Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") announces that as contemplated by the Amended and Restated Option Agreement with Kiboko Gold Inc. ("Kiboko") dated November 30, 2021, a preliminary long form prospectus has been filed and can be found on Kiboko's SEDAR profile. Tres-Or also reports that Kiboko has filed an accompanying Technical Report (NI 43-101 report) titled "Harricana Gold Project Technical Report, Duverny Township, Quebec".
About the Fontana Gold Project (renamed the Harricana Gold Project)
The Fontana Gold Project located 16 km northeast of Amos, Québec was expanded to include Tres-Or's Duvay and Chenier gold project areas, and additional land was staked to increase the project to more than 100 km2 of prospective terrain. The Project includes 234 claims and represents a camp-scale opportunity for a discovery in the heart of Canada's most prolific mining district, the Abitibi gold belt.
Tres-Or's Fontana Gold Project has a tremendous quantity of historic data ranging from small scale mining to recent exploration drilling. This extensive dataset includes geologic mapping, detailed geophysics and geochemistry, bulk sampling, and assay data from more than 700 diamond drill holes dating back to 1937.
The Kiboko technical report provides recommendations for exploration programs with the first phase to consist of a drill program and a Mineral Resource estimate at the Fontana area of the Project. The second phase consists of additional drilling and Mineral Resource estimation at the Fontana, Monpas, and Duvay areas of the Project.
About the Amended and Restated Option Agreement
Under the amended and restated option agreement Kiboko is granted a one stage option to acquire all the Company's interest in the Fontana Gold Project (234 claims) subject to certain royalty interests as per Tres-Or news releases dated December 1, 2021, and January 19, 2022.
To exercise this Amended and Restated Option Kiboko must:
(a) return 2,000,001 Tres-Or common shares and return for cancellation 1,000,001 warrants of the Company previously issued to Kiboko;
(b) on or before June 30, 2022, complete an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the "IPO"); and
(c) within 30 days of the closing of the IPO pay $350,000 to Tres-Or and issue to the Company shares of Kiboko (the "Kiboko Shares") having a value of $1,500,000 based upon a share price equal to the price at which Kiboko's common shares were issued in the IPO. The Kiboko Shares are to be subject to a 12 month hold period and such other restrictions as are imposed under the policies of the BC Securities Commission and the TSX Venture Exchange. Notwithstanding these restrictions the Company may distribute some or all the Kiboko Shares to its shareholders effective December 31, 2022.
It is the intention of the Company's Board of Directors to distribute the Kiboko shares received under this agreement to Tres-Or shareholders on a pro-rata basis, which will be subject to further TSX Venture Exchange submissions and approvals. The record date upon which the distribution is based will be determined once the Kiboko shares have been issued to Tres-Or.
Note: The reader is cautioned that there is no assurance that a final form prospectus will be accepted by the applicable regulatory bodies nor is there any assurance Kiboko will be successful in completing the capital raising contemplated by the prospectus.
On behalf of the Board of Directors
Laura Lee Duffett, President and CEO
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com Dean Claridge, Business Development: +1 (604) 688-8700 Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/123507
News Provided by Newsfile via QuoteMedia
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Tres-Or Resources Ltd. (TSXV: TRS) ("Tres-Or" or the "Company") is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to $550,000 through the sale of Common Share Units (as defined herein) and Flow-Through Units (as defined herein) (the "Private Placement") to advance its Guigues diamond exploration project near Notre-Dame-du-Nord, Québec (the "Guigues Project"). All dollar amounts are in Canadian dollars.
The Company intends to issue a minimum of 2,500,000 common share units at a price of $0.10 per unit (a "Common Share Unit" or "CS Unit") for gross proceeds of $250,000. Each CS Unit will consist of one common share and one half of one transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.20 for a period of two (2) years from the date of issue.
The Company also intends to issue up to 2,500,000 flow-through units at a price of $0.12 per unit (a "Flow-Through Unit" or "FT Unit") for gross proceeds of up to $300,000. Each FT Unit will consist of one flow-through common share (a "FT Share") and one-half of one non-transferable common share purchase warrant (a "FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one non-flow-through common share of the Company at an exercise price of $0.20 for a period of two (2) years from the date of issue. The FT Shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
Private Placement Use of Proceeds
The gross proceeds from the issuance of FT Units will be used solely for Canadian Exploration Expenses ("CEE") that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's Guigues Project in Québec. No proceeds from the FT Units will be used on the Company's gold projects. The flow-through eligible expenditures will be renounced to the subscribers with an effective date of no later than December 31, 2021, in an amount not less than the gross proceeds raised from the issuance of the FT Units. The net proceeds from the sale of the CS Units will be used to fund exploration, property-related expenses, and for general corporate and working capital purposes.
The gross proceeds from the FT Units will be used to fund a proposed 2021-2022 exploration program to complete the first macrodiamond testing by processing a mini bulk sample of +10 tonnes of Guigues core samples for macrodiamonds (diamonds > 0.425mm), further microdiamond and other testing of the Company's 100% owned Guigues kimberlite pipe at an estimated cost of $300,000.
