Spruce Ridge Receives Positive PEA at Great Burnt Copper-Gold Property – InvestingNews.com

(TheNewswire)
TheNewswire – February 23, 2022 – Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the “Company”) is pleased to announce that it has received the results of a Preliminary Economic Assessment (“PEA”) on the Company’s wholly-owned Great Burnt Copper-Gold Project in Central Newfoundland. The PEA is incorporated in a Technical Report, with an updated Mineral Resource Estimate that has an Effective Date of January 17 th , 2022, prepared by P&E Mining Consultants Inc. (the “Technical Report”).
John Ryan, CEO of Spruce Ridge, stated “We are very encouraged to have received this PEA, which illustrates the robust economics of a copper-gold mine at Great Burnt. Although the Mineral Resource is just over a million tonnes, the high copper grade provides a strong revenue stream, and we look forward to proceeding towards possible mine development and production in the near term. The PEA uses a copper price of US$4.00 per pound, and the spot price of copper has been higher than that since last April. The sensitivity analysis in the PEA indicates a base-case IRR of 23.3%, and if the financial model were to use the current NYMEX spot price of US$4.55 a pound, the IRR would rise to 81.5%. With industrialized countries moving towards near-total electrification of their economies in response to climate change, we envisage an increasingly strong demand for copper to continue for the foreseeable future”.
The PEA is based on an underground mine, with 20-metre deep “starter pits” to provide rapid cash flow, on both the Great Burnt Copper Deposit and the South Pond “A” Copper-Gold Zone. Following are some highlights of the PEA:
Mine Life
4.0 years
Production rate
1,000 tonnes per day
Mining methods
“Starter” open pits and underground mining with ramp access
Average grades over life-of-mine (LOM)
2.13% Cu, 0.08 g/t Au after estimated dilution and losses (blended average of open pit & underground, Great Burnt & South Pond)
Processing
Custom (toll) processing is contemplated
Projected process plant recoveries
Copper 96% (25% Cu concentrate), gold 55% overall LOM average
Total tonnage mined & processed
1,068,300 tonnes
Following are some of the salient points of the cash flow analysis and financial model included in the PEA (all figures are in Canadian dollars unless indicated otherwise):
Commodity prices used
Copper US$4.00/pound, gold US$1,675/ounce, Cdn$ = US$0.77
IRR after tax
23.3%
Payout
2.9 years
After tax cash flow over LOM
$14.7 million
After tax NPV @ 6%
$9.3 million
Revenue over LOM
$215.7 million
Cash operating cost
$125.71 per tonne processed
Cash cost of product
US$2.18 per pound of copper (net of by-product credits)
AISC
US$3.15 per pound of copper (net of by-product credits)
Total CAPEX
$59.0 million
Table 1 shows the results of sensitivity analysis included in the PEA, using the price of copper as the dependent variable. The line using a current NYMEX spot price has been added for illustration purposes.
TABLE 1: Sensitivity analysis – copper price
Cu Price
After-tax NPV at 6%
After-tax IRR
US$/lb
$millions
Percent
$3.20
-$26.3
-31.6%
$3.60
-$8.5
-7.7%
Base case $4.00
$9.3
23.3%
$4.40
$27.2
64.9%
$4.55*
$32.9
81.5%
$4.80
$42.6
114.2%
* – NYMEX spot price Feb 18th, 2022
Access: The PEA assumes that a new all-weather road will be constructed to link with existing forestry roads at Atlantic Lake, 27 km from the Great Burnt Copper Deposit and 17.5 km northeast of the South Pond “A” Copper-Gold Zone. This would reduce road distance from Great Burnt to Grand Falls-Windsor, the commercial hub of Central Newfoundland, from its current 250 km to less than 90 km.
Mining Methods: The PEA envisages initial mining to take place in open pits to a depth of 20 metres at the Great Burnt and South Pond “A” Zone, which will partially finance the underground development phase. Underground access will be by decline ramp, with trackless transport of mineralized material and waste rock. Mining will be by longitudinal-retreat longhole stoping. The Great Burnt Lower Zone, which has a relatively low dip, will be mined by a combination of cut-and-fill and drift-and-fill methods.
