Minning Pit

LAS VEGAS, Oct. 03, 2023 (GLOBE NEWSWIRE) — via IBN — GEMXX Corporation (OTC: GEMZ) (“GEMXX” or the “Company”), a leader in the Ammolite gemstone mine-to-market segment and a 50% partner in Canadian gold exploration company Crazy Horse Mining, Inc. (“CHMI” or “Crazy Horse”), have engaged Aurora Geosciences to complete S-K 1300 technical reports on four assets already owned by the companies.

Two of the Company’s gold reserves and two of its largest Ammolite gemstone claims are not yet confirmed by an engineer report, as such they are not included on the company’s balance sheet.  These assets are owned and operated by the Company, but no value has been recorded for the resources they contain.

To report confidently and accurately inferred mineral resources already owned but not represented on the balance sheet, the Company has engaged Aurora Geosciences to conduct surveys of each property. Aurora Geosciences specializes in producing independent third-party S-K 1300 technical reports and is qualified to confirm the resources present on the properties owned by the Company.  Once the resources are confirmed and a value is calculated, the value will be discounted by 90% and that discounted value will be added to the balance sheet to represent the Net Present Value of resources before extraction.

Richard Clowater, GEMXX Corp. president, said: “Management feels GEMZ is significantly undervalued.  As of Q3, 2023, the company only reported $14.1 million for owned resources, but this value is only a fraction of what the company owns. We feel the Net Present Value could exceed ten times that amount once resources are confirmed by an independent expert.”

GOLD: In partnership with CHMI, Snow Creek gold mine has exceeded all gold production expectations during the 2023 mining season. Snow Creek and its neighbor property Rosella Creek will soon appear on the Company’s balance sheet after the inferred value of the property’s gold has been confirmed by Aurora Geosciences. To see more information on these two properties click here: Press release dated 03/15/2023.

“We are extremely pleased with commercial production from the Snow Creek gold mine thus far. We knew the gold was there after conducting an extensive testing program in 2022 and this season’s mining production confirmed our initial assessment.  The active mine on Snow Creek site proves the gold is present, but the engineer’s report will accurately confirm how much gold could be on the two properties, allowing us to value the properties and add them to the balance sheet at a 90% discount,” said Crazy Horse President Ian McClintock.

AMMOLITE GEMSTONE: Exploration is always an ongoing part of GEMXX operations; the Company recently acquired an additional 217 acres (Southern Claims) of Ammolite gem-bearing property in Southern Alberta, Canada. To date three core samples have been drilled on the Southern Claims, proving the existence of two very large gem-bearing shale formations. The resources on these two properties are not yet confirmed by an independent engineer’s report, as such the resources in the ground do not appear on the balance sheet.

“Our team has mined Ammolite in this area for decades. We are confident that our Southern Claims will produce some of the best Ammolite gemstone in the world.  We look forward to working with Aurora Geosciences to prove the resources present on these two great properties. We anticipate the report will confirm our estimates and we look forward to increasing shareholder value by representing these owned assets on the balance sheet,” said Jay Maull, GEMXX Corp. CEO.

About Aurora Geosciences

Aurora Geosciences Ltd. (Aurora) provides professional geological and geophysical consulting and reporting services to clients working in North America.  Based in Yellowknife, Northwest Territories, Aurora has specialized in the mineral deposits of Canada’s North for more than 45 years and has built a reputation for applying an innovative and systematic approach to mineral deposit discovery.

About Crazy Horse Mining Inc.

Crazy Horse Mining Inc. (CHMI) is a Canadian Junior resource company with mining properties in British Columbia, Canada. CHMI’s 498-acre Snow Creek claim is located adjacent to the infamous Christie’s Lead gold deposit, which in 1876 was described as “the richest piece of ground in the Cassier gold fields.” The 240-acre Rosella Creek property has had limited exploration work completed to date; however, it is reported the adjacent property produces 200+ ounces per season with a small single-operator operation. CHMI is looking forward to doing further testing on the Rosella Creek property during the 2023 season.

About GEMXX Corporation

GEMXX Corporation is a publicly traded, mine-to-market gold, gemstone and jewelry producer with global reach that owns mining resources, production facilities and operating assets. GEMXX controls each stage of its production including gold mining, gemstone production, jewelry manufacturing and global distribution.

GEMXX is a leading producer of top-quality finished ammolite and ammolite jewelry. The Company’s world-class gemstone cutters and jewelry designers are continuously leading the Ammolite industry in new and exciting directions. Our management team is made up of the industry’s leading experts with a combined total of 160 years of Ammolite gemstone and jewelry business experience.

For more information, please visit: GEMXX Corporation

Follow GEMXX on Twitter

Safe Harbor Statement

This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the Company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact:

Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
Editor@InvestorBrandNetwork.com

Toronto, Ontario–(Newsfile Corp. – October 2, 2023) – Hercules Silver Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: 8Q7) (“Hercules Silver” or the “Company“) is pleased to announce it has entered into a lease option agreement (the “Agreement“) between the Company, Anglo-Bomarc, U.S., Inc., a wholly owned subsidiary of the Company (the “Lessee“) and local prospector Merrill Palmer (the “Lessor“), dated September 27, 2023, which grants Hercules Silver the option to acquire a 100% interest in the Mineral property, comprising eighty-seven (87) unpatented lode mining claims within the Mineral mining district (“Mineral” or the “Property“) located on Bureau of Land Management (“BLM“) administered lands, 14 miles southwest of the Company’s flagship Hercules property in Washington County, Idaho.

