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National Post
3 days ago
- Business
- National Post
Lithium Royalty Corp. Congratulates Power Metals on World-Scale Cesium Discovery; Potential Near-Term Incremental Revenue Source for LRC
Article content TORONTO — Lithium Royalty Corp. (TSX: LIRC) ('LRC') is pleased to congratulate Power Metals Corp. ('Power Metals') on its maiden mineral resource estimate ('MRE') for the West Joe Dyke within the Case Lake property in Ontario. Article content The MRE establishes the Case Lake property as the fourth major cesium asset in the world, after the Tanco mine in Canada, the Bikita mine in Zimbabwe and the Sinclair mine in Australia. The MRE consists of 13,000 tonnes inferred mineral resource at 2.4% cesium oxide (Cs 2 O), with a cut-off grade of 0.1% Cs 2 O. Power Metals has noted the potential for additional tonnage growth at the Case Lake property, given that its MRE covers the West Joe Dyke. Power Metals highlighted additional exploration targets of 11,000-15,000 tonnes identified at the West Joe Dykes and 17 untested targets at the property. The MRE is based on 7,264 meters of drilling from 113 drill holes conducted in 2018, 2022, and 2024 highlighting the efficacy of its prior drill campaigns. Article content Article content The Case Lake property is one of several properties within the LRC portfolio that have the potential to generate revenue from deposits other than lithium. Other properties with cesium exposure within the portfolio include Grid Metals Corp.'s Donner Lake project in Manitoba and Winsome Resources' Sirmac-Clapier project in Québec. Article content 'The latest Power Metals mineral resource estimate underscores the substantial optionality embedded within our 35-royalty strong portfolio. While lithium is the core focus of our investment philosophy, several of our portfolio companies have multiple commodities on their property that are covered by our royalty agreements. The discovery at Case Lake uncovers additional value for both Power Metals and LRC shareholders, with the potential for additional revenue from the property as soon as next year,' said Ernie Ortiz, President and CEO of LRC. Article content 'With the partial sale of our Tres Quebradas royalty, uncovering value from our cesium exposure, and additional assets that are expected to enter production in the near term, we are optimistic on the path forward for Lithium Royalty Corp.' Article content Cesium is a high-value, critical mineral with only two known current producers globally – the Tanco mine in Canada and the Bikita mine in Zimbabwe – and one prior producer at the Sinclair mine in Western Australia. Annual global cesium production is very limited. The Tanco mine in Canada is the only known source that is still processing cesium ore, and most projects around the world that are prospective for cesium remain in early exploration. This fragile and concentrated supply chain underscores the strategic significance of new cesium discoveries. Cesium applications include advanced electronics, energy, aerospace, and defense systems. Due to its scarcity and growing demand, cesium pricing has surged recently, with cesium carbonate prices trading at approximately US$118,000/tonne according to Shanghai Metals Market (SMM). Article content 2 Article content O with a cut-off grade of 0.1% Cs Article content 2 Article content O, making the property one of the largest cesium discoveries globally. LRC holds a 2.0% gross revenue royalty on all products extracted and sold from the Case Lake property. Other key highlights of the project: Article content Simple Production Process: Power Metals has outlined a production process that minimizes complexity. Power Metals envisions a simple quarry-type operation, that involves extracting the ore, crushing, grinding, screening, and ore sorting, to produce a high-grade concentrate with cesium oxide values between 5-20%. Power Metals' proposed operation does not require any chemical processing and generates limited tailings. The tailings are also likely high value, as they potentially include tantalum and lithium ore. Swift Path to Production: Power Metals believes the project will be fast-tracked to production, with first production anticipated in 2026. Based on a simple production process, Power Metals would only require a provincial environmental permit, for which baseline studies were commenced in 2024. Additionally, the high-grade nature of the ore body and simple process allows for a project with low capital intensity. Strategic Location with Infrastructure Advantages: The project benefits from excellent infrastructure access in the Timmins-Cochrane region of the Abitibi, including proximity to existing forestry roads, rail connections at Cochrane, and nearby powerlines. Its location enables efficient transport to major ports in Montreal, supporting future export to international markets. Positioned in a key North American mining hub, the project advances critical mineral security and is well-aligned with global demand trends. Cesium, the project's primary commodity, is designated a critical mineral by both the United States and Canadian governments, underscoring its strategic importance and scarcity. Article