Prime Drills Multiple Bonanza and High-Grade Intercepts at Guadalupe Including 33.2 gpt Au and 1,072 gpt Ag over 2.0 Metres

2022-12-04 09:03:41 By : Ms. Amanda NG

Prime Mining Corp. (“Prime” or the “Company”) (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: 04V3) announces additional assay results from its recently completed Phase 2 drill program. Today’s results are from the Guadalupe area where Prime continues to delineate and expand the multi-million-ounce Los Reyes high-grade gold-silver deposit. Los Reyes and its three known gold-silver deposit areas (Guadalupe, Z-T and Central), has a mineralized footprint of over 15 square kilometres and is located in a highly prospective, 500-year old mining-friendly district of Sinaloa, Mexico.

Today’s results are from seven drill holes in the main Guadalupe deposit. Oil Drilling Bits

Drilling continues to encounter bonanza and high-grade intercepts at Guadalupe with additional remarkable gold and silver values being intercepted in the Estaca Vein. Additionally, outside of the main Estaca Vein, drilling is delineating a cluster of mineralized vein splays within the main Guadalupe deposit. It is anticipated that these results will further expand resources at Guadalupe.

Chief Executive Officer, Daniel Kunz commented, “We are very excited about the progress we have made in the Phase 2 drill program. Our exploration team has improved the structural modelling demonstrably, which has resulted in a more targeted and accurate drill program. As a result, the number of wide, high-grade intercepts we are seeing in our results has increased. Our recent drilling, specifically at Guadalupe East, has intersected multiple thick, high-grade gold and silver veins. These new veins are increasing the high-grade zones both within and outside of the known mineralized envelope. We will continue to target these high-grade structures as they remain open along strike and at depth. As we work towards delivering a resource estimate in the first half of next year, we are excited about the increasing contribution of these bonanza grade veins at Los Reyes.”

Scott Smith, EVP Exploration added: “Drill holes 22GE-118, 120, and 122 intersected impressive Estaca Vein Splays. Continued drilling success in these vein assemblages will add high-grade ore tonnes and reduce pit waste-to-ore ratios at Guadalupe. Holes 22GE-121, 123 and 124 intersected the main Estaca Vein itself approximately 150 m further along strike and down dip of the April 2020 resource pit limit. Hole 22GE-120 also went on to intercept the Estaca Vein after passing through the splays.”

Today’s results highlight recent success in expanding the Guadalupe deposit and are shown in the Significant Intercepts Table below.

Phase 2 drilling was completed on October 31. In total, 74,216 metres were drilled in 259 holes with zero lost-time injuries or material safety incidents. Combined with Phase 1 and on-going drilling, Prime has now drilled over 100,000 metres in over 400 holes. Further details of the Phase 2 drilling results will be released as they become available.

Phase 3 drilling began in November. There are currently five rigs operating at site with drilling focused largely on resource expansion. Prime currently anticipates the release of an updated NI 43-101 resource estimate by mid-2023. The updated resource will include all Phase 1 and Phase 2 results, plus some initial results from the ongoing Phase 3 drilling program.

Figure 1: Guadalupe East Grade Shell Longitudinal Section

SIGNIFICANT INTERCEPTS TABLE FROM RECENT DRILLING AT GUADALUPE:

Link 1 – PDF Figures Link 2 – PDF Drill Hole Tables

Guadalupe Drilling Results and Interpretation

In addition to the significant intercepts shown above, Prime has released the full current assay table for the Guadalupe area (Link 2 above). While some of the holes included in that table are more exploratory in nature, holes targeting the key mineralized vein structures in Guadalupe continue to indicate potential high-grade, high-margin resource expanding ounces characteristic of the Guadalupe area. Included in these results are intersections of various structures, including previous underground workings. Where previous workings or stopes have encountered what has been interpreted as backfill material, these segments have been included in the table and identified as such in the ‘Vein’ column and will be excluded from future reported resource inventories and will not influence interpolated resource block grades. Highlights and significant intercepts shown above only include what has been interpreted as in situ material, and do not include any assayed backfill material. “Pending” silver grades in the Significant Intercepts table above indicate that part of the composites may have assayed over 100 gpt and follow-up ‘over-limit’ test results have not been received.