Chris Paul, CEO and Director of the Company, noted: “We’ve entered into a lease option agreement to secure another key piece of ground in the Hercules mining district, which the Company believes shows strong potential to emerge into a significant copper porphyry belt. The Hercules Copper Belt, as it’s referred to internally, represents a trend of underexplored copper porphyry targets with excellent discovery potential. Relative to Hercules, the Mineral Project appears to be the next best developed prospect in the district and adds another compelling copper-gold porphyry target to the portfolio. We are highly encouraged by Mineral’s historical drilling, strong soil geochemistry and similar geological setting to the Hercules project.”

About the Mineral Property:

The Mineral Property was staked by renowned prospector, Merrill Palmer, who previously staked and discovered the Palmer VMS Project in Alaska. Mr. Palmer resides in the nearby town of Oxbow, Oregon, and has been prospecting the Hercules and Mineral mining districts for the past 15 years, including staking of the Mineral Property in 2011.

The Mineral mining district was so-named after prospectors discovered rhyolite-hosted silver-copper-lead-zinc-bearing replacement mineralization in the area during the 1870s. A town site was established, and small-scale mining began in the 1880s and continued in earnest until the repeal of the Sherman Silver Purchase Act by U.S. President Cleveland in 1893, which caused a collapse in the silver price and decimated the silver mining industry. The mines and smelters at Mineral shut down at that time, and subsequent mining was very sporadic and conducted at a small scale through to 1950. The district has been essentially dormant ever since, apart from a few years of historical exploration during the late 1960s/early 1970s, but has never had a modern, systematic exploration approach applied to it.

Cyprus Mines Corporation (“Cyprus“) acquired a position in the district in 1968, after reconnaissance work indicated the presence of two potential deposit types: rhyolite-hosted, replacement-style silver-copper-lead-zinc mineralization on the southern half of the Property (similar in nature to the near-surface mineralization style that occurs at Hercules) and porphyry copper-gold style mineralization, hosted in potassium-rich dioritic intrusive rocks which underlie the rhyolite and outcrop on the northern half of the Property.

Cyprus carried out exploration activities between April of 1968 and February of 1970, consisting of geological mapping, geochemical soil surveys, a 17 line-mile IP-resistivity geophysical survey, and a 40-hole program of reverse circulation, churn, and core drilling. Cyprus’s exploration efforts were focused on near-surface silver mineralization, amenable to bulk mining methods. Although they intersected narrow, high-grade silver-bearing structures – including up to 7 meters grading 701 g/t Ag and 3.5% Cu in MDD-4^[1],2 a hole drilled between the historical Boone and Enterprise mines, on an inlying (adjacent) patented mining claim currently held by a 3^rd party – they terminated the program without evaluating the copper-gold porphyry potential in the underlying and adjacent intrusive rocks which outcrop on the northern half of the Property. Merrill Palmer has provided the Company with significant exploration data from these historical exploration programs by Cyprus.

Cyprus’s soil survey outlined a >400 ppm Cu-in-soil anomaly over an approximate area of 1.5 km by 3 km, which overlies a broad zone of anomalous IP chargeability associated with the potassium-rich dioritic intrusions¹.

Cyprus drilled just two holes into the copper porphyry target zone. These holes were drilled prior to Cyprus conducting their IP survey. A 2014 geophysical inversion of the IP data shows that the holes were both drilled at the northeast edge of a weaker portion of the anomaly, as shown in Figures 1-3. Regardless, holes MDD-1 and MDD-2 both intersected copper mineralization accompanied by distal alteration (propylitic) that typically surrounds the outer margin of a porphyry copper system. Gold and molybdenum were not assayed for at the time, however modern sampling indicates the presence of both metals within the porphyry target. MDD-2 assayed 266 m of 0.17% Cu from 5 m depth to the end of the hole at 271 m. Hole MDD-1 assayed 52 m of 0.13% Cu from 70 m to 122 m, and 151 m of 0.11% Cu from 151 m to end-of-hole at 302 m^1,[2]. This grade of mineralization is consistent with distal propylitic alteration, which was historically logged by Cyprus throughout these holes. The main body of the chargeability anomaly, as outlined by the purple dashed lines on Figures 1-3, has not yet been tested.

In 2013, Newmont Corporation (“Newmont“) carried out an evaluation of the Property and collected 41 select rock grab samples at mineralized showings and 213 soil samples on a regular 100m spaced grid that covers a portion of the porphyry target. The soil results revealed a strong copper-gold-molybdenum anomaly, with values ranging up to 6,370 ppm Cu, 206 ppb Au, and 65 ppm Mo, over 1.8 kilometers in length^[3]. The soil anomaly is consistent with a porphyry copper target that remains open for expansion. Select rock grab samples returned up to 30.3 g/t Au, 852 ppm Mo and 5.9% Cu. Figures 1-3 present the anomalous geochemistry and IP chargeability associated with the porphyry copper-gold zone.

In 2014, Radius Gold Inc. (“Radius“) leased the Property from Merrill Palmer and flew a large airborne magnetic and radiometric survey, carried out selective rock and soil sampling and carried out a modern inversion of the digitized historical IP geophysical data. Geophysical inversions provide machine interpreted 3D models of both resistivity and chargeability data. A depth slice of the 3D chargeability model is presented on Figures 1-3.

More recently, prospecting work undertaken by the Lessor, Merrill Palmer, has reported the existence of 0.1 to 1 m thick quartz-tourmaline veins within the intrusion that grade up to 20.1 g/t Au and 5% Cu to the southeast of the historical Jessie mine³. This zone has not been tested by drilling.

