical surveys. A field report was delivered at the end of October identifying several magnetic, chargeability and resistivity targets indicative of dense, magnetic and conductive geological sources. Aurora was subsequently retained to conduct 3-D modelling and an interpretation of the results to identify targets for drill testing. Fortune and Aurora are recommending a 13-hole, 3200 metre drill program to test the five best targets:
Five High Priority Targets:
1) East Extension of NICO Deposit The east end of the NICO Deposit is currently defined by a fence of holes drilled in 1997 before the ore controls were well understood. Most of these holes were terminated short of the rock-type that hosts the known NICO Deposit. A fault has also been identified in this area that has likely displaced the east continuation of the deposit. The Aurora surveys have identified coincident magnetic, chargeability and resistivity anomalies extending several hundred metres east of the presently defined terminus of the deposit, indicating it may still be open for potential expansion. Four holes are planned to test the east strike extension of the NICO Deposit beneath volcanic cover rocks and to intersect the favorable NICO Deposit host rock.
2) Ralph Zone A narrow zone of cobalt-gold-bismuth mineralization similar to the NICO Deposit is exposed at the surface approximately 600-700 metres east of the NICO Deposit. This zone was previously tested by four holes drilled in 1997, two of which identified significant alteration, including a 3 metre interval grading 1.1 grams per tonne ("g/t") gold. No further drilling was completed while efforts were focused on delineating the NICO Deposit. The Ralph Zone is associated with a strong magnetic feature that extends westward to the east end of the known NICO Deposit. There is also a partly coincident chargeability high identified by Aurora that extends to the east of the known showing and has not been tested. Two holes are planned to test the east and west strike extensions of the Ralph Zone, including the peak chargeability high.
3) Peanut Lake Zone The Peanut Lake Zone is associated with a strong magnetic anomaly more than 500 metres in diameter with coincident gravity and partly coincident chargeability high anomalies. Five holes were previously drilled to test the north rim of the magnetic feature in 1997, three of which intersected significant grades. They include 3 metres, grading 1.76 g/t gold and 0.113% cobalt, 3 metres, grading 1.82 g/t gold, 3 metres, grading 1.105 g/t gold and 0.355% cobalt, and 3 metres grading 1.16 g/t gold and 0.06% cobalt. The peak chargeability high was not tested. Three additional holes are planned to test the strike continuation of these cobalt-gold intersections, including the chargeability high.
4) Road Cut Mineralization Road construction in 2019 unearthed altered bedrock and boulders with sulphide mineralization similar to the NICO Deposit, located approximately 800 metres southwest of the previous Peanut Lake drill holes. Representative grab samples returned highly anomalous cobalt and gold values and up to 1.6% copper. The area is otherwise covered by overburden and wetlands. Despite the presence of significant sulphide mineralization, there was little geophysical response identified in the 2020 Aurora survey, except a moderate chargeability high feature located 300 metres north of where the sulphides are encountered. Three holes are planned to test the extent of the sulphides and identify the chargeability anomaly.
5) Magnetic Anomaly A Target Strong, partly coincident magnetic and chargeability anomalies were identified approximately 800 metres northeast of the known NICO Deposit where there is a surface copper showing associated with a unique cordierite alteration that is sometimes associated with base metal deposits. Two holes were previously drilled to test the peak of the magnetic anomaly in 1997, one of which intersected low grade copper, plus 2 metres, grading 1.8 g/t gold and 0.115% cobalt. Neither of these holes tested the chargeability peak and one hole is planned to test this feature and the strike extension of the cobalt-gold-copper mineralization.
Fortune is preparing a work plan and budget to conduct a 3,200 metre drill program this summer for approval by the company’s Board of Directors. The Company will advise the public and requisite officials when it expects to conduct this drilling in compliance with local Covid-19 protocols and the applicable permitting requirements.
Critical Minerals:
Natural Resources Canada ("NRCan") released the Canadian Critical Minerals List on March 12, 2021 with 31 minerals identified to capitalize on the rising global demand needed in the transition to a low-carbon and digitized economy and position the country as a key leading mining nation. Fortune is pleased to report that cobalt, bismuth and copper are identified by the government of Canada as Critical Minerals. Cobalt and bismuth are also identified as Critical Minerals on similar lists prepared by the United States ("U.S.") and European Union. Canada and the U.S. have signed a Joint Action Plan on Critical Mineral Supply designed to enable more Canadian production of the metals with supply chain risks and considered essential for use in new technologies and North American manufacturing and defense industries.