A comprehensive description of the Company's 2021 exploration work programs, is presented in a series of the Company's news release titled, "Tres-Or Announces Recovery Of Significantly More Microdiamonds From New Samples Of The Guigues Kimberlite Pipe In Quebec, January 5, 2021, Tres-Or Announces Type II Microdiamonds Dominate At The Guigues Kimberlite Pipe In Quebec, April 6, 2021, Macrodiamond Analyses Recommended, Microdiamond Photos (Dominantly Type II) From Tres-Or's Guigues Pipe In Québec, May 5, 2021 and Macrodiamond Drill Program Ready To Start At Tres-Or's Guigues Pipe In Québec, November 1, 2021".
Details of 2021 Macrodiamond drill program completed at Tres-Or's Guigues pipe in Québec are reported in the Company news release dated November 16, 2021, and is available on SEDAR and the Company's website.
Insiders Plan to Participate in the Private Placement
Certain insiders of the Company intend to participate in the Private Placement and are expected to subscribe for both CS Units and FT Units. Any participation by insiders in the offering would constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, the Company expects such participation would be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the units subscribed for by the insiders, nor the consideration for the units paid by such insiders, would exceed 25% of the Company's market capitalization.
The Private Placement is expected to close in one or more closings with the first expected to occur on or about December 31, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval of the TSX Venture Exchange ("TSXV") and securities regulatory authorities. The Company may close the Private Placement in tranches at any time, at its discretion.
In connection with the Private Placement, the Company may pay, subject to TSXV approval, fees on the gross proceeds raised by qualified parties on the units issued pursuant to the efforts of the agents and finders.
All securities, and the underlying securities thereof, issued in the Private Placement will be subject to a hold period expiring four months and one day from the closing date of the Private Placement. Additional resale restrictions and legends may apply in the United States and other jurisdictions.
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.
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec that is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
On behalf of the Board of Directors
Laura Lee Duffett President and CEO
For further information: Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com Dean Claridge, Business Development: +1 (604) 688-8700 Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the 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 IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107170
News Provided by Newsfile via QuoteMedia
Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") is pleased to announce the completion of its November 2011 Option Agreement with Globex Mining Enterprises Inc. (TSX: GMX) (FSE: G1MN) (OTCQX: GLBXF) ("Globex") to acquire a 100% interest in 23 mineral claims comprising the Fontana Gold Project subject to Globex retaining a 2.0% NSR.
About the Fontana Gold Project Claims
The Fontana Gold Project is the most advanced project in the Amos area of Quebec. It has been the subject of considerable past work, including the sinking of a 92-meter shaft, excavation of 242 meters of underground workings, completion of over 300 drill holes, and processing of 22,047 tonnes of bulk sample material yielding 1,450 ounces of gold.
Gold mineralization within the Fontana Gold Zone occurs within quartz veins and veinlets spatially associated with a number of northeast-southwest and northwest-southeast trending shear zones. Multiple zones of high-priority gold occurrences have been reported, including:
Some of the best historic drill intersections were reported at the intersection of the Hooper and Bunkhouse zones, including 17.5 g/t gold over 38.1 meters (Drill Hole JB200B) and 17.1 g/t gold over 13.7 meters (Drill Hole JB200).
Photograph 1 - Tres-Or drill hole FT 17-01 representing a mineralized interval from the Hooper Zone where assays returned 46.1 g/t gold over 0.5m from a 52.5m to 53.0m interval (for additional information see Tres-Or news release December 8, 2017). To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2478/106940_e252b725d4d2198a_001full.jpg
Photograph 2 - Tres-Or drill hole FT 17-01 represents a mineralized interval from the Bunkhouse Zone where assays returned 10.4 g/t gold over 1.0m from an interval between 215.45m to 216.45m (for additional information see Tres-Or news release December 8, 2017). To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/2478/106940_e252b725d4d2198a_002full.jpg
Recently, Tres-Or announced an Amended and Restated Option Agreement with Kiboko Gold Inc. ("Kiboko") to acquire the Company's interest in the Fontana Gold Project on or before June 30, 2022, by completion of an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the "IPO"), as more particularly detailed in the Company's news release dated December 1, 2021. This restated option agreement, subject to TSX Venture Exchange approval, includes all 334 of the Company's contiguous claims, including Tres-Or's Duvay and Chenier gold project areas, and additional land that was staked to increase the project to more than 100 km2 of prospective terrain. The property represents a camp-scale opportunity for discovery in the heart of Canada's most prolific mining district, the Abitibi gold belt.
Having attained the Kiboko transaction, serves to complete the separation of Tres-Or's gold property assets from its current diamond property assets. Tres-Or will continue to focus on the exploration and development of its Quebec diamond assets (refer to Tres-Or news release November 16, 2021- Macrodiamond drill program completed at the Guigues diamond pipe) and continues to evaluate additional diamond project opportunities.
This news release was prepared by Laura Lee Duffett, P.Geo., President, Director and Chief Executive Officer of Tres-Or, in her capacity as a Qualified Person under National Instrument 43-101.
On behalf of the Board of Directors
Laura Lee Duffett, President and CEO
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com Dean Claridge, Business Development: +1 (604) 688-8700 Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106940
News Provided by Newsfile via QuoteMedia
Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") announces that it has reached an agreement with Kiboko Gold Inc. ("Kiboko") to amend and restate the original option agreement between the parties dated June 6, 2019 (the "Original Agreement").