Figure 1: Copper in Newmont’s 2013 soil samples and select grab samples³, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested. MDD-2 returned 266 m of 0.17% Cu (Au and Mo not assayed for) from 5 m depth in distal propylitic alteration¹

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/182607_046a3cdda4dbba8a_002full.jpg

Figure 2: Gold in Newmont’s 2013 soil samples and select grab samples3, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested. MDD-2 returned 266 m of 0.17% Cu (Au and Mo not assayed for) from 5 m depth in distal propylitic alteration¹

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/182607_046a3cdda4dbba8a_003full.jpg

Figure 3: Molybdenum in Newmont’s 2013 soil samples and select grab samples³, IP chargeability depth slice, and historical drill collars with labels for MDD-1, MDD-2, and MDD-4. Note that the IP survey was carried out after the 1969 drill program and the >1km central and ~1km eastern chargeability anomaly have not yet been tested. MDD-2 returned 266 m of 0.17% Cu (Au and Mo not assayed for) from 5 m depth in distal propylitic alteration¹

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9425/182607_046a3cdda4dbba8a_004full.jpg

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties. The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property and Hercules believes the work completed by historical operators was performed to a professional standard, but has not independently confirmed the results.

Terms of the Agreement:

Pursuant to the terms and subject to the conditions of the Agreement, the Company and/or the Lessee will be required to make lease payments in accordance with the following schedule:

*The share consideration issuable pursuant to the Agreement will be based on the 10-day volume weighed average price (“VWAP“) of the Company’s common shares (“Common Shares“) on the TSX Venture Exchange (the “TSXV“) prior to the applicable payment date.

Upon execution of the Agreement, the Company shall also pay the annual maintenance fees for the claims. The Agreement provides the Lessee with certain rights, including but not limited to, the right to access, enter, occupy, improve, explore, use, market, sell and dispose mineral and mineral substances on or from the Property.

At any time prior to the eighth anniversary of the Agreement, the Lessee has the right to purchase the Property for an aggregate of US$3 million (the “Option“), comprised of US$1.5 million in cash and Common Shares equal to US$1.5 million at a deemed value per Common Share equal to the 10-day VWAP of the Common Shares on the TSXV on the day preceding the delivery of the Common Shares to Lessor pursuant to the Option. In the event that the Option is exercised, the Lessee will receive credit for all lease payments previously made pursuant to the Agreement, which will serve to reduce the cash and Common Share value owed upon potential exercise of the Option.

At the conclusion of the eight-year term, if Lessee elects not to purchase the Property pursuant to the Option, then Lessee has the sole and exclusive right and discretion to continue to lease the Property by providing the Lessor with: (i) annual lease payments of US$160,000 comprising of US$80,000 in cash and Common Shares valued at US$80,000, at a deemed price per Common Share equal to the 10-day VWAP of the Common Shares on the TSXV on the day preceding the anniversary of the Agreement; and a 2% net smelter return royalty from the sale of all minerals on the Property.

In the event that the Lessee pays an aggregate total of US$2,000,000 in royalties, then the Lessee may reduce the royalty rate to 1% upon payment of a one-time lump sum of US$1,000,000 to Lessor. Thereafter, Lessor shall receive a 1% net smelter return royalty for production on any or all unpatented claims within the Property. If Lessee does not elect to “buy down” the Royalty, then Lessor shall receive a 2% net smelter return royalty for production on any or all unpatented claims within the Property.

The Agreement remains subject to approval by the TSXV.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved for disclosure by Christopher Longton BS, CPG, Hercules’ Vice President, Exploration. Mr. Longton is a “Qualified Person” for Hercules Silver within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“). Hercules believes the work completed by historical operators was performed to a professional standard, but has not independently confirmed the results.

About Hercules Silver Corp.

Hercules Silver Corp. is a junior mining company focused on the exploration and development of the 100% owned Hercules Silver Project, northwest of Cambridge, Idaho.

The Hercules project is a disseminated silver-lead-zinc system with 28,000 meters of historical drilling across 3.5 kilometers of strike. The Company is well positioned for growth through the drill bit, having completed extensive surface exploration consisting of soil & rock sampling, geological mapping, IP geophysics.

The Company’s management team brings significant exploration experience through the discovery and development of numerous precious metals projects worldwide.

For further information please contact:

Chris Paul
CEO & Director
Telephone +1 (604) 449-6819
Email: cpaul@herculessilver.com

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. Any securities referred to herein have not 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws of an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This news release contains certain information that may be deemed “forward-looking information” with respect to the Company within the meaning of applicable securities laws. Such forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information contained in this press release may include, without limitation, the expectation that the Company will fulfil its obligations under the Agreement and make the required payments; exploration plans and expected exploration and drilling results at the Property, results of operations, and the expected financial performance of the Company.

Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by its nature, forward-looking information involves assumptions and known and unknown risks, uncertainties and other factors which may cause our actual results, level of activity, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; the Covid-19 pandemic; adverse industry events; the receipt of required regulatory approvals and the timing of such approvals; that the Company maintains good relationships with the communities in which it operates or proposes to operate, future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; the risk that any of the assumptions prove not to be valid or reliable, which could result in delays, or cessation in planned work, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as other assumptions risks and uncertainties applicable to mineral exploration and development activities and to the Company, including as set forth in the Company’s public disclosure documents filed on the SEDAR website at www.sedar.com.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF HERCULES SILVER AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE HERCULES SILVER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

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 press release.

^[1] Jones, K., and Worthington, J.E., 1970, The Mineral Project: Current Status and Potential. For Cyprus Mines Corporation.

^[2] Worthington, J.E., 1969. Mineral District Final Report – Exploration. For Cyprus Mines Corporation.

[3] Reid, D., 2014. Mineral Mining District, Idaho. Presentation, March 2014.

Vancouver, British Columbia–(Newsfile Corp. – September 28, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market with respect to results from the Company’s summer exploration program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).