QA/QC Protocols and Sampling Procedures

Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetre “mm”), reducing to NQ or BQ size ranges (47.6 mm and 36.5 mm respectively) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled and split, and one half is submitted for assay. RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into 2 halves, with one half submitted for analysis and the other half stored.

Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole.

Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns.

Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements.

Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21.

Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Drill core assay results range from below detection to 200.0 gpt gold and 4,955.0 gpt silver.

Scott Smith, P.Geo., Executive Vice President of Exploration, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.

Metres is represented by “m”; “etw” is Estimated True Width and is based on drill hole geology or comparisons with other on-section drill holes; “Au” refers to gold, and “Ag” refers to silver; “gpt” is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 gpt or 1.0 gpt as indicated in “Au Cut-off” column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 gpt Au cut-off is used to define higher-grade “cores” within the lower-grade halo.

About the Los Reyes Gold and Silver Project

Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. The Project remains underexplored and holds potential for additional discovery and resource expansion.

Since acquiring Los Reyes in 2019, Prime has spent approximately US$30 million on direct exploration activities and has completed two phases of comprehensive drilling totaling over 100,000 m. Results to date suggest the three known main deposit areas, Guadalupe, Central and Z-T, are larger than previously reported. Potential also exists for new discoveries outside of the currently defined resource areas.

Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Los Reyes Project. The Company has a well-planned capital structure with a strong management team and insider ownership.

ON BEHALF OF THE BOARD OF DIRECTORS

Daniel Kunz Chief Executive Officer

For further information, please contact:

Daniel Kunz Chief Executive Officer and Director Prime Mining Corp. 1307 S. Colorado Ave. Boise, Idaho 83706 Telephone: +1 (208) 926-6379 office email: daniel@primeminingcorp.ca

Scott Hicks Executive Vice President Prime Mining Corp. 710 – 1030 West Georgia Street Vancouver, BC, V6E 2Y3 Telephone: +1 (604) 428-6128 office email: scott.hicks@primeminingcorp.ca

Neither the 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.

This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company’s properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company’s exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company’s objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated April 22, 2022, available on www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.

Figure 2: Los Reyes Drill Program Progress Guadalupe East

Figure 4: Los Reyes Drill Program Progress

i-80 Gold Corp is a well-financed gold producer and developer holding an impressive portfolio of advanced-stage gold projects in the State of Nevada. The company's primary goal is to build a self-sustaining, mid-tier, mining company with a peer-best growth platform by employing a methodical, capital disciplined and staged approach to minimize risk while also assessing and monitoring for accretive growth opportunities.

Click here to read the previous best gold stocks article.

The gold price is finally gaining some ground after falling below US$1,650 per ounce in September for the first time since 2020. The yellow metal neared US$1,800 in mid-November and is now sitting above US$1,750.

Even so, gold is still under pressure, and some experts think now is the time to buy. The Investing News Network spoke with Mark Yaxley, managing director of bullion dealer SWP, twice in November, and he shared his advice on buying bullion both times.

"My advice … to my clients, who are mostly Canadians and Americans, is maybe you should be mirroring eastern investors and taking advantage of these dips at this price level," he said in his first interview, explaining that westerners often wait for positive price performance to buy gold. In the second discussion, he shared his three guidelines when buying bullion.

The five stocks below have seen the largest share price gains in the gold sector year-to-date on the TSX. The list was generated on November 28, 2022, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.

Year-to-date gain: 45.04 percent; market cap: C$150.49 million; current share price: C$1.90

Augusta Gold is focused on its land package in the Bullfrog district in Nevada, US. Its Bullfrog gold project is in the Walker Lane trend and is close to significant infrastructure, including a paved highway that intersects the property. The project has a measured and indicated resource of 64.12 million metric tons (MT) grading 0.531 grams per MT (g/t) gold for contained gold of 1.09 million ounces.