About the Fontana Gold Project
The Fontana Gold Project located near Amos, Québec was expanded to include Tres-Or's Duvay and Chenier gold project areas, and additional land was staked to increase the project to more than 100 km2 of prospective terrain. The Project represents a camp-scale opportunity for discovery in the heart of Canada's most prolific mining district, the Abitibi gold belt.
Tres-Or's Fontana Gold Project has a tremendous quantity of historic data ranging from small scale mining to recent exploration drilling. The data includes geologic mapping, detailed geophysics and geochemistry, bulk sampling, and assay data from more than 700 diamond drill holes dating back to 1937. Kiboko has this extensive dataset and is in the process of planning, budgeting, and permitting a drill program using coarse gold specific techniques.
About the Amended and Restated Option Agreement
Under the new amended and restated agreement (the "New Agreement") Kiboko is granted a one stage option (the "100% Option) to acquire the Company's interest in the Fontana Gold Project, as more particularly detailed in the Company's MD&A for the period ended August 31, 2019, filed on SEDAR. This replaces the two-stage option under the Original Agreement whereby Kiboko was granted the right to acquire up to 90% of the Company's interest in the Fontana Gold Project.
To exercise the 100% Option Kiboko must:
(a) return 2,000,001 common shares and 1,000,000 warrants of the Company previously issued to Kiboko;
(b) deposit $300,000 with Tres-Or's counsel on or before November 30, 2021, to be applied as to $200,000 to be paid to Globex Mining Enterprises Inc. to satisfy certain outstanding obligations with the balance to be paid to Tres-Or;
(c) on or before June 30, 2022, complete an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the "IPO"); and
(d) within 30 days of the closing of the IPO pay $350,000 to Tres-Or and issue to the Company shares of Kiboko (the "Kiboko Shares") having a value of $1,500,000 based upon a share price equal to the price at which Kiboko's common shares were issued in the IPO. The Kiboko Shares are to be subject to a 12 month hold period and such other restrictions as are imposed under the policies of the BC Securities Commission and the TSX Venture Exchange. Notwithstanding these restrictions the Company may distribute some or all the Kiboko Shares to its shareholders effective December 31, 2022.
Should Kiboko fail to satisfy any of the above conditions the 100% Option shall terminate and, subject to an obligation to maintain the claims in good standing for 12 months, the rights and obligations of Kiboko with respect to the Fontana Gold Project shall cease.
It is the intention of the Company's Board of Directors to distribute the Kiboko shares received under this agreement to Tres-Or shareholders on a pro-rata basis, which will be subject to TSX Venture Exchange approval. The record date upon which the distribution is based will be determined once the Kiboko shares have been issued to Tres-Or.
The consummation of this agreement will complete the separation of Tres-Or's gold property assets from its current diamond property assets. Tres-Or will continue to focus on the exploration and development of its Quebec diamond assets (refer to Tres-Or news release November 16, 2021- Macrodiamond drill program completed at the Guigues diamond pipe) and continues to evaluate additional diamond project opportunities.
On behalf of the Board of Directors
Laura Lee Duffett, President and CEO
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com Dean Claridge, Business Development: +1 (604) 688-8700 Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106104
News Provided by Newsfile via QuoteMedia
Tres-Or Resources (TSXV: TRS) (OTC Pink: TRSFF), a Canadian resource company focused on exploring for diamonds and gold in Quebec, has completed the company's first macrodiamond drill program at its Guigues Kimberlite Pipe in Québec. The company's 100% owned flagship project, the Guigues Kimberlite pipe, is located 10 kilometres from Notre-Dame-du-Nord, in southwestern Quebec.
For more information, please view the InvestmentPitch Media "video" which provides additional information on the company and this news, along with some comments from Laura Lee Duffett, President and CEO of Tres-Or. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Tres-Or" in the search box.
The Guigues kimberlite pipe has substantial size of 4.6 to 7 hectares, excellent local infrastructure, and most importantly highly encouraging diamond indicator mineral chemistry.
The planned 5-hole drill program, totalling 1,500 metres, was completed in one week, with each of the 5 holes reaching 300 metres and encountering significant kimberlite, thereby providing more than 10 tonnes of kimberlite sample for mini-bulk macrodiamond testing.
The kimberlite core will provide the sample for the recovery of macrodiamonds by testing at an independent Canadian laboratory. The company has already collected approximately 8 tonnes from the mini-bulk sample that exceeded 10 tonnes and anticipates recovering all diamonds greater than 0.425 millimetres in diameter.
Tres-Or's previous sampling programs at Guigues established that the kimberlite carries closely comparable indicator mineral and microdiamond populations to De Beers' Victor Diamond Mine in northern Ontario. Nitrogen measurements were conducted by the Saskatchewan Research Council Geoanalytical Laboratories Diamond Services on all Guigues microdiamonds larger than 0.15 millimetres, which demonstrated that more than 75% of these microdiamonds lack the impurity nitrogen, making them similar to most of the largest high value diamonds, Type II, ever produced around the world.