Highlights:

Goldshore field crews have identified five unique gold mineralization trends including two polymetallic Au-Cu trendsacross the Moss Gold Project through a combination of ionic leach soil sampling and property wide field mapping with a combined strike of over 35 kilometers. Recent rock sample results include:

• Moss Trend – 9.59 g/t Au and 60.6 g/t Ag plus 5.0 g/t Au, 96.2 g/t Ag, and 0.98% Cu from samples in diorite-hosted shears along strike from the current Mineral Resource
  • 24.9 g/t Au and 9.99g/t Ag from samples of strongly altered dacite 200m south of the Moss Main zone, representing a new parallel zone.

• Kawa Trend – 33.7 g/t Au, 0.64% Zn and 75.3ppm Mo from sheared diorite/volcanic contacts within a new 6.5 kilometer long belt.

• Hamlin Trend – has been expanded to become an 8 kilometer long polymetallic Au-Ag-Cu-Mo belt with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Bi and 7.1 ppm Te.

• Coldstream Trend – has been widened to 800 meters through the discovery of parallel structures assaying 1.07 g/t Au and 0.98% Zn.
  • 9.79 g/t Au from mafic-hosted carbonate shear veins at the “Benton” prospect, east of the East Coldstream deposit.

• Vanguard Trend – 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a 9 kilometer long belt of polymetallic VMS Cu-Zn-Au-Ag mineralization that is now found to be 120 meters wide through discovery of additional lenses.

President and CEO Brett Richards stated: “We have previously stated our confidence to the market that the Moss Project of c.183Mt containing an inferred resource of 6M oz Au at 1.02g/t (with 55% of the deposit hosting a shear domain at 1.84 g/t)¹ could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multi-generational mining camp in the Shebandowan Greenstone belt.”

Field Program Update

Goldshore embarked on a property wide field reconnaissance program in June 2022 – in the background to drilling – exploring the numerous unexplained geophysical anomalies and under explored gold and base metal showings. This program accelerated over the last several months. The field crews have compiled a systematic interpretation of the project geology, structure, alteration, and mineralization across the Project. Through this investigation and in combination with a substantial ionic soil leach program, the historic gold showings and newly discovered mineralization have resolved to be part of five distinct mineralized trends, including two polymetallic trends.

Figure 1: Selective results from the ongoing Moss Gold Project field program

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/182187_91336834b4b0fbf9_002full.jpg

The Moss Trend has been confirmed over an 8-kilometer strike containing the existing resource. The mineralization is dominantly hosted in anastomosing shears through an extensive altered diorite package. This zone is consistent with a belt of magnetic low bodies (altered intrusions) adjacent to folded magnetic highs (magnetic-bearing wall rocks) that present a belt with a high competency and redox contrast. Recent work has discovered elevated copper and silver mineralization towards the southwestern extents with recent rock samples returning values including 9.59 g/t Au and60.6 g/t Ag, 5.0 g/t Au plus 96.2 g/t Ag, and 0.98% Cu. Samples of strongly altered dacite 200m south of the Moss Main zone returned assays of 24.9 g/t Au and 9.99g/t Ag, representing a new parallel zone. The field results confirm the interpretation from the step out and deep drilling at the Moss Gold Project that the mineralized corridor is at least 1,000 meters wide.

The Kawa Trend lies approximately 2 kilometers south of, and parallel to, the Moss Trend over a 6.5-kilometer strike length with a confirmed width of 550m. It has a similar magnetic character as the Moss Trend and mapping has shown that mineralization is hosted within and along a sheared diorite/volcanic contact. We therefore expect the Kawa Trend to have the same potential as the Moss Trend. Partial assays results have been received for this area with values including 33.7g/t Au.

The known Hamlin Trend has been extended by 4 kilometers to the east to form an 8-kilometer-long belt of polymetallic Au-Ag-Cu-Mo mineralization with a confirmed width from 400 to 700 meters. Recent expanded ICP analysis indicate additional Bi and Te potential. Partial assays results have been received for this area with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Bi and 7.1 ppm Te.

The Coldstream Trend containing the East Coldstream deposit has a confirmed strike of 3.5 kilometers hosted by late shearing within altered mafic volcanics and includes the historic North Coldstream Cu-Co mine. Recent exploration has discovered parallel mineralized shears within the northern intermediate volcanics expanding the width potential of the mineralization with rock sample assays returning values including 1.07 g/t Au and 0.98% Zn.

The Vanguard Trend has an established 9-kilometer strike length of polymetallic VMS Cu-Zn-Au-Ag mineralization linking with the Iris Lake Au prospect through a series of untested geophysical conductors. Results from the recent exploration have discovered additional parallel gold bearing shears north of the main Vanguard showing and ignored by much of the historical exploration giving it width of 120 meters. Partial assays results have been received for this area with values including 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag and 2.94 g/t Au.

Additional poorly understood prospects defined by historical prospecting and known to host Cu-Au mineralization have been confirmed toward the east, west, and south of the East Coldstream deposit with assay results including 9.79 g/t Au. Future exploration programs will focus on better understanding this mineralization and its potential.

Pete Flindell, VP Exploration for Goldshore, said “Goldshore’s geologists have done an excellent job of mapping and sampling through challenging terrain to uncover the additional mineralized potential of the Moss Gold Project. This includes ionic leach soil sampling across muskeg to understand the character of concealed structural targets. These results speak to district-scale potential of the Moss Gold Project.”

Corporate Announcement

Heather Laxton has resigned from the Goldshore board of directors with immediate effect. Heather was a nominee of Wesdome Gold Mines Ltd. and served on the Board since the listing of the Company.

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 19% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

¹ NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada, dated effective May 5, 2023.

