(TheNewswire)
Calgary, Alberta – TheNewswire - September 19, 2022 - Tocvan Ventures Corp. (the “Company”) (CSE:TOC ) ; ( OTC:TCVNF ) ; ( FSE:TV3), is pleased to announce an operational update for bothgold-silver projects in Sonora, Mexico. With the conclusion of the wetweather season approaching, the Company plans to first initiatedrilling at El Picacho with a maiden drill program targeting the SanRamon prospect (see news release, September 13, 2022). Drilling willtarget the 500-meter by 500-meter prospective area where high-gradegold at surface and in underground workings have outlined thepotential for a near-surface bulk tonnage target. At Pilar, planningis underway for the next stage of exploration and development. A bulksample is scheduled to begin preparation in October and November,utilizing a local heap leach facility to process material from Pilar.An independent Qualified Professional will oversee the operations toensure the accuracy of the results. The outcome will provide usefuldata to assist in proceeding with the permitting and developmentrequirements for establishing a bulk test mine on-site. Exploration atPilar will continue with drilling scheduled to follow-up on keyexpansion target areas and provide infill data along establishedmineralized domains for future resource calculations.
Pilar Next Steps
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Bulk Sampling of Trench Material
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Continued Drilling of Infill and Step-outs
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oo 2,000-meter InfillDrilling
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oo 3,000-meter Step-out andExploration Drilling
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Permitting for on-site test facilities
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Updated Technical Report
El Picacho Next Steps
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Maiden DrillProgram (San Ramon Prospect)
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Trenching and Surface Evaluation across TargetAreas:
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oo San Ramon (500m by 500m targetarea)
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oo Jabali (450m trend)
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oo Cornea (2,300m trend)
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Prioritization of Other Drill Targets
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Permitted for 15,000-meters ofDrilling and 2,000-meters of Trenching
“Over the last year we have seen amajor advancement in our understanding of our Pilar and El Picachoprojects.”, commented CEO, BrodieSutherland . “We are excitedto continue that advancement with the first large scale bulk sample atPilar to further confirm the grade and recovery of gold and silver.This information will lead us into permitting for our own pilotfacility at Pilar. At the same time, drilling will commence at our ElPicacho project initially targeting our highly prospective San Ramonarea, one of several target areas permitted for drilling. Pilar stillhas potential for expansion and will remain a focus for us withcontinued drilling on several trends that remain open to thesoutheast. Our success over the past two years has gained a lot ofinterest from large-scale producers in the region, we look forward tobuilding off that success and developing strong relationships duringthe upcoming operating season and beyond.”
Recap of Past Operating Season atPilar (November 2021 to July 2022)
Trench Program
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Four trenches completed, all four returned mineralization
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Two trenches returned mineralizationacross the entire length
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T-21-2 – 19.5m at 0.61 g/t Au and 6g/t Ag
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Including, 11.5m at 0.87 g/t Au and 7 g/t Ag
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T-21-3 – 19.8m at 0.73 g/t Au and 8 g/tAg
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Including 8.6mat 1.27 g/t Au and 12 g/t Ag
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Phase III Drilling - 16 Drill Holes,totalling 2,944-meters highlighted by:
Main Zone
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116.9m @ 1.2 g/t Au, including 10.2m@ 12 g/t Au and 23 g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @7.6 g/t Au and 5 g/t Ag
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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
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21.7m at 0.9 g/t Au, including 4.0mat 4.3 g/t Au and 7 g/t Ag
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NEW Discovery 600-meters from MainZone
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30.5m of 0.4 g/t Au including, 1.5mof 7.6 g/t Au
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NEW Discovery Trend 375-meters fromMain Zone
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22.9m of 0.3 g/t Au and 19 g/t Agincluding, 10.7m of 0.6 g/t Au and 40 g/t Ag
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54.9m at 0.3 g/t Au and 5 g/t Ag,including 13.7m at 0.6 g/t Au and 13 g/t Ag and 9.2m at 0.6 g/t Au and3 g/t Ag
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Metallurgy
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Four (4) Column Leach Samples Submitted forAnalysis
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Head Grade Range: 0.4 g/t Au to 5.0 g/t Au
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Gold Recovery Range: 88.9% to 96.9%*
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*Important Note – Testing wascompleted by a local private producer and contractor based in Sonora,Mexico. The facility used to calculate head-grade and recovery is nota certified lab.
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Surface Results Highlights
Main Zone Expansion:
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9.2 g/t Au and 279 g/t Ag
4-T Trend extended over 100-meters to thesoutheast, highlighted by:
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6.6 g/t Au and 433 g/t Ag
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3.5 g/t Au and 645 g/t Ag
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4.9 g/t Au and 32 g/t Ag
NEW Vein Target defined over 200-meter strike,highlighted by:
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1.3 g/t Au and 524 g/t Ag
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1.3 g/t Au and 94 g/t Ag
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1.1 g/t Au and 48 g/t Ag
South Zone reconnaissance sampling
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3.1 g/t Au and 27 g/t Ag
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2.5 g/t Au and 2 g/t Ag
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1.0 g/t Au and 29 g/t Ag
Discussion
As the Company looks to advance Pilar towardsproduction with bulk sampling and more advanced metallurgical analysisit is important to note the key advantages of operating in a qualitymining jurisdiction.
Why Mine in Sonora, Mexico
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Low-cost operations
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Sonora is renowned for low-cost, open pit, heapleachable deposits
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These low-cost parameters provide a shelter frominflationary prices and fluctuating metal prices
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Below summarizes some local examples of the estimatedMine Costs from three producers
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Minable grades typically range from 0.4 g/t Au to 1.0g/t Au, with recoveries ranging from 50-90%
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Results from Pilar are above the regional average forboth parameters
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Table 1. Local Examples of EstimatedMining Costs for Open Pits
San Antonio - Oxide Zone | La Colorada - Main Pit | San Francisco - Main Pit | ||||||||
Grade | g/t | 0.89 | Grade | g/t | 0.61 | Grade | g/t | 0.51 | ||
Recovery | % | 70 | Recovery | % | 53-89 | Recovery | % | 64 | ||
Parameter | Unit | Cost | Parameter | Unit | Cost | Parameter | Unit | Cost | ||
Mining Cost | USD/t | $2.95 | Mining Cost | USD/t | $3.31 | Mining Cost | USD/t | $4.40 | ||
Processing Cost | USD/t | $4.00 | Processing Cost | USD/t | $2.98 | Processing Cost | USD/t | $4.15 | ||
G&A Costs | USD/t | $2.50 | G&A Costs | USD/t | $0.98 | G&A Costs | USD/t | $0.41 | ||
Total | USD/t | $9.45 | Total | USD/t | $7.27 | Total | USD/t | $8.96 |
References: San Antonio Data is fromNI43-101 Technical Report, dated July 12, 2022. La Colorada Data isfrom NI43-101 Technical Report, dated October 1, 2021. San FranciscoData is from NI43-101 Technical Report, dated August 28, 2020.
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2. At surface oxide gold-silver amenable toheap-leach
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Mineralization at Pilar outcrops at surface in a highlyfractured and oxidized host rock.
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Metallurgical studies, both bottle roll and columnleach show recovery of gold to be above the regional average givingthe Company confidence in conducting bulk sampling to confirm averagehead grades and recovery.
3. Excellent infrastructure
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Tocvan Projects are fully-road accessible to allcurrent target areas.
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Pilar is located 130 km southeast of the capital ofSonora, Hermosillo. Approximately 2 hours drive from Hermosillo to thetown of Suaqui Grande on paved highway. From Suaqui Grande to theproject site is approximately 30 mins on gravel road.
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The El Picacho property is located approximately 145 kmnorth of Hermosillo and 18 km southwest of the San Francisco Mine.Access is off of a State Highway and a series of dirt roads. The sitetakes approximately 2 hours to drive to from Hermosillo and has a railline located just a few kilometers east of the projectboundary.
4. Strong local technical expertise
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The long history of mining in Sonora has fosteredindustry leading technical personnel in the understanding anddevelopment of heap leach process facilities and minedevelopment.
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Tocvan is proud to have a team of local industryexperts with proven experience in the development ofprojects.
5. Straightforward and established permittingprocess
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Sonora has an established system for permitting allscales of development from exploration to full-scale mining.
6. A quality jurisdiction, home to majorproducers and potential development partners
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Both of Tocvan’s Projects are proximal to currentlyproducing mines or projects moving towards development
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At Pilar, three major projects are close by:
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Osisko Development’s San Antonio Project –25-kilometers north
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Minera Alamos’ Santana Mine - 50-kilometers to theeast
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Argonaut Gold’s La Colorada Mine – 80-kilometers tothe northwest
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At El Picacho, the project is within the CaborcaOrogenic Gold Belt also referred to as the Mojave-Sonora Megashear.This trend is host to major deposits such as Fresnillo’s LaHerradura Mine and MagnaGold’s San Francisco Mine, just18-kilometers northeast of El Picacho
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The Company is well positioned to attract a majordevelopment partner in the region.
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Figure 1. Map of Sonora, Mexico withthe location of Tocvan’s Projects relative to other major projectsin the region
About the Pilar Property
The Pilar Gold-Silver property has recently returnedsome of the regions best drill results. Coupled with encouraging goldand silver recovery results from metallurgical test work, Pilar isprimed to be a potential near-term producer. Pilar is interpreted as astructurally controlled low-sulphidation epithermal system hosted inandesite rocks. Three primary zones of mineralization have beenidentified in the north-west part of the property from historicsurface work and drilling and are referred to as the Main Zone, NorthHill and 4-T. The Main Zone and 4-T trends are open to the southeastand new parallel zones have been recently discovered. Structuralfeatures and zones of mineralization within the structures follow anoverall NW-SE trend of mineralization. Mineralization extends along a1.2-km trend, only half of that trend has been drill tested so far. Todate, over 22,000 m of drilling has been completed.
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2022 Phase III Diamond DrillingHighlights include ( all lengths are drilled thicknesses ):
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116.9m @ 1.2 g/t Au, including 10.2m@ 12 g/t Au and 23 g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @7.6 g/t Au and 5 g/t Ag
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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
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2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
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2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @10.8 g/t Au and 38 g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @6.0 g/t Au and 12 g/t Ag ;
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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
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15,000m of Historic Core RCdrilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5 g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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Plate 1. Photo of the Pilar Project,trenches exposing at surface mineralization.
About the Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic goldsystem within the regional Caborca Orogenic Gold Belt known forproducing gold mines that include La Herradura (>10 Moz Au) and SanFrancisco (>3 Moz Au). The project is 140 kilometers north ofHermosillo and only 18 kilometers southwest of the producing SanFrancisco Mine. The Project totals 24 square kilometers. Five primaryzones of mineralization have been identified across the propertytotalling over six kilometers of prospective trends. Surface samplingand historic workings have identified high-grade gold and silvervalues. The project has only seen widely spaced reconnaissancedrilling with no follow-up. Tocvan believes this provides an excellentopportunity for discovery of a muti-million ounce district.
Click Image To View Full Size
Figure 2. Overview map of the ElPicacho Gold-Silver Project.
Outlines of the San Francisco Mine Pits shown forreference.
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately36 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan VenturesCorp. and a qualified person ("QP") as defined by CanadianNational Instrument 43-101, has reviewed and approved the technicalinformation contained in this release.
Cautionary Statement RegardingForward Looking Statements
This news release contains“forward-looking information” which may include, but is notlimited to, statements with respect to the activities, events ordevelopments that the Company expects or anticipates will or may occurin the future. Forward-looking information in this news releaseincludes statements regarding the use of proceeds from the Offering.Such forward-looking information is often, but not always, identifiedby 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 andphrases, or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved.
These forward-looking statements,and any assumptions upon which they are based, are made in good faithand reflect our current judgment regarding the direction of ourbusiness. 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 differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include,among others, risks related to the speculative nature of theCompany’s business, the Company’s formative stage of developmentand the Company’s financial position. Forward-looking statementscontained herein are made as of the date of this news release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults, except as may be required by applicable securities laws.
There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir @tocvan.c a
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