Metallurgical Testwork: The Technical Report presents the results of preliminary metallurgical testwork carried out by SGS Lakefield. A composite sample was made up of quartered drill core from the 2020 drilling program on the Great Burnt Main Zone, with an average grade of 2.82% Cu and 0.03 g/t Au, to approximate the run-of-mine grade. It responded well to preliminary flotation tests. A locked-cycle test run on material ground to 80% minus 55µm produced a concentrate grading 25.1% Cu and 0.23 g/t Au, with copper recovery of 98.5% and gold recovery of 58.6%. The PEA used a grind to 80% minus 50µm, a copper recovery of 96%, a concentrate grade of 25% Cu and a gold recovery of 55%.
Preliminary tests were run on sorting using X-Ray atomic density, with a view to upgrading the run-of-mine material to reduce shipping and processing costs. Copper recovery was 80%, and the grade was increased to 5.35% Cu. It was considered that the loss was excessive, and the PEA was completed on the assumption that run-of-mine would be trucked to a toll process plant. Further tests, possibly using different sensing equipment, are being considered for the future.
The Technical Report includes an updated Mineral Resource Estimate that incorporated the results of the 2020 diamond drilling program on the Great Burnt Main Zone, which was summarized in news release 2021-12 on July 8 th , 2021. It is repeated in Table 2 below.
TABLE 2: Great Burnt Underground Mineral Resource Estimate at 0.90% CuEq Cut-Off
Classification
Tonnes (k)
Cu
%
Au
g/t
CuEq
%
Cu
Mlbs
Au
koz
CuEq Mlbs
Great Burnt Main Zone
Indicated
667
3.21
Nil
3.21
47.2
Nil
47.2
Inferred
482
2.35
Nil
2.35
25.0
Nil
25.0
South Pond “A” Deposit
Indicated
214
1.26
1.21
2.10
6.0
8.3
9.9
Inferred
145
1.07
1.02
1.78
3.4
4.8
5.7
Total
Indicated
881
2.74
0.29
2.94
53.2
8.3
57.1
Inferred
627
2.05
0.24
2.22
28.4
4.8
30.7
John Ryan, CEO, added “We are awaiting assay results from last fall’s 3,000 metre drill program on the South Pond “B” Gold Zone, and anticipating that this may give us a possible addition to the Mineral Resource. Furthermore, we will be doing infill and step-out drilling at the South Pond “A” Copper-Gold Zone, which will firm up – and possibly add to – that Mineral Resource. We will also be following the recommendations of the Technical Report to do additional drilling on the Great Burnt Copper Deposit, with a view to converting some of the Inferred Mineral Resource into the Indicated classification.”
Colin Bowdidge, Ph.D., P.Geo. and Eugene Puritch, P.Eng., Fec, CET, Qualified Persons as defined in NI43-101, have reviewed and approved the technical information in this news release . Mr. Bowdidge is a director and VP Exploration of Spruce Ridge and Mr. Puritch is independent of Spruce Ridge.
About Spruce Ridge Resources Ltd.
Spruce Ridge holds a 100% interest in 26,640 hectares in Central Newfoundland, including:
the 2,890-hectare Great Burnt VMS copper-gold property;
the 4,575-hectare Pipestone nickel prospect and;
the 19,175-hectare Foggy Pond property
In addition to its mineral assets, Spruce Ridge acquired leases with petroleum and natural gas rights, plus shut-in oil and gas wells, pipelines, and facilities, in the Unity area of southwestern Saskatchewan and is in the process of putting these assets back into production.
Spruce Ridge currently holds 5,594,955 shares of Canada Nickel Company Inc. and 10,000,000 shares of Noble Mineral Exploration Inc.
For further information please contact:
John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: spruceridgeresources@gmail.com
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the transactions, and the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to an inability to complete the transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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March 7, 2022 TheNewswire – Spruce Ridge Resources Ltd. (TSXV:SHL) (OTC:SRCGF) (“Spruce Ridge” or the “Company”) is pleased to announce that it has received m ilestone option payments from Magna Terra Minerals Inc. (“Magna”) per the Amended Option Agreements (the “Agreements”) (See Press Release dated September 15, 2020) for the Viking and Kramer Properties.
The option payment consideration of $75,000 consisted of a cash payment of $51,388.78 as well as the issuance by Magna Terra to Spruce Ridge of 185,186 units of Magna Terra; each unit consisting of 1 common share and ½ common share purchase warrant. One full warrant being exercisable for 1 common share of Magna Terra at an exercise price of $0.19 for 2 years from the issue date.