Key Highlights – Initial drilling on the Natividad Vein and mineral resource expansion drilling at Sacasipuedes vein system

  Drill Hole SMR135-23-SCS (newly identified Natividad, or “NAT” vein)
1.55 m @ 81 g/t Ag, 2.51% Pb, 4.57% Zn, 1.80% Cu and 0.25 g/t Au, including
1.00 m @ 106 g/t Ag, 3.37% Pb, 5.84% Zn, 2.56% Cu and 0.09 g/t Au

  Drill Hole SMR140-23-SCS (NAT vein)
2.20 m @ 42 g/t Ag, 2.79% Pb, 3.84% Zn, 0.75% Cu and 0.06 g/t Au, including
1.00 m @ 62 g/t Ag, 5.40% Pb, 4.70% Zn, 0.98% Cu and 0.06 g/t Au

  Drill Hole SMR140-23-SCS (mineralized breccia)
0.60 m @ 1,319.55 g/t Ag, 0.86% Pb, 2.82% Zn, 0.03% Cu and 6.19 g/t Au, including
0.30 m @ 2,623.00 g/t Ag, 1.68% Pb, 5.60% Zn, 0.06% Cu and 12.20 g/t Au

TORONTO, Sept. 27, 2023 (GLOBE NEWSWIRE) — Silver Mountain Resources Inc. (“Silver Mountain” or “the Company”) (TSXV: AGMR; OTCQB: AGMRF) is pleased to announce the discovery of the Natividad vein, a new copper rich vein at its 100% owned Reliquias mine, central Peru. Results from three of the initial four drill holes completed at Natividad have been received, all part of Phase 2 of the Company´s 2023 infill and resource expansion program. Drilling has also hit very high gold and silver grades near the Sacasipuedes vein, within a mineralized breccia body with strong argillic alteration.

Alvaro Espinoza, CEO of Silver Mountain, stated, “It is very exciting to have discovered a new mineralized vein, which has been named by our technical team as Natividad (or “NAT”). It is early days still, and the high grade copper values and true thickness observed augur well for its possible incorporation into a future mine plan. Our geologists are adapting the program to further test this structure along strike and at depth, and we will provide results as we receive them. Discovering a new vein in a historic district such as Reliquias proves once again that this project not only has a solid resource base on which to prepare a mine plan to re-start operations, but also has significant exploration upside to grow it further.”

Mr Espinoza continued, “The extremely high silver and gold grades found above the main Sacasipuedes vein is also exciting as it proves, once again, that bonanza type grades exist outside of the current mineral resource boundaries. We look forward to test the continuity of this new high grade hit in our ongoing underground drill program.”

Phase 2 of the 2023 drill program consists of 12,500 metres of NQ and HQ drilling aimed at infilling and growing the Company´s current mineral resource estimate (see news release dated April 12^th, 2023 ). So far, drilling crews have completed approximately 7,600 metres of this program with two underground rigs, and the Company has received results from 18 drill holes (see also news releases dated July 19^th and August 16^th, 2023).

Discussion of 2023 Drilling Results

The Company has so far completed 22 drill holes on the Sacasipuedes and Perseguida vein systems from three underground drill platforms, two from Sacasipuedes and one from Perseguida. The Natividad discovery was made through drilling originally aimed at the Sacasipuedes vein, the results of which are also included in this release. Details on the location of the underground drill platforms and drill traces are found in Figure 1. Table 1 also shows a summary of the results announced in this news release.

Figure 1: Drill Hole Location Map of the 2023 Drill program

Notes
¹True thicknesses are shown only where they can be determined.
² Silver equivalent (Ag_Eq) grades are calculated using metal prices of: silver US$23.30/oz., gold US$1764/oz, copper US$9419/tm, lead US$2188/tm and zinc US$2813/tm. Silver equivalent grade is calculated as Ag_Eq (oz/t) = (Ag (oz/t) + (Au (g/t) * 2.40) + (Cu (%) * 2.70) + (Pb (%) * 0.80) + (Zn (%) * 0.80).  Metal recoveries have not been applied in the silver equivalent value calculation.

Table 1: Location and summary of results from the Natividad vein

The Natividad vein is a newly identified mineralized structure found up to 100 metres below the Sacasipuedes vein (“SCS”). Company geologists believe that Natividad´s strike is oblique to the SCS vein, likely subparallel to the Matacaballo vein, and with a northerly dip. The mineralization is similar to the other veins in Reliquias, but with significantly higher quantities of chalcopyrite resulting in much higher grade copper grades than observed elsewhere. Company geologists interpret this style of mineralization as a separate event to the other veins drilled so far at Reliquias, suggesting that this deposit hosts a long-lived and multi-phase mineralization system. The Natividad vein has now been identified in four drill holes, spaced up to approximately 85 metres apart, and further drilling along strike and at depth is planned. Drilling has so far tested approximately 150 metres of strike length of Natividad, and it remains open laterally and vertically. Results from three drill holes have been received and are shown in Figure 2, a longitudinal section of the Natividad vein with the four completed drill holes.

Before hitting the Natividad vein, drill hole SMS-140-23-SCS intersected very high grade silver-gold at a shallow depth and high grade zinc-lead mineralization on the Sacasipuedes (“SCS”). The shallower precious metal mineralization is hosted in an argillically altered breccia with disseminated sulfides (see Figure 3), yielding some of the highest grade silver-gold grades seen so far at Reliquias, with a silver equivalent grade of approximately 120 oz/t AgEq. Company geologists are currently working on the interpretation of this style of mineralization. Further drilling will be needed to determine if this breccia is linked to the the Sacasipuedes vein system, or if it represents a new style of mineralization. The main Sacasipuedes intercept sits approximately 500 metres to the southeast of the outer limit of the current mineral resource, and below the lowest levels of the Reliquias mine historical workings. The SCS vein intercept of 0.50 metres with a combined Pb+Zn grade of 20.58%, is one the highest grade polymetallic results found to date. Further drilling is planned to test the lateral and down dip extensions of this intercept. Figure 4 shows a longitudinal section of the SCS vein with the location of this drill hole.