Management cautions that although the recovery of Type II microdiamonds from the Guigues Kimberlite is suggestive of the occurrence of larger stones, this does not mean that the Guigues Kimberlite will necessarily host large Type II diamonds.
The shares are trading at $0.08. For more information, please visit the company's website at www.tres-or.com, contact Laura Lee Duffett, President and CEO, at 604-541-8376 or by email laura@tres-or.com.
Investmentpitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
CONTACT: InvestmentPitch Media Barry Morgan, CFO bmorgan@investmentpitch.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104168
News Provided by Newsfile via QuoteMedia
Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") is pleased to report completion of the Company's first macrodiamond drill program at the Guigues Kimberlite Pipe in southwestern Québec. The planned 5 holes have been completed to 300.00 m each, providing more than 10 tonnes of kimberlite sample for mini-bulk macrodiamond testing. Four of the holes ended in kimberlite at 300.00 m, and the fifth hole entered metasediment county rock at 262.10 m. The drill was operated 24 hours a day by Forage DCB Drilling Inc. of Rouyn-Noranda, Quebec and finished the entire 1,500 m of HQ (64 mm diameter) core program in one week.
Figure 1: Schematic Cross Section presenting the November 2021 drilling program for macrodiamond testing of the Guigues Kimberlite Pipe
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2478/103694_53706018b4eb8919_001full.jpg
TR-21-01: northern set-up, vertical to 300.00 m to end of hole in kimberlite. Top of kimberlite at 33 m.
TR-21-02: northern set-up, inclined 80° south (azimuth 180°) to 300.00 m at end of hole. Country rock metasediments encountered at 262.10. Top of kimberlite at 33.75 m.
TR-21-03: central set-up, vertical to 300.00 m to end of hole in kimberlite. Top of kimberlite at 47.90 m.
TR-21-04: southwestern set-up, vertical to 300.00 m in kimberlite. Top of kimberlite at 51.25 m.
TR-21-05: southwestern set-up, inclined 80° north (azimuth 360°) to 300.00 m in kimberlite at end of hole. Top of kimberlite at 51.10 m.
The kimberlite core will provide the sample for the recovery of macrodiamonds by testing at an independent Canadian laboratory. Following this drill program, Tres-Or anticipates recovering all diamonds greater 0.425 mm in diameter, from a mini-bulk sample total weight in excess of 10 tonnes. Already, approximately 8 tonnes have been collected during this drill program.
Logging of the core was completed on the Timiskaming First Nations Reserve in Notre Dame du Nord, and supports multiple intrusive phases of kimberlite, each with the potential or carrying a different concentration of macrodiamonds.
Image of Guigues 2021 kimberlite drill core
To view an enhanced version of this image, please visit: https://orders.newsfilecorp.com/files/2478/103694_53706018b4eb8919_002full.jpg
Tres-Or's previous sampling programs at Guigues have established the kimberlite carries closely comparable indicator mineral and microdiamond populations to De Beers' Victor Diamond Mine in northern Ontario, as well as demonstrating that more than 75% of the Guigues microdiamonds lack the impurity nitrogen (Type II) similar to most of the largest high value diamonds ever produced around the world. For further information, refer to Tres-Or news releases dated May 5th, April 6th, and January 5th, 2021, for details on Guigues indicator minerals, microdiamond counts, and Type II abundance.
[Note: Type II diamonds are defined as lacking nitrogen; they are equivalent to Type IIa diamonds which are additionally defined as lacking trace boron impurities which results in a blue color, such as the famous Hope diamond. Nitrogen measurements were conducted by the Saskatchewan Research Council Geoanalytical Laboratories Diamond Services ("SRC") on all Guigues +0.150 mm microdiamonds, using the industry-standard technique of micro-Fourier Transform Infrared Spectroscopy (FTIR). SRC does not report boron, thus all analyses lacking nitrogen are reported as Type II.]
Note that although the recovery of Type II microdiamonds from the Guigues Kimberlite is suggestive of the occurrence of larger stones, this does not mean that the Guigues Kimberlite will necessarily host large Type II diamonds.
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
On behalf of the Board of Directors
Laura Lee Duffett, President and CEO
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com Dean Claridge, Business Development: +1 (604) 688-8700 Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Mr. Gordon N. Henriksen, P.Geo. (OGQ #451) the Company's Geologist and Qualified Person (as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects), logged the core and directed the field program. Mr. Henriksen has reviewed the scientific and technical information in this news release and has approved the disclosure herein.
This news release contains projections and forward-looking information that involve various risks and uncertainties, including, without limitation, statements regarding the potential extent of mineralization, resources, reserves, exploration results and plans and objectives of the Company. These risks and uncertainties include, but are not restricted to, the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices, the amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof and the need for adequate financing for future exploration and development efforts. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103694
News Provided by Newsfile via QuoteMedia
Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVDF) ("Mountain Province", or the "Company") is pleased to announce the appointment of Ms. Kelly Stark-Anderson to its Board of Directors. Her appointment follows the departure of Dean Chambers who has chosen the step-down due to other commitments.
