VANCOUVER, BC, Oct. 7, 2021 /CNW/ - Elemental Royalties Corp.
("Elemental" or "the Company") (TSXV: ELE) (OTCQX:
ELEMF) is pleased to note the recent announcement by Endeavour
Mining plc ("Endeavour")
(LSE/TSX: EDV) outlining a five-year exploration and discovery
outlook, including a Risked Mean Indicated Resource Discovery
Target1 of 1.5 to 2.0Moz gold at the Wahgnion Gold
Project in Burkina Faso. Elemental
acquired a 1% NSR royalty covering the entire Wahgnion Gold Project
in January 2020.
Highlights
- Endeavour have announced that
between 1.5 to 2.0Moz of Indicated Resources are targeted to be
discovered at Wahgnion over the next five years in addition to the
existing 2.2Moz at 1.51g/t gold of Measured and Indicated Resource.
Production at Wahgnion over the period is currently expected to be
approximately 775,000 ounces of gold2
- The Exploration Target defined by Endeavour for Wahgnion is 21 to 39Mt at 1.2 to
3.0g/t gold
- Endeavour have indicated that
an approximate US$36 million
exploration program over five years to end 2025 will focus on open
pit targets located within 10 kilometres of the existing
infrastructure, including Nogbele North, Nogbele South, Fourkoura,
Hillside and Korindougou, as well as greenfields targets such as
Kafina West
- Development at the Wahgnion mine has been accelerated since
commissioning in 2019 to feed the plant which was running at 30%
above nameplate capacity, requiring a need to accelerate discovery
to meet future mill demands
- There will be a focus on both the Nogbele North and Nogbele
South deposits, where Endeavour
allocate a high probability of success, targeting the continuation
of mineralised structures beneath and between the many Nogbele
pits. There has been very limited deep drilling at Nogbele and
other deposits which may contain significant resource upside
- Over the longer term, a number of the satellite deposits and
targets will be subject to a multi-year effort given the
significant exploration potential
Richard Evans, Elemental's Senior
Vice President, Technical, said: "The Wahgnion Gold Project,
with >1,000km2 of underexplored high prospectivity
Birimian greenstone exploration tenements, has performed well
against Endeavour's wider
portfolio of projects in a disciplined, probability-weighted
capital rationing exploration prioritisation screening process.
This has led to an indicative five-year exploration budget of
US$36M and a plan to deliver new
Indicated Resources that are approximately double the anticipated
production over the same period, and at a higher average grade than
the current Resource. Endeavour
are targeting near term returns based on optimising existing
infrastructure, with the Nogbele Complex immediately adjacent to
the Wahgnion Mill ranking as highly in terms of probability of
success as any of Endeavour's
world class West African gold projects."
On behalf of Elemental Royalties Corp.
Frederick Bell
CEO and
Director
Elemental is a proud member of Discovery Group. For more
information please visit: www.discoverygroup.ca or contact
604-653-9464.
TSX.V: ELE | OTCQX: ELEMF | ISIN: CA28619L1076
About Elemental Royalties
Elemental is a gold-focused royalty company listed on the TSX-V
in Canada and provides investors
with lower risk precious metals exposure through a portfolio of
nine high-quality royalties. This enables investors to
benefit from ongoing royalty revenue, future exploration upside and
low operating costs. Elemental's experienced team seeks to secure
royalties in advanced precious metals projects, run by established
operators, from its pipeline of identified opportunities.
Note 1: For methodology see Endeavour Mining's Presentation
titled "Unlocking exploration value: Discovery target of
Indicated resources between 2021-2025" dated September 30, 2021, available at
https://www.endeavourmining.com/. Targeted Indicated
Resources are based on average tonnage and average gold grades of
1.2 – 3.0g/t. The potential tonnes, grade and resultant quantity of
ounces is conceptual in nature since there has been insufficient
exploration to define a mineral resource and it is uncertain if
exploration will result in the targets being delineated as a
Mineral Resource.
Note 2: Source SNP Global Market Intelligence
Qualified Person
Richard Evans, FAusIMM, is Senior
Vice President Technical for Elemental, and a qualified person
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and
technical disclosure contained in this press release.
Neither the TSX-V nor its Regulation Service Provider (as
that term is defined in the policies of the TSX-V.) accepts
responsibility for the adequacy or accuracy of this press
release.
Cautionary note regarding forward-looking statements
This release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology.
Forward-looking statements and information include, but are not
limited to, statements with respect to the future growth and
development of the Company. Forward-looking statements and
information are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Forward-looking statements and information are
subject to various known and unknown risks and uncertainties, many
of which are beyond the ability of Elemental to control or predict,
that may cause Elemental's actual results, performance or
achievements to be materially different from those expressed or
implied thereby, and are developed based on assumptions about such
risks, uncertainties and other factors set out herein, including
but not limited to: the requirement for regulatory approvals and
third party consents, the impact of general business and economic
conditions, the absence of control over the mining operations from
which Elemental will receive royalties, including risks related to
international operations, government relations and environmental
regulation, the inherent risks involved in the exploration and
development of mineral properties; the uncertainties involved in
interpreting exploration data; the potential for delays in
exploration or development activities; the geology, grade and
continuity of mineral deposits; the impact of the COVID-19
pandemic; the possibility that future exploration, development or
mining results will not be consistent with Elemental's
expectations; accidents, equipment breakdowns, title matters,
labour disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties. Elemental undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed, and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
SOURCE Elemental Royalties Corp.