Silver equivalent (Ag_Eq) grades are calculated using metal prices of: silver US$23.30/oz., gold US$1764/oz, copper US$9419/tm, lead US$2188/tm and zinc US$2813/tm. Silver equivalent grade is calculated as Ag_Eq (oz/t) = (Ag (oz/t) + (Au (g/t) * 2.40) + (Cu (%) * 2.70) + (Pb (%) * 0.80) + (Zn (%) * 0.80).  Metal recoveries have not been applied in the silver equivalent value calculation.

Figure 2: Longitudinal section of the newly identified Natividad vein

Figure 3: High grade Ag-Au intercept in drill hole SMR140-23-SCS

Silver equivalent (Ag_Eq) grades are calculated using metal prices of: silver US$23.30/oz., gold US$1764/oz, copper US$9419/tm, lead US$2188/tm and zinc US$2813/tm. Silver equivalent grade is calculated as Ag_Eq (oz/t) = (Ag (oz/t) + (Au (g/t) * 2.40) + (Cu (%) * 2.70) + (Pb (%) * 0.80) + (Zn (%) * 0.80).  Metal recoveries have not been applied in the silver equivalent value calculation.

Figure 4: Longitudinal section of the Sacasipuedes vein showing grade-thickness values

The 2023 drill program consists of two phases: an initial 3,500 metre phase using BQ diameter core (now completed); and a second 12,500 meter phase using NQ and HQ diameter core. Full results from the BQ diameter drilling have now been announced (see also March 29^th and July 19^th news release at https://agmr.ca/news/). The second phase of infill drilling started in June 2023 and continues with 3 rigs working in the upper levels of the MTC (Matacaballo), MTS (Meteysaca), PER (Perseguida), and SCS (Sacasipuedes) vein systems, where high grade historical resource blocks remain outside of the current resource estimate. The Company plans to incorporate these high-grade blocks in future resource estimates. Results will be announced as they become available.

On Behalf of the Board of Directors of Silver Mountain Resources Inc.

Alvaro Espinoza, Chief Executive Officer

Qualified Person

Antonio Cruz Bermudez, , P. Geo.  Registered Member MAIG is an independent consultant of the Company and the Qualified Person (within the meaning of NI 43-101) responsible for the MRE, has reviewed and approved the scientific and technical information contained in this news release.

About Silver Mountain 

Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and currently exploring its 100% owned Castrovirreyna Project, consisting of over 60,000 hectares of highly prospective mineral claims and concessions located in the Huancavelica Region, central Peru. For additional information regarding the Castrovirreyna Project, please refer to the Company’s technical report, titled NI 43-101 Technical Report Mineral Resource Estimate for the Reliquias Mine, Huancavelica- Peru, dated March 27, 2023, effective date March 18, 2023, available at https://sedar.com.

For further information about our drill program, including cross sections of the main veins with drill hole locations, please refer to our corporate presentation, available on our website at www.agmr.ca

For Further Information Contact:

Alvaro Espinoza
Chief Executive Officer
aespinoza@agmr.ca
Silver Mountain Resources Inc
82 Richmond Street East
Toronto, ON M5C 1P1
+51 954 475 319

info@agmr.ca
www.agmr.ca

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

Sampling, QA/QC, and Analytical Procedures

Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.

All drill holes are diamond core holes with BQ, HQ or NQ core diameters. Drill core is collected at the underground drill site where recovery measurements are taken before the core is transported by truck to the core logging facility at the Caudalosa Grande mine camp, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 – 2 metre sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility.

Rock channel samples were collected with an electric percussion hammer and do not exceed 1.0 m in length. Channels are broken at obvious geologic boundaries to correctly separate rock types and mineralization styles. The sample bags were sealed with a plastic zip tie and identified with a unique sample number, pending shipment to a certified laboratory sample preparation facility.

Samples are sent by batch to the ALS laboratory in Lima for assay. Silver Mountain independently inserts certified control standards, fine and coarse blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample sequence prior to departure from the core storage facilities. At the laboratory, samples are dried, crushed, and pulverized and then analyzed using a fire assay-AA finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for the main elements of interest (Ag, Zn, Pb, Cu) are re-analyzed using precise ore-grade ICP analytical techniques, while high gold values are re-analyzed by fire assay with a gravimetric finish.

Forward Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements“) that relate to Silver Mountain’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. 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.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under “Caution Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Information Form dated August 14, 2023, and other disclosure documents available on the Company’s profile on SEDAR+ at www.sedarplus.ca. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/1e5f699f-117b-4004-96ef-60295828313d

https://www.globenewswire.com/NewsRoom/AttachmentNg/4bfbf7e4-35c8-4c71-a40c-67fa27780f5d

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VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — ValOre Drills High-Grade PGE and Nickel-Copper Mineralization 150 m South of Trapia 1, Pedra Branca Project: 71.8 m at 1.59 g/t 2PGE+Au, including 8.15 m at 10.54 g/t 2PGE+Au, 0.37% Ni and 0.11% Cu

Vancouver, British Columbia, September 25^th, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported initial assay results from the recently completed 2023 Phase 1 core drilling at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“Drill results from DD23TU33 indicate a broad interval of high-grade mineralization intersected in a 150-metre step out hole to the south of the existing resource at Trapia 1, underscoring the resource expansion potential. Importantly, this broad intersection contains a higher-sulphide, high-grade PGE-Ni-Cu interval that may be amenable to targeting by geophysical methods,” stated Thiago Diniz, Exploration Manager, ValOre Metals Corp. “Trapia 1 results have ramifications at other known zones across the Pedra Branca project, as they clearly demonstrate significant resource expansion potential at depth and down dip of previous drilling.”