An accomplished executive in the Canadian mining industry, Ms. Stark-Anderson has over 25 years experience in the legal, M&A, financing and governance areas, combined with deep experience in Environmental, Social, Governance (ESG) matters. Ms. Stark-Anderson is currently the Executive Vice President Corporate Affairs, General Counsel & Corporate Secretary and Corporate Compliance Officer for Dundee Precious Metals Inc. (TSX:DPM) and previously has acted as Vice-President, Legal and Corporate Secretary for SSR Mining Inc. Ms. Stark-Anderson led her own firm providing corporate/commercial, governance and securities compliance services to public, private and crown entities. Ms. Stark-Anderson's deep experience in ESG, legal, financing and M&A will be a valuable addition to the Company's board.
Jonathan Comerford , the Company's Chairman, commented:
"We are extremely happy to have Kelly join our Board of Directors. Her legal expertise and strong ESG experience are areas we were seeking to strengthen on our Board, which together with her extensive governance experience will be extremely beneficial as the Company advances through 2022 and beyond. The recent national award received by the Gahcho Kué mine for a collaborative monitoring program with the indigenous Ní Hadi Xa community is one example of the important work we do, and Kelly will bring a fresh perspective to our ESG approach. I would also like to thank Dean for his considerable contribution to the Board of Mountain Province during a very challenging time for the Company, and wish him well in his future endeavors."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and 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 statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that 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 in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. 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. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
View original content: https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-changes-to-its-board-of-directors-301552321.html
SOURCE Mountain Province Diamonds Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2022/20/c9541.html
News Provided by Canada Newswire via QuoteMedia
Star Diamond Corporation ("Star Diamond" or the "Corporation") is pleased to announce that all of the nominees listed in the management proxy circular dated March 29, 2022 were elected as directors of the Corporation at its annual meeting of shareholders held on May 18, 2022 (the "Meeting").
Details of the voting results for the election of directors are set out below:
In addition, shareholders also approved at the Meeting a resolution to re-appoint KPMG LLP as the Corporation's independent auditors.
Voting results for all matters will be posted on SEDAR at www.sedar.com .
Star Diamond is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. (a wholly-owned subsidiary of Rio Tinto plc), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan, Canada , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/18/c8265.html
News Provided by Canada Newswire via QuoteMedia
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTC: MPVD) today announces interim exploration results for its 100%-held Kennady North Project. The Kennady North Project consists of over 107,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program is focussed on finding new kimberlites based on a detailed analysis of historical technical information including ground and airborne geophysics, kimberlite indicator minerals, and geological mapping. Approximately 3,000 of the ongoing 6,000 meter winter drill program have been completed.
" We began 2022 with a plan to launch an aggressive winter exploration campaign over Kennady North, and we have achieved that plan. We have discovered kimberlite in three of four targets tested to date, and completed all of our scheduled airborne and ground geophysics. In the final weeks of our winter program, we will continue to drill-test as many priority anomalies as feasible with the intent to discover more kimberlite and add value to the Kennady North Project. As a pure Canadian diamond producer and explorer, we see this as an important time to aggressively explore for new Canadian diamond production"
Of the sixteen targets identified four have been tested by drilling so far. Drilling will continue through the rest of the winter 2022 program which is expected to culminate at the end of May. Summer exploration will start in Q3 with emphasis on follow-up sampling of indicator mineral results generated from the 2021 till sampling program, which are expected to be complete by the end of Q3. A review of all winter 2022 ground geophysical data continues through Q2 with the intent to drill areas of interest ("AOI") with land-based anomalies in the summer program.
To date, 2,935 meters from 20 drillholes have been collected from the North Anomaly, South Anomaly, KS Anomaly and G6 Anomaly. These anomalies were defined using ARRT (a high-resolution ground resistivity system developed by Aurora Geoscience Ltd., Yellowknife ), and by ground gravity. Both systems recognize the physical contrast between competent country rock and country rock adjacent to kimberlite that is broken and altered from emplacement of the kimberlite. Locations for these anomalies relative to the Kelvin and Faraday kimberlites are shown in the first set of images.
Seven drillholes completed at the North Anomaly have identified depth-extensive zones of highly altered country rock intermixed with intersects of hypabyssal kimberlite ('HK') ranging from 0.03 to 6.93 meters in thickness (average thickness 1.54m ). Suspected volcaniclastic kimberlite ('VK') has been intersected in three drillholes and ranges from 0.16 to 2.13 meters in thickness (average 0.95m ), with 3D modeling of the drilling indicating lateral continuity for the VK. For Kelvin and Faraday kimberlites at Kennady North, VK comprises the greatest volume and its presence in the exploration drilling is considered a good indication for volume potential at the North Anomaly.
At the South Anomaly all five drillholes have HK present with thicknesses ranging from 0.68 to 6.96 meters (average 3.23m ). Country rock breccia consisting of highly comminuted gneiss mixed with kimberlite has also been observed, and is indicative of volume potential for the South Anomaly.
Four of six drillholes at the KS anomaly intersected HK kimberlite ranging from 0.22 to 1.49 meters in thickness. The present interpretation for the KS anomaly is that the system is lacking the kimberlitic fluids necessary to break up country rock and provide volume for VK to develop. A table of drill results for the North, South and KS Anomaly is provided below.