Project Summary:
The NICO project is an advanced Canadian Critical Minerals project and one of the few near-term development stage cobalt assets in the world outside of the Democratic Republic of the Congo. NICO is comprised of planned open pit and underground mine and mill, located approximately 160 km northwest of Yellowknife, Northwest Territories, and a related hydrometallurgical refinery in southern Canada to treat concentrates from the mine and produce cobalt sulphate, gold doré, bismuth ingot and oxide, and copper precipitate. The NICO Project has been assessed in a positive Feasibility Study in 2014 and the facilities in the Northwest Territories have received environmental assessment approval and secured the major mine permits. The NICO Deposit contains Proven and Probable Open Pit and Underground Mineral Reserves totaling 33 million tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper. The NICO Deposit stands out among other Critical Mineral and cobalt development projects globally with more than one million ounce in-situ gold as a highly liquid and countercyclical co-product.
For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com. The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune who is a "Qualified Person" under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories. The Company has an option to purchase lands in Saskatchewan where it may build the hydrometallurgical plant to process NICO metal concentrates. Fortune also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill.
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the potential for expansion of the NICO Deposit, the Company’s plans to conduct a drill program during 2021, the Company’s plans to develop the NICO Project and the potential for the Sue-Dianne property to provide incremental mill feed to the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company’s ability to conduct and complete the planned drill program; the Company’s ability to secure a site in southern Canada for the construction of a NICO Project refinery; the Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that further exploration of the areas identified in this press release may not result in a meaningful expansion of the NICO Deposit, the Company will require additional financing to complete the planned drill program and such financing may not be available, the COVID-19 pandemic may interfere with the Company’s ability to conduct the drill program, the NICO Project may not receive the benefit of any financing under the published initiatives of the United States and European Union with respect to critical minerals or any other benefits therefrom, the Company may not be able to secure a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company’s production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Aurelia Metals Limited (ASX:AMI) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well – and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
The image below, which you can click on for greater detail, shows that at December 2020 Aurelia Metals had debt of AU$41.8m, up from none in one year. However, its balance sheet shows it holds AU$105.8m in cash, so it actually has AU$63.9m net cash.
debt-equity-history-analysis
How Strong Is Aurelia Metals' Balance Sheet?
According to the last reported balance sheet, Aurelia Metals had liabilities of AU$112.9m due within 12 months, and liabilities of AU$137.4m due beyond 12 months. On the other hand, it had cash of AU$105.8m and AU$18.5m worth of receivables due within a year. So its liabilities total AU$126.0m more than the combination of its cash and short-term receivables.
Aurelia Metals has a market capitalization of AU$469.0m, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Aurelia Metals also has more cash than debt, so we're pretty confident it can manage its debt safely.
Even more impressive was the fact that Aurelia Metals grew its EBIT by 125% over twelve months. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Aurelia Metals's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this freereport showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Aurelia Metals has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Aurelia Metals recorded free cash flow worth a fulsome 83% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
Summing up
While Aurelia Metals does have more liabilities than liquid assets, it also has net cash of AU$63.9m. And it impressed us with free cash flow of AU$70m, being 83% of its EBIT. So is Aurelia Metals's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Aurelia Metals you should know about.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
We can readily understand why investors are attracted to unprofitable companies. By way of example, Argent Minerals (ASX:ARD) has seen its share price rise 455% over the last year, delighting many shareholders. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
So notwithstanding the buoyant share price, we think it's well worth asking whether Argent Minerals' cash burn is too risky. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at December 2020, Argent Minerals had cash of AU$5.2m and such minimal debt that we can ignore it for the purposes of this analysis. Looking at the last year, the company burnt through AU$2.0m. So it had a cash runway of about 2.6 years from December 2020. That's decent, giving the company a couple years to develop its business. You can see how its cash balance has changed over time in the image below.
debt-equity-history-analysis
How Is Argent Minerals' Cash Burn Changing Over Time?