About the Viking Projects
The Viking Projects are located near the community of Pollard’s Point, NL.
The Project is centered along a 20-kilometre section of the Doucer’s Valley Fault, a significant geological control on, and host to, several gold deposits and untested prospects, including Viking and Thor Deposits. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granite and granodiorite, or younger volcanic and sedimentary rocks, typically along splays off the Doucer’s Valley Fault. Alteration consists of mesothermal style sericite, quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, arsenopyrite, galena, chalcopyrite, and sphalerite, and locally show trace amounts of visible gold.
The Viking Project is host to significant Historic Mineral Resources, including:
An Historical Indicated Mineral Resource^ of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016). An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Spruce Ridge is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed in future exploration programs.
Qualified Person and Technical Report
Colin Bowdidge, Ph.D., P.Geo. (ON and NL), Qualified Person as defined in NI43-101, has reviewed and approved the technical information in this news release. Mr. Bowdidge is a director and VP Exploration of Spruce Ridge
^The Historical Mineral Resource Estimate quoted in this press release regarding the Viking Project (Thor Deposit) is taken from the technical report: “NI 43-101 Technical Report And Mineral Resource Estimate For The Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada, prepared for Anaconda Mining Inc. by David A. Copeland, P.Geo., Dr. Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29, 2016. An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Spruce Ridge is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed in future exploration programs.
About Spruce Ridge Resources Ltd.
Spruce Ridge holds a 100% interest in 26,640 hectares in Central Newfoundland, including:
the 2,890-hectare Great Burnt VMS copper-gold property;
the 4,575-hectare Pipestone nickel prospect and;
the 19,175-hectare Foggy Pond property
In addition to its mineral assets, Spruce Ridge acquired leases with petroleum and natural gas rights, plus shut-in oil and gas wells, pipelines, and facilities, in the Unity area of southwestern Saskatchewan and is in the process of putting these assets back into production.
Spruce Ridge currently holds 5,594,955 shares of Canada Nickel Company Inc. and 10,000,000 shares of Noble Mineral Exploration Inc.
For further information please contact:
John Ryan, President and CEO
Spruce Ridge Resources Ltd.
Phone: 519-822-5904
Email: spruceridgeresources@gmail.com
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the transactions, and the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to an inability to complete the transactions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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Vancouver, BC TheNewswire – March 18, 2022 – Alianza Minerals Ltd. (“Alianza”) (TSXV:ANZ ) ( OTC:TARSF) announces that all matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular which were mailed to shareholders in connection with the meeting were approved at the Company’s Annual General and Special Meeting held in Vancouver, BC, on March 17, 2022.
The shareholders elected Mark T. Brown (Chairman), Jason Weber, Marc Blythe, Craig Lindsay and Sven Gollan as directors of the Company for the forthcoming year.
Shareholders also approved the Company’s new 10% rolling stock option plan and the reappointment of DeVisser Gray LLP, Chartered Professional Accountants, as the auditor of the Company for the ensuing year with their remuneration to be fixed by the board of directors.
Sven Gollan joined the board as a new director of the Company replacing John R. Wilson.  Mr. Gollan spent 16 years as an Investment/Private Banker in Germany and Austria and was active in the education and training of securities advisors and investment bankers. From 2011 to 2015 he was an external consultant for the Grabher Family, Austria. Mr. Gollan has been with FruchtExpress Grabher, Corporate Treasury Unit/Family Office, Austria since 2015. He is currently with FruchtExpress Norge, the Norwegian Branch of FruchtExpress.
Mark T. Brown, Chairman of the board, comments, “We thank John Wilson for his guidance during these past years and welcome Sven to the board.  We have known Sven over two years and have come to value his input and advice. Fruchtexpress Grabher GmbH & Co. KG is a major shareholder of Alianza and we are pleased that Sven took up our offer of a seat on the board of directors.”
The Company also grants Sven 500,000 options at $0.10 for a period of five years.
About Alianza Minerals Ltd.
Alianza employs a hybrid business model of joint venture funding and self-funded projects to maximize opportunity for exploration success. The Company currently has gold, silver and base metal projects in Yukon Territory, British Columbia, Colorado, Nevada and Peru. With this agreement Alianza now has three projects optioned to partners, including a second project, Klondike, optioned to Allied and one (Tim, Yukon Territory) optioned out to Coeur Mining, Inc. Alianza is actively seeking partners on other projects.
Alianza is listed on the TSX Venture Exchange under the symbol “ANZ” and trades on the OTCQB market in the US under the symbol “TARSF”.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel:  (604) 807-7217
Fax: (888) 889-4874
Renmark Financial Communications Inc.
Scott Logan
slogan@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
To learn more visit: www.alianzaminerals.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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY’S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS.
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All amounts expressed in US dollars unless stated otherwise
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is built on a foundation of six Tier One 1 gold mines with rolling 10-year plans which secure the company’s ability to generate substantial free cash flows 2 for the next decade and beyond, says executive chairman John Thornton.
Writing in the company’s 2021 annual report , published today, Thornton notes that in September 2018, when the Randgold merger was announced, Barrick had net debt in excess of $4 billion. Since then it has not only moved into a net cash position but has returned $2.5 billion of cash to shareholders, including last year’s record distribution of $1.4 billion.
“As previously announced, after careful consideration of our capital allocation, the board has settled on a new dividend policy comprising a base dividend with an additional performance dividend linked to the net cash on the balance sheet, starting in 2022. We believe this will give our shareholders guidance on future dividend streams ³ ,” he says.
“The board has also approved a $1 billion share buyback plan which will afford us the opportunity to acquire our shares when they are trading below what we consider to be their intrinsic value ⁴ .”
Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Notes:
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “set to deliver”, “secure”, “ability”, “expect”, “commit”, “would”, “could” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s ability to deliver substantial free cash flows for the next decade and beyond; Barrick’s performance dividend policy, including the criteria for future dividend payments and guidance on future dividend streams; the expected amount and timing of Barrick’s share repurchase program; the expectation that the Company will have the financial strength to undertake the contemplated share repurchase program during the relevant period; and the potential that the share repurchase program may be suspended or discontinued by the Company at any time.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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 Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is continuing to invest in its future through the development of capital projects that will expand and enhance an operating platform which already holds some of the industry’s best assets, says president and chief executive Mark Bristow.
Writing in the company’s 2021 annual report , published today, Bristow says that, while building on this value foundation, Barrick was also expanding its presence into new prospective areas in its hunt for high-quality assets.
“A specialist Asia-Pacific team, set up to look at opportunities in that region, has acquired exploration permits in Japan and are hunting for additional opportunities in that region. We are also investigating projects across the Nubian and Arabian Shields in North Africa and the Middle East. We have put a particularly strong focus on exploration in Latin America, where our teams are testing a portfolio of targets on the El Indio belt along the border between Argentina and Chile. We have also added ground in Peru and started fieldwork on new projects in Guyana and Suriname.”
“We are working on a well-defined strategy to grow our business in Canada where I believe we are under-invested. A significant exploration portfolio has been secured in the country’s Uchi Belt and the team is also looking at other opportunities in the country.”
Bristow says Barrick has mapped out and is advancing on a clear road to achievable greenhouse gas emission reduction targets and its long-standing commitment to Environmental, Social and Governance (ESG) principles informs all its business decisions.
“The Social component of ESG tends to be overshadowed by its Environmental counterpart, but for Barrick it is the socio-economic state of our less-developed host countries that is critically important, and much of our sustainability strategy is directed at ensuring that our host communities are not negatively impacted by the world’s transition to a green economy.”
“Our drive to employ the next generation of mining talent remained steady, with 56% of our workforce now under the age of 40 and 19% under 30. Throughout the period we also continued to increase our gender diversity, and last year 17% of new hires globally were women. Barrick believes in empowering our people to thrive in a decentralized structure with lean regional teams designed for agility and focused on creating value for all our stakeholders,” says Bristow.
Barrick’s 2021 Annual Report, Annual Information Form and Form 40-F are now available on SEDAR ( www.sedar.com ) and EDGAR ( www.sec.gov ), respectively. Updated National Instrument 43-101 technical reports for each of the Kibali Gold Mine and the Cortez Complex, current as of December 31, 2021, are also available on SEDAR and EDGAR.
To access the above-mentioned documents, please visit www.barrick.com . Shareholders may also receive a copy of Barrick’s audited financial statements without charge upon request to Barrick’s Investor Relations Department, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1 or to investor@barrick.com .
Enquiries
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
Senior EVP and CFO
Graham Shuttleworth
+1 647 262 2095
+44 779 771 1338
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “expand”, “continue”, “will”, “test”, “look”, “investigate”, “focus”, “work”, “strategy”, “grow”, “drive”, “believe”, “objective”, “empower” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’s strategy to invest in capital projects for future growth while funding exploration initiatives to expand its presence in new prospective areas including in the Asia Pacific region, North Africa and the Middle East, Latin America and Canada; Barrick’s focus on socioeconomic development in its host countries in line with its sustainability vision; Barrick’s greenhouse gas emissions reduction targets; Barrick’s initiatives to increase workforce diversity in line with its sustainability strategy to create value for all stakeholders; Barrick’s future plans, growth potential, financial strength, investments and overall strategy; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; operating or technical difficulties in connection with mining or development activities; failure to comply with environmental and health and safety laws and regulations; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; the Company’s ability to achieve its climate-related goals and greenhouse gas emissions reduction targets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).   The Company also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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Gareth Soloway: Next Buying Level for Gold, Oil Outlook After Price Surgeyoutu.be
Gold is still poised for a big move after last week’s jump and subsequent fall, but according to Gareth Soloway, chief market strategist at InTheMoneyStocks.com, the yellow metal won’t go straight up.

“I’m kind of expecting a pullback to maybe US$1,850 (per ounce) or so, and then right around there I think is the big buy for the next big move up,” he told the Investing News Network in an interview.
Soloway sees gold surpassing its previous high, and added, “The long term is just so, so rosy for gold that on pullbacks you have to be buyers, especially with the breakout that we have seen here recently.”
The war between Russia and Ukraine has created upward momentum for gold, but Soloway emphasized that for him the thesis is that the US Federal Reserve won’t be able to fully move away from printing money. He noted that although the central bank announced its first rate hike since 2018 this week, it’s facing a difficult balancing act.
“They always seem to react bigger or more aggressively than they should,” he said, noting that the risk of a recession is real. “The Fed is getting a lot of pressure from the government to make sure that they rein in inflation … and I think that they’re getting pushed to do it harder and faster, and that definitely will slow the economy.”

Aside from gold, Soloway also discussed what’s happening with oil. He warned earlier this year that while it could rise to US$90 to US$100 per barrel, this type of increase would be unlikely to last.
Oil surpassed that price point on the back of Russia/Ukraine concerns and is currently around the US$100 level, but Soloway sees the fuel going to US$75 or lower long term.
“With (global interest rate hikes) you’re going to see a global slowdown, and that’s not even taking into account the repercussions of the Russian invasion of Ukraine,” he said. “With a slowdown is going to come less people driving, just naturally less people travelling, and that is going to bring back oil.”

Watch the interview above for more from Soloway on gold, oil and other key markets.
Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Alluvial mining is an old technology, but it’s still fairly common today. Some mining companies use the technique, though it’s more often a source of income for artisanal miners in regions such as Africa and South America.
But what exactly is alluvial mining? Put simply, it’s the mining of stream bed deposits (also known as alluvial deposits) for minerals. These alluvial deposits are formed when minerals are eroded from their source, and then transported by water to a new locale.
When the sediments are deposited, they settle according to their weight, with heavier, more valuable minerals such as gold, diamonds and platinum often being deposited at the same time.
Alluvial mining can be a very simple process. For instance, small-scale alluvial mining that’s undertaken by artisanal miners involves digging and sifting through materials such as mud, sand or gravel using shovels, sieves or a miner’s bare hands.
However, with simplicity comes disadvantages — these operations are not very productive, lack safety and tend to have a high environmental impact. They are also often done illegally and outside of regulatory framework.
Of course, alluvial mining can also be done more efficiently and more safely by mining companies; that said, with most miners focused on larger deposits, the process is less common.
Alluvial mining for gold dates back a long time — the Romans used alluvial mining to produce gold, and in the 19th and 20th centuries, alluvial mining was made famous by the California, Klondike and Colorado gold rushes, among others. A variety of alluvial mining techniques were used over this time, but all relied on the same premise: using water to wash gold-bearing sediment.
When this gold-bearing sediment is loose (gravel, for example), separation is easy. However, such deposits tend to have low gold concentrations. Conversely, when the gold-bearing sediment is consolidated, gold concentrations are higher, but extraction is more complex, with drilling and blasting required to remove overburden.
Loose gold-bearing sediment is understandably the preference for artisanal miners, while consolidated deposits require the capital and force of mining companies. It’s fairly uncommon to hear about alluvial gold-mining companies, but one example is Guskin Gold (OTCQB:GKIN), which is engaged in gold exploration and alluvial mining in Ghana.
Around 10 percent of the world’s rough diamonds are sourced through industrial alluvial mining, while another 14 percent are uncovered using small-scale alluvial mining techniques. Alluvial diamond mining is particularly prevalent in Africa — for example, De Beers has alluvial mining operations in Namibia. Additionally, Diamcor Mining (TSXV:DMI) has identified two high-grade alluvial diamond deposits on its Venetia project in South Africa.
Alluvial mining for diamonds is similar to alluvial mining for gold in that it essentially involves separating diamonds from sediment.
At industrial operations, that is accomplished in various ways. For instance, when diamond-bearing sediment is found on the ocean shore or in river beds, it is removed and taken to a plant where it is washed and screened for diamonds. For offshore operations, specially constructed ships suck diamond-bearing sediment from the ocean floor, then transport it to plants for screening.
Alluvial mining for platinum is discussed less often than alluvial mining for gold and diamonds, and it has a shorter history. Alluvial deposits of platinum were first mined in Russia’s Ural Mountains back in 1823, and although they were the most dominant source of platinum by the end of the 19th century, that dominance didn’t last. By the end of the 1920s, the most easily accessible high-grade deposits had been largely exhausted.
Since then, alluvial mining for platinum has largely dwindled to a handful of small-scale dredging operations, though Johnson Matthey does note that large quantities of the metal have recently been produced from two alluvial deposits in Russia’s Far East.
Furthermore, there’s some interest in renewing alluvial mining for platinum in the Urals. One company active there is Eurasia Mining (LSE:EUA), which holds the West Kytlim alluvial platinum project.
This is an updated version of an article first published by the Investing News Network in 2010.

Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire – March 17, 2022 : Goldeneye Resources Corp. ( “Goldeneye “) or the ” Company “) (TSXV:GOE) announces that the Company entered into a loan agreement with Cache Exploration Inc., a NEX issuer on the TSX Venture Exchange (NEX:CAY.H), under a loan agreement dated May 1, 2021 whereby Goldeneye  agreed to lend to Cache Exploration Inc., a loan in the amount of CAD$297,267.00 (the “Loan”), whereupon Cache has agreed to repay the Loan and any interest accrued or charges under the Loan,  The  Loan bears an interest rate of 5% per annum and the principal amount together  with any interest accrued or charges, is to be repaid to Goldeneye within 12 months of the date of the loan agreement.
Both the Company and Cache have certain directors in common.  The Loan was approved by the independent directors of Goldeneye.
The Loan was advanced to Cache prior to the completion of the Company’s non-brokered private placement  announced under news release dated September 27, 2021, whereby the Company issued 6,997,399 units at a price of $0.06 per Unit for gross proceeds of $419,844, each unit comprised of one common share and one-half transferable share purchase warrant, each whole warrant entitling the holder to purchase one common share of the Company at a price of $0.09 per share for three (3) years expiring on September 26, 2024.
The Loan was used to pay certain third party vendors to Cache, specifically, Ollerhead and Associates who performed a geological survey on Cache’s Kiyuk Lake Mineral Property.
The Loan was intended to be very short term but as a result of Cache Exploration Inc. being halted and being unable to raise funds, the Loan was not repaid.
The independent directors determined that the Loan was appropriate having regard to the financial circumstances of the Company.
Details of the Loan have been disclosed in the Company’s last interim financial report for the six months ended October 31, 2021.

The Company is not issuing any securities, or paying any bonus, commission or finder’s fees on the Loan.
The Loan is subject to review and acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors
Goldeneye Resources Corp.

” Jack Bal”
Jack Bal, Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
Telephone: 604.306.5285
jackbalyvr@gmail.com
Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Goldeneye Resources Corp. Loan (“Goldeneye”); the availability of capital for Goldeneye to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by Goldeneye in light of its experience and perception of current and expected future developments, as well as other factors that Goldeneye believes are appropriate in the circumstances. Many factors could cause Goldeneye’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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.
Copyright (c) 2022 TheNewswire – All rights reserved.
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