On April 21, the firm acquired the Reward heap-leach gold project, which is fully permitted and located near the Bullfrog project. Augusta ended April with a spike and remained elevated through Q2, hitting a year-to-date high of C$2.33 on May 26.

Augusta released a resource estimate for Reward on June 7; it shows Reward has a measured and indicated resource of 426,700 ounces of gold grading 0.75 g/t gold, and an inferred resource of 27,100 ounces of gold grading 0.68 g/t gold. The company completed its final payment for the Reward project in September. Augusta's share price has spent Q4 trending upwards following that news.

“Making the final payment for the Reward acquisition is a significant milestone as we move to completing our engineering studies for both Reward and Bullfrog with the goal of commencing production from the fully permitted Reward project in late 2023,” Augusta President and CEO Donald Taylor said.

Year-to-date gain: 31.69 percent; market cap: C$6.79 billion; current share price: C$6.94

Yamana Gold is a gold producer operating out of the Americas that places a strong emphasis on ESG issues. The company has five producing mines: the Canadian Malartic gold mine in Abitibi, Quebec; the Cerro Moro gold-silver mine in Santa Cruz, Argentina; the El Peñón mine in Chile’s Atacama Desert; the Jacobina gold-mining complex in Bahia, Brazil; and the Minera Florida gold mine in Central Chile. Yamana also has multiple advancing projects, and has said it aims to continue exploration of its producing properties so it can replace depleting mineral resources with fresh discoveries, creating more sustainable operations.

Yamana’s share price spiked at the end of September, a couple of days after the company announced that Glencore (LSE:GLEN,OTC Pink:GLCNF) will be acquiring Newmont’s (TSX:NGT,NYSE:NEM) 18.75 percent share in the Mara copper-gold joint venture project. Yamana will remain the operator with a share of 56.25 percent, and Glencore will own the remaining portion.

Back in May, Yamana entered into a definitive agreement with Gold Fields (NYSE:GFI,JSE:GFI) under which Gold Fields would acquire Yamana, but this deal has recently fallen through and has been replaced by a “superior proposal.” The new deal is with both Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Pan American Silver (TSX:PAAS,NASDAQ:PAAS), and will see Agnico acquire some of Yamana’s subsidiaries and partnerships related to its Canadian assets; meanwhile, Pan American will acquire all Yamana's outstanding shares.

Yamana’s share price spiked by C$1.01 November 4, the day of the news. Most recently, Yamana announced its Q4 dividend and shared dates for shareholder meetings about the acquisition.

Year-to-date gain: 30.5 percent; market cap: C$5.06 billion; current share price: C$12.45

Alamos Gold is a gold miner operating three 100 percent owned gold mines: Young-Davidson and Island Gold in Canada and Mulatos in Mexico. The company’s 2022 gold production guidance is 440,000 to 480,000 ounces in total between its three mines. Alamos also has development projects in Canada, Turkey and the US.

Alamos’ share price spiked in April to an H1 high of C$11.38, following groundbreaking for its Phase III expansion at Island Gold. The expansion is expected to both lower costs and bring production up by 70 percent per year following its completion in 2025. In other big news for the company, in June initial production commenced at the La Yaqui Grande mine, which is part of the Mulatos mining district. In late August, the company shared its 2021 ESG results.

Alamos’ share price has been trending upwards since the end of Q3. At the end of October, the company released its Q3 results, which show production of 123,400 ounces of gold, a 19 percent gain quarter-over-quarter. On November 15 and November 29, the company released high-grade results that extended mineralization at the Island Gold mine.

“Having nearly tripled the Mineral Reserve and Resource base to over five million ounces of gold and with work on the expansion ramping up, our exploration focus is shifting to more cost-effective underground drilling where we can leverage existing infrastructure,” President and CEO John A. McCluskey said.

Year-to-date gain: 17.86 percent; market cap: C$2.67 billion; current share price: C$12.01

Lundin Gold has the Fruta del Norte gold mine in Ecuador, which the company calls “one of the highest-grade, lowest-cost gold mines in the world.” The mine has been in operation since 2019 and has a mine life of 13 years. In addition to this operation, the company has 25 exploration concessions under two subsidiaries.