1 Intersects are not true thicknesses. 2 Initial measurements from field logs may change with further drillhole surveying and logging.
The target AOI were selected from recently-compiled studies of glacial geology and kimberlite indicator mineral (KIM) dispersions over the project area. Additional target AOI were selected after a review of historical geophysical data for Kennady North. These datasets were reviewed during several in-house workshops held in late 2021 and early 2022, with final ranking of sixteen AOI completed in a joint workshop held with De Beers in February 2022 . The sixteen AOI were scheduled for ARRT and ground gravity surveys during the winter program, with a total of 188.8 line-km of ARRT and 3,139 gravity stations completed over the targets. A map image of the AOI that received ground geophysics for drill-targeting is shown in the third image.
Drilling has started at the G6 anomaly, situated on the winter spur road to Gahcho Kué Mine. The G6 anomaly is the result of a 1997 DIGHEM airborne survey that delineated the Kelvin, Faraday and Gahcho Kué kimberlites. Recent drilling over follow-up coincident ARRT and ground gravity anomalies encountered no kimberlite. Assessment of the drill data is underway.
In addition to the ground geophysical surveys, a small airborne magnetic/electromagnetic survey was conducted over an unsurveyed area located one kilometer southeast of Gahcho Kué. A total of 1,291 line-km of data were collected over the area.
In 2021 over 600 till samples were collected over the project area, including the recently staked Kennady East claims. Preliminary results for 47 samples confirm the presence of pyrope, chromite and picroilmenite in esker samples from the southern portion of the Kennady East claims. The distribution of 2021 till samples and outline of the 2022 airborne geophysics program are shown in the fourth and final image.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Matthew MacPhail , P.Eng., MBA, and Tom E. McCandless , Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and 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 statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parametres, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that 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 in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. 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. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board
View original content to download multimedia: https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-successful-exploration-update-for-kennady-north-301548560.html
SOURCE Mountain Province Diamonds Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/17/c6092.html
News Provided by Canada Newswire via QuoteMedia
Star Diamond Corporation ("DIAM", "Star Diamond" or the "Company") reports that the unaudited results of its operations for the quarter ended March 31, 2022 will be filed today on SEDAR and may be viewed at www.sedar.com once posted. A summary of key financial and operating results for the three months ended March 31, 2022 is as follows:
Overview Star Diamond Corporation is a Canadian natural resource company focused on exploring and developing Saskatchewan's diamond resources. Star Diamond holds, through a joint venture arrangement with Rio Tinto Exploration Canada Inc. ("Rio Tinto Canada", a wholly-owned subsidiary of Rio Tinto plc or "Rio Tinto"), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project, or "Project"). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto Canada refers to their Fort à la Corne mineral properties as "Project FalCon".
Activities Relating to the Fort à la Corne mineral properties (including the Project) During technical meetings concerning the FalCon Project held in March 2022 , Rio Tinto Canada indicated to the Company that a number of desktop studies have been undertaken to evaluate the mineability and economic viability of the Project (see News Release dated February 17, 2022 ). Star Diamond recently received presentations from both Rio Tinto Canada and Rio Tinto personnel concerning data analysis and exploration activities that have been undertaken by Rio Tinto Canada over the last two years (see News Release dated March 9, 2022 ). Topics of interest covered during these technical meetings included: 1) Star Kimberlite trench cutter bulk sampling program results, 2) Diamond size and quality analysis, 3) 'Orbit' program update, 4) Mineability study, 5) Geological model and resource update, 6) Community and stakeholder engagement, 7) Environmental and permitting and, 8) Green energy and carbon mineralization. As the Company analyzes the information presented at these technical meetings and materials relating to these topic areas, the Company may provide further details and/or results of these studies.
The FalCon 'Orbit' exploration program conducted by Rio Tinto Canada has resulted in a number of kimberlites being prioritized for additional diamond evaluation work (see News Release dated April 12, 2022 ). Rio Tinto Canada geologists of the Orbit exploration team have, over the past few years, used a spectrum of evaluation techniques to review and prioritize the Fort à la Corne kimberlites outside of the Star and Orion South Kimberlites, which have already been subject to extensive evaluation. This program has highlighted the kimberlites of Orion North (K120, K147, K148) as having significant potential to add to the FalCon Project. Orion Centre (K145), Taurus (K150, K118, K122) and K119 stand out in the field as having number of the attributes sought but require further work to completely evaluate. The locations of these kimberlites relative to Star and Orion South are shown on the map, which is available on the Star Diamond website. Rio Tinto Canada has indicated that it is in the process of developing additional diamond evaluation work to be conducted on these kimberlites. The evaluation techniques used thus far by the Orbit exploration team to prioritize these Orion North, Orion Centre and Taurus Kimberlites have included: componentry method of core logging; diamond inclusion studies; garnet colour studies; trace element geochemistry; thermobarometry; and microdiamond sampling. These studies have highlighted the kimberlites of Orion North (K120, K147, K148) as satisfying Rio Tinto Canada's Ore Grade Width Intercept ("OGWI") requirements and that these kimberlites will require additional evaluation work. Orion Centre (K145), Taurus (K150, K118, K122) and K119 indicate the potential to deliver OGWIs.