content Other assets with cesium exposure in the LRC portfolio include: Article content announced Article content that surface sampling at its Sirmac-Clapier project in Québec returned high-grade cesium results, including intercepts of up to 5.44% and 2.92% Cs₂O. Geochemical analysis confirmed that the mineralization is likely hosted in pollucite, a rare cesium-bearing mineral. The pegmatite system at Sirmac is highly fractionated, a key indicator of strong lithium and cesium potential, and supports the presence of extensive mineralizing systems. These findings significantly enhance the potential exploration upside across the broader project area and strengthen Winsome's strategy to delineate a new cesium resource within Canada's critical minerals corridor. LRC holds a 4.0% GOR royalty on all minerals at the Sirmac-Clapier project. Article content Grid Metals Donner Lake Project: Article content Grid Metals Article content announced Article content the completion of 28 diamond drill holes totaling 827 meters at the High-Grade Dyke on its 75%-owned Donner lithium-cesium property in southeastern Manitoba. The drill program was funded by Tantalum Mining Corporation of Canada Limited ('Tanco'), which operates the only cesium processing facility in North America. Under a toll milling agreement, Grid gains access to Tanco's established infrastructure, offering a path to cesium production with lower upfront capital requirements. Grid Metals is now preparing core samples for rare metal assays and mineralogical analysis, to confirm the presence of pollucite, Tanco's preferred feedstock. LRC holds a 2.0% GOR royalty on all minerals on the Donner Lake project. Article content LRC's underwriting assumptions when acquiring its royalties (other than its Horse Creek silica royalty) have been based solely on the lithium potential of each project. The potential for these projects to uncover other minerals – including cesium – is not factored into those assumptions, representing hidden value for LRC shareholders. Article content Cesium Market Overview Article content Cesium is the heaviest stable alkali metal and deemed a critical mineral by the United States, Canada and several other countries. Similar to lithium, it has a unique set of characteristics due to its position on the periodic table. Cesium has excellent photoelectric properties, strong chemical activity and is a high-quality material for infrared technology applications. Its low ionization energy allows it to easily donate an electron, efficient for ion propulsion and photoelectric devices. High atomic mass and resonance frequency stability make it ideal for atomic clocks, making it an international standard. Its low melting point of 28.5°C is useful for heat transfer, high reactivity for energy transfer and non-corrosive, safe drilling fluid. Article content Cesium primarily will come from pollucite ore, in the form cesium oxide. It is then refined down into several other forms for specific applications. The main forms of cesium are cesium formate and cesium fines – including cesium carbonate, cesium chloride and cesium nitrate. Historically, the largest demand has been for cesium formate, a drilling fluid used in high pressure and high temperature oil and gas exploration. The product is typically rented by oil and gas exploration clients. After completion of the well, the used brine is returned and reprocessed for subsequent drilling operations. It is estimated that 10,000 tonnes of cesium formate exist globally, with approximately 5% getting depleted and replaced annually. Article content Cesium fines are a small but specialized market, with developing applications in energy, communication, medical and defense. Applications include: Article content The market for cesium fines was estimated by USGS to be ~2,200 tonnes in 2024, with an additional 500 tonnes of demand from cesium formate replacement. According to USGS, no primary production of cesium exists, except small quantities in China. Existing stockpiles at former mine sites feed downstream refineries, though recent reports have indicated that stockpiles may be depleted within a few years. Article content About Lithium Royalty Corp. Article content LRC is a lithium-focused royalty company organized in Canada, which has established a globally diversified portfolio of 35 revenue royalties on mineral properties that are related to the electrification and decarbonization of the global economy. The Company's royalty portfolio is focused on the battery supply chain for the transportation and energy storage industries and is underpinned by mineral properties that produce or are expected to produce lithium and other battery materials. LRC is a signatory to the Principles for Responsible Investment; the integration of ESG factors and sustainable mining are considerations in our investment analysis and royalty acquisitions. Article content Forward Looking Statements Article content This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian securities laws, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding LRC's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets and requirements for additional capital, mineral resource and mineral reserve estimates, production estimates, production costs and revenue, future demand for and prices of commodities, Article content expected mining sequences, business prospects and opportunities, the performance and plans of third-party operators and the expected exposure for current and future assessments and available remedies. In addition, statements relating to resources and reserves and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such resources and reserves or mine life will be realized. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budgets', 'potential for', 'scheduled', 'estimates', 'forecasts', 'predicts', 'projects', 'intends', 'targets', 'aims', 'anticipates' or 'believes' or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of LRC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking information is based on management's beliefs and assumptions and on information currently available to management. The forward-looking statements herein are made as of the date of this press release only and LRC does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Article content A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty revenue (including various lithium and cesium products); fluctuations in the value of the Canadian and Australian dollar and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which LRC holds a royalty or other interest are located or through which they are held; risks related to the operators of the properties in which LRC holds a royalty or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by LRC; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which LRC holds a royalty or other interest; whether or not the Company is determined to have 'passive foreign investment company' ('PFIC') status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which LRC holds a royalty or other interest; actual mineral content may differ from the resources and reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks associated with the solvency of operators of projects that LRC has royalties over; risks and hazards associated with the business of development and mining on any of the properties in which LRC holds a royalty or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which LRC holds a royalty or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities (including various lithium and cesium products) that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; no adverse development in respect of any significant property in which LRC holds a royalty or other interest; the solvency of project operators; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. LRC cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. Article content For additional information with respect to risks, uncertainties and assumptions, please refer to LRC's most recent Annual Information Form dated March 17, 2025 and filed with the Canadian securities regulatory authorities on These risks and uncertainties include, but are not limited to, those described under 'Risk Factors' in the Annual Information Form, and in particular risks summarized under the 'Risks Related to Mining Operations' heading. 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Associated Press
6 days ago
- Business
- Associated Press
Empire Metals Limited Announces Major Drilling Campaign Targeting Maiden MRE
Empire Metals Limited ('Empire' or 'the Company') Commencement of Major Drilling Campaign Targeting Maiden Mineral Resource Estimate LONDON UNITED KINGDOM / ACCESS Newswire / June 2, 2025 / Empire Metals Limited (LON:EEE), the AIM-quoted and OTCQB-traded exploration and development company,is pleased to announce the commencement of a major drilling campaign at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme will target high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering a maiden JORC Compliant Mineral Resource Estimate ('MRE'). Highlights Shaun Bunn, Managing Director, said:"We are pleased to commence this important drilling campaign at Pitfield, focused on delivering our maiden MRE from the Thomas Thomas Prospect contains broad, continuous, high-grade zones of high-purity titanium dioxide mineralisation within the in-situ weathered cap: confirmed by assay results from the February 2025 AC drill campaign, averaging 6.20% TiO₂ over an average depth of 54m (announced 28 April 2025). 'This fully funded campaign, scheduled to run over the next four to five weeks, is the largest undertaken to date at Pitfield. With 164 holes planned over an 11 square kilometre area and to an average depth of 65 metres, this work is designed to deliver a globally significant Mineral Resource Estimate.' MRE Drilling Programme The location and spacing of the planned AC drillholes have been designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect. The programme consists of 124 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 54.1m, for a total of 6,700 metres, and 40 RC drillholes within the AC drilling grid, to a depth of 100m, for a total of 4,000 metres. The overall drillhole grid extends 5.2km by 2.2km and totals an area of 11.4 sq km (refer Figure 1). The drilling is targeting the near surface, highly weathered zones within the Thomas Prospect; drilling has now commenced and will