In our view, Argent Minerals doesn't yet produce significant amounts of operating revenue, since it reported just AU$632k in the last twelve months. Therefore, for the purposes of this analysis we'll focus on how the cash burn is tracking. With cash burn dropping by 5.4% it seems management feel the company is spending enough to advance its business plans at an appropriate pace. Admittedly, we're a bit cautious of Argent Minerals due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.
How Easily Can Argent Minerals Raise Cash?
Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for Argent Minerals to raise more cash in the future. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.
Argent Minerals' cash burn of AU$2.0m is about 3.6% of its AU$55m market capitalisation. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
Is Argent Minerals' Cash Burn A Worry?
As you can probably tell by now, we're not too worried about Argent Minerals' cash burn. In particular, we think its cash burn relative to its market cap stands out as evidence that the company is well on top of its spending. On this analysis its cash burn reduction was its weakest feature, but we are not concerned about it. After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. On another note, Argent Minerals has 5 warning signs (and 2 which are a bit concerning) we think you should know about.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
Kirkland Lake, Ontario–(Newsfile Corp. – March 17, 2021) – RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ('RJK' or 'the Company') is pleased to report positive Kimberlite Indicator Minerals (KIMs) analysis from the Company's Paradis and Kon Kimberlite discoveries, near Cobalt, Ontario. The KIMs were recovered from its 2019/2020 diamond drill programs, were originally picked and analyzed by Dr. Chares Fipke's lab, CF Minerals, and completed by the Company's independent consultant, Dr. Jim Renaud, to industry standard formats.
A preliminary comparison of the RJK garnet dataset to the global dataset of garnet compositions indicates that several RJK garnets plot within the G10 diamond stability field compared to other diamond inclusion garnets around the globe. The standard industry plots illustrate that the garnets show a strong G9 and G10 component (Figure 1). The clinopyroxene plot (Figure 4), shows derivation from a mantle source. Additional charts for olivine, ilmenite and chromite KIMs will be posted to RJK's website, also indicating a mantle source.
Figure 1 shows all diamond drill cores tested in one graph, and illustrates a portion of the Paradis Pond, KON, and one garnet from PP-20-09 plots in the G10 diamond stability field. These garnets are significant because they represent over 85% of the world's diamond inclusions. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_001full.jpg
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Figure 2 is the plot for the Paradis kimberlite, also showing the grains from the G10 diamond zone. The three G12 plots on the right of the graph are rare, with high calcium weights, and indicate a mantle source. The single high chromium G9 is also indicative of diamond bearing kimberlites. The eclogitic garnets plotting along the bottom of the chart are sodium rich, and are often indicative of kimberlites from subducted oceanic crust and upper mantle locations. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_002full.jpg
Figure 4 illustrates the clinopyroxene data, including a number of grains with elevated Na and Cr. Higher Na:Cr ratios can be a function of pressure and elemental substitution in the deep mantle, greater than 200 km at depth. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_004full.jpg
Figure 5 was taken from SRC in 2011 to illustrate that 86% of all garnets found as diamond inclusions are categorized as G10s, although it should be noted that some diamond-bearing kimberlites in Canada are poor in their G10D content. Nevertheless, high G10 counts are considered diamond prospective by industry standards. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_005full.jpg
Dr. Renaud explains in detail, the significance of the KIM's found by RJK on the Paradis and Kon Kimberlites in a new video that can be viewed on RJK's home page [here] under the title, Consultant Jim Renaud Explains KIM Plots.
Glenn Kasner, RJK Explorations' CEO, stated, "These charts give a valuable overview of the mineralogy of the Cobalt kimberlites found by RJK. We've been told that specifically the Paradis Kimberlite is unique in its chemistry, and based on KIM comparisons worldwide, is derived from the optimum mantle region to produce diamonds. The kimberlites surrounding Paradis appear similar, but they must also be analyzed for composition to determine bulk sample locations. RJK is currently using two labs to process the kimberlite samples and also doing check samples to fully understand the diamond potential of the Cobalt kimberlites. We will be remobilizing the reverse circulation drill this week to do additional sampling on the Paradis kimberlite in the area where most of the G10 Dia garnets were discovered. The diamond drill is currently testing geological structures to help identify other potential mineralized targets."
Mr. Peter Hubacheck, P. Geo., Project Manager for RJK and the Qualified Person as defined by National Instrument 43-101 has approved the technical disclosure in this release.
