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More Positive Results as Final Recovery Pending
Highlights
Leaching Process Concluded, Preliminary Results Confirm Process Actively Recovering Gold and Silver
44 days of Active Leaching were Completed for the Test
Two Certified Labs Confirm Grade
Final Results for Recovery are Pending
Company Prepares for Next Steps
Recovery of Gold and Silver from Bulk Sample
Gravity Recovery and Agitated Leach Tests
NEW Agitated Bottle Roll Test Returns:
81% Recovery of Gold and 99% Recovery of Silver after 72-hour Retention Time
Channel Sampling of Trenches
Drill Program Preparation (Permitted for 83 Drill Pads)
Agitated Leach Update
As previously announced, an additional 350 tonnes of crushed material and 250 tonnes of raw-bulk sample are available for gravity recovery and later agitated leach testing. Samples collected from the fine fraction of screened material not included in the heap leach pileaveraged 2.1 g/t Au and 14.8 g/t Ag. The fine fraction along with additional bulk sample material will be used in testing gravity recovery methods with later agitated leach, as suggested by the leaching study completed by LTM, showing potential for the high recovery of both gold and silver. Anew agitated cyanide bottle roll testby LTM of 20 Mesh material hasreturned 81% recovery of Gold and 99% recovery of Silverafter a72-hour retention time. Over the retention time, a moderate low sodium cyanide consumption of 0.47 kg/t and moderate CaO consumption of 1.72 kg/t were recorded. LTM recommends bottle roll studies be completed for three different grind sizes (100 Mesh, 140 Mesh and 200 Mesh) to evaluate the impact to extraction.
“We are extremely excited to have successfully completed this important step and await the final results imminently.”Stated
Plate 1.A. Technicians preparing solution samples. B. Lab Technicians collecting analytical data.
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Diagnostic Leach Study Summary
Full results from the Diagnostic Leach Study are available on the Company’s website and in the
Table 1.Summary of Results from the Precious Metals Diagnostic Leach Study completed by LTM.
Sample ID | Location | Head Screen Assay | Gravity Concentrate Assay | Total Recoverable by Gravity and Agitated Cyanide Leach | |||
Au (g/t) | Ag (g/t) | Au (g/t) | Ag (g/t) | Au (%) | Ag (%) | ||
494741 | 6.2 | 23 | 76.2 | 237 | 95 | 78 | |
494743 | 8.2 | 68 | 117.0 | 1152 | 98 | 97 | |
494745 | 2.7 | 9 | 35.6 | 82 | 97 | 90 | |
494747 | 4-T (Surface) | 20.4 | 74 | 290.3 | 568 | 98 | 85 |
494749 | 24.9 | 9 | 231.1 | 53 | 99 | 73 |
Share Issuance
In accordance with the financing completed on
About the Pilar Property
The
2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
29m @ 0.7 g/t Au
35.1m @ 0.7 g/t Au
2020 Phase I RC DrillingHighlights include (all lengths are drilled thicknesses
94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
15,000m of Historic Core RC drilling. Highlights include:
61.0m @ 0.8 g/t Au
16.5m @ 53.5 g/t Au and 53 g/t Ag
13.0m @ 9.6 g/t Au
9.0m @ 10.2 g/t Au and 46 g/t Ag
About
Quality Assurance / Quality Control
Samples were shipped for sample preparation to ALS Limited in
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the use of proceeds from the Offering. Such forward-looking information is often, but not always, identified by the use of words and phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, risks related to the speculative nature of the Company’s business, the Company’s formative stage of development and the Company’s financial position. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
For more information, please contact:
Telephone: 1 888 772 2452
Email:ir@tocvan.ca
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