Lundin’s share price faltered in Q3 after a steady first half of the year, but it has gained significantly in Q4. In October, the company completed the south ventilator raise at Fruta del Norte, which had taken three years due to delays, including from COVID-19. The company released its Q3 results in November, with production of 121,635 ounces of gold compared to 107,663 ounces in Q3 2021. Lundin Gold expects its full-year 2022 results to be at the higher end of its guidance.

On November 21, the company hit a year-to-date high after drill intercepts from its conversion program at Fruta del Norte drove shares up from C$11.12 to C$12.92 overnight. The program's aim is to extend the mine's life by converting inferred resources into measured or indicated resources. The company later shared its three year outlook, saying it expects production to continue to grow.

Year-to-date gain: 11.33 percent; market cap: C$855.71 million; current share price: C$3.44

i-80 Gold is a gold company with multiple projects in Nevada, US, including its producing Ruby Hill open-pit gold mine. In 2022, the company has been focused on drilling at Ruby Hill to update technical reports and work towards a permit for an underground mine. In addition to Ruby Hill, i-80 has the Lone Tree past-producing mine and the Granite Creek advanced project.

A strong H1 saw an early year-to-date high of C$3.90 on March 21 for i-80 Gold, but a shaky Q3 brought it back down. However, November has seen consistent and significant gains for the company. The rise began on November 7, when it released plans to possibly restart the Ruby Hill mill and leach circuits due to the company discovering more high-grade oxide material at both Ruby Hill and Granite Creek than anticipated. The next day, i-80 released its Q3 results, which include record sales of 9,332 ounces of gold.

News of bonanza-grade drill results at Ruby Hill’s Hilltop zone in mid-November continued its rally, with one highlight showing 33 g/t gold, 3,010 g/t silver & 63.5 percent lead over 0.6 meters. Most recently, the company shared further positive drill results at Ruby Hill.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce that, subject to regulatory approval, it will conduct a non-brokered private placement of up to 10,000,000 units (the “Units”), each Unit priced at $0.05 and consisting of 1 common share of the Company and 1 common share purchase warrant (the “Unit Warrants”), each Unit Warrant being exercisable for an additional common share of the Company at $0.10 for 12 months from closing, and up to 8,333,333 flow-through units (the “FT Units”), each FT Unit priced at $0.06 and consisting of 1 flow-through share and one half common share purchase warrant (the “FT Unit Warrants”), each full FT Unit Warrant being exercisable at $0.12 for a common share of the Company for 12 months, to raise proceeds of up to a total of $1,000,000.

Proceeds from the financing will be used to explore and develop the Company’s Long Lake/Tulks South and Careless Cove/Yellow Fox properties and for working capital purposes. Finder’s fees on the financing may be paid in accordance with TSX Venture Exchange policies.

About Quadro Resources – Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn property, which it has optioned to TRU Precious Metals Corp., has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.

On behalf of the board of directors, Quadro Resources Ltd.

“T. Barry Coughlan” President and CEO

Tel (604) 644-9561 info@quadroresources.com

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.” For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.

Click here to connect with Quadro Resources Ltd. (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2), to receive an Investor Presentation

Quadro Resources Ltd. (“Quadro” or the “Company”) (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2) is pleased to announce high grade gold results from recent work completed by TRU Precious Metals Corp. (“TRU”) on TRU’s recently optioned Staghorn property in Central Newfoundland. This work was completed within the Staghorn option along the Mark’s Pond Shear zone and within the Rich House Mineral occurrence further to the Northeast.

This zone was first identified in 2018 by Quadro technical staff during the execution of a short trenching program. Follow up work including diamond drilling was then able to confirm the presence of a broad, extensive shear zone with multiple parallel high strain gold bearing structures which remains open to the North and along strike to the Northeast and the Southwest.

Highlights (from TRU Precious Metals Corp.’s news release dated November 23, 2022)

Quadro is pleased that ongoing cooperation between TRU and Quadro’s technical staff was successful in delineating additional parallel gold bearing trends within the Mark’s Pond zone.

