Elemental Royalties Notes Endeavour Targeting Discovery of Additional 1.5 - 2.0 Million Ounces at Wahgnion
Elemental Royalties Notes Endeavour
Targeting Discovery of Additional 1.5 - 2.0
Million Ounces at Wahgnion
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 Target
1
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 gold
2
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 >1,000km
2
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
Figure 1: Wahgnion Gold Project operations and prospects, with near term target areas underlined
Source: Endeavour presentation dated 30 September 2021 (CNW Group/Elemental Royalties Corp.)
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.
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For further information:
Investor Inquiries: Dustin Zinger, Investor Relations Manager, Direct: +1
(604) 653-9464, Email: [email protected], www.elementalroyalties.com
CO: Elemental Royalties Corp.
CNW 07:00e 07-OCT-21