Highlights

Trapia 1

• Assay results received for the first of four holes drilled in 2023 at the Trapia 1 deposit (total 1,326 m);
  • 71.8 metres (“m”) at 1.59 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) starting from 235.9 m, including 8.15 m at 10.54 g/t 2PGE+Au, 0.37% Ni and 0.11% Cu;
  • High-grade palladium-platinum and nickel-copper mineralization occurs in association with a sulfide-rich peridotitic horizon at the bottom of the chromitite reef, and is characterized by up to 5% disseminated to brecciated pyrrhotite, pyrite, pentlandite and chalcopyrite (Figures 3 and 4);
• PGE mineralization intercepted 150 m outside of the existing 2022 NI 43-101 resource at Trapia 1 (480,000 oz of the total Trapia 2022 NI 43-101 resource of 885,000 oz at 0.96 g/t);
• Assays pending for the remaining Trapia 1 holes, including DD23TU35 located up-dip of DD23TU33; and DD23TU32, representing an additional 150 m step out to the south, along strike and down-plunge of DD23TU33.

2023 Drill Program

• 6,152 m drilled in 49 holes distributed along 8 separate exploration and resource zones (see ValOre news release of September 21, 2023);
• 1,625 core samples sent to lab, with assays pending for 641 samples from 14 holes.
• Recently received assays results also include near-surface PGE mineralization drilled in the Ipueiras target, including:
  • 11.85 m grading 0.55 g/t 2PGE+Au from surface, incl. 0.9 m grading 1.58 g/t 2PGE+Au from 2.65 m in drill hole DD23IP04;

Table 1: Drilling Totals by Zone

Table 2: Core Assay Highlights (g/t 2PGE+Au) reported today

**Reported core assay interval lengths are estimated to represent 90-100% of true width.

Figure 1: Pedra Branca project property map, highlighting locations of the 2023 drill targets and current resource zones (“Trapia” comprises four 2022 NI 43-101 resources zones: Trapia 1, Trapia 2, Trapia West and Trapia South).

Figure 2: Trapiá 1 Deposit long section (looking NE) highlighting location of drill hole DD23TU33 (today’s release) and the 300 m step out drilling at DD23TU32, for which assays are pending.

Figure 3: Core photographs of the high-grade PGE zone intercepted in drill hole DD23TU33. Mineralization hosted within chromite reef and sulfide-rich peridotites.

Figure 4: Detailed core photographs of high-grade PGE-(Ni-Cu) mineralized peridotites (left) and >40 g/t 2PGE+Au chromitite reef (right) intercepted in diamond drill hole DD23TU33.

Quality Assurance/Quality Control (“QA/QC”)

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s QP and Exploration Manager.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration and innovation.

ValOre’s Pedra Branca Platinum Group Elements Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at contact@valoremetals.com.

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2011adf5-4db0-4bee-84d7-9688438287f3

https://www.globenewswire.com/NewsRoom/AttachmentNg/962a2361-2df6-4619-887f-f66993e09d42

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Pedra Branca Project Property

Figure 1: Pedra Branca project property map, highlighting locations of the 2023 drill targets and current resource zones (“Trapia” comprises four 2022 NI 43-101 resources zones: Trapia 1, Trapia 2, Trapia West and Trapia South).

Trapiá 1 Deposit

Figure 2: Trapiá 1 Deposit long section (looking NE) highlighting location of drill hole DD23TU33 (today’s release) and the 300 m step out drilling at DD23TU32, for which assays are pending.

Core Photographs

Figure 3: Core photographs of the high-grade PGE zone intercepted in drill hole DD23TU33. Mineralization hosted within chromite reef and sulfide-rich peridotites.

Detailed Core Photographs

Figure 4: Detailed core photographs of high-grade PGE-(Ni-Cu) mineralized peridotites (left) and >40 g/t 2PGE+Au chromitite reef (right) intercepted in diamond drill hole DD23TU33.

VANCOUVER, BC, Sept. 21, 2023 /PRNewswire/ – Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) (“Nevada King” or the “Company“) is pleased to announce the mobilization of a diamond core drill to its 5,166 hectare (51.6km²), 100%-owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, 264km northeast of Las Vegas, Nevada. There are now four drill rigs operating at Atlanta – three reverse circulation (“RC“) rigs and one diamond core drill. The Company is also pleased to announce the results of its 2023 meeting of shareholders.

• Core drilling will focus on a series of six strategically placed PQ holes totaling 1,480m along high-grade corridors in and around the historic Atlanta Pit that will be used for the ongoing metallurgical testing program as well as confirmation of proximal RC hole results.
• The Company continues to utilize one RC rig to define deeper mineralization within the West Atlanta Graben (“WAG“) while a second RC rig is targeting shallower mineralization along the Atlanta Mine Fault Zone with closer-spaced drilling designed to better define high-grade zones discovered by Nevada King within the main resource area. A third RC rig is currently drilling a series of widely spaced exploration holes at the Western Knolls prospect, located 5.5km west of the Atlanta Pit, testing a variety of geochemical and geophysical anomalies.
• From inception of the Phase I drill program in June 2021, into the continuation of Phase II, Nevada King has drilled 346 RC holes totaling 55,186m and 17 core holes totaling 1,398m, for a total of 56,584m. Assays from 234 drill holes totaling 32,876m have been reported with results pending for 129 drill holes totaling 22,314m.

• The existing resource model (Table 1 below) at Atlanta is based on 71 historic drill holes and does not incorporate any of the Phase I or II drilling completed by Nevada King to date – drilling that continues to expand mineralization northward and southward outside of the resource model, as well as westward into the WAG.