Quadro Closes Option Agreement with TRU for Quadro’s Staghorn Project

On August 18, 2022, the Company announced that, further to its news release dated June 16, 2022, it closed the definitive option agreement with TRU. Pursuant to the terms of the option agreement, TRU has the option to acquire up to an aggregate 65% ownership in Quadro’s Staghorn project located in central Newfoundland. The Staghorn project is a large claim package of 133 claim units in eight mineral licenses covering 3,325 hectares with a 12 km strike length of the auriferous Cape Ray Fault Zone.

Wayne Reid, P. Geo., VP Exploration for Quadro and a qualified person as defined in National Instrument 43-101, is responsible for this release and supervised the preparation of the information forming the basis for this release.

About Quadro Resources – Quadro is a publicly traded mineral exploration company. It is led by an experienced and successful management team and is focused on exploring for gold in North America. The Company’s shares trade on the TSX Venture Exchange under the symbol “QRO”. Quadro owns a 100% interest in the Staghorn property, which it has optioned to TRU Precious Metals Corp., has an option to earn a 100% interest in the Long Lake and Careless Cove properties, and has an option to earn an initial 51% interest in the Tulks South Property, in Newfoundland.

On behalf of the board of directors,

“T. Barry Coughlan” President and CEO

Tel (604) 644-9561 info@quadroresources.com

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.” For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.

Click here to connect with Quadro Resources Ltd. (TSXV: QRO, OTC Pink: QDROD, FRA: G4O2), to receive an Investor Presentation

Tempus Resources Ltd. (ASX: TMR) (TSXV: TMRR) (OTCQB: TMRFF) ("Tempus" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to C$1,000,000 (approximately A$1,111,000) from the sale of up to 16,666,667 flow-through units of the Company (each, a "FT Unit") at a price of C$0.06 (approximately A$0.067) per FT Unit. Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a "Warrant Share") at a price of C$0.09 (approximately A$0.10) for a period of 24 months following the issue date of the FT Unit. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.

The Company intends to use the net proceeds raised from the Offering for the exploration of the Company's Elizabeth-Blackdome Project located in southern British Columbia, Canada. Tempus completed 40 drill-holes at Elizabeth during the 2022 program with assays pending on 19 holes, including the highly anticipated drill hole EZ22-20 that intersected wide zones of quartz containing visible gold. The Company is planning to release an updated NI43-101/JORC resource on the Elizabeth-Blackdome projects in early 2023.

Proceeds from the sale of FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2022, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

The FT Shares and Warrant Shares will be subject to a hold period expiring four months and one day from their date of issuance. A finder's fee may be paid on a portion of the proceeds from the Offering. Closing of the Offering is subject to customary closing conditions including, but not limited to, the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

For further information: Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181

Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in southeast Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the year ended June 30, 2022 dated September 28, 2022 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice.

Neither the ASX Exchange, the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISSEMINATION OR DISTRIBUTION INTO THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146069

News Provided by Newsfile via QuoteMedia

[subscribe_company_profile use_post="101618410"]

Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) (the "Company") announces that the Company intends to amend the terms of 2,334,000 outstanding warrants of the Company (the "Warrants") that are set to expire December 15, 2022.

The Company has made an application to the TSX Venture Exchange (the "TSXV") to extend the expiry date for all of the Warrants to March 31, 2023. All other terms of the Warrants will remain the same.

5,000,000 warrants were originally issued on September 9, October 6, and October 31 as part of the units issued under a private placement completed by the Company over three tranches in September and October 2020. Since the issuance, 2,666,000 have been exercised. The warrant extension is subject to the approval of the TSXV.

More information about the Company can be found at www.SEDAR.com.

Peruvian Metals is a Canadian exploration and mineral processing company. The Company's business model is to provide toll milling services for clients and to produce high-grade concentrates from mineral purchases. The Company continues to acquire and develop precious metal and base metal properties in Peru

For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.

Peruvian Metals Corp. is a Canadian resource company listed on the

TSX Venture Exchange : Symbol "PER"

For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290

Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking statements and forward-looking information.

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