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.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
Target Structure Present for at Least 2.5 km Along Strike
Figure 1
Property map showing the location of Tarabala and Samagouela.
Property map showing the location of Tarabala and Samagouela.
Figure 2
Drilling locations and significant results at Tarabala for the latest drilling.
Drilling locations and significant results at Tarabala for the latest drilling.
Figure 3
Massala West cross section (Fence 1) showing grade across the mineralized structure and simplified geological interpretation.
Massala West cross section (Fence 1) showing grade across the mineralized structure and simplified geological interpretation.
Figure 4
Cross section at Tarabala illustrating the correlation between SARC003 and the previously drilled holes.
Cross section at Tarabala illustrating the correlation between SARC003 and the previously drilled holes.
TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is happy to provide an update on the recently completed drilling at the Massala East, Massala West and Tarabala prospects, located on the Company’s Sikasso Property in Southern Mali (Figure 1).
Highlights:
The first drilling at the Massala West prospect within our Sankarani property area identifies a wide zone of shallow gold mineralization associated with the Tarabala shear zone
Best intercept: 24 m @ 2.35 g/t Au (from 18 m), incl. 1 m @ 26.8 g/t Au (from 35 m).
The Massala West mineralized structure remains open along strike and down dip
Massala West mineralization is on a 2.5 km structure with a geophysical signature matching Tarabala’s
Additional drilling is required to determine controls of mineralization and degree of continuity
RC drilling results from Tarabala confirm the down-dip extension of previously identified shallow mineralization
Widest interval: 25 m @ 0.58 g/t Au(from 67 m), incl. 15 m @ 0.83 g/t Au (from 75 m)
Air core drilling has been completed at two other prospects and is underway on a third prospect
Compass CEO, Larry Phillips, said, “Our discovery team has identified yet another large, promising target, the latest being a wide zone of shallow mineralization with strong gold grades on the Massala West prospect north of Tarabala. Notably, this promising new target, which included an interval of 24 m @ 2.35 g/t Au, was not marked by any outcropping or surficial structure, but was concealed beneath a thick soil cover. As Massala West lays approximately 2 km along the same structure that hosts our Tarabala prospect, we plan additional drilling to determine whether the structure continues between the two prospects. This structure also remains open 2 km to the north.”
He added, “Deeper RC drilling from the Tarabala prospect has also confirmed the continuation of wide zones of previously identified mineralization at depth. Additional deeper drilling is also planned at Tarabala, looking for higher-grade intercepts at depth along the full 1 km strike length of the structure.”
Dr. Sandy Archibald, PGeo, Technical Director, added, “I am delighted with our success at Massala West, a target area identified primarily through ground geophysics. The width of the mineralized zone is similar to Tarabala, 2 km to the south, but the mineralization includes high-grade intercepts such as 1 m at 26.8 g/t Au, which is highly encouraging. Additional drilling at Massala West will determine how much of the new 2.5 km target zone contains the sort of mineralized widths and grades we’re after. This drilling will begin immediately upon the completion of the 900-m program we’ve just initiated at Dialéké.”
Massala Air Core Drilling Results
Sixteen shallow air core (AC) holes (900 m) were drilled in two fences at Massala West and an eight-hole fence (498 m) was drilled at Massala East (Figure 2) in mid-February. These holes were drilled to test strong to moderate gold anomalism found in shallow soil samples, as well as clearly defined targets interpreted from ground Gradient Induced Polarization (IP) geophysics. All three fences were drilled to test the potential for gold mineralization associated four discrete north-south oriented faults within the Tarabala shear zone.
A seven-AC-hole fence (Fence 1), containing holes SAAC121-127, was drilled on a geological similar target to the mineralization at Tarabala, located 2 km to the south (Figure 2). The predicted mineralized structure was encountered in drill hole SAAC123, with 24 m @ 2.35 g/t Au (from a depth of 18 m), which included a high-grade interval of 3 m @ 13.23 g/t Au (from 34 m), and a sub-interval of 1 m @ 26.80 g/t Au (from 35 m). Drill hole SAAC124 contained abundant graphite and is interpreted to be within the shear zone. The contact between the shear zone and the metasedimentary rocks was mineralized and contained 5 m @ 0.43 g/t Au (from 45 m). Based on the poor correlation between the two holes in the cross section (Figure 3), it is likely that the mineralization has a near vertical dip, and therefore remains open at depth.
Two hundred metres to the southeast of the previous fence, a nine-AC-hole fence (Fence 2, SAAC128-136) was drilled. These holes targeted two north-south trending faults, but, unlike the northern fence, without the presence of a graphite-bearing shear zone. Only one hole, SAAC130, contained gold (1 m @ 0.28 g/t Au, from 11 m), with the rest of the hole barren.
A third east-west trending fence was drilled 800 m to the northeast of Fence 2 at Massala East (Figure 2). Drilling occurred on a coincident geochemical high (0.38 g/t Au soil sample) and a Gradient IP target (contact of a resistive high). Only SAAC141 was mineralized and contained 3 m @ 1.90 g/t Au (from 17 m), including 1 m @ 5.03 g/t Au (from 17 m). The mineralization appears to correlate with a fault that is traceable 1.5 km to the north and is associated with the Massala artisanal workings, where grab samples contained up to 16.5 g/t Au.
Tarabala RC Drilling Results
As previously reported (see Compass news release dated March 1, 2021), three RC holes (SARC003-005 – Table 1) were drilled at Tarabala on sections where earlier AC drilling had identified near surface mineralization. The holes were drilled to test the depth of mineralization from 70 to 83 m from the surface. Hole SARC003 intercepted the widest mineralized interval, 25 m @ 0.58 g/t Au (from 67 m), with a higher-grade interval of 15 m @ 0.83 g/t Au (from 75 m). Mineralization in SARC003 correlated with the mineralization reported in SAAC75-77 and SARC001, and remains open at depth (Figure 4).
SARC004 was drilled 200 m to the north of SARC003, and was designed to undercut shallow mineralization present in SAAC072-74. The best interval in SARCOO4 was 3 m @ 1.06 g/t Au (from 94 m), within a 28-m (true thickness) zone of weak mineralization that correlates with the near surface mineralization identified in SAAC073.
SARC005 was drilled 170 m to the south of SARC003, and was also designed to undercut previously identified shallow gold mineralization (present in SAAC078-80). A wide zone (38 m true thickness) of low-grade mineralization was identified that contained several narrow, higher-grade discrete zones of mineralization. The best interval was 13 m @ 0.79 g/t Au (from 84 m), including 2 m @ 2.88 g/t Au (from 94 m).
All three of these deeper RC holes indicate that the mineralized zones appear to extend at depth with similar grades and widths noted by shallow drilling, with the exception of SARC004. Additional RC drilling is warranted and a downhole camera survey is planned to determine the precise orientation of the veins.
Figure 4: Cross section at Tarabala illustrating the correlation between SARC003 and the previously drilled holes.
Technical Details
All AC and RC holes from Massala and Tarabala reported here were drilled on an azimuth of 270° (towards the west), at dips of 55°, with lengths varying from 50 to 60 m for AC, and 110 to 120 m for RC. These fences of holes were to test structures interpreted from the Gradient IP survey, and potential mineralized trends identified by earlier drilling by Compass. Drilling was performed by Etasi and Co. Drilling (Mali). All samples were prepared by Compass staff and an appropriate number of standards, duplicates and blanks were submitted and analysed for gold at SGS (Bamako, Mali) by fire assay.
Next Steps
Drilling has concluded at Assama and Sodala, and assay results are pending. A 900-m drilling program has started at Dialéké (Figure 1).
Based on the results reported in this press release, AC drilling pads are currently being prepared at Massala West over a strike length of 800 m, and additional RC pads at Tarabala are also being readied.
Ongoing in-fill shallow soil sampling is continuing on other parts of the Sikasso Property, and the recently completed Gradient IP survey carried out between Tarabala and Massala is being interpreted to identify additional drilling targets.
About Compass Gold Corp.
Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in three sites in southern Mali with a combined land holding of 867 km2. The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company’s Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”
QAQC
All AC samples were collected following industry best practices, and an appropriate number and type of certified reference materials (standards), blanks and duplicates were inserted to ensure an effective QAQC program was carried out. The 1 m interval samples were prepared and analyzed at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard and blank results were reviewed to ensure no failures were detected.
Qualified Person
This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo, Compass’s Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.
Forward‐Looking Information This news release contains "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the Company’s planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.
For further information please contact:
Compass Gold Corporation
Compass Gold Corporation
Larry Phillips – Pres. & CEO
Greg Taylor – Dir. Investor Relations & Corporate Communications
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.
TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV: SRI) ("Sparton" or the "Company") is pleased to announce that VRB Energy Inc. (“VRB”) reported, on March 15, 2021 an agreement signed on March 4th, 2021, to build China’s largest photo voltaic (“PV”) solar integrated battery system. Sparton owns a minority interest in VRB and was instrumental in organizing the acquisition and reactivation of VRB by the current majority shareholder, High Power Exploration (“HPX”).
VRB’s Chairman, Robert Friedland and CEO Mianyan Huang reported on the four-party agreement to build in phases, a 500 MWh PV and energy storage power station integrating VRB’s vanadium flow battery energy storage system (“VRB-ESS”). The project will be located in Xiangyang, Hubei Province at a new industrial park complex that will include a VRB-ESS manufacturing “Gigafactory”, and a vanadium flow battery energy research and development institute. It will eventually generate 1000 megawatts (1 GW) of power annually.
Construction is scheduled to begin in May of 2021 with a 40 MW, 200 MWh system and 50 MW of annual battery manufacturing. This project builds on the success of the 3MW, 12 MWh solar plus storage system installed by VRB at Xiangyang in 2019.
There is a growing number of 100MW renewable energy and flow battery projects under development in many provinces in China. Many of these provinces are mandating minimums of 5-20% storage capacity to be integrated with new solar and wind power projects. Vanadium flow batteries have been recommended by the China Central Government as the technology of choice for large scale integrated battery installations.
VRB Energy is now the leading contender for multiple 100 MW-class projects scheduled under China’s infrastructure investment program, which is being accelerated as part of post-COVID economic stimulus. On the international front VRB is in discussions with a number of developers and utilities in the U.S., Australia, and South Africa for large 100 MW-class systems. The energy storage industry and VRB are clearly supporting the ongoing worldwide green energy revolution.
Details of the new contract and the full VRB News Release disseminated on March 15, 2021, can be seen at the following websites:
VRB is majority owned by High Power Exploration (“HPX”) which is a subsidiary of I-Pulse, a private innovative technology development company.
DISCUSSION
“This announcement is another milestone in the evolution of VRB’s energy storage business,” stated Lee Barker, Company CEO. “The choice to use VRB to build China’s biggest PV integrated energy storage system is a major breakthrough for the Company and should create significant new business and value for all VRB stakeholders in the future. Sparton once again commends the VRB staff and management for this achievement.”
Information regarding the Company’s interest held in VRB is as follows:
Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China, and is the vanadium flow battery manufacturer. Full information regarding the history of the VRB investment interest held by Sparton is in its various news releases and available at www.sedar.com in its corporate filings.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng. President and CEO Tel./Fax: 647-344-7734 or Mobile: 416-716-5762 Email: info@spartonres.ca Website: www.spartonres.ca
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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
We Seek Safe Harbour
Vancouver, British Columbia–(Newsfile Corp. – March 16, 2021) – INCA ONE GOLD CORP. (TSXV: IO) (OTC: INCAF) (FSE: SU92) ("Inca One" or the "Company") a gold producer operating two, fully permitted, mineral processing facilities in Peru, is pleased to announce it has arranged a US$2.5 million gold pre-payment facility (the "Facility") from OCIM Precious Metals SA ("OCIM"). OCIM is a Geneva-based global precious metals trader and financier.
Net proceeds of the Facility are expected to be approximately US$2.45 million and will be distributed by OCIM to Inca One and its Peruvian subsidiary, immediately following TSX Venture Exchange approval. The Facility will be payable in gold bullion and will be paid in full within 135 days after receipt of the funds. The Facility is secured by a Canadian general security agreement and in the event of default, OCIM has the right to convert any amounts outstanding into shares of Inca One at $0.43 per share. During the term of the Facility, the Company and OCIM intend to advance discussions for a potential second facility for a minimum of US$6.0 million repayable over a longer period.
"I am extremely pleased to work with OCIM on this non-dilutive Facility," stated Edward Kelly, President and CEO of Inca One Gold Corp. "After completing the prerequisite vetting and independent evaluations by a 3rd party engineering firm, including full legal and technical due diligence, our facilities passed with high marks. The proceeds of the Facility could help us increase ore buying capacity by up to 40% above our calendar Q4 numbers and further drive production growth."
About OCIM
The OCIM group of privately held companies has a long and successful history as a trader and financier of strategic assets. Established in Paris in 1961, OCIM is headed by a third-generation member of the founding family. Besides its core historical business in real estate, OCIM has diversified into other strategic tangible assets such as coinage Precious Metals via its Geneva-based subsidiary. As a Merchant, OCIM trades physical metals across the full value chain, from producers to end users. As a Financier, OCIM invests in a wide variety of instruments and provides financing to the value chain with equity, debt, and alternative investments.
About Inca One
Inca One Gold Corp is a TSXV listed, gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company has produced in excess of 92,000 ounces of gold, generating over US$125 million in revenue from its first 6 years of operations. Inca One, is led by an experienced and capable management team that has established the Company as a trusted leader in servicing government permitted, small-scale miners in Peru. Peru is the world's seventh-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One. To learn more visit www.incaone.com.
Figure 1. Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility)
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. By way of example, Vimy Resources (ASX:VMY) has seen its share price rise 442% over the last year, delighting many shareholders. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
In light of its strong share price run, we think now is a good time to investigate how risky Vimy Resources' cash burn is. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. Vimy Resources has such a small amount of debt that we'll set it aside, and focus on the AU$4.3m in cash it held at December 2020. Looking at the last year, the company burnt through AU$5.2m. Therefore, from December 2020 it had roughly 10 months of cash runway. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.
debt-equity-history-analysis
How Is Vimy Resources' Cash Burn Changing Over Time?
Because Vimy Resources isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. It's possible that the 5.4% reduction in cash burn over the last year is evidence of management tightening their belts as cash reserves deplete. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.
Can Vimy Resources Raise More Cash Easily?
While Vimy Resources is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
Vimy Resources' cash burn of AU$5.2m is about 6.1% of its AU$86m market capitalisation. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.
How Risky Is Vimy Resources' Cash Burn Situation?
On this analysis of Vimy Resources' cash burn, we think its cash burn relative to its market cap was reassuring, while its cash runway has us a bit worried. We don't think its cash burn is particularly problematic, but after considering the range of factors in this article, we do think shareholders should be monitoring how it changes over time. On another note, we conducted an in-depth investigation of the company, and identified 7 warning signs for Vimy Resources (3 make us uncomfortable!) that you should be aware of before investing here.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So before you buy or sell Oklo Resources Limited (ASX:OKU), you may well want to know whether insiders have been buying or selling.
What Is Insider Buying?
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, such insiders must disclose their trading activities, and not trade on inside information.
Insider transactions are not the most important thing when it comes to long-term investing. But it is perfectly logical to keep tabs on what insiders are doing. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise'.
The Last 12 Months Of Insider Transactions At Oklo Resources
The MD, CEO & Director Simon Taylor made the biggest insider purchase in the last 12 months. That single transaction was for AU$103k worth of shares at a price of AU$0.26 each. So it's clear an insider wanted to buy, even at a higher price than the current share price (being AU$0.17). Their view may have changed since then, but at least it shows they felt optimistic at the time. To us, it's very important to consider the price insiders pay for shares. It is encouraging to see an insider paid above the current price for shares, as it suggests they saw value, even at higher levels. Simon Taylor was the only individual insider to buy during the last year.
Simon Taylor bought a total of 800.00k shares over the year at an average price of AU$0.23. The chart below shows insider transactions (by companies and individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. From our data, it seems that Oklo Resources insiders own 10% of the company, worth about AU$8.9m. However, it's possible that insiders might have an indirect interest through a more complex structure. Overall, this level of ownership isn't that impressive, but it's certainly better than nothing!
So What Does This Data Suggest About Oklo Resources Insiders?
It is good to see the recent insider purchase. And the longer term insider transactions also give us confidence. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. While the overall levels of insider ownership are below what we'd like to see, the history of transactions imply that Oklo Resources insiders are reasonably well aligned, and optimistic for the future. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Oklo Resources. Every company has risks, and we've spotted 5 warning signs for Oklo Resources (of which 2 are a bit unpleasant!) you should know about.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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