run over several weeks, with laboratory analysis scheduled for completion in August. Figure 1. Planned Air Core drill hole collar locations within the Thomas Prospect priority area. The near-surface, in-situ weathered cap at the Thomas Prospect contains a high percentage of the key titanium bearing minerals, primarily anatase and rutile. The drilling targets areas were selected on the basis of three key parameters: high-purity TiO2 mineral assemblage, high average TiO2 grades and significant depth of weathering (refer Table 1). The AC and RC drillholes will be geologically logged and sub-sampled on 2m intervals and geochemically analysed; this data will provide the basis for geological modelling and for the development of the MRE at the Thomas Prospect. Air core drilling has previously been utilised at Pitfield to drill-test the weathered cap and collect bulk metallurgical samples (announced 28 April 2025). It is a cost-effective and efficient drilling method that is commonly used for shallow exploration projects and the success of the previous campaign confirmed its suitability for the preparation of the MRE. Table 1: Weathered Zone drill intercepts from the Thomas Prospect (previously released results) including high-grade intervals to be followed up by MRE drilling The Pitfield Titanium Project Located within the Mid-West region of Western Australia, near the northern wheat belt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2). Figure 2. Pitfield Project Location showing the Mid-West Region Infrastructure and Services Competent Person Statement The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Market Abuse Regulation (MAR) Disclosure Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement. **ENDS** For further information please visit or contact: About Empire Metals Limited Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia. The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length. An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2. The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside. Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit. The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria. *The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit SOURCE: Empire Metals Limited press release
Yahoo
23-05-2025
- Business
- Yahoo
Empire Metals Limited Announces £4.5m Subscription by Institutional Investors
£4.5 million Subscription by Institutional Investors, Advancing Development of the Pitfield Titanium Project LONDON, UNITED KINGDOM / / May 23, 2025 / Empire Metals Limited (LON:EEE)(OTCQB:EPMLF), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce that is has raised £4.5 million by way of a subscription of 47,368,423 new ordinary shares of no par value in the capital of the Company at 9.5p (the 'Subscription Shares') to existing and new institutional shareholders (the 'Subscription'). Shaun Bunn, Managing Director, said:"I am pleased to confirm the successful completion of this Subscription, which has increased participation from our institutional shareholders in Asia andAustralia. The Subscription was led by Asian Investment Management Services Ltd, an existing shareholder. "The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings. The additional funds strengthen our balance sheet, increasing our cash position to £7.1 million, and will be deployed to expand the planned drilling programme with the objective of establishing a globally significant Mineral Resource Estimate ('MRE'); progress the bulk metallurgical testwork so as to deliver high-purity TiO2 product samples to end users; and bring forward the commencement of economic studies. "With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium." Use of FundsThe proceeds of the Subscription, together with existing cash reserves of £2.6 million, will be primarily used to: Expand the Pitfield titanium mineral resource development drilling programme to define a globally significant MRE; Appoint additional metallurgical and engineering personnel to accelerate the development of the process flowsheet; Upscale the bulk metallurgical testwork to provide high-purity TiO2 product samples to potential end users; and Accelerate the commencement of mining studies, well ahead of schedule. Laboratory testwork results to date have been encouraging and the use of conventional processing techniques has increased management's confidence that the process flowsheet can deliver high-value commercial end products. Development focus now has turned to optimising the various processing steps and commencing mine option studies. Proceeds from this equity placement fully fund the Company through these important, project development workstreams. Application for Admission and Total Voting RightsThe Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 30 May 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 689,633,233 ordinary shares of no-par value. Market Abuse Regulation (MAR) DisclosureCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement. **ENDS** For further information please visit or contact: Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell Tel: 020 4583 1440 S. P. Angel Corporate Finance LLP (Nomad & Broker) Ewan Leggat / Adam Cowl Tel: 020 3470 0470 Shard Capital Partners LLP (Joint Broker) Damon Heath Tel: 020 7186 9950 St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page Tel: 020 7236 1177 About Empire Metals Limited Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia. The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length. An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2. The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside. Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit. The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria. *The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Empire Metals Limited View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Initial Drilling to Assess Potential for Open Pit Production Intersects High-Grade Gold in the Jubilee Shear