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101“).

2023 Shareholder Meeting Results

Nevada King reports the results of its annual general and special meeting (the “Meeting”) of shareholders held on September 20, 2023, in Vancouver, BC, Canada. At the Meeting, shareholders approved all of the resolutions detailed in the related management information circular, namely:

• Setting the number of directors to be elected at the Meeting at four (4);
• Electing all nominee directors to the board of directors of the Company for the ensuing year;
• Appointing Davidson & Company LLP, Chartered Professional Accountants, as auditor of the Company to hold office until the next annual meeting of Shareholders, or until a successor is appointed, and authorizing the directors of the Company to fix the remuneration of the auditor; and
• Approving the stock option plan of the Company.

Votes representing 114,888,492 shares or 36.51% of the issued and outstanding shares of the Company as at the record date were cast. The following table details the results:

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines(Barrick/Newmont) and Kinross Gold. Starting in 2016 the Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King’s portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3Mtonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled “Atlanta Property, Lincoln County, NV” with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company’s profile on SEDAR+ (www.sedarplus.ca).

Please see the Company’s website at www.nevadaking.ca.

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

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company’s exploration plans and the Company’s ability to potentially expand mineral resources and the impact thereon. There can be no assurance 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 reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

TORONTO, Sept. 18, 2023 /PRNewswire/ – Canada Nickel Company Inc. (“Canada Nickel” or the “Company“) (TSXV: CNC) (OTCQX: CNIKF) today announced that it has closed a secured loan facility with Auramet International, Inc. (“Auramet”) of US$12 million previously announced on September 6, 2023. The proceeds will be used towards working capital and will allow the Company to remain well-funded to continue to advance permitting and detailed engineering activities.

The loan is due December 18, 2023, carries an interest rate of 1.00% per month, and is subject to a 2.3% arrangement fee.  Auramet also received 550,000 one-year warrants with a strike price of $1.24 per common share. The loan is subject to certain positive and negative covenants that are customary for a transaction of this nature. The warrants and the underlying shares will be subject to a four month hold period under applicable Canadian securities laws.

Auramet is one of the largest physical precious metals merchants in the world with over US$20 billion in annual revenues and which provides a full range of services to all participants in the precious metals supply chain. Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector. In fiscal year 2022 it purchased over 5 million ounces of gold, 78 million ounces of silver and 3.9 million ounces of PGMs, and has provided term financing facilities in excess of US$1 billion to date. Auramet is looking to grow its capital investment business in equity, royalties and streams in the precious metals and battery-related metals mining space. Auramet is proud to have been awarded a Gold Medal for its ESG commitment by EcoVadis, the most trusted provider of ESG ratings with a network of more than 90,000 rated companies. For more information on Auramet, please visit www.auramet.com.

Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel^TM, NetZero Cobalt^TM, NetZero Iron^TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information in this news release includes, but is not limited to, the expected use of proceeds of the loan, the ability of the Company to advance permitting and detailed engineering activities, and statements relating to the Company’s operations a goals. Readers should not place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to the Company’s Crawford project could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if the Company’s Crawford project goes into production, there is no assurance that operations will be profitable. Although Canada Nickel 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 to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

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

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SOURCE Canada Nickel Company Inc.

VANCOUVER, BC / ACCESSWIRE / September 18, 2023 / Gold Terra Resource Corp. (TSX-V:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) (“Gold Terra” or the “Company“) is pleased to announce that the deep drilling program to test for gold mineralization on the Con Mine Option Property has resumed. Hole GTCM23-055 was stopped at 1,900 metres on the Yellowknife wildfire evacuation order. The hole is targeted to intersect the down plunge extension of the prolific Campbell Shear zone at depth below the Con Mine deposit (1938-2003), where 5.1 million ounces of gold was produced at an average grade of 16 g/t. The Con Mine Option (CMO) Property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO Property agreement, as reported in the Company’s news release dated November 22, 2021.

Chairman and CEO, Gerald Panneton, commented, “We are very pleased for the safe return of everyone in Yellowknife, as well as our geological team and drilling contractor. It has been a very difficult time for all residents of Yellowknife. We thank everyone that stayed behind to safeguard Yellowknife. As the deep drill hole has resumed, we expect the Campbell Shear to be intersected in the next 2 to 3 weeks with assays to follow.”

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BTV is featuring Gold Terra on the BNN Bloomberg Channel. Watch the latest interview with Chairman and CEO, Gerald Panneton at Gold Terra Resource Corp. on the strategy to discover gold on the Company’s vast landing holdings covering approximately 900 square kilometers in the Yellowknife gold belt.

The focus of the 2023 drilling program is to expand the September 2022 initial Mineral Resource Estimate (“MRE”) (see September 7, 2022, press release) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400 metres below surface along a 2-kilometre corridor of the Campbell Shear. Refer to the October 21, 2022 technical report, titled “Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada” with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.

Qualified Persons

Joe Campbell, P. Geo., Senior Technical Advisorfor Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

About Gold Terra

The Yellowknife Project (YP) encompasses 918 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YP is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option (CMO) property claims immediately south of the past producing Con Mine which produced 6.1 Moz between the Con, Rycon, and Campbell shear structures (1938-2003).

The YP and CMO properties lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that hosts the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Visit our website at www.goldterracorp.com.

For more information, please contact:

Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com

Mara Strazdins, Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
strazdins@goldterracorp.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.

Information Concerning Estimates of Mineral Resources

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of “Measured Mineral Resources,” “Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

Cautionary Note to United States Investors

The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to the corresponding CIM Standards.

U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “Inferred Mineral Resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

Cautionary Note Regarding Forward-Looking Information

Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by 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 statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company’s current YCG mineral resource, and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.