The Company recently announced the completion of a major study into the abundance of Type IIa diamonds in the diamond parcels recovered from the Early Joli Fou ("EJF") Geological Units at the Orion North and Taurus Kimberlites. These diamonds were recovered by Star Diamond between 2006 and 2008 from 48-inch large diameter drilling ("LDD") programs. This study confirms that unusually high proportions of Type IIa diamonds are present in both the Orion North and Taurus Kimberlites. Of particular note is the remarkably high proportion of Type IIa diamonds in the Orion North 147/148 EJF (52%) of which 66% of the 24 stones, 3 grainer (0.66 carats) and above are Type IIa. This study also confirms and augments an earlier study of Type IIa diamonds being present in the Fort a la Corne kimberlites with Star at (26.5 percent) and Orion South Kimberlite (12.5 percent) (see News Releases dated June 09, 2010 & March 04, 2019 ). Type IIa diamonds are very rare and account for less than 2 percent of all natural rough diamonds mined from kimberlites. Many high-value, top colour, large specials (greater than 10.8 carats) are Type IIa diamonds, which include all ten of the largest known rough diamonds recovered worldwide.
Activities relating to other mineral properties The Company recently announced that pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 , the Company has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project for nominal consideration (see News Release dated May 12, 2022 ). As a result of the transaction, Star Diamond and Canterra Minerals Corporation each hold a 50% interest in the Buffalo Hills project. Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada , the Buffalo Hills project is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, Canada .
Year to Date Results For the quarter ended March 31, 2022 , the Company recorded a net loss of $0.9 million or $0.00 per share (basic and fully diluted) compared to a net loss of $1.1 million or $0.00 per share for the same period in 2021. The losses during these quarters were due to operating costs and exploration and evaluation expenditures incurred by the Company exceeding interest income earned on cash and cash equivalents.
During April 2022 , the Company completed a private placement whereby an aggregate of 16,666,667 Units were issued for proceeds of $5.0 million (see News Releases dated April 6, 2022 and April 22, 2022 ). Each Unit was comprised of one common share and one warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $0.40 , for a period of two years from the closing of the private placement.
Condensed Consolidated Statements of Financial Position
Exploration and evaluation, capital and other assets
Investment in Wescan Goldfields Inc.
Net loss for the period
Net loss per share for the period (basic and diluted)
Condensed Consolidated Statements of Cash Flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Outlook The provincial environmental approval of the Project received in 2018, alongside the previous positive federal decision, marked a major milestone for the Project. In addition, the positive results of the 2018 independent PEA show that the Project can be economically developed and operated while providing direct employment for hundreds of people throughout the construction phase and hundreds of people continuously over its estimated 38 year mine life.
The successful completion of the 2017 consolidation of the Fort à la Corne mineral properties (including the Project) and the amended Fort à la Corne joint venture agreement that was announced in December 2021 defines a new phase for the Company. The arrangements announced in December 2021 are intended to ensure that key project milestones, and the certainty associated with them, will have been achieved before Star Diamond has to contribute any additional capital. Star Diamond will have no obligation to fund or contribute to carried interest costs until the commencement of commercial production, which will not occur until after the completion of construction of the diamond mine with it generally operating at certain specified thresholds for 90 days. Once a decision to develop the mine has been made and publicly announced, Star Diamond will have six months before it is required to begin contributing to its share of capital costs and expenditures incurred for construction of the mine.
As of May 12, 2022 , the Company had approximately $3.4 million in cash and cash equivalents (excluding $0.6 million in restricted cash). A portion of the Company's cash and cash equivalents will be used for programs (including remaining flow-through commitments) to further assess, evaluate and advance certain aspects of the Company's mineral properties, as well as for general corporate matters.
About Star Diamond Corporation Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Star Diamond trade on the Toronto Stock Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with Rio Tinto Canada (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).
This news release contains forward-looking statements as defined by certain securities laws, including the "safe harbour" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. In particular, statements regarding the Company's future operations, future exploration and development activities or other development plans constitute forward-looking statements. By their nature, statements referring to mineral reserves, mineral resources or the PEA constitute forward-looking statements. Forward-looking statements contained or implied in this news release include, but are not limited to, statements relating to the Company's ability to continue as a going concern; statements regarding programs previously performed by Rio Tinto Canada; statements regarding future programs by Rio Tinto Canada; statements related to diamond breakage and other reporting; disclosure regarding the economics and project parameters presented in the PEA, including, without limitation, IRR, NPV and other costs and economic information, carats of diamonds to be recovered, after-tax payback period, tonnes of kimberlite to be mined, carats per tonne to be recovered (grade), diamond prices, project life, life of mine, capital costs, and length of pre-production period; statements related to mineral resources and/or reserves; statements related to the approval of the development of the Star - Orion South Diamond Project; statements relating to future development of the Star - Orion South Diamond Project and associated timelines; statements with respect to environmental permitting and approvals; the Company's need for and intention to seek additional financing; statements with respect to metallurgical and diamond investigations, assessments and test work including diamond breakage studies; the potential proportion of Type IIa diamonds in the Star, Orion South , Orion North and Taurus kimberlites and the potential for the recovery of large, high-quality diamonds.
These forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it and involve inherent risks and uncertainties, both general and specific. Risks exist that forward-looking statements will not be achieved due to a number of factors including, but not limited to, developments in world diamond markets, changes in diamond valuations, risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar, changes in exploration, development or mining plans due to exploration results and changing budget priorities of Rio Tinto Canada or the Company, the nature and outcome of studies, analyses, criteria or conditions that Rio Tinto Canada may consider relevant to its assessment of whether to seek to further invest in the Project or seek to develop the Project into an operating mine, the effects of competition in the markets in which the Company operates, the impact of the COVID-19 pandemic, risks related to diamond breakage from extraction and diamond recovery, risks related to the Company's need for additional financing and the Company's ability to raise that financing, the impact of changes in the laws and regulations regulating mining exploration and development, judicial or regulatory judgments and legal proceedings, operational and infrastructure risks and the additional risks described in the Company's most recently filed Annual Information Form, annual and interim MD&A, news releases and technical reports. The Company's anticipation of and success in managing the foregoing risks could cause actual results to differ materially from what is anticipated in such forward-looking statements.
Although the Company considers the assumptions contained in forward-looking statements to be reasonable based on information currently available to it, those assumptions may prove to be incorrect. When making decisions with respect to the Company, investors and others should not place undue reliance on these statements and should carefully consider the foregoing factors and other uncertainties and potential events. Unless required by applicable securities laws, the Company does not undertake to update any forward-looking statement that is made herein.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/12/c8881.html
News Provided by Canada Newswire via QuoteMedia
Star Diamond Corporation (TSX: DIAM) ("Star Diamond" or the "Corporation") is pleased to announce that, pursuant to a Quitclaim, Surrender and Assignment of Interest Agreement dated May 11, 2022 the Corporation has acquired an additional joint venture interest of approximately 17% in the Buffalo Hills project in north central Alberta, Canada for nominal consideration. As a result of the transaction, Star Diamond and Canterra Minerals Corporation (TSXV: CTM) each hold a 50% interest in the Buffalo Hills project.
Located approximately 400 kilometres northwest of Edmonton, Alberta, Canada , the Buffalo Hills project is a significant and accessible field of diamond bearing kimberlites, with similarities to the Fort á la Corne kimberlites in Saskatchewan, Canada .
Star Diamond Corporation is a Canadian based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Corporation trade on the TSX Exchange under the trading symbol "DIAM". Star Diamond holds, through a joint venture arrangement with RTEC (a wholly-owned subsidiary of Rio Tinto), a 25% interest in certain Fort à la Corne kimberlites (including the Star – Orion South Diamond Project). These properties are located in central Saskatchewan , in close proximity to established infrastructure, including paved highways and the electrical power grid, which provide significant advantages for future mine development. Rio Tinto refers to their Fort à la Corne mineral properties as "Project FalCon". During 2018, Star Diamond announced the positive results of an independent Preliminary Economic Assessment (the "PEA") on the Project. The PEA (on a 100% basis) estimated that 66 million carats of diamonds could be recovered in a surface mine over a 38-year Project life, with a Net Present Value ("NPV") (7%) of $2.0 billion after tax, an Internal Rate of Return ("IRR") of 19% and an after-tax payback period of 3.4 years after the commencement of diamond production (see news release dated April 16, 2018 ).
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/11/c9992.html
News Provided by Canada Newswire via QuoteMedia
TSX:LUC) (BSE: LUC) (Nasdaq Stockholm: LUC)
Lucara Diamond Corp. ("Lucara" or the "Company") held its Annual General and Special Meeting of shareholders in Vancouver, British Columbia today. Shareholders voted as follows on the matters before the meeting: View PDF version .
Board Members Shareholders elected the following 7 board members with shareholders represented at the meeting voting in favour of individual directors as follows:
Appointment of Auditors Shareholders re-appointed PricewaterhouseCoopers LLP as Lucara's auditors with 95.22% of shareholders voting in favour.
Ordinary Resolutions to Share Unit Plan Amendments Shareholders passed an ordinary resolution to approve certain amendments to the share units plans with 70.22% in favour. The renewal of the Company's Corporation's share unit plan which has been amended to increase the maximum share reservation and to approve the unallocated awards under the Share Unit Plan was approved with 70.21%.
Advisory Resolution on Executive Compensation Management's approach to executive compensation, also disclosed in Lucara's management proxy circular dated March 23, 2022 was approved with 97.10% of shares represented at the meeting voting in favour.
Following the meeting, the Board of Directors selected Mr. Paul Conibear to serve as Chairman of the Board. Mr. Conibear was originally elected to Lucara's Board in 2007 and had previously served as the Company's Lead Director.
On behalf of the Board,
Eira Thomas President and Chief Executive Officer
Follow Lucara Diamond on Facebook , Twitter , Instagram , and LinkedIn
ABOUT LUCARA Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine in Botswana and owns a 100% interest in Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment and community relations.
The information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.
The information was submitted for publication, through the agency of the contact person set out above, on May 6, 2022 at 2:45pm Pacific Time .
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/06/c5661.html
News Provided by Canada Newswire via QuoteMedia
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.