Initial near-surface drilling intersects wide zone of alteration containing 14.51 g/t Au over 4.81 m including 90.40 g/t Au over 0.67 m TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ('Red Pine' or the 'Company') is pleased to announce initial results of its near-surface drilling program focused on evaluating the potential of an open pit operation in two areas of the Jubilee Shear (See press release announced May 8, 2025). This drilling is a portion of the ongoing, fully funded 25,000 metres ("m") drill program at the Wawa Gold Project, Ontario. Highlights Near-surface intersection of 14.51 grams per tonne ("g/t") gold ("Au") over 4.81 m, including 90.40 g/t Au over 0.67 m, at the edge of the 2024 Mineral Resource Estimate1 (the '2024 MRE') within an area for consideration for a potential open-pit operation; More than 14 drill holes are ongoing in the shallow part of the Jubilee Shear with results pending; Several high-grade gold intersections > 5.00 g/t Au at depth in the Jubilee Shear located hundreds of meters away from the 2024 MRE, are indicative of the potential for future growth to the mineral resource. Drilling at depth continues to identify key geological vectors towards potential zones of strong gold mineralization in the Jubilee Shear: Includes the identification of a new gabbro dyke interpreted to represent a key geological control on the Jubilee Shear at depths similar to the gabbro dykes controlling the distribution of gold mineralization near surface; and Outlines new exploration targets at depths in the Jubilee Shear in the Cooper Mine area. The focus of the drilling is to build out the near surface resource to complete an updated MRE and a Preliminary Economic Assessment by H1 2026. Michael Michaud, President and CEO of Red Pine commented: 'We are excited that our initial near-surface drilling has already intersected wide zones of alteration, quartz veining and significant gold grades. This drilling is designed to not only improve our confidence in the gold distribution, but also to expand gold mineralization in this relatively underexplored area. This drilling is the first step in assessing the potential of a near-term open pit operation that would provide an incremental approach to move towards a larger operation to mine the existing open-pit and underground mineral resource base outlined in the 2024 MRE. We are also pleased with the positive results from deeper drilling as we continue to gain more knowledge on the geology and the potential to intersect gold mineralization in large step-outs from the 2024 MRE. Of importance, we have now intersected a gabbro unit at depth that is known to be a critical control on mineralization as identified closer to surface where we have already defined a large open-pit and underground resource. The Company intends to update the 2024 MRE with the completion of the drilling program, with the objective to concurrently work towards a preliminary economic assessment ('PEA'), anticipated for completion in H1 2026." 1The MRE is described in the National Instrument 43-101 Technical Report dated September 30, 2024 (with a mineral resource effective date of August 28, 2024) entitled 'National Instrument 43-101 Technical Report for the Wawa Gold Project' (the ''). Ongoing Drilling Program Red Pine is currently drilling with 2 rigs and completed approximately 65% of the fully funded 25,000 m exploration program. The ongoing drilling at depth continues to intersect gold mineralization with large step outs designed to expand the mineral resource base. In parallel, near-surface testing of the Jubilee Shear has started in two areas identified as having high potential for open-pits within the near-surface portion of the 2024 MRE. The near-surface drilling program consists of closely spaced drill holes aiming to increase confidence in the 2024 MRE and extend gold mineralization within the crown pillar of the former Surluga and Jubilee mines where historic drilling was limited. Between 8,000 and 9,000 m of drilling is allocated to evaluate the two areas and is expected to take 3 months to complete. Near-Surface Drill Testing of the Jubilee Shear for Potential Open-Pit Operation (Tables 1 and 2 and Figures 1 to 3): In addition to the strong results obtained in SD-25-552, previous drilling supports the potential of the areas considered for potential open-pits (Figure 1). Significant historical results included in the 2024 MRE in each area include: Northern Area 4.40 g/t Au over 9.61 m, including 38.74 g/t Au over 0.77 m and 28.80 g/t Au over 0.31 m in historical drill hole S073 13.24 g/t Au over 4.69 m, including 18.64 g/t Au over 3.17 m in historical drill hole S063 Jubilee Mine Area 4.42 g/t Au over 18.99 m, including 40.20 g/t Au over 1.00 m in SD-17-172 9.62 g/t Au over 14.93 m, including 12.47 g/t Au over 1.83 m, 24.14 g/t Au over 0.91 m and 81.12 g/t Au over 0.91 m in historical drill hole S240 Jubilee Deep Drilling (Tables 1 and 2 and Figure 2): Deep drilling in the Jubilee Shear that consists of large step-outs from the 2024 MRE, continues to uncover indications of high-grade gold mineralization at depth and is vectoring towards new zones of high-grade gold mineralization. Additional drill testing of the deeper extension of the Jubilee Shear is planned to continue in parallel with the drill testing of the near-surface extension of the Jubilee Shear. Key highlights of the deep drilling in the Jubilee Shear include: Multiple intersections greater than 5.00 g/t Au indicating that mineralization extends beyond the 2024 MRE (including the drilling results announced on February 19 and March 20, 2025): Additional drilling will be necessary to infill the gaps between the widely spaced drill holes completed to date to find areas of thickening of the high-grade core of the Jubilee Shear. Identification of a new gabbro dyke at depth west of the Jubilee Shear in relation to the roll discussed in the February 19 and March 20, 2025 press releases: Wide gabbro intersections in SD-25-536 and SD-540 below the Main Deformation Zone of the Jubilee Shear interpreted to represent a new gabbro dyke In the shallower parts of the Jubilee Deposit, the main zones of mineralization forming the 2024 MRE are distributed above and below such gabbro dyke Gabbro dykes are a key geological control on the location of rolls which are areas where the dip of the shear zone changes that can correspond to zones of thickening of mineralization in the shears of the Wawa Gold Project Mineralogical transition from white-mica dominated to chloritized-biotite alteration haloes around the strongly deformed veins in the Jubilee Shear. In other deposits of the Michipicoten Greenstone Belt, that mineralogical transition is an indicator that the gold system is changing and that this can result in positive changes in the nature of the gold mineralization zones. Table 1 Drilling results from the 2024-2025 drilling program Hole(#) From(m) To(m) Length(m)* Gold(g/t) Zone(name) SD-25-533 658.88 659.68 0.80 2.24 Jubilee Shear - Main 672.00 673.09 1.09 5.01 SD-25-535 211.46 213.00 1.54 7.23 Vein Network SD-25-536A 968.00 969.06 1.06 2.56 Jubilee Shear - Main SD-25-538 741.00 742.00 1.00 5.32 Jubilee Shear - Upper 788.32 798.31 9.99 1.95 Jubilee Shear - Main including 795.20 796.40 1.20 8.50 SD-25-539 93.80 95.56 1.76 3.00 Mickelson Vein Network 480.34 483.61 3.27 2.92 Jubilee Shear - Main Including 481.43 483.61 2.18 4.12 643.50 644.78 1.28 3.96 SD-25-552 64.64 69.45 4.81 14.51 Jubilee Shear - Main Including 65.75 66.42 0.67 90.40 67.27 68.12 0.85 7.93 *Intercepts are calculated using a 0.40 g/t Au cut-off and a maximum of 6.0 m of internal dilution with no capping applied and are reported over core lengths. True widths are estimated to vary between 70 to 95% of the reported core length in the Jubilee and undefined in the vein networks. The reported assay results represent 4,614.23 m of assayed core from the 2025 drilling program in the extension at depth of the Jubilee Shear and 16.88 m from near-surface drilling in the Northern Area for consideration for Phase 1 open-pits. Quality Assurance/Quality Control ("QA/QC") Measures Individual drill core samples are labelled and split in half along a pre-marked cutting line using a diamond saw. A consistent half-core sample is then placed in an individual plastic sample bag that is sealed. The remaining half-core samples are kept at the core storage facility of the Company located on the Wawa Gold project. Quarter-core duplicates are taken from certain samples to define the variability of gold distribution. Groups of samples are then placed into durable rice bags sealed with security seals to be transported using a commercial carrier for analysis to Actlabs in Ancaster, Ontario. NQ core assays were obtained by 50-gram fire-assaying-AA finish or by 1-kilogram screen fire assay. The 1-kilogram screen assay method is selected for samples anticipated to contain coarse gold and when the fire-assay-AA finish return results greater or equal to 2.25 g/t Au. The residual coarse reject portions of the samples remain in storage for a minimum 90-day period if further work or verification is needed. As part of its QA/QC program, Red Pine inserts external gold standards (low- to high-grade) and blanks every 20 samples and routinely insert blanks immediately after samples with visible gold. Quarter core duplicates are routinely inserted to evaluate the natural variability of gold mineralization. Assay certificates are sent to at least three members of the senior management team, and they are directly accessible from the WebLIMS portal of Actlabs. Approximately 5% of the pulps and coarse rejects analyzed at Actlabs are sent to Agat Laboratories in Thunder Bay for umpire testing. Table 2 – Drill hole location Hole(#) UTM E(m) UTM N(m) Elevation(masl) Azimuth(°) Inclination (°) Length(m) Assays Status Area SD-25-533 668713 5314807 346.0 303.0 60.1 873.0 Complete Jubilee Deep SD-25-534A 668713 5314807 346.0 303.0 60.1 1116.0 Complete Jubilee Deep SD-25-535 668859 5315950 370.5 267.0 70.0 841.0 Complete Jubilee Deep SD-25-536A 668713 5314807 346.0 300.0 66.0 1149.0 Complete Jubilee Deep SD-25-537 668859 5315950 370.5 300.0 65.3 785.0 Complete Jubilee Deep SD-25-538 668708 5315808 370.0 218.0 73.1 858.0 Complete Jubilee Deep SD-25-539 668582 5315801 368.5 323.0 70.9 696.0 Complete Jubilee Deep SD-25-540 668922 5315725 353.3 240.0 70.4 1002.0 Pending Jubilee Deep SD-25-541 668219 5317008 359.6 295.0 45.2 390.0 Pending Northern area SD-25-542 668258 5317118 364.0 295.0 45.2 399.0 Pending Northern area SD-25-543 668283 5317185 359.3 302.0 45.0 57.0 Pending Northern area SD-25-544 668267 5317163 362.0 302.0 45.0 162.0 Pending Northern area SD-25-545 668562 5315305 370.8 283.0 83.2 1033.0 Pending Jubilee Deep SD-25-546 668233 5317053 363.9 295.0 49.2 150.0 Pending Northern area SD-25-547 668289 5317260 346.6 290.0 47.3 126.0 Pending Northern area SD-25-548 668328 5317385 371.3 290.0 45.2 264.0 Pending Northern area SD-25-549 668363 5317459 375.1 290.0 45.0 135.0 Pending Northern area SD-25-550 668362 5317460 375.3 290.0 45.0 135.0 Pending Northern area SD-25-551 668362 5317460 375.3 290.0 89.1 132.0 Pending Northern area SD-25-552 668331 5317415 373.8 290.0 45.2 135.0 Partial Northern area SD-25-553 668331 5317415 373.8 290.0 70.1 141.0 Pending Northern area SD-25-554 668331 5317415 373.8 110.0 85.0 132.0 Pending Northern area SD-25-555 668344 5317441 374.9 290.0 45.0 148.0 Pending Northern area Qualified Person Jean-Francois Montreuil, and Vice President, Exploration of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release. About Red Pine Exploration Inc. Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol 'RDEXF'. The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. The Company's land package hosts numerous historic gold mines and is over 7,000 hectares in size. Red Pine is building a strong position as a major mineral exploration and development player in the Michipicoten region. For more information about the Company, visit Or contact: Michael Michaud, President and Chief Executive Officer, at (416) 364-7024 or mmichaud@ Or Manish Grigo, Director of Corporate Development, at (416) 569-3292 or mgrigo@ 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 Information This news release contains statements which constitute 'forward-looking information' within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions. Forward-looking information contained in this news release includes, but may not be limited to, statements regarding the potential of developing an early stage open-pit operation; the potential of further growth to the 2024 MRE; the Company updating the 2024 MRE and completing a PEA in H1 2026; drilling allocated to evaluating two areas for a potential open-pit operation taking 3 months to complete; additional drill testing of the deeper extension of the Jubilee Shear is planned to continue in parallel with the drill testing of the near-surface extension of the Jubilee Shear; additional drilling being necessary to infill the gaps between the widely spaced drill holes completed to date to find areas of thickening of the high-grade core of the Jubilee Shear; and that alteration related to gold mineralization in the new shoot appears to transition from white mica-dominated to chloritized biotite-dominated which is often associated with higher grades. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Such opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are: the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and weather, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance. This information contained in this news release is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including the Company's financial statements and related MD&A for the year ended July 31, 2024, and the interim financial reports and related MD&A for the period ended January 31, 2024, April 30, 2024, October 31, 2024 and January 31, 2025, filed with the securities' regulatory authorities in certain provinces of Canada and available at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. Figure 1 - 3D view showing conceptual pits, select previous drilling and existing underground 2 - Longitudinal view of Jubilee Shear showing the interpreted steeper plunging zones of overlying quartz veins that have enriched the shallow, south plunging shoot / gabbro. The intersected gabbro at depth is interpreted to be similar to the gabbro closer to surface that provides control on the gold 3 – A and B) Photographs of SD-25-552 showing the zone of strong alteration, quartz veining and mineralization in the Jubilee Shear with B) a close view of the high-grade quartz vein. C) Variably sheared and veined gabbro dyke identified at depth below the Jubilee Shear in SD-25-540. The core pictures are from NQ-sized drill core with a diameter of 47.6 mmPhotos accompanying